wealbk04-第29章

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that　the　price　has　not　been　lowered　in　the　home　market　in

consequence　of　the　buss　bounty。

　　　　　When　the　undertakers　of　fisheries；　after　such　liberal

bounties　have　been　bestowed　upon　them；　continue　to　sell　their

commodity　at　the　same；　or　even　at　a　higher　price　than　they　were

accustomed　to　do　before；　it　might　be　expected　that　their　profits

should　be　very　great；　and　it　is　not　improbable　that　those　of　some

individuals　may　have　been　so。　In　general；　however；　I　have　every

reason　to　believe　they　have　been　quite　otherwise。　The　usual

effect　of　such　bounties　is　to　encourage　rash　undertakers　to

adventure　in　a　business　which　they　do　not　understand；　and　what

they　lose　by　their　own　negligence　and　ignorance　more　than

compensates　all　that　they　can　gain　by　the　utmost　liberality　of

government。　In　1750；　by　the　same　act；　which　first　gave　the　bounty

of　thirty　shillings　the　ton　for　the　encouragement　of　the

white…herring　fishery　（the　23rd　George　II；　c。　24）；　a　joint…stock

company　was　erected；　with　a　capital　of　five　hundred　thousand

pounds；　to　which　the　subscribers　（over　and　above　all　other

encouragements；　the　tonnage　bounty　just　now　mentioned；　the

exportation　bounty　of　two　shillings　and　eightpence　the　barrel；

the　delivery　of　both　British　and　foreign　salt　duty　free）　were；

during　the　space　of　fourteen　years；　for　every　hundred　pounds

which　they　subscribed　and　paid　in　to　the　stock　of　the　society；

entitled　to　three　pounds　a　year；　to　be　paid　by　the

receiver…general　of　the　customs　in　equal　half…yearly　payments。

Besides　this　great　company；　the　residence　of　whose　governor　and

directors　was　to　be　in　London；　it　was　declared　lawful　to　erect

different　fishing…chambers　in　all　the　different　outports　of　the

kingdom；　provided　a　sum　not　less　than　ten　thousand　pounds　was

subscribed　into　the　capital　of　each；　to　be　managed　at　its　own

risk；　and　for　its　own　profit　and　loss。　The　same　annuity；　and　the

same　encouragements　of　all　kinds；　were　given　to　the　trade　of

those　inferior　chambers　as　to　that　of　the　great　company。　The

subscription　of　the　great　company　was　soon　filled　up；　and　several

different　fishing…chambers　were　erected　in　the　different　outports

of　the　kingdom。　In　spite　of　all　these　encouragements；　almost　all

those　different　companies；　both　great　and　small；　lost　either　the

whole；　or　the　greater　part　of　their　capitals；　scarce　a　vestige

now　remains　of　any　of　them；　and　the　white…herring　fishery　is　now

entirely；　or　almost　entirely；　carried　on　by　private　adventurers。

　　　　　If　any　particular　manufacture　was　necessary；　indeed；　for　the

defence　of　the　society；　it　might　not　always　be　prudent　to　depend

upon　our　neighbours　for　the　supply；　and　if　such　manufacture　could

not　otherwise　be　supported　at　home；　it　might　not　be　unreasonable

that　all　the　other　branches　of　industry　should　be　taxed　in　order

to　support　it。　The　bounties　upon　the　exportation　of　British…made

sailcloth　and　British…made　gunpowder　may；　perhaps；　both　be

vindicated　upon　this　principle。

　　　　　But　though　it　can　very　seldom　be　reasonable　to　tax　the

industry　of　the　great　body　of　the　people　in　order　to　support　that

of　some　particular　class　of　manufacturers；　yet　in　the　wantonness

of　great　prosperity；　when　the　public　enjoys　a　greater　revenue

than　it　knows　well　what　to　do　with；　to　give　such　bounties　to

favourite　manufactures　may；　perhaps；　be　as　natural　as　to　incur

any　other　idle　expense。　In　public　as　well　as　in　private　expenses；

great　wealth　may；　perhaps；　frequently　be　admitted　as　an　apology

for　great　folly。　But　there　must　surely　be　something　more　than

ordinary　absurdity　in　continuing　such　profusion　in　times　of

general　difficulty　and　distress。

　　　　　What　is　called　a　bounty　is　sometimes　no　more　than　a

drawback；　and　consequently　is　not　liable　to　the　same　objections

as　what　is　properly　a　bounty。　The　bounty；　for　example；　upon

refined　sugar　exported　may　be　considered　as　a　drawback　of　the

duties　upon　the　brown　and　muscovado　sugars　from　which　it　is　made。

The　bounty　upon　wrought　silk　exported；　a　drawback　of　the　duties

upon　raw　and　thrown　silk　imported。　The　bounty　upon　gunpowder

exported；　a　drawback　of　the　duties　upon　brimstone　and　saltpetre

imported。　In　the　language　of　the　customs　those　allowances　only

are　called　drawbacks　which　are　given　upon　goods　exported　in　the

same　form　in　which　they　are　imported。　When　that　form　has　been　so

altered　by　manufacture　of　any　kind　as　to　come　under　a　new

denomination；　they　are　called　bounties。

　　　　　Premiums　given　by　the　public　to　artists　and　manufacturers

who　excel　in　their　particular　occupations　are　not　liable　to　the

same　objections　as　bounties。　By　encouraging　extraordinary

dexterity　and　ingenuity；　they　serve　to　keep　up　the　emulation　of

the　workmen　actually　employed　in　those　respective　occupations；

and　are　not　considerable　enough　to　turn　towards　any　one　of　them　a

greater　share　of　the　capital　of　the　country　than　what　would　go　to

it　of　its　own　accord。　Their　tendency　is　not　to　overturn　the

natural　balance　of　employments；　but　to　render　the　work　which　is

done　in　each　as　perfect　and　complete　as　possible。　The　expense　of

premiums；　besides；　is　very　trifling；　that　of　bounties　very　great。

The　bounty　upon　corn　alone　has　sometimes　cost　the　public　in　one

year　more　than　three　hundred　thousand　pounds。　

　　　　　　　DIGRESSION　CONCERNING　THE　CORN　TRADE　AND　CORN　LAWS　

　　　　　I　cannot　conclude　this　chapter　concerning　bounties　without

observing　that　the　praises　which　have　been　bestowed　upon　the　law

which　establishes　the　bounty　upon　the　exportation　of　corn；　and

upon　that　system　of　regulations　which　is　connected　with　it；　are

altogether　unmerited。　A　particular　examination　of　the　nature　of

the　corn　trade；　and　of　the　principal　British　laws　which　relate　to

it。　will　sufficiently　demonstrate　the　truth　of　this　assertion。

The　great　importance　of　this　subject　must　justify　the　length　of

the　digression。

　　　　　The　trade　of　the　corn　merchant　is　composed　of　four　different

branches；　which；　though　they　may　sometimes　be　all　carried　on　by

the　same　person；　are　in　their　own　nature　four　separate　and

distinct　trades。　These　are；　first；　the　trade　of　the　inland

dealer；　secondly；　that　of　the　merchant　importer　for　home

consumption；　thirdly；　that　of　the　merchant　exporter　of　home

produce　for　foreign　consumption；　and；　fourthly；　that　of　the

merchant　carrier；　or　of　the　importer　of　corn　in　order　to　export

it　again。

　　　　　I。　The　interest　of　the　inland　dealer；　and　that　of　the　great

body　of　the　people；　how　opposite　soever　they　may　at　first　sight

appear；　are；　even　in　years　of　the　greatest　scarcity；　exactly　the

same。　It　is　his　interest　to　raise　the　price　of　his　corn　as　high

as　the　real　scarcity　of　the　season　requires；　and　it　can　never　be

his　interest　to　raise　it　higher。　By　raising　the　price　he

discourages　the　consumption；　and　puts　everybody　more　or　less；　but

particularly　the　inferior　ranks　of　people；　upon　thrift　and　good

management。　If；　by　raising　it　too　high；　he　discourages　the

consumption　so　much　that　the　supply　of　the　season　is　likely　to　go

beyond　the　consumption　of　the　season；　and　to　last　for　some　time

after　the　next　crop　begins　to　come　in；　he　runs　the　hazard；　not

only　of　losing　a　considerable　part　of　his　corn　by　natural　causes；

but　of　being　obliged　to　sell　what　remains　of　it　for　much　less

than　what　he　might　have　had　for　it　several　months　before。　If　by

not　raising　the　price　high　enough　he　discourages　the　consumption

so　little　that　the　supply　of　the　season　is　likely　to　fall　short

of　the　consumption　of　the　season；　he　not　only　loses　a　part　of　the

profit　which　he　might　otherwise　have　made；　but　he　exposes　the

people　to　suffer　before　the　end　of　the　season；　instead　of　the

hardships　of　a　dearth；　the　dreadful　horrors　of　a　famine。　It　is

the　interest　of　the　people　that　their　daily；　weekly；　and　monthly

consumption　should　be　proportioned　as　exactly　as　possible　to　the

supply　of　the　season。　The　interest　of　the　inland　corn　dealer　is

the　same。　By　supplying　them；　as　nearly　as　he　can　judge；　in　this

proportion；　he　is　likely　to　sell　all　his　corn　for　the　highest

price；　and　with　the　greatest　profit；　and　his　knowledge　of　the

state　of　the　crop；　a