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43. The Bank, 29th February, 1832

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Prices of Commodities.

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OBSERVATIONS,

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THE records of past history have invariably designated a time of peace as one of prosperity and happiness. But ever since the last war, the different great interests of this country have been in a continual state of fluctuation, between the extremes of prosperity and adversity: though the latter has unfortunately predominated. Yet nature has been remarkably bountiful. The seasons, with one exception, have been generally favourable for the space of twenty years, and the improvements which have taken place in all the arts of peace during that period have been quite unprecedented, so that the country teems with the products of its own labour.

It appears now, indeed, to be fully established, that population always treads closely on the heels of subsistence; and that there is little chance of any thickly populated country being over supplied with the necessaries of life. But

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this will not explain the phenomenon of provisions being cheap, while half the community are starving; and how, when all the comforts of life are more abundant than ever, a large portion of that community is unable to command that moderate share of them, which by the fair allotment of nature would seem to be their due.

Every man's portion of the annual supply furnished by nature for all, is, however, meted out to him through the medium of money, or currency, and he endeavours by his skill and labour to gain the portion of it necessary to enable him to supply his wants.

But if a ship were sent to sea with provisions barely sufficient to supply the crew for the voyage, and if each man obtained his allowance by a written order upon the steward payable to bearer, and these orders were subject to derangement, so that one portion of the crew got always more than their share, whilst another got less, the crew of that ship would continually appear to be in distress; for the voices of those who were starving would always be heard, while those who had more than their share, and were enjoying abundance, would be silent.

Now as the money in circulation is the medium through which each of the crew receives his supply in the great vessel of the nation, in the absence of any better means of explaining the cause of these fluctuations in the comfort and

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