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are said to do with the spiceries of the Moluccas； to destroy or
throw away a considerable part of it in order to keep up the
price of the rest。 But it is scarce possible； even by the
violence of law； to establish such an extensive monopoly with
regard to corn； and； wherever the law leaves the trade free； it
is of all commodities the least liable to be engrossed or
monopolized by the force of a few large capitals； which buy up
the greater part of it。 Not only its value far exceeds what the
capitals of a few private men are capable of purchasing； but；
supposing they were capable of purchasing it； the manner in which
it is produced renders this purchase practicable。 As in every
civilised country it is the commodity of which the annual
consumption is the greatest； so a greater quantity of industry is
annually employed in producing corn than in producing any other
commodity。 When it first comes from the ground； too； it is
necessarily divided among a greater number of owners than any
other commodity； and these owners can never be collected into one
place like a number of independent manufacturers； but are
necessarily scattered through all the different corners of the
country。 These first owners either immediately supply the
consumers in their own neighbourhood； or they supply other inland
dealers who supply those consumers。 The inland dealers in corn；
therefore； including both the farmer and the baker； are
necessarily more numerous than the dealers in any other
commodity； and their dispersed situation renders it altogether
impossible for them to enter into any general combination。 If in
a year of scarcity； therefore； any of them should find that he
had a good deal more corn upon hand than； at the current price；
he could hope to dispose of before the end of the season； he
would never think of keeping up this price to his own loss； and
to the sole benefit of his rivals and competitors； but would
immediately lower it； in order to get rid of his corn before the
new crop began to come in。 The same motives； the same interests；
which would thus regulate the conduct of any one dealer； would
regulate that of every other； and oblige them all in general to
sell their corn at the price which； according to the best of
their judgment； was most suitable to the scarcity or plenty of
the season。
Whoever examines with attention the history of the dearths
and famines which have afflicted any part of Europe； during
either the course of the present or that of the two preceding
centuries； of several of which we have pretty exact accounts；
will find； I believe； that a dearth never has arisen from any
combination among the inland dealers in corn； nor from any other
cause but a real scarcity； occasioned sometimes perhaps； and in
some particular places； by the waste of war； but in by far the
greatest number of cases by the fault of the seasons； and that a
famine has never arisen from any other cause but the violence of
government attempting； by improper means； to remedy the
inconveniences of a dearth。
In an extensive corn country； between all the different
parts of which there is a free commerce and communication； the
scarcity occasioned by the most unfavourable seasons can never be
so great as to produce a famine； and the scantiest crop； if
managed with frugality and economy； will maintain through the
year the same number of people that are commonly fed on a more
affluent manner by one of moderate plenty。 The seasons most
unfavourable to the crop are those of excessive drought or
excessive rain。 But as corn grows equally upon high and low
lands； upon grounds that are disposed to be too wet； and upon
those that are disposed to be too dry； either the drought or the
rain which is hurtful to one part of the country is favourable to
another； and though both in the wet and in the dry season the
crop is a good deal less than in one more properly tempered； yet
in both what is lost in one part of the country is in some
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。 Bu