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which, under the judicious regulations of a former system, wasthe case for almost a century. Nothing can be more ruinous,more especially to the middling and lower classes of the commu-nity, than great fluctuations in price. They are unable in thatcase to apportion their expenditure to their income. When grainis uncommonly cheap, manufacturers are apt to give up regularlabour, and to devote a considerable portion of their time toidleness and extravagance, greatly to their own injury, and tothe loss of their employers. On the other hand, when the pricesrise, their misery is extreme. But when, by judicious regula-tions, the price is steady , it is their own fault if their situation isnot uniformly comfortable.
3. The third object is, “ To give domestic a decided preferenceover foreign industry. ” The manufacturing and commercial in-terests violently contend for this principle, when it suits theirown interest; but oppose it, with equal violence, when theythink it is not for their advantage. For instance, they say,
* Prohibit the exportation of British wool; give a decided prefer-
* ence to British shipping ; lay duties upon all foreign manufactures,
* as woollens, cottons, silks, linens, china, fyc. Secure to us the mo-
* nopoly of the home market for every article we can produce ; but
* whilst we receive these advantages, let the importation of foreign
* corn be encouraged, without regarding the effect it may have on the
* industry of the British farmer. ’ But is this just and equit-able ? If any peculiar encouragement should be given, eitherto the agricultural or manufacturing classes of the community,the preference ought assuredly to be given to the former, who arein a manner fixed to the soil, whereas the latter may abandon it■whenever they think it for their advantage, and settle in othercountries. Let no peculiar advantage, however, be given tocither; only let the same principle, of' reciprocal preference, beenforced in both cases.
4. The landed interest are also entitled to be indemnified, forthe losses they have sustained, in supporting the manufacturingand commercial classes. The immense load of national debt,and the heavy taxes thence originating, have in a great degreeproceeded from an anxiety to promote commerce, and to pro-cure markets for our manufacturing industry. How many mil-lions has it not cost the landed interest, to establish distant co-lonies, and to maintain fleets and armies for their defence, chief-ly for the purposes of trade, and the consumption of our manu-factures ? But though the landed interest have suffered so es-sentially by these means, it is contended, that they are not toreceive any indemnification for those losses. Their incomes areto remain stationary, whilst they are to be loaded with all the ex-penses of commercial warfare.
5. In a prosperous country, the value of money, as the medi-um of exchange, is perpetually diminishing. The price of la-bour, and of every article of consumption, rises accordingly;