ll as temporary, fluctuations occasioned
by war. Without reference to the danger of excessive scarcity from
another combination against us, if we are merely driven back at
certain distant intervals upon our own resources, the experience of
the present times will teach us not to estimate lightly the
convulsion which attends the return, and the evils of such
alternations of price.

In the Observations, I mentioned some causes of fluctuations which
would attend the system of restrictions; but they are in my opinion
inconsiderable, compared with those which have been just referred
to.

On the labouring classes, therefore, the effects of opening our
ports for the free importation of foreign corn, will be greatly to
lower their wages, and to subject them to much greater fluctuations
of price. And, in this state of things, it will require a much
greater increase in the demand for labour, than there is in any
rational ground for expecting, to compensate to the labourer the
advantages which he loses in the high money wages of labour, and the
steadier and less fluctuating price of corn.

2. Of the next most important class of society, those who live upon
the profits of stock, one half probably are farmers, or immediately
connected with farmers; and of the property of the other half, not
above one fourth is engaged in foreign trade.

Of the farmers it is needless to say anything. It cannot be doubted
that they will suffer severely from the opening of the ports. Not
that the profits of farming will not recover themselves, after a
certain period, and be as great, or perhaps greater, than they were
before; but this cannot take place till after a great loss of
agricultural capital, or the removal of it into the channels of
commerce and manufactures.

Of the commercial and manufacturing part of the society, only those
who are directly engaged in foreign trade, will feel the benefit of
the importing system. It is of course to be expected, that the
foreign trade of the nation will increase considerably. If it do
not, indeed, we shall have experienced a very severe loss, without
anything like a compensation for it. And if this increase merely
equals the loss of produce sustained by agriculture, the quantity of
other produce remaining the same, it is quite clear that the country
cannot possibly gain by the exchange, at whatever price it may buy
or sell. Wealth does not consist in the dearness or cheapness of the
usual measure of va