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human wi!>loiT: ; for the beneficial tendencies that have re- 

 fiilttd from It m practice, uiid to which wc can now refer as 

 fads to iiifomi our iudpmcnt, could be only contcmpbtcd 

 bv the dv-viUrs of that law as plaufiblc probabilities, liy 

 the opcntion of this law, tiie pricci in the home market 

 were reduced, in tl'.e courfe of ^0 years, to the confunicrs in 

 the horuc market, from 3I. to il. i;s. 6d. per quarter; and 

 we were enabled by it to export corn till our exccfs of ex- 

 ports riife by de!»rccs to the amount of more than one mil- 

 hon and a half qnaittri in one year, which brought into the 

 couiitrv a Cum not much under three millions llcrlinjj;; being 

 paid for the price of our owu bell manufaduiej, and for 

 encourajTiuR the molk ufeful kind of iiidulliy that ran ever 

 be promo'ed in anv nation. Similar fcntiineuts w ith rev^ard 

 to king William's corn law were adopted by our admiicis 

 u|.o I the continent. The bounty became a theme of paiie- 

 j;)ric in all their political trcatiles. Though a moll artili- 

 cial expedient, it was appiauded even by the eeonomills of 

 France, in whofe profound writings all devices were repro- 

 bated, that might check tlie Ipontaneous order of nature. 

 Dr. Smith, however, maintained that the fyllem of laws, 

 which is conneded with the ellabhihmcnl ot the bounty, 

 fcems to defervc no part of the praifc which has been be- 

 ilowed upon it. The improvenunt and profperity of 

 Great Britain, which have been fo often aferibed to thofe 

 laws, n.iv very eafily be accounted for by other cauies. 

 That fecurity which the laws in Great Britain give to every 

 man, that he iliall enjoy the fruits of his own labour, is 

 alone fiilHcic'it to make any country flourilh, notwith Handing 

 thefc and twenty Athcr abfuid regulations of commerce ; and 

 this fecurity was perfeAed by the revolution much about the 

 fame time that the bounty vVas ellablifhcd. The natural 

 effort of every individual to better his own condition, when 

 fuffered to exert itfclf with freedom and fecurity, is fo 

 powerful a principle, that it is alone, and without any alfill- 

 ance, not only capable of carrying on the foeiety to wealth 

 and profperity, but of furmounting a hundred impertinent 

 obllrudions with which the folly of human laws too often 

 incumbers its operations ; though the efFeft of tliefe ob- 

 llruftions is always more or lefs either to encroach upon its 

 freedom, or to diminilh its fecurity. In Great Britain in- 

 dulliy IS perfeftly fecure ; and though it is far from being 

 perfectly free, it is as free, or more free, than in any other 

 part of Europe. Upon the whole, though the period of 

 the greateft profperity and improvement of Great Britain 

 has been pollerior to that fyileni of laws which is conne£led 

 With the bounty, we mull not on tliis account impute it to 

 thofe laws. It has been pollerior likewife to the natiimal 

 debt ; but the national debt has moll aflTuredly not been the 

 vaufe of it. The fentiments of Dr. Smith were adopted 

 by many philofophical inquirers ; and at length tliey ap- 

 proved tliemlVlves to our legillators, and became a fubjeft of 

 parliamentary ilelibtration. Accordingly the act of 1773, (1.5' 

 Geo. III. c. 43 ; leealfollatj. Jl Geo. 111. c. 30. .^2Geo. 

 III. c. ^o. =3 Geo. III. c. 3, fty) "'^'ieh was condudled 

 through tlie houfe of ccmmions by Mr. Burke, tffeCled a vir- 

 tual repeal of the bounty, though it retained the language, 

 ;iiid fcemcd even to confirm the puipofes of the former law, in 

 compliance with thofe prtjudiceswliich it was more ealy to be- 

 tray than to conquer. By this llatute, the hii;h duties upon 

 importation for home confumption arc taken oil, as foon as the 

 price of middling wheat rifes to 48s. per quarter; that of mid- 

 dling rye, peafe or beans, to 32s. ; thai of barley to 243. ; 

 and that of oat^ to 1 6s. ; and iullead of tliem a Iniall duty 

 is impofed of only Od. upon the quirter of wluat, and upon 

 that of other grain in proportion. With .egarj to all thcle 

 different fort« of grain, but particularly with regard to 



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wheat, the home market is thus opened to foreign fuppHes 

 at prices coufiderably lower than before. By the fame Ita- 

 tute, the old bounty of 5s. upon the exportation of wheat 

 ceafes fo foon as the price riles to 445. per quarter, inRead 

 of 48s., the price at which it ceafed before ; that of 2s. 6d. 

 upon the exportation of barley ceafes as loon as the price 

 riles to 22s. iullead of 24s., the price at which it ceafed 

 before ; that of 2s, 6d. upon the exportation of oatmeal 

 ceafes as foon as the price rifes to 14s. iullead of i js., the 

 price at which it ceafed before. The bounty upon rje is 

 reduced from .js. 6d. to ,;s., and it ceafes fo foon as the price 

 riles to 28s. inllead of 32s., tlie price at which it ceafed 

 before. So far, fays Dr. Smith, this law ftems to be an 

 improvement upon the ancient fyRcm ; but by this law, a 

 bounty of 2S. per quarter is given for the exportation of 

 oats, whenever the price does not exceed 14s. No bounty 

 had ever before been given for the exportation of this grain, 

 any more than for that of peafe or beans. By the fame 

 law, tlie exportation of wheat is prohibited as loon as the 

 price rifes to ^45. per quarter ; that of rye at 28s. ; that of 

 barley at 22s.; and that of oats at 14s. Thefe feveral 

 prices are, in Dr. Smith's opinion, mucli too low ; and there 

 feems to be an impropriety in prohibiting exportation alto- 

 gether at thofe precife prices, at which that bounty, which 

 was given in order to force it, is withdrawn. The bounty 

 ought to have been withdrawn at a much lower price, or 

 exportation ought to have been allowed at a much highers 

 In thefe rcfpects the new law feems to be infaior to the 

 ancient fyllem. However, with all its imperfections. Dr. 

 Smith applies to it what was faid of the laws of Solon, that 

 though not the bell in itftlt, it was the bed which the inte- 

 rells, prejudices, and tempers of the times would admit of; 

 and he adds, that in due time it might prepare the way for 

 a belter. Since the pafllng of this aft, and the repeal of 

 the bounty, circurailances have occurred, in confequence of 

 which the prices of corn have rifen, and the balance of 

 trade has been turned againll us. The prices, according to 

 the ilatement of Dr. Anderfon, in 1801, have rifen from 

 2I. 2S. id. to 5I. 103. per quarter ; and our imports have 

 been advanced to three millions of quarters nearly, in value 

 more than fix millions flerling ; and this, compared with the 

 fum already Hated arifing from the exports under the former 

 ail, granting a bounty, makes a total balance of trade againll 

 us, in this iingle article, of not lefs than nine millions flerling 

 per annum. Thefe fafts feem to have made a great imprefilou 

 on feveral ingenious and well informed minds ; the bounty has 

 once more found advocates among fome political writers of 

 great merit, and among feveral Itatefmcn ; and a llatute has 

 been lately paffed, which, it is expetted, will produce all the 

 beneticial tifeels that have been aleribed by its advocates to 

 the old bounty. The committee of the houfe of commons, 

 in their fecond report, ordered to be printed June 14th, 

 I 804, deliver their opinion in thefc words : " It appears to 

 the committee, that the price of corn from I 791 to the har- 

 veft of 180; has been very irregular; but, upon an average, 

 iiicrealed in a great degiee by the years of icarcity, has in 

 general yielded v. fair profit to the grower. The ul'ual high 

 prices, however, have had tlie effcd of lUir.ulating induilry, 

 and bringing into cultivation large tracls of walle land; 

 which, cumbined with the two lall productive feafons, and 

 other caufes, have occalioned i'uch a dcpreffion in the value 

 of grain, as it is feared will greatly tend to the difcourage- 

 meiit of agriculHire, unlcl's maintained by the fupport of 

 pailiainent." Accordingly an z& was palled July 30th, 

 1004, (44Geo.III.c. toy.) to regulate the impoitation and ex- 

 portation ot corn, and the bountiesand duties payable thereon. 

 Vrithoul the aid of this new llatute, it has been faid, that 



the 



