vourable for the adoption of such a system of regulations as will
not need future alterations. The state of the currency must throw
the most formidable obstacles in the way of all arrangements
respecting the prices of importation.

If we return to cash payments, while bullion continues of its
present value compared with corn, labour, and most other
commodities; little alteration will be required in the existing corn
laws. The bullion price of corn is now very considerably under sixty
three shillings, the price at which the high duty ceases according
to the Act of 1804.

If our currency continues at its present nominal value, it will be
necessary to make very considerable alterations in the laws, or they
will be a mere dead letter and become entirely inefficient in
restraining the importation of foreign corn.

If, on the other hand, we should return to our old standard, and at
the same time the value of bullion should fall from the restoration
of general confidence, and the ceasing of an extraordinary demand
for bullion; an intermediate sort of alteration will be necessary,
greater than in the case first mentioned, and less than in the
second.

In this state of necessary uncertainty with regard to our currency,
it would be extremely impolitic to come to any final regulation,
founded on an average which would be essentially influenced by the
nominal prices of the last five years.

To these considerations it may be added, that there are many reasons
to expect a more than usual abundance of corn in Europe during the
repose to which we may now look forward. Such an abundance(3*) took
place after the termination of the war of Louis XIV, and seems still
more probable now, if the late devastation of the human race and
interruption to industry should be succeeded by a peace of fifteen
or twenty years.

The prospect of an abundance of this kind, may to some perhaps
appear to justify still greater efforts to prevent the introduction
of foreign corn; and to secure our agriculture from too sudden a
shock, it may be necessary to give it some protection. But if, under
such circumstances with regard to the price of corn in Europe, we
were to endeavour to retain the prices of the last five years, it is
scarcely possible to suppose that our foreign commerce would not in
a short time begin to languish. The difference between ninety
shillings a quarter and thirty two shillings a quarter, which is
said to be the price of the best w