date

18 Decr 1801 Maximum Ulteriora
18 Decr 1801

Maximum

Ulteriora

3

Importation as a permanent and constant recourse is another recourse essentially

inadequate, because it supposed a constant surplus, constantly at our command,

and adequate to our encreasing wants. The recent inadequateness of it matter of

experience: it has been grievously expensive, and still inadequate. Relying on

it, we remain in a state of continual dependence for our daily bread: the state

whatever it may be, from which we draw the largest portion of our supply, has us

in its power /at its mercy/. The system pursued till within these | | years the

system of bounties on exportation, supposed a /an habitual/ deficiency of corn

in the rest of the commercial world: the system of importation supposes an

habitual redundance. Both suppositions are random ones: both can not be true at

the same time: but the risk attendant on the former is as nothing in comparison

of that attendant on the latter. Quantity for quantity to fail of filling up a

deficiency is a much worse misfortune than to fail of getting rid of a

redundance /superfluity/ upon advantageous terms: and the superfluity formerly

got rid of was but a small part of the deficiency of late endeavoured and in

vain to be filled up. Measure for this purpose has never yet been taken of the

commercial world: the world is a large place and corn in abundance grows in it

further than this calculation has not /scarce/ extended, greater precision than

this calculations have /has/ never aimed at.
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    Description: 20 Decr 1801

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    Bounty &c […?]

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    I have heard of a plan for ordering /an intention so to order/ matters that /an

    arrangement by which/ the price of wheat shall be made or at least permitted to

    rise as high as 10s a bushel, I suppose by restraint on importation till it has

    arrived at that mark: and I have heard that price admitted to be sufficient,

    though not more than sufficient, but the means insufficient, unless a bounty on

    export be of the number.

    If what is above observed respecting the want of land be just, that or any still

    higher price with or without the /a/ bounty will be inadequate, and if a bounty

    be given, the amount of it will be so much thrown away. The quantity of

    cultivated land not being augmented, or at least not being augmented in

    proportion to the existing deficiency of corn /agricultural produce/, added to

    the growing superflux of population, whatever quantity is added to corn will be

    so much taken from other produce. As to the bounty so much as it amounts

    /amounted/ to , by so much would the scarcity and price of the aggregate of all

    agricultural produce taken together be enhanced. So much more corn as was

    produced in consequence so much less of other agricultural produce would be

    producible by the same land: and of the extra quantity of corn produced, a part

    at least is proposed to be and by the supposition must be, exported /sent/ out

    of the country. What part and what proportion it may bear to the whole

    extra
  • Title: [18 Decr 1801 Maximum Ulteriora]
    Description: 18 Decr 1801

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    2

    The dearness has for its ulterior cause exuberance – habitual and indefensibly

    increasing exuberance – of money – of money of the primary sort, by the too

    rapid importation of the pretious metals its materials: the materials of which

    it is composed: of money of the secondary sort, by the unlimited creation of it.

    In regard to scarcity two remedies commonly relied on as sufficient are

    essentially inadequate: cultivation of waste, and importation, with or without

    bounties: in the ordinary course of trade that is /I mean/ by individuals on

    their own account, taking their chance in respect to sale and price: two others

    commonly shrunk from: but the only ones upon which any safe reliance can be

    placed: magazines, in public account, and facility afforded allowance

    /allowance/ declaredly and liberally given to exportation of capital and

    emigration.

    By inadequate in speaking of eaters[?] of waste I certainly do not mean

    undesirable: but where is the resource when all shall have been brought into

    culture? a state of things which many /some persons/ now living may perhaps live

    to see. The period arrival of the period /times/ is an event worth calculation,

    but is not a fit place. In the mean time encrease of mouths is going on, as fast

    perhaps as the encrease of land in a state to feed them.
  • Title: [18 Decr 1801 Maximum Ulteriora]
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    Render

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    The following passage, from a work just published by Dr Render, points to facts,

    in their own nature notorious /matters of notoriety/, and such as at least may

    be worth enquiry.