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are said to do with the spiceries of the Moluccas; to destroy or

throw away a considerable part of it in order to keep up the

price of the rest。 But it is scarce possible; even by the

violence of law; to establish such an extensive monopoly with

regard to corn; and; wherever the law leaves the trade free; it

is of all commodities the least liable to be engrossed or

monopolized by the force of a few large capitals; which buy up

the greater part of it。 Not only its value far exceeds what the

capitals of a few private men are capable of purchasing; but;

supposing they were capable of purchasing it; the manner in which

it is produced renders this purchase practicable。 As in every

civilised country it is the commodity of which the annual

consumption is the greatest; so a greater quantity of industry is

annually employed in producing corn than in producing any other

commodity。 When it first comes from the ground; too; it is

necessarily divided among a greater number of owners than any

other commodity; and these owners can never be collected into one

place like a number of independent manufacturers; but are

necessarily scattered through all the different corners of the

country。 These first owners either immediately supply the

consumers in their own neighbourhood; or they supply other inland

dealers who supply those consumers。 The inland dealers in corn;

therefore; including both the farmer and the baker; are

necessarily more numerous than the dealers in any other

commodity; and their dispersed situation renders it altogether

impossible for them to enter into any general combination。 If in

a year of scarcity; therefore; any of them should find that he

had a good deal more corn upon hand than; at the current price;

he could hope to dispose of before the end of the season; he

would never think of keeping up this price to his own loss; and

to the sole benefit of his rivals and competitors; but would

immediately lower it; in order to get rid of his corn before the

new crop began to come in。 The same motives; the same interests;

which would thus regulate the conduct of any one dealer; would

regulate that of every other; and oblige them all in general to

sell their corn at the price which; according to the best of

their judgment; was most suitable to the scarcity or plenty of

the season。

     Whoever examines with attention the history of the dearths

and famines which have afflicted any part of Europe; during

either the course of the present or that of the two preceding

centuries; of several of which we have pretty exact accounts;

will find; I believe; that a dearth never has arisen from any

combination among the inland dealers in corn; nor from any other

cause but a real scarcity; occasioned sometimes perhaps; and in

some particular places; by the waste of war; but in by far the

greatest number of cases by the fault of the seasons; and that a

famine has never arisen from any other cause but the violence of

government attempting; by improper means; to remedy the

inconveniences of a dearth。

     In an extensive corn country; between all the different

parts of which there is a free commerce and communication; the

scarcity occasioned by the most unfavourable seasons can never be

so great as to produce a famine; and the scantiest crop; if

managed with frugality and economy; will maintain through the

year the same number of people that are commonly fed on a more

affluent manner by one of moderate plenty。 The seasons most

unfavourable to the crop are those of excessive drought or

excessive rain。 But as corn grows equally upon high and low

lands; upon grounds that are disposed to be too wet; and upon

those that are disposed to be too dry; either the drought or the

rain which is hurtful to one part of the country is favourable to

another; and though both in the wet and in the dry season the

crop is a good deal less than in one more properly tempered; yet

in both what is lost in one part of the country is in some

measure compensated by what is gained in the other。 In rice

countries; where the crop not only requires a very moist soil;

but where in a certain period of its growing it must be laid

under water; the effects of a drought are much more dismal。 Even

in such countries; however; the drought is; perhaps; scarce ever

so universal as necessarily to occasion a famine; if the

government would allow a free trade。 The drought in Bengal; a few

years ago; might probably have occasioned a very great dearth。

Some improper regulations; some injudicious restraints imposed by

the servants of the East India Company upon the rice trade;

contributed; perhaps; to turn that dearth into a famine。

     When the government; in order to remedy the inconveniences

of a dearth; orders all the dealers to sell their corn at what it

supposes a reasonable price; it either hinders them from bringing

it to market; which may sometimes produce a famine even in the

beginning of the season; or if they bring it thither; it enables

the people; and thereby encourages them to consume it so fast as

must necessarily produce a famine before the end of the season。

The unlimited; unrestrained freedom of the corn trade; as it is

the only effectual preventative of the miseries of a famine; so

it is the best palliative of the inconveniences of a dearth; for

the inconveniences of a real scarcity cannot be remedied; they

can only be palliated。 No trade deserves more the full protection

of the law; and no trade requires it so much; because no trade is

so much exposed to popular odium。

     In years of scarcity the inferior ranks of people impute

their distress to the avarice of the corn merchant; who becomes

the object of their hatred and indignation。 Instead of making

profit upon such occasions; therefore; he is often in danger of

being utterly ruined; and of having his magazines plundered and

destroyed by their violence。 It is in years of scarcity; however;

when prices are high; that the corn merchant expects to make his

principal profit。 He is generally in contract with some farmers

to furnish him for a certain number of years with a certain

quantity of corn at a certain price。 This contract price is

settled according to what is supposed to be the moderate and

reasonable; that is; the ordinary or average price; which before

the late years of scarcity was commonly about eight…and…twenty

shillings for the quarter of wheat; and for that of other grain

in proportion。 In years of scarcity; therefore; the corn merchant

buys a great part of his corn for the ordinary price; and sells

it for a much higher。 That this extraordinary profit; however; is

no more than sufficient to put his trade upon a fair level with

other trades; and to compensate the many losses which he sustains

upon other occasions; both from the perishable nature of the

commodity itself; and from the frequent and unforeseen

fluctuations of its price; seems evident enough; from this single

circumstance; that great fortunes are as seldom made in this as

in any other trade。 The popular odium; however; which attends it

in years of scarcity; the only years in which it can be very

profitable; renders people of character and fortune averse to

enter into it。 It is abandoned to an inferior set of dealers; and

millers; bakers; mealmen; and meal factors; together with a

number of wretched hucksters; are almost the only middle people

that; in the home market; come between the grower and the

consumer。

     The ancient policy of Europe; instead of discountenancing

this popular odium against a trade so beneficial to the public;

seems; on the contrary; to have authorized and encouraged it。

     By the 5th and 6th of Edward VI; c。 14; it was enacted that

whoever should buy any corn or grain with intent to sell it

again; should be reputed an unlawful engrosser; and should; for

the first fault; suffer two months' imprisonment; and forfeit the

value of the corn; for the second; suffer six months'

imprisonment; and forfeit double the value; and for the third; be

set in the pillory; suffer imprisonment during the king's

pleasure; and forfeit all his goods and chattels。 The ancient

policy of most other parts of Europe was no better than that of

England。

     Our ancestors seem to have imagined that the people would

buy their corn cheaper of the farmer than of the corn merchant;

who; they were afraid; would require; over and above the price

which he paid to the farmer; an exorbitant profit to himself。

They endeavoured; therefore; to annihilate his trade altogether。

They even endeavoured to hinder as much as possible any middle

man of any kind from coming in between the grower and the

consumer; and this was the meaning of the many restraints which

they imposed upon the trade of those whom they called kidders or

carriers of corn; a trade which nobody was allowed to exercise

without a licence ascertaining his qualifications as a man of

probity and fair dealing。 The authority of three justices of the

peace was; by the statute of Edward VI; necessary in order to

grant this licence。 Bu

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