ThebountyupontheexportationofcornnecessarilyoperatesexactlyinthesamewayasthisabsurdpolicyofSpainandPortugal。Whateverbetheactualstateoftillage，itrendersourcornsomewhatdearerinthehomemarketthanitotherwisewouldbeinthatstate，andsomewhatcheaperintheforeign;andastheaveragemoneypriceofcornregulatesmoreorlessthatofallothercommodities，itlowersthevalueofsilverconsiderablyintheone，andtendstoraiseitalittleintheother。Itenablesforeigners，theDutchinparticular，notonlytoeatourcorncheaperthantheyotherwisecoulddo，butsometimestoeatitcheaperthanevenourownpeoplecandouponthesameoccasions，asweareassuredbyanexcellentauthority，thatofSirMatthewDecker。Ithindersourownworkmenfromfurnishingtheirgoodsforsosmallaquantityofsilverastheyotherwisemightdo;andenablestheDutchtofurnishtheirsforasmaller。Ittendstorenderourmanufacturessomewhatdearerineverymarket，andtheirssomewhatcheaperthantheyotherwisewouldbe，andconsequentlytogivetheirindustryadoubleadvantageoverourown。
　　Thebounty，asitraisesinthehomemarketnotsomuchtherealasthenominalpriceofourcorn，asitaugments，notthequantityoflabourwhichacertainquantityofcorncanmaintainandemploybutonlythequantityofsilverwhichitwillexchangefor，itdiscouragesourmanufactures，withoutrenderinganyconsiderableserviceeithertoourfarmersorcountrygentlemen。
　　Itputs，indeed，alittlemoremoneyintothepocketsofboth，anditwillperhapsbesomewhatdifficulttopersuadethegreaterpartofthemthatthisisnotrenderingthemaveryconsiderableservice。Butifthismoneysinksinitsvalue，inthequantityoflabour，provisions，andhomemadecommoditiesofalldifferentkindswhichitiscapableofpurchasingasmuchasitrisesinitsquantity，theservicewillbelittlemorethannominalandimaginary。
　　Thereis，perhaps，butonesetofmeninthewholecommonwealthtowhomthebountyeitherwasorcouldbeessentiallyserviceable。Thesewerethecornmerchants，theexportersandimportersofcorn。Inyearsofplentythebountynecessarilyoccasionedagreaterexportationthanwouldotherwisehavetakenplace;andbyhinderingtheplentyofoneyearfromrelievingthescarcityofanother，itoccasionedinyearsofscarcityagreaterimportationthanwouldotherwisehavebeennecessary。Itincreasedthebusinessofthecornmerchantinboth;andinyearsofscarcity，itnotonlyenabledhimtoimportagreaterquantity，buttosellitforabetterprice，andconsequentlywithagreaterprofitthanhecouldotherwisehavemade，iftheplentyofoneyearhadnotbeenmoreorlesshinderedfromrelievingthescarcityofanother。Itisinthissetofmen，accordingly，thatIhaveobservedthegreatestzealforthecontinuanceorrenewalofthebounty。
　　Ourcountrygentlemen，whentheyimposedthehighdutiesupontheimportationofforeigncorn，whichintimesofmoderateplentyamounttoaprohibition，andwhentheyestablishedthebounty，seemtohaveimitatedtheconductofourmanufacturers。
　　Bytheoneinstitution，theysecuredtothemselvesthemonopolyofthehomemarket，andbytheothertheyendeavouredtopreventthatmarketfromeverbeingoverstockedwiththeircommodity。Byboththeyendeavouredtoraiseitsrealvalue，inthesamemannerasourmanufacturershad，bythelikeinstitutions，raisedtherealvalueofmanydifferentsortsofmanufacturedgoods。Theydidnotperhapsattendtothegreatandessentialdifferencewhichnaturehasestablishedbetweencornandalmosteveryothersortofgoods。When，eitherbythemonopolyofthehomemarket，orbyabountyuponexportation，youenableourwoollenorlinenmanufacturerstoselltheirgoodsforsomewhatabetterpricethantheyotherwisecouldgetforthem，youraise，notonlythenominal，buttherealpriceofthosegoods。Yourenderthemequivalenttoagreaterquantityoflabourandsubsistence，youincreasenotonlythenominal，buttherealprofit，therealwealthandrevenueofthosemanufacturers，andyouenablethemeithertolivebetterthemselves，ortoemployagreaterquantityoflabourinthoseparticularmanufactures。Youreallyencouragethosemanufactures，anddirecttowardsthemagreaterquantityoftheindustryofthecountrythanwhatwouldprobablygotothemofitsownaccord。Butwhenbythelikeinstitutionsyouraisethenominalormoney—priceofcorn，youdonotraiseitsrealvalue。Youdonotincreasetherealwealth，therealrevenueeitherofourfarmersorcountrygentlemen。Youdonotencouragethegrowthofcornbecauseyoudonotenablethemtomaintainandemploymorelabourersinraisingit。Thenatureofthingshasstampeduponcornarealvaluewhichcannotbealteredbymerelyalteringitsmoneyprice。Nobountyuponexportation，nomonopolyofthehomemarket，canraisethatvalue。Thefreestcompetitioncannotlowerit。Throughtheworldingeneralthatvalueisequaltothequantityoflabourwhichitcanmaintain，andineveryparticularplaceitisequaltothequantityoflabourwhichitcanmaintainintheway，whetherliberal，moderate，orscanty，inwhichlabouriscommonlymaintainedinthatplace。Woollenorlinenclotharenottheregulatingcommoditiesbywhichtherealvalueofallothercommoditiesmustbefinallymeasuredanddetermined;cornis。Therealvalueofeveryothercommodityisfinallymeasuredanddeterminedbytheproportionwhichitsaveragemoneypricebearstotheaveragemoneypriceofcorn。Therealvalueofcorndoesnotvarywiththosevariationsinitsaveragemoneyprice，whichsometimesoccurfromonecenturytoanother。Itistherealvalueofsilverwhichvarieswiththem。
　　Bountiesupontheexportationofanyhomemadecommodityareliable，firsttothatgeneralobjectionwhichmaybemadetoallthedifferentexpedientsofthemercantilesystem;theobjectionofforcingsomepartoftheindustryofthecountryintoachannellessadvantageousthanthatinwhichitwouldrunofitsownaccord:and，secondly，totheparticularobjectionofforcingit，notonlyintoachannelthatislessadvantageous，butintoonethatisactuallydisadvantageous;thetradewhichcannotbecarriedonbutbymeansofabountybeingnecessarilyalosingtrade。Thebountyupontheexportationofcornisliabletothisfurtherobjection，thatitcaninnorespectpromotetheraisingofthatparticularcommodityofwhichitwasmeanttoencouragetheproduction。Whenourcountrygentlemen，therefore，demandedtheestablishmentofthebounty，thoughtheyactedinimitationofourmerchantsandmanufacturers，theydidnotactwiththatcompletecomprehensionoftheirowninterestwhichcommonlydirectstheconductofthosetwootherordersofpeople。Theyloadedthepublicrevenuewithaveryconsiderableexpense;theyimposedaveryheavytaxuponthewholebodyofthepeople;buttheydidnot，inanysensibledegree，increasetherealvalueoftheirowncommodity;andbyloweringsomewhattherealvalueofsilver，theydiscouragedinsomedegree，thegeneralindustryofthecountry，and，insteadofadvancing，retardedmoreorlesstheimprovementoftheirownlands，whichnecessarilydependsuponthegeneralindustryofthecountry。
　　Toencouragetheproductionofanycommodity，abountyuponproduction，oneshouldimagine，wouldhaveamoredirectoperationthanoneuponexportation。Itwould，besides，imposeonlyonetaxuponthepeople，thatwhichtheymustcontributeinordertopaythebounty。Insteadofraising，itwouldtendtolowerthepriceofthecommodityinthehomemarket;andthereby，insteadofimposingasecondtaxuponthepeople，itmight，atleast，inpart，repaythemforwhattheyhadcontributedtothefirst。Bountiesuponproduction，however，havebeenveryrarelygranted。Theprejudicesestablishedbythecommercialsystemhavetaughtustobelievethatnationalwealtharisesmoreimmediatelyfromexportationthanfromproduction。Ithasbeenmorefavouredaccordingly，asthemoreimmediatemeansofbringingmoneyintothecountry。Bountiesuponproduction，ithasbeensaidtoo，havebeenfoundbyexperiencemoreliabletofraudsthanthoseuponexportation。Howfarthisistrue，Iknownot。Thatbountiesuponexportationhavebeenabusedtomanyfraudulentpurposesisverywellknown。Butitisnottheinterestofmerchantsandmanufacturers，thegreatinventorsofalltheseexpedients，thatthehomemarketshouldbeoverstockedwiththeirgoods，aneventwhichabountyuponproductionmightsometimesoccasion。Abountyuponexportation，byenablingthemtosendabroadthesurpluspart，andtokeepupthepriceofwhatremainsinthehomemarket，effectuallypreventsthis。Ofalltheexpedientsofthemercantilesystem，accordingly，itistheoneofwhichtheyarethefondest。Ihaveknownthedifferentundertakersofsomeparticularworksagreeprivatelyamongthemselvestogiveabountyoutoftheirownpocketsupontheexportationofacertainproportionofthegoodswhichtheydealtin。Thisexpedientsucceededsowellthatitmorethandoubledthepriceoftheirgoodsinthehomemarket，notwithstandingaveryconsiderableincreaseintheproduce。Theoperationofthebountyuponcornmusthavebeenwonderfullydifferentifithasloweredthemoneypriceofthatcommodity。
　　Somethinglikeabountyuponproduction，however，hasbeengranteduponsomeparticularoccasions。Thetonnagebountiesgiventothewhite—herringandwhalefisheriesmay，perhaps，beconsideredassomewhatofthisnature。Theytenddirectly，itmaybesupposed，torenderthegoodscheaperinthehomemarketthantheyotherwisewouldbe。Inotherrespectstheireffects，itmustbeacknowledged，arethesameasthoseofbountiesuponexportation。Bymeansofthemapartofthecapitalofthecountryisemployedinbringinggoodstomarket，ofwhichthepricedoesnotrepaythecosttogetherwiththeordinaryprofitsofstock。
　　Butthoughthetonnagebountiesofthosefisheriesdonotcontributetotheopulenceofthenation，itmayperhapsbethoughtthattheycontributetoitsdefencebyaugmentingthenumberofitssailorsandshipping。This，itmaybealleged，maysometimesbedonebymeansofsuchbountiesatamuchsmallerexpensethanbykeepingupagreatstandingnavy，ifImayusesuchanexpression，inthesamewayasastandingarmy。
　　Notwithstandingthesefavourableallegations，however，thefollowingconsiderationsdisposemetobelievethat，ingrantingatleastoneofthesebounties，thelegislaturehasbeenverygrosslyimposedupon。
　　First，theherringbussbountyseemstoolarge。
　　Fromthecommencementofthewinterfishing，1771，totheendofthewinterfishing，1781，thetonnagebountyupontheherringbussfisheryhasbeenatthirtyshillingstheton。DuringtheseelevenyearsthewholenumberofbarrelscaughtbytheherringbussfisheryofScotlandamountedto378，347。Theherringscaughtandcuredatseaarecalledsea—sticks。Inordertorenderthemwhatarecalledmerchantableherrings，itisnecessarytorepackthemwithanadditionalquantityofsalt;andinthiscase，itisreckonedthatthreebarrelsofsea—sticksareusuallyrepackedintotwobarrelsofmerchantableherrings。Thenumberofbarrelsofmerchantableherrings，therefore，caughtduringtheseelevenyearswillamountonly，accordingtothisaccount，to252，2311/3。DuringtheseelevenyearsthetonnagebountiespaidamountedtoL155，46311s。orto8s。21/4d。uponeverybarrelofseasticks，andto12s。33/4d。uponeverybarrelofmerchantableherrings。
　　ThesaltwithwhichtheseherringsarecuredissometimesScotchandsometimesforeignsalt，bothwhicharedeliveredfreeofallexcisedutytothefish—curers。TheexcisedutyuponScotchsaltisatpresent1s。6d。，thatuponforeignsalt10s。
　　thebushel。Abarrelofherringsissupposedtorequireaboutonebushelandone—fourthofabushelforeignsalt。TwobushelsarethesupposedaverageofScotchsalt。Iftheherringsareenteredforexportation，nopartofthisdutyispaidup;ifenteredforhomeconsumption，whethertheherringswerecuredwithforeignorwithScotchsalt，onlyoneshillingthebarrelispaidup。ItwastheoldScotchdutyuponabushelofsalt，thequantitywhich，atalowestimation，hadbeensupposednecessaryforcuringabarrelofherrings。InScotland，foreignsaltisverylittleusedforanyotherpurposebutthecuringoffish。Butfromthe5thApril1771tothe5thApril1782，thequantityofforeignsaltimportedamountedto936，974bushels，ateighty—fourpoundsthebushel:
　　thequantityofScotchsalt，deliveredfromtheworkstothefish—curers，tonomorethan168，226，atfifty—sixpoundsthebushelonly。Itwouldappear，therefore，thatitisprincipallyforeignsaltthatisusedinthefisheries。Uponeverybarrelofherringsexportedthereis，besides，abountyof2s。8d。，andmorethantwo—thirdsofthebusscaughtherringsareexported。
　　Putallthesethingstogetherandyouwillfindthat，duringtheseelevenyears，everybarrelofbusscaughtherrings，curedwithScotchsaltwhenexported，hascostgovernmentL17s。5
　　3/4d。;andwhenenteredforhomeconsumption14s。33/4d。;andthateverybarrelcuredwithforeignsalt，whenexported，hascostgovernmentL17s。53/4d。;andwhenenteredforhomeconsumptionL1。3s。93/4d。Thepriceofabarrelofgoodmerchantableherringsrunsfromseventeenandeighteentofourandfiveandtwentyshillings，aboutaguineaatanaverage。
　　Secondly，thebountytothewhite—herringfisheryisatonnagebounty;andisproportionedtotheburdenoftheship，nottoherdiligenceorsuccessinthefishery;andithas，Iamafraid，beentoocommonforvesselstofitoutforthesolepurposeofcatching，notthefish，butthebounty。Intheyear1759，whenthebountywasatfiftyshillingstheton，thewholebussfisheryofScotlandbroughtinonlyfourbarrelsofsea—sticks。Inthatyeareachbarrelofsea—stickscostgovernmentinbountiesaloneL11315s。;eachbarrelofmerchantableherringsL1597s。6d。
　　Thirdly，themodeoffishingforwhichthistonnagebountyinthewhite—herringfisheryhasbeengiven（bybussesordeckedvesselsfromtwentytoeightytonsburthen），seemsnotsowelladaptedtothesituationofScotlandastothatofHolland，fromthepracticeofwhichcountryitappearstohavebeenborrowed。
　　Hollandliesatagreatdistancefromtheseastowhichherringsareknownprincipallytoresort，andcan，therefore，carryonthatfisheryonlyindeckedvessels，whichcancarrywaterandprovisionssufficientforavoyagetoadistantsea。ButtheHebridesorwesternislands，theislandsofShetland，andthenorthernandnorthwesterncoastsofScotland，thecountriesinwhoseneighbourhoodtheherringfisheryisprincipallycarriedon，areeverywhereintersectedbyarmsofthesea，whichrunupaconsiderablewayintotheland，andwhich，inthelanguageofthecountry，arecalledsea—lochs。Itistothesesea—lochsthattheherringsprincipallyresortduringtheseasonsinwhichtheyvisitthoseseas;forthevisitsofthisand，Iamassured，ofmanyothersortsoffisharenotquiteregularandconstant。A
　　boatfishery，therefore，seemstobethemodeoffishingbestadaptedtothepeculiarsituationofScotland，thefisherscarryingtheherringsonshore，asfastastheyaretaken，tobeeithercuredorconsumedfresh。Butthegreatencouragementwhichabountyofthirtyshillingsthetongivestothebussfisheryisnecessarilyadiscouragementtotheboatfishery，which，havingnosuchbounty，cannotbringitscuredfishtomarketuponthesametermsasthebussfishery。Theboatfishery，accordingly，whichbeforetheestablishmentofthebussbountywasveryconsiderable，andissaidhaveemployedanumberofseamennotinferiortowhatthebussfisheryemploysatpresent，isnowgonealmostentirelytodecay。Oftheformerextent，however，ofthisnowruinedandabandonedfishery，ImustacknowledgethatI
　　cannotpretendtospeakwithmuchprecision。Asnobountywaspaidupontheoutfitoftheboatfishery，noaccountwastakenofitbytheofficersofthecustomsorsaltduties。
　　Fourthly，inmanypartsofScotland，duringcertainseasonsoftheyear，herringsmakenoinconsiderablepartofthefoodofthepeople。Abounty，whichtendedtolowertheirpriceinthehomemarket，mightcontributeagooddealtothereliefofagreatnumberofourfellow—subjects，whosecircumstancesarebynomeansaffluent。Buttheherringbussbountycontributestonosuchgoodpurpose。Ithasruinedtheboatfishery，whichis，byfar，thebestadaptedforthesupplyofthehomemarket，andtheadditionalbountyof2s。8d。thebarreluponexportationcarriesthegreaterpart，morethantwo—thirds，oftheproduceofthebussfisheryabroad。Betweenthirtyandfortyyearsago，beforetheestablishmentofthebussbounty，fifteenshillingsthebarrel，Ihavebeenassured，wasthecommonpriceofwhiteherrings。Betweentenandfifteenyearsago，beforetheboatfisherywasentirelyruined，thepriceissaidtohaverunfromseventeentotwentyshillingsthebarrel。Fortheselastfiveyears，ithas，atanaverage，beenattwenty—fiveshillingsthebarrel。Thishighprice，however，mayhavebeenowingtotherealscarcityoftheherringsuponthecoastofScotland。Imustobserve，too，thatthecaskorbarrel，whichisusuallysoldwiththeherrings，andofwhichthepriceisincludedinalltheforegoingprices，has，sincethecommencementoftheAmericanwar，risentoaboutdoubleitsformerprice，orfromaboutthreeshillingstoaboutsixshillings。ImustlikewiseobservethattheaccountsIhavereceivedofthepricesofformertimeshavebeenbynomeansquiteuniformandconsistent;andanoldmanofgreataccuracyandexperiencehasassuredmethat，morethanfiftyyearsago，aguineawastheusualpriceofabarrelofgoodmerchantableherrings;andthis，Iimagine，maystillbelookeduponastheaverageprice。Allaccounts，however，Ithink，agreethatthepricehasnotbeenloweredinthehomemarketinconsequenceofthebussbounty。
　　Whentheundertakersoffisheries，aftersuchliberalbountieshavebeenbestoweduponthem，continuetoselltheircommodityatthesame，orevenatahigherpricethantheywereaccustomedtodobefore，itmightbeexpectedthattheirprofitsshouldbeverygreat;anditisnotimprobablethatthoseofsomeindividualsmayhavebeenso。Ingeneral，however，Ihaveeveryreasontobelievetheyhavebeenquiteotherwise。Theusualeffectofsuchbountiesistoencouragerashundertakerstoadventureinabusinesswhichtheydonotunderstand，andwhattheylosebytheirownnegligenceandignorancemorethancompensatesallthattheycangainbytheutmostliberalityofgovernment。In1750，bythesameact，whichfirstgavethebountyofthirtyshillingsthetonfortheencouragementofthewhite—herringfishery（the23rdGeorgeII，c。24），ajoint—stockcompanywaserected，withacapitaloffivehundredthousandpounds，towhichthesubscribers（overandaboveallotherencouragements，thetonnagebountyjustnowmentioned，theexportationbountyoftwoshillingsandeightpencethebarrel，thedeliveryofbothBritishandforeignsaltdutyfree）were，duringthespaceoffourteenyears，foreveryhundredpoundswhichtheysubscribedandpaidintothestockofthesociety，entitledtothreepoundsayear，tobepaidbythereceiver—generalofthecustomsinequalhalf—yearlypayments。
　　Besidesthisgreatcompany，theresidenceofwhosegovernoranddirectorswastobeinLondon，itwasdeclaredlawfultoerectdifferentfishing—chambersinallthedifferentoutportsofthekingdom，providedasumnotlessthantenthousandpoundswassubscribedintothecapitalofeach，tobemanagedatitsownrisk，andforitsownprofitandloss。Thesameannuity，andthesameencouragementsofallkinds，weregiventothetradeofthoseinferiorchambersastothatofthegreatcompany。Thesubscriptionofthegreatcompanywassoonfilledup，andseveraldifferentfishing—chamberswereerectedinthedifferentoutportsofthekingdom。Inspiteofalltheseencouragements，almostallthosedifferentcompanies，bothgreatandsmall，losteitherthewhole，orthegreaterpartoftheircapitals;scarceavestigenowremainsofanyofthem，andthewhite—herringfisheryisnowentirely，oralmostentirely，carriedonbyprivateadventurers。
　　Ifanyparticularmanufacturewasnecessary，indeed，forthedefenceofthesociety，itmightnotalwaysbeprudenttodependuponourneighboursforthesupply;andifsuchmanufacturecouldnototherwisebesupportedathome，itmightnotbeunreasonablethatalltheotherbranchesofindustryshouldbetaxedinordertosupportit。ThebountiesupontheexportationofBritish—madesailclothandBritish—madegunpowdermay，perhaps，bothbevindicateduponthisprinciple。
　　Butthoughitcanveryseldombereasonabletotaxtheindustryofthegreatbodyofthepeopleinordertosupportthatofsomeparticularclassofmanufacturers，yetinthewantonnessofgreatprosperity，whenthepublicenjoysagreaterrevenuethanitknowswellwhattodowith，togivesuchbountiestofavouritemanufacturesmay，perhaps，beasnaturalastoincuranyotheridleexpense。Inpublicaswellasinprivateexpenses，greatwealthmay，perhaps，frequentlybeadmittedasanapologyforgreatfolly。Buttheremustsurelybesomethingmorethanordinaryabsurdityincontinuingsuchprofusionintimesofgeneraldifficultyanddistress。
　　Whatiscalledabountyissometimesnomorethanadrawback，andconsequentlyisnotliabletothesameobjectionsaswhatisproperlyabounty。Thebounty，forexample，uponrefinedsugarexportedmaybeconsideredasadrawbackofthedutiesuponthebrownandmuscovadosugarsfromwhichitismade。
　　Thebountyuponwroughtsilkexported，adrawbackofthedutiesuponrawandthrownsilkimported。Thebountyupongunpowderexported，adrawbackofthedutiesuponbrimstoneandsaltpetreimported。Inthelanguageofthecustomsthoseallowancesonlyarecalleddrawbackswhicharegivenupongoodsexportedinthesameforminwhichtheyareimported。Whenthatformhasbeensoalteredbymanufactureofanykindastocomeunderanewdenomination，theyarecalledbounties。
　　Premiumsgivenbythepublictoartistsandmanufacturerswhoexcelintheirparticularoccupationsarenotliabletothesameobjectionsasbounties。Byencouragingextraordinarydexterityandingenuity，theyservetokeepuptheemulationoftheworkmenactuallyemployedinthoserespectiveoccupations，andarenotconsiderableenoughtoturntowardsanyoneofthemagreatershareofthecapitalofthecountrythanwhatwouldgotoitofitsownaccord。Theirtendencyisnottooverturnthenaturalbalanceofemployments，buttorendertheworkwhichisdoneineachasperfectandcompleteaspossible。Theexpenseofpremiums，besides，isverytrifling;thatofbountiesverygreat。
　　Thebountyuponcornalonehassometimescostthepublicinoneyearmorethanthreehundredthousandpounds。
　　DIGRESSIONCONCERNINGTHECORNTRADEANDCORNLAWS
　　Icannotconcludethischapterconcerningbountieswithoutobservingthatthepraiseswhichhavebeenbestoweduponthelawwhichestablishesthebountyupontheexportationofcorn，anduponthatsystemofregulationswhichisconnectedwithit，arealtogetherunmerited。Aparticularexaminationofthenatureofthecorntrade，andoftheprincipalBritishlawswhichrelatetoit。willsufficientlydemonstratethetruthofthisassertion。
　　Thegreatimportanceofthissubjectmustjustifythelengthofthedigression。
　　Thetradeofthecornmerchantiscomposedoffourdifferentbranches，which，thoughtheymaysometimesbeallcarriedonbythesameperson，areintheirownnaturefourseparateanddistincttrades。Theseare，first，thetradeoftheinlanddealer;secondly，thatofthemerchantimporterforhomeconsumption;thirdly，thatofthemerchantexporterofhomeproduceforforeignconsumption;and，fourthly，thatofthemerchantcarrier，oroftheimporterofcorninordertoexportitagain。
　　I。Theinterestoftheinlanddealer，andthatofthegreatbodyofthepeople，howoppositesoevertheymayatfirstsightappear，are，eveninyearsofthegreatestscarcity，exactlythesame。Itishisinteresttoraisethepriceofhiscornashighastherealscarcityoftheseasonrequires，anditcanneverbehisinteresttoraiseithigher。Byraisingthepricehediscouragestheconsumption，andputseverybodymoreorless，butparticularlytheinferiorranksofpeople，uponthriftandgoodmanagement。If，byraisingittoohigh，hediscouragestheconsumptionsomuchthatthesupplyoftheseasonislikelytogobeyondtheconsumptionoftheseason，andtolastforsometimeafterthenextcropbeginstocomein，herunsthehazard，notonlyoflosingaconsiderablepartofhiscornbynaturalcauses，butofbeingobligedtosellwhatremainsofitformuchlessthanwhathemighthavehadforitseveralmonthsbefore。Ifbynotraisingthepricehighenoughhediscouragestheconsumptionsolittlethatthesupplyoftheseasonislikelytofallshortoftheconsumptionoftheseason，henotonlylosesapartoftheprofitwhichhemightotherwisehavemade，butheexposesthepeopletosufferbeforetheendoftheseason，insteadofthehardshipsofadearth，thedreadfulhorrorsofafamine。Itistheinterestofthepeoplethattheirdaily，weekly，andmonthlyconsumptionshouldbeproportionedasexactlyaspossibletothesupplyoftheseason。Theinterestoftheinlandcorndealeristhesame。Bysupplyingthem，asnearlyashecanjudge，inthisproportion，heislikelytosellallhiscornforthehighestprice，andwiththegreatestprofit;andhisknowledgeofthestateofthecrop，andofhisdaily，weekly，andmonthlysales，enablehimtojudge，withmoreorlessaccuracy，howfartheyreallyaresuppliedinthismanner。Withoutintendingtheinterestofthepeople，heisnecessarilyled，byaregardtohisowninterest，totreatthem，eveninyearsofscarcity，prettymuchinthesamemannerastheprudentmasterofavesselissometimesobligedtotreathiscrew。Whenheforeseesthatprovisionsarelikelytorunshort，heputsthemuponshortallowance。Thoughfromexcessofcautionheshouldsometimesdothiswithoutanyrealnecessity，yetalltheinconvenienceswhichhiscrewcantherebysufferareinconsiderableincomparisonofthedanger，misery，andruintowhichtheymightsometimesbeexposedbyalessprovidentconduct。Thoughfromexcessofavarice，inthesamemanner，theinlandcornmerchantshouldsometimesraisethepriceofhiscornsomewhathigherthanthescarcityoftheseasonrequires，yetalltheinconvenienceswhichthepeoplecansufferfromthisconduct，whicheffectuallysecuresthemfromafamineintheendoftheseason，areinconsiderableincomparisonofwhattheymighthavebeenexposedtobyamoreliberalwayofdealinginthebeginningofit。Thecornmerchanthimselfislikelytosufferthemostbythisexcessofavarice;notonlyfromtheindignationwhichitgenerallyexcitesagainsthim，but，thoughheshouldescapetheeffectsofthisindignation，fromthequantityofcornwhichitnecessarilyleavesuponhishandsintheendoftheseason，andwhich，ifthenextseasonhappenstoprovefavourable，hemustalwayssellforamuchlowerpricethanhemightotherwisehavehad。
　　Wereitpossible，indeed，foronegreatcompanyofmerchantstopossessthemselvesofthewholecropofanextensivecountry，itmight，perhaps，betheirinteresttodealwithitastheDutcharesaidtodowiththespiceriesoftheMoluccas，todestroyorthrowawayaconsiderablepartofitinordertokeepupthepriceoftherest。Butitisscarcepossible，evenbytheviolenceoflaw，toestablishsuchanextensivemonopolywithregardtocorn;and，whereverthelawleavesthetradefree，itisofallcommoditiestheleastliabletobeengrossedormonopolizedbytheforceofafewlargecapitals，whichbuyupthegreaterpartofit。Notonlyitsvaluefarexceedswhatthecapitalsofafewprivatemenarecapableofpurchasing，but，supposingtheywerecapableofpurchasingit，themannerinwhichitisproducedrendersthispurchasepracticable。Asineverycivilisedcountryitisthecommodityofwhichtheannualconsumptionisthegreatest，soagreaterquantityofindustryisannuallyemployedinproducingcornthaninproducinganyothercommodity。Whenitfirstcomesfromtheground，too，itisnecessarilydividedamongagreaternumberofownersthananyothercommodity;andtheseownerscanneverbecollectedintooneplacelikeanumberofindependentmanufacturers，butarenecessarilyscatteredthroughallthedifferentcornersofthecountry。Thesefirstownerseitherimmediatelysupplytheconsumersintheirownneighbourhood，ortheysupplyotherinlanddealerswhosupplythoseconsumers。Theinlanddealersincorn，therefore，includingboththefarmerandthebaker，arenecessarilymorenumerousthanthedealersinanyothercommodity，andtheirdispersedsituationrendersitaltogetherimpossibleforthemtoenterintoanygeneralcombination。Ifinayearofscarcity，therefore，anyofthemshouldfindthathehadagooddealmorecornuponhandthan，atthecurrentprice，hecouldhopetodisposeofbeforetheendoftheseason，hewouldneverthinkofkeepingupthispricetohisownloss，andtothesolebenefitofhisrivalsandcompetitors，butwouldimmediatelylowerit，inordertogetridofhiscornbeforethenewcropbegantocomein。Thesamemotives，thesameinterests，whichwouldthusregulatetheconductofanyonedealer，wouldregulatethatofeveryother，andobligethemallingeneraltoselltheircornatthepricewhich，accordingtothebestoftheirjudgment，wasmostsuitabletothescarcityorplentyoftheseason。
　　WhoeverexamineswithattentionthehistoryofthedearthsandfamineswhichhaveafflictedanypartofEurope，duringeitherthecourseofthepresentorthatofthetwoprecedingcenturies，ofseveralofwhichwehaveprettyexactaccounts，willfind，Ibelieve，thatadearthneverhasarisenfromanycombinationamongtheinlanddealersincorn，norfromanyothercausebutarealscarcity，occasionedsometimesperhaps，andinsomeparticularplaces，bythewasteofwar，butinbyfarthegreatestnumberofcasesbythefaultoftheseasons;andthatafaminehasneverarisenfromanyothercausebuttheviolenceofgovernmentattempting，byimpropermeans，toremedytheinconveniencesofadearth。
　　Inanextensivecorncountry，betweenallthedifferentpartsofwhichthereisafreecommerceandcommunication，thescarcityoccasionedbythemostunfavourableseasonscanneverbesogreatastoproduceafamine;andthescantiestcrop，ifmanagedwithfrugalityandeconomy，willmaintainthroughtheyearthesamenumberofpeoplethatarecommonlyfedonamoreaffluentmannerbyoneofmoderateplenty。Theseasonsmostunfavourabletothecroparethoseofexcessivedroughtorexcessiverain。Butascorngrowsequallyuponhighandlowlands，upongroundsthataredisposedtobetoowet，anduponthosethataredisposedtobetoodry，eitherthedroughtortherainwhichishurtfultoonepartofthecountryisfavourabletoanother;andthoughbothinthewetandinthedryseasonthecropisagooddeallessthaninonemoreproperlytempered，yetinbothwhatislostinonepartofthecountryisinsomemeasurecompensatedbywhatisgainedintheother。Inricecountries，wherethecropnotonlyrequiresaverymoistsoil，butwhereinacertainperiodofitsgrowingitmustbelaidunderwater，theeffectsofadroughtaremuchmoredismal。Eveninsuchcountries，however，thedroughtis，perhaps，scarceeversouniversalasnecessarilytooccasionafamine，ifthegovernmentwouldallowafreetrade。ThedroughtinBengal，afewyearsago，mightprobablyhaveoccasionedaverygreatdearth。
　　Someimproperregulations，someinjudiciousrestraintsimposedbytheservantsoftheEastIndiaCompanyuponthericetrade，contributed，perhaps，toturnthatdearthintoafamine。
　　Whenthegovernment，inordertoremedytheinconveniencesofadearth，ordersallthedealerstoselltheircornatwhatitsupposesareasonableprice，iteitherhindersthemfrombringingittomarket，whichmaysometimesproduceafamineeveninthebeginningoftheseason;oriftheybringitthither，itenablesthepeople，andtherebyencouragesthemtoconsumeitsofastasmustnecessarilyproduceafaminebeforetheendoftheseason。
　　Theunlimited，unrestrainedfreedomofthecorntrade，asitistheonlyeffectualpreventativeofthemiseriesofafamine，soitisthebestpalliativeoftheinconveniencesofadearth;fortheinconveniencesofarealscarcitycannotberemedied，theycanonlybepalliated。Notradedeservesmorethefullprotectionofthelaw，andnotraderequiresitsomuch，becausenotradeissomuchexposedtopopularodium。
　　Inyearsofscarcitytheinferiorranksofpeopleimputetheirdistresstotheavariceofthecornmerchant，whobecomestheobjectoftheirhatredandindignation。Insteadofmakingprofituponsuchoccasions，therefore，heisoftenindangerofbeingutterlyruined，andofhavinghismagazinesplunderedanddestroyedbytheirviolence。Itisinyearsofscarcity，however，whenpricesarehigh，thatthecornmerchantexpectstomakehisprincipalprofit。Heisgenerallyincontractwithsomefarmerstofurnishhimforacertainnumberofyearswithacertainquantityofcornatacertainprice。Thiscontractpriceissettledaccordingtowhatissupposedtobethemoderateandreasonable，thatis，theordinaryoraverageprice，whichbeforethelateyearsofscarcitywascommonlyabouteight—and—twentyshillingsforthequarterofwheat，andforthatofothergraininproportion。Inyearsofscarcity，therefore，thecornmerchantbuysagreatpartofhiscornfortheordinaryprice，andsellsitforamuchhigher。Thatthisextraordinaryprofit，however，isnomorethansufficienttoputhistradeuponafairlevelwithothertrades，andtocompensatethemanylosseswhichhesustainsuponotheroccasions，bothfromtheperishablenatureofthecommodityitself，andfromthefrequentandunforeseenfluctuationsofitsprice，seemsevidentenough，fromthissinglecircumstance，thatgreatfortunesareasseldommadeinthisasinanyothertrade。Thepopularodium，however，whichattendsitinyearsofscarcity，theonlyyearsinwhichitcanbeveryprofitable，renderspeopleofcharacterandfortuneaversetoenterintoit。Itisabandonedtoaninferiorsetofdealers;andmillers，bakers，mealmen，andmealfactors，togetherwithanumberofwretchedhucksters，arealmosttheonlymiddlepeoplethat，inthehomemarket，comebetweenthegrowerandtheconsumer。
　　TheancientpolicyofEurope，insteadofdiscountenancingthispopularodiumagainstatradesobeneficialtothepublic，seems，onthecontrary，tohaveauthorizedandencouragedit。
　　Bythe5thand6thofEdwardVI，c。14，itwasenactedthatwhoevershouldbuyanycornorgrainwithintenttosellitagain，shouldbereputedanunlawfulengrosser，andshould，forthefirstfault，suffertwomonths’imprisonment，andforfeitthevalueofthecorn;forthesecond，suffersixmonths’
　　imprisonment，andforfeitdoublethevalue;andforthethird，besetinthepillory，sufferimprisonmentduringtheking’spleasure，andforfeitallhisgoodsandchattels。TheancientpolicyofmostotherpartsofEuropewasnobetterthanthatofEngland。
　　Ourancestorsseemtohaveimaginedthatthepeoplewouldbuytheircorncheaperofthefarmerthanofthecornmerchant，who，theywereafraid，wouldrequire，overandabovethepricewhichhepaidtothefarmer，anexorbitantprofittohimself。
　　Theyendeavoured，therefore，toannihilatehistradealtogether。
　　Theyevenendeavouredtohinderasmuchaspossibleanymiddlemanofanykindfromcominginbetweenthegrowerandtheconsumer;andthiswasthemeaningofthemanyrestraintswhichtheyimposeduponthetradeofthosewhomtheycalledkiddersorcarriersofcorn，atradewhichnobodywasallowedtoexercisewithoutalicenceascertaininghisqualificationsasamanofprobityandfairdealing。Theauthorityofthreejusticesofthepeacewas，bythestatuteofEdwardVI，necessaryinordertograntthislicence。Buteventhisrestraintwasafterwardsthoughtinsufficient，andbyastatuteofElizabeththeprivilegeofgrantingitwasconfinedtothequarter—sessions。