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of the inland trade must be to that of the importation trade as
five hundred and seventy to one。
The average quantity of all sorts of grain exported from
Great Britain does not； according to the same author； exceed the
one…and…thirtieth part of the annual produce。 For the
encouragement of tillage； therefore； by providing a market for
the home produce； the importance of the inland trade must be to
that of the exportation。
I have no great faith in political arithmetic； computations。
I mention them only in order to show of how much less
consequence； in the opinion of the most judicious and experienced
persons； the foreign trade of corn is than the home trade。 The
great cheapness of corn in the years immediately preceding the
establishment of the bounty may perhaps； with reason； be ascribed
in some measure to the operation of this statute of Charles II；
which had been enacted about five…and…twenty years before； and
which had therefore full time to produce its effect。
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