It is in vain, therefore, to say, cheap prices are a blessing in themselves, and the consumers at least are ever benefited by a fall in the cost of grain.  Cheap prices are a real blessing if that effect consists with prosperity to the producer, as by improved methods of cultivation or manufacture, or the benignity of nature in giving fine seasons.  But cheap prices are the greatest of all evils, and to none more shall the consumers, if they are the result, not of the magnitude of domestic production, but of the magnitude of foreign importation.  It was that sort of cheap prices which ruined the Roman empire, from the destruction of the agriculture of Italy; it is that sort of cheap prices which has ruined the Indian weavers, from the disastrous competition of the British steam-engine; it is that sort of low prices which has so grievously depressed British shipping, from the disastrous competition of the Baltic vessels under the reciprocity system.  It is in vain for the consumers to say, we will separate our case from that of the producers, and care not, so as we get low prices, what comes of them.  Where will the consumers be, and that erelong, if the producers are destroyed?  What will be the condition of the landlords if their farmers are ruined? or of bondholders if their debtors are bankrupt? or of railway proprietors if traffic ceases? or of owners of bank stock if bills are no longer presented for discount? or of the 3 per cents if Government, by the failure of the productive industry of the country, is rendered bankrupt?  The consumers all rest on the producers, and must sink or swim with them.

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Edinburgh:  Printed by Ballantyne and Hughes, Paul’s Work.