ld not be so reduced, it is quite
clear that the encouragement to the growth of corn will not be fully
restored, even after the lapse of so long a period.

4thly. It may be observed, that though it might by no means be
advisable to commence an artificial system of regulations in the
trade of corn; yet if, by such a system already established and
other concurring causes, the prices of corn and of many commodities
had been raised above the level of the rest of Europe, it becomes a
different question, whether it would be advisable to risk the
effects of so great and sudden a fall in the price of corn, as would
be the consequence of at once throwing open our ports. One of the
cases in which, according to Dr Smith, "it may be a matter of
deliberation how far it is proper to restore the free importation of
foreign goods after it has been for some time interrupted, is, when
particular manufactures, by means of high duties and prohibitions
upon all foreign goods which can come into competition with them,
have been so far extended as to employ a great multitude of
hands.(2*)"

That the production of corn is not exempted from the operation of
this rule has already been shown; and there can be no doubt that the
interests of a large body of landholders and farmers, the former to
a certain extent permanently, and the latter temporarily, would be
deeply affected by such a change of policy. These persons too may
further urge, with much appearance of justice, that in being made to
suffer this injury, they would not be treated fairly and
impartially. By protecting duties of various kinds, an unnatural
quantity of capital is directed towards manufactures and commerce
and taken from the land; and while, on account of these duties, they
are obliged to purchase both home-made and foreign goods at a kind
of monopoly price, they would be obliged to sell their own at the
price of the most enlarged competition. It may fairly indeed be
said, that to restore the freedom of the corn trade, while
protecting duties on various other commodities are allowed to
remain, is not really to restore things to their natural level, but
to depress the cultivation of the land below other kinds of
industry. And though, even in this case, it might still be a
national advantage to purchase corn where it could be had the
cheapest; yet it must be allowed that the owners of property in land
would not be treated with impartial justice.

If under all the circumstan