On the last occasion when I addressed the House on this subject, I recollect stating some facts to show that you had no reasonable ground to fear foreign competition; those facts I do not intend to reiterate, because they have never been contradicted. But there are still attempts made to frighten people by telling them: “If you open the ports to foreign corn, you will have corn let in here for nothing.” One of the favorite fallacies which are now put forth is this: “Look at the price of corn in England, and see what it is abroad; you have prices low here, and yet you have corn coming in from abroad and paying the maximum duty. Now, if you had not 20_s._ duty to pay, what a quantity of corn you would have brought in, and how low the price would be!” This statement arises from a fallacy—I hope not dishonestly put forth—in not understanding the difference between the real and the nominal price of corn. The price of corn at Dantzic now, when there is no regular sale, is nominal; the price of corn when it is coming in regularly is the real price. Now, go back to 1838. In January of that year the price of wheat at Dantzic was nominal; there was no demand for England; there were no purchasers except for speculation, with the chance, probably, of having to throw the wheat into the sea; but in the months of July and August of that year, when apprehensions arose of a failure of our harvest, then the price of corn in Dantzic rose instantly, sympathizing with the markets of England; and at the end of the year, in December, the price of wheat at Dantzic had doubled the amount at which it had been in January; and during the three following years, when you had a regular importation of corn,—during all that time, by the averages laid upon the table of this House, wheat at Dantzic averaged 40_s._ Wheat at Dantzic was at that price during the three years 1839, 1840, and 1841. Now, I mention this just to show the fact to honorable gentlemen, and to entreat them that they will not go and alarm their tenantry by this outcry of the danger of foreign competition. You ought to be pursuing a directly opposite course—you ought to be trying to stimulate them in every possible way, by showing that they can compete with foreigners; that what others can do in Poland, they can do in England.