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their commerce with Spain and Portugal。 Open the flood…gates； and
there will presently be less water above； and more below； the
dam…head； and it will soon come to a level in both places。 Remove
the tax and the prohibition； and as the quantity of gold and
silver will diminish considerably in Spain and Portugal； so it
will increase somewhat in other countries； and the value of those
metals； their proportion to the annual produce of land and
labour； will soon come to a level； or very near to a level； in
all。 The loss which Spain and Portugal could sustain by this
exportation of their gold and silver would be altogether nominal
and imaginary。 The nominal value of their goods； and of the
annual produce of their land and labour； would fall； and would be
expressed or represented by a smaller quantity of silver than
before； but their real value would be the same as before； and
would be sufficient to maintain； command； and employ； the same
quantity of labour。 As the nominal value of their goods would
fall； the real value of what remained of their gold and silver
would rise； and a smaller quantity of those metals would answer
all the same purposes of commerce and circulation which had
employed a greater quantity before。 The gold and silver which
would go abroad would not go abroad for nothing； but would bring
back an equal value of goods of some kind or another。 Those
goods； too； would not be all matters of mere luxury and expense；
to be consumed by idle people who produce nothing in return for
their consumption。 As the real wealth and revenue of idle people
would not be augmented by this extraordinary exportation of gold
and silver； so neither would their consumption be much augmented
by it。 Those goods would； probably； the greater part of them； and
certainly some part of them； consist in materials； tools； and
provisions； for the employment and maintenance of industrious
people； who would reproduce； with a profit； the full value of
their consumption。 A part of the dead stock of the society would
thus be turned into active stock； and would put into motion a
greater quantity of industry than had been employed before。 The
annual produce of their land and labour would immediately be
augmented a little； and in a few years would； probably； be
augmented a great deal； their industry being thus relieved from
one of the most oppressive burdens which it at present labours
under。
The bounty upon the exportation of corn necessarily operates
exactly in the same way as this absurd policy of Spain and
Portugal。 Whatever be the actual state of tillage； it renders our
corn somewhat dearer in the home market than it otherwise would
be in that state； and somewhat cheaper in the foreign； and as the
average money price of corn regulates more or less that of all
other commodities； it lowers the value of silver considerably in
the one； and tends to raise it a little in the other。 It enables
foreigners； the Dutch in particular； not only to eat our corn
cheaper than they otherwise could do； but sometimes to eat it
cheaper than even our own people can do upon the same occasions；
as we are assured by an excellent authority； that of Sir Matthew
Decker。 It hinders our own workmen from furnishing their goods
for so small a quantity of silver as they otherwise might do； and
enables the Dutch to furnish theirs for a smaller。 It tends to
render our manufactures somewhat dearer in every market； and
theirs somewhat cheaper than they otherwise would be； and
consequently to give their industry a double advantage over our
own。
The bounty； as it raises in the home market not so much the
real as the nominal price of our corn； as it augments； not the
quantity of labour which a certain quantity of corn can maintain
and employ but only the quantity of silver which it will exchange
for； it discourages our manufactures； without rendering any
considerable service either to our farmers or country gentlemen。
It puts； indeed； a little more money into the pockets of both；
and it will perhaps be somewhat difficult to persuade the greater
part of them that this is not rendering them a very considerable
service。 But if this money sinks in its value； in the quantity of
labour； provisions； and homemade commodities of all different
kinds which it is capable of purchasing as much as it rises in
its quantity； the service will be little more than nominal and
imaginary。
There is； perhaps； but one set of men in the whole
commonwealth to whom the bounty either was or could be
essentially serviceable。 These were the corn merchants； the
exporters and importers of corn。 In years of plenty the bounty
necessarily occasioned a greater exportation than would otherwise
have taken place； and by hindering the plenty of one year from
relieving the scarcity of another； it occasioned in years of
scarcity a greater importation than would otherwise have been
necessary。 It increased the business of the corn merchant in
both； and in years of scarcity； it not only enabled him to import
a greater quantity； but to sell it for a better price； and
consequently with a greater profit than he could otherwise have
made； if the plenty of one year had not been more or less
hindered from relieving the scarcity of another。 It is in this
set of men； accordingly； that I have observed the greatest zeal
for the continuance or renewal of the bounty。
Our country gentlemen； when they imposed the high duties
upon the importation of foreign corn； which in times of moderate
plenty amount to a prohibition； and when they established the
bounty； seem to have imitated the conduct of our manufacturers。
By the one institution； they secured to themselves the monopoly
of the home market； and by the other they endeavoured to prevent
that market from ever being overstocked with their commodity。 By
both they endeavoured to raise its real value； in the same manner
as our manufacturers had； by the like institutions； raised the
real value of many different sorts of manufactured goods。 They
did not perhaps attend to the great and essential difference
which nature has established between corn and almost every other
sort of goods。 When； either by the monopoly of the home market；
or by a bounty upon exportation； you enable our woollen or linen
manufacturers to sell their goods for somewhat a better price
than they otherwise could get for them； you raise； not only the
nominal； but the real price of those goods。 You render them
equivalent to a greater quantity of labour and subsistence； you
increase not only the nominal； but the real profit； the real
wealth and revenue of those manufacturers； and you enable them
either to live better themselves； or to employ a greater quantity
of labour in those particular manufactures。 You really encourage
those manufactures； and direct towards them a greater quantity of
the industry of the country than what would probably go to them
of its own accord。 But when by the like institutions you raise
the nominal or money…price of corn； you do not raise its real
value。 You do not increase