226 



CORN-LAWS. 



(^m-lsws. bounty system was unaided by any thing like a con- 

 > ""~Y~*"' siderable advance in the general prosperity, that is, du- 

 ing the first sixty years of last century, " no rise of rent 

 was ever thought of, and lease after lease, in long suc- 

 cession, were signed without a word passing upon the 

 question of rent; that was an object considered as fixed, 

 and grandfather, father, and son, succeeded without a 

 thought of any rise; in many cases landlords were 

 much more apprehensive of losing a tenant at the old 

 Tent than having the smallest conception of raising it to 

 a new one." * 



The rapid rise in the price of corn during several 

 years preceding 1773 induced government to resort at 

 first to temporary prohibitions of export, and to a dis- 

 use of the mistaken enactments of former ages against 

 the intervention of middle men in the corn trade. In 

 1773, there was taken the decisive step of abrogating 

 the bounty on the export of corn, until our markets 

 should fall below the price at which it was formerly al- 

 lowed, viz. until wheat should be at the current rate 

 of 44s. a quarter, and barley at 22s. This was little 

 else than withdrawing the bounty in toto ; but what 

 was of more direct influence on our corn-market, was 

 the abolition of the restraints on the importation of 

 foreign grain, the same being admitted at a very trif- 

 ling duty, so long as the currency of our markets should 

 be at or above 48s. for wheat, and 21s. for barley. This 

 revolution in our corn-laws has been ascribed to the 

 enlightened influence of Dr Smith and Mr Burke, but 

 arose more immediately from a consideration of the po- 

 pular discontent attendant on the rapid advance of 

 prices. The object of government, an object which has, 

 more or less, actuated our subsequent corn statutes, 

 was to maintain, as far as the uncertainty of seasons 

 would allow, a kind of level in the currency of our 

 corn market. The advocates of the bounty system were 

 loud in declaiming against this decided change in our 

 policy, and have ascribed to it that reduction and al- 

 most total cessation of our corn exports, which may be 

 much more justly and satisfactorily attributed to the in- 

 creased consumption attendant on an augmented popu- 

 lation at home. They are by no means disposed to sub- 

 scribe to the fundamental assumption of the act, viz. 

 that the price of 48s. was fair both for grower and con- 

 sumer, or to the policy of calling in a foreign supply 

 whenever our markets should exceed that rate. Go- 

 vernment, however, have adhered stedfastly to the 

 principle of endeavouring to keep corn as near a level 

 as possible, and have been actuated by it on the two 

 occasions (in 1791 and 1804) on which our com laws 

 have undergone a modification. The former of these 

 was little else than a slight alteration in the specified 

 rates of 1773, in consequence of the fall in the value 

 of money. 



In 18' 14, by a farther extension of the specified rates, 

 the importation of foreign corn was, in a manner, pro- 

 hibited so long as our own was sold at 63s. and it was 

 burdened with a duty until our own should reach 66s. 



Abstract of the Corn Bill of 1804, as far as regards 

 Wheat. 

 When our own wheat sells at home at or below 



the average of 48s. 



there is a bounty of 5s. a quarter on export. 



On our average rising to . 54s. 



our wheat is no longer exportable. 



When our average rises above 63s. 



fore^n wheat is importable at a duty of 2s. 6d. 



And when our average rises to 66s. Cbrn-laws, 



foreign wheat pays only a duty of 6d. a quarter. *"""V""^ 



With the view of giving a preference to the pro- 

 duce of Canada, the act directs that the wheat 

 of British colonies shall be admissible at a duty 

 of 2s. 6d. whenever our home average ex- 

 ceeds 53s. 



And at the low duty of 6d. whenever it exceeds 56s. 



The fall of price consequent on peace, and on the 

 favourable harvests of 1 802 and 1 803, had alarmed the 

 landed interest, and induced them to extort from go- 

 vernment the above act, which was productive of much 

 popular discontent, and which the result has shewn to 

 have been wholly unnecessary. The landholders were 

 apprehensive of being unable to keep up their rents, 

 and ministers eager, like King William, for the cordial 

 support of the men of property in the war with France, 

 assented to that which they were hopeful would pro- 

 duce only a temporary dissatisfaction. But as all par- 

 ties were agreed that the contest with France was like- 

 ly to be of long duration, and attended with burdens 

 which would materially depreciate money, or, in other 

 words, raise the price of corn, the matter might have 

 been safely left to the unaided operation of these causes. 

 The fact is, that since 1 804, our average prices of wheat 

 have been constantly above 66s. and the provisions of 

 the act have been consequently unnecessary. They may 

 be applicable, however, in the event of peace, and of 

 a large free importation from abroad. 



Having finished the narrative of our corn laws, we 

 proceed to adduce a few tables calculated to shew the 

 progressive changes in this branch of trade. Dr An- 

 derson has exhibited the following Table of the 



Average prices qf wheat in Engl and from the year 1650 to 

 1700. 



For 10 years preceding 1650 



10 1660 



10 1680 



10 1690 



s. 



d. 



59 



5 



58 



8 



54 







46 



11 



Average of 40 years 59 9 



1700, by itself, was so high as 68 3 



No account of exports or imports was kept until 

 1697. At that time the effects of the bounty system in 

 leading to exportation began to be apparent. 



Exported more than imported in wheat. and other grain of 

 all kinds. 



80,000 qrs 



4 years pre- 1 1700 on an- 

 ceding J average 



10 1710 " 284,000 



10 1720 449,000 



10 1730 375,000 



10 1740. .... 541,000 



10 1750 833,000 



Average price 

 of wheat. 

 s. d. 



58 



1 



. . . 51 

 . . . 37 

 . . . 36 

 . . . 37 

 . . . 23 



10 

 



6 



6 

 8 



Average price of 50 years 



The year of our greatest expor- 

 tation was 1750, the quanti- 

 ty sent abroad being no less 

 than 1,667:000 



36 2 



3. d. 



32 6 



Young on the Progressive Value of Money, p. 10?. 

 1 



