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
As I have no access to look into records, I content myself with less
authentic documents. I find then by the London news-papers, that, from
the 9th of April to the 13th of August 1757, while great scarcity was
felt in England, there were declared in the port of London no more than
71,728 quarters of wheat, of which 15,529 were not then arrived. So that
the whole quantity there imported to relieve the scarcity, was 56,199
quarters. Not one month’s provision for the inhabitants of that city,
reckoning them at 800,000 souls! One who has access to look into the
registers of the trade in grain, might in a moment determine this
question.
Another reason which induces me to believe what the above arguments seem
to prove, I draw from what I see at present passing in Germany; I mean
the universal complaints of scarcity in those armies which are now
assembled, [1757] When we compare the numbers of an army, let it be of a
hundred thousand men, suppose the suite of it to be as many more, and
forty thousand horses, all strangers, (for the others I reckon nothing
extraordinary) what an inconsiderable number does this appear, in
proportion to the inhabitants of this vast country of Germany! Yet let
us observe the quantity of provisions of all sorts constantly coming
down the Rhine, the Moselle, and many other rivers, collected from
foreign provinces on all hands; the numbers of cattle coming from
Hungary; the loads of corn from Poland; and all this in a year which has
produced what at any other time would have been called an excellent
crop. After these foreign supplies, must not one be astonished to find
scarcity complained of in the provinces where the war is carried on, and
high prices every where else. From such circumstances I must conclude,
that people are generally very much deceived in their estimation of
plenty and scarcity, when they talk of two or three years subsistence
for a country being found upon their lands at once. I may indeed be
mistaken in my conclusions; but the more I have reflected upon this
subject, the more I find myself confirmed in them, even from the
familiar examples of the sudden rise of markets from very inconsiderable
monopolies, and of their sudden fall by inconsiderable quantities
imported. I could cite many examples of these vicissitudes, were it
necessary, to prove what every one must observe.
I come now to resolve a difficulty which naturally results from this
doctrine, and with which I shall close the chapter.
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