Ifitdid，morelandwouldsoonbeturnedtothispurpose。InseveralprovincesofFrance，thefeedingofpoultryisconsideredasaveryimportantarticleinruraleconomy，andsufficientlyprofitabletoencouragethefarmertoraiseaconsiderablequantityofIndiancornandbuck—wheatforthispurpose。Amiddlingfarmerwilltheresometimeshavefourhundredfowlsinhisyard。ThefeedingofpoultryseemsscarceyettobegenerallyconsideredasamatterofsomuchimportanceinEngland。Theyarecertainly，however，dearerinEnglandthaninFrance，asEnglandreceivesconsiderablesuppliesfromFrance。Intheprogressofimprovement，theperiodatwhicheveryparticularsortofanimalfoodisdearestmustnaturallybethatwhichimmediatelyprecedesthegeneralpracticeofcultivatinglandforthesakeofraisingit。Forsometimebeforethispracticebecomesgeneral，thescarcitymustnecessarilyraisetheprice。
　　Afterithasbecomegeneral，newmethodsoffeedingarecommonlyfallenupon，whichenablethefarmertoraiseuponthesamequantityofgroundamuchgreaterquantityofthatparticularsortofanimalfood。Theplentynotonlyobligeshimtosellcheaper，butinconsequenceoftheseimprovementshecanaffordtosellcheaper;forifhecouldnotaffordit，theplentywouldnotbeoflongcontinuance。Ithasbeenprobablyinthismannerthattheintroductionofclover，turnips，carrots，cabbage，etc。，hascontributedtosinkthecommonpriceofbutcher’smeatintheLondonmarketsomewhatbelowwhatitwasaboutthebeginningofthelastcentury。
　　Thehog，thatfindshisfoodamongordureandgreedilydevoursmanythingsrejectedbyeveryotherusefulanimal，is，likepoultry，originallykeptasasave—all。Aslongasthenumberofsuchanimals，whichcanthusberearedatlittleornoexpense，isfullysufficienttosupplythedemand，thissortofbutcher’smeatcomestomarketatamuchlowerpricethananyother。Butwhenthedemandrisesbeyondwhatthisquantitycansupply，whenitbecomesnecessarytoraisefoodonpurposeforfeedingandfatteninghogs，inthesamemannerasforfeedingandfatteningothercattle，thepricenecessarilyrises，andbecomesproportionablyhigherorlowerthanthatofotherbutcher’smeat，accordingasthenatureofthecountry，andthestateofitsagriculture，happentorenderthefeedingofhogsmoreorlessexpensivethanthatofothercattle。InFrance，accordingtoMr。
　　Buffon，thepriceofporkisnearlyequaltothatofbeef。InmostpartsofGreatBritainitisatpresentsomewhathigher。
　　ThegreatriseinthepriceofbothhogsandpoultryhasinGreatBritainbeenfrequentlyimputedtothediminutionofthenumberofcottagersandothersmalloccupiersofland;aneventwhichhasineverypartofEuropebeentheimmediateforerunnerofimprovementandbettercultivation，butwhichatthesametimemayhavecontributedtoraisethepriceofthosearticlesbothsomewhatsoonerandsomewhatfasterthanitwouldotherwisehaverisen。Asthepoorestfamilycanoftenmaintainacatoradogwithoutanyexpense，sothepoorestoccupiersoflandcancommonlymaintainafewpoultry，orasowandafewpigs，atverylittle。Thelittleoffalsoftheirowntable，theirwhey，skimmedmilk，andbuttermilk，supplythoseanimalswithapartoftheirfood，andtheyfindtherestintheneighbouringfieldswithoutdoinganysensibledamagetoanybody。Bydiminishingthenumberofthosesmalloccupiers，therefore，thequantityofthissortofprovisions，whichisthusproducedatlittleornoexpense，mustcertainlyhavebeenagooddealdiminished，andtheirpricemustconsequentlyhavebeenraisedbothsoonerandfasterthanitwouldotherwisehaverisen。Soonerorlater，however，intheprogressofimprovement，itmustatanyratehaverisentotheutmostheighttowhichitiscapableofrising;ortothepricewhichpaysthelabourandexpenseofcultivatingthelandwhichfurnishesthemwithfoodaswellasthesearepaiduponthegreaterpartofothercultivatedland。
　　Thebusinessofthedairy，likethefeedingofhogsandpoultry，isoriginallycarriedonasasave—all。Thecattlenecessarilykeptuponthefarmproducemoremilkthaneithertherearingoftheirownyoungortheconsumptionofthefarmer’sfamilyrequires;andtheyproducemostatoneparticularseason。
　　Butofalltheproductionsofland，milkisperhapsthemostperishable。Inthewarmseason，whenitismostabundant，itwillscarcekeepfour—and—twentyhours。Thefarmer，bymakingitintofreshbutter，storesasmallpartofitforaweek:bymakingitintosaltbutter，forayear:andbymakingitintocheese，hestoresamuchgreaterpartofitforseveralyears。Partofalltheseisreservedfortheuseofhisownfamily。Therestgoestomarket，inordertofindthebestpricewhichistobehad，andwhichcanscarcebesolowastodiscouragehimfromsendingthitherwhateverisoverandabovetheuseofhisownfamily。Ifitisverylow，indeed，hewillbelikelytomanagehisdairyinaveryslovenlyanddirtymanner，andwillscarceperhapsthinkitworthwhiletohaveaparticularroomorbuildingonpurposeforit，butwillsufferthebusinesstobecarriedonamidstthesmoke，filth，andnastinessofhisownkitchen;aswasthecaseofalmostallthefarmers’dairiesinScotlandthirtyorfortyyearsago，andasisthecaseofmanyofthemstill。Thesamecauseswhichgraduallyraisethepriceofbutcher’smeat，theincreaseofthedemand，and，inconsequenceoftheimprovementofthecountry，thediminutionofthequantitywhichcanbefedatlittleornoexpense，raise，inthesamemanner，thatoftheproduceofthedairy，ofwhichthepricenaturallyconnectswiththatofbutcher’smeat，orwiththeexpenseoffeedingcattle。
　　Theincreaseofpricepaysformorelabour，care，andcleanliness。Thedairybecomesmoreworthyofthefarmer’sattention，andthequalityofitsproducegraduallyimproves。Thepriceatlastgetssohighthatitbecomesworthwhiletoemploysomeofthemostfertileandbestcultivatedlandsinfeedingcattlemerelyforthepurposeofthedairy;andwhenithasgottothisheight，itcannotwellgohigher。Ifitdid，morelandwouldsoonbeturnedtothispurpose。ItseemstohavegottothisheightthroughthegreaterpartofEngland，wheremuchgoodlandiscommonlyemployedinthismanner。Ifyouexcepttheneighbourhoodofafewconsiderabletowns，itseemsnotyettohavegottothisheightanywhereinScotland，wherecommonfarmersseldomemploymuchgoodlandinraisingfoodforcattlemerelyforthepurposeofthedairy。Thepriceoftheproduce，thoughithasrisenveryconsiderablywithinthesefewyears，isprobablystilltoolowtoadmitofit。Theinferiorityofthequality，indeed，comparedwiththatoftheproduceofEnglishdairies，isfullyequaltothatoftheprice。Butthisinferiorityofqualityis，perhaps，rathertheeffectofthislownessofpricethanthecauseofit。Thoughthequalitywasmuchbetter，thegreaterpartofwhatisbroughttomarketcouldnot，Iapprehend，inthepresentcircumstancesofthecountry，bedisposedofatamuchbetterprice;andthepresentprice，itisprobablewouldnotpaytheexpenseofthelandandlabournecessaryforproducingamuchbetterquality。ThoughthegreaterpartofEngland，notwithstandingthesuperiorityofprice，thedairyisnotreckonedamoreprofitableemploymentoflandthantheraisingofcorn，orthefatteningofcattle，thetwogreatobjectsofagriculture。ThroughthegreaterpartofScotland，therefore，itcannotyetbeevensoprofitable。
　　Thelandsofnocountry，itisevident，caneverbecompletelycultivatedandimprovedtilloncethepriceofeveryproduce，whichhumanindustryisobligedtoraiseuponthem，hasgotsohighastopayfortheexpenseofcompleteimprovementandcultivation。Inordertodothis，thepriceofeachparticularproducemustbesufficient，first，topaytherentofgoodcornland，asitisthatwhichregulatestherentofthegreaterpartofothercultivatedland;and，secondly，topaythelabourandexpenseofthefarmeraswellastheyarecommonlypaidupongoodcornland;or，inotherwords，toreplacewiththeordinaryprofitsthestockwhichheemploysaboutit。Thisriseinthepriceofeachparticularproducemustevidentlybeprevioustotheimprovementandcultivationofthelandwhichisdestinedforraisingit。Gainistheendofallimprovement，andnothingcoulddeservethatnameofwhichlosswastobethenecessaryconsequence。Butlossmustbethenecessaryconsequenceofimprovinglandforthesakeofaproduceofwhichthepricecouldneverbringbacktheexpense。Ifthecompleteimprovementandcultivationofthecountrybe，asitmostcertainlyis，thegreatestofallpublicadvantages，thisriseinthepriceofallthosedifferentsortsofrudeproduce，insteadofbeingconsideredasapubliccalamity，oughttoberegardedasthenecessaryforerunnerandattendantofthegreatestofallpublicadvantages。
　　Thisrise，too，inthenominalormoney—priceofallthosedifferentsortsofrudeproducehasbeentheeffect，notofanydegradationinthevalueofsilver，butofariseintheirrealprice。Theyhavebecomeworth，notonlyagreaterquantityofsilver，butagreaterquantityoflabourandsubsistencethanbefore。Asitcostsagreaterquantityoflabourandsubsistencetobringthemtomarket，sowhentheyarebroughtthither，theyrepresentorareequivalenttoagreaterquantity。
　　THIRDSORT
　　Thethirdandlastsortofrudeproduce，ofwhichthepricenaturallyrisesintheprogressofimprovement，isthatinwhichtheefficacyofhumanindustry，inaugmentingthequantity，iseitherlimitedoruncertain。Thoughtherealpriceofthissortofrudeproduce，therefore，naturallytendstoriseintheprogressofimprovement，yet，accordingasdifferentaccidentshappentorendertheeffortsofhumanindustrymoreorlesssuccessfulinaugmentingthequantity，itmayhappensometimeseventofall，sometimestocontinuethesameinverydifferentperiodsofimprovement，andsometimestorisemoreorlessinthesameperiod。
　　Therearesomesortsofrudeproducewhichnaturehasrenderedakindofappendagestoothersorts;sothatthequantityoftheonewhichanycountrycanafford，isnecessarilylimitedbythatoftheother。Thequantityofwoolorofrawhides，forexample，whichanycountrycanaffordisnecessarilylimitedbythenumberofgreatandsmallcattlethatarekeptinit。Thestateofitsimprovement，andthenatureofitsagriculture，againnecessarilydeterminethisnumber。
　　Thesamecauseswhich，intheprogressofimprovement，graduallyraisethepriceofbutcher’smeat，shouldhavethesameeffect，itmaybethought，uponthepricesofwoolandrawhides，andraisethem，too，nearlyinthesameproportion。Itprobablywouldbesoif，intherudebeginningsofimprovement，themarketforthelattercommoditieswasconfinedwithinasnarrowboundsasthatfortheformer。Buttheextentoftheirrespectivemarketsiscommonlyextremelydifferent。
　　Themarketforbutcher’smeatisalmosteverywhereconfinedtothecountrywhichproducesit。Ireland，andsomepartofBritishAmericaindeed，carryonaconsiderabletradeinsaltprovisions;buttheyare，Ibelieve，theonlycountriesinthecommercialworldwhichdoso，orwhichexporttoothercountriesanyconsiderablepartoftheirbutcher’smeat。
　　Themarketforwoolandrawhides，onthecontrary，isintherudebeginningsofimprovementveryseldomconfinedtothecountrywhichproducesthem。Theycaneasilybetransportedtodistantcountries，woolwithoutanypreparation，andrawhideswithverylittle:andastheyarethematerialsofmanymanufactures，theindustryofothercountriesmayoccasionademandforthem，thoughthatofthecountrywhichproducesthemmightnotoccasionany。
　　Incountriesillcultivated，andthereforebutthinlyinhabited，thepriceofthewoolandthehidebearsalwaysamuchgreaterproportiontothatofthewholebeastthanincountrieswhere，improvementandpopulationbeingfurtheradvanced，thereismoredemandforbutcher’smeat。Mr。HumeobservesthatintheSaxontimesthefleecewasestimatedattwo—fifthsofthevalueofthewholesheep，andthatthiswasmuchabovetheproportionofitspresentestimation。InsomeprovincesofSpain，Ihavebeenassured，thesheepisfrequentlykilledmerelyforthesakeofthefleeceandthetallow。Thecarcaseisoftenlefttorotupontheground，ortobedevouredbybeastsandbirdsofprey。
　　IfthissometimeshappenseveninSpain，ithappensalmostconstantlyinChili，atBuenosAyres，andinmanyotherpartsofSpanishAmerica，wherethehornedcattlearealmostconstantlykilledmerelyforthesakeofthehideandthetallow。This，too，usedtohappenalmostconstantlyinHispaniola，whileitwasinfestedbytheBuccaneers，andbeforethesettlement，improvement，andpopulousnessoftheFrenchplantations（whichnowextendroundthecoastofalmostthewholewesternhalfoftheisland）hadgivensomevaluetothecattleoftheSpaniards，whostillcontinuetopossess，notonlytheeasternpartofthecoast，butthewholeinlandandmountainouspartofthecountry。
　　Thoughintheprogressofimprovementandpopulationthepriceofthewholebeastnecessarilyrises，yetthepriceofthecarcaseislikelytobemuchmoreaffectedbythisrisethanthatofthewoolandthehide。Themarketforthecarcase，beingintherudestateofsocietyconfinedalwaystothecountrywhichproducesit，mustnecessarilybeextendedinproportiontotheimprovementandpopulationofthatcountry。Butthemarketforthewoolandthehidesevenofabarbarouscountryoftenextendingtothewholecommercialworld，itcanveryseldombeenlargedinthesameproportion。Thestateofthewholecommercialworldcanseldombemuchaffectedbytheimprovementofanyparticularcountry;andthemarketforsuchcommoditiesmayremainthesameorverynearlythesameaftersuchimprovementsasbefore。Itshould，however，inthenaturalcourseofthingsratheruponthewholebesomewhatextendedinconsequenceofthem。Ifthemanufactures，especially，ofwhichthosecommoditiesarethematerialsshouldevercometoflourishinthecountry，themarket，thoughitmightnotbemuchenlarged，wouldatleastbebroughtmuchnearertotheplaceofgrowththanbefore;andthepriceofthosematerialsmightatleastbeincreasedbywhathadusuallybeentheexpenseoftransportingthemtodistantcountries。Thoughitmightnotrisethereforeinthesameproportionasthatofbutcher’smeat，itoughtnaturallytorisesomewhat，anditoughtcertainlynottofall。
　　InEngland，however，notwithstandingtheflourishingstateofitswoollenmanufacture，thepriceofEnglishwoolhasfallenveryconsiderablysincethetimeofEdwardIII。Therearemanyauthenticrecordswhichdemonstratethatduringthereignofthatprince（towardsthemiddleofthefourteenthcentury，orabout1339）whatwasreckonedthemoderateandreasonablepriceofthetod，ortwenty—eightpoundsofEnglishwool，wasnotlessthantenshillingsofthemoneyofthosetimes，containingattherateoftwentypencetheounce，sixouncesofsilverTowerweight，equaltoaboutthirtyshillingsofourpresentmoney。Inthepresenttimes，one—and—twentyshillingsthetodmaybereckonedagoodpriceforverygoodEnglishwool。Themoney—priceofwool，therefore，inthetimeofEdwardIII，wastoitsmoney—priceinthepresenttimesastentoseven。Thesuperiorityofitsrealpricewasstillgreater。Attherateofsixshillingsandeightpencethequarter，tenshillingswasinthoseancienttimesthepriceoftwelvebushelsofwheat。Attherateoftwenty—eightshillingsthequarter，one—and—twentyshillingsisinthepresenttimesthepriceofsixbushelsonly。Theproportionbetweentherealpricesofancientandmoderntimes，therefore，isastwelvetosix，orastwotoone。Inthoseancienttimesatodofwoolwouldhavepurchasedtwicethequantityofsubsistencewhichitwillpurchaseatpresent;andconsequentlytwicethequantityoflabour，iftherealrecompenseoflabourhadbeenthesameinbothperiods。
　　Thisdegradationbothintherealandnominalvalueofwoolcouldneverhavehappenedinconsequenceofthenaturalcourseofthings。Ithasaccordinglybeentheeffectofviolenceandartifice:first，oftheabsoluteprohibitionofexportingwoolfromEngland;secondly，ofthepermissionofimportingitfromSpaindutyfree;thirdly，oftheprohibitionofexportingitfromIrelandtoanyothercountrybutEngland。InconsequenceoftheseregulationsthemarketforEnglishwool，insteadofbeingsomewhatextendedinconsequenceoftheimprovementofEngland，hasbeenconfinedtothehomemarket，wherethewoolofseveralothercountriesisallowedtocomeintocompetitionwithit，andwherethatofIrelandisforcedintocompetitionwithit。Asthewoollenmanufactures，too，ofIrelandarefullyasmuchdiscouragedasisconsistentwithjusticeandfairdealing，theIrishcanworkupbutasmallpartoftheirownwoolathome，andare，therefore，obligedtosendagreaterproportionofittoGreatBritain，theonlymarkettheyareallowed。
　　Ihavenotbeenabletofindanysuchauthenticrecordsconcerningthepriceofrawhidesinancienttimes。Woolwascommonlypaidasasubsidytotheking，anditsvaluationinthatsubsidyascertains，atleastinsomedegree，whatwasitsordinaryprice。Butthisseemsnottohavebeenthecasewithrawhides。Fleetwood，however，fromanaccountin1425，betweenthepriorofBurcesterOxfordandoneofhiscanons，givesustheirprice，atleastasitwasstateduponthatparticularoccasion，viz。，fiveoxhidesattwelveshillings;fivecowhidesatsevenshillingsandthreepence;thirty—sixsheepskinsoftwoyearsoldatnineshillings;sixteencalvesskinsattwoshillings。In1425，twelveshillingscontainedaboutthesamequantityofsilverasfour—and—twentyshillingsofourpresentmoney。Anoxhide，therefore，wasinthisaccountvaluedatthesamequantityofsilveras4s。four—fifthsofourpresentmoney。Itsnominalpricewasagooddeallowerthanatpresent。Butattherateofsixshillingsandeightpencethequarter，twelveshillingswouldinthosetimeshavepurchasedfourteenbushelsandfour—fifthsofabushelofwheat，which，atthreeandsixpencethebushel，wouldinthepresenttimescost51s。4d。Anoxhide，therefore，wouldinthosetimeshavepurchasedasmuchcornastenshillingsandthreepencewouldpurchaseatpresent。Itsrealvaluewasequaltotenshillingsandthreepenceofourpresentmoney。Inthoseancienttimes，whenthecattlewerehalfstarvedduringthegreaterpartofthewinter，wecannotsupposethattheywereofaverylargesize。Anoxhidewhichweighsfourstoneofsixteenpoundsavoirdupoisisnotinthepresenttimesreckonedabadone;andinthoseancienttimeswouldprobablyhavebeenreckonedaverygoodone。Butathalf—a—crownthestone，whichatthismoment（February1773）Iunderstandtobethecommonprice，suchahidewouldatpresentcostonlytenshillings。Thoughitsnominalprice，therefore，ishigherinthepresentthanitwasinthoseancienttimes，itsrealprice，therealquantityofsubsistencewhichitwillpurchaseorcommand，israthersomewhatlower。Thepriceofcowhides，asstatedintheaboveaccount，isnearlyinthecommonproportiontothatofoxhides。Thatofsheepskinsisagooddealaboveit。Theyhadprobablybeensoldwiththewool。Thatofcalvesskins，onthecontrary，isgreatlybelowit。Incountrieswherethepriceofcattleisverylow，thecalves，whicharenotintendedtoberearedinordertokeepupthestock，aregenerallykilledveryyoung;aswasthecaseinScotlandtwentyorthirtyyearsago。Itsavesthemilk，whichtheirpricewouldnotpayfor。Theirskins，therefore，arecommonlygoodforlittle。
　　Thepriceofrawhidesisagooddealloweratpresentthanitwasafewyearsago，owingprobablytothetakingoffthedutyuponsealskins，andtotheallowing，foralimitedtime，theimportationofrawhidesfromIrelandandfromtheplantationsdutyfree，whichwasdonein1769。Takethewholeofthepresentcenturyatanaverage，theirrealpricehasprobablybeensomewhathigherthanitwasinthoseancienttimes。Thenatureofthecommodityrendersitnotquitesoproperforbeingtransportedtodistantmarketsaswool。Itsuffersmorebykeeping。Asaltedhideisreckonedinferiortoafreshone，andsellsforalowerprice。Thiscircumstancemustnecessarilyhavesometendencytosinkthepriceofrawhidesproducedinacountrywhichdoesnotmanufacturethem，butisobligedtoexportthem;andcomparativelytoraisethatofthoseproducedinacountrywhichdoesmanufacturethem。Itmusthavesometendencytosinktheirpriceinabarbarous，andtoraiseitinanimprovedandmanufacturingcountry。Itmusthavehadsometendency，therefore，tosinkitinancientandtoraiseitinmoderntimes。Ourtanners，besides，havenotbeenquitesosuccessfulasourclothiersinconvincingthewisdomofthenationthatthesafetyofthecommonwealthdependsupontheprosperityoftheirparticularmanufacture。Theyhaveaccordinglybeenmuchlessfavoured。Theexportationofrawhideshas，indeed，beenprohibited，anddeclaredanuisance;buttheirimportationfromforeigncountrieshasbeensubjectedtoaduty;
　　andthoughthisdutyhasbeentakenofffromthoseofIrelandandtheplantations（forthelimitedtimeoffiveyearsonly），yetIrelandhasnotbeenconfinedtothemarketofGreatBritainforthesaleofitssurplushides，orofthosewhicharenotmanufacturedathome。Thehidesofcommoncattlehavebutwithinthesefewyearsbeenputamongtheenumeratedcommoditieswhichtheplantationscansendnowherebuttothemothercountry;
　　neitherhasthecommerceofIrelandbeeninthiscaseoppressedhithertoinordertosupportthemanufacturesofGreatBritain。
　　Whateverregulationstendtosinkthepriceeitherofwoolorofrawhidesbelowwhatitnaturallywouldbemust，inanimprovedandcultivatedcountry，havesometendencytoraisethepriceofbutcher’smeat。Thepricebothofthegreatandsmallcattle，whicharefedonimprovedandcultivatedland，mustbesufficienttopaytherentwhichthelandlordandtheprofitwhichthefarmerhasreasontoexpectfromimprovedandcultivatedland。Ifitisnot，theywillsoonceasetofeedthem。
　　Whateverpartofthisprice，therefore，isnotpaidbythewoolandthehidemustbepaidbythecarcase。Thelessthereispaidfortheone，themoremustbepaidfortheother。Inwhatmannerthispriceistobedivideduponthedifferentpartsofthebeastisindifferenttothelandlordsandfarmers，provideditisallpaidtothem。Inanimprovedandcultivatedcountry，therefore，theirinterestaslandlordsandfarmerscannotbemuchaffectedbysuchregulations，thoughtheirinterestasconsumersmay，bytheriseinthepriceofprovisions。Itwouldbequiteotherwise，however，inanunimprovedanduncultivatedcountry，wherethegreaterpartofthelandscouldbeappliedtonootherpurposebutthefeedingofcattle，andwherethewoolandthehidemadetheprincipalpartofthevalueofthosecattle。Theirinterestaslandlordsandfarmerswouldinthiscasebeverydeeplyaffectedbysuchregulations，andtheirinterestasconsumersverylittle。Thefallinthepriceofwoolandthehidewouldnotinthiscaseraisethepriceofthecarcase，becausethegreaterpartofthelandsofthecountrybeingapplicabletonootherpurposebutthefeedingofcattle，thesamenumberwouldstillcontinuetobefed。Thesamequantityofbutcher’smeatwouldstillcometomarket。Thedemandforitwouldbenogreaterthanbefore。Itsprice，therefore，wouldbethesameasbefore。Thewholepriceofcattlewouldfall，andalongwithitboththerentandtheprofitofallthoselandsofwhichcattlewastheprincipalproduce，thatis，ofthegreaterpartofthelandsofthecountry。Theperpetualprohibitionoftheexportationofwool，whichiscommonly，butveryfalsely，ascribedtoEdwardIII，would，inthethencircumstancesofthecountry，havebeenthemostdestructiveregulationwhichcouldwellhavebeenthoughtof。Itwouldnotonlyhavereducedtheactualvalueofthegreaterpartofthelandsofthekingdom，butbyreducingthepriceofthemostimportantspeciesofsmallcattleitwouldhaveretardedverymuchitssubsequentimprovement。
　　ThewoolofScotlandfellveryconsiderablyinitspriceinconsequenceoftheunionwithEngland，bywhichitwasexcludedfromthegreatmarketofEurope，andconfinedtothenarrowoneofGreatBritain。ThevalueofthegreaterpartofthelandsinthesoutherncountiesofScotland，whicharechieflyasheepcountry，wouldhavebeenverydeeplyaffectedbythisevent，hadnottheriseinthepriceofbutcher’smeatfullycompensatedthefallinthepriceofwool。
　　Astheefficacyofhumanindustry，inincreasingthequantityeitherofwoolorofrawhides，islimited，sofarasitdependsupontheproduceofthecountrywhereitisexerted;soitisuncertainsofarasitdependsupontheproduceofothercountries。Itsofardepends，notsomuchuponthequantitywhichtheyproduce，asuponthatwhichtheydonotmanufacture;andupontherestraintswhichtheymayormaynotthinkpropertoimposeupontheexportationofthissortofrudeproduce。Thesecircumstances，astheyarealtogetherindependentofdomesticindustry，sotheynecessarilyrendertheefficacyofitseffortsmoreorlessuncertain。Inmultiplyingthissortofrudeproduce，therefore，theefficacyofhumanindustryisnotonlylimited，butuncertain。
　　Inmultiplyinganotherveryimportantsortofrudeproduce，thequantityoffishthatisbroughttomarket，itislikewisebothlimitedanduncertain。Itislimitedbythelocalsituationofthecountry，bytheproximityordistanceofitsdifferentprovincesfromthesea，bythenumberofitslakesandrivers，andbywhatmaybecalledthefertilityorbarrennessofthoseseas，lakes，andrivers，astothissortofrudeproduce。Aspopulationincreases，astheannualproduceofthelandandlabourofthecountrygrowsgreaterandgreater，therecometobemorebuyersoffish，andthosebuyers，too，haveagreaterquantityandvarietyofothergoods，or，whatisthesamething，thepriceofagreaterquantityandvarietyofothergoodstobuywith。Butitwillgenerallybeimpossibletosupplythegreatandextendedmarketwithoutemployingaquantityoflabourgreaterthaninproportiontowhathadbeenrequisiteforsupplyingthenarrowandconfinedone。Amarketwhich，fromrequiringonlyonethousand，comestorequireannuallytenthousandtonsoffish，canseldombesuppliedwithoutemployingmorethantentimesthequantityoflabourwhichhadbeforebeensufficienttosupplyit。
　　Thefishmustgenerallybefoughtforatagreaterdistance，largervesselsmustbeemployed，andmoreexpensivemachineryofeverykindmadeuseof。Therealpriceofthiscommodity，therefore，naturallyrisesintheprogressofimprovement。Ithasaccordinglydoneso，Ibelieve，moreorlessineverycountry。
　　Thoughthesuccessofaparticularday’sfishingmaybeaveryuncertainmatter，yet，thelocalsituationofthecountrybeingsupposed，thegeneralefficacyofindustryinbringingacertainquantityoffishtomarket，takingthecourseofayear，orofseveralyearstogether，itmayperhapsbethoughtiscertainenough;anditnodoubtisso。Asitdependsmore，however，uponthelocalsituationofthecountrythanuponthestateofitswealthandindustry;asuponthisaccountitmayindifferentcountriesbethesameinverydifferentperiodsofimprovement，andverydifferentinthesameperiod;itsconnectionwiththestateofimprovementisuncertain，anditisofthissortofuncertaintythatIamherespeaking。
　　Inincreasingthequantityofthedifferentmineralsandmetalswhicharedrawnfromthebowelsoftheearth，thatofthemorepreciousonesparticularly，theefficacyofhumanindustryseemsnottobelimited，buttobealtogetheruncertain。
　　Thequantityofthepreciousmetalswhichistobefoundinanycountryisnotlimitedbyanythinginitslocalsituation，suchasthefertilityorbarrennessofitsownmines。Thosemetalsfrequentlyaboundincountrieswhichpossessnomines。
　　Theirquantityineveryparticularcountryseemstodependupontwodifferentcircumstances;first，uponitspowerofpurchasing，uponthestateofitsindustry，upontheannualproduceofitslandandlabour，inconsequenceofwhichitcanaffordtoemployagreaterorasmallerquantityoflabourandsubsistenceinbringingorpurchasingsuchsuperfluitiesasgoldandsilver，eitherfromitsownminesorfromthoseofothercountries;and，secondly，uponthefertilityorbarrennessofthemineswhichmayhappenatanyparticulartimetosupplythecommercialworldwiththosemetals。Thequantityofthosemetalsinthecountriesmostremotefromtheminesmustbemoreorlessaffectedbythisfertilityorbarrenness，onaccountoftheeasyandcheaptransportationofthosemetals，oftheirsmallbulkandgreatvalue。TheirquantityinChinaandIndostanmusthavebeenmoreorlessaffectedbytheabundanceoftheminesofAmerica。
　　Sofarastheirquantityinanyparticularcountrydependsupontheformerofthosetwocircumstances（thepowerofpurchasing），theirrealprice，likethatofallotherluxuriesandsuperfluities，islikelytorisewiththewealthandimprovementofthecountry，andtofallwithitspovertyanddepression。Countrieswhichhaveagreatquantityoflabourandsubsistencetosparecanaffordtopurchaseanyparticularquantityofthosemetalsattheexpenseofagreaterquantityoflabourandsubsistencethancountrieswhichhavelesstospare。
　　Sofarastheirquantityinanyparticularcountrydependsuponthelatterofthosetwocircumstances（thefertilityorbarrennessofthemineswhichhappentosupplythecommercialworld），theirrealprice，therealquantityoflabourandsubsistencewhichtheywillpurchaseorexchangefor，will，nodoubt，sinkmoreorlessinproportiontothefertility，andriseinproportiontothebarrennessofthosemines。
　　Thefertilityorbarrennessofthemines，however，whichmayhappenatanyparticulartimetosupplythecommercialworld，isacircumstancewhich，itisevident，mayhavenosortofconnectionwiththestateofindustryinaparticularcountry。Itseemseventohavenoverynecessaryconnectionwiththatoftheworldingeneral。Asartsandcommerce，indeed，graduallyspreadthemselvesoveragreaterandagreaterpartoftheearth，thesearchfornewmines，beingextendedoverawidersurface，mayhavesomewhatabetterchanceforbeingsuccessfulthanwhenconfinedwithinnarrowerbounds。Thediscoveryofnewmines，however，astheoldonescometobegraduallyexhausted，isamatterofthegreatestuncertainty，andsuchasnohumanskillorindustrycanensure。Allindications，itisacknowledged，aredoubtful，andtheactualdiscoveryandsuccessfulworkingofanewminecanaloneascertaintherealityofitsvalue，orevenofitsexistence。Inthissearchthereseemtobenocertainlimitseithertothepossiblesuccessortothepossibledisappointmentofhumanindustry。Inthecourseofacenturyortwo，itispossiblethatnewminesmaybediscoveredmorefertilethananythathaveeveryetbeenknown;anditisjustequallypossiblethemostfertileminethenknownmaybemorebarrenthananythatwaswroughtbeforethediscoveryoftheminesofAmerica。Whethertheoneortheotherofthosetwoeventsmayhappentotakeplaceisofverylittleimportancetotherealwealthandprosperityoftheworld，totherealvalueoftheannualproduceofthelandandlabourofmankind。Itsnominalvalue，thequantityofgoldandsilverbywhichthisannualproducecouldbeexpressedorrepresented，would，nodoubt，beverydifferent;butitsrealvalue，therealquantityoflabourwhichitcouldpurchaseorcommand，wouldbepreciselythesame。Ashillingmightintheonecaserepresentnomorelabourthanapennydoesatpresent;andapennyintheothermightrepresentasmuchasashillingdoesnow。Butintheonecasehewhohadashillinginhispocketwouldbenoricherthanhewhohasapennyatpresent;andintheotherhewhohadapennywouldbejustasrichashewhohasashillingnow。Thecheapnessandabundanceofgoldandsilverplatewouldbethesoleadvantagewhichtheworldcouldderivefromtheoneevent，andthedearnessandscarcityofthosetriflingsuperfluitiestheonlyinconveniencyitcouldsufferfromtheother。
　　CONCLUSIONOFTHEDIGRESSIONCONCERNINGTHEVARIATIONSIN
　　THEVALUEOFSILVER
　　Thegreaterpartofthewriterswhohavecollectedthemoneypricesofthingsinancienttimesseemtohaveconsideredthelowmoney—priceofcorn，andofgoodsingeneral，or，inotherwords，thehighvalueofgoldandsilver，asaproof，notonlyofthescarcityofthosemetals，butofthepovertyandbarbarismofthecountryatthetimewhenittookplace。Thisnotionisconnectedwiththesystemofpoliticaleconomywhichrepresentsnationalwealthasconsistingintheabundance，andnationalpovertyinthescarcityofgoldandsilver;asystemwhichIshallendeavourtoexplainandexamineatgreatlengthinthefourthbookofthisinquiry。Ishallonlyobserveatpresentthatthehighvalueofthepreciousmetalscanbenoproofofthepovertyorbarbarismofanyparticularcountryatthetimewhenittookplace。Itisaproofonlyofthebarrennessofthemineswhichhappenedatthattimetosupplythecommercialworld。Apoorcountry，asitcannotaffordtobuymore，soitcanaslittleaffordtopaydearerforgoldandsilverthanarichone;andthevalueofthosemetals，therefore，isnotlikelytobehigherintheformerthaninthelatter。InChina，acountrymuchricherthananypartofEurope，thevalueofthepreciousmetalsismuchhigherthaninanypartofEurope。AsthewealthofEurope，indeed，hasincreasedgreatlysincethediscoveryoftheminesofAmerica，sothevalueofgoldandsilverhasgraduallydiminished。Thisdiminutionoftheirvalue，however，hasnotbeenowingtotheincreaseoftherealwealthofEurope，oftheannualproduceofitslandandlabour，buttotheaccidentaldiscoveryofmoreabundantminesthananythatwereknownbefore。TheincreaseofthequantityofgoldandsilverinEurope，andtheincreaseofitsmanufacturesandagriculture，aretwoeventswhich，thoughtheyhavehappenednearlyaboutthesametime，yethavearisenfromverydifferentcauses，andhavescarceanynaturalconnectionwithoneanother。
　　Theonehasarisenfromamereaccident，inwhichneitherprudencenorpolicyeitherhadorcouldhaveanyshare。Theotherfromthefallofthefeudalsystem，andfromtheestablishmentofagovernmentwhichaffordedtoindustrytheonlyencouragementwhichitrequires，sometolerablesecuritythatitshallenjoythefruitsofitsownlabour。Poland，wherethefeudalsystemstillcontinuestotakeplace，isatthisdayasbeggarlyacountryasitwasbeforethediscoveryofAmerica。Themoneypriceofcorn，however，hasrisen;therealvalueofthepreciousmetalshasfalleninPoland，inthesamemannerasinotherpartsofEurope。Theirquantity，therefore，musthaveincreasedthereasinotherplaces，andnearlyinthesameproportiontotheannualproduceofitslandandlabour。Thisincreaseofthequantityofthosemetals，however，hasnot，itseems，increasedthatannualproduce，hasneitherimprovedthemanufacturesandagricultureofthecountry，normendedthecircumstancesofitsinhabitants。SpainandPortugal，thecountrieswhichpossessthemines，are，afterPoland，perhaps，thetwomostbeggarlycountriesinEurope。Thevalueofthepreciousmetals，however，mustbelowerinSpainandPortugalthaninanyotherpartofEurope;astheycomefromthosecountriestoallotherpartsofEurope，loaded，notonlywithafreightandaninsurance，butwiththeexpenseofsmuggling，theirexportationbeingeitherprohibited，orsubjectedtoaduty。Inproportiontotheannualproduceofthelandandlabour，therefore，theirquantitymustbegreaterinthosecountriesthaninanyotherpartofEurope。
　　Thosecountries，however，arepoorerthanthegreaterpartofEurope。ThoughthefeudalsystemhasbeenabolishedinSpainandPortugal，ithasnotbeensucceededbyamuchbetter。
　　Asthelowvalueofgoldandsilver，therefore，isnoproofofthewealthandflourishingstateofthecountrywhereittakesplace;soneitheristheirhighvalue，orthelowmoneypriceeitherofgoodsingeneral，orofcorninparticular，anyproofofitspovertyandbarbarism。