Page:Indian Journal of Economics Volume 2.djvu/530

 'HOMP$OI even seems possibl'e that the evils of an export duty on grain might be avoided by using a sliding scale, there beiug no duty when the price is low, and the duty gradually increasing with the rise in prices. The Mercantilists in England used a sliding scale for the import of corn (this of course decreasing as prices roge). In this they were wiser than the more recent protectionists. all the good there is in of the evils by nations of the suffered accomplished by fairly low and observing West who India can probably obtain protection and avoid the experiences of from these policies. keeping the supplementing most those have both benefitted aud I believe this could be general import. duty it by subsidies to particular industries which should decrease rela- tively to the increase in the size and srength of, the industry. In the second group importance of Gold Wealth, the and Balance oJ of ideas, relating bo the Silver as the chief form of Trade and the exaltation of Forth Trade over Home Trade, the agreement is not so unanimous. It appears that India's heart accepts the Mercantilist against them. Thus gold chief form of wealth. consists of the sum not considered as ideas, while her head argues considered by It is total of important as food. any writer the recognized that wealth commodities. Gold is It is polllied is not out that the so-called which should have fed It is said that the gold "drain" is in the form of food the poverty-stricken millions. which comes into India is useless; been better. The being Bullionisis. only raises the prices, machinery would have students of India are far from But even they cannot escape from the old glamor of gold. The first English Mercan- tilists who opposed the Bullionisis (and argued