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expense give the greatest employment for labor and for capital. An acre of land not worth 8s. a year in natural grass, or for cultivation in wheat, is more profitable and far more useful to the State when cropped with a succession of potatoes, oats, and clover, or of turneps, oats, and clover, than the best acre of land in the kingdom occupied in a state of pasture : and he is the best patriot and friend to the country, and most essentially serves the state, though he may in some degree sacrifice his own interest (but that is not necessary), who employs his capital on lands of this description.

It is too generally received as a clear and indisputable axiom, that one man's loss is another man's gain; that a gain to one branch of the community is a loss to that part of the community which is in the opposite scale. Hence the contest of the manufacturers for cheap bread and low priced corn as the means of attaining reduced wages. Were this principle universally true then the loss of the fundholder; the depreciation in the value of his stock; would without regard to the operation of the sinking fund as improved in power by low prices; be a gain to the public. Society however is now so constituted that the country hails the advance in the price of the funds, as a certain indication of returning prosperity. The public even consents to pay 12,000,000 of money a year to produce this state of market price. The object, however concealed, is to render the rate of interest of money low by means of an increased market price of the funded property; a circumstance which evidently points to the expediency of an enactment, which should regulate the interest of loans by way of annuity, and reduce the rate of legal interest on ordinary loans.

And if the advance of the price of the funds be an object, can it be policy or justice to reduce the rate of rents, or the sale price of land, or of houses, or of articles of manufacture? Ought that large part of the community dependant on the funding system, deriving an income equal to a rental of 17. an acre on 45,000,000 of acres, viz. the whole rental of the kingdom as computed from the produce of the Property Tax, and contributing nothing towards direct Taxes to church, king, or poor, or roads, to eat their food or to wear their clothes or to furnish their houses, or enjoy their luxuries, at a scale of reduced prices; increasing the relative value of the incomes they receive as public creditors?

The argument presses more strongly when applied to those who draw the remaining 25 millions from the establishment. And these two classes exceed the number of the proprietors of the soil; and in all probability influence about one fourth part of the population, as mediately or immediately dependant on them.

To examine more minutely even the assumed benefit of low prices.

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from importation-Is it policy that a few importing merchants, should be encouraged or favored at the expense of the great body of the community? To encourage them to import, you give them the command of the corn market; because unfortunately, from the visitation of providence, and a short supply of corn of home growth the price has advanced beyond 10s. a bushel, and the warehouses can be opened for the sale of foreign corn!! Mark the progresswheat advances in price above 80s. a quarter from a deficient cropthe warehouses are opened-the supply from this source is transferred to the private warehouses of the merchant. From this moment he will be the seller in the public markets of general demand. He will reduce his price from day to day, as often as the British grower follows him in competition to sell. The merchant will keep up the price as high as he can, for his own profit; but any profit to him will encourage and even justify him to sell. Thus the price will graduate from 80s. as lately to 60s. or 55s. as long as any foreign corn shall remain in the market for sale; nay, for an extended period; as long as British corn purchased by the merchants, at the reduced prices, shall supply a succession for future sales; so that at the end of each season, as at present, the merchants will be the holders of the remaining stock of British corn; selling to the people of Great Britain at 80s. that corn whh the merchants purchased and consequently the farmers sold at from 55s. to 75s. This corn parchased at 7s. a bushel is yielding a profit of nearly 50 per cent. to the merchant, while the farmers, the growers of this corn, have been ruined by the sale; and it is said that an attempt has been making to raise prices artificially so as to open the warehouses and liberate from the restriction the corn deposited in them! In short one million of money, judiciously employed in the purchase of corn, would enable a few merchants so to regulate the markets as to derive immense profits, and to depress and ruin British Husbandry.

Are the public benefited? This is an important inquiry!! Far from being benefited it is most conscientiously believed they are sacrificed; and it is a misfortune that the injury escapes their observation.

This System depresses British husbandry; discourages cultivation; renders it impolitic and ruinous. It takes from the laborers in husbandry, that extensive employment they would otherwise. obtain, and of which they stand in so much need. It clearly causes to laborers in husbandry and in manufactures, a fluctuation in wages. It injures the manufacturers themselves by diminishing the means and the resources of their best customers; and requires from commercial men, manufacturers, and tradesmen, a larger contribution towards taxation, while it reduces their means of bearing that taxation.

- To those who urge that the country has great resources and equal wealth under one system, as under the other, an answer of refutation is to be given. It is a short sighted policy; it is a mistaken opinion, like many other general rules which, true in the abstract, are false and even absurd when applied to cases, which, though they fall within the letter, are not within the spirit of the general rule.

Suppose ten corn merchants to apply one million of money in the importation of corn, and to derive 5 per cent. from their speculation. Is this equally as beneficial to the country as an expenditure of that one million of money in this country; distributing 1-10th to the church, 1-10th to the poor, 1-10th to the king, 5-10ths to the laborers, 1-10th to the farmers, and 1-10th to the proprietor of the soil? no rational man would support the affirm ative!!

Again, suppose fifty thousand pounds profit to be derived from this source of importation trade, (while the profit may by events within the range of probability be 500,000,) is it equally beneficial that this profit should fall into the hands of ten merchants, as that it should be distributed into the hands of the great body of farmers? More than this, is it sound policy that the application of this small capital, should have the power of destroying all the sources of profit from a capital of 200 millions of money belonging to that extensive and industrious class of community, the farmers? In a deficient harvest, to earn 51. per cent on the capital employed in importation may depreciate 72 millions worth of corn at 10s. a bushel, to the extent of one fourth part of the amount, or 18 millions of money. But the corn of the united empire ought at 10s. a bushel for wheat to be 72,000,000 for bread corn alone: being 47. for each individual.

Without counting those who are employed in manufactures, we may compute that at least 5000 persons, that is one person for each twenty acres of corn, must be employed to raise 1,000,000l. worth of corn, and these 5000 persons support themselves and families, to the extent of 25,000 persons; and again these persons, and the parson, the farmer, the proprietor, and the poor, give five times as much employment to manufactures for home consumption, as is given by the trade, if there be a trade, origi nating with and dependent on the regular importation of corn to the extent of 1,000,000l. of money a year.

But it is denied that prices will in general be lower in consequence of this importation. It is clear they will fluctuate more under importation than without it. This, singly and of itself is an evil. But in discouraging cultivation by the competition of foreign corn, at any price under 80s. a quarter, you counteract the spirit of British husbandry to an extent which more than counter

vails the utility of temporary importation at an inferior price, and on the whole reduce the quantity supplied to the market. From this cause it is believed that at all times the consumers will pay more for their bread under the present system, than they would under the regulation which is proposed of a protecting duty. That an adequate supply can be grown in the British dominions, has been admitted by Mr. Alderman Atkins, notwithstanding his opposition to the Corn Bill was founded on the reverse of that proposition. His concession is so fixed in the memory of many members of the House of Commons that it will be long remembered. It went to the extent that our growth is sufficient beyond our own consumption, to supply our West India Islands!! Islands which under a well regulated system of policy might without any sacrifice of the interest of the Planters be made one of the sources of extricating this country from the difficulties by which it is surrounded.

The opinion now advanced respecting the probable prices of corn is fully supported by a deduction drawn from the present prices of meat and butter, in the markets of public demand.

Though cattle are reduced more than 50 per cent. in value to those who rear them as distinguished from those who fatten them; and though butter is sold at 6d. a pound in places distant from the metropolis, yet in the metropolis, and markets of large demand, meat is selling at the same prices, and butter nearly at the same prices as during the war, and hams when dressed are retailing at the shops at two shillings a pound.

So that the rearing and dairy farmers are pressed into those difficulties, and consequently those losses, which were predicted; while the public in the metropolis is deriving little or no advantage from the ruin of the farmer, and the land owners; on the contrary tradesmen, &c. are involved in the consequences of the farmer's ruin!! and employment, which is the great machine of circulation, is suspended.

And the little farmer whom many are so anxious to support, and encourage, has been the first, instead of being the last victim of the unfortunate system which has prevailed. Without credit and without any surplus capital, he is forced by necessity into the markets, when, in the nature of things, cattle, corn, &c. are at the lowest prices, and consequently the greatest sacrifices are required, in a market with a redundant supply! and his distresses begin the race of depreciation and involve in ruin those who are next above him in their circumstances.

The experience of the present moment justifies this proposition. The corn of the harvest of this year belonging to distressed farmers, is already in the market and depreciating the value, by their anxiety and necessity to sell.

There is now a great change in public opinion respecting the Corn Question: nine tenth parts of the population are, by woeful experience, convinced that they erred in their former clamours; that they were misled by their prejudices, and by popular or interested opinion, and not by a sound discretion.

Now then is the time for a wise government, a prudent legislature, and a patriotic press to inform the public mind; to bring conviction even on those who are still in error, and to lead them to form such just and equitable arrangements, as shall give employ ment to British industry; shall protect British agriculture; shall diminish Pauperism; shall support the finances by enabling those who are taxed, to bear the burthen; and shall give ability to each half of the population, to find employment for the other half, by a mutual exchange of the labors and the fruits of their industry!! It is not sufficient that Great Britain has the same physical resources as formerly, or even greater. You must give action, energy, and power to these resources. The misfortune which is experienced is that you have changed the sources and diverted the tide of wealth. You are requiring the industrious to labor not only for the capitalist, but for those who are deprived of employment, and to a great extent for discharged and maimed soldiers and sailors, most meritorious objects of relief!! The poor on the one hand, and the fundholder, the placeman, and the pensioner, and your large military establishment on the other hand, are drawing to themselves the fruits of the labor of the active industrious part of the community: moreover they are consuming the capital of the Bee Hive.' This diminution of capital will, at no distant period, be severely felt; not merely by a change of the stock of cattle and of corn from one hand to another, (a result of no great importance with a view to the future welfare of the country ;) but by an actual and alarming diminution in the number of cattle, and of the quantity of corn, and of physical power, from the absence of manure, and expenditure in labor; and from the pauperism and idleness of a large portion of the industry of the country; and the consequent inability to reproduce an equal quantity of human sustenance.

The experience of every country which has witnessed a declining agriculture affords a lesson from which statesmen ought to derive wisdom; and to dare to oppose a system, fraught with so. much misery ;-with squalid poverty, and the unfortunate condition of the few rich, the many poor, and with the rich in a state of poverty, from the circumstance of being the necessary distributors of their property to the needy!

A race of peasantry once destroyed cannot be replaced at com

1 In one year a capital of 1500 paid 500. for probate duty, and for succession duty to the Government. A respectable solicitor stated this fact at the moment of writing this observation.

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