The Grounds of an Opinion on the Policy of Restricting the Importation of Foreign Corn: Intended as an appendix to "Observations on the corn laws" — John Shaqi
The Grounds of an Opinion on the Policy of Restricting the Importation of Foreign Corn: Intended as an appendix to "Observations on the corn laws"Malthus, T. R. (Thomas Robert)
History
The Grounds of an Opinion on the Policy of Restricting the Importation of Foreign Corn: Intended as an appendix to "Observations on the corn laws"
Malthus, T. R. (Thomas Robert)
Corn laws (Great Britain)
In fact, it is perfectly impossible to suppose that, in any change
in the measure of value, which ever did, or ever can take place
practically, all articles, both foreign and domestic, and all
incomes, from whatever source derived, should arrange themselves
precisely in the same relative proportions as before. And if they do
not, it is quite obvious, that such a change may occasion the most
marked differences in the command possessed by individuals and
classes of individuals over the produce and wealth of the country.
Sometimes the changes of this kind that actually take place, are
favourable to the industrious classes of society, and sometimes
unfavourable.
It can scarcely be doubted, that one of the main causes, which has
enabled us hitherto to support, with almost undiminished resources,
the prodigious weight of debt which has been accumulated during the
last twenty years, is the continued depreciation of the measure in
which it has been estimated, and the great stimulus to industry, and
power of accumulation, which have been given to the industrious
classes of society by the progressive rise of prices. As far as this
was occasioned by excessive issues of paper, the stockholder was
unjustly treated, and the industrious classes of society benefited
unfairly at his expense. But, on the other hand, if the price of
corn were now to fall to 50 shillings a quarter, and labour and
other commodities nearly in proportion, there can be no doubt that
the stockholder would be benefited unfairly at the expense of the
industrious classes of society, and consequently at the expense of
the wealth and prosperity of the whole country.
During the twenty years, beginning with 1794 and ending with 1813,
the average price of British corn per quarter was about eighty-three
shillings; during the ten years ending with 1813, ninety-two
shillings; and during the last five years of the twenty, one hundred
and eight shillings. In the course of these twenty years, the
government borrowed near five hundred millions of real capital, for
which on a rough average, exclusive of the sinking fund, it engaged
to pay about five per cent. But if corn should fall to fifty
shillings a quarter, and other commodities in proportion, instead of
an interest of about five per cent. the government would really pay
an interest of seven, eight, nine, and for the last two hundred
millions, ten per cent.
Public-domain text, read in full here on John Shaqi.
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