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type="note">3 This intermediate alteration, however, supposes a rise in the value of paper on a return to cash payments, and some general fall of prices quite unconnected with any regulations respecting the corn trade.4

      But, if some fall of prices must take place from this cause, and if such a fall can never take place without a considerable check to industry, and discouragement to the accumulation of capital, it certainly does not seem a well-chosen time for the legislature to occasion another fall still greater, by departing at once from a system of restrictions which it had pursued with steadiness during the greatest part of the last century and, after having given up for a short period, had adopted again as its final policy in its two last enactments respecting the trade in corn. Even if it be intended. Finally, to throw open our ports, it might be wise to pass some temporary regulations, in order to prevent the very great shock which must take place, if the two causes here noticed, of the depreciation of commodities, be allowed to produce their full effect by contemporaneous action.

      3. I stated, in the Observations on the corn laws, that the cheapness and steadiness in the price of corn, which were promised by the advocates of restrictions, were not attainable by the measures they proposed; that it was really impossible for us to grow at home a sufficiency for our own consumption, without keeping up the price of corn considerably above the average of the rest of Europe; and that, while this was the case, as we could never export to any advantage, we should always be liable to the variations of price, occasioned by the glut of a superabundant harvest; in short, that it must be allowed that a free trade in corn would, in all ordinary cases, not only secure a cheaper, but a more steady, supply of grain.

      In expressing this distinct opinion on the effects of a free trade in corn, I certainly meant to refer to a trade really free—that is, a trade by which a nation would be entitled to its share of the produce of the commercial world, according to its means of purchasing, whether that produce were plentiful or scanty. In this sense I adhere strictly to the opinion I then gave; but, since that period, an event has occurred which has shewn, in the clearest manner, that it is entirely out of our power, even in time of peace, to obtain a free trade in corn, or an approximation towards it, whatever may be our wishes on the subject.

      It has, perhaps, not been sufficiently attended to in general, when the advantages of a free trade in corn have been discussed, that the jealousies and fears of nations, respecting their means of subsistence, will very rarely allow of a free egress of corn, when it is in any degree scarce. Our own statutes, till the very last year, prove these fears with regard to ourselves; and regulations of the same tendency occasionally come in aid of popular clamour in almost all countries of Europe. But the laws respecting the exportation of corn, which have been passed in France during the last year, have brought this subject home to us in the most striking and impressive manner. Our nearest neighbour, possessed of the largest and finest corn country in Europe, and who, owing to a more favourable climate and soil, a more stationary and comparatively less crowded population, and a lighter weight of taxation, can grow corn at less than half our prices, has enacted, that the exportation of corn shall be free till the price rises to about forty nine shillings a quarter,5 and that then it shall be entirely cease.6

      From the vicinity of France, and the cheapness of its corn in all years of common abundance, it is scarcely possible that our main imports should not come from that quarter as long as our ports are open to receive them. In this first year of open trade, our imports have been such, as to shew, that though the corn of the Baltic cannot seriously depress our prices in an unfavourable season at home, the corn of France may make it fall below a growing price, under the pressure of one of the worst crops that has been known for a long series of years.

      I have at present before me an extract from a Rouen paper, containing the prices of corn in fourteen different markets for the first week in October, the average of which appears to be about thirty eight shillings a quarter;7 and this was after disturbances had taken place both at Havre and Dieppe, on account of the quantity exported, and the rise of prices which it had occasioned.

      It may be said, perhaps, that the last harvest of France has been a very favourable one, and affords no just criterion of its general prices. But, from all that I hear, prices have often been as low during the last ten years. And, an average not exceeding forty shillings a quarter may, I think, be conclusively inferred from the price at which exportation is by law to cease.

      At a time when, according to Adam Smith, the growing price in this country was only twenty eight shillings a quarter, and the average price, including years of scarcity, only thirty three shillings, exportation was not prohibited till the price rose to forty eight shillings. It was the intention of the English government, at that time, to encourage agriculture by giving vent to its produce. We may presume that the same motive influenced the government of France in the late act respecting exportation. And it is fair therefore to conclude, that the price of wheat, in common years, is considerably less than the price at which exportation is to cease.

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      1

      Some of my friends were of different opinions as to the side, towards which my arguments most inclined. This I consider as a tolerably fair proof of impartiality.

      2

      Mercant

1

Some of my friends were of different opinions as to the side, towards which my arguments most inclined. This I consider as a tolerably fair proof of impartiality.

2

Mercantile losses are always comparatively partial; but the present losses, occasioned by the unusual combination of low prices, and scanty produce, must inflict a severe blow upon the whole mass of cultivators. There never, perhaps, was known a year more injurious to the interests of agriculture.

3

At the same time, I certainly now very much wish that some regulation had been adopted last year. It would have saved the nation a great loss of agricultural capital, which it will take some time to recover. But it was impossible to foresee such a year as the present—such a combination, as a very bad harvest, and very low prices.

4

I have very little doubt that the value of paper in this country has already risen, norwithstanding the increased issues of the Bank. These increased issues I attribute chiefly to the great failures which have taken place among country banks, and the very great purchases which have been made for the continental markets, and, under these circumstances, increased issues might take place, accompanied even by a rise of value. But the currency has not yet recovered itself. The real exchange, during the last year, must have been greatly in our favour, although the nominal exchange is considerably against us. This shews, incontrovertibly, that our currency is still depreciated, in reference to the bullion currencies of the continent. A part, however, of this depreciation may still be owing to the value of bullion in Europe not having yet fallen to its former level.

5

Calculated at twenty-four livres the pound

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