The Industrial Revolution

Bibliographic data

Monograph

Identifikator:: 1027928145

URN:: urn:nbn:de:zbw-retromon-159926

Document type:: Monograph

Author:: Cunningham, William http://d-nb.info/gnd/128907487

Title:: The Industrial Revolution

Place of publication:: Cambridge

Publisher:: The University Press

Year of publication:: 1922

Scope:: xxii S., S. 404-886

Digitisation:: 2021

Collection:: Economics Books

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108 LAISSEZ FAIRE A.D. 1776 —1850. / food rom .he relative advantage of organised import on the part of the government?, or of leaving the matter in the hands of private traders acting under the stimulus of a bounty? and it is needless to say that the latter course was preferred. At the same time, attention was given to the possibility of intro- ducing rice®. maize*, or other food stuffs from abroad, and to August and September, about 85,000 barrels; which, added to the importation ‘rom America, will amount to 105,000 barrels.” Reports, IX. p. 126. 1 The Committee in 1795 * proceeded to enquire what measures, in the judg. nent of these persons, afforded the best probability of obtaining such a supply. They thought it right to bring distinctly under their consideration the alternative sf leaving the whole care of such purchases to the Executive Government, who would (it was conceived) be in such case the only purchasers, and be publicly known to be so; or of leaving the same to the speculation of individual merchants, sncouraged by a liberal bounty on importation, and by a public declaration on the sart of Government (as soon as such declaration shall be practicable) of the juentity which they may then have at their disposal, in consequence of former srders, and of their intention to give no further orders for the purchase of Corn, and to sell what may have been procured in limited quantities, and at the market price. It appeared to Your Committee to be the preponderant opinion amongst those persons to whom this alternative was stated, that, upon the whole, the restoration of the trade in Corn to its natural channel, with the additional sncouragement of a bounty, was the most eligible mode of endeavouring to srocure from foreign parts, such supplies as those markets might be found able to tarnish, Your Committee were further confirmed in this opinion by the informa- lion they received from some of their Members, that there were merchants who uad stated to them their readiness, under those circumstances, to engage in speculations to a large extent. After a full consideration and discussion of this important point, Your Committee were of opinion, ‘ That it was expedient for the Executive Government to desist from making any further purchases of Corn; and that a bounty should be granted upon the importation of certain sorts of Grain mto this country, for the encouragement of private speculation’. Reports, IX. p. 45. 1 The payments were considerable, and at least brought temporary relief. The Committee on Waste Lands point out * that the bounties paid on grain imported for one year ending sth of January 1797, amounted to no less a sum than £573,418. 43. 9d., a sum borrowed under all the disadvantages of raising money in ime of war....It is impossible here not to remark an unfortunate prejudice which exists, regarding the expenditure of any part of the public income in promoting the improvement of the country. The sum above-mentioned was paid out of the public treasury by bounty or premium on foreign Corn imported. Had any person proposed to lay out that sum, or even one year’s interest thereof, in promoting cultivation at home, in defraying the expence of private Acts of Inclosure, or removing other obstacles to improvement, it would have been considered an extra- ordinary proposition, hardly entitled to serious consideration. But let that money be sent out of the country, or let it be expended in promoting foreign agriculture and extraneous improvements, and it is immediately held forth as a wise and provident application of the treasure of the Public.” Reports. IX. D. 224. $8 Reports, IX. 92. 4 «The Importation of Indian Corn has also been encouraged by the prospect £ a liberal bounty. The excellence of that grain, as the food of man, cannot be

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