Soame Jenyns

“ No tax is immediately laid upon corn, but the price of it must necessarily be advanced; because, out of that, all the innumerable taxes paid by the farmer on windows, soap, candles, malt, hops, leather, salt, and a thousand others, must be repaid: so that corn is as effectually taxed, as if a duty by the bushel had been primarily laid upon it; for taxes, like the various streams which form a general inundation, by whatever channels they separately find admission, unite at last, and overwhelm the whole. ”

“ From what has been here said, I think it plainly appears, that the present exorbitant price of provisions, and all the necessaries of life, chiefly arises from the increase of our taxes, and of our riches; that is, from public poverty and private opulence, the fatal disease which has put a period to all the greatest and most flourishing empires of the world: their destructive effects have been sufficiently known in all ages ”

“ How far all or any of these have accidentally, collaterally, or locally contributed to augment the price of provisions, I cannot determine, nor do I think it of much importance to inquire; because I am satisfied, whatever may have been their effects, they could have had none at all, had they not been assisted by the first and great cause, the increase of riches; for no artifices of traders can make their commodities dear in a poor country; that is, sell things for a great deal of money, where there is little to be found. ”

“ No acquisition of foreign wealth can be effectual for this purpose: was our whole national debt to be at once paid off, by the introduction of all the treasures of the East, it would but accelerate our destruction; for such a vast and sudden influx of riches would so enhance our expences, and decrease the value of money, that we should at once be overwhelmed with luxury and want. The most concise method of cure would be to take superabundant wealth from individuals, and with it discharge the debts of the public ”

“ The effects of this vast and sudden increase of riches are no less evident than their cause: the first, and most obvious effect of the increase of money, is the decrease of its value, like that of all other commodities; for money being but a commodity, its value must be relative, that is, dependant on the quantity of itself, and the quantity of the things to be purchased with it. ”

“ Since then the value of our money is decreased by its quantity, our consumption increased by universal luxury, and the supplies, which we used to receive from poorer countries, now also grown rich, greatly diminished, the present exorbitant price of all the necessaries of life can be no wonder. ”

“ The other great source, from whence this calamity arises, is certainly our vast increase of riches; the causes and consequences of which, I will now briefly consider. That our riches are in fact amazingly increased within a few years, no one, who is in the least acquainted with this country, can entertain a doubt: whoever will cast his eyes on our public works, our roads, our bridges, our pavements, and our hospitals, the prodigious extension of our capital, and in some proportion that of every considerable town in Great Britain ”

“ It is certainly therefore improper to say, that provisions are dear, but we should rather affirm, what is the real fact, that money is cheap; and if the complainants would use this expression instead of the other, and at the same time consider, that this arises from the success of our arms, and the extension of our trade, I am persuaded, that if they were not less distressed, they would certainly be less dissatisfied, and would, perhaps, by degrees, comprehend, that, in a country engaged in expensive wars and successful commerce, there must be heavy taxes and great riches ”

“ He must be deaf to all mercantile application for opening new inlets of commerce at the public expence: he must boldly resist all propositions for settling new colonies upon parliamentary estimates; and most carefully avoid entering into new wars: in short, he must obstinately refuse to add one hundred thousand pounds to the national debt, though by that means millions could be introduced through the hands of individuals. ”

“ I propose only to lessen the unreasonable expectations many have formed of their success, and the indignation consequent from their disappointment; and to stem a little those torrents of absurdities, with which one is overwhelmed in all companies, both male and female. Every politician at a coffee-house has a nostrum for this disease, which he pronounces infallible ”

“ This great increase of private opulence is undoubtedly owing to the very same cause which increased our national debt; that is, to the enormous expences and unparalleled success of the late war; and indeed very much arises from that very debt itself. Every million funded is in fact a new creation of so much wealth to individuals, both of principal and interest; for the principal being easily transferable, operates exactly as so much cash ”

“ If we add to these the immense riches daily flowing in since that period from our commerce, extended over every quarter of the globe, from the new channels of trade opened with America, and the amazing sums imported from the East Indies, it will not sure be difficult to account for the opulence of the present times, which has enabled men to increase their expences, and carry luxury to a pitch unknown to all former ages. ”

“ When I hear a merchant, contractor, or broker, calling out for war, arguing for new loans and new taxes, I wonder not, because I know that they are enriched by them, and I know also that they have sagacity enough to know it too ”

“ It seems therefore to no purpose, to search out for causes of the present high price of provisions, from facts, whose operations are uncertain, and reasons at best but speculative, when it is sufficiently accounted for from these two great principles, the increase of taxes, and the increase of riches, principles as absolutely indisputable, and as demonstrable as any mathematical problem. ”

“ In every country where there is great plenty of provisions, and but little money, there provisions must be cheap, that is, a great deal of them will be exchanged for a little money: on the contrary, where there are but little provisions in proportion to the number of consumers, and a great plenty of money, or what passes for money, there they will inevitably be dear ”

“ Secondly, this cheapness of money in its consequences affects different conditions of men in a very different manner: to some it operates exactly in the same manner as real dearness and scarcity, at the same time that to others it gives considerable advantages. All those who subsist on settled stipends must inevitably be ruined by it: merchants, and traders of all kinds, are greatly benefited; but the labourer and the land-owner are most grievously oppressed. Those who subsist on settled stipends must be ruined ”

“ This effect of the increase of wealth in many countries of Europe, is very visible at this day, and in none more than in the northern parts of this island, who having of late acquired riches by the introduction of trade, manufactures, and tillage, can now well afford to eat roast beef, and therefore consume much of those cattle, with which they were formerly glad to supply us; and will not part with the rest, but at prices greatly advanced. The consumption of every thing is also amazingly increased from the increase of wealth in our metropolis, and indeed in every corner of this kingdom ”

“ The lowest manufacturer and meanest mechanic will touch nothing but the very best pieces of meat, and the finest white bread; and, if he cannot obtain double the wages for being idle, to what he formerly received for working hard, he thinks he has a right to seek for a redress of his grievances, by riot and rebellion. ”

“ This is not speculation, but a fact which is too well verified by experience at this time, through every part of this kingdom, where the labourer, with his utmost industry, cannot now procure a belly-full for himself and his family; and, notwithstanding all the late improvements in agriculture, the very same estates in land which formerly maintained a large family in splendor and hospitality, can now scarce repair and pay window-tax for a spacious mansion-house, and supply the owner of it with the necessaries of life. ”

“ The latter, indeed, we cannot but expect, if we consider, that the enemies of all government and subordination, so numerous in this country, will not fail to avail themselves of this favourable opportunity, to spread universal dissatisfaction, and inflame the minds of the people to seek redress by such infamous and dangerous methods. ”

“ First then, although the price of provisions is at present very high, they cannot with propriety be said to be dear. Nothing is properly dear, except some commodity, which, either from real or fictitious scarcity, bears a higher price than other things in the same country, at the same time. ”

“ Artificers of all kinds will, by degrees, migrate into cheaper countries: the number of clergy, whose education must grow more expensive, and incomes less valuable, will be insufficient for parochial duty: the pay of navies and armies must be augmented, or they will no longer defend a country which cannot maintain them ”

“ Lastly, from the foregoing premises one consequence evidently appears, which seems to have escaped the sagacity of our wisest politicians, which is, that a nation may, nay must inevitably be ruined, who every year increases her debts, notwithstanding her acquisitions by conquest or commerce bring in double or treble the sums which she is obliged to borrow ”

“ This they endeavour, too successfully, to effect, by daily representing in the public papers, that this calamity arises from the artifices of monopolizers, regraters, forestallers, and engrossers, encouraged, or at least connived at, by ministers desirous of oppressing the people, and parliaments unattentive to their complaints. ”