interests are not so closely
interwoven with the welfare of the state, as the classes already
considered, particularly the labouring classes, and the landlords.

In the Observations, I remarked, that it was 'an error of the most
serious magnitude to suppose that any natural or artificial causes,
which should raise or lower the values of corn or silver, might be
considered as matters of indifference; and that, practically, no
material change could take place in the value of either, without
producing both temporary and lasting effects, which have a most
powerful influence on the distribution of property.'

In fact, it is perfectly impossible to suppose that, in any change
in the measure of value, which ever did, or ever can take place
practically, all articles, both foreign and domestic, and all
incomes, from whatever source derived, should arrange themselves
precisely in the same relative proportions as before. And if they do
not, it is quite obvious, that such a change may occasion the most
marked differences in the command possessed by individuals and
classes of individuals over the produce and wealth of the country.
Sometimes the changes of this kind that actually take place, are
favourable to the industrious classes of society, and sometimes
unfavourable.

It can scarcely be doubted, that one of the main causes, which has
enabled us hitherto to support, with almost undiminished resources,
the prodigious weight of debt which has been accumulated during the
last twenty years, is the continued depreciation of the measure in
which it has been estimated, and the great stimulus to industry, and
power of accumulation, which have been given to the industrious
classes of society by the progressive rise of prices. As far as this
was occasioned by excessive issues of paper, the stockholder was
unjustly treated, and the industrious classes of society benefited
unfairly at his expense. But, on the other hand, if the price of
corn were now to fall to 50 shillings a quarter, and labour and
other commodities nearly in proportion, there can be no doubt that
the stockholder would be benefited unfairly at the expense of the
industrious classes of society, and consequently at the expense of
the wealth and prosperity of the whole country.

During the twenty years, beginning with 1794 and ending with 1813,
the average price of British corn per quarter was about eighty-three
shillings; during the ten years ending with 1813, ninety-tw