he effects of a fall are proportionately depressing. Even the
foreign trade will not escape its influence, though here it may be
counterbalanced by a real increase of demand. But, in the internal
trade, not only will the full effect of this deadening weight be
experienced, but there is reason to fear that it may be accompanied
with an actual diminution of home demand. There may be the same or
even a greater quantity of corn consumed in the country, but a
smaller quantity of manufactures and colonial produce; and our
foreign corn may be purchased in part by commodities which were
before consumed at home. In this case, the whole of the internal
trade must severely suffer, and the wealth and enjoyments of the
country be decidedly diminished. The quantity of a country's exports
is a very uncertain criterion of its wealth. The quantity of produce
permanently consumed at home is, perhaps, the most certain criterion
of wealth to which we can refer.

Already, in all the country towns, this diminution of demand has
been felt in a very great degree; and the surrounding farmers, who
chiefly support them, are quite unable to make their accustomed
purchases. If the home produce of grain be considerably diminished
by the opening of our ports, of which there can be no doubt, these
effects in the agricultural countries must be permanent, though not
to the same extent as at present. And even if the manufacturing
towns should ultimately increase, in proportion to the losses of the
country, of which there is great reason to doubt, the transfer of
wealth and population will be slow, painful, and unfavourable to
happiness.

3. Of the class of landholders, it may be truly said, that though
they do not so actively contribute to the production of wealth, as
either of the classes just noticed, there is no class in society
whose interests are more nearly and intimately connected with the
prosperity of the state.

Some persons have been of opinion, and Adam Smith himself among
others, that a rise or fall of the price of corn does not really
affect the interests of the landholders; but both theory and
experience prove the contrary; and shew, that, under all common
circumstances, a fall of price must be attended with a diminution of
produce, and that a diminution of produce will naturally be attended
with a diminution of rent.(14*)

Of the effect, therefore, of opening the ports, in diminishing both
the real and nominal rents of the landlords