Ch. xi. Bounties upon E.vpoi'tat'ion. 175 



sequence to employ more bushels of corn in the 

 maintenance of a greater number of labourers. 



If Adam Smith's theory were true, and what he 

 calls the real price of corn were unchangeable, or 

 not capable of experiencing a relative increase or 

 decrease of value compared with labour and other 

 commodities, agriculture would indeed be in an un- 

 fortunate situation. It would be at once excluded 

 from the operation of that principle so beautifully 

 explained in the Wealth of Nations, by which capital 

 flows from one employment to another, according to 

 the various and necessarily fluctuating wants of so- 

 ciety. But surely we cannot doubt that the real 

 price of corn varies, though it may not vary so 

 much as the real price of other commodities ; and 

 that there are periods when all wrought commo- 

 dities are cheaper, and periods when they are 

 dearer, in proportion to the price of corn ; and in 

 the one case capital flows from manufactures to 

 agriculture, and in the other from agriculture to 

 manufactures. To overlook these periods or con- 

 sider them of slight importance, is not allowable ; 

 because in every branch of trade these periods 

 form the grand encouragement to an increase of 

 supply. Undoubtedly the profits of trade in any 

 particular branch of industry can never long remain 

 higher than in others ; but how are they lowered 

 except by the influx of capital occasioned by these 

 high profits? It never can be a national. object 

 permanently to increase the profits of any parti- 

 cular set of dealers. The national object is the 

 increase of supply ; but this object cannot be 



