"The surplus quantity now, or from time to time in existence, is merely the superfluity of abundant seasons held for a time in store to meet the alternate deficiency of bad years. Till the bad years come, that corn is cheap, because it is a supply exceeding the demand; but the moment we go into the foreign market as buyers, to purchase up this surplus, _prices abroad will rise_. Not only will the British demand, as a new competition with foreign demand, naturally cause a rise of prices, but our own merchants will compete against each other, until, by a rise of prices abroad, the profit of their importations shall have been brought down to the usual rate of mercantile profit upon capital employed in other ways. There is, therefore, very little probability that the importation of the existing surplus quantity of corn in foreign markets will materially lower prices in this country." We have nothing to say to the arguments of the noble Viscount--however singular these may appear to persons of ordinary understanding--we merely refer to his conclusion, which we think is plain enough, to the effect that free importations could not materially lower prices. Nay, we could extract from the speeches of Sir Robert Peel himself, passages which would go far to show that he entertained the same opinion, notwithstanding the extreme wariness which he exhibited when challenged by Lord George Bentinck to state his views as to the probable effects of the change on the value of agricultural produce. Well, then, if this be the case--if there was actually a strong conviction in the minds of the leading men who supported the repeal of the corn laws that the expressed fears of the agricultural party were unfounded--are we not entitled now to require that the question should be brought to a very narrow issue indeed? So far as experience has gone, our calculations have proved right--theirs entirely wrong. We maintained that, in consequence of the removal of protective duties, the price of grain in this country would decline to a point far below the cost of production; they averred that nothing of the kind would happen. Nearly a year and a half has elapsed since the new system came into full operation, and the general averages of wheat throughout the country have fallen, and have remained for many months below 40s. per quarter. In spite of the accurate and veracious information of writers in the _Economist_ and other Ministerial prints, who have been assuring us, for a long period of time, that the whole available supplies of grain have been pumped out of the Continent, importations continue undiminished. In May 1850 we receive from abroad the equivalent of a million quarters of grain; France pours in her flour, to the panic even of our millers; and, instead of diminution, there are unmistakeable symptoms of a greater deluge than before. Now, if the