wealbk04-第24章

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circumstances　would　alone　produce　upon　the　whole　face　of　the

country。

　　　　　The　statute　of　Edward　VI；　therefore；　by　prohibiting　as　much

as　possible　any　middle　man　from　coming　between　the　grower　and　the

consumer；　endeavoured　to　annihilate　a　trade；　of　which　the　free

exercise　is　not　only　the　best　palliative　of　the　inconveniences　of

a　dearth　but　the　best　preventative　of　that　calamity：　after　the

trade　of　the　farmer；　no　trade　contributing　so　much　to　the　growing

of　corn　as　that　of　the　corn　merchant。

　　　　　The　rigour　of　this　law　was　afterwards　softened　by　several

subsequent　statutes；　which　successively　permitted　the　engrossing

of　corn　when　the　price　of　wheat　should　not　exceed　twenty；

twenty…four；　thirty…two；　and　forty　shillings　the　quarter。　At

last；　by　the　15th　of　Charles　II；　c。　7；　the　engrossing　or　buying

of　corn　in　order　to　sell　it　again；　as　long　as　the　price　of　wheat

did　not　exceed　forty…eight　shillings　the　quarter；　and　that　of

other　grain　in　proportion；　was　declared　lawful　to　all　persons　not

being　forestallers；　that　is；　not　selling　again　in　the　same　market

within　three　months。　All　the　freedom　which　the　trade　of　the

inland　corn　dealer　has　ever　yet　enjoyed　was　bestowed　upon　it　by

this　statute。　The　statute　of　the　12th　of　the　present　king；　which

repeals　almost　all　the　other　ancient　laws　against　engrossers　and

forestallers；　does　not　repeal　the　restrictions　of　this　particular

statute；　which　therefore　still　continue　in　force。

　　　　　This　statute；　however；　authorizes　in　some　measure　two　very

absurd　popular　prejudices。

　　　　　First；　it　supposes　that　when　the　price　of　wheat　has　risen　so

high　as　forty…eight　shillings　the　quarter；　and　that　of　other

grains　in　proportion；　corn　is　likely　to　be　so　engrossed　as　to

hurt　the　people。　But　from　what　has　been　already　said；　it　seems

evident　enough　that　corn　can　at　no　price　be　so　engrossed　by　the

inland　dealers　as　to　hurt　the　people：　and　forty…eight　shillings

the　quarter；　besides；　though　it　may　be　considered　as　a　very　high

price；　yet　in　years　of　scarcity　it　is　a　price　which　frequently

takes　place　immediately　after　harvest；　when　scarce　any　part　of

the　new　crop　can　be　sold　off；　and　when　it　is　impossible　even　for

ignorance　to　suppose　that　any　part　of　it　can　be　so　engrossed　as

to　hurt　the　people。

　　　　　Secondly；　it　supposes　that　there　is　a　certain　price　at　which

corn　is　likely　to　be　forestalled；　that　is；　bought　up　in　order　to

be　sold　again　soon　after　in　the　same　market；　so　as　to　hurt　the

people。　But　if　a　merchant　ever　buys　up　corn；　either　going　to　a

particular　market　or　in　a　particular　market；　in　order　to　sell　it

again　soon　after　in　the　same　market；　it　must　be　because　he　judges

that　the　market　cannot　be　so　liberally　supplied　through　the　whole

season　as　upon　that　particular　occasion；　and　that　the　price；

therefore；　must　soon　rise。　If　he　judges　wrong　in　this；　and　if　the

price　does　not　rise；　he　not　only　loses　the　whole　profit　of　the

stock　which　he　employs　in　this　manner；　but　a　part　of　the　stock

itself；　by　the　expense　and　loss　which　necessarily　attend　the

storing　and　keeping　of　corn。　He　hurts　himself；　therefore；　much

more　essentially　than　he　can　hurt　even　the　particular　people　whom

he　may　hinder　from　supplying　themselves　upon　that　particular

market　day；　because　they　may　afterwards　supply　themselves　just　as

cheap　upon　any　other　market　day。　If　he　judges　right；　instead　of

hurting　the　great　body　of　the　people；　he　renders　them　a　most

important　service。　By　making　them　feel　the　inconveniencies　of　a

dearth　somewhat　earlier　than　they　otherwise　might　do；　he　prevents

their　feeling　them　afterwards　so　severely　as　they　certainly　would

do；　if　the　cheapness　of　price　encouraged　them　to　consume　faster

than　suited　the　real　scarcity　of　the　season。　When　the　scarcity　is

real；　the　best　thing　that　can　be　done　for　the　people　is　to　divide

the　inconveniencies　of　it　as　equally　as　possible　through　all　the

different　months；　and　weeks；　and　days　of　the　year。　The　interest

of　the　corn　merchant　makes　him　study　to　do　this　as　exactly　as　he

can：　and　as　no　other　person　can　have　either　the　same　interest；　or

the　same　knowledge；　or　the　same　abilities　to　do　it　so　exactly　as

he；　this　most　important　operation　of　commerce　ought　to　be　trusted

entirely　to　him；　or；　in　other　words；　the　corn　trade；　so　far　at

least　as　concerns　the　supply　of　the　home　market；　ought　to　be　left

perfectly　free。

　　　　　The　popular　fear　of　engrossing　and　forestalling　may　be

compared　to　the　popular　terrors　and　suspicions　of　witchcraft。　The

unfortunate　wretches　accused　of　this　latter　crime　were　not　more

innocent　of　the　misfortunes　imputed　to　them　than　those　who　have

been　accused　of　the　former。　The　law　which　put　an　end　to　all

prosecutions　against　witchcraft；　which　put　it　out　of　any　man's

power　to　gratify　his　own　malice　by　accusing　his　neighbour　of　that

imaginary　crime；　seems　effectually　to　have　put　an　end　to　those

fears　and　suspicions　by　taking　away　the　great　cause　which

encouraged　and　supported　them。　The　law　which　should　restore

entire　freedom　to　the　inland　trade　of　corn　would　probably　prove

as　effectual　to　put　an　end　to　the　popular　fears　of　engrossing　and

forestalling。

　　　　　The　15th　of　Charles　II；　c。　7；　however；　with　all　its

imperfections；　has　perhaps　contributed　more　both　to　the　plentiful

supply　of　the　home　market；　and　to　the　increase　of　tillage；　than

any　other　law　in　the　statute　book。　It　is　from　this　law　that　the

inland　corn　trade　has　derived　all　the　liberty　and　protection

which　it　has　ever　yet　enjoyed；　and　both　the　supply　of　the　home

market；　and　the　interest　of　tillage；　are　much　more　effectually

promoted　by　the　inland　than　either　by　the　importation　or

exportation　trade。

　　　　　The　proportion　of　the　average　quantity　of　all　sorts　of　grain

imported　into　Great　Britain　to　that　of　all　sorts　of　grain

consumed；　it　has　been　computed　by　the　author　of　the　tracts　upon

the　corn　trade；　does　not　exceed　that　of　one　to　five　hundred　and

seventy。　For　supplying　the　home　market；　therefore；　the　importance

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；