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pend on the minute difference in the price of each article, which the advance of wages to a living price will occasion, they cannot hold their ground at the present rate; but considering the proport tion that the machinery bears to the manual labor employed, the necessary advance of wages will, when distributed into the prices of the multiplicity of the articles produced, fotm too minutela proportion of it to be felt by the purchaser, or put in competition with the superior quality of the manufacture, on which the prefer

in the market will depend. Wil jon bis retublidade Sot 10 But the conclusive answer to this objection is, that if the low price of bread would sustain thei foreign markets it must destroy the "home market for manufactured produce, and it then becomes the question, which is best worth keeping? While taxation continues at its present height one or the other must go, if this objec tion is founded. That low price of bread, is destructive of the home market is no longer a problem to be solveda. Ruinatbefas mer (and ruined he must be if the present price of agricultural produce continues), and what becomes of the manufacturers A

This question would not be asked if the data were given, which show the proportion which the whole foreign trade bears toetlie inland trade. It is understood to be pot more or little more than as one to six; and whether one-sixth or five-sixths is to bersacrificed is an alte native which will not admitsof deliberation 19 9'1 10

As to the Founth Objection, rises (that the imported corn bears too smallla proportion to the home produce to affect the price in the market in any material degree

16 babuo Answer. This objection proceeds on ansadoission ofbthe policy of preventing the depression, and only goes to the inadequacy of the measure to effect its object. As it will not exclude the foreign corn, but on the contrary leaves the door of its admission constantly open, the measure must be rinnocepty and rather beneficial than injurious, should it fail of its designed effectocil os udice : "As to the Fifth Objection, that the foreign trade is the corner

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, stone of support to our manufactures, and through them of our agriculture

Answer. If the foreign trade, as before asserted, forms not more, or little more than one-sixth of the whole trade (and that part o it which can possibly be affected by the price of corn here must be but an inconsiderable proportion of the whole foreign trade);: this objection needs no farther answer than the 'ascertainment of that fact. What is observed in the answer to the Third Objection

vid 113 As to the Sixth Objection, viz. that all restrictions on trade ought to be abolished-it is too wide a question to enter upon with reference to the agricultural interests only; and it would therefore

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renders it unnecessary to say more on this.

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be useless to meddle with it. There is reason to suspect, that the mercantile body, in their sudden adoption of this principle in their petition to Parliament, have more in view the defeat of the application of the Agriculturists than the success of their own. It is pro

a tub thrown out for the whale." With respect to the difficulties the manufacturers have to contend with in the foreign markets, there is reason to believe, that obstruction to the sale of their produce has arisen from the poverty of the inhabitants, and not from objection to price, or the competition of the foreign manufacturers. This may be inferred from their success at the late Leipsic fair, where their goods had a free sale, and a decided preference over the continental produce. This improvement arose from the gradually improving condition of the several countries; and proves, that British capital and skill will still maintain their pre-eminence, and that a living rate of wages to the laborers in manufacture will be no more an impediment to their predominance than it was during the war.

As to the probable operation of the proposed countervailing duty

It is probable, that a countervailing duty on imported corn, within the limit proposed, would not have the effect of raising the price of corn in the market beyond the fair remaneration of the farmer for its production ; but it would have that of puttingian end to the fluctuations, and ruinous and unnatural depressions, which it has of late years been subject to. The reasons, on which this opinion is grounded, 'are these :

It is deficiency in the quantity to answer the demand, which alone can elevate price; so long as the supply is adequate to the demand, the cost of production will be its only regulator.

Corn, in the North of Germany, has no such regulator, because the raising it costs the proprietors (particularly those in Poland) nothing, the labor in tillage being done gratuitously by slaves (called Cerfs), who must be employed to keep them quiet; and it not being

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" The effect of the provisions of the Corn Act has been the reverse of that contemplated by its framers, viz. the greatly increasing, instead of diminishing, the degree of fuctuation, and sudden and unuatural depressions of the market, and the withholding, instead of securing, to the British farmer a steady remunerating price. Although the opening price according to the evidence before the Committee) was conridered to be the minimum, it is actually at present a price of dread to the farmer, as it is of hope to the speculator; every, appearance

, , over supply to and keeps down the market, the fariner preferring ihe parting with his corn at some loss, while the ports remain shut, to the hazard of exposure to a much greater loss, by awaiting their opening the flood gates to the overwhelming impending inundation of long-warehoused foreign corn,

VOL. XVII. Pam. NO. XXXIV. 20

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used for the subsistence of the population, there is no home code sumption for it: it has therefore no home price, and the proprietors. can consequently afford to sell at any price, whatever they receives being clear gain. When the English market is open, its price is that of the corn in Germany, deducting the freight and expenses of: transit and sale; but when the English ports are shut, the price is that of the markets of other countries, or such as buyers from: hence will give, on speculation of their future opening, or for saler in other countries. At this time great quantities of Dantzic wheat i are contracted for by English speculators at thirty shillings a quarter. This wheat would, therefore, as readily come to market as now if an: high duty were laid upon it

, consequently the market would be equally supplied. The difference would be, First, that the price of home grown corn would be a natural one, proportioned to the cost of production: and, Secondly, that instead of the whole cost of the foreign corn being sent out of the country, about one half of iti would remain in the shape of revenue. The price of the foreign corn follows that of the English corn in the market, with no otherdifference than that dependent on quality; it would therefore have in no other influence on the market than the prevention of any excess » or extravagance of price, from deficiency of supply.

A countervailing duty would of course be accompanied with an uplimited allowance of importation. The natural consequence of: that liberty would be, that the supply from time to time would al- a ways keep pace with the demand. The regular merchants, who would then be the conductors of the foreign supply, would be guiry ded in each season by their foresight of its extent, grounded on their knowledge of the home crops, and make their contracts accordingly; and so settle their arrangements of import and warehoussig ing, as to keep the market regularly fed; neither oppressing it with superabundance, nor creating excess of price by deficiency. The :: short supply, and consequent rise of price of one day, never fails to » draw a full supply to the next day's market, and the price accord dingly subsides to its natural level.

The quantum of the duty is a subject of discreet consideration., a The principle on which that duty has been proposed is that of its being commensurate with the difference of the cost of production on this and the other side of the water, and with intent to place a the English and foreign farmer on a level. The objectors do not :deny the equity of this principle or the measure of the difference, of cost; nor is it asserted, that such a duty will exclude foreign corn from the market, or give rise to excess of price; but they ,,' simply ground their objection on the alarm, that the proposal ofico such a duty will create, not only without, but within the doors of Parliament--an alarm that would produce an instant rejection of the whole measure. To such an objection argument is inappli

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cable and of no avail, and all that can be gone is to show, if possible, that the apprehension on which the objection is founded is a mere bugbear of the imagination, created by the remembrance of the riots during the agitation of the Corn Bill. The circumstances of the present day are materially different. The voice of the agricultural world, from one end of it to the other, is now raised, and declares that agriculture can no longer subsist, if the present prices continue. Trade, which on the former occasion joined in the clamor against the Corn Bill, now convinced of her error, no longer opposes relief to agriculture, perceiving that her own existence is dependent upon it. Nay, the laboring class of all descriptions, but particularly those in husbandry, have seen reason to change their opinion. They have been instructed, by painful experience, that the low price of corn and cheap bread are to them different things, and that high price and high wages, with full employment, are far better than low price, and low wages, and want of employment; and that the many millions which have been sent out of the country to pay for labor in other countries, for raising the low priced corn, while our laborers have been starving for want of work, would not have been employed less to their advantage, had they been circulated amongst our own laborers in raising additional quantities of corn in this country, though at an higher price to the consumer; since, in the latter case, dear as the corn might be, they could procure it, and subsist their families by their industry; but in the former case they have found, that, cheap as is the com, they cannot buy it, and find themselves sinking into inactive poverty, and all its attendant niseries. So generally is this impression extending itself, that the demagogues, and others who have sounded the alarm, cannot stir up

the cry of cheap bread loud enough to make a disturbance, much less to intimidate those who hold the reins of government, or those ? whose duty it is to legislate for the common 'weal.

By a reference to the effect of the Corn Laws during the last century, it will be seen that the average price was lower, during sixty years of prohibition to its import, than at any other period when import has been allowed; and it must be admitted, that corn will consequently be, on an average of years, cheaper without import than with it. If, therefore, the advocates for cheap bread

, listen to the voice of experience, they must fiud it their interest, not only not to oppose the relief sought by the agriculturists, but to go a step beyond their proposition, and strenuously contend for the absolute prohibition of importation altogether, and even for a bounty on exportation.

END OF NO. XXXIV.

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