Observations on the Effects of the Corn Laws, and of a Rise or Fall in the Price of Corn on the Agriculture and General Wealth of the CountryMalthus, T. R. (Thomas Robert)
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Observations on the Effects of the Corn Laws, and of a Rise or Fall in the Price of Corn on the Agriculture and General Wealth of the Country
Malthus, T. R. (Thomas Robert)
Corn laws (Great Britain); Grain trade -- Great Britain
But a diminution in the real price of corn is still more efficient,
in preventing the future improvement of land, than in throwing land,
which has been already improved, out of cultivation. In all
progressive countries, the average price of corn is never higher
than what is necessary to continue the average increase of produce.
And though, in much the greater part of the improved lands of most
countries, there is what the French economists call a disposable
produce, that is, a portion which might be taken away without
interfering with future production, yet, in reference to the whole
of the actual produce and the rate at which it is increasing, there
is no part of the price so disposable. In the employment of fresh
capital upon the land to provide for the wants of an increasing
population, whether this fresh capital be employed in bringing more
land under the plough or in improving land already in cultivation,
the main question always depends upon the expected returns of this
capital; and no part of the gross profits can be diminished without
diminishing the motive to this mode of employing it. Every
diminution of price not fully and immediately balanced by a
proportionate fall in all the necessary expenses of a farm, every
tax on the land, every tax on farming stock, every tax on the
necessaries of farmers, will tell in the computation; and if, after
all these outgoings are allowed for, the price of the produce will
not leave a fair remuneration for the capital employed, according to
the general rate of profits and a rent at least equal to the rent of
the land in its former state, no sufficient motive can exist to
undertake the projected improvement.
It was a fatal mistake in the system of the Economists to consider
merely production and reproduction, and not the provision for an
increasing population, to which their territorial tax would have
raised the most formidable obstacles.
On the whole then considering the present accumulation of
manufacturing population in this country, compared with any other in
Europe, the expenses attending enclosures, the price of labour and
the weight of taxes, few things seem less probable, than that Great
Britain should naturally grow an independent supply of corn; and
nothing can be more certain, than that if the prices of wheat in
Great Britain were reduced by free importation nearly to a level
with those of America and the continent, and if our manufacturing
prosperity were to continue increasing, it would incontestably
answer to us to support a part of our present population on foreign
corn, and nearly the whole probably of the increasing population,
which we may naturally expect to take place in the course of the
next twenty or twenty five years.
The next question for consideration is, whether an independent
supply, if it do not come naturally, is an object really desirable
and one which justifies the interference of the legislature.
Public-domain text, read in full here on John Shaqi.
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