HKB
of corn, when it is scarce; and particularly from the existing laws of that country, which, in all common years, will furnish us with a large proportion of our supplies.
To these causes of temporary fluctuations, during peace, should be added the more durable as well as temporary, fluctuations occasioned by war. Without reference to the danger of excessive scarcity from another combination against us, if we are merely driven back at certain distant intervals upon our own resources, the experience of the present times will teach us not to estimate lightly the convulsion which attends the return, and the evils of such alternations of price.
In the Observations, I mentioned some causes of fluctuations which would attend the system of restrictions; but they are in my opinion inconsiderable, compared with those which have been just referred to.
On the labouring classes, therefore, the effects of opening our ports for the free importation of foreign corn, will be greatly to lower their wages, and to subject them to much greater fluctuations of price. And, in this state of things, it will require a much greater increase in the demand for labour, than there is in any rational ground for expecting, to compensate to the labourer the advantages which he loses in the high money wages of labour, and the steadier and less fluctuating price of corn.
Of the farmers it is needless to say anything. It cannot be doubted that they will suffer severely from the opening of the ports. Not that the profits of farming will not recover themselves, after a certain period, and be as great, or perhaps greater, than they were before; but this cannot take place till after a great loss of agricultural capital, or the removal of it into the channels of commerce and manufactures.
Of the commercial and manufacturing part of the society, only those who are directly engaged in foreign trade, will feel the benefit of the importing system. It is of course to be expected, that the foreign trade of the nation will increase considerably. If it do not, indeed, we shall have experienced a very severe loss, without anything like a compensation for it. And if this increase merely equals the loss of produce sustained by agriculture, the quantity of other produce remaining the same, it is quite clear that the country cannot possibly gain by the exchange, at whatever price it may buy or sell. Wealth does not consist in the dearness or cheapness of the usual measure of value, but in the quantity of produce; and to increase effectively this quantity of produce, after the severe check sustained by agriculture, it is necessary that commerce should make a very powerful start.
In the actual state of Europe and the prevailing jealousy of our manufactures, such a start seems quite doubtful; and it is by no means impossible that we shall be obliged to pay for our foreign corn, by importing less of other commodities, as well as by exporting more of our manufactures.