es,
which we shall necessarily receive from France, in the actual state
of her laws, or by the difficulty and expense of procuring large,
and sudden imports from the Baltic, when our wants are pressing.
These consequences may all be distinctly foreseen. Upon all general
principles, they belong to the opening of our ports, in the actual
state and relations of this country to the other countries of
Europe; and though they may be counterbalanced or more than
counterbalanced, by other advantages, they cannot, in the nature of
things, be avoided.

On the other hand, if, on mature deliberation, we determine steadily
to pursue a system of restrictions with regard to the trade in corn,
we must not be disturbed at a progressive rise in the price of
grain; we must not be disturbed at the necessity of altering, at
certain intervals, our restrictive laws according to the state of
the currency, and the value of the precious metals; we must not be
disturbed at the progressive diminution of fixed incomes; and we
must not be disturbed at the occasional loss or diminution of a
continental market for some of our least peculiar manufactures,
owing to the high price of our labour.(17*) All these disadvantages
may be distinctly foreseen. According to all general principles they
strictly belong to the system adopted; and, though they may be
counterbalanced, and more than counterbalanced, by other greater
advantages, they cannot, in the nature of things, be avoided, if we
continue to increase in wealth and population.

Those who promise low prices upon the restrictive system, take an
erroneous view of the causes which determine the prices of raw
produce, and draw an incorrect inference from the experience of the
first half of the last century. As I have stated in another
place,(18*) a nation which very greatly gets the start of its
neighbours in riches, without any peculiar natural facilities for
growing corn, must necessarily submit to one of these
alternatives--either a very high comparative price of grain, or a
very great dependence upon other countries for it.

With regard to the specific mode of regulating the importation of
corn, if the restrictive system be adopted, I am not sufficiently
acquainted with the details of the subject to be able to speak with
confidence. It seems to be generally agreed, that, in the actual
state of things, a price of about eighty shillings a quarter(19*)
would prevent our cultivation from falling back,