lue, but in the quantity of produce; and to
increase effectively this quantity of produce, after the severe
check sustained by agriculture, it is necessary that commerce should
make a very powerful start.

In the actual state of Europe and the prevailing jealousy of our
manufactures, such a start seems quite doubtful; and it is by no
means impossible that we shall be obliged to pay for our foreign
corn, by importing less of other commodities, as well as by
exporting more of our manufactures.

It may be said, perhaps, that a fall in the price of our corn and
labour, affords the only chance to our manufacturers of retaining
possession of the foreign markets; and that though the produce of
the country may not be increased by the fall in the price of corn,
such a fall is necessary to prevent a positive diminution of it.
There is some weight undoubtedly in this argument. But if we look at
the probable effects of returning peace to Europe, it is impossible
to suppose that, even with a considerable diminution in the price of
labour, we should not lose some markets on the continent, for those
manufactures in which we have no peculiar advantage; while we have
every reason to believe that in others, where our colonies, our
navigation, our long credits, our coals, and our mines come in
question, as well as our skill and capital, we shall retain our
trade in spite of high wages. Under these circumstances, it seems
peculiarly advisable to maintain unimpaired, if possible, the home
market, and not to lose the demand occasioned by so much of the
rents of land, and of the profits and capital of farmers, as must
necessarily be destroyed by the check to our home produce.

But in whatever way the country may be affected by the change, we
must suppose that those who are immediately engaged in foreign trade
will benefit by it. As those, however, form but a very small portion
of the class of persons living on the profits of stock, in point of
number, and not probably above a seventh or eighth in point of
property, their interests cannot be allowed to weigh against the
interests of so very large a majority.

With regard to this great majority, it is impossible that they
should not feel very widely and severely the diminution of their
nominal capital by the fall of prices. We know the magic effect upon
industry of a rise of prices. It has been noticed by Hume, and
witnessed by every person who has attended to subjects of this kind.
And t