importation prices and the
bounty in proportion to the fall in the value of money, the effects
of the measure might bear very little resemblance to those which
took place before. Since 1740 Great Britain has added nearly four
millions and a half to her population, and with the addition of
Ireland probably eight millions, a greater proportion I believe than
in any other country in Europe; and from the structure of our
society and the great increase of the middle classes, the demands
for the products of pasture have probably been augmented in a still
greater proportion. Under these circumstances it is scarcely
conceivable that any effects could make us again export corn to the
same comparative extent as in the middle of the last century. An
increase of the bounty in proportion to the fall in the value of
money, would certainly not be sufficient; and probably nothing could
accomplish it but such an excessive premium upon exportation, as
would at once stop the progress of the population and foreign
commerce of the country, in order to let the produce of corn get
before it.

In the present state of things then we must necessarily give up the
idea of creating a large average surplus. And yet very high duties
upon importation, operating alone, are peculiarly liable to occasion
great fluctuations of price. It has been already stated, that after
they have succeeded in producing an independent supply by steady
high prices, an abundant crop which cannot be relieved by
exportation, must occasion a very sudden fall.(4*) Should this
continue a second or third year, it would unquestionably discourage
cultivation, and the country would again become partially dependent.
The necessity of importing foreign corn would of course again raise
the price of importation, and the same causes might make a similar
fall and a subsequent rise recur; and thus prices would tend to
vibrate between the high prices occasioned by the high duties on
importation and the low prices occasioned by a glut which could not
be relieved by exportation.

It is under these difficulties that the parliament is called upon to
legislate. On account of the deliberation which the subject
naturally requires, but more particularly on account of the present
uncertain state of the currency, it would be desirable to delay any
final regulation. Should it however be determined to proceed
immediately to a revision of the present laws, in order to render
them more efficacious,