there would be some obvious advantages, both
as a temporary and permanent measure, in giving to the restrictions
the form of a constant duty upon foreign corn, not to act as a
prohibition, but as a protecting, and at the same time, profitable
tax. And with a view to prevent the great fall that might be
occasioned by a glut, under the circumstances before adverted to,
but not to create an average surplus, the old bounty might be
continued, and allowed to operate in the same way as the duty at all
times, except in extreme cases.

These regulations would be extremely simple and obvious in their
operations, would give greater certainty to the foreign grower,
afford a profitable tax to the government, and would be less
affected even by the expected improvement of the currency, than high
importation prices founded upon any past average.(5*)

NOTES:

1. From the reign of Edward III to the reign of Henry VII, a day's
earnings, in corn, rose from a pack to near half a bushel, and from
Henry VII to the end of Elizabeth, it fell from near half a bushel
to little more than half a peck.

2. Wealth of Nations, b. iv, c. 2, p. 202.

3. The cheapness of corn, during the first half of the last century,
was rather oddly mistaken by Dr. Smith for a rise in the value of
silver. That it was owing to peculiar abundance was obvious, from
all other commodities rising instead of falling.

4. The sudden fall of the price of corn this year seems to be a case
precisely to point. It should be recollected however that quantity
always in some degree balances cheapness.

5. Since sending the above to the press I have heard of the new
resolutions that are to be proposed. The machinery seems to be a
little complicated, but if it will work easily and well, they are
greatly preferable to those which were suggested last year.

To the free exportation asked, no rational objection can of course
be made, though its efficiency in the present state of things may be
doubted. With regard to the duties, if any be imposed, there must
always be a queston of degree. The principal objection which I see to
the present scale, is that with an average price of corn in the
actual state of the currency, there will be a pretty strong
competition of foreign grain; whereas with an average price on the
restoration of the currency, foreign competition will be absolutely
and entirely excluded.

[Transcriber's note: The sentence

It is alleged, first, tha