their incomes all the active, industrious middle orders of the
state, as well as the higher orders, must pay in assessed taxes, and
the various articles of the customs and excise, the pressure will
appear to be absolutely intolerable. Nor would even the ad valorem
taxes afford any real relief. The annual fourty millions, must at
all events be paid; and if some taxes fail, others must be imposed
that will be more productive.

These are considerations sufficient to alarm even the stockholders
themselves. indeed, if the measure of value were really to fall, as
we have supposed, there is great reason to fear that the country
would be absolutely unable to continue the payment of the present
interest of the national debt.

I certainly do not think, that by opening our ports to the freest
admission of foreign corn, we shall lower the price to fifty
shillings a quarter. I have already given my reasons for believing
that the fluctuations which in the present state of Europe, a system
of importation would bring with it, would be often producing dear
years, and throwing us back again upon our internal resources. But
still there is no doubt whatever, that a free influx of foreign
grain would in all commonly favourable seasons very much lower its
price.

Let us suppose it lowered to sixty shillings a quarter, which for
periods of three or four years together is not improbable. The
difference between a measure of value at 60 compared with 80 (the
price at which it is proposed to fix the importation), is 33 1/3 per
cent. This percentage upon 40 millions amounts to a very formidable
sum. But let us suppose that corn does not effectually regulate the