Undoubtedly! an increased supply, or rather an increased consumption, would tend materially to restore, in England and in America, to build up the landed interest, by increasing the product of the land at diminished cost. If farmers could buy guano at lower prices, it is argued all would use it. Undoubtedly again! Because their profits would be greater. So great in fact, the temptation to make money out of the purchase and use of guano few could withstand "such a chance for a speculation."
But as they cannot induce the Peruvians to let them have it at a lower price, and as they can make money out of it at the present price, is it not a suicidical measure upon the part of the owners of unprofitable land, to refuse to use guano, because they cannot get it at their own price, while they can certainly profit by its use at present prices.
_The Guano Monopoly._--Much prejudice has been excited against the agents and principal dealers in this country by the cry of monopoly. Are those who cry _wolf_ the loudest, entirely clear themselves, of a fondness for fat mutton? The following extract from a letter of Edward Stabler of Maryland, gives a more fair, impartial view of the subject. He says; "Odious and grinding as monopolies usually become, and hard as this one seems to bear upon the agriculturist's interests, it still appears to be about as fair as ordinary mercantile transactions. The Peruvians may be considered the producers, and like our farmers and planters, may at times require advances from the commission merchant; and in proportion to the prices obtained, are his profits increased; nor does any one censure the merchant for selling at the highest price he can. Dealers, or speculators, if you please, are always censured for raising the price of guano. Is not the same thing done every day, and every hour in the day, by the purchase and sale of flour, wheat, corn, and tobacco--and is not the price of almost every article of commerce regulated in a great degree by the supply and demand? Most certainly; and so long as there is a probability of profit by the purchase and sale of this article, and just so long, and no longer, will the 'trade in second hands' continue. If the present supply is inadequate to the demand, by an almost undeviating rule in commerce, the price is enhanced, until at a point to drive the consumer from the market. This however, is not quite so soon attained with guano, under the present excitement, as with many other things. I have viewed this matter in a different light from some others, though erroneous as some may suppose, and do not think that censuring the dealers will cover the true ground of complaint, or at all tend to remove the existing difficulty. Their agency is, if I may use the term--but in no offensive sense--a kind of necessary evil; for the importer will not retail, and it suits but few of the consumers comparatively, to club together, and purchase in large quantities. The price of guano is owing mainly, if not entirely, to this monopoly in the import trade; and it would be the same thing, and a monopoly still, whether in the hands of English or American merchants; with also, about the same amount of liberality to be looked for, from one as from the other."