Page:Vindication of a fixed duty on corn.djvu/26

20 But, perhaps, by a "time of abundance" is meant a time of abundance abroad as well as at home be it so the protection still exists, a duty of 10s. establishes the equality of the cost of production, and the farmer would have no right to complain if the usual importation still took place. In point of fact, however, it does not appear that, our own harvest being superabundant and the price proportionably low, foreign corn would be brought into consumption; the lowest prices quoted in the range of the ten years, whether at Danzic, Petersburg, or Odessa, would not have permitted a profitable importation (subject to a 10s. duty) while the price of 1835 existed here. But a low price at the ports in question, in the absence of a demand for this country, is no evidence of the price at which a supply might be purchased, and it is certain than in a time of stagnation the price would be very materially raised by a demand for even 20,000 quarters.

So much for the "ruin of the farmer and labourer! in time of abundance." But, "if in time of scarcity (says Sir James Graham), you demand a fixed duty, what becomes of cheap