A.D. 1776 
-1850. 
er: 1791. 
LAISSEZ FAIRE 
hide, is of little value, compared to the carcase that was 
inclosed in it. Besides, the produce is not the only circum- 
stance to be considered: that produce, by the art of the 
manufacturer, may be made infinitely more valuable than it 
originally was. For instance: If Great Britain, by improving 
its wool, either in respect to quantity or quality, could add a 
million to the rent-rolls of the proprietors of the country, 
that, according to the common ideas upon the subject, is all 
the advantage that would be derived from the improvement: 
but that is far from being all, the additional income to the 
landlord could only arise from at least twice the additional 
produce to the farmer; consequently, the total value of the 
wool could not be estimated at less than two millions: and 
as the manufacturer by his art would treble the value of raw 
material, the nation would be ultimately benefited in the 
amount of six millions per annum. It is thus that internal 
improvements are so infinitely superior, in point of solid 
profit, to that which foreign commerce produces. In the one 
case, lists of numerous vessels loaded with foreign com- 
modities, and the splendid accounts transmitted from the 
Custom House, dazzle and perplex the understanding; whereas, 
in the other case, the operation goes on slowly, but surely. 
The nation finds itself rich and happy; and too often attributes 
that wealth and prosperity to foreign commerce and distant 
possessions, which properly ought to be placed to the account 
of internal industry and exertion. It is not meant by these 
observations to go the length that some might contend for; 
namely, to give any check to foreign commerce, from which 
so much public benefit is derived; but it surely is desirable 
that internal improvement should at least be considered as 
an object fully as much entitled to attention as distant 
speculations, and, when they come into competition, evidently 
50 be preferred.” So far as external commerce is concerned 
effect had been given to these views by the Act of 17913 
which repealed all the existing corn laws; it aimed at 
keeping the price ranging between 46s. and 54s. the quarter. 
A bounty of 5s. was to be paid on the export of wheat when 
i Reports, Ix. pp. 209-210. 
3 31 Geo. III. c. 80. On the working of this measure see Reports, 1803-4. 
7. 699, 793, and the amending Act of 1804, 44 Geo. IIL. c. 109.