12 Decr 1801

Maximum

Beginning

3

I do not believe in the existence of combination in any instance. I do not mean /not/ that were evidence to present itself, I should be at all disinclined to believe /listen to/ it: but as from the nature of the case it is that sort of fact which I should not expect to see exist, it is of course that sort of fact which I should not expect to see made out by evidence.

The very enormity of the heighth to which we have seen the prices rise is to /in/ my view of the matter an argument against the improbability of any such combination. On the supposition of a combination, I find it difficult to conceive how it should have ever fallen so much even to the too high mark to which we have seen it fall, or how it should ever have risen so high as we have seen it rise. {Remorse, fear of popular censure and legal punishment out of the question, personal prudence must I think have been sufficient to prevent any individual farmer or dealer from proposing at the beginning of the season any such price as the £8 or £9 a quarter we have seen it rise to. Consistently with personal prudence a man could not at the commencement of the scarcity – when wheat was at 50s or 60s a quarter enter into /build upon/ engagements calculated upon any such price as 170 or 180.}

[marginal note:] Distinguish between the Farmer & the Dealer