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and　it　will　perhaps　be　somewhat　difficult　to　persuade　the　greater

part　of　them　that　this　is　not　rendering　them　a　very　considerable

service。　But　if　this　money　sinks　in　its　value；　in　the　quantity　of

labour；　provisions；　and　homemade　commodities　of　all　different

kinds　which　it　is　capable　of　purchasing　as　much　as　it　rises　in

its　quantity；　the　service　will　be　little　more　than　nominal　and

imaginary。

　　　　　There　is；　perhaps；　but　one　set　of　men　in　the　whole

commonwealth　to　whom　the　bounty　either　was　or　could　be

essentially　serviceable。　These　were　the　corn　merchants；　the

exporters　and　importers　of　corn。　In　years　of　plenty　the　bounty

necessarily　occasioned　a　greater　exportation　than　would　otherwise

have　taken　place；　and　by　hindering　the　plenty　of　one　year　from

relieving　the　scarcity　of　another；　it　occasioned　in　years　of

scarcity　a　greater　importation　than　would　otherwise　have　been

necessary。　It　increased　the　business　of　the　corn　merchant　in

both；　and　in　years　of　scarcity；　it　not　only　enabled　him　to　import

a　greater　quantity；　but　to　sell　it　for　a　better　price；　and

consequently　with　a　greater　profit　than　he　could　otherwise　have

made；　if　the　plenty　of　one　year　had　not　been　more　or　less

hindered　from　relieving　the　scarcity　of　another。　It　is　in　this

set　of　men；　accordingly；　that　I　have　observed　the　greatest　zeal

for　the　continuance　or　renewal　of　the　bounty。

　　　　　Our　country　gentlemen；　when　they　imposed　the　high　duties

upon　the　importation　of　foreign　corn；　which　in　times　of　moderate

plenty　amount　to　a　prohibition；　and　when　they　established　the

bounty；　seem　to　have　imitated　the　conduct　of　our　manufacturers。

By　the　one　institution；　they　secured　to　themselves　the　monopoly

of　the　home　market；　and　by　the　other　they　endeavoured　to　prevent

that　market　from　ever　being　overstocked　with　their　commodity。　By

both　they　endeavoured　to　raise　its　real　value；　in　the　same　manner

as　our　manufacturers　had；　by　the　like　institutions；　raised　the

real　value　of　many　different　sorts　of　manufactured　goods。　They

did　not　perhaps　attend　to　the　great　and　essential　difference

which　nature　has　established　between　corn　and　almost　every　other

sort　of　goods。　When；　either　by　the　monopoly　of　the　home　market；

or　by　a　bounty　upon　exportation；　you　enable　our　woollen　or　linen

manufacturers　to　sell　their　goods　for　somewhat　a　better　price

than　they　otherwise　could　get　for　them；　you　raise；　not　only　the

nominal；　but　the　real　price　of　those　goods。　You　render　them

equivalent　to　a　greater　quantity　of　labour　and　subsistence；　you

increase　not　only　the　nominal；　but　the　real　profit；　the　real

wealth　and　revenue　of　those　manufacturers；　and　you　enable　them

either　to　live　better　themselves；　or　to　employ　a　greater　quantity

of　labour　in　those　particular　manufactures。　You　really　encourage

those　manufactures；　and　direct　towards　them　a　greater　quantity　of

the　industry　of　the　country　than　what　would　probably　go　to　them

of　its　own　accord。　But　when　by　the　like　institutions　you　raise

the　nominal　or　money…price　of　corn；　you　do　not　raise　its　real

value。　You　do　not　increase　the　real　wealth；　the　real　revenue

either　of　our　farmers　or　country　gentlemen。　You　do　not　encourage

the　growth　of　corn　because　you　do　not　enable　them　to　maintain　and

employ　more　labourers　in　raising　it。　The　nature　of　things　has

stamped　upon　corn　a　real　value　which　cannot　be　altered　by　merely

altering　its　money　price。　No　bounty　upon　exportation；　no　monopoly

of　the　home　market；　can　raise　that　value。　The　freest　competition

cannot　lower　it。　Through　the　world　in　general　that　value　is　equal

to　the　quantity　of　labour　which　it　can　maintain；　and　in　every

particular　place　it　is　equal　to　the　quantity　of　labour　which　it

can　maintain　in　the　way；　whether　liberal；　moderate；　or　scanty；　in

which　labour　is　commonly　maintained　in　that　place。　Woollen　or

linen　cloth　are　not　the　regulating　commodities　by　which　the　real

value　of　all　other　commodities　must　be　finally　measured　and

determined；　corn　is。　The　real　value　of　every　other　commodity　is

finally　measured　and　determined　by　the　proportion　which　its

average　money　price　bears　to　the　average　money　price　of　corn。　The

real　value　of　corn　does　not　vary　with　those　variations　in　its

average　money　price；　which　sometimes　occur　from　one　century　to

another。　It　is　the　real　value　of　silver　which　varies　with　them。

　　　　　Bounties　upon　the　exportation　of　any　homemade　commodity　are

liable；　first　to　that　general　objection　which　may　be　made　to　all

the　different　expedients　of　the　mercantile　system；　the　objection

of　forcing　some　part　of　the　industry　of　the　country　into　a

channel　less　advantageous　than　that　in　which　it　would　run　of　its

own　accord：　and；　secondly；　to　the　particular　objection　of　forcing

it；　not　only　into　a　channel　that　is　less　advantageous；　but　into

one　that　is　actually　disadvantageous；　the　trade　which　cannot　be

carried　on　but　by　means　of　a　bounty　being　necessarily　a　losing

trade。　The　bounty　upon　the　exportation　of　corn　is　liable　to　this

further　objection；　that　it　can　in　no　respect　promote　the　raising

of　that　particular　commodity　of　which　it　was　meant　to　encourage

the　production。　When　our　country　gentlemen；　therefore；　demanded

the　establishment　of　the　bounty；　though　they　acted　in　imitation

of　our　merchants　and　manufacturers；　they　did　not　act　with　that

complete　comprehension　of　their　own　interest　which　commonly

directs　the　conduct　of　those　two　other　orders　of　people。　They

loaded　the　public　revenue　with　a　very　considerable　expense；　they

imposed　a　very　heavy　tax　upon　the　whole　body　of　the　people；　but

they　did　not；　in　any　sensible　degree；　increase　the　real　value　of

their　own　commodity；　and　by　lowering　somewhat　the　real　value　of

silver；　they　discouraged　in　some　degree；　the　general　industry　of

the　country；　and；　instead　of　advancing；　retarded　more　or　less　the

improvement　of　their　own　lands；　which　necessarily　depends　upon

the　general　industry　of　the　country。

　　　　　To　encourage　the　production　of　any　commodity；　a　bounty　upon

production；　one　should　imagine；　would　have　a　more　direct

operation　than　one　upon　exportation。　It　would；　besides；　impose

only　one　tax　upon　the　people；　that　which　they　must　contribute　in

order　to　pay　the　bounty。　Instead　of　raising；　it　would　tend　to

lower　the　price　of　the　commodity　in　the　home　market；　and　thereby；

instead　of　imposing　a　second　tax　upon　the　people；　it　might；　at

least；　in　part；　repay　them　for　what　they　had　contributed　to　the

first。　Bounties　upon　production；　however；　have　been　very　rarely

granted。　The　prejudices　established　by　the　commercial　system　have

taught　us　to　believe　that　national　wealth　arises　more　immediately

from　exportation　than　from　production。　It　has　been　more　favoured

accordingly；　as　the　more　immediate　means　of　bringing　money　into

the　country。　Bounties　upon　production；　it　has　been　said　too；　have

been　found　by　experience　more　liable　to　frauds　than　those　upon

exportation。　How　far　this　is　true；　I　know　not。　That　bounties　upon

exportation　have　been　abused　to　many　fraudulent　purposes　is　very

well　known。　But　it　is　not　the　interest　of　merchants　and

manufacturers；　the　great　inventors　of　all　these　expedients；　that

the　home　market　should　be　overstocked　with　their　goods；　an　event

which　a　bounty　upon　production　might　sometimes　occasion。　A　bounty

upon　exportation；　by　enabling　them　to　send　abroad　the　surplus

part；　and　to　keep　up　the　price　of　what　remains　in　the　home

market；　effectually　prevents　this。　Of　all　the　expedients　of　the

mercantile　system；　accordingly；　it　is　the　one　of　which　they　are

the　fondest。　I　have　known　the　different　undertakers　of　some

particular　works　agree　privately　among　themselves　to　give　a

bounty　out　of　their　own　pockets　upon　the　exportation　of　a　certain

proportion　of　the　goods　which　they　dealt　in。　This　expedient

succeeded　so　well　that　it　more　than　doubled　the　price　of　their

goods　in　the　home　market；　notwithstanding　a　very　considerable

increase　in　the　produce。　The　operation　of　the　bounty　upon　corn

must　have　been　wonderfully　different　if　it　has　lowered　the　money

price　of　that　commodity。

　　　　　Something　like　a　bounty　upon　production；　however；　has　been

granted　upon　some　particular　occasions。　The　tonnage　bounties

given　to　the　white…herring　and　whale　fisheries　may；　perhaps；　be

considered　as　somewhat　of　this　nature。　They　tend　directly；　it　may

be　supposed；　to　render　the　goods　cheaper　in　the　home　market　than

they　otherwise　would　be。　In　other　respects　their　effects；　it　must

be　acknowledged；　are　the　same　as　those　of　bounties　upon

exportation。　By　means　of　them　a　part　of　the　capital　of　the

country　is　employed　in　bringing　goods　to　market；　of　which　the

price　does　not　repay　the　cost　together　with　the　ordinary　profits

of　stock。

　　　　　But　though　the　tonnage　bounties　of　those　fisheries　do　not

contribute　to　the　opulence　of　the　nation；　it　may　perhaps　be

thought　that　they　contribute　to　its　defence　by　augmenting　the

number　of　its　sailors　and　shipping。　This；　it　may　be　alleged；　may

sometimes　be　done　by　means　of　such　bounties　at　a　much　smaller

expense　than　by　keeping　up　a　great　standing　navy；　if　I　may　use

such　an　expression；　in　the　same　way