shall enjoy the fruits of his own labour, is alone sufficient to make any country flourish, notwithstanding these and twenty other absurd regulations of commerce; and this security was perfected by the revolution, much about the same time that the bounty was established. The natural effort of every individual to better his own condition, when suffered to exert itself with freedom and security, is so powerful a principle, that it is alone, and without any assistance, not only capable of carrying on the society to wealth and prosperity, but of surmounting a hundred impertinent obstructions with which the folly of human laws too often encumbers its operations; though the effect of these obstructions is always more or less either to encroach upon its freedom, or to diminish its security. In Great Britain, industry is perfectly secure; and though it is far from being perfectly free, it is as free or freer than in any other part of Europe.

Though the period of the greatest prosperity and improvement of Great Britain has been posterior to that system of laws which is connected with the bounty, we must not upon that account impute it to those laws. It has been posterior likewise to the national debt. But the national debt has most assuredly not been the cause of it.

Though the system of laws which is connected with the bounty has exactly the same tendency with the police of Spain and Portugal, to lower somewhat the value of the precious metals in the country where it takes place, yet Great Britain is certainly one of the richest countries in Europe, while Spain and Portugal are perhaps among the most beggarly. This difference of situation, however, may easily be accounted for from two different causes. First, the tax in Spain, the prohibition in Portugal of exporting gold and silver, and the vigilant police which watches over the execution of those laws, must, in two very poor countries, which between them import annually upwards of six millions sterling, operate, not only more directly, but much more forcibly in reducing the value of those metals there, than the corn laws can do in Great Britain. And, secondly, this bad policy is not in those countries counterbalanced by the general liberty and security of the people. Industry is there neither free nor secure, and the civil and ecclesiastical Governments of both Spain and Portugal are such as would alone

be sufficient to perpetuate their present state of poverty, even though their regulations of commerce were as wise as the greater part of them are absurd and foolish.

The 13th of the present king [Geo. III.], c. 43, seems to have established a new system with regard to the corn laws, in many respects better than the ancient one, but in one or two respects perhaps not quite so good.

By this statute the high duties upon importation for home consumption are taken off so soon as the price of middling wheat rises to forty-eight shillings the quarter; that of middling rye, pease, or beans, to thirty-two shillings; that of barley to twenty-four shillings, and that of oats to sixteen shillings; and instead of them a small duty is imposed of only sixpence upon the quarter of wheat, and upon that of other grain in proportion. With regard to all these different sorts of grain, but particularly with regard to wheat, the home market is thus opened to foreign supplies at prices considerably lower than before.

By the same statute the old bounty of five shillings upon the exportation of wheat ceases so soon as the price rises to forty-four shillings the quarter, instead of forty-eight, the price at which it ceased before; that of two shillings and sixpence upon the exportation of barley ceases so soon as the price rises to twenty-two shillings, instead of twenty-four, the price at which it ceased before; that of two shillings and sixpence upon the exportation of oatmeal ceases so soon as the price rises to fourteen shillings, instead of fifteen, the price at which it ceased before. The bounty upon rye is reduced from three shillings and sixpence to three shillings, and it ceases so soon as the price rises to twenty-eight shillings, instead of thirty-two, the price at which it ceased before. If bounties are as improper as I have endeavoured to prove them to be, the sooner they cease, and the lower they are, so much the better.

The same statute permits, at the lowest prices, the importation of corn, in order to be exported again, duty free, provided it is in the meantime lodged in a warehouse under the joint locks of the king and the importer. This liberty, indeed, extends to no more than twenty-five of the different ports of Great Britain. They are, however, the principal ones, and there may not, perhaps,

be warehouses proper for this purpose in the greater part of the others.

So far, this law seems evidently an improvement upon the ancient system.

But by the same law a bounty of two shillings the quarter is given for the exportation of oats whenever the price does not exceed fourteen shillings. No bounty had ever been given before for the exportation of this grain, no more than for that of pease or beans.

By the same law too, the exportation of wheat is prohibited so soon as the price rises to forty-four shillings the quarter; that of rye so soon as it rises to twenty-eight shillings; that of barley so soon as it rises to twenty-two shillings; and that of oats so soon as they rise to fourteen shillings. These several prices seem all of them a good deal too low, and there seems to be an impropriety, besides, in prohibiting exportation altogether at those precise prices at which that bounty, which was given in order to force it, is withdrawn. The bounty ought certainly either to have been withdrawn at a much lower price, or exportation ought to have been allowed at a much higher.

So far, therefore, this law seems to be inferior to the ancient system. With all its imperfections, however, we may perhaps say of it what was said of the laws of Solon, that, though not the best in itself, it is the best which the interests, prejudices, and temper of the times would admit of. It may perhaps in due time prepare the way for a better.

APPENDIX.

THE two following Accounts are subjoined in order to illustrate and confirm what is said in the Fifth Chapter of the Fourth Book, concerning the Tonnage Bounty to the White Herring Fishery. The reader, I believe, may depend upon the accuracy of both accounts.

An Account of Busses fitted out in Scotland for Eleven Years, with the Number of Empty Barrels carried out, and the Number of Barrels of Herrings caught; also the Bounty at a Medium on each Barrel of Seasteeks, and on each Barrel when fully packed.

Barrels full packed 252,231

Bounty at a medium for each barrel of sea

But a barrel of seasteeks being

two-thirds of a barrel fully packed,

Lo 8 24 only reckoned one-third is de

ducted, which brings the bounty to £0 12 32

And if the herrings are exported, there is besides a premium of

£0 14 113

So that the bounty paid by Government in money for each barrel is But if to this, the duty of the salt usually taken credit for as expended in curing each barrel, which at a medium is of foreign, one bushel and one-fourth of a bushel, at 108. a bushel, be added, viz.

O 12 6

The bounty on each barrel would amount to

£1 7 53

£0 14 112

If the herrings are cured with British salt, it will stand thus, viz. :— Bounty as before

--but if to this bounty the duty on two bushels of Scotch salt at 18. 6d. per bushel, supposed to be the quantity at a medium used in curing each barrel, is added, to wit

The bounty on each barrel will amount to

030

And when buss herrings are entered for home consumption in Scotland, and pay the shilling a barrel of duty, the bounty stands thus, to wit, as before £0 12 33 From which the 18. a barrel is to be deducted

But to that there is to be added again, the duty of the foreign salt used in curing a barrel of herrings, viz.

So that the premium allowed for each barrel of herrings entered for home consumption is

£o 12

If the herrings are cured with British salt, it will stand as follows, viz. :—
Bounty on each barrel brought in by the busses, as above
From which deduct the 18. a barrel paid at the time they are entered
for home consumption

But if to the bounty the duty on two bushels of Scotch salt at 18. 6d. per bushel, supposed to be the quantity at a medium used in curing each barrel, is added, to wit

The premium for each barrel entered for home consumption will be

33

O Ι о

Though the loss of duties upon herrings exported cannot, perhaps, properly be considered as bounty, that upon herrings entered for home consumption certainly may.

An Account of the Quantity of Foreign Salt imported into Scotland, and of Scotch Salt delivered duty free from the Works there for the Fishery, from the 5th of April, 1771, to the 5th of April, 1782, with a Medium of both for one year.

It is to be observed that the bushel of foreign salt weighs 84 lb., that of British salt 56 lb. only.

W

CHAPTER VI.

OF TREATIES OF COMMERCE.

HEN a nation binds itself by treaty either to permit the entry of certain goods from one foreign country which it prohibits from all others, or to exempt the goods of one country from duties to which it subjects those of all others, the country, or at least the merchants and manufacturers of the country, whose commerce is so favoured, must necessarily derive great advantage from the treaty. Those merchants and manufacturers enjoy a sort of monopoly in the country which is so indulgent to them. That country becomes a market both more extensive and more advan