CORN trade. It is evidently desirable in every nation, that there should be plen ty of the principal articles of food ; and likewise that the money price of it should be as low as possible. The policy of every country, with regard to corn, should be directed to these two capital objects.
It is found by universal experience, that there is no method of favouring the pro duction of any article so safe and advan tageous, as the securing of a good price to the producer ; and this end is answered in England by permitting the exportation of corn when it is cheap ; and enabling the producer, by means of a bounty that usually is at least equal to the expense of carriage, to sell his corn in other coun tries as cheaply as the farmers of those countries. With this view, the bounty on the exportation of corn was originally granted, and this end it is supposed to have answered.
The general objection to all bounties has already been stated. See BOUNTY. With regard to the bounty on the expor tation of oorn, it may be observed, that in consequence of it, the money price of corn has probably been higher, than, ceet. par., it otherwise would have been: but the mo ney price of corn regulates the money price of labour, and, consequently, the money price of all the productions of la hour must be enhanced, by whatever en hances the money price of corn. The bounty, therefore, has probably rendered the money price of all articles of British industry rather higher than it otherwise would have been. Now this bad effect
could not arise from a bounty on produc tion, to be paid to the grower whenever the market price was below a certain sum ; or to be paid regularly for every bushel of wheat grown. If a bounty, therefore, be necessary, it seems more desirable that it should be given for pro duction than for exportation.
But as the quantity of corn produced depends not merely on the diligence and skill of the farmer, but on the nature of the seasons, some degree of uncertainty will necessarily exist with regard to the supply for any particular year. The pro portion between the supply and the de mand will vary, and the price consequent ly will fluctuate. Popular prejudice al ways ascribes scarcities to the farmer, the miller, or the corn dealer ; but an en lightened policy must regard all of these, whose capitals enable them to keep a large stock, and especially the last, as most beneficially employed. It is their I interest to watch the market, to ascertain the quantity produced, and to suit the supply to the demand. They purchase when they find the market overstocked ; they sell when it is understocked; they keep a quantity in reserve when a scar city is apprehended, and all their acti vity and property is perpetually exerted to prevent the dreadful extremity of a famine. •