002

THE NATURE AND CAUSES OE

wealth and prosperity, but of surmounting a hundred imper-tinent obstructions with which the folly of human laws toooften encumbers its operations; though the effect of these ob-structions is always more or less either to encroach upon itsfreedom, or to diminish its security. In Great Britain in-dustry is perfectly secure; and though it is far from beingperfectly free, it is as free or freer than in any other part ofEurope .

Though the period of the greatest prosperity and improve-ment of Great Britain has been posterior to that system oflaws which is connected with the bounty, we must not upoivthat account impute it to those laws. It has been posteriorlikewise to the national debt. But the national debt hasmost assuredly not been the cause of it.

Though the system of laws which is connected with thebounty, has exactly the same tendency with the police ofSpain and Portugal ; to lower somewhat the value of theprecious metals in the country where it takes place; yetGreat Britain is certainly one of the richest countries in Eu-rope, while Spain and Portugal are perhaps among the mostbeggarly. This difference of situation, however, may easilybe accounted for from two different causes. First, the tax inSpain, the prohibition in Portugal of exporting gold andsilver, and the vigilant police which watches over the exe-cution of those laws, must, in two very poor countries, whichbetween them import annually upwards of six millions ster-ling, operate, not only more directly, but much more forciblyin reducing the value of those metals there, than the cornlaws can do in Great Britain . And, secondly, this bad po-licy is not in those countries counterbalanced by the generalliberty and security of the people. Industry is there neitherfree nor secure, and the civil and ecclesiastical governmentsof both Spain and Portugal , are such as would alone be suf-ficient to perpetuate their present state of poverty, even thoughtheir regulations of commerce were as wise as the greaterpart of them are absurd and foolish.

The 13th of the present king, c. 43. seems to have esta-blished a new system with regard to the corn law r s, in manyrespects better than the ancie^f one, but in one or two re-spects perhaps not quite so good.

By this statute the high duties upon importation forborneconsumption are taken off so soon as the price of middlingwheat rises to forty-eight shillings the quarter ; that of mid-