414] 
of supplying this deficiency is, the 
importation of gr ain from soreign 
parts—and for the purpose of form. 
ing an opinion as to what may 
be the prospeét of supply from 
thence, and the most expedient 
means to be adopted fer procuring 
it,, your committee proceeced to 
examine such persons, froin whose 
knowlege and experience in the 
trade of co}n they could expect the 
best informarion, It appeared from 
their concurrent testimony, that, 
though the crop of wheat in the 
United States of America, and in 
the countries bordering upon rhe 
Mediterranean; was represented as 
abundant; and in the northern 
and eastern parts of Europe as not 
materially deficient; yet, as the 
old stock was much exhausted, and 
the demand great, the price, ac- 
cording to the last advices, was eve- 
ry where uncommonly high. Bur, 
though there was. upon this point 
some » difference of opinion, it ap. 
peared upon the whole very doubt- 
ful, whether a supply to any consi- 
derable extent could be depended 
upon from foreign, parts, whatever 
measures might be adopted. Your 
committee next proceeded to in- 
quire what measures, in the judg- 
ment of these persons, afforded the 
best probability of obtaining svch 
a supply. They thought it right 
to bring distin@ly under their con- 
sideration the alternative ot leaving 
the whole care of such purchases 
to the executive government, who 
would (it was conceived) 
such case the only purchasers; and 
be publicly known to be so3. or 
of leaving the same to. the specula- 
tion of individual merchants, en- 
couraged by~a liberal bounty on 
importation, and by a public decla- 
ration on the part of government 
ANNUAL REGISTER, 1796. 
(as soon as such declaration shall 
be practicable) of the quantity 
which they may then have at their: 
disposai in consequence of former 
orders, and co: ‘heir intention to 
give no further orders for the pur. 
chase of corn, and to sell what 
may Have pe ee in limit. 
ed quaniitics, and at. the market 
price. tr PaCS io your coms 
mitice to be the preponderant opi. 
nion amongst. these persons to 
whom this alternative was stated, 
that, upon the whole, the restora- 
tion of the trade in corn to its na- 
tural channel, with the additional 
encouragement cf a bounty, was 
the most eligible mode of endea- 
vouring to oe from ioreign 
parts such supplies as- those mark. 
ets might be found able to furnish. 
Your committee were. further con. 
firmed in this opinion by the infor- 
mation they received from seme of 
their members, that there were mer- 
chants who had stated to them 
their readiness, under those cir- 
cumstances, to engage in specula- 
tions to.a large extent. After a 
full consideration and discussion of 
this important point, your commit. 
tee were of opinion, “ that it was 
expedient for the executive go- 
vernment to desist from making 
any further purchases of corn ; and - 
that a bounty should be granted 
upon the importation of certain 
sorts of grain into this country, for 
the encouragement. of private spe- 
_eulation,”’ 
be wim - 
“Your committee next proceeded ~ 
to the consideration of the amount 
and distribution of such bounty. 
They had been informed that, from 
the abundance of the crop of wheat 
in the countries bordering upon 
the Mediterranean, there might be 
a considerable disposeable surplus 
in 
