commerce. But I doubt, whether in the most extensive mercantile
distress that ever took in this country, there was ever one fourth
of the property, or one tenth of the number of individuals
concerned, when compared with the effects of the present rapid fall
of raw produce, combined with the very scanty crop of last year.(2*)

Individual losses of course become national, according as they
affect a greater mass of the national capital, and a greater number
of individuals; and I think it must be allowed further, that no
loss, in proportion to its amount, affects the interest of the
nation so deeply, and vitally, and is so difficult to recover, as
the loss of agricultural capital and produce.

If it be the intention of the legislature fairly to look at the
evils, as well as the good, which belongs to both sides of the
question, it must be allowed, that the evidence laid before the two
houses of Parliament, and still more particularly the experience of
the last year, shew, that the immediate evils which are capable of
being remedied by a system of restrictions, are of no inconsiderable
magnitude.

2. In the Observations on the corn laws, I gave, as a reason for
some delay in coming to a final regulation respecting the price at
which foreign corn might be imported, the very uncertain state of
the currency. I observed, that three different importation prices
would be necessary, according as our currency should either rise to
the then price of bullion, should continue at the same nominal
value, or should take an intermediate position, founded on a fall in
the value of bullion, owing to the discontinuance of an
extraordinary demand for it, and a rise in the value of paper, owing