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measure compensated by what is gained in the other。 In rice
countries； where the crop not only requires a very moist soil；
but where in a certain period of its growing it must be laid
under water； the effects of a drought are much more dismal。 Even
in such countries； however； the drought is； perhaps； scarce ever
so universal as necessarily to occasion a famine； if the
government would allow a free trade。 The drought in Bengal； a few
years ago； might probably have occasioned a very great dearth。
Some improper regulations； some injudicious restraints imposed by
the servants of the East India Company upon the rice trade；
contributed； perhaps； to turn that dearth into a famine。
When the government； in order to remedy the inconveniences
of a dearth； orders all the dealers to sell their corn at what it
supposes a reasonable price； it either hinders them from bringing
it to market； which may sometimes produce a famine even in the
beginning of the season； or if they bring it thither； it enables
the people； and thereby encourages them to consume it so fast as
must necessarily produce a famine before the end of the season。
The unlimited； unrestrained freedom of the corn trade； as it is
the only effectual preventative of the miseries of a famine； so
it is the best palliative of the inconveniences of a dearth； for
the inconveniences of a real scarcity cannot be remedied； they
can only be palliated。 No trade deserves more the full protection
of the law； and no trade requires it so much； because no trade is
so much exposed to popular odium。
In years of scarcity the inferior ranks of people impute
their distress to the avarice of the corn merchant； who becomes
the object of their hatred and indignation。 Instead of making
profit upon such occasions； therefore； he is often in danger of
being utterly ruined； and of having his magazines plundered and
destroyed by their violence。 It is in years of scarcity； however；
when prices are high； that the corn merchant expects to make his
principal profit。 He is generally in contract with some farmers
to furnish him for a certain number of years with a certain
quantity of corn at a certain price。 This contract price is
settled according to what is supposed to be the moderate and
reasonable； that is； the ordinary or average price； which before
the late years of scarcity was commonly about eight…and…twenty
shillings for the quarter of wheat； and for that of other grain
in proportion。 In years of scarcity； therefore； the corn merchant
buys a great part of his corn for the ordinary price； and sells
it for a much higher。 That this extraordinary profit； however； is
no more than sufficient to put his trade upon a fair level with
other trades； and to compensate the many losses which he sustains
upon other occasions； both from the perishable nature of the
commodity itself； and from the frequent and unforeseen
fluctuations of its price； seems evident enough； from this single
circumstance； that great fortunes are as seldom made in this as
in any other trade。 The popular odium； however； which attends it
in years of scarcity； the only years in which it can be very
profitable； renders people of character and fortune averse to
enter into it。 It is abandoned to an inferior set of dealers； and
millers； bakers； mealmen； and meal factors； together with a
number of wretched hucksters； are almost the only middle people
that； in the home market； come between the grower and the
consumer。
The ancient policy of Europe； instead of discountenancing
this popular odium against a trade so beneficial to the public；
seems； on the contrary； to have authorized and encouraged it。
By the 5th and 6th of Edward VI； c。 14； it was enacted that
whoever should buy any corn or grain with intent to sell it
again； should be reputed an unlawful engrosser； and should； for
the first fault； suffer two months' imprisonment； and forfeit the
value of the corn； for the second； suffer six months'
imprisonment； and forfeit double the value； and for the third； be
set in the pillory； suffer imprisonment during the king's
pleasure； and forfeit all his goods and chattels。 The ancient
policy of most other parts of Europe was no better than that of
England。
Our ancestors seem to have imagined that the people would
buy their corn cheaper of the farmer than of the corn merchant；
who； they were afraid； would require； over and above the price
which he paid to the farmer； an exorbitant profit to himself。
They endeavoured； therefore； to annihilate his trade altogether。
They even endeavoured to hinder as much as possible any middle
man of any kind from coming in between the grower and the
consumer； and this was the meaning of the many restraints which
they imposed upon the trade of those whom they called kidders or
carriers of corn； a trade which nobody was allowed to exercise
without a licence ascertaining his qualifications as a man of
probity and fair dealing。 The authority of three justices of the
peace was； by the statute of Edward VI； necessary in order to
grant this licence。 But even this restraint was afterwards
thought insufficient； and by a statute of Elizabeth the privilege
of granting it was confined to the quarter…sessions。
The ancient policy of Europe endeavoured in this manner to
regulate agriculture； the great trade of the country； by maxims
quite different from those which it established with regard to
manufactures； the great trade of the towns。 By leaving the farmer
no other customers but either the consumers or their immediate
factors； the kidders and carriers of corn； it endeavoured to
force him to exercise the trade； not only of a farmer； but of a
corn merchant or corn retailer。 On the contrary； it in many cases
prohibited the manufacturer from exercising the trade of a
shopkeeper； or from selling his own goods by retail。 It meant by
the one law to promote the general interest of the country； or to
render corn cheap； without； perhaps； its being well understood
how this was to be done。 By the other it meant to promote that of
a particular order of men； the shopkeepers； who would be so much
undersold by the manufacturer； it was supposed； that their trade
would be ruined if he was allowed to retail at all。
The manufacturer； however； though he had been allowed to
keep a shop； and to sell his own goods by retail； could not have
undersold the common shopkeeper。 Whatever part of his capital he
might have placed in his shop； he must have withdrawn it from his
manufacture。 In order to carry on his business on a level with
that of other people； as he must have had the profit of a
manufacturer on the one part； so he must have had that of a
shopkeeper upon the other。 Let us suppose； for example； that in
the particular town where he lived； ten per cent was the ordinary
profit both of manufacturing and shopkeeping stock； he must in
this case have charged upon every piece of his own goods which he
sold in his shop； a profit of twenty per cent。 When he carried
them from his workhouse to his shop； he must have value