An Essay on the External Corn Trade (Classic Reprint)

Excerpt from An Essay on the External Corn Trade

It was stated in the first edition of this work, that when a tax is imposed on any domestic article, a duty of equal amount should be imposed on the importation of the similar foreign article, and a bounty, also of equal amount, should be granted on the exportation of the One, and the re exportation of the other. This was consi der'ed, in the first instance, as a somewhat startling proposition, and as one savouring, not of the enlightened doctrines of free trade, but rather of the exploded system of legisla tive restriction and encouragement. The principle, however, was adopted by Mr.' Ricardo, in his valuable Treatise on the Protec tion' of Agriculture, who explained and enforced it with his usual ability. It is now generally admitted that this principle, instead of being Opposed to the doctrine of free trade, is part and parcel of that doctrine, inasmuch as it tends to restate that natural equilibrium between the dif ferent branches of industry, which squill brium taxation occasionally disturbs.

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