JB_003_265.xml

Title: [18 Decr 1801 Maximum Ulteriora]

Description: 18 Decr 1801

Maximum

Ulteriora

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.

JB_003_268.xml

Title: [19 Decr 1801 Maximum Ulteriora]

Description: 19 Decr 1801

Maximum

Ulteriora

Magazines

2

5

It is not certain that magazines could not be so ordered as to bear /pay/ their

own expence: although it were, and although that expence were to amount to

several millions a year, it need not be grudged. Insurance /Indemnification/

against loss by fire, has been left, as it might be left with safety to

individual foresight /exertion/ /care/: and no one has ever contested the claim

of that anxiety to the name /praise/ of prudence. Security /Insurance/ against

scarcity can not be left with safety to individual exertion: every man may

purchase at an insurance office the sort of security it deals in; every man can

not build a granary, purchase a cargo of corn abroad, and freight a ship with

it. Cost what it will – we can afford to pay for this as well as every other

security that is to be had for money, and we ought to have it. States

comparatively poor, have given /not grudged/ themselves this resource. Shall the

{most opulent}nation most famed for opulence hold herself too poor to purchase

it?+

+ Refer[?] to Genova and quote Render.

JB_003_274.xml

Title: [20 Decr 1801 Maximum Ulteriora]

Description: 20 Decr 1801

Maximum

Ulteriora

Bounty &c […?]

Magazines

1

11

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