BOUNTY, a bounty in political econo my, is a sum of money paid by the state for the raising or the exporting of some species of rude produce or manufacture. In this country every person who raises a certain quantity of flax is entitled to a bounty ; and when corn is below a cer tain price, a bounty of so much per bushel is paid on its exportation.
The intention of bounties is to encou rage the production of those articles on which they are paid,by securing a profit able return to the producer.
The effect of a bounty on the produc tion of any article is, to render it cheaper in the home market—Thus, if the fair or customary profit on the capital employed be 10 per cent. and the bounty amount to 5 per cent. on the capital, it is evident the grower can afford to sell the article 5 per cent cheaper than he otherwise could.
The effect of a bounty on the exporta tion of any article is, to render it dearer in the home market—for by means of it the surplus of the home market can be removed on easier terms than could other wise be possible to the foreign market, and thus a reduction of price is prevent ed.
But if the redundance of the home mar ket could not be exported, and the price consequently was reduced, production would be discouraged, and the supply being more scanty, the price might be as high or higher than it is rendered by the bounty. For a more particular inquiry into the effects of a bounty on exporta tion, see CORN LAWS.
The objection to all bounties is the fol lowing: "that every branch of trade in which the merchant can sell his goods for a price wifich replaces to him, with the ordinary profits of stock, the whole capital employed in preparing and send ing them to market, can be carried on without a bounty, Every such branch is evidently upon a level with all the other branches of trade which are carried on without bounties, and cannot therefore require one more than they. Those trades only require bounties in which the mer chant is obliged to sell his goods for a price which does not replace to him his capital, together with the ordinary profit, or in which he is obliged to sell them for less than it really costs him to send them to market. The bounty is given in order to make up this loss, and to encourage him to continue, or perhaps to begin a trade, of which the expense is supposed to be greater than the returns, of which every operation eats up a part of the ca pital employed in it, and which is of such a nanire, that, if all other trades resem bled it, there would soon be no capital left in the country. See DRAWBACK, PREMIUM.
BOW, a weapon of offence made of steel, wood, horn, or other elastic mat ter, which, after being bent by means of a string fastened to its two ends, in re turning to its natural state, throws out an arrow with prodigious force.
The use of the bow is, without all doubt, of the earliest antiquity. It has likewise been the most universal of all weapons, having obtained among the most barharous and remote people, who had the least communication with the rest of mankind.
The figure of the bow is pretty much the same in all countries where it has been used ; for it has generally two in flexions or bendings, between which, in the place where the arrow is drawn, is a right line. The Grecian bow was in the shape of a z, of which form we meet with many, and generally adorned with gold or silver. The Scythian bow was distin guished from the bows of Greece and other nations by its incurvation, which was so great, as to form an half-moon or semicircle.
The matter of which bows were made, as well as their size, differed in different countries. The Persians had very great bows made of reeds ; and the Indians had also, not only arrows, but bows made of the reeds or canes of that country ; the Lycian bows were made of the cornel tree ; and those of the "Ethiopians, which surpassed all others in magnitude, were made of the palm-tree.
Though it does not appear that the Ro mans made use of bows in the infancy of their republic, yet they afterwards admit ted them as hostile weapons, and em ployed auxiliary archers in all their wars.
In drawing the bow, the primitive Gre cians did not pull back their hand to wards their right ear, according to the fashion of modern ages, and of the an cient Persians, but, placing their bow di rectly before them, returned thir hand upon their right breast. This was also the custom of the Amazons.
The bow is aweapon of offence amongst the inhabitants of Asia, Africa, and Ame rica, at this day ; and in Europe, before the invention of fire arms, a part of the infantry were armed with bows.
Lewis XI. first abolished the use of them in France, introducing, in their place, the halbard, pike, and broad sword. The long bow was formerly in great vogue in England, and many laws were made to encourage the use of it. The parliament under Henry VIII. complain ed of the disuse of long bows, hereto fore the safeguard and defence of this kingdom, and the dread and terror of its enemies.
Bow, in music, an instrument, which, being drawn over the strings of a musical instrument, makes it resound. It is com posed of a small stick, to which are fas tened eighty or an hundred horse hairs, and a screw, which serves to give these hairs the proper tension. In order that the bow may touch the strings briskly, it is usual to rub the hairs with rosin.. The bow of the violin is now about 28 inches long.
Bow, among artificers, an instrument, so called from its figure, in use among gunsmiths, lock-smiths, watch-makers, &c. for making a drill go. Among turn ers, it is the name of that pole fixed to the ceiling, to which they fasten the cord that whirls round the piece to be turn ed.
Bow of a ship, that part of her head, which is contained between the stern and the after-part of the fore-castle on either side : so that a ship bath two bows, the starboard and the larboard, or, as they are sometimes called, the weather and the lee bow.