35 



with confidence expect to receive at its hands. 

 They are of two descriptions, specific and ge- 

 neral. Let us briefly examine their nature and 

 probable efficacy. 



By the enactment of the last Corn Bill,, the 

 Legislature conceded to the farmer, so long as 

 the average price should not exceed 80s. the ab- 

 solute monopoly of the home-market, and the 

 privilege of the exclusive supply of the British 



empire. 



i 



The fallacy of the apprehension, that by the 

 operation of this law the price of 80s. was to 

 be converted into the lowest price at which 

 bread-corn was afterwards to be consumed, is 

 fully attested by the present price ; confirmed 

 by the fact, that three years have now elapsed 

 since the price of 80s. as the average price, was 

 attained in the markets. Had it been provided 

 by the same statute that a duty should be 

 charged upon all wheat imported for sale into 

 the kingdom, after the price had attained 80s. 

 such duty could not have been levied during 

 the last three years. But it does not follow that 

 the provision would have been nugatory and in- 

 operative; for, if the British corn-merchant has 

 entertained a belief that the advance to 80s. 

 was likely to take place at any given time, he 

 has had encouragements to his speculations in 



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