43 



tenant ; because the reduction of tlie import regulation 

 price, might be made gradually, and rather siovvljr, to fol- 

 low the reduction of the costs of production ; at all times 

 assuring a reasonable and liberal rate of Rent. 



In the operation of a few years, prices would, in this 

 manner, subside to the lowest rate consistent with proper 

 compensation to capital and labor, the adequate support of 

 the Government of a great country, and the return of a 

 liberal rent to the proprietor. The costs of production 

 would be low, which would fairly and freely admit of the 

 prices at market, relatively to the costs, being high. 



Although eight shillings be positively a high price for a 

 bushel of wheat, yet, if the costs of production require nine 

 shillings it is relatively a loio price, and such a state of 

 market would be ruinous; whilst on the other hand, if the 

 price were five shillings, and the costs of production four 

 shillings, per bushel, the market would be beneficial. It 

 does not admit of question, that the principle which 

 directs the anxious reduction of the constituents of cost, 

 whether such costs be, in their origin, jmblic or private, is 

 the foundation of the science of political economy. 



The danger of a system of high constituents of cost, 

 may be illustrated by considering the possible eft'ect of 

 a bad harvest upon the state of the country under the 

 present circumstances. 



On the supposition of forty shillings per quarter for 

 wheat, being a sufficient price in good seasons, the excite- 

 ment to importation by the Foreign merchant would not 

 be sufficient to prevent an advance to 48.s. 56s. and upwards, 

 in the event of a bad harvest ; the farmer would reap only 

 iwo-lliirds or half a crop, but he would obtain a propor- 

 tional advance in price: concurrently with the disadvan- 



