the same person； are in their own nature four separate and
distinct trades。 These are； first； the trade of the inland
dealer； secondly； that of the merchant importer for home
consumption； thirdly； that of the merchant exporter of home
produce for foreign consumption； and； fourthly； that of the
merchant carrier； or of the importer of corn in order to export
it again。
I。 The interest of the inland dealer； and that of the great
body of the people； how opposite soever they may at first sight
appear； are； even in years of the greatest scarcity； exactly the
same。 It is his interest to raise the price of his corn as high
as the real scarcity of the season requires； and it can never be
his interest to raise it higher。 By raising the price he
discourages the consumption； and puts everybody more or less； but
particularly the inferior ranks of people； upon thrift and good
management。 If； by raising it too high； he discourages the
consumption so much that the supply of the season is likely to go
beyond the consumption of the season； and to last for some time
after the next crop begins to come in； he runs the hazard； not
only of losing a considerable part of his corn by natural causes；
but of being obliged to sell what remains of it for much less
than what he might have had for it several months before。 If by
not raising the price high enough he discourages the consumption
so little that the supply of the season is likely to fall short
of the consumption of the season； he not only loses a part of the
profit which he might otherwise have made； but he exposes the
people to suffer before the end of the season； instead of the
hardships of a dearth； the dreadful horrors of a famine。 It is
the interest of the people that their daily； weekly； and monthly
consumption should be proportioned as exactly as possible to the
supply of the season。 The interest of the inland corn dealer is
the same。 By supplying them； as nearly as he can judge； in this
proportion； he is likely to sell all his corn for the highest
price； and with the greatest profit； and his knowledge of the
state of the crop； and of his daily； weekly； and monthly sales；
enable him to judge； with more or less accuracy； how far they
really are supplied in this manner。 Without intending the
interest of the people； he is necessarily led； by a regard to his
own interest； to treat them； even in years of scarcity； pretty
much in the same manner as the prudent master of a vessel is
sometimes obliged to treat his crew。 When he foresees that
provisions are likely to run short； he puts them upon short
allowance。 Though from excess of caution he should sometimes do
this without any real necessity； yet all the inconveniences which
his crew can thereby suffer are inconsiderable in comparison of
the danger； misery； and ruin to which they might sometimes be
exposed by a less provident conduct。 Though from excess of
avarice； in the same manner； the inland corn merchant should
sometimes raise the price of his corn somewhat higher than the
scarcity of the season requires； yet all the inconveniences which
the people can suffer from this conduct； which effectually
secures them from a famine in the end of the season； are
inconsiderable in comparison of what they might have been exposed
to by a more liberal way of dealing in the beginning of it。 The
corn merchant himself is likely to suffer the most by this excess
of avarice； not only from the indignation which it generally
excites against him； but； though he should escape the effects of
this indignation； from the quantity of corn which it necessarily
leaves upon his hands in the end of the season； and which； if the
next season happens to prove favourable； he must always sell for
a much lower price than he might otherwise have had。
Were it possible； indeed； for one great company of merchants
to possess themselves of the whole crop of an extensive country；
it might； perhaps； be their interest to deal with it as the Dutch
are said to do with the spiceries of the Moluccas； to destroy or
throw away a considerable part of it in order to keep up the
price of the rest。 But it is scarce possible； even by the
violence of law； to establish such an extensive monopoly with
regard to corn； and； wherever the law leaves the trade free； it
is of all commodities the least liable to be engrossed or
monopolized by the force of a few large capitals； which buy up
the greater part of it。 Not only its value far exceeds what the
capitals of a few private men are capable of purchasing； but；
supposing they were capable of purchasing it； the manner in which
it is produced renders this purchase practicable。 As in every
civilised country it is the commodity of which the annual
consumption is the greatest； so a greater quantity of industry is
annually employed in producing corn than in producing any other
commodity。 When it first comes from the ground； too； it is
necessarily divided among a greater number of owners than any
other commodity； and these owners can never be collected into one
place like a number of independent manufacturers； but are
necessarily scattered through all the different corners of the
country。 These first owners either immediately supply the
consumers in their own neighbourhood； or they supply other inland
dealers who supply those consumers。 The inland dealers in corn；
therefore； including both the farmer and the baker； are
necessarily more numerous than the dealers in any other
commodity； and their dispersed situation renders it altogether
impossible for them to enter into any general combination。 If in
a year of scarcity； therefore； any of them should find that he
had a good deal more corn upon hand than； at the current price；
he could hope to dispose of before the end of the season； he
would never think of keeping up this price to his own loss； and
to the sole benefit of his rivals and competitors； but would
immediately lower it； in order to get rid of his corn before the
new crop began to come in。 The same motives； the same interests；
which would thus regulate the conduct of any one dealer； would
regulate that of every other； and oblige them all in general to
sell their corn at the price which； according to the best of
their judgment； was most suitable to the scarcity or plenty of
the season。
Whoever examines with attention the history of the dearths
and famines which have afflicted any part of Europe； during
either the course of the present or that of the two preceding
centuries； of several of which we have pretty exact accounts；
will find； I believe； that a dearth never has arisen from any
combination among the inland dealers in corn； nor from any other
cause but a real scarcity； occasioned sometimes perhaps； and in
some particular places； by the waste of war； but in by far the
greatest number of cases by the fault of the seasons； and that a
famine has never arisen from any other cause but the violence of
government attempting； by improper means； to remedy the
inconveniences of a dearth。
In an extensive corn country； between all the different
parts of which there is a free commerce and communication； the
scarcity occasioned by the most unfavourable seasons can never be
so great as to produce a famine； and the scantiest crop； if
managed with frugality and economy； will maintain through the
year the same number of people that are commonly fed on a more
affluent manner by one of moderate plenty。 The seasons most
unfavourable to the crop are those of excessive drought or
excessive rain。 But as corn grows equally upon high and low
lands； upon grounds that are disposed to be too wet； and upon
those that are disposed to be too dry； either the drought or the
rain which is hurtful to one part of the country is favourable to
another； and though both in the wet and in the dry season the
crop is a good deal less than in one more properly tempered； yet
in both what is lost in one part of the country is in some
measure compensated by what is gained in the other。 In rice
countries； where the crop not only requires a very moist soil；
but where in a certain period of its growing it must be laid
under water； the effects of a drought are much more dismal。 Even
in such countries； however； the drought is； perhaps； scarce ever
so universal as necessarily to occasion a famine； if the
government would allow a free trade。 The drought in Bengal； a few
years ago； might probably have occasioned a very great dearth。
Some improper regulations； some injudicious restraints imposed by
the servants of the East India Company upon the rice trade；
contributed； perhaps； to turn that dearth into a famine。
When the government； in order to remedy the inconveniences
of a dearth； orders all the dealers to sell their corn at what it
supposes a reasonable price； it either hinders them from bringing
it to market； which may sometimes produce a famine even in the
beginning of the season； or if they bring it thither； it enables
the people； and thereby encourages them to consume it so fast as
must necessarily produce a famine before the end of the season。
The unlimited； unrestrained freedom of the corn trade； as it is
the only effectual preventative of the miseries of a famine； so
it is the best palliative of the inconveniences of a dearth； for
the inconveniences of a real scarcity cannot be remedied； they
can only be palliated。 No trade deserves more the full protection
of the law； and no trade requires it so much； because no trade is
so much exposed to popular odium。
In years of scarcity the inferior ranks of people impute
their distress to the avarice of the corn merchant； who becomes
the object of their hatred and indignation。 Instead of making
profit upon such occasions； therefore； he is often in danger of
being utterly ruined； and of having his magazines plundered and
destroyed by their violence。 It is in years of scarcity； however；
when prices are high； that the corn merchant expects to make his
principal profit。 He is generally in contract with some farmers
to furnish him