Ch. xi. Bounties upon Ei'por^tation. 179 



this accumulation to the land than would other- 

 wise have gone to it, A surplus growth, and a 

 fall of jjrice for thirty or forty years, followed. 



It will be said that this period of low prices 

 was too long to be occasioned by a bounty, even 

 according to the theory just laid down. This is 

 perhaps true, and in all probability the period 

 would have been shorter if the bounty alone had 

 operated ; but in this case other causes power- 

 fully combined with it. 



The fall in the price of British corn was accom- 

 panied by a fail of prices on the continent. What- 

 ever were the general causes which produced this 

 effect in foreign countries, it is probable that they 

 were not wholly inoperative in England. At all 

 events nothing could be so powerfully calculated 

 to produce cheapness, and to occasion a slow 

 return to high prices, as a considerable surplus 

 growth, which was unwillingly received, and 

 only at low prices, by other nations. When such 

 a surplus growth had been obtained, some time 

 would necessarily be required to destroy it by 

 cheapness, particularly as the moral stimulus of 

 the bounty would probably continue to act long- 

 after the fall of prices had commenced. If to 

 these causes we add that a marked fall in the rate 

 of interest, about the same time, evinced an abun- 

 dance of capital, and a consequent difficulty of 

 finding a profitable employment for it ; and con- 

 sider further the natural obstacles to the movins- 

 of capital from the land; we shall see sufficient 

 reason why even a long period might elapse with- 



N 2 



