B O U 



tribe ; the fqitalut canicula of Linnspus ; catiiUui major viil- 

 gnris of Ray and Williifjtiby ; grealcr tlog-fjl of Englilh 

 writers. Sec Cakicula. 



BOUND, in Darifin^, a fpring from one foot to the 

 other, by wliich it differs from a hop, where the fpring is 

 from one fiHjt to the fame. It alfo di(Vei-s from a h-A{ roupte, 

 as, in the latter, the l)ody always bears on the floor, cither 

 on one foot or the otlier; whereas, in tlie bound it is thrown 

 miitc from the floor. 



Tiovtio-rnii/onry. Sec Masonry. 



]5ousD, /jit/i: Sec liiTtf-iotiritl. 



Bound, /jbo/. tJcc Hoof-^oh/u/. 



Bovsniai/i/^ji. See Bailiff. 



Bounds of an Eclipfr. SceEcLiPsr. 



Bounds of Inmls. Sec Abuttals. 



BOUND.-VRV Column. See Column. 



BOUNTY, in Commerce, denotes a premium paid by the 

 government to tlie exporters of certain commoditie.-;, on their 

 wking oath, or, in fome cafes, giving bond, not to rc-land 

 tlie fame in England. 



Bounties, as they refpcifl the fiflieries, arc I'lthcr f.-r/n-fiuil 

 or Uwpornry. The former are payable on the export of pil- 

 chards, or (hads, cod-tifli, ling, or hake, v.licther wet or 

 dried, falmon, white herrings, red herrings, and dried red 

 Iprats, being of Britifli fifliery and curing. Stnts. 5 Geo. I. 

 c. 18. § 6. 26 Geo. III. c. Hi. § 16. The latter arc pay- 

 able on the tonnage of fliips carrying on the Britifli and 

 Greenland fiilieries ; on the quantity of filh taken in the 

 Britilh and Newfoundland fifhtries ; on the qnantity of oil, 

 head-matter, bUihber, and whale-fins, taken in the foiithern 

 whalt-fiftiery, and on the export of pilchards. See FisH- 

 f.RV, and Navigation ..-/</. The bou;:ty on cordage ma- 

 nufactured in Great liritain, not lefs than three tons, is 

 28. 4|d. per cwt. 6 Geo. III. c. 45. 26 Geo. 111. c. 85. 

 51 Geo. III. c. 6;. 



Bounties have been granted by feveral flatutcs on the ex- 

 portation of corn, when it does not exceed itipulated prices 

 at the port of exportation. 



Bounties upon expoitation, confidered in a more general 

 view of them, are, in Great Britain, frequently petitioned 

 for, and fometimes granted to the produce of p^irticular 

 branches of indullry. By means of thefe our merchants and 

 manufafturers are fupp:<fcd to be able to (ell their goods as 

 cheap or cheaper than their rivals in the foreign market ; and 

 a greater quantity, it is faid, will thus be exported, and the 

 balance of trade confequently turned more in favour of our 

 own country. They fcrve, as thofe who favour them maintain, 

 the purpofe of a kind of premium, inducing foreigners to 

 buy our goods, and in this manner to enrich the whole 

 countij, and put money into all our pockets by means of 

 the balance of trade. Bounties, it is allowed, fays Dr. 

 Smith (Inquiry into the Nature and Caufes of the Wealth 

 of Nations, vol. ii. p. 261, &c. ed. 6.), ought to be given 

 to thofe branches of trade only, which cannot be carried on 

 without them. But every branch of trade, in which the 

 nierchant can fell his goods for a price which replaces to 

 him, with the ordinary profits of ftock, the whole capital 

 employed in preparing and fending them to market, can be 

 carried on without a bounty. Thofe trades only require 

 bounties, in which the merchant is obHged to fell his "oods 

 for lefs than it really coils him to fend them to market"; and 

 the bounty is given in order to compenfate this lofs, and to 

 encourage him to continue, or perhaps to commence, a 

 trade, of which the expence is fuppofed to be greater than 

 the returns, fo that every operation confumes a part of the 

 capital employed in it. 



An ingemoua author, in his « Trads upon the Corn- 



B O U 



Trade," has clearly (hewn, that fince the bounty upon the 

 exportation of corn was firft ellabliflied, the price of the 

 corn exported, valued moderately enough, has exceeded that 

 of the corn imported, valued very high, by a mi.cli greater 

 fum than the amount of the whole bounties which have been 

 paid during that period. Hence he infers, that, upon the 

 true principles of the mercantile fyftem, this forced corn, 

 trade is beneficial to the nation ; the value of the exporta- 

 tion exceeding that of the importation by a much greater 

 fum than the' whole extraordinary expence which has been 

 incurred by the public in its exportation But Dr. Smith 

 argues, that this extraordinary expence, or the bounty, is 

 the fmallell part of the expence which tlie exportation of 

 corn really colls the fociety. The capital employed by the 

 farmer flionld alfo be taken into the account ; and unlefs 

 the price of the corn, when fold in the foreign markets, re- 

 places, not only the bounty, but this capital, togeth.er with 

 the ordinary profits of ftock, the fociety is a lofer by the 

 difl^ercnce, or the national Hock is fo much diminilhed. But 

 the very reafon for which it has been thought ntcefrary to 

 grant a bounty, is the fuppofed iiifufficicncy of the price to 

 do this. It has been faid, that the average price of com 

 has fallen confiderably fince the eftabiiflimcnt of the bounty. 

 But, allowing this to be the cafe, it mull have happened, 

 fays Dr. Smith, in fpite of the bounty, and cannot poffibly 

 have happened in confeqnence of it ; and he traces this gra- 

 dual fall in the average price of corn to that gradual and 

 infenfible rife in the real value of filver, which he fuppofes 

 to have taken place in the general market of Europe, dur- 

 ing the courfe of the laft century. In his opinion it leems 

 to be altogether impoflible, that the bounty could ever con- 

 tribute to lower the price of grain. In years of plenty, the 

 bounty, by occafioning an extraordinary exportation, necef- 

 farily keeps up the price of corn in the home maiket above 

 what it would naturally fall to ; and this was the avowed 

 purpofe of the inilitution. In years of fcarcity, though the 

 bountyisfrequentlyfufpended, yet the great exportation which 

 it occafions in years of plenty muH frequently hinder, more 

 or lefs, the plenty of one year from relieving the fcarcity of 

 another. In both, therefore, the bounty ueceflarily tends to 

 raife the money price of corn fomewhat higher than it other- 

 wife would be in the home market. It has been thought, 

 however, by many perfons, that the bounty tendsto enccurage 

 tillage; partly, by opening a more extenfive foreign market 

 to the corn ot the farmer who produces it, and partly, by 

 fecuring to him a better price than he could otherwife ex- 

 pe£l in the adual Hate of tillage. This double encourage- 

 ment, it is conceived, muft, in a long period of years, oc- 

 cafion fuch an increafe in the produtlion of corn, as may 

 lower its price in the home market, much more than the 

 bounty can raife it, in the adual (late of the tillage, what- 

 ever it may be, at the end of that period. To this reafon- 

 ing Dr. Smith sephes, that whatever extenfion of the fo- 

 reign market can be occafioned by the bounty, muft, in 

 eveiy particular year, be altogether at the expence of the 

 home market ; as every bufliel of corn, which is exported by 

 means of the bounty, and which would not have been ex- 

 ported without it, would have remained in the home market- 

 to increafe the ccnfumption, and to lower the price of that 

 commodity. The corn bounty, as well as every other 

 bounty upon exportation, impofes upon the people two dif- 

 ferent taxes; viz. the tax, which they are obliged to con- 

 tribute towards paying the bounty, and that which arifes 

 from the advanced price of the commodity in the home 

 market, and which, as the whole body of the people ars 

 purchafers of corn, muft, with regard to this particular 

 commodity, be paid by the whole body of the people. 



This. 



