THEORY OF THE PRICE OF CORN. 79 



length of time, and over an extensive region of various countries, 

 maintain an extraordinary uniformity or equality. To make this 

 intelligible I shall give the details, with a view to extend the range 

 of their publicity, and still further to expose them to that rigid 

 scrutiny which shall either determine the fallacy or solidity of the 

 theory therein deduced. 



The natural price of wheat is thus ascertained and established : — 

 It appears that " the labour and skill employed in bringing to 

 England from its native mines the quantity of gold and silver con- 

 tained in 33*. 6d. is supposed to be equivalent to the labour and 

 skill employed in producing and bringing to market from the soil 

 of England one quarter of the finest wheat : because that sum is 

 found to be the price of a quarter of the finest wheat in this coun- 

 try, taking the average of a number of years under the lowest 

 amount of taxation, and because it is also found to be the price of 

 the finest wheat in the continental markets, taking them one with 

 another, for a series of years." 



Are these statements hypothetical or true ; suppositious or de- 

 monstrable ; contingent or inevitable ? The beauty, utility, and 

 permanence of the superstructure must depend on the solidity of the 

 foundation. 



To continue the quotation : — " To this natural price of wheat 

 must be added that degree of artificial price which is called for by 

 the taxation to which the English farmer is subject. Supposing 

 that taxation to be estimated by the amount, for the time being, of 

 the -national debt, it appears, from the price which has been paid 

 for corn since the commencement of the debt, more than a century 

 ago, that Id. per quarter for each million of debt is required to be 

 added to the natural price (33.?. 6d.), in order to give the English 

 farmer as fair a remuneration, with taxation, as 33*. 6d. is without. 

 The following statement will show that this addition is not too 

 large an allowance : — 



"At the Revolution in 1689, the national debt 



was below a million ; viz., £ 604,263 



In 1697 it amounted to 21,515,742 



1701 it was reduced to 16,394,701 



1715 it was increased by war to 53,681,076 



1739 it was reduced by peace to 46,954,623 



1748 it was raised by war to 78,293,313 



1764 it was raised by war to 139,516,807-" 



I shall continue the statement in the author's own words : — 

 " From 1089 to 1764 the price of the finest wheat should have 



