I would not insist upon this existence as absolutely conclusive, on account of the mixture of accident in all such appeals to facts; but it certainly tends to confirm the probability of those great fluctuations which, according to all general principles, I should expect from the temper and customs of nations, with regard to the egress of corn, when it is scarce; and particularly from the existing laws of that country, which, in all common years, will furnish us with a large proportion of our supplies. To these causes of temporary fluctuations, during peace, should be added the more durable as well as temporary, fluctuations occasioned by war. Without reference to the danger of excessive scarcity from another combination against us, if we are merely driven back at certain distant intervals upon our own resources, the experience of the present times will teach us not to estimate lightly the convulsion which attends the return, and the evils of such alternations of price. In the Observations, I mentioned some causes of fluctuations which would attend the system of restrictions; but they are in my opinion inconsiderable, compared with those which have been just referred to. On the labouring classes, therefore, the effects of opening our ports for the free importation of foreign corn, will be greatly to lower their wages, and to subject them to much greater fluctuations of price. And, in this state of things, it will require a much greater increase in the demand for labour, than there is in any rational ground for expecting, to compensate to the labourer the advantages which he loses in the high money wages of labour, and the steadier and less fluctuating price of corn. 2. Of the next most important class of society, those who live upon the profits of stock, one half probably are farmers, or immediately connected with farmers; and of the property of the other half, not above one fourth is engaged in foreign trade. Of the farmers it is needless to say anything. It cannot be doubted that they will suffer severely from the opening of the ports. Not that the profits of farming will not recover themselves, after a certain period, and be as great, or perhaps greater, than they were before; but this cannot take place till after a great loss of agricultural capital, or the removal of it into the channels of commerce and manufactures.