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immediately　to　the　land；　and　have　been　employed　in　buying　more

cattle；　and　hiring　more　servants；　in　order　to　improve　and

cultivate　it　better。　But　by　being　obliged　to　sell　his　corn　by

retail；　he　was　obliged　to　keep　a　great　part　of　his　capital　in　his

granaries　and　stack　yard　through　the　year；　and　could　not；

therefore；　cultivate　so　well　as　with　the　same　capital　he　might

otherwise　have　done。　This　law；　therefore；　necessarily　obstructed

the　improvement　of　the　land；　and；　instead　of　tending　to　render

corn　cheaper；　must　have　tended　to　render　it　scarcer；　and

therefore　dearer；　than　it　would　otherwise　have　been。

　　　　　After　the　business　of　the　farmer；　that　of　the　corn　merchant

is　in　reality　the　trade　which；　if　properly　protected　and

encouraged；　would　contribute　the　most　to　the　raising　of　corn。　It

would　support　the　trade　of　the　farmer　in　the　same　manner　as　the

trade　of　the　wholesale　dealer　supports　that　of　the　manufacturer。

　　　　　The　wholesale　dealer；　by　affording　a　ready　market　to　the

manufacturer；　by　taking　his　goods　off　his　hand　as　fast　as　he　can

make　their　price　to　him　before　he　has　made　them；　enables　him　to

keep　his　whole　capital；　and　sometimes　even　more　than　his　whole

capital；　constantly　employed　in　manufacturing；　and　consequently

to　manufacture　a　much　greater　quantity　of　goods　than　if　he　was

obliged　to　dispose　of　them　himself　to　the　immediate　consumers；　or

even　to　the　retailers。　As　the　capital　of　the　wholesale　merchant；

too；　is　generally　sufficient　to　replace　that　of　many

manufacturers；　this　intercourse　between　him　and　them　interests

the　owner　of　a　large　capital　to　support　the　owners　of　a　great

number　of　small　ones；　and　to　assist　them　in　those　losses　and

misfortunes　which　might　otherwise　prove　ruinous　to　them。

　　　　　An　intercourse　of　the　same　kind　universally　established

between　the　farmers　and　the　corn　merchants　would　be　attended　with

effects　equally　beneficial　to　the　farmers。　They　would　be　enabled

to　keep　their　whole　capitals；　and　even　more　than　their　whole

capitals；　constantly　employed　in　cultivation。　In　case　of　any　of

those　accidents；　to　which　no　trade　is　more　liable　than　theirs；

they　would　find　in　their　ordinary　customer；　the　wealthy　corn

merchant；　a　person　who　had　both　an　interest　to　support　them；　and

the　ability　to　do　it；　and　they　would　not；　as　at　present；　be

entirely　dependent　upon　the　forbearance　of　their　landlord；　or　the

mercy　of　his　steward。　Were　it　possible；　as　perhaps　it　is　not；　to

establish　this　intercourse　universally；　and　all　at　once；　were　it

possible　to　turn　all　at　once　the　whole　farming　stock　of　the

kingdom　to　its　proper　business；　the　cultivation　of　land；

withdrawing　it　from　every　other　employment　into　which　any　part　of

it　may　be　at　present　diverted；　and　were　it　possible；　in　order　to

support　and　assist　upon　occasion　the　operations　of　this　great

stock；　to　provide　all　at　once　another　stock　almost　equally　great；

it　is　not　perhaps　very　easy　to　imagine　how　great；　how　extensive；

and　how　sudden　would　be　the　improvement　which　this　change　of

circumstances　would　alone　produce　upon　the　whole　face　of　the

country。

　　　　　The　statute　of　Edward　VI；　therefore；　by　prohibiting　as　much

as　possible　any　middle　man　from　coming　between　the　grower　and　the

consumer；　endeavoured　to　annihilate　a　trade；　of　which　the　free

exercise　is　not　only　the　best　palliative　of　the　inconveniences　of

a　dearth　but　the　best　preventative　of　that　calamity：　after　the

trade　of　the　farmer；　no　trade　contributing　so　much　to　the　growing

of　corn　as　that　of　the　corn　merchant。

　　　　　The　rigour　of　this　law　was　afterwards　softened　by　several

subsequent　statutes；　which　successively　permitted　the　engrossing

of　corn　when　the　price　of　wheat　should　not　exceed　twenty；

twenty…four；　thirty…two；　and　forty　shillings　the　quarter。　At

last；　by　the　15th　of　Charles　II；　c。　7；　the　engrossing　or　buying

of　corn　in　order　to　sell　it　again；　as　long　as　the　price　of　wheat

did　not　exceed　forty…eight　shillings　the　quarter；　and　that　of

other　grain　in　proportion；　was　declared　lawful　to　all　persons　not

being　forestallers；　that　is；　not　selling　again　in　the　same　market

within　three　months。　All　the　freedom　which　the　trade　of　the

inland　corn　dealer　has　ever　yet　enjoyed　was　bestowed　upon　it　by

this　statute。　The　statute　of　the　12th　of　the　present　king；　which

repeals　almost　all　the　other　ancient　laws　against　engrossers　and

forestallers；　does　not　repeal　the　restrictions　of　this　particular

statute；　which　therefore　still　continue　in　force。

　　　　　This　statute；　however；　authorizes　in　some　measure　two　very

absurd　popular　prejudices。

　　　　　First；　it　supposes　that　when　the　price　of　wheat　has　risen　so

high　as　forty…eight　shillings　the　quarter；　and　that　of　other

grains　in　proportion；　corn　is　likely　to　be　so　engrossed　as　to

hurt　the　people。　But　from　what　has　been　already　said；　it　seems

evident　enough　that　corn　can　at　no　price　be　so　engrossed　by　the

inland　dealers　as　to　hurt　the　people：　and　forty…eight　shillings

the　quarter；　besides；　though　it　may　be　considered　as　a　very　high

price；　yet　in　years　of　scarcity　it　is　a　price　which　frequently

takes　place　immediately　after　harvest；　when　scarce　any　part　of

the　new　crop　can　be　sold　off；　and　when　it　is　impossible　even　for

ignorance　to　suppose　that　any　part　of　it　can　be　so　engrossed　as

to　hurt　the　people。

　　　　　Secondly；　it　supposes　that　there　is　a　certain　price　at　which

corn　is　likely　to　be　forestalled；　that　is；　bought　up　in　order　to

be　sold　again　soon　after　in　the　same　market；　so　as　to　hurt　the

people。　But　if　a　merchant　ever　buys　up　corn；　either　going　to　a

particular　market　or　in　a　particular　market；　in　order　to　sell　it

again　soon　after　in　the　same　market；　it　must　be　because　he　judges

that　the　market　cannot　be　so　liberally　supplied　through　the　whole

season　as　upon　that　particular　occasion；　and　that　the　price；

therefore；　must　soon　rise。　If　he　judges　wrong　in　this；　and　if　the

price　does　not　rise；　he　not　only　loses　the　whole　profit　of　the

stock　which　he　employs　in　this　manner；　but　a　part　of　the　stock

itself；　by　the　expense　and　loss　which　necessarily　attend　the

storing　and　keeping　of　corn。　He　hurts　himself；　therefore；　much

more　essentially　than　he　can　hurt　even　the　particular　people　whom

he　may　hinder　from　supplying　themselves　upon　that　particular

market　day；　because　they　may　afterwards　supply　themselves　just　as

cheap　upon　any　other　market　day。　If　he　judges　right；　instead　of

hurting　the　great　body　of　the　people；　he　renders　them　a　most

important　service。　By　making　them　feel　the　inconveniencies　of　a

dearth　somewhat　earlier　than　they　otherwise　might　do；　he　prevents

their　feeling　them　afterwards　so　severely　as　they　certainly　would

do；　if　the　cheapness　of　price　encouraged　them　to　consume　faster

than　suited　the　real　scarcity　of　the　season。　When　the　scarcity　is

real；　the　best　thing　that　can　be　done　for　the　people　is　to　divide

the　inconveniencies　of　it　as　equally　as　possible　through　all　the

different　months；　and　weeks；　and　days　of　the　year。　The　interest

of　the　corn　merchant　makes　him　study　to　do　this　as　exactly　as　he

can：　and　as　no　other　person　can　have　either　the　same　interest；　or

the　same　knowledge；　or　the　same　abilities　to　do　it　so　exactly　as

he；　this　most　important　operation　of　commerce　ought　to　be　trusted

entirely　to　him；　or；　in　other　words；　the　corn　trade；　so　far　at

least　as　concerns　the　supply　of　the　home　market；　ought　to　be　left

perfectly　free。

　　　　　The　popular　fear　of　engrossing　and　forestalling　may　be

compared　to　the　popular　terrors　and　suspicions　of　witchcraft。　The

unfortunate　wretches　accused　of　this　latter　crime　were　not　more

innocent　of　the　misfortunes　imputed　to　them　than　those　who　have

been　accused　of　the　former。　The　law　which　put　an　end　to　all

prosecutions　against　witchcraft；　which　put　it　out　of　any　man's

power　to　gratify　his　own　malice　by　accusing　his　neighbour　of　that

imaginary　crime；　seems　effectually　to　have　put　an　end　to　those

fears　and　suspicions　by　taking　away　the　great　cause　which

encouraged　and　supported　them。　The　law　which　should　restore

entire　freedom　to　the　inland　trade　of　corn　would　probably　prove

as　effectual　to　put　an　end　to　the　popular　fears　of　engrossing　and

forestalling。

　　　　　The　15th　of　Charles　II；　c。　7；　however；　with　all　its

imperfections；　has　perhaps　contributed　more　both　to　the　plentiful

supply　of　the　home　market；　and　to　the　increase　of　tillage；　than

any　other　law　in　the　statute　book。　It　is　from　this　law　that　the

inland　corn　trade　has　derived　all　the　liberty　and　protection

which　it　has　ever　yet　enjoyed；　and　both　the　supply　of　the　home

market；　and　the　interest　of　tillage；　are　much　more　effectually

promoted　by　the　inland　than　either　by　the　importation　or

exportation　trade。

　　　　　The　proportion　of　the　average　quantity　of　all　sorts　of　grain

imported　into　Great　Britain　to　that　of　all　sorts　of　grain

consumed；　it　has　been　computed　by　the　author　of　the　tracts　upon

the　corn　trade；　does　not　exceed　that　of　one　to　five　hundred　and

seventy。　For　supplying　the　home　market；　therefore；　the　importance

of　the　inland　trade　must　be　to　that　of　the　importation　trade　as

five　hundred　and　seventy　to　one。

　　　　　The　average　quantity　of　all　sorts　of　grain　exported　from

Great　Britain　does　not；　according　to　the　same　author；　exceed　the

one…and…thirtieth　part　of　the　annual　produce。　For　the

encouragement　of　tillage；　therefore；　by　providing　a　market　for

the　home　produce；　the　importance　of　the　inland　trade　must　be　to

that　of　the　exportation。

　　　　　I　have　no　great　faith　in　political　arithmetic；　computations。

I　mention　them　only　in　order　to　show　of　how　much　less

consequence；　in　the　opinion　of　the　most　judicious　and　experienced

persons；　the　foreign　trade　of　corn　is　than　the　home　trade。　The

great　cheapness　of　corn　in　the　years　immediately　preceding　the

establishment　of　the　bounty　may　perhaps；　with　reason；　be　ascribed

in　some　measure　to　the　operation　of　this　statute　of　Charles　II；

which　had　been　enacted　about　five…and…twenty　years　before；　and

which　had　therefore　full　time　to　produce　its　effect。

　　　　　A　very　few　words　will　sufficiently　explain　all　that　I　have

to　say　concerning　the　other　three　branc