5
peculiarly deficient one; and that the price of corn had risen towards September or October to 90s. a quarter, did you mean to have insisted on your fixed duty of 8s.? (Hear, hear, hear.) That case might have arisen that case was not an improbable one. (Hear, hear, hear.) You want to give security to commerce; what does that mean? That men may speculate in corn (hear, hear, hear) that they may make great gain by pouring in foreign corn when the price in England is at 90s, subject only to a fixed duty of 8s. Of course the principles of free trade require the rigid exaction of that duty. Is there to be a Board of Trade with a discretionary power to remove that duty whenever it thinks fit? (Hear, hear.) That is not one of the principles of free trade. (Hear, hear.) The duty is to be fixed on corn the same as on other articles. I know you will say, that 'the remote consequence of this will be that the price never will be so high.' (Hear.) I admit that that is the opinion of those who contend for the principles of free trade, but I am speaking of the present law. (Hear.) And we have heard nothing of this duty of 8s. being under any circumstances a modified duty. (Hear, hear.) But suppose the fixed duty was coming into operation this year."
*****
"Suppose that had taken place in the month of September or October next, would you then have insisted on your fixed duty of 8s.? (Hear, hear.) Yes, you would. (Laughter.) Then I publicly notify to the country upon the authority of a great manufacturer and stern free trader (hear, hear), that if corn had arrived at a price of 80s, 90s., or 100s., his rigid adherence to the principles of free trade would compel him to exact the duty of 8s."
*****
"It is well to make these magnificent declaralions of strict adherence to principle; but let me tell you, that under the circumstances I have already mentioned, that the duty of 8s. could not be enforced. You would be obliged to provide for some relaxation of the rule, either by Parliament or by some subordinate power. (Hear, hear,) How will you provide for this relaxation? Will you provide that when corn shall arrive at a certain price, then the Council shall have the power, or shall be required, to
