produce enters,
would be raised, and that therefore we should not meet
the foreign manufacture on equal terms in the general
market.

With respect to the first objection, that by raising the wages of labour
and lowering profits it acts unequally, as it affects the income of the
farmer, trader, and manufacturer, and leaves untaxed the income of the
landlord, stockholder, and others enjoying fixed incomes,--it may be
answered, that if the operation of the tax be unequal, it is for the
legislature to make it equal, by taxing directly the rent of land, and
the dividends from stock. By so doing, all the objects of an income tax
would be obtained, without the inconvenience of having recourse to the
obnoxious measure of prying into every man's concerns, and arming
commissioners with powers repugnant to the habits and feelings of a free
country.

With respect to the second objection, that there would be a considerable
interval between the rise of the price of corn and the rise of wages,
during which much distress would be experienced by the lower classes,--I
answer, that under different circumstances, wages follow the price of
raw produce with very different degrees of celerity; that in some cases
no effect whatever is produced on wages by a rise of corn; in others,
the rise of wages precedes the rise in the price of corn; again, in some
the effect is slow, and in others the interval must be very short.

Those who maintain that it is the price of necessaries which regulates
the price of labour, always allowing for the particular state of
progression in which the society, may be seem to have conceded too
readily, that a rise or fall in the price of necessaries will be very
slowly succeeded by a rise or fall of wages. A high price of provisions
may arise from very different causes, and may accordingly produce very
different effects. It may arise from

1st. A deficient supply.

2nd. From a gradually increasing demand, which may be
ultimately attended with an increased cost of production.

3dly. From a fall in the value of money.

4thly. From taxes on necessaries.

These four causes have not been sufficiently distinguished and separated
by those who have inquired into the influence of a high price of
necessaries on wages. We will examine them severally.

A bad harvest will produce a high price of provisions, and the high
price is the only means by which the consumption is compelled to conform
to the stat