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and it will perhaps be somewhat difficult to persuade the greater
part of them that this is not rendering them a very considerable
service。 But if this money sinks in its value； in the quantity of
labour； provisions； and homemade commodities of all different
kinds which it is capable of purchasing as much as it rises in
its quantity； the service will be little more than nominal and
imaginary。
There is； perhaps； but one set of men in the whole
commonwealth to whom the bounty either was or could be
essentially serviceable。 These were the corn merchants； the
exporters and importers of corn。 In years of plenty the bounty
necessarily occasioned a greater exportation than would otherwise
have taken place； and by hindering the plenty of one year from
relieving the scarcity of another； it occasioned in years of
scarcity a greater importation than would otherwise have been
necessary。 It increased the business of the corn merchant in
both； and in years of scarcity； it not only enabled him to import
a greater quantity； but to sell it for a better price； and
consequently with a greater profit than he could otherwise have
made； if the plenty of one year had not been more or less
hindered from relieving the scarcity of another。 It is in this
set of men； accordingly； that I have observed the greatest zeal
for the continuance or renewal of the bounty。
Our country gentlemen； when they imposed the high duties
upon the importation of foreign corn； which in times of moderate
plenty amount to a prohibition； and when they established the
bounty； seem to have imitated the conduct of our manufacturers。
By the one institution； they secured to themselves the monopoly
of the home market； and by the other they endeavoured to prevent
that market from ever being overstocked with their commodity。 By
both they endeavoured to raise its real value； in the same manner
as our manufacturers had； by the like institutions； raised the
real value of many different sorts of manufactured goods。 They
did not perhaps attend to the great and essential difference
which nature has established between corn and almost every other
sort of goods。 When； either by the monopoly of the home market；
or by a bounty upon exportation； you enable our woollen or linen
manufacturers to sell their goods for somewhat a better price
than they otherwise could get for them； you raise； not only the
nominal； but the real price of those goods。 You render them
equivalent to a greater quantity of labour and subsistence； you
increase not only the nominal； but the real profit； the real
wealth and revenue of those manufacturers； and you enable them
either to live better themselves； or to employ a greater quantity
of labour in those particular manufactures。 You really encourage
those manufactures； and direct towards them a greater quantity of
the industry of the country than what would probably go to them
of its own accord。 But when by the like institutions you raise
the nominal or money…price of corn； you do not raise its real
value。 You do not increase the real wealth； the real revenue
either of our farmers or country gentlemen。 You do not encourage
the growth of corn because you do not enable them to maintain and
employ more labourers in raising it。 The nature of things has
stamped upon corn a real value which cannot be altered by merely
altering its money price。 No bounty upon exportation； no monopoly
of the home market； can raise that value。 The freest competition
cannot lower it。 Through the world in general that value is equal
to the quantity of labour which it can maintain； and in every
particular place it is equal to the quantity of labour which it
can maintain in the way； whether liberal； moderate； or scanty； in
which labour is commonly maintained in that place。 Woollen or
linen cloth are not the regulating commodities by which the real
value of all other commodities must be finally measured and
determined； corn is。 The real value of every other commodity is
finally measured and determined by the proportion which its
average money price bears to the average money price of corn。 The
real value of corn does not vary with those variations in its
average money price； which sometimes occur from one century to
another。 It is the real value of silver which varies with them。
Bounties upon the exportation of any homemade commodity are
liable； first to that general objection which may be made to all
the different expedients of the mercantile system； the objection
of forcing some part of the industry of the country into a
channel less advantageous than that in which it would run of its
own accord： and； secondly； to the particular objection of forcing
it； not only into a channel that is less advantageous； but into
one that is actually disadvantageous； the trade which cannot be
carried on but by means of a bounty being necessarily a losing
trade。 The bounty upon the exportation of corn is liable to this
further objection； that it can in no respect promote the raising
of that particular commodity of which it was meant to encourage
the production。 When our country gentlemen； therefore； demanded
the establishment of the bounty； though they acted in imitation
of our merchants and manufacturers； they did not act with that
complete comprehension of their own interest which commonly
directs the conduct of those two other orders of people。 They
loaded the public revenue with a very considerable expense； they
imposed a very heavy tax upon the whole body of the people； but
they did not； in any sensible degree； increase the real value of
their own commodity； and by lowering somewhat the real value of
silver； they discouraged in some degree； the general industry of
the country； and； instead of advancing； retarded more or less the
improvement of their own lands； which necessarily depends upon
the general industry of the country。
To encourage the production of any commodity； a bounty upon
production； one should imagine； would have a more direct
operation than one upon exportation。 It would； besides； impose
only one tax upon the people； that which they must contribute in
order to pay the bounty。 Instead of raising； it would tend to
lower the price of the commodity in the home market； and thereby；
instead of imposing a second tax upon the people； it might； at
least； in part； repay them for what they had contributed to the
first。 Bounties upon production； however； have been very rarely
granted。 The prejudices established by the commercial system have
taught us to believe that national wealth arises more immediately
from exportation than from production。 It has been more favoured
accordingly； as the more immediate means of bringing money into
the country。 Bounties upon production； it has been said too； have
been found by experience more liable to frauds than those upon
exportation。 How far this is true； I know not。 That bounties upon
exportation have been abused to many fraudulent purposes is very
well known。 But it is not the interest of merchants and
manufacturers； the great inventors of all these expedients； that
the home market should be overstocked with their goods； an event
which a bounty upon production might sometimes occasion。 A bounty
upon exportation； by enabling them to send abroad the surplus
part； and to keep up the price of what remains in the home
market； effectually prevents this。 Of all the expedients of the
mercantile system； accordingly； it is the one of which they are
the fondest。 I have known the different undertakers of some
particular works agree privately among themselves to give a
bounty out of their own pockets upon the exportation of a certain
proportion of the goods which they dealt in。 This expedient
succeeded so well that it more than doubled the price of their
goods in the home market； notwithstanding a very considerable
increase in the produce。 The operation of the bounty upon corn
must have been wonderfully different if it has lowered the money
price of that commodity。
Something like a bounty upon production； however； has been
granted upon some particular occasions。 The tonnage bounties
given to the white…herring and whale fisheries may； perhaps； be
considered as somewhat of this nature。 They tend directly； it may
be supposed； to render the goods cheaper in the home market than
they otherwise would be。 In other respects their effects； it must
be acknowledged； are the same as those of bounties upon
exportation。 By means of them a part of the capital of the
country is employed in bringing goods to market； of which the
price does not repay the cost together with the ordinary profits
of stock。
But though the tonnage bounties of those fisheries do not
contribute to the opulence of the nation； it may perhaps be
thought that they contribute to its defence by augmenting the
number of its sailors and shipping。 This； it may be alleged； may
sometimes be done by means of such bounties at a much smaller
expense than by keeping up a great standing navy； if I may use
such an expression； in the same way