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tax necessary for the purpose must be a very heavy one, but that the effect will be absolutely prejudicial to the population, and the surplus growth will be purchased by a sacrifice very far beyond its worth. .

But notwithstanding the strong objections to bounties on general grounds, and their inapplicability in cases which are not unfrequent, it must be acknowledged that while they are operative; that is, while they produce an exportation which would not otherwise have taken place, they unquestionably encourage an increased growth of corn in the countries in which they are established, or maintain it at a point to which it would not otherwise have attained.

Under peculiar and favourable circumstances a country might maintain a considerable surplus growth for a great length of time, with an inconsiderable increase of the growing price of corn; and perhaps littleor no increase of the average price, including years of scarcity a. If from any period during

• The average price is different from the growing price. Years of scarcity, which must occasionally occur, essentially affect the average price; and the growth of a surplus quantity of corn, which tends to prevent scarcity, will tend to lower this average, and make it approach nearer to the growing price.

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the last century, when an average excess of growth for exportation had been obtained by the stimulus of a bounty, the foreign demand for our corn had increased at the same rate as the domestic demand, our surplus growth might have become permanent. After the bounty had ceased to stimulate to fresh exertions, its influence would by no means be lost. For some years it would have given the British grower an absolute advantage over the foreign grower. This advantage would of course gradually diminish ; because it is the nature of all effectual demand to be ultimately supplied, and oblige the producers to sell at the lowest price they can afford consistently with the general rate of profits. But, after having experienced a period of decided encouragement, the British grower would find himself in the habit of supplying a larger market than his own upon equal terms with his competitors. And if the foreign and British markets continued to extend themselves equally, he would continue to proportion his supplies to both; because, unless a particular in

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crease of demand were to take place at home, he could never withdraw his foreign supply without lowering the price of his whole crop; and the nation would thus be in possession of a constant store for years of scarcity.

But even supposing that by a bounty, combined with the most favourable state of prices in other countries, a particular state could maintain permanently an average excess of growth for exportation, it must not of course be imagined that its population would not still be checked by the difficulty of procuring subsistence. It would indeed be less exposed to the particular pressure arising from years of scarcity ; but in other respects it would be subject to the same checks as those already described in the preceding chapters; and whether there was an habitual exportation or not, the population would be regulated by the real wages of labour, and would come to a stand when the necessaries which these wages could command were not sufficient, under the actual habits of the people, to encourage an increase of numbers.

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THE laws which prohibit the importation of foreign grain, though by no means unobjectionable, are not open to the same objections as bounties, and must be allowed to be adequate to the object they have in view,—the maintenance of an independent supply. A country, with landed resources, which determines never to import corn but when the price indicates an approach towards a scarcity, will necessarily, in average years, supply its own wants. Though we may reasonably therefore object to restrictions upon the importation of foreign corn, on the grounds of their tending to prevent the most profitable employment of the national capital and industry, to check popu. lation, and to discourage the export of our manufactures ; yet we cannot deny their tendency to encourage the growth of corn

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at home, and to procure and maintain an independent supply. A bounty, it has appeared, sufficient to make it answer its purpose in forcing a surplus growth, would, in many cases, require so very heavy a direct tax, and would bear so large a proportion to the whole price of the corn, as to make it in some countries next to impracticable. Restrictions upon importation impose no direct tax upon the people. On the contrary, they might be made, if it were thought adviseable, sources of revenue to the government, and they can always, without difficulty, be put in execution, and be made infallibly to answer their express purpose of securing, in average years, a sufficient growth of corn for the actual population.

We have considered, in the preceding chapters, the peculiar disadvantages which attend a system either almost exclusively agricultural or exclusively commercial, and the peculiar advantages which attend a system in which they are united, and flourish together. It has further appeared that, in a country with great landed resources,

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