An introduction to political economy

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1877 Excerpt: ...it bore any duty at all. It was first dutied in 1816. The steadiness of prices under free trade as compared with their variability under protection is exceedingly well illustrated also in the prices of breadstuffs in Great Britain before and since the abolition of the corn-laws. The corn-laws were protection applied to British agriculturists in the shape of heavy duties levied on the importation of foreign grain; after a good season, grain was reasonably cheap, the presumption being that the islands could feed their own population in the good years; but after a bad harvest or two, prices rose frightfully, poor people starved, food had to be imported and pay the duties, and domestic grain rose of course to the price of the foreign with duties added. In March, 1801, wheat in England was 156 shillings a quarter, barley 90s., and oats 47s. In August, 1812, wheat was 155s., while in July, 1814, it was only 68s. Such alternations in the price of. food are fearful, and are the natural result of such protective legislation; while, since the trade in corn has been free, the price never varies more than a few pence to the bushel, because any deficiency in the native harvest is instantly supplied from the United States or from the Baltic provinces. Free trade gives stability to all costs of production, and to all prices, so far as it is possible in the nature of things to have stability in values. The commerce of the world is like the tides of the ocean,--apparently disturbing, yet really regulating, the natural level. 6. Free trade is the friend of the so-called laboring classes, while protection is their enemy. This might be inferred with certainty from the nature of the case, even if experience had not confirmed it over and over again. The value of things produced ...