Ricardo proposed concerning the revision of the corn laws in 1822 that a fixed duty of ten shillings per quarter should be imposed on importation of wheat finally. But his proposal means a countervailing duty for the peculiar taxes which are imposed on the corn growers, over those which are imposed on the other classes of producers in the country.
Now, Malthus asserted in 1826 that a duty on importation not too high, and a bounty on exportation nearly such as was recommended by Ricardo, would probably be best suited to the present situation. Though his opinion resembled Ricardo's proposal in appearance, yet the duty proposed by Malthus did not mean a countervailing duty.
Malthus supported the protection to agriculture by adopting the policy of restricting the importation of corn. Since 1814, however, he has had misgivings about very high duties, operating alone, are peculiarly liable to occasion great fluctuations of prices. And then, he proposed a duty not too high as well as a moderate bounty, with a view to prevent the great fall of prices that might be occasioned by a glut.
