4
tages of each system, in the actual circumstances of our present situation, and what are the specific consequences, which may be expected to result from the adoption of either. My main object is to assist in affording the materials for a just and enlightened decision; and, whatever that decision may be, to prevent disappointment, in the event of the effects of the measure not being such as were previously contemplated. Nothing would tend so powerfully to bring the general principles of political economy into disrepute, and to prevent their spreading, as their being supported upon any occasion by reasoning, which constant and unequivocal experience should afterwards prove to be fallacious.
We must begin, therefore, by an inquiry into the truth of Dr. Smith's argument, as we cannot with propriety proceed to the main question, till this preliminary point is settled.
The substance of his argument is, that corn is of so peculiar a nature, that its real price cannot be raised by an increase of its money-price; and that, as it is clearly an increase of real price alone, which can encourage its production, the rise of money-price, occasioned by a bounty, can have no such effect.
It is by no means intended to deny the powerful influence of the price of corn upon the price of labour, on an average of a considerable num-
