My acquaintance lies so little amongst political economists that I have
very few opportunities of knowing whether what you consider as my
peculiar opinions have any supporters, or indeed are read or attended
to. As for my own judgment on the subject, it is perhaps too partial to
merit attention; but after my best efforts not to be biassed in favour
of my own opinions, I continue to think them correct.
I would indeed rather modify what I said concerning the stationary state
of the prices of commodities under all the variations of the price of
corn, either from wealth on the one hand or the importation from foreign
countries or improvements in agriculture on the other. I made no
allowance for the altered value of the raw material in all manufactured
goods[82]. They would, I think, be subject to a variation in price not
on account of increased or diminished wages, but on account of the rise
or fall in the price of the raw produce which enters into their
composition, and which in some commodities cannot be inconsiderable. It
is a matter of mortification to me that my execution has been so faulty;
I was too much in a hurry, and have not made my meaning intelligible
even to those who are familiar with such subjects, much less to those
who skim over these matters.
Since I have seen you I received a note from Mr. Edward West, who is the
author writing under the title of a Fellow of University College; he
speaks in favour of my opinions of course, because they are very similar
to his own. I have read his book with attention, and I find that his
views agree very much with my own. He is a barrister, a young man, and
appears very fond of the study of political economy. Mr. Brougham has, I
think he said, promised to introduce him to you. Mr. Jacob[83] has
handled both him and me rather roughly; but he will not condescend to
argue with us. I shall be very easy if he is the most formidable
opponent that is to attack me, for he seems totally ignorant of the
scientific part of the subject.
The opposition to the bill[84] is more formidable than I expected, but
they appear so determined in the House of Commons, that I suppose it
will finally pass. I regret that the people should have proceeded to
acts of riots and outrage. I am too much a friend to good order to wish
to succeed through such means, besides that I am persuaded that they
hurt rather than promote the object which they and I have in view.
I wish you could have dined with me on Saturday. I expect Mr.
Phillips[85] and Mr. Dumont; it would be a very agreeable surprise to me
if you should join our party. Perhaps you may be inclined to come to
London and wil[l] take a bed in Brook Street. Do if you can [and] do not
think it necessary to write on purpose to say you cannot. I shall fully
depend on your staying with us when you come to the next club.
Sir F. Burdett and some others think that the high price of our corn is
owing to enormous taxation, and that it ought not nor cannot fall
without oppression to the landholders till our debt is diminished. If I
could convince myself that any part of the price of corn was owing to
taxation, I should be in favour of a protecting duty to that amount.
But, if he were right, the high price would not be accompanied by high
rents or by the cultivation of inferior lands. These I consider as
unequivocal marks of the high price being caused by wealth and a
scarcity of fertile land. Indeed my theory leads me to think that no
taxes but those directly on the land or on its produce would raise the
price of corn, and even such taxes would have no effect if all
exportable commodities were taxed in the same degree, for a tax on
exportable commodities in a country which imports corn does not act very
differently from a duty on the importation of corn. Kind regards to Mrs.
Malthus.
Ever yours,
DAVID RICARDO.