followed by good crops at home, the markets should become overstocked, they could not be relieved by exportation, until the price of corn became lower here than on the Continent. Supposing that from the effect of restrictions on its importation, the price of wheat in this country should be raised to 80s. per quarter, and as the average price, in the other parts of Europe, is not more than 40s. per quarter, it is evident, that we could export no part of our surplus stock until the price was reduced to less than 40s. here. The nearer our own produce is raised to our consumption, the more frequently this state of things will occur. It cannot be necessary to point out the evils that would result to farmers, whose rents were fixed under the idea that wheat would sell for 80s. when they could only obtain 40s. per quarter; and on the poor laborer the effects would be equally disastrous. Under these impressions, I will cursorily examine the arguments generally used in favor of restrictions on importation, and their effects on agriculture, and on commerce and manufactures.

The principal reason that is given, why there should be restrictions on the importation of agricultural produce is, that the taxes in this country press with so great a weight on the farmer, that he cannot afford to sell his produce at the price at which it is sold in countries where the taxation is not so heavy. If the pressure of taxation upon agriculture was greater than upon the other classes of the community, it ought to be equalised; but so far from that being the case, almost every tax which pressed upon the landed interest has been repealed, while the other classes, particularly the manufacturers and traders, have had little or no relief. The manufacturer is placed in a worse situation than the agriculturist; for, as the operation of taxes is either to raise the price of labor, or to increase the poor-rates, and as his commodities contain more labor than those of the farmer, taxation is more injurious to him, and yet he must sell his articles for a lower price than is obtained by the foreign manufacturer. But corn and other agricultural produce must necessarily sell, in the importing country, at so much higher prices than it does in the exporting countries, as will not only pay the freight, insurance, and all other expenses, but a profit to the importer. And this not only applies to the quantity actually imported, but the home agriculturist gains that additional price on the whole of his produce. Mr. Colquhoun calculates, that when wheat sells for 70s. per quarter, the annual value of the agricultural produce of this country is 216 millions sterling. As this calculation is probably too high, let us suppose, that with wheat at 80s. per quarter the annual value is only 200 millions, which will not be above the truth. Taking Dr. A. Smith's position, that the price of corn governs that of all other agricultural produce, for

granted, (and I am not aware that any objection has, or can be made to it,) and the expense on the importation of wheat, including the waste and damage, and the profits of the importer, at 10s. per quarter, it gives to the landed interest of this country no less than 25 millions sterling annually, which will not only pay the poor-rates but a great part of the taxes which fall upon the land. But not content with this advantage, which places the landholders, in a better situation than any other class of the community, they have already obtained a law, which increases the taxation on the other classes to an immense extent. The average price of the different kinds of grain, from January 5th, 1785, to January 5th, 1798, was as follows :'

Now, if the present corn law enables the agriculturist to obtain only 70s. per quarter for his wheat, and a proportional price for the other kinds of grain, the whole agricultural produce of this country will sell for more than it did then, by 60 millions sterling per annum, whilst the price of almost every other article is lower than it was at that time.

If we compare the situation of the landholder of this, with that of any other country in Europe, the difference in his favor will be found still greater. The average price of wheat on the Continent does not exceed 40s. per quarter, and if it sold for the same price in this country, the annual value of our agricultural produce would be only 100 millions sterling. But at 80s. per quarter, its value is at least 200 millions, at 70s. 175 millions, and at 60s. 150 millions. So that with wheat at 60s. per quarter, the landholders would sell their produce for more, by 50 millions sterling, than it would produce at the continental price,-a sum exceeding the revenue derived from the whole of the taxes. sequently, so far from having any taxes to pay, at the present price of agricultural produce, the landowner has contrived to saddle the other parts of the community, not only with those which he ought to pay, but with a still larger additional tax, which goes into his pockets, and not to the state.

Con

The intention of restrictions on the importation of any article, must be to raise its price; yet the friends to those on agricultural

'Rees's Cyclopedia: Art. Corn.

produce have contended that, though their immediate effect would be to augment its price, yet their ultimate tendency would be, by increasing the supply, to produce cheapness. But as they allow, at the same time, that an increased supply could only be obtained by the cultivation of inferior soils, it is impossible that restrictions could have that effect. Let us, therefore, examine what will be the consequence of endeavouring to support our population on the produce of our own soil.

In a country possessing plenty of fertile land, which any person may appropriate to his own use, for nothing, or a very trifling consideration, as is the case in the newly-settled parts of the United States of America, no person will pay a rent merely for the use of the soil. But in that country, as the population becomes greater, the most fertile and best situated lands will be appropriated, and as the demand for agricultural produce will continue to increase, it will in time bear such a price as to render the cultivation of second rate, and worse situated soils, profitable. Now, if the most fertile land, which, for the sake of distinction we will call No. 1, will produce 100 quarters of wheat, while the same labor and capital, employed on the second rate land, will only produce 90 quarters, it must be equal, in point of profit, to a farmer, whether he cultivates what we will call No. 2, without paying a rent, or gives 10 quarters of wheat for the use of No. 1. As the demand for agricultural produce, in an improving country, is progressive, land, of a third rate quality, in time will also pay for cultivation. When that takes place, if the same labor and capital which will produce 100 quarters of wheat on No. 1, and 90 quarters on No. 2, will only produce 80 quarters on it, which we will call No. 3, then No. 2 will also bear a rent of 10 quarters, while that on No. I will be augmented to 20 quarters. Land of fourth, fifth, sixth, and seventh rate quality, may be successively taken into cultivation, but it will operate in the same manner; so that, with every inferior quality of land taken into cultivation, the farmer will have a less share of the produce, and the landlord a greater.

Those farmers who have leases at the time when any of these advances take place, will, during their continuance, receive the benefit of that advance; but, on their termination, the landlord will raise his rent, in the proportion which produce has advanced.' If the high price of agricultural produce, and the consequent

'High prices benefit the clergy, and all other persons who are in the receipt of tithes, but I consider them as in part owners of the land; but that such a system as taking tithes in kind, should exist in this or any other country, is astonishing. Nothing more injurious to agriculture could be devised.

high rents, are the natural effect of increased demand, they are a sure sign that the riches and wealth of the country in which they take place, are progressive. But if they be the effects of a system of restrictions and prohibitions, they may, and in this country undoubtedly are, caused by taking from the many to give to the few, from the poor to give to the rich. For in any country, which, like England, does not grow corn enough for its own support, by very: high protecting duties, or the absolute prohibition of its importa tion, the necessaries of life might be so advanced in price as to reduce one-half or three-fourths of the population to absolute want, and greatly impoverish the remaining part, who had not the good fortune to be owners of the soil. Though, in this case, rents would be greatly advanced, yet the nation would not be any richer; for it would be doing to a greater extent, what the restrictions we already have are partially effecting; that is, giving to the landlord, in the shape of rent, what ought to have been the wages of labor, and the profits of stock.

It appears then, that the price of agricultural produce is governed, in all countries, by the expense required to raise it on the worst soils that are cultivated; because, if the produce of that quality of land did not sell for a price which would pay the usual expenses. and profits of farming, they would not be kept in cultivation. In England, strictly speaking, we have little or no land that does not pay rent; for, from the remains of the feudal system, all wastes belong to the lords of manors, and those who already possess the adjoining lands. But it is still true, that the price of produce is governed by the expense required to raise it, on the worst soils cultivated, with the addition of a rent. For as proprietors of waste lands are seldom farmers, they can receive no benefit from their cultivation, until the price of produce becomes so high, as to pay not only the usual profit of farming, but a rent also.

As, with every step taken in the cultivation of inferior soils, the rent paid to the landlords increases, the situation of the other classes of the community becomes worse; for it operates with respect to them, as if the whole land in the country deteriorated, and became as barren as the worst soil that is cultivated.1

"Taxes upon the necessaries of life have nearly the same effect upon the circumstances of the people as a poor soil and a bad climate. Provisions are thereby rendered dearer, in the same manner as if it required extraordinary labor and expense to raise them."-"Such taxes, when they have grown up to a certain height, are a curse equal to the barrenness of the earth and the inclemency of the heavens."-Smith's Wealth of Nations, Book iv. chap. 2.

Now, laws that, by raising the price of corn, cause inferior soils to be cultivated, operate, to all intents and purposes, as taxes on the necessaries of life, which they raise nearly or quite 30 per cent. in this country. When they VOL. XVII. NO. XXXIV.

Pam.

2 G

Under these circumstances, it cannot be matter of surprise, that the landed interest should be anxious for restrictions, or any measures that are calculated to raise the price of raw produce, as it most decidedly benefits them; but it is not easy to account for the clamours of those, who are merely occupiers of the soil; for high prices, being the cause of high rents, are injurious to them. When fertile land can be had for little or nothing, the result to the farmer must be high profits, and to the laborer high wages, as is the case in the n the United States of America at present, But, as we have already seen, when land of a second rate quality is taken into cultivation, the farmer, who cultivates that of the first rate, has to pay a part of the produce of it to another, in the shape of rent; and also on second rate, when that of a still inferior quality is taken. into cultivation. It is obvious, that, when no rent is paid for the best land, the whole produce is divided between the farmer and his laborers; but when a rent is paid, they only receive a part, and at every gradation, in cultivating inferior soils, their share grows less. As the laborers in agriculture have not, for a long time back, had greater wages than were absolutely necessary to supply, them with the necessaries of life, they must still continue to receive nearly their former share, either in the form of wages, or parochial relief, however barren the soils cultivated; consequently, the farmer's profits will be reduced. But the cultivation of inferior soils lowers the profits of farming upon another principle.

In all countries there is a general rate of profits of stock, and if it should be higher in one occupation than in another, capital will be withdrawn from that employment where profits are low, and employed in that in which they are higher. When we come to treat of the effect of the high price of agricultural produce on commerce and manufactures, we shall find that it operates to reduce profits to the lowest possible rate at which people will continue to employ their capital in trade. And though I do not think with Mr. Ricardo, that capital removes immediately from agriculture to trade, or from trade to agriculture, or even from one trade to another, yet there is no doubt but a very few years equalises their profits. For if the farmer himself should not be disposed to turn merchant or manufacturer, or the tradesman to become a farmer, yet, if the profits, in one of these occupations were greater than in the other, it is most probable that both would bring up their sons to the more profitable employ

have made engaged addition of the taxes to the state renders it nearly as barren as the deserts of Arabia; and the increase of pauperism, misery, and crime, is the natural consequence.

as barren, to the great mass of the population, whether

in are or manufactures, as the worst land cultivated, the