ItmayevenhavefallensofarshortoftimedemandassomewhattoraisethepriceofthosemetalsintheEuropeanmarket。
　　Thequantityofbrassandironannuallybroughtfromtheminetothemarketisoutofallproportiongreaterthanthatofgoldandsilver。Wedonot，however，uponthisaccount，imaginethatthosecoarsemetalsarelikelytomultiplybeyondthedemand，ortobecomegraduallycheaperandcheaper。Whyshouldweimaginethatthepreciousmetalsarelikelytodoso？Thecoarsemetals，indeed，thoughharder，areputtomuchharderuses，and，astheyareoflessvalue，lesscareisemployedintheirpreservation。Thepreciousmetals，however，arenotnecessarilyimmortalanymorethanthey，butareliable，too，tobelost，wasted，andconsumedinagreatvarietyofways。
　　Thepriceofallmetals，thoughliabletoslowandgradualvariations，varieslessfromyeartoyearthanthatofalmostanyotherpartoftherudeproduceofland;andthepriceofthepreciousmetalsisevenlessliabletosuddenvariationsthanthatofthecoarseones。Thedurablenessofmetalsisthefoundationofthisextraordinarysteadinessofprice。Thecornwhichwasbroughttomarketlastyearwillbealloralmostallconsumedlongbeforetheendofthisyear。Butsomepartoftheironwhichwasbroughtfromtheminetwoorthreehundredyearsagomaybestillinuse，andperhapssomepartofthegoldwhichwasbroughtfromittwoorthreethousandyearsago。Thedifferentmassesofcornwhichindifferentyearsmustsupplytheconsumptionoftheworldwillalwaysbenearlyinproportiontotherespectiveproduceofthosedifferentyears。Buttheproportionbetweenthedifferentmassesofironwhichmaybeinuseintwodifferentyearswillbeverylittleaffectedbyanyaccidentaldifferenceintheproduceoftheironminesofthosetwoyears;andtheproportionbetweenthemassesofgoldwillbestilllessaffectedbyanysuchdifferenceintheproduceofthegoldmines。Thoughtheproduceofthegreaterpartofmetallicmines，therefore，varies，perhaps，stillmorefromyeartoyearthanthatofthegreaterpartofcornfields，thosevariationshavenotthesameeffectuponthepriceoftheonespeciesofcommoditiesasuponthatoftheother。
　　VARIATIONSINTHEPROPORTIONBETWEENTHERESPECTIVEVALUES
　　OFGOLDANDSILVER
　　BeforethediscoveryoftheminesofAmerica，thevalueoffinegoldtofinesilverwasregulatedinthedifferentmintsofEuropebetweentheproportionsofonetotenandonetotwelve;
　　thatis，anounceoffinegoldwassupposedtobeworthfromtentotwelveouncesoffinesilver。Aboutthemiddleofthelastcenturyitcametoberegulated，betweentheproportionsofonetofourteenandonetofifteen;thatis，anounceoffinegoldcametobesupposedtobeworthbetweenfourteenandfifteenouncesoffinesilver。Goldroseinitsnominalvalue，orinthequantityofsilverwhichwasgivenforit。Bothmetalssunkintheirrealvalue，orinthequantityoflabourwhichtheycouldpurchase;butsilversunkmorethangold。ThoughboththegoldandsilverminesofAmericaexceededinfertilityallthosewhichhadeverbeenknownbefore，thefertilityofthesilvermineshad，itseems，beenproportionablystillgreaterthanthatofthegoldones。
　　ThegreatquantitiesofsilvercarriedannuallyfromEuropetoIndiahave，insomeoftheEnglishsettlements，graduallyreducedthevalueofthatmetalinproportiontogold。InthemintofCalcuttaanounceoffinegoldissupposedtobeworthfifteenouncesoffinesilver，inthesamemannerasinEurope。
　　ItisinthemintperhapsratedtoohighforthevaluewhichitbearsinthemarketofBengal。InChina，theproportionofgoldtosilverstillcontinuesasonetoten，oronetotwelve。InJapanitissaidtobeasonetoeight。
　　TheproportionbetweenthequantitiesofgoldandsilverannuallyimportedintoEurope，accordingtoMr。Meggens’saccount，isasonetotwenty—twonearly;thatis，foroneounceofgoldthereareimportedalittlemorethantwenty—twoouncesofsilver。ThegreatquantityofsilversentannuallytotheEastIndiesreduces，hesupposes，thequantitiesofthosemetalswhichremaininEuropetotheproportionofonetofourteenorfifteen，theproportionoftheirvalues。Theproportionbetweentheirvalues，heseemstothink，mustnecessarilybethesameasthatbetweentheirquantities，andwouldthereforebeasonetotwenty—two，wereitnotforthisgreaterexportationofsilver。
　　Buttheordinaryproportionbetweentherespectivevaluesoftwocommoditiesisnotnecessarilythesameasthatbetweenthequantitiesofthemwhicharecommonlyinthemarket。Thepriceofanox，reckonedattenguineas，isaboutthreescoretimesthepriceofalamb，reckonedat3s。6d。Itwouldbeabsurd，however，toinferfromthencethattherearecommonlyinthemarketthreescorelambsforoneox:anditwouldbejustasabsurdtoinfer，becauseanounceofgoldwillcommonlypurchasefromfourteentofifteenouncesofsilver，thattherearecommonlyinthemarketonlyfourteenorfifteenouncesofsilverforoneounceofgold。
　　Thequantityofsilvercommonlyinthemarket，itisprobableismuchgreaterinproportiontothatofgoldthanthevalueofacertainquantityofgoldistothatofanequalquantityofsilver。Thewholequantityofacheapcommoditybroughttomarketiscommonlynotonlygreater，butofgreatervalue，thanthewholequantityofadearone。Thewholequantityofbreadannuallybroughttomarketisnotonlygreater，butofgreatervaluethanthewholequantityofbutcher’smeat;thewholequantityofbutcher’smeat，thanthewholequantityofpoultry;andthewholequantityofwildfowl。Therearesomanymorepurchasersforthecheapthanforthedearcommoditythatnotonlyagreaterquantityofit，butagreatervalue，cancommonlybedisposedof。Thewholequantity，therefore，ofthecheapcommoditymustcommonlybegreaterinproportiontothewholequantityofthedearonethanthevalueofacertainquantityofthedearoneistothevalueofanequalquantityofthecheapone。Whenwecomparethepreciousmetalswithoneanother，silverisacheapandgoldadearcommodity。Weoughtnaturallytoexpect，therefore，thatthereshouldalwaysbeinthemarketnotonlyagreaterquantity，butagreatervalueofsilverthanofgold。Letanymanwhohasalittleofbothcomparehisownsilverwithhisgoldplate，andhewillprobablyfindthat，notonlythequantity，butthevalueoftheformergreatlyexceedsthatofthelatter。Manypeople，besides，haveagooddealofsilverwhohavenogoldplate，which，evenwiththosewhohaveit，isgenerallyconfinedtowatchcases，snuff—boxes，andsuchliketrinkets，ofwhichthewholeamountisseldomofgreatvalue。IntheBritishcoin，indeed，thevalueofthegoldpreponderatesgreatly，butitisnotsointhatofallcountries。
　　Inthecoinofsomecountriesthevalueofthetwometalsisnearlyequal。IntheScotchcoin，beforetheunionwithEngland，thegoldpreponderatedverylittle，thoughitdidsomewhat，asitappearsbytheaccountsofthemint。Inthecoinofmanycountriesthesilverpreponderates。InFrance，thelargestsumsarecommonlypaidinthatmetal，anditistheredifficulttogetmoregoldthanwhatisnecessarytocarryaboutinyourpocket。
　　Thesuperiorvalue，however，ofthesilverplateabovethatofthegold，whichtakesplaceinallcountries，willmuchmorethancompensatethepreponderancyofthegoldcoinabovethesilver，whichtakesplaceonlyinsomecountries。
　　Though，inonesenseoftheword，silveralwayshasbeen，andprobablyalwayswillbe，muchcheaperthangold;yetinanothersensegoldmay，perhaps，inthepresentstateoftheSpanishmarket，besaidtobesomewhatcheaperthansilver。A
　　commoditymaybesaidtobedearorcheap，notonlyaccordingtotheabsolutegreatnessorsmallnessofitsusualprice，butaccordingasthatpriceismoreorlessabovethelowestforwhichitispossibletobringittomarketforanyconsiderabletimetogether。Thislowestpriceisthatwhichbarelyreplaces，withamoderateprofit，thestockwhichmustbeemployedinbringingthecommoditythither。Itisthepricewhichaffordsnothingtothelandlord，ofwhichrentmakesnotanycomponentpart，butwhichresolvesitselfaltogetherintowagesandprofit。
　　But，inthepresentstateoftheSpanishmarket，goldiscertainlysomewhatnearertothislowestpricethansilver。ThetaxoftheKingofSpainupongoldisonlyone—twentiethpartofthestandardmetal，orfivepercent;whereashistaxuponsilveramountstoone—tenthpartofit，ortotenpercent。Inthesetaxestoo，ithasalreadybeenobserved，consiststhewholerentofthegreaterpartofthegoldandsilverminesofSpanishAmerica;andthatupongoldisstillworsepaidthanthatuponsilver。Theprofitsoftheundertakersofgoldminestoo，astheymorerarelymakeafortune，must，ingeneral，bestillmoremoderatethanthoseoftheundertakersofsilvermines。ThepriceofSpanishgold，therefore，asitaffordsbothlessrentandlessprofit，must，intheSpanishmarket，besomewhatnearertothelowestpriceforwhichitispossibletobringitthitherthanthepriceofSpanishsilver。Whenallexpensesarecomputed，thewholequantityoftheonemetal，itwouldseem，cannot，intheSpanishmarket，bedisposedofsoadvantageouslyasthewholequantityoftheother。Thetax，indeed，oftheKingofPortugaluponthegoldoftheBrazilsisthesamewiththeancienttaxoftheKingofSpainuponthesilverofMexicoandPeru;orone—fifthpartofthestandardmetal。Itmay，therefore，beuncertainwhethertothegeneralmarketofEuropethewholemassofAmericangoldcomesatapricenearertothelowestforwhichitispossibletobringitthitherthanthewholemassofAmericansilver。
　　Thepriceofdiamondsandotherpreciousstonesmay，perhaps，bestillnearertothelowestpriceatwhichitispossibletobringthemtomarketthaneventhepriceofgold。
　　Thoughitisnotveryprobablethatanypartofatax，whichisnotonlyimposedupononeofthemostpropersubjectsoftaxation，amereluxuryandsuperfluity，butwhichaffordssoveryimportantarevenueasthetaxuponsilver，willeverbegivenupaslongasitispossibletopayit;yetthesameimpossibilityofpayingit，whichin1736madeitnecessarytoreduceitfromone—fifthtoone—tenth，mayintimemakeitnecessarytoreduceitstillfurther;inthesamemannerasitmadeitnecessarytoreducethetaxupongoldtoone—twentieth。
　　ThatthesilverminesofSpanishAmerica，likeallothermines，becomegraduallymoreexpensiveintheworking，onaccountofthegreaterdepthsatwhichitisnecessarytocarryontheworks，andofthegreaterexpenseofdrawingoutthewaterandofsupplyingthemwithfreshairatthosedepths，isacknowledgedbyeverybodywhohasinquiredintothestateofthosemines。
　　Thesecauses，whichareequivalenttoagrowingscarcityofsilver（foracommoditymaybesaidtogrowscarcerwhenitbecomesmoredifficultandexpensivetocollectacertainquantityofit）must，intime，produceoneorotherofthethreefollowingevents。Theincreaseoftheexpensemusteither，first，becompensatedaltogetherbyaproportionableincreaseinthepriceofthemetal;or，secondly，itmustbecompensatedaltogetherbyaproportionablediminutionofthetaxuponsilver;
　　or，thirdly，itmustbecompensatedpartlybytheone，andpartlybytheotherofthosetwoexpedients。Thisthirdeventisverypossible。Asgoldroseinitspriceinproportiontosilver，notwithstandingagreatdiminutionofthetaxupongold，sosilvermightriseinitspriceinproportiontolabourandcommodities，notwithstandinganequaldiminutionofthetaxuponsilver。
　　Suchsuccessivereductionsofthetax，however，thoughtheymaynotpreventaltogether，mustcertainlyretard，moreorless，theriseofthevalueofsilverintheEuropeanmarket。Inconsequenceofsuchreductionsmanyminesmaybewroughtwhichcouldnotbewroughtbefore，becausetheycouldnotaffordtopaytheoldtax;andthequantityofsilverannuallybroughttomarketmustalwaysbesomewhatgreater，and，therefore，thevalueofanygivenquantitysomewhatless，thanitotherwisewouldhavebeen。Inconsequenceofthereductionin1736，thevalueofsilverintheEuropeanmarket，thoughitmaynotatthisdaybelowerthanbeforethatreduction，is，probably，atleasttenpercentlowerthanitwouldhavebeenhadtheCourtofSpaincontinuedtoexacttheoldtax。
　　That，notwithstandingthisreduction，thevalueofsilverhas，duringthecourseofthepresentcentury，beguntorisesomewhatintheEuropeanmarket，thefactsandargumentswhichhavebeenallegedabovedisposemetobelieve，ormoreproperlytosuspectandconjecture;forthebestopinionwhichIcanformuponthissubjectscarce，perhaps，deservesthenameofbelief。
　　Therise，indeed，supposingtherehasbeenany，hashithertobeensoverysmallthatafterallthathasbeensaiditmay，perhaps，appeartomanypeopleuncertain，notonlywhetherthiseventhasactuallytakenplace;butwhetherthecontrarymaynothavetakenplace，orwhetherthevalueofthesilvermaynotstillcontinuetofallintheEuropeanmarket。
　　Itmustbeobserved，however，thatwhatevermaybethesupposedannualimportationofgoldandsilver，theremustbeacertainperiodatwhichtheannualconsumptionofthosemetalswillbeequaltothatannualimportation。Theirconsumptionmustincreaseastheirmassincreases，orratherinamuchgreaterproportion。Astheirmassincreases，theirvaluediminishes。Theyaremoreusedandlesscaredfor，andtheirconsumptionconsequentlyincreasesinagreaterproportionthantheirmass。
　　Afteracertainperiod，therefore，theannualconsumptionofthosemetalsmust，inthismanner，becomeequaltotheirannualimportation，providedthatimportationisnotcontinuallyincreasing;which，inthepresenttimes，isnotsupposedtobethecase。
　　If，whentheannualconsumptionhasbecomeequaltotheannualimportation，theannualimportationshouldgraduallydiminish，theannualconsumptionmay，forsometime，exceedtheannualimportation。Themassofthosemetalsmaygraduallyandinsensiblydiminish，andtheirvaluegraduallyandinsensiblyrise，tilltheannualimportationbecomeagainstationary，theannualconsumptionwillgraduallyandinsensiblyaccommodateitselftowhatthatannualimportationcanmaintain。
　　GROUNDSOFTHESUSPICIONTHATTHEVALUEOFSILVERSTILL
　　CONTINUESTODECREASE
　　TheincreaseofthewealthofEurope，andthepopularnotionthat，asthequantityofthepreciousmetalsnaturallyincreaseswiththeincreaseofwealthsotheirvaluediminishesastheirquantityincreases，may，perhaps，disposemanypeopletobelievethattheirvaluestillcontinuestofallintheEuropeanmarket;
　　andthestillgraduallyincreasingpriceofmanypartsoftherudeproduceoflandmayconfirmthemstillfurtherinthisopinion。
　　Thatthatincreaseinthequantityofthepreciousmetals，whicharisesinanycountryfromtheincreaseofwealth，hasnotendencytodiminishtheirvalue，Ihaveendeavouredtoshowalready。Goldandsilvernaturallyresorttoarichcountry，forthesamereasonthatallsortsofluxuriesandcuriositiesresorttoit;notbecausetheyarecheapertherethaninpoorercountries，butbecausetheyaredearer，orbecauseabetterpriceisgivenforthem。Itisthesuperiorityofpricewhichattractsthem，andassoonasthatsuperiorityceases，theynecessarilyceasetogothither。
　　Ifyouexceptcornandsuchothervegetablesasareraisedaltogetherbyhumanindustry，thatallothersortsofrudeproduce，cattle，poultry，gameofallkinds，theusefulfossilsandmineralsoftheearth，etc。，naturallygrowdearerasthesocietyadvancesinwealthandimprovement，Ihaveendeavouredtoshowalready。Thoughsuchcommodities，therefore，cometoexchangeforagreaterquantityofsilverthanbefore，itwillnotfromthencefollowthatsilverhasbecomereallycheaper，orwillpurchaselesslabourthanbefore，butthatsuchcommoditieshavebecomereallydearer，orwillpurchasemorelabourthanbefore。Itisnottheirnominalpriceonly，buttheirrealpricewhichrisesintheprogressofimprovement。Theriseoftheirnominalpriceistheeffect，notofanydegradationofthevalueofsilver，butoftheriseintheirrealprice。
　　DIFFERENTEFFECTSOFTHEPROGRESSOFIMPROVEMENTUPONTHREE
　　DIFFERENTSORTSOFRUDEPRODUCE
　　Thesedifferentsortsofrudeproducemaybedividedintothreeclasses。Thefirstcomprehendsthosewhichitisscarceinthepowerofhumanindustrytomultiplyatall。Thesecond，thosewhichitcanmultiplyinproportiontothedemand。Thethird，thoseinwhichtheefficacyofindustryiseitherlimitedoruncertain。Intheprogressofwealthandimprovement，therealpriceofthefirstmayrisetoanydegreeofextravagance，andseemsnottobelimitedbyanycertainboundary。Thatofthesecond，thoughitmayrisegreatly，has，however，acertainboundarybeyondwhichitcannotwellpassforanyconsiderabletimetogether。Thatofthethird，thoughitsnaturaltendencyistoriseintheprogressofimprovement，yetinthesamedegreeofimprovementitmaysometimeshappeneventofall，sometimestocontinuethesame，andsometimestorisemoreorless，accordingasdifferentaccidentsrendertheeffortsofhumanindustry，inmultiplyingthissortofrudeproduce，moreorlesssuccessful。
　　FIRSTSORT
　　Thefirstsortofrudeproduceofwhichthepricerisesintheprogressofimprovementisthatwhichitisscarceinthepowerofhumanindustrytomultiplyatall。Itconsistsinthosethingswhichnatureproducesonlyincertainquantities，andwhich，beingofaveryperishablenature，itisimpossibletoaccumulatetogethertheproduceofmanydifferentseasons。Sucharethegreaterpartofrareandsingularbirdsandfishes，manydifferentsortsofgame，almostallwild—fowl，allbirdsofpassageinparticular，aswellasmanyotherthings。Whenwealthandtheluxurywhichaccompaniesitincrease，thedemandfortheseislikelytoincreasewiththem，andnoeffortofhumanindustrymaybeabletoincreasethesupplymuchbeyondwhatitwasbeforethisincreaseofthedemand。Thequantityofsuchcommodities，therefore，remainingthesame，ornearlythesame，whilethecompetitiontopurchasethemiscontinuallyincreasing，theirpricemayrisetoanydegreeofextravagance，andseemsnottobelimitedbyanycertainboundary。Ifwoodcocksshouldbecomesofashionableastosellfortwentyguineasapiece，noeffortofhumanindustrycouldincreasethenumberofthosebroughttomarketmuchbeyondwhatitisatpresent。ThehighpricepaidbytheRomans，inthetimeoftheirgreatestgrandeur，forrarebirdsandfishes，mayinthismannereasilybeaccountedfor。
　　Thesepriceswerenottheeffectsofthelowvalueofsilverinthosetimes，butofthehighvalueofsuchraritiesandcuriositiesashumanindustrycouldnotmultiplyatpleasure。TherealvalueofsilverwashigheratRome，forsometimebeforeandafterthefalloftherepublic，thanitisthroughthegreaterpartofEuropeatpresent。Threesestertii，equaltoaboutsixpencesterling，wasthepricewhichtherepublicpaidforthemodiusorpeckofthetithewheatofSicily。Thisprice，however，wasprobablybelowtheaveragemarketprice，theobligationtodelivertheirwheatatthisratebeingconsideredasataxupontheSicilianfarmers。WhentheRomans，therefore，hadoccasiontoordermorecornthanthetitheofwheatamountedto，theywereboundbycapitulationtopayforthesurplusattherateoffoursestertii，oreightpencesterling，thepeck;andthishadprobablybeenreckonedthemoderateandreasonable，thatis，theordinaryoraveragecontractpriceofthosetimes;itisequaltoaboutone—and—twentyshillingsthequarter。Eight—and—twentyshillingsthequarterwas，beforethelateyearsofscarcity，theordinarycontractpriceofEnglishwheat，whichinqualityisinferiortotheSicilian，andgenerallysellsforalowerpriceintheEuropeanmarket。Thevalueofsilver，therefore，inthoseancienttimes，musthavebeentoitsvalueinthepresentasthreetofourinversely;thatis，threeouncesofsilverwouldthenhavepurchasedthesamequantityoflabourandcommoditieswhichfourounceswilldoatpresent。WhenwereadinPliny，therefore，thatSeiusboughtawhitenightingale，asapresentfortheEmpressAgrippina，atapriceofsixthousandsestertii，equaltoaboutfiftypoundsofourpresentmoney;andthatAsiniusCelerpurchasedasurmulletatthepriceofeightthousandsestertii，equaltoaboutsixty—sixpoundsthirteenshillingsandfourpenceofourpresentmoney，theextravaganceofthoseprices，howmuchsoeveritmaysurpriseus，isapt，notwithstanding，toappeartousaboutone—thirdlessthanitreallywas。Theirrealprice，thequantityoflabourandsubsistencewhichwasgivenawayforthem，wasaboutone—thirdmorethantheirnominalpriceisapttoexpresstousinthepresenttimes。SeiusgaveforthenightingalethecommandofaquantityoflabourandsubsistenceequaltowhatL6613s。4d。
　　wouldpurchaseinthepresenttimes;andAsiniusCelergaveforthesurmulletthecommandofaquantityequaltowhatL8891/2d。
　　wouldpurchase。Whatoccasionedtheextravaganceofthosehighpriceswas，notsomuchtheabundanceofsilverastheabundanceoflabourandsubsistenceofwhichthoseRomanshadthedisposalbeyondwhatwasnecessaryfortheirownuse。Thequantityofsilverofwhichtheyhadthedisposalwasagooddeallessthanwhatthecommandofthesamequantityoflabourandsubsistencewouldhaveprocuredtotheminthepresenttimes。
　　SECONDSORT
　　Thesecondsortofrudeprocedureofwhichthepricerisesintheprogressofimprovementisthatwhichhumanindustrycanmultiplyinproportiontothedemand。Itconsistsinthoseusefulplantsandanimalswhich，inuncultivatedcountries，natureproduceswithsuchprofuseabundancethattheyareoflittleornovalue，andwhich，ascultivationadvancesarethereforeforcedtogiveplacetosomemoreprofitableproduce。Duringalongperiodintheprogressofimprovement，thequantityoftheseiscontinuallydiminishing，whileatthesametimethedemandforthemiscontinuallyincreasing。Theirrealvalue，therefore，therealquantityoflabourwhichtheywillpurchaseorcommand，graduallyrises，tillatlastitgetssohighastorenderthemasprofitableaproduceasanythingelsewhichhumanindustrycanraiseuponthemostfertileandbestcultivatedland。Whenithasgotsohighitcannotwellgohigher。Ifitdid，morelandandmoreindustrywouldsoonbeemployedtoincreasetheirquantity。
　　Whenthepriceofcattle，forexample，risessohighthatitisasprofitabletocultivatelandinordertoraisefoodforthemasinordertoraisefoodforman，itcannotwellgohigher。
　　Ifitdid，morecornlandwouldsoonbeturnedintopasture。Theextensionoftillage，bydiminishingthequantityofwildpasture，diminishesthequantityofbutcher’smeatwhichthecountrynaturallyproduceswithoutlabourorcultivation，andbyincreasingthenumberofthosewhohaveeithercorn，or，whatcomestothesamething，thepriceofcorn，togiveinexchangeforit，increasesthedemand。Thepriceofbutcher’smeat，therefore，andconsequentlyofcattle，mustgraduallyrisetillitgetssohighthatitbecomesasprofitabletoemploythemostfertileandbestcultivatedlandsinraisingfoodforthemasinraisingcorn。Butitmustalwaysbelateintheprogressofimprovementbeforetillagecanbesofarextendedastoraisethepriceofcattletothisheight;andtillithasgottothisheight，ifthecountryisadvancingatall，theirpricemustbecontinuallyrising。Thereare，perhaps，somepartsofEuropeinwhichthepriceofcattlehasnotyetgottothisheight。IthadnotgottothisheightinanypartofScotlandbeforetheunion。
　　HadtheScotchcattlebeenalwaysconfinedtothemarketofScotland，inacountryinwhichthequantityoflandwhichcanbeappliedtonootherpurposebutthefeedingofcattleissogreatinproportiontowhatcanbeappliedtootherpurposes，itisscarcepossible，perhaps，thattheirpricecouldeverhaverisensohighastorenderitprofitabletocultivatelandforthesakeoffeedingthem。InEngland，thepriceofcattle，ithasalreadybeenobserved，seems，intheneighbourhoodofLondon，tohavegottothisheightaboutthebeginningofthelastcentury;butitwasmuchlaterprobablybeforeitgottoitthroughthegreaterpartoftheremotercounties;insomeofwhich，perhaps，itmayscarceyethavegottoit。Ofallthedifferentsubstances，however，whichcomposethissecondsortofrudeproduce，cattleis，perhaps，thatofwhichtheprice，intheprogressofimprovement，firstrisestothisheight。
　　Tillthepriceofcattle，indeed，hasgottothisheight，itseemsscarcepossiblethatthegreaterpart，evenofthoselandswhicharecapableofthehighestcultivation，canbecompletelycultivated。Inallfarmstoodistantfromanytowntocarrymanurefromit，thatis，inthefargreaterpartofthoseofeveryextensivecountry，thequantityofwell—cultivatedlandmustbeinproportiontothequantityofmanurewhichthefarmitselfproduces;andthisagainmustbeinproportiontothestockofcattlewhicharemaintaineduponit。Thelandismanuredeitherbypasturingthecattleuponit，orbyfeedingtheminthestable，andfromthencecarryingouttheirdungtoit。Butunlessthepriceofthecattlebesufficienttopayboththerentandprofitofcultivatedland，thefarmercannotaffordtopasturethemuponit;andhecanstilllessaffordtofeedtheminthestable。Itiswiththeproduceofimprovedandcultivatedlandonlythatcattlecanbefedinthestable;becausetocollectthescantyandscatteredproduceofwasteandunimprovedlandswouldrequiretoomuchlabourandbetooexpensive。Ifthepriceofcattle，therefore，isnotsufficienttopayfortheproduceofimprovedandcultivatedland，whentheyareallowedtopastureit，thatpricewillbestilllesssufficienttopayforthatproducewhenitmustbecollectedwithagooddealofadditionallabour，andbroughtintothestabletothem。Inthesecircumstances，therefore，nomorecattlecan，withprofit，befedinthestablethanwhatarenecessaryfortillage。Butthesecanneveraffordmanureenoughforkeepingconstantlyingoodconditionallthelandswhichtheyarecapableofcultivating。
　　Whattheyaffordbeinginsufficientforthewholefarmwillnaturallybereservedforthelandstowhichitcanbemostadvantageouslyorconvenientlyapplied;themostfertile，orthose，perhaps，intheneighbourhoodofthefarmyard。These，therefore，willbekeptconstantlyingoodconditionandfitfortillage。Therestwill，thegreaterpartofthem，beallowedtoliewaste，producingscarceanythingbutsomemiserablepasture，justsufficienttokeepaliveafewstraggling，half—starvedcattle;thefarm，thoughmuchunderstockedinproportiontowhatwouldbenecessaryforitscompletecultivation，beingveryfrequentlyoverstockedinproportiontoitsactualproduce。A
　　portionofthiswasteland，however，afterhavingbeenpasturedinthiswretchedmannerforsixorsevenyearstogether，maybeploughedup，whenitwillyield，perhaps，apoorcroportwoofbadoats，orofsomeothercoarsegrain，andthen，beingentirelyexhausted，itmustberestedandpasturedagainasbeforeandanotherportionplougheduptobeinthesamemannerexhaustedandrestedagaininitsturn。SuchaccordinglywasthegeneralsystemofmanagementalloverthelowcountryofScotlandbeforetheunion。Thelandswhichwerekeptconstantlywellmanuredandingoodconditionseldomexceededathirdorafourthpartofthewholefarm，andsometimesdidnotamounttoafifthorasixthpartofit。Therestwerenevermanured，butacertainportionofthemwasinitsturn，notwithstanding，regularlycultivatedandexhausted。Underthissystemofmanagement，itisevident，eventhatpartofthelandofScotlandwhichiscapableofgoodcultivationcouldproducebutlittleincomparisonofwhatitmaybecapableofproducing。Buthowdisadvantageoussoeverthissystemmayappear，yetbeforetheunionthelowpriceofcattleseemstohaverendereditalmostunavoidable。If，notwithstandingagreatriseintheirprice，itstillcontinuestoprevailthroughaconsiderablepartofthecountry，itisowing，inmanyplaces，nodoubt，toignoranceandattachmenttooldcustoms，butinmostplacestotheunavoidableobstructionswhichthenaturalcourseofthingsopposestotheimmediateorspeedyestablishmentofabettersystem:first，tothepovertyofthetenants，totheirnothavingyethadtimetoacquireastockofcattlesufficienttocultivatetheirlandsmorecompletely，thesameriseofpricewhichwouldrenderitadvantageousforthemtomaintainagreaterstockrenderingitmoredifficultforthemtoacquireit;and，secondly，totheirnothavingyethadtimetoputtheirlandsinconditiontomaintainthisgreaterstockproperly，supposingtheywerecapableofacquiringit。Theincreaseofstockandtheimprovementoflandaretwoeventswhichmustgohandinhand，andofwhichtheonecannowheremuchoutruntheother。Withoutsomeincreaseofstocktherecanbescarceanyimprovementofland，buttherecanbenoconsiderableincreaseofstockbutinconsequenceofaconsiderableimprovementofland;becauseotherwisethelandcouldnotmaintainit。Thesenaturalobstructionstotheestablishmentofabettersystemcannotberemovedbutbyalongcourseoffrugalityandindustry;andhalfacenturyoracenturymore，perhaps，mustpassawaybeforetheoldsystem，whichiswearingoutgradually，canbecompletelyabolishedthroughallthedifferentpartsofthecountry。Ofallthecommercialadvantages，however，whichScotlandhasderivedfromtheunionwithEngland，thisriseinthepriceofcattleis，perhaps，thegreatest。Ithasnotonlyraisedthevalueofallhighlandestates，butithas，perhaps，beentheprincipalcauseoftheimprovementofthelowcountry。
　　Inallnewcoloniesthegreatquantityofwasteland，whichcanformanyyearsbeappliedtonootherpurposebutthefeedingofcattle，soonrendersthemextremelyabundant，andineverythinggreatcheapnessisthenecessaryconsequenceofgreatabundance。ThoughallthecattleoftheEuropeancoloniesinAmericawereoriginallycarriedfromEurope，theysoonmultipliedsomuchthere，andbecameofsolittlevaluethatevenhorseswereallowedtorunwildinthewoodswithoutanyownerthinkingitworthwhiletoclaimthem。Itmustbealongtime，afterthefirstestablishmentofsuchcolonies，beforeitcanbecomeprofitabletofeedcattleupontheproduceofcultivatedland。
　　Thesamecauses，therefore，thewantofmanure，andthedisproportionbetweenthestockemployedincultivation，andthelandwhichitisdestinedtocultivate，arelikelytointroducethereasystemofhusbandrynotunlikethatwhichstillcontinuestotakeplaceinsomanypartsofScotland。Mr。Kalm，theSwedishtraveller，whenhegivesanaccountofthehusbandryofsomeoftheEnglishcoloniesinNorthAmerica，ashefounditin1749，observes，accordingly，thathecanwithdifficultydiscovertherethecharacteroftheEnglishnation，sowellskilledinallthedifferentbranchesofagriculture。Theymakescarceanymanurefortheircornfields，hesays;butwhenonepieceofgroundhasbeenexhaustedbycontinualcropping，theyclearandcultivateanotherpieceoffreshland;andwhenthatisexhausted，proceedtothethird。Theircattleareallowedtowanderthroughthewoodsandotheruncultivatedgrounds，wheretheyarehalf—starved;havinglongagoextirpatedalmostalltheannualgrassesbycroppingthemtooearlyinthespring，beforetheyhadtimetoformtheirflowers，ortoshedtheirseeds。Theannualgrasseswere，itseems，thebestnaturalgrassesinthatpartofNorthAmerica;andwhentheEuropeansfirstsettledthere，theyusedtogrowverythick，andtorisethreeorfourfeethigh。A
　　pieceofgroundwhich，whenhewrote，couldnotmaintainonecow，wouldinformertimes，hewasassured，havemaintainedfour，eachofwhichwouldhavegivenfourtimesthequantityofmilkwhichthatonewascapableofgiving。Thepoornessofthepasturehad，inhisopinion，occasionedthedegradationoftheircattle，whichdegeneratedsensiblyfromonegenerationtoanother。TheywereprobablynotunlikethatstuntedbreedwhichwascommonalloverScotlandthirtyorfortyyearsago，andwhichisnowsomuchmendedthroughthegreaterpartofthelowcountry，notsomuchbyachangeofthebreed，thoughthatexpedienthasbeenemployedinsomeplaces，asbyamoreplentifulmethodoffeedingthem。
　　Thoughitislate，therefore，intheprogressofimprovementbeforecattlecanbringsuchapriceastorenderitprofitabletocultivatelandforthesakeoffeedingthem;yetofallthedifferentpartswhichcomposethissecondsortofrudeproduce，theyareperhapsthefirstwhichbringthisprice;becausetilltheybringit，itseemsimpossiblethatimprovementcanbebroughtneareventothatdegreeofperfectiontowhichithasarrivedinmanypartsofEurope。
　　Ascattleareamongthefirst，soperhapsvenisonisamongthelastpartsofthissortofrudeproducewhichbringthisprice。ThepriceofvenisoninGreatBritain，howextravagantsoeveritmayappear，isnotnearsufficienttocompensatetheexpenseofadeerpark，asiswellknowntoallthosewhohavehadanyexperienceinthefeedingofdeer。Ifitwasotherwise，thefeedingofdeerwouldsoonbecomeanarticleofcommonfarming，inthesamemannerasthefeedingofthosesmallbirdscalledTurdiwasamongtheancientRomans。VarroandColumellaassureusthatitwasamostprofitablearticle。Thefatteningofortolans，birdsofpassagewhicharriveleaninthecountry，issaidtobesoinsomepartsofFrance。Ifvenisoncontinuesinfashion，andthewealthandluxuryofGreatBritainincreaseastheyhavedoneforsometimepast，itspricemayveryprobablyrisestillhigherthanitisatpresent。
　　Betweenthatperiodintheprogressofimprovementwhichbringstoitsheightthepriceofsonecessaryanarticleascattle，andthatwhichbringstoitthepriceofsuchasuperfluityasvenison，thereisaverylonginterval，inthecourseofwhichmanyothersortsofrudeproducegraduallyarriveattheirhighestprice，somesoonerandsomelater，accordingtodifferentcircumstances。
　　Thusineveryfarmtheoffalsofthebarnandstableswillmaintainacertainnumberofpoultry。These，astheyarefedwithwhatwouldotherwisebelost，areameresave—all;andastheycostthefarmerscarceanything，sohecanaffordtosellthemforverylittle。Almostallthathegetsispuregain，andtheirpricecanscarcebesolowastodiscouragehimfromfeedingthisnumber。Butincountriesillcultivated，andthereforebutthinlyinhabited，thepoultry，whicharethusraisedwithoutexpense，areoftenfullysufficienttosupplythewholedemand。Inthisstateofthings，therefore，theyareoftenascheapasbutcher’smeat，oranyothersortofanimalfood。Butthewholequantityofpoultry，whichthefarminthismannerproduceswithoutexpense，mustalwaysbemuchsmallerthanthewholequantityofbutcher’smeatwhichisreareduponit;andintimesofwealthandluxurywhatisrare，withonlynearlyequalmerit，isalwayspreferredtowhatiscommon。Aswealthandluxuryincrease，therefore，inconsequenceofimprovementandcultivation，thepriceofpoultrygraduallyrisesabovethatofbutcher’smeat，tillatlastitgetssohighthatitbecomesprofitabletocultivatelandforthesakeoffeedingthem。Whenithasgottothisheightitcannotwellgohigher。