A very few words will sufficiently explain all that I have
to say concerning the other three branches of the corn trade。
II。 The trade of the merchant importer of foreign corn for
home consumption evidently contributes to the immediate supply of
the home market； and must so far be immediately beneficial to the
great body of the people。 It tends； indeed； to lower somewhat the
average money price of corn； but not to diminish its real value；
or the quantity of labour which it is capable of maintaining。 If
importation was at all times free； our farmers and country
gentlemen would； probably； one year with another； get less money
for their corn than they do at present； when importation is at
most times in effect prohibited； but the money which they got
would be of more value； would buy more goods of all other kinds；
and would employ more labour。 Their real wealth； their real
revenue； therefore； would be the same as at present； though it
might be expressed by a smaller quantity of silver； and they
would neither be disabled nor discouraged from cultivating corn
as much as they do at present。 On the contrary； as the rise in
the real value of silver； in consequence of lowering the money
price of corn； lowers somewhat the money price of all other
commodities； it gives the industry of the country； where it takes
place； some advantage in all foreign markets； and thereby tends
to encourage and increase that industry。 But the extent of the
home market for corn must be in proportion to the general
industry of the country where it grows； or to the number of those
who produce something else； and therefore have something else； or
what comes to the same thing； the price of something else； to
give in exchange for corn。 But in every country the home market；
as it is the nearest and most convenient； so is it likewise the
greatest and most important market for corn。 That rise in the
real value of silver； therefore； which is the effect of lowering
the average money price of corn； tends to enlarge the greatest
and most important market for corn； and thereby to encourage；
instead of discouraging； its growth。
By the 22nd of Charles II； c。 13； the importation of wheat；
whenever the price in the home market did not exceed fifty…three
shillings and fourpence the quarter； was subjected to a duty of
sixteen shillings the quarter； and to a duty of eight shillings
whenever the price did not exceed four pounds。 The former of
these two prices has； for more than a century past； taken place
only in times of very great scarcity； and the latter has； so far
as I know； not taken place at all。 Yet； till wheat had risen
above this latter price； it was by this statute subjected to a
very high duty； and； tin it had risen above the former； to a duty
which amounted to a prohibition。 The importation of other sorts
of grain was restrained at rates； and by duties； in proportion to
the value of the grain； almost equally high。* Subsequent laws
still further increased those duties。
* Before the 13th of the present king； the following were the duties
payable upon the importation of the different sorts of grain：…
Grain Duties Duties Duties
Beans to 28s。 per qr。 19s。 10d。 after till 40s。 16s。 8d。 then 12d。
Barley to 28s。 19s。 10d。 32s。 16s。 12d。
Malt is prohibited by the annual Malt…tax Bill。
Oats to 16s。 5s。 10d。 after 9 1/2d。
Pease to 40s。 16s。 10d。 after 9 3/4d。
Rye to 36s。 19s。 10d。 till 40s。 16s。 8d。 then 12d。
Wheat to 44s。 21s。 10d。 till 53s。 4d。 17s。 then 8s。
till 4 l。 and after that about 1s。 4d。
Buckwheat to 32s。 per qr。 to pay 16s。
These different duties were imposed； partly by the 92nd of Charles
II； in place of the Old Subsidy； partly by the New Subsidy； by the One…third
and Two…thirds Subsidy； and by the Subsidy； 1747。
The distress which； in years of scarcity； the strict
execution of those laws might have brought upon the people； would
probably have been very great。 But； upon such occasions； its
execution was generally suspended by temporary statutes； which
permitted； for a limited time； the importation of foreign corn。
The necessity of these temporary statutes sufficiently
demonstrates the impropriety of this general one。
These restraints upon importation； though prior to the
establishment of the bounty； were dictated by the same spirit； by
the same principles； which afterwards enacted that regulation。
How hurtful soever in themselves； these or some other restraints
upon importation became necessary in consequence of that
regulation。 If； when wheat was either below forty…eight shillings
the quarter； or not much above it； foreign corn could have been
imported either duty free； or upon paying only a small duty； it
might have been exported again； with the benefit of the bounty；
to the great loss of the public revenue； and to the entire
perversion of the institution； of which the object was to extend
the market for the home growth； not that for the growth of
foreign countries。
III。 The trade of the merchant exporter of corn for foreign
consumption certainly does not contribute directly to the
plentiful supply of the home market。 It does so； however；
indirectly。 From whatever source this supply may be usually
drawn； whether from home growth or from foreign importation；
unless more corn is either usually grown； or usually imported
into the country； than what is usually consumed in it； the supply
of the home market can never be very plentiful。 But unless the
surplus can in all ordinary cases be exported； the growers will
be careful never to grow more； and the importers never to import
more； than what the bare consumption of the home market requires。
That market will very seldom be overstocked； but it will
generally be understocked； the people whose business it is to
supply it being generally afraid lest their goods should be left
upon their hands。 The prohibition of exportation limits the
improvement and cultivation of the country to what the supply of
its own inhabitants requires。 The freedom of exportation enables
it to extend cultivation for the supply of foreign nations。
By the 12th of Charles II； c。 4； the exportation of corn was
permitted whenever the price of wheat did not exceed forty
shillings the quarter； and that of other grain in proportion。 By
the 15th of the same prince； this liberty was extended till the
price of wheat exceeded forty…eight shillings the quarter； and by
the 22nd； to all higher prices。 A poundage； indeed； was to be
paid to the king upon such exportation。 But all grain was rated
so low in the book of rates that this poundage amounted only upon
wheat to a shilling； upon oats to fourpence； and upon all other
grain to sixpence the quarter。 By the 1st of William and Mary；
the act which established the bounty； this small duty was
virtually taken off whenever the price of wheat did not exceed；
forty…eight shillings the quarter； and by the 11th and l2th of
William III； c。 20； it was expressly taken off at all higher
prices。
The trade of the merchant exporter was； in this manner； not
only encouraged by a bounty； but rendered much more free than
that of the inland dealer。 By the last of these statutes； corn
could be engrossed at any price for exportation； but it could not
be engrossed for inland sale except when the price did not exceed
forty…eight shillings the quarter。 The interest of the inland
dealer； however； it has already been shown； can never be opposite
to that of the great body of the people。 That of the merchant
exporter may； and in fact sometimes is。 If； while his own country
labours under a dearth； a neighbouring country should be
afflicted with a famine； it might be his interest to carry corn
to the latter country in such quantities as might very much
aggravate the calamities of the dearth。 The plentiful supply of
the home market was not the direct object of those statutes； but；
under the pretence of encouraging agriculture； to raise the money
price of corn as high as possible； and thereby to occasion； as
much as possible； a constant dearth in the home market。 By the
discouragement of importation； the supply of that market； even in
times of great scarcity； was confined to the home growth； and by
the encouragement of exportation； when the price was so high as
forty…eight shillings the quarter； that market was not； even in
times of considerable scarcity； allowed to enjoy the whole of
that growth。 The temporary laws； prohibiting for a limited time
the exportation of corn； and taking off for a limited time the
duties upon its importation； expedients to which Great Britain
has been obliged so frequently to have recourse； sufficiently
demonstrate the impropriety of her general system。 Had that
system been good； she would not so frequently have been reduced
to the necessity of departing from it。
Were all nations to follow the liberal system of free
exportation and free importation； the different states into which
a great continent was divided would so far resemble the different
provinces of a great empire。 As among the different provinces of
a great empire the freedom of the inland trade appears； both from
reason and experience； not only the best palliative of a dearth；
but the most effectual preventative of a famine； so would the
freedom of the exportation and importation trade be among the
different states into which a great continent was divided。 The
larger the continent； the easier the communication through all
the different parts of it； both by land and by water； the less
would any one particular part of it ever be exposed to either of
these calamities； the scarcity of any one country being more
likely to be relieved by the plenty of some other。 But very few
countries have entirely adopted this liberal system。 The freedom
of the corn trade is almost everywhere more or less restrained；
and