umers, without enabling them with a much smaller money revenue to
command more of the conveniences, necessaries, and luxuries of human
life; and the question resolves itself into this--whether those who are
in possession of the net revenue of the country will be benefited as
much by the diminished price of commodities, as they will suffer by the
greater real taxation. On which side the balance may preponderate, will
depend on the proportion which taxes bear to the annual revenue; if it
be enormously large, it may undoubtedly more than counterbalance the
advantages from cheap necessaries; but I trust enough has been said, to
shew, that Mr. Malthus has very greatly over-rated the loss to the
tax-payers, from a fall in one of the most important necessaries of
life; and that if they were not entirely remunerated for the real
increase of taxes, by the fall of wages and increase of profits, they
would be more than compensated, by the cheaper price of all objects on
which their incomes were expended.

That the stockholder is benefited by a great fall in the value of corn,
cannot be doubted; but if no one else be injured, that is no reason why
corn should be made dear: for the gains of the stockholder are national
gains, and increase, as all other gains do, the real wealth and power of
the country. If they are unjustly benefited, let the degree in which
they are so, be accurately ascertained, and then it is for the
legislature to devise a remedy; but no policy can be more unwise than to
shut ourselves out from the great advantages arising from cheap corn,
and abundant productions, merely because the stockholder would have an
undue proportion of the increase.

To regulate the dividends on stock by the money value of corn, has never
yet been attempted. If justice and good faith required such a
regulation, a great debt is due to the old stockholders; for they have
been receiving the same money dividends for more than a century,
although corn has, perhaps, been doubled or trebled in price.[66]

Mr. Malthus says, "It is true, that the last additions to the
agricultural produce of an improving country are not attended with a
large proportion of rent; and it is precisely this circumstance that may
make it answer to a rich country to import some of its corn, if it can
be secure of obtaining an equable supply. But in all cases the
importation of foreign corn must fail to answer nationally, if it is not
so much cheaper than the corn th