V.

facturing, and confequently to manufacture a CHAP. much greater quantity of goods than if he was obliged to difpofe of them himself to the immediate confumers, or even to the retailers. As the capital of the wholefale merchant too is generally fufficient to replace that of many manufacturers, this intercourfe between him and them interefts the owner of a large capital to fupport the owners of a great number of small ones, and to affist them in those loffes and misfortunes which might otherwise prove ruinous to them.

AN intercourfe of the fame kind univerfally
established between the farmers and the corn
merchants, would be attended with effects equally
beneficial to the farmers. They would be en-
abled to keep their whole capitals, and even
more than their whole capitals, conftantly em-
ployed in cultivation.
In cafe of any of thofe

accidents, to which no trade is more liable than
theirs, they would find in their ordinary cuf-
tomer, the wealthy corn merchant, a perfon who
had both an intereft to fupport them, and the
ability to do it, and they would not, as at pre-
fent, be entirely dependent upon the forbearance
of their landlord, or the mercy of his fteward.
Were it poffible, as perhaps it is not, to establish
this intercourse univerfally, and all at once, were
it poffible to turn all at once the whole farming
ftock of the kingdom to its proper business, the
cultivation of land, withdrawing it from every
other employment into which any part of it may
be at prefent diverted, and were it poffible, in
order to fupport and affift upon occafion the
VOL. II.
X
operations

IV.

BOOK operations of this great stock, to provide all at once another stock almoft equally great, it is not perhaps very easy to imagine how great, how extenfive, and how fudden would be the improvement which this change of circumftances would alone produce upon the whole face of the

country.

THE ftatute of Edward VI., therefore, by prohibiting as much as poffible any middle man from coming in between the grower and the confumer, endeavoured to annihilate a trade, of which the free exercise is not only the best palliative of the inconveniencies of a dearth, but the best preventative of that calamity after the trade of the farmer, no trade contributing fo much to the growing of corn as that of the corn merchant.

At

THE rigour of this law was afterwards softened by feveral fubfequent ftatutes, which fucceffively permitted the engroffing of corn when the price of wheat should not exceed twenty, twenty-four, thirty-two, and forty fhillings the quarter. laft, by the 15th of Charles II. c. 7. the engroffing or buying of corn in order to fell it again, as long as the price of wheat did not exceed fortyeight fhillings the quarter, and that of other grain in proportion, was declared lawful to all perfons not being foreftallers, that is, not felling again in the fame market within three months. All the freedom which the trade of the inland corn dealer has ever yet enjoyed, was bestowed upon it by this ftatute. The ftatute of the twelfth of the prefent king, which repeals almoft

all

V.

all the other ancient laws againft engroffers and CHA P. foreftallers, does not repeal the reftrictions of this particular ftatute, which therefore ftill continue in force.

THIS ftatute, however, authorifes in fome measure two very abfurd popular prejudices.

FIRST, it fuppofes that when the price of wheat has rifen fo high as forty-eight fhillings the quarter, and that of other grain in proportion, corn is likely to be fo engroffed as to hurt the people. But from what has been already faid, it seems evident enough that corn can at no price be fo engroffed by the inland dealers as to hurt the people: and forty-eight fhillings the quarter besides, though it may be confidered as a very high price, yet in years of scarcity it is a price which frequently takes place immediately after harvest, when fcarce any part of the new crop can be fold off, and when it is impoffible even for ignorance to fuppofe that any part of it can be fo engroffed as to hurt the people.

SECONDLY, it fuppofes that there is a certain price at which corn is likely to be foreftalled, that is, bought up in order to be fold again foon after in the fame market, fo as to hurt the people. But if a merchant ever buys up corn, either going to a particular market or in a particular market, in order to fell it again foon after in the fame market, it must be because he judges that the market cannot be fo liberally supplied through the whole feafon as upon that particular occafion, and that the price, therefore, muft

IV.

BOOK foon rife. If he judges wrong in this, and if the price does not rife, he not only lofes the whole profit of the flock which he employs in this manner, but a part of the stock itself, by the expence and lofs which neceffarily attend the ftoring and keeping of corn. He hurts himself, therefore, much more effentially than he can hurt even the particular people whom he may hinder from fupplying themselves upon that particular market day, because they may afterwards supply themselves just as cheap upon any other market day. If he judges right, inftead of hurting the great body of the people, he renders them a moft important fervice. By making them feel the inconveniencies of a dearth fomewhat earlier than they otherwise might do, he prevents their feeling them afterwards fo feverely as they certainly would do, if the cheapnefs of price encouraged them to confume fafter than fuited the real scarcity of the season. When the fcarcity is real, the beft thing that can be done for the people is to divide the inconveniencies of it as equally as poffible through all the different months, and weeks, and days of the year. The interest of the corn merchant makes him ftudy to do this as exactly as he can: and as no other person can have either the fame intereft, or the fame knowledge, or the fame abilities to do it fo exactly as he, this moft important operation of commerce ought to be trufted entirely to him; or, in other words, the corn trade, fo far at least as concerns the fupply of the home market, ought to be left perfectly free.

THE

THE popular fear of engroffing and fore- CHAP, ftalling may be compared to the popular terrors and fufpicions of witchcraft. The unfortunate

wretches accufed of this latter crime were not more innocent of the misfortunes imputed to them, than those who have been accused of the former. The law which put an end to all profecutions against witchcraft, which put it out of any man's power to gratify his own malice by accufing his neighbour of that imaginary crime, feems effectually to have put an end to those fears and fufpicions, by taking away the great cause which encouraged and fupported them. The law which fhould restore entire freedom to the inland trade of corn, would probably prove as effectual to put an end to the popular fears of engroffing and foreftalling.

THE 15th of Charles II. c. 7. however, with all its imperfections, has perhaps contributed more both to the plentiful fupply of the home market, and to the increase of tillage, than any other law in the ftatute book. It is from this law that the inland corn trade has derived all the liberty and protection which it has ever yet enjoyed; and both the fupply of the home market, and the intereft of tillage, are much more effectually promoted by the inland, than either by the importation or exportation trade.

THE proportion of the average quantity of all forts of grain imported into Great Britain to that of all forts of grain confumed, it has been computed by the author of the tracts upon the corn trade, does not exceed that of one to five hun