You cannot have failed to remark that the arguments which are now
put forward by the Free-Traders, in support of their system, are
totally different from those which they advanced while recommending
it for the adoption of the country. How often were we told, during
the struggle which preceded the repeal of the Corn Laws, that all
the apprehensions expressed of a permanent fall in the value of
produce, and of overwhelming importations from abroad, were purely
visionary! Learned statists undertook to prove by figures that the
whole quantity of grain which could be brought into this country was
absolutely insignificant, and that it could not disturb prices. Mr
James Wilson of the _Economist_, in his valuable tractate entitled
_Influences of the Corn Laws_, which was published eleven years ago,
thus favoured the public with _his_ anticipations for the future, in
the event of the repeal of the Corn Laws:--
"Our belief is," says the sage of Westbury, "that the whole of
these generally received opinions are erroneous; that if we had had
a free trade in corn since 1815, the average price of the whole
period, actually received by the British grower, would have been
higher than it has been; that little or no more foreign grain would
have been imported; and that if, for the next twenty years, the
whole protective system shall be abandoned, _the average price of
wheat will be higher than it has been for the last seven years_,
(52s. 2d.,) or than it would be in the future with a continuance of
the present system;--but with this great difference, that prices
would be nearly uniform and unaltering from year to year; that the
disastrous fluctuations would be greatly avoided, which we have
shown, in the first proposition, to be so ruinous under the present
system."
Public-domain text, read in full here on John Shaqi.
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