date

20 Dec.r 1801 Maximum Ulteriora
20 Dec.r 1801

Maximum

Ulteriora

Bounty &c […?]

Magazines

2

12

produce, the expected fruit of the bounty, is what I will not pretend to give the

most random guess at: any more than what it would be necessary the bounty should

be in order to pay foreigners for coming for their corn to a country labouring

under an habitual dearth and scarcity. Produce, I am aware, may be augmented in

certain circumstances, otherwise than by augmenting the quantity of land in

culture. The quantity of mineral manure and labour might be encreased at any

time; the quantity of vegetable and animal manure might be encreased in time.

But the addition from this source to the means of produce (without addition to

land) would take place in regard to such lands as were understocked /the bounty

should find understocked/ with capital at that time: besides that a part of it

would even in that case be added by the farmer to his fund /provision/ of

present stock of instruments of present enjoyment – to the unproductive part of

his expenditure: whereas the bounty will /would/ be received as well for the

produce of land unsusceptible of further improvement, as for the produce of the

most improvable and scantily stocked lands.

Insufficient against scarcity, these enhancements of the prices of corn will be

still more palpably so against dearth, against enhancements of the aggregate of

prices of all sorts of things taken together: for stopping the augmentation of

the aggregate of prices – that is the depretiation /decrease/ of the value of

money as applied to the purchase of vendible things of all sorts, there is but

one course to take, which is to stop the augmentation in the quantity of it.
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  • 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
  • Title: [19 Dec.r 1801 Maximum Ulteriora]
    Description: 19 Dec.r 1801

    Maximum

    Ulteriora

    Magazines necessity of

    {4}

    4

    It is necessary /true/ to cast off prejudices /antipathies and panics/ of all

    sorts, and look difficulties in the face. Subsistence must remain for ever

    precarious, or magazines must be established. Wheat with the inferior grains

    rather than […?]-rice {I should suppose} from Hindostan would stand clearest of

    objection. The objections that have been urged against magazines are strong,

    perhaps conclusive. But they all turn upon a state of things in which we have

    ceased /out of which we have emerged/, and in which nothing but some unexampled

    calamity can replace us. They turn upon a /an habitual/ sufficiency either

    actual or possible, of the average stock of grain for the stock of /subsistence

    of/ inhabitants. With us, barring calamity as above or emigration to an

    unexampled and improbable amount, the very possibility of such a sufficiency is

    gone for ever. Population has already outstripped culture. Population having no

    limit, so long as food is to be had from abroad in exchange for wealth – that

    culture should ever again keep pace with it /it should ever be overtaken by

    culture/ seems altogether improbable, that it should long continue so to do is,

    unless contiguous land were to arise out of the sea, impossible.
  • 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.