Whenthegreaterpartofthehighlandcattlewereconsumedontheirownhills，theexportationoftheirhidesmadethemostconsiderablearticleofthecommerceofthatcountry，andwhattheywereexchangedforaffordedsomeadditiontotherentofthehighlandestates。ThewoolofEngland，whichinoldtimescouldneitherbeconsumednorwroughtupathome，foundamarketinthethenwealthierandmoreindustriouscountryofFlanders，anditspriceaffordedsomethingtotherentofthelandwhichproducedit。IncountriesnotbettercultivatedthanEnglandwasthen，orthanthehighlandsofScotlandarenow，andwhichhadnoforeigncommerce，thematerialsofclothingwouldevidentlybesosuperabundantthatagreatpartofthemwouldbethrownawayasuseless，andnopartcouldaffordanyrenttothelandlord。
　　Thematerialsoflodgingcannotalwaysbetransportedtosogreatadistanceasthoseofclothing，anddonotsoreadilybecomeanobjectofforeigncommerce。Whentheyaresuperabundantinthecountrywhichproducesthem，itfrequentlyhappens，eveninthepresentcommercialstateoftheworld，thattheyareofnovaluetothelandlord。AgoodstonequarryintheneighbourhoodofLondonwouldaffordaconsiderablerent。InmanypartsofScotlandandWalesitaffordsnone。Barrentimberforbuildingisofgreatvalueinapopulousandwell—cultivatedcountry，andthelandwhichproducesitaffordsaconsiderablerent。ButinmanypartsofNorthAmericathelandlordwouldbemuchobligedtoanybodywhowouldcarryawaythegreaterpartofhislargetrees。
　　InsomepartsofthehighlandsofScotlandthebarkistheonlypartofthewoodwhich，forwantofroadsandwater—carriage，canbesenttomarket。Thetimberislefttorotupontheground。
　　Whenthematerialsoflodgingaresosuperabundant，thepartmadeuseofisworthonlythelabourandexpenseoffittingitforthatuse。Itaffordsnorenttothelandlord，whogenerallygrantstheuseofittowhoevertakesthetroubleofaskingit。
　　Thedemandofwealthiernations，however，sometimesenableshimtogetarentforit。ThepavingofthestreetsofLondonhasenabledtheownersofsomebarrenrocksonthecoastofScotlandtodrawarentfromwhatneveraffordedanybefore。ThewoodsofNorwayandofthecoastsoftheBalticfindamarketinmanypartsofGreatBritainwhichtheycouldnotfindathome，andtherebyaffordsomerenttotheirproprietors。
　　Countriesarepopulousnotinproportiontothenumberofpeoplewhomtheirproducecanclotheandlodge，butinproportiontothatofthosewhomitcanfeed。Whenfoodisprovided，itiseasytofindthenecessaryclothingandlodging。Butthoughtheseareathand，itmayoftenbedifficulttofindfood。InsomepartsevenoftheBritishdominionswhatiscalledahousemaybebuiltbyoneday’slabourofoneman。Thesimplestspeciesofclothing，theskinsofanimals，requiresomewhatmorelabourtodressandpreparethemforuse。Theydonot，however，requireagreatdeal。Amongsavageandbarbarousnations，ahundredthorlittlemorethanahundredthpartofthelabourofthewholeyearwillbesufficienttoprovidethemwithsuchclothingandlodgingassatisfythegreaterpartofthepeople。Alltheotherninety—ninepartsarefrequentlynomorethanenoughtoprovidethemwithfood。
　　Butwhenbytheimprovementandcultivationoflandthelabourofonefamilycanprovidefoodfortwo，thelabourofhalfthesocietybecomessufficienttoprovidefoodforthewhole。Theotherhalf，therefore，oratleastthegreaterpartofthem，canbeemployedinprovidingotherthings，orinsatisfyingtheotherwantsandfanciesofmankind。Clothingandlodging，householdfurniture，andwhatiscalledEquipage，aretheprincipalobjectsofthegreaterpartofthosewantsandfancies。Therichmanconsumesnomorefoodthanhispoorneighbour。Inqualityitmaybeverydifferent，andtoselectandprepareitmayrequiremorelabourandart;butinquantityitisverynearlythesame。Butcomparethespaciouspalaceandgreatwardrobeoftheonewiththehovelandthefewragsoftheother，andyouwillbesensiblethatthedifferencebetweentheirclothing，lodging，andhouseholdfurnitureisalmostasgreatinquantityasitisinquality。Thedesireoffoodislimitedineverymanbythenarrowcapacityofthehumanstomach;butthedesireoftheconveniencesandornamentsofbuilding，dress，equipage，andhouseholdfurniture，seemstohavenolimitorcertainboundary。Those，therefore，whohavethecommandofmorefoodthantheythemselvescanconsume，arealwayswillingtoexchangethesurplus，or，whatisthesamething，thepriceofit，forgratificationsofthisotherkind。Whatisoverandabovesatisfyingthelimiteddesireisgivenfortheamusementofthosedesireswhichcannotbesatisfied，butseemtobealtogetherendless。Thepoor，inordertoobtainfood，exertthemselvestogratifythosefanciesoftherich，andtoobtainitmorecertainlytheyviewithoneanotherinthecheapnessandperfectionoftheirwork。Thenumberofworkmenincreaseswiththeincreasingquantityoffood，orwiththegrowingimprovementandcultivationofthelands;andasthenatureoftheirbusinessadmitsoftheutmostsubdivisionsoflabour，thequantityofmaterialswhichtheycanworkupincreasesinamuchgreaterproportionthantheirnumbers。Hencearisesademandforeverysortofmaterialwhichhumaninventioncanemploy，eitherusefullyorornamentally，inbuilding，dress，equipage，orhouseholdfurniture;forthefossilsandmineralscontainedinthebowelsoftheearth;thepreciousmetals，andthepreciousstones。
　　Foodisinthismannernotonlytheoriginalsourceofrent，buteveryotherpartoftheproduceoflandwhichafterwardsaffordsrentderivesthatpartofitsvaluefromtheimprovementofthepowersoflabourinproducingfoodbymeansoftheimprovementandcultivationofland。
　　Thoseotherpartsoftheproduceofland，however，whichafterwardsaffordrent，donotafforditalways。Eveninimprovedandcultivatedcountries，thedemandforthemisnotalwayssuchastoaffordagreaterpricethanwhatissufficienttopaythelabour，andreplace，togetherwithitordinaryprofits，thestockwhichmustbeemployedinbringingthemtomarket。Whetheritisorisnotsuchdependsupondifferentcircumstances。
　　Whetheracoal—mine，forexample，canaffordanyrentdependspartlyuponitsfertility，andpartlyuponitssituation。
　　Amineofanykindmaybesaidtobeeitherfertileorbarren，accordingasthequantityofmineralwhichcanbebroughtfromitbyacertainquantityoflabourisgreaterorlessthanwhatcanbebroughtbyanequalquantityfromthegreaterpartofotherminesofthesamekind。
　　Somecoal—minesadvantageouslysituatedcannotbewroughtonaccountoftheirbarrenness。Theproducedoesnotpaytheexpense。Theycanaffordneitherprofitnorrent。
　　Therearesomeofwhichtheproduceisbarelysufficienttopaythelabour，andreplace，togetherwithitordinaryprofits，thestockemployedinworkingthem。Theyaffordsomeprofittotheundertakerofthework，butnorenttothelandlord。Theycanbewroughtadvantageouslybynobodybutthelandlord，who，beinghimselfundertakerofthework，getstheordinaryprofitofthecapitalwhichheemploysinit。Manycoal—minesinScotlandarewroughtinthismanner，andcanbewroughtinnoother。Thelandlordwillallownobodyelsetoworkthemwithoutpayingsomerent，andnobodycanaffordtopayany。
　　Othercoal—minesinthesamecountry，sufficientlyfertile，cannotbewroughtonaccountoftheirsituation。Aquantityofmineralsufficienttodefraytheexpenseofworkingcouldbebroughtfromtheminebytheordinary，orevenlessthantheordinary，quantityoflabour;butinaninlandcountry，thinlyinhabited，andwithouteithergoodroadsorwater—carriage，thisquantitycouldnotbesold。
　　Coalsarealessagreeablefuelthanwood:theyaresaid，too，tobelesswholesome。Theexpenseofcoals，therefore，attheplacewheretheyareconsumed，mustgenerallybesomewhatlessthanthatofwood。
　　Thepriceofwoodagainvarieswiththestateofagriculture，nearlyinthesamemanner，andexactlyforthesamereason，asthepriceofcattle。Initsrudebeginningsthegreaterpartofeverycountryiscoveredwithwood，whichisthenamereencumberanceofnovaluetothelandlord，whowouldgladlygiveittoanybodyforthecutting。Asagricultureadvances，thewoodsarepartlyclearedbytheprogressoftillage，andpartlygotodecayinconsequenceoftheincreasednumberofcattle。
　　These，thoughtheydonotincreaseinthesameproportionascorn，whichisaltogethertheacquisitionofhumanindustry，yetmultiplyunderthecareandprotectionofmen，whostoreupintheseasonofplentywhatmaymaintaintheminthatofscarcity，whothroughthewholeyearfurnishthemwithagreaterquantityoffoodthanuncultivatednatureprovidesforthem，andwhobydestroyingandextirpatingtheirenemies，securetheminthefreeenjoymentofallthatsheprovides。Numerousherdsofcattle，whenallowedtowanderthroughthewoods，thoughtheydonotdestroytheoldtrees，hinderanyyoungonesfromcomingupsothatinthecourseofacenturyortwothewholeforestgoestoruin。Thescarcityofwoodthenraisesitsprice。Itaffordsagoodrent，andthelandlordsometimesfindsthathecanscarceemployhisbestlandsmoreadvantageouslythaningrowingbarrentimber，ofwhichthegreatnessoftheprofitoftencompensatesthelatenessofthereturns。ThisseemsinthepresenttimestobenearlythestateofthingsinseveralpartsofGreatBritain，wheretheprofitofplantingisfoundtobeequaltothatofeithercornorpasture。Theadvantagewhichthelandlordderivesfromplantingcannowhereexceed，atleastforanyconsiderabletime，therentwhichthesecouldaffordhim;andinaninlandcountrywhichishighlycultivated，itwillfrequentlynotfallmuchshortofthisrent。Uponthesea—coastofawellimprovedcountry，indeed，ifcoalscanconvenientlybehadforfuel，itmaysometimesbecheapertobringbarrentimberforbuildingfromlesscultivatedforeigncountriesthantoraiseitathome。InthenewtownofEdinburgh，builtwithinthesefewyears，thereisnot，perhaps，asinglestickofScotchtimber。
　　Whatevermaybethepriceofwood，ifthatofcoalsissuchthattheexpenseofacoalfireisnearlyequaltothatofawoodone，wemaybeassuredthatatthatplace，andinthesecircumstances，thepriceofcoalsisashighasitcanbe。ItseemstobesoinsomeoftheinlandpartsofEngland，particularlyinOxfordshire，whereitisusual，eveninthefiresofthecommonpeople，tomixcoalsandwoodtogether，andwherethedifferenceintheexpenseofthosetwosortsoffuelcannot，therefore，beverygreat。
　　Coals，inthecoalcountries，areeverywheremuchbelowthishighestprice。Iftheywerenot，theycouldnotbeartheexpenseofadistantcarriage，eitherbylandorbywater。Asmallquantityonlycouldbesold，andthecoalmastersandcoalproprietorsfinditmorefortheirinteresttosellagreatquantityatapricesomewhatabovethelowest，thanasmallquantityatthehighest。Themostfertilecoal—mine，too，regulatesthepriceofcoalsatalltheotherminesinitsneighbourhood。Boththeproprietorandtheundertakeroftheworkfind，theonethathecangetagreaterrent，theotherthathecangetagreaterprofit，bysomewhatundersellingalltheirneighbours。Theirneighboursaresoonobligedtosellatthesameprice，thoughtheycannotsowellaffordit，andthoughitalwaysdiminishes，andsometimestakesawayaltogetherboththeirrentandtheirprofit。Someworksareabandonedaltogether;otherscanaffordnorent，andcanbewroughtonlybytheproprietor。
　　Thelowestpriceatwhichcoalscanbesoldforanyconsiderabletimeis，likethatofallothercommodities，thepricewhichisbarelysufficienttoreplace，togetherwithitsordinaryprofits，thestockwhichmustbeemployedinbringingthemtomarket。Atascoal—mineforwhichthelandlordcangetnorent，butwhichhemusteitherworkhimselforletitalonealtogether，thepriceofcoalsmustgenerallybenearlyaboutthisprice。
　　Rent，evenwherecoalsaffordone，hasgenerallyasmallershareintheirpricesthaninthatofmostotherpartsoftherudeproduceofland。Therentofanestateabovegroundcommonlyamountstowhatissupposedtobeathirdofthegrossproduce;
　　anditisgenerallyarentcertainandindependentoftheoccasionalvariationsinthecrop。Incoal—minesafifthofthegrossproduceisaverygreatrent;atenththecommonrent，anditisseldomarentcertain，butdependsupontheoccasionalvariationsintheproduce。Thesearesogreatthat，inacountrywherethirtyyears’purchaseisconsideredasamoderatepriceforthepropertyofalandedestate，tenyears’purchaseisregardedasagoodpriceforthatofacoal—mine。
　　Thevalueofacoal—minetotheproprietorfrequentlydependsasmuchuponitssituationasuponitsfertility。Thatofametallicminedependsmoreuponitsfertility，andlessuponitssituation。Thecoarse，andstillmorethepreciousmetals，whenseparatedfromtheore，aresovaluablethattheycangenerallybeartheexpenseofaverylongland，andofthemostdistantseacarriage。Theirmarketisnotconfinedtothecountriesintheneighbourhoodofthemine，butextendstothewholeworld。ThecopperofJapanmakesanarticleofcommerceinEurope;theironofSpaininthatofChiliandPeru。ThesilverofPerufindsitsway，notonlytoEurope，butfromEuropetoChina。
　　ThepriceofcoalsinWestmorelandorShropshirecanhavelittleeffectontheirpriceatNewcastle;andtheirpriceintheLionnoiscanhavenoneatall。Theproductionsofsuchdistantcoal—minescanneverbebroughtintocompetitionwithoneanother。Buttheproductionsofthemostdistantmetallicminesfrequentlymay，andinfactcommonlyare。Theprice，therefore，ofthecoarse，andstillmorethatofthepreciousmetals，atthemostfertileminesintheworld，mustnecessarilymoreorlessaffecttheirpriceateveryotherinit。ThepriceofcopperinJapanmusthavesomeinfluenceuponitspriceatthecopperminesinEurope。ThepriceofsilverinPeru，orthequantityeitheroflabourorofothergoodswhichitwillpurchasethere，musthavesomeinfluenceonitsprice，notonlyatthesilverminesofEurope，butatthoseofChina。AfterthediscoveryoftheminesofPeru，thesilverminesofEuropewere，thegreaterpartofthem，abandoned。Thevalueofwassomuchreducedthattheirproducecouldnolongerpaytheexpenseofworkingthem，orreplace，withaprofit，thefood，clothes，lodging，andothernecessarieswhichwereconsumedinthatoperation。Thiswasthecase，too，withtheminesofCubaandSt。Domingo，andevenwiththeancientminesofPeru，afterthediscoveryofthoseofPotosi。
　　Thepriceofeverymetalateverymine，therefore，beingregulatedinsomemeasurebyitspriceatthemostfertilemineintheworldthatisactuallywrought，itcanatthegreaterpartofminesdoverylittlemorethanpaytheexpenseofworking，andcanseldomaffordaveryhighrenttothelandlord。Rent，accordingly，seemsatthegreaterpartofminestohavebutasmallshareinthepriceofthecoarse，andastillsmallerinthatofthepreciousmetals。Labourandprofitmakeupthegreaterpartofboth。
　　AsixthpartofthegrossproducemaybereckonedtheaveragerentofthetinminesofCornwallthemostfertilethatareknownintheworld，aswearetoldbytheReverendMr。
　　Borlace，vice—wardenofthestannaries。Some，hesays，affordmore，andsomedonotaffordsomuch。Asixthpartofthegrossproduceistherent，too，ofseveralveryfertileleadminesinScotland。
　　InthesilverminesofPeru，wearetoldbyFrezierandUlloa，theproprietorfrequentlyexactsnootheracknowledgmentfromtheundertakerofthemine，butthathewillgrindtheoreathismill，payinghimtheordinarymultureorpriceofgrinding。Till1736，indeed，thetaxoftheKingofSpainamountedtoone—fifthofthestandardsilver，whichtillthenmightbeconsideredastherealrentofthegreaterpartofthesilverminesofPeru，therichestwhichhavebeenknownintheworld。Iftherehadbeennotaxthisfifthwouldnaturallyhavebelongedtothelandlord，andmanyminesmighthavebeenwroughtwhichcouldnotthenbewrought，becausetheycouldnotaffordthistax。ThetaxoftheDukeofCornwallupontinissupposedtoamounttomorethanfivepercentorone—twentiethpartofthevalue，andwhatevermaybehisproportion，itwouldnaturally，too，belongtotheproprietorofthemine，iftinwasdutyfree。
　　Butifyouaddone—twentiethtoone—sixth，youwillfindthatthewholeaveragerentofthetinminesofCornwallwastothewholeaveragerentofthesilverminesofPeruasthirteentotwelve。
　　ButthesilverminesofPeruarenotnowabletopayeventhislowrent，andthetaxuponsilverwas，in1736，reducedfromone—fifthtoone—tenth。Eventhistaxuponsilver，too，givesmoretemptationtosmugglingthanthetaxofone—twentiethupontin;andsmugglingmustbemucheasierinthepreciousthaninthebulkycommodity。ThetaxoftheKingofSpainaccordinglyissaidtobeveryillpaid，andthatoftheDukeofCornwallverywell。Rent，therefore，itisprobable，makesagreaterpartofthepriceoftinatthemostfertiletinminesthanitdoesofsilveratthemostfertilesilverminesintheworld。Afterreplacingthestockemployedinworkingthosedifferentmines，togetherwithitsordinaryprofits，theresiduewhichremainstotheproprietorisgreater，itseems，inthecoarsethaninthepreciousmetal。
　　NeitheraretheprofitsoftheundertakersofsilverminescommonlyverygreatinPeru。Thesamemostrespectableandwell—informedauthorsacquaintus，thatwhenanypersonundertakestoworkanewmineinPeru，heisuniversallylookeduponasamandestinedtobankruptcyandruin，andisuponthataccountshunnedandavoidedbyeverybody。Mining，itseems，isconsideredthereinthesamelightashere，asalottery，inwhichtheprizesdonotcompensatetheblanks，thoughthegreatnessofsometemptsmanyadventurerstothrowawaytheirfortunesinsuchunprosperousprojects。
　　Asthesovereign，however，derivesaconsiderablepartofhisrevenuefromtheproduceofsilvermines，thelawinPerugiveseverypossibleencouragementtothediscoveryandworkingofnewones。Whoeverdiscoversanewmineisentitledtomeasureofftwohundredandforty—sixfeetinlength，accordingtowhathesupposestobethedirectionofthevein，andhalfasmuchinbreadth。Hebecomesproprietorofthisportionofthemine，andcanworkitwithoutpayinganyacknowledgmenttothelandlord。
　　TheinterestoftheDukeofCornwallhasgivenoccasiontoaregulationnearlyofthesamekindinthatancientduchy。Inwasteandunenclosedlandsanypersonwhodiscoversatinminemaymarkitslimitstoacertainextent，whichiscalledboundingamine。Thebounderbecomestherealproprietorofthemine，andmayeitherworkithimself，orgiveitinleasetoanother，withouttheconsentoftheowneroftheland，towhom，however，averysmallacknowledgmentmustbepaiduponworkingit。Inbothregulationsthesacredrightsofprivatepropertyaresacrificedtothesupposedinterestsofpublicrevenue。
　　ThesameencouragementisgiveninPerutothediscoveryandworkingofnewgoldmines;andingoldtheking’staxamountsonlytoatwentiethpartofthestandardmetal。Itwasonceafifth，andafterwardsatenth，asinsilver;butitwasfoundthattheworkcouldnotbeareventhelowestofthesetwotaxes。
　　Ifitisrare，however，saythesameauthors，FrezierandUlloa，tofindapersonwhohasmadehisfortunebyasilver，itisstillmuchrarertofindonewhohasdonesobyagoldmine。ThistwentiethpartseemstobethewholerentwhichispaidbythegreaterpartofthegoldminesinChiliandPeru。Gold，too，ismuchmoreliabletobesmuggledthanevensilver;notonlyonaccountofthesuperiorvalueofthemetalinproportiontoitsbulk，butonaccountofthepeculiarwayinwhichnatureproducesit。Silverisveryseldomfoundvirgin，but，likemostothermetals，isgenerallymineralizedwithsomeotherbody，fromwhichitisimpossibletoseparateitinsuchquantitiesaswillpayfortheexpense，butbyaverylaboriousandtediousoperation，whichcannotwellbecarriedonbutinworkhouseserectedforthepurpose，andthereforeexposedtotheinspectionoftheking’sofficers。Gold，onthecontrary，isalmostalwaysfoundvirgin。
　　Itissometimesfoundinpiecesofsomebulk;andevenwhenmixedinsmallandalmostinsensibleparticleswithsand，earth，andotherextraneousbodies，itcanbeseparatedfromthembyaveryshortandsimpleoperation，whichcanbecarriedoninanyprivatehousebyanybodywhoispossessedofasmallquantityofmercury。Iftheking’stax，therefore，isbutillpaiduponsilver，itislikelytobemuchworsepaidupongold;andrent，mustmakeamuchsmallerpartofthepriceofgoldthanevenofthatofsilver。
　　Thelowestpriceatwhichthepreciousmetalscanbesold，orthesmallestquantityofothergoodsforwhichtheycanbeexchangedduringanyconsiderabletime，isregulatedbythesameprincipleswhichfixthelowestordinarypriceofallothergoods。Thestockwhichmustcommonlybeemployed，thefood，theclothes，andlodgingwhichmustcommonlybeconsumedinbringingthemfromtheminetothemarket，determineit。Itmustatleastbesufficienttoreplacethatstock，withtheordinaryprofits。
　　Theirhighestprice，however，seemsnottobenecessarilydeterminedbyanythingbuttheactualscarcityorplentyofthosemetalsthemselves。Itisnotdeterminedbythatofanyothercommodity，inthesamemannerasthepriceofcoalsisbythatofwood，beyondwhichnoscarcitycaneverraiseit。Increasethescarcityofgoldtoacertaindegree，andthesmallestbitofitmaybecomemorepreciousthanadiamond，andexchangeforagreaterquantityofothergoods。
　　Thedemandforthosemetalsarisespartlyfromtheirutilityandpartlyfromtheirbeauty。Ifyouexceptiron，theyaremoreusefulthan，perhaps，anyothermetal。Astheyarelessliabletorustandimpurity，theycanmoreeasilybekeptclean，andtheutensilseitherofthetableorthekitchenareoftenuponthataccountmoreagreeablewhenmadeofthem。Asilverboilerismorecleanlythanalead，copper，ortinone;andthesamequalitywouldrenderagoldboilerstillbetterthanasilverone。Theirprincipalmerit，however，arisesfromtheirbeauty，whichrendersthempeculiarlyfitfortheornamentsofdressandfurniture。Nopaintordyecangivesosplendidacolourasgilding。Themeritoftheirbeautyisgreatlyenhancedbytheirscarcity。Withthegreaterpartofrichpeople，thechiefenjoymentofrichesconsistsintheparadeofriches，whichintheireyeisneversocompleteaswhentheyappeartopossessthosedecisivemarksofopulencewhichnobodycanpossessbutthemselves。Intheireyesthemeritofanobjectwhichisinanydegreeeitherusefulorbeautifulisgreatlyenhancedbyitsscarcity，orbythegreatlabourwhichitrequirestocollectanyconsiderablequantityofit，alabourwhichnobodycanaffordtopaybutthemselves。Suchobjectstheyarewillingtopurchaseatahigherpricethanthingsmuchmorebeautifulanduseful，butmorecommon。Thesequalitiesofutility，beauty，andscarcity，aretheoriginalfoundationofthehighpriceofthosemetals，orofthegreatquantityofothergoodsforwhichtheycaneverywherebeexchanged。Thisvaluewasantecedenttoandindependentoftheirbeingemployedascoin，andwasthequalitywhichfittedthemforthatemployment。Thatemployment，however，byoccasioninganewdemand，andbydiminishingthequantitywhichcouldbeemployedinanyotherway，mayhaveafterwardscontributedtokeepuporincreasetheirvalue。
　　Thedemandforthepreciousstonesarisesaltogetherfromtheirbeauty。Theyareofnousebutasornaments;andthemeritoftheirbeautyisgreatlyenhancedbytheirscarcity，orbythedifficultyandexpenseofgettingthemfromthemine。Wagesandprofitaccordinglymakeup，uponmostoccasions，almostthewholeoftheirhighprice。Rentcomesinbutforaverysmallshare;
　　frequentlyfornoshare;andthemostfertileminesonlyaffordanyconsiderablerent。WhenTavernier，ajeweller，visitedthediamondminesofGolcondaandVisiapour，hewasinformedthatthesovereignofthecountry，forwhosebenefittheywerewrought，hadorderedallofthemtobeshutup，exceptthosewhichyieldthelargestandfineststones。Theothers，itseems，weretotheproprietornotworththeworking。
　　Asthepricebothofthepreciousmetalsandofthepreciousstonesisregulatedallovertheworldbytheirpriceatthemostfertilemineinit，therentwhichamineofeithercanaffordtoitsproprietorisinproportion，nottoitsabsolute，buttowhatmaybecalleditsrelativefertility，ortoitssuperiorityoverotherminesofthesamekind。IfnewmineswerediscoveredasmuchsuperiortothoseofPotosiastheyweresuperiortothoseEurope，thevalueofsilvermightbesomuchdegradedastorendereventheminesofPotosinotworththeworking。BeforethediscoveryoftheSpanishWestIndies，themostfertileminesinEuropemayhaveaffordedasgreatarenttotheirproprietorastherichestminesinPerudoatpresent。Thoughthequantityofsilverwasmuchless，itmighthaveexchangedforanequalquantityofothergoods，andtheproprietor’ssharemighthaveenabledhimtopurchaseorcommandanequalquantityeitheroflabourorofcommodities。Thevaluebothoftheproduceandoftherent，therealrevenuewhichtheyaffordedbothtothepublicandtotheproprietor，mighthavebeenthesame。
　　Themostabundantmineseitherofthepreciousmetalsorofthepreciousstonescouldaddlittletothewealthoftheworld。
　　Aproduceofwhichthevalueisprincipallyderivedfromitsscarcity，isnecessarilydegradedbyitsabundance。Aserviceofplate，andtheotherfrivolousornamentsofdressandfurniture，couldbepurchasedforasmallerquantityoflabour，orforasmallerquantityofcommodities;andinthiswouldconsistthesoleadvantagewhichtheworldcouldderivefromthatabundance。
　　Itisotherwiseinestatesaboveground。Thevaluebothoftheirproduceandoftheirrentisinproportiontotheirabsolute，andnottotheirrelativefertility。Thelandwhichproducesacertainquantityoffood，clothes，andlodging，canalwaysfeed，clothe，andlodgeacertainnumberofpeople;andwhatevermaybetheproportionofthelandlord，itwillalwaysgivehimaproportionablecommandofthelabourofthosepeople，andofthecommoditieswithwhichthatlabourcansupplyhim。Thevalueofthemostbarrenlandsisnotdiminishedbytheneighbourhoodofthemostfertile。Onthecontrary，itisgenerallyincreasedbyit。Thegreatnumberofpeoplemaintainedbythefertilelandsaffordamarkettomanypartsoftheproduceofthebarren，whichtheycouldneverhavefoundamongthosewhomtheirownproducecouldmaintain。
　　Whateverincreasesthefertilityoflandinproducingfoodincreasesnotonlythevalueofthelandsuponwhichtheimprovementisbestowed，butcontributeslikewisetoincreasethatofmanyotherlandsbycreatinganewdemandfortheirproduce。Thatabundanceoffood，ofwhich，inconsequenceoftheimprovementofland，manypeoplehavethedisposalbeyondwhattheythemselvescanconsume，isthegreatcauseofthedemandbothforthepreciousmetalsandthepreciousstone，aswellasforeveryotherconveniencyandornamentofdress，lodging，householdfurniture，andequipage。Foodnotonlyconstitutestheprincipalpartoftherichesoftheworld，butitistheabundanceoffoodwhichgivestheprincipalpartoftheirvaluetomanyothersortsofriches。ThepoorinhabitantsofCubaandSt。Domingo，whentheywerefirstdiscoveredbytheSpaniards，usedtowearlittlebitsofgoldasornamentsintheirhairandotherpartsoftheirdress。Theyseemedtovaluethemaswewoulddoanylittlepebblesofsomewhatmorethanordinarybeauty，andtoconsiderthemasjustworththepickingup，butnotworththerefusingtoanybodywhoaskedthem。Theygavethemtotheirnewguestsatthefirstrequest，withoutseemingtothinkthattheyhadmadethemanyveryvaluablepresent。TheywereastonishedtoobservetherageoftheSpaniardstoobtainthem;andhadnonotionthattherecouldanywherebeacountryinwhichmanypeoplehadthedisposalofsogreatasuperfluityoffood，soscantyalwaysamongthemselves，thatforaverysmallquantityofthoseglitteringbaublestheywouldwillinglygiveasmuchasmightmaintainawholefamilyformanyyears。Couldtheyhavebeenmadetounderstandthis，thepassionoftheSpaniardswouldnothavesurprisedthem。
　　PART3OftheVariationsintheProportionbetweentherespectiveValuesofthatSortofProducewhichalwaysaffordsRent，andofthatwhichsometimesdoesandsometimesdoesnotaffordRentTHEincreasingabundanceoffood，inconsequenceofincreasingimprovementandcultivation，mustnecessarilyincreasethedemandforeverypartoftheproduceoflandwhichisnotfood，andwhichcanbeappliedeithertouseortoornament。Inthewholeprogressofimprovement，itmightthereforebeexpected，thereshouldbeonlyonevariationinthecomparativevaluesofthosetwodifferentsortsofproduce。Thevalueofthatsortwhichsometimesdoesandsometimesdoesnotaffordrent，shouldconstantlyriseinproportiontothatwhichalwaysaffordssomerent。Asartandindustryadvance，thematerialsofclothingandlodging，theusefulfossilsandmineralsoftheearth，thepreciousmetalsandthepreciousstonesshouldgraduallycometobemoreandmoreindemand，shouldgraduallyexchangeforagreaterandagreaterquantityoffood，orinotherwords，shouldgraduallybecomedeareranddearer。Thisaccordinglyhasbeenthecasewithmostofthesethingsuponmostoccasions，andwouldhavebeenthecasewithallofthemuponalloccasions，ifparticularaccidentshadnotuponsomeoccasionsincreasedthesupplyofsomeoftheminastillgreaterproportionthanthedemand。
　　Thevalueofafree—stonequarry，forexample，willnecessarilyincreasewiththeincreasingimprovementandpopulationofthecountryroundaboutit，especiallyifitshouldbetheonlyoneintheneighbourhood。Butthevalueofasilvermine，eventhoughthereshouldnotbeanotherwithinathousandmilesofit，willnotnecessarilyincreasewiththeimprovementofthecountryinwhichitissituated。Themarketfortheproduceofafreestonequarrycanseldomextendmorethanafewmilesroundaboutit，andthedemandmustgenerallybeinproportiontotheimprovementandpopulationofthatsmalldistrict。Butthemarketfortheproduceofasilverminemayextendoverthewholeknownworld。Unlesstheworldingeneral，therefore，beadvancinginimprovementandpopulation，thedemandforsilvermightnotbeatallincreasedbytheimprovementevenofalargecountryintheneighbourhoodofthemine。Eventhoughtheworldingeneralwereimproving，yetif，inthecourseofitsimprovement，newminesshouldbediscovered，muchmorefertilethananywhichhadbeenknownbefore，thoughthedemandforsilverwouldnecessarilyincrease，yetthesupplymightincreaseinsomuchagreaterproportionthattherealpriceofthatmetalmightgraduallyfall;thatis，anygivenquantity，apoundweightofit，forexample，mightgraduallypurchaseorcommandasmallerandasmallerquantityoflabour，orexchangeforasmallerandasmallerquantityofcorn，theprincipalpartofthesubsistenceofthelabourer。
　　Thegreatmarketforsilveristhecommercialandcivilisedpartoftheworld。
　　Ifbythegeneralprogressofimprovementthedemandofthismarketshouldincrease，whileatthesametimethesupplydidnotincreaseinthesameproportion，thevalueofsilverwouldgraduallyriseinproportiontothatofcorn。Anygivenquantityofsilverwouldexchangeforagreaterandagreaterquantityofcorn;or，inotherwords，theaveragemoneypriceofcornwouldgraduallybecomecheaperandcheaper。
　　If，onthecontrary，thesupplybysomeaccidentshouldincreaseformanyyearstogetherinagreaterproportionthanthedemand，thatmetalwouldgraduallybecomecheaperandcheaper;
　　or，inotherwords，theaveragemoneypriceofcornwould，inspiteofallimprovements，graduallybecomedeareranddearer。
　　Butif，ontheotherhand，thesupplyofthemetalshouldincreasenearlyinthesameproportionasthedemand，itwouldcontinuetopurchaseorexchangefornearlythesamequantityofcorn，andtheaveragemoneypriceofcornwould，inspiteofallimprovements，continueverynearlythesame。
　　Thesethreeseemtoexhaustallthepossiblecombinationsofeventswhichcanhappenintheprogressofimprovement;andduringthecourseofthefourcenturiesprecedingthepresent，ifwemayjudgebywhathashappenedbothinFranceandGreatBritain，eachofthosethreedifferentcombinationsseemtohavetakenplaceintheEuropeanmarket，andnearlyinthesameorder，too，inwhichIhaveheresetthemdown。
　　DIGRESSIONSCONCERNINGTHEVARIATIONSINTHEVALUEOFSILVER
　　DURINGTHECOURSEOFTHEFOURLASTCENTURIES
　　FIRSTPERIOD
　　In1350，andforsometimebefore，theaveragepriceofthequarterofwheatinEnglandseemsnottohavebeenestimatedlowerthanfourouncesofsilver，Towerweight，equaltoabouttwentyshillingsofourpresentmoney。Fromthispriceitseemstohavefallengraduallytotwoouncesofsilver，equaltoabouttenshillingsofourpresentmoney，thepriceatwhichwefinditestimatedinthebeginningofthesixteenthcentury，andatwhichitseemstohavecontinuedtobeestimatedtillabout1570。
　　In1350，beingthe25thofEdwardIII，wasenactedwhatiscalledTheStatuteofLabourers。Inthepreambleitcomplainsmuchoftheinsolenceofservants，whoendeavouredtoraisetheirwagesupontheirmasters。Itthereforeordainsthatallservantsandlabourersshouldforthefuturebecontentedwiththesamewagesandliveries（liveriesinthosetimessignifiednotonlyclothesbutprovisions）whichtheyhadbeenaccustomedtoreceiveinthe20thyearoftheking，andthefourprecedingyears;thatuponthisaccounttheirliverywheatshouldnowherebeestimatedhigherthantenpenceabushel，andthatitshouldalwaysbeintheoptionofthemastertodeliverthemeitherthewheatorthemoney。Tenpenceabushel，therefore，had，inthe25thofEdwardIII，beenreckonedaverymoderatepriceofwheat，sinceitrequiredaparticularstatutetoobligeservantstoacceptofitinexchangefortheirusualliveryofprovisions;andithadbeenreckonedareasonablepricetenyearsbeforethat，orinthe16thyearoftheking，thetermtowhichthestatuterefers。Butinthe16thyearofEdwardIII，tenpencecontainedabouthalfanounceofsilver，Towerweight，andwasnearlyequaltohalf—a—crownofourpresentmoney。Fourouncesofsilver，Towerweight，therefore，equaltosixshillingsandeightpenceofthemoneyofthosetimes，andtoneartwentyshillingsofthatofthepresent，musthavebeenreckonedamoderatepriceforthequarterofeightbushels。
　　Thisstatuteissurelyabetterevidenceofwhatwasreckonedinthosetimesamoderatepriceofgrainthanthepricesofsomeparticularyearswhichhavegenerallybeenrecordedbyhistoriansandotherwritersonaccountoftheirextraordinarydearnessorcheapness，andfromwhich，therefore，itisdifficulttoformanyjudgmentconcerningwhatmayhavebeentheordinaryprice。Thereare，besides，otherreasonsforbelievingthatinthebeginningofthefourteenthcentury，andforsometimebefore，thecommonpriceofwheatwasnotlessthanfourouncesofsilverthequarter，andthatofothergraininproportion。
　　In1309，RalphdeBorn，priorofSt。Augustine’s，Canterbury，gaveafeastuponhisinstallation—day，ofwhichWilliamThornhaspreservednotonlythebilloffarebutthepricesofmanyparticulars。Inthatfeastwereconsumed，first，fifty—threequartersofwheat，whichcostnineteenpounds，orsevenshillingsandtwopenceaquarter，equaltoaboutone—and—twentyshillingsandsixpenceofourpresentmoney;