An Inquiry into the Principles of Political Oeconomy (Vol. 1 of 2): Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxesSteuart, James, Sir
History
An Inquiry into the Principles of Political Oeconomy (Vol. 1 of 2): Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxes
Steuart, James, Sir
Economics
I consider all the yearly crop of grain in England as consumed at home,
except what is exported; for I cannot admit that any considerable
quantity is lost: that it may be abused, misapplied, drank when it
should be eat, I do not deny. These are questions which do not regard
the present inquiry. Whether therefore it be consumed in bread, beer,
spirits, or by animals, I reckon it consumed; and in a year when the
greatest consumption is made at home, this I call _the abundance with
which the inhabitants feed themselves in years of plenty_. Now I find in
the performance above cited, a state of exportations for five years,
from 1746 to 1750 inclusive, where the quantity exported amounts in all
to 5,289,847 quarters of all sorts of grain. This is not one year’s
provision, according to Sir William Petty’s calculation, of which we
have made mention above. The bounties upon corn (continues the author
abovementioned) have amounted in one year to 500,000_l._ sterling. He
does not mention the year, and I am little able to dispute that matter
with him. I suppose it to be true; and still farther, let it be
understood that the whole exportation was made out of the produce of one
crop. I do not find that this sum answers to the bounty upon 3,000,000
of quarters, which, according to Sir William Petty, make six months
provision. I calculate thus. The bounty upon wheat is 5_s._ a quarter,
that upon rye 3_s._ 6_d._ that upon barley 2_s._ 6_d._ these are the
species of grain commonly exported: cast the three premiums together,
and divide by three, the bounty will come to 3_s._ 8_d._ at a medium; at
which rate 500,000_l._ sterling will pay the bounty of 2,727,272
quarters of grain. An immense quantity to be exported! but a very
inconsiderable part of a crop supposed capable to maintain England for
five years. It may be answered, that the great abundance of a plentiful
year is considerably diminished when a scanty crop happens to preceed
it, or to follow upon it. In the first case, it is sooner begun upon; in
the last, it supplies the consumption in the year of scarcity,
considerably. This I allow to be just; but as it is not uncommon to see
a course of good years follow one another, the state of exportation at
such times must certainly be the best, nay, the only method of judging
of the real extent of superfluity.
On the other hand, I am apt to believe, that there never was a year of
such scarcity as that the lands of England did not produce greatly above
six months subsistence, _such as the people are used to take in years of
scarcity_. Were six months of the most slender subsistence to fail, I
imagine all Europe together might perhaps be at a loss to supply a
quantity sufficient to prevent the greatest desolation by famine.
Public-domain text, read in full here on John Shaqi.
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