But the excellence of the method on a proper soil, and conducted by husbandmen, of whom there are few, being readily granted, how, and on what conditions, is this culture obtained? Why, by a very great increase of labor: by an augmentation of the third part, at least, of the hand-labor, to say nothing of the horses and machinery employed in ordinary tillage. Now every man must be sensible how little becoming the gravity of legislature it is to encourage a board which recommends to us, and upon very weighty reasons unquestionably, an enlargement of the capital we employ in the operations of the hand, and then to pass an act which taxes that manual labor, already at a very high rate,—thus compelling us to diminish the quantity of labor which in the vulgar course we actually employ.
What is true of the farmer is equally true of the middle-man,—whether the middle-man acts as factor, jobber, salesman, or speculator, in the markets of grain. These traders are to be left to their free course; and the more they make, and the richer they are, and the more largely they deal, the better both for the farmer and consumer, between whom they form a natural and most useful link of connection,—though by the machinations of the old evil counsellor, Envy, they are hated and maligned by both parties.
I hear that middle-men are accused of monopoly. Without question, the monopoly of authority is, in every instance and in every degree, an evil; but the monopoly of capital is the contrary. It is a great benefit, and a benefit particularly to the poor. A tradesman who has but a hundred pound capital, which (say) he can turn but once a year, cannot live upon a profit of ten per cent, because he cannot live upon ten pounds a year; but a man of ten thousand pounds capital can live and thrive upon five per cent profit in the year, because he has five hundred pounds a year. The same proportion holds in turning it twice or thrice. These principles are plain and simple; and it is not our ignorance, so much as the levity, the envy, and the malignity of our nature, that hinders us from perceiving and yielding to them: but we are not to suffer our vices to usurp the place of our judgment.
The balance between consumption and production makes price. The market settles, and alone can settle, that price. Market is the meeting and conference of the consumer and producer, when they mutually discover each other's wants. Nobody, I believe, has observed with any reflection what market is, without being astonished at the truth, the correctness, the celerity, the general equity, with which the balance of wants is settled. They who wish the destruction of that balance, and would fain by arbitrary regulation decree that defective production should not be compensated by increased price, directly lay their axe to the root of production itself. They may, even in one year of such false policy, do mischiefs incalculable; because the trade of a farmer is, as I have before explained, one of the most precarious in its advantages, the most liable to losses, and the least profitable of any that is carried on. It requires ten times more of labor, of vigilance, of attention, of skill, and, let me add, of good fortune also, to carry on the business of a farmer with success, than what belongs to any other trade.
Seeing things in this light, I am far from presuming to censure the late circular instruction of Council to lord-lieutenants, but I confess I do not clearly discern its object. I am greatly afraid that the inquiry will raise some alarm, as a measure leading to the French system of putting corn into requisition. For that was preceded by an inquisition somewhat similar in its principle, though, according to their mode, their principles are full of that violence which here is not much to be feared. It goes on a principle directly opposite to mine: it presumes that the market is no fair test of plenty or scarcity. It raises a suspicion, which may affect the tranquillity of the public mind, "that the farmer keeps back, and takes unfair advantages by delay"; on the part of the dealer, it gives rise obviously to a thousand nefarious speculations.
In case the return should on the whole prove favorable, is it meant to ground a measure for encouraging exportation and checking the import of corn? If it is not, what end can it answer? And I believe it is not.
This opinion may be fortified by a report gone abroad, that intentions are entertained of erecting public granaries, and that this inquiry is to give government an advantage in its purchases.
I hear that such a measure has been proposed, and is under deliberation: that is, for government to set up a granary in every market-town, at the expense of the state, in order to extinguish the dealer, and to subject the farmer to the consumer, by securing corn to the latter at a certain and steady price.
If such a scheme is adopted, I should not like to answer for the safety of the granary, of the agents, or of the town itself in which the granary was erected: the first storm of popular frenzy would fall upon that granary.
So far in a political light.