On the other hand, those who contend for a continuance and increase
of restrictions upon importation, must not imagine that the present
state of agriculture and its present rate of eminence can be
maintained without injuring other branches of the national industry.
It is certain that they will not only be injured, but that they will
be injured rather more than agriculture is benefited; and that a
determination at all events to keep up the prices of our corn might
involve us in a system of regulations, which, in the new state of
Europe which is expected, might not only retard in some degree, as
hitherto, the progress of our foreign commerce, but ultimately begin
to diminish it; in which case our agriculture itself would soon
suffer, in spite of all our efforts to prevent it.

If, on weighing fairly the good to be obtained and the sacrifices to
be made for it, the legislature should determine to adhere to its
present policy of restrictions, it should be observed, in reference
to the mode of doing it, that the time chosen is by no means
favourable for the adoption of such a system of regulations as will
not need future alterations. The state of the currency must throw
the most formidable obstacles in the way of all arrangements
respecting the prices of importation.

If we return to cash payments, while bullion continues of its
present value compared with corn, labour, and most other
commodities; little alteration will be required in the existing corn
laws. The bullion price of corn is now very considerably under sixty
three shillings, the price at which the high duty ceases according
to the Act of 1804.