hat by opening our ports to the freest
admission of foreign corn, we shall lower the price to fifty
shillings a quarter. I have already given my reasons for believing
that the fluctuations which in the present state of Europe, a system
of importation would bring with it, would be often producing dear
years, and throwing us back again upon our internal resources. But
still there is no doubt whatever, that a free influx of foreign
grain would in all commonly favourable seasons very much lower its
price.

Let us suppose it lowered to sixty shillings a quarter, which for
periods of three or four years together is not improbable. The
difference between a measure of value at 60 compared with 80 (the
price at which it is proposed to fix the importation), is 33 1/3 per
cent. This percentage upon 40 millions amounts to a very formidable
sum. But let us suppose that corn does not effectually regulate the
prices of other commodities; and, making allowances on this account,
let us take only 25, or even 20 per cent. Twenty per cent. upon 40
millions amounts at once to 8 millions--a sum which ought to go a
considerable way towards a peace establishment; but which, in the
present case, must go to pay the additional interest of the national
debt, occasioned by the change in the measure of value. And even if
the price of corn be kept up by restrictions to 80 shillings a
quarter, it is certain that the whole of the loans made during the
war just terminated, will on an average, be paid at an interest very
much higher than they were contracted for; which increased interest
can, of course, only be furnished by the industrious classes of
society.

I own it appears to me that the necessary effect of a change in the
measure of value on the weight of a large national debt is alone
sufficient to make the question fundamentally different from that of
a simple question about a free or restricted trade; and, that to
consider it merely in this light, and to draw our conclusions
accordingly, is to expect the same results from premises which have
essentially changed their nature. From this review of the manner in
which the different classes of society will be affected by the
opening of our ports, I think it appears clearly, that very much the
largest mass of the people, and particularly of the industrious
orders of the state, will be more injured than benefited by the
measure.

I have now stated the grounds on which it appears to me to be wise
a