Butthoughthelowmoneypriceeitherofgoodsingeneral，orofcorninparticular，benoproofofthepovertyorbarbarismofthetimes，thelowmoneypriceofsomeparticularsortsofgoods，suchascattle，poultry，gameofallkinds，etc。，inproportiontothatofcorn，isamostdecisiveone。Itclearlydemonstrates，first，theirgreatabundanceinproportiontothatofcorn，andconsequentlythegreatextentofthelandwhichtheyoccupiedinproportiontowhatwasoccupiedbycorn;and，secondly，thelowvalueofthislandinproportiontothatofcornland，andconsequentlytheuncultivatedandunimprovedstateofthefargreaterpartofthelandsofthecountry。Itclearlydemonstratesthatthestockandpopulationofthecountrydidnotbearthesameproportiontotheextentofitsterritorywhichtheycommonlydoincivilisedcountries，andthatsocietywasatthattime，andinthatcountry，butinitsinfancy。Fromthehighorlowmoneypriceeitherofgoodsingeneral，orofcorninparticular，wecaninferonlythatthemineswhichatthattimehappenedtosupplythecommercialworldwithgoldandsilverwerefertileorbarren，notthatthecountrywasrichorpoor。Butfromthehighorlowmoneypriceofsomesortsofgoodsinproportiontothatofothers，wecaninfer，withadegreeofprobabilitythatapproachesalmosttocertainty，thatitwasrichorpoor，thatthegreaterpartofitslandswereimprovedorunimproved，andthatitwaseitherinamoreorlessbarbarousstate，orinamoreorlesscivilisedone。
　　Anyriseinthemoneypriceofgoodswhichproceededaltogetherfromthedegradationofthevalueofsilverwouldaffectallsortsofgoodsequally，andraisetheirpriceuniversallyathird，orafourth，orafifthparthigher，accordingassilverhappenedtoloseathird，orafourth，orafifthpartofitsformervalue。Buttheriseinthepriceofprovisions，whichhasbeenthesubjectofsomuchreasoningandconversation，doesnotaffectallsortsofprovisionsequally。
　　Takingthecourseofthepresentcenturyatanaverage，thepriceofcorn，itisacknowledged，evenbythosewhoaccountforthisrisebythedegradationofthevalueofsilver，hasrisenmuchlessthanthatofsomeothersortsofprovisions。Theriseinthepriceofthoseothersortsofprovisions，therefore，cannotbeowingaltogethertothedegradationofthevalueofsilver。Someothercausesmustbetakenintotheaccount，andthosewhichhavebeenaboveassignedwill，perhaps，withouthavingrecoursetothesupposeddegradationofthevalueofsilver，sufficientlyexplainthisriseinthoseparticularsortsofprovisionsofwhichthepricehasactuallyriseninproportiontothatofcorn。
　　Astothepriceofcornitself，ithas，duringthesixty—fourfirstyearsofthepresentcentury，andbeforethelateextraordinarycourseofbadseasons，beensomewhatlowerthanitwasduringthesixty—fourlastyearsoftheprecedingcentury。Thisfactisattested，notonlybytheaccountsofWindsormarket，butbythepublicfiarsofallthedifferentcountiesofScotland，andbytheaccountsofseveraldifferentmarketsinFrance，whichhavebeencollectedwithgreatdiligenceandfidelitybyMr。MessanceandbyMr。DupredeSt。Maur。Theevidenceismorecompletethancouldwellhavebeenexpectedinamatterwhichisnaturallysoverydifficulttobeascertained。
　　Astothehighpriceofcornduringtheselasttenortwelveyears，itcanbesufficientlyaccountedforfromthebadnessoftheseasons，withoutsupposinganydegradationinthevalueofsilver。Theopinion，therefore，thatsilveriscontinuallysinkinginitsvalue，seemsnottobefoundeduponanygoodobservations，eitheruponthepricesofcorn，oruponthoseofotherprovisions。
　　Thesamequantityofsilver，itmay，perhaps，besaid，willinthepresenttimes，evenaccordingtotheaccountwhichhasbeenheregiven，purchaseamuchsmallerquantityofseveralsortsofprovisionsthanitwouldhavedoneduringsomepartofthelastcentury;andtoascertainwhetherthischangebeowingtoariseinthevalueofthosegoods，ortoafallinthevalueofsilver，isonlytoestablishavainanduselessdistinction，whichcanbeofnosortofservicetothemanwhohasonlyacertainquantityofsilvertogotomarketwith，oracertainfixedrevenueinmoney。Icertainlydonotpretendthattheknowledgeofthisdistinctionwillenablehimtobuycheaper。Itmaynot，however，uponthataccountbealtogetheruseless。
　　Itmaybeofsomeusetothepublicbyaffordinganeasyproofoftheprosperousconditionofthecountry。Iftheriseinthepriceofsomesortsofprovisionsbeowingaltogethertoafallinthevalueofsilver，itisowingtoacircumstancefromwhichnothingcanbeinferredbutthefertilityoftheAmericanmines。Therealwealthofthecountry，theannualproduceofitslandandlabour，may，notwithstandingthiscircumstance，beeithergraduallydeclining，asinPortugalandPoland;orgraduallyadvancing，asinmostotherpartsofEurope。Butifthisriseinthepriceofsomesortsofprovisionsbeowingtoariseintherealvalueofthelandwhichproducesthem，toitsincreasedfertility，or，inconsequenceofmoreextendedimprovementandgoodcultivation，toitshavingbeenrenderedfitforproducingcorn;itisowingtoacircumstancewhichindicatesintheclearestmannertheprosperousandadvancingstateofthecountry。Thelandconstitutesbyfarthegreatest，themostimportant，andthemostdurablepartofthewealthofeveryextensivecountry。Itmaysurelybeofsomeuse，or，atleast，itmaygivesomesatisfactiontothepublic，tohavesodecisiveaproofoftheincreasingvalueofbyfarthegreatest，themostimportant，andthemostdurablepartofitswealth。
　　Itmay，too，beofsomeusetothepublicinregulatingthepecuniaryrewardofsomeofitsinferiorservants。Ifthisriseinthepriceofsomesortsofprovisionsbeowingtoafallinthevalueofsilver，theirpecuniaryreward，provideditwasnottoolargebefore，oughtcertainlytobeaugmentedinproportiontotheextentofthisfall。Ifitisnotaugmented，theirrealrecompensewillevidentlybesomuchdiminished。Butifthisriseofpriceisowingtotheincreasedvalue，inconsequenceoftheimprovedfertilityofthelandwhichproducessuchprovisions，itbecomesamuchnicermattertojudgeeitherinwhatproportionanypecuniaryrewardoughttobeaugmented，orwhetheritoughttobeaugmentedatall。Theextensionofimprovementandcultivation，asitnecessarilyraisesmoreorless，inproportiontothepriceofcorn，thatofeverysortofanimalfood，soitasnecessarilylowersthatof，Ibelieve，everysortofvegetablefood。Itraisesthepriceofanimalfood;becauseagreatpartofthelandwhichproducesit，beingrenderedfitforproducingcorn，mustaffordtothelandlordandfarmertherentandprofitofcorn—land。Itlowersthepriceofvegetablefood;because，byincreasingthefertilityoftheland，itincreasesitsabundance。
　　Theimprovementsofagriculture，too，introducemanysortsofvegetablefood，which，requiringlesslandandnotmorelabourthancorn，comemuchcheapertomarket。Sucharepotatoesandmaize，orwhatiscalledIndiancorn，thetwomostimportantimprovementswhichtheagricultureofEurope，perhaps，whichEuropeitselfhasreceivedfromthegreatextensionofitscommerceandnavigation。Manysortsofvegetablefood，besides，whichintherudestateofagricultureareconfinedtothekitchen—garden，andraisedonlybythespade，comeinitsimprovedstatetobeintroducedintocommonfields，andtoberaisedbytheplough:suchasturnips，carrots，cabbages，etc。Ifintheprogressofimprovement，therefore，therealpriceofonespeciesoffoodnecessarilyrises，thatofanotherasnecessarilyfalls，anditbecomesamatterofmorenicetytojudgehowfartheriseintheonemaybecompensatedbythefallintheother。
　　Whentherealpriceofbutcher’smeathasoncegottoitsheight（which，withregardtoeverysort，except，perhaps，thatofhogs’
　　flesh，itseemstohavedonethroughagreatpartofEnglandmorethanacenturyago），anyrisewhichcanafterwardshappeninthatofanyothersortofanimalfoodcannotmuchaffectthecircumstancesoftheinferiorranksofpeople。ThecircumstancesofthepoorthroughagreatpartofEnglandcannotsurelybesomuchdistressedbyanyriseinthepriceofpoultry，fish，wild—fowl，orvenison，astheymustberelievedbythefallinthatofpotatoes。
　　Inthepresentseasonofscarcitythehighpriceofcornnodoubtdistressesthepoor。Butintimesofmoderateplenty，whencornisatitsordinaryoraverageprice，thenaturalriseinthepriceofanyothersortofrudeproducecannotmuchaffectthem。
　　Theysuffermore，perhaps，bytheartificialrisewhichhasbeenoccasionedbytaxesinthepriceofsomemanufacturedcommodities;asofsalt，soap，leather，candles，malt，beer，andale，etc。
　　EFFECTSOFTHEPROGRESSOFIMPROVEMENTUPONTHEREAL
　　PRICEOFMANUFACTURES
　　Itisthenaturaleffectofimprovement，however，todiminishgraduallytherealpriceofalmostallmanufactures。
　　Thatofthemanufacturingworkmanshipdiminishes，perhaps，inallofthemwithoutexception。Inconsequenceofbettermachinery，ofgreaterdexterity，andofamoreproperdivisionanddistributionofwork，allofwhicharethenaturaleffectsofimprovement，amuchsmallerquantityoflabourbecomesrequisiteforexecutinganyparticularpieceofwork，andthough，inconsequenceoftheflourishingcircumstancesofthesociety，therealpriceoflabourshouldriseveryconsiderably，yetthegreatdiminutionofthequantitywillgenerallymuchmorethancompensatethegreatestrisewhichcanhappenintheprice。
　　Thereare，indeed，afewmanufacturesinwhichthenecessaryriseintherealpriceoftherudematerialswillmorethancompensatealltheadvantageswhichimprovementcanintroduceintotheexecutionofthework。Incarpenters’andjoiners’work，andinthecoarsersortofcabinetwork，thenecessaryriseintherealpriceofbarrentimber，inconsequenceoftheimprovementofland，willmorethancompensatealltheadvantageswhichcanbederivedfromthebestmachinery，thegreatestdexterity，andthemostproperdivisionanddistributionofwork。
　　Butinallcasesinwhichtherealpriceoftherudematerialseitherdoesnotriseatall，ordoesnotriseverymuch，thatofthemanufacturedcommoditysinksveryconsiderably。
　　Thisdiminutionofpricehas，inthecourseofthepresentandprecedingcentury，beenmostremarkableinthosemanufacturesofwhichthematerialsarethecoarsermetals。Abettermovementofawatch，thataboutthemiddleofthelastcenturycouldhavebeenboughtfortwentypounds，maynowperhapsbehadfortwentyshillings。Intheworkofcutiersandlocksmiths，inallthetoyswhicharemadeofthecoarsermetals，andinallthosegoodswhicharecommonlyknownbythenameofBirminghamandSheffieldware，therehasbeen，duringthesameperiod，averygreatreductionofprice，thoughnotaltogethersogreatasinwatch—work。Ithas，however，beensufficienttoastonishtheworkmenofeveryotherpartofEurope，whoinmanycasesacknowledgethattheycanproducenoworkofequalgoodnessfordouble，orevenfortripletheprice。Thereareperhapsnomanufacturesinwhichthedivisionoflabourcanbecarriedfurther，orinwhichthemachineryemployedadmitsofagreatervarietyofimprovements，thanthoseofwhichthematerialsarethecoarsermetals。
　　Intheclothingmanufacturetherehas，duringthesameperiod，beennosuchsensiblereductionofprice。Thepriceofsuperfinecloth，Ihavebeenassured，onthecontrary，has，withinthesefive—and—twentyorthirtyyears，risensomewhatinproportiontoitsquality;owing，itwassaid，toaconsiderableriseinthepriceofthematerial，whichconsistsaltogetherofSpanishwool。ThatoftheYorkshirecloth，whichismadealtogetherofEnglishwool，issaidindeed，duringthecourseofthepresentcentury，tohavefallenagooddealinproportiontoitsquality。Quality，however，issoverydisputableamatterthatIlookuponallinformationofthiskindassomewhatuncertain。Intheclothingmanufacture，thedivisionoflabourisnearlythesamenowasitwasacenturyago，andthemachineryemployedisnotverydifferent。Theremay，however，havebeensomesmallimprovementsinboth，whichmayhaveoccasionedsomereductionofprice。
　　Butthereductionwillappearmuchmoresensibleandundeniableifwecomparethepriceofthismanufactureinthepresenttimeswithwhatitwasinamuchremoterperiod，towardstheendofthefifteenthcentury，whenthelabourwasprobablymuchlesssubdivided，andthemachineryemployedmuchmoreimperfect，thanitisatpresent。
　　In1487，beingthe4thofHenryVII，itwasenactedthat"whosoevershallsellbyretailabroadyardofthefinestscarletgrained，orofothergrainedclothofthefinestmaking，abovesixteenshillings，shallforfeitfortyshillingsforeveryyardsosold。"Sixteenshillings，therefore，containingaboutthesamequantityofsilverasfour—and—twentyshillingsofourpresentmoney，was，atthattime，reckonednotanunreasonablepriceforayardofthefinestcloth;andasthisisasumptuarylaw，suchcloth，itisprobable，hadusuallybeensoldsomewhatdearer。Aguineamaybereckonedthehighestpriceinthepresenttimes。Eventhoughthequalityofthecloths，therefore，shouldbesupposedequal，andthatofthepresenttimesismostprobablymuchsuperior，yet，evenuponthissupposition，themoneypriceofthefinestclothappearstohavebeenconsiderablyreducedsincetheendofthefifteenthcentury。Butitsrealpricehasbeenmuchmorereduced。Sixshillingsandeightpencewasthen，andlongafterwards，reckonedtheaveragepriceofaquarterofwheat。Sixteenshillings，therefore，wasthepriceoftwoquartersandmorethanthreebushelsofwheat。Valuingaquarterofwheatinthepresenttimesateight—and—twentyshillings，therealpriceofayardoffineclothmust，inthosetimes，havebeenequaltoatleastthreepoundssixshillingsandsixpenceofourpresentmoney。Themanwhoboughtitmusthavepartedwiththecommandofaquantityoflabourandsubsistenceequaltowhatthatsumwouldpurchaseinthepresenttimes。
　　Thereductionintherealpriceofthecoarsemanufacture，thoughconsiderable，hasnotbeensogreatasinthatofthefine。
　　In1643，beingthe3rdofEdwardIV，itwasenactedthat"noservantinhusbandry，norcommonlabourer，norservanttoanyartificerinhabitingoutofacityorburghshalluseorwearintheirclothinganyclothabovetwoshillingsthebroadyard。"Inthe3rdofEdwardIV，twoshillingscontainedverynearlythesamequantityofsilverasfourofourpresentmoney。ButtheYorkshireclothwhichisnowsoldatfourshillingstheyardisprobablymuchsuperiortoanythatwasthenmadeforthewearingoftheverypoorestorderofcommonservants。Eventhemoneypriceoftheirclothing，therefore，may，inproportiontothequality，besomewhatcheaperinthepresentthanitwasinthoseancienttimes。Therealpriceiscertainlyagooddealcheaper。
　　Tenpencewasthenreckonedwhatiscalledthemoderateandreasonablepriceofabushelofwheat。Twoshillings，therefore，wasthepriceoftwobushelsandneartwopecksofwheat，whichinthepresenttimes，atthreeshillingsandsixpencethebushel，wouldbewortheightshillingsandninepence。Forayardofthiscloththepoorservantmusthavepartedwiththepowerofpurchasingaquantityofsubsistenceequaltowhateightshillingsandninepencewouldpurchaseinthepresenttimes。Thisisasumptuarylawtoo，restrainingtheluxuryandextravaganceofthepoor。Theirclothing，therefore，hadcommonlybeenmuchmoreexpensive。
　　Thesameorderofpeopleare，bythesamelaw，prohibitedfromwearinghose，ofwhichthepriceshouldexceedfourteenpencethepair，equaltoabouteight—and—twentypenceofourpresentmoney。Butfourteenpencewasinthosetimesthepriceofabushelandneartwopecksofwheat，which，inthepresenttimes，atthreeandsixpencethebushel，wouldcostfiveshillingsandthreepence。Weshouldinthepresenttimesconsiderthisasaveryhighpriceforapairofstockings，toaservantofthepoorestandlowestorder。Hemust，however，inthosetimeshavepaidwhatwasreallyequivalenttothispriceforthem。
　　InthetimeofEdwardIVtheartofknittingstockingswasprobablynotknowninanypartofEurope。Theirhoseweremadeofcommoncloth，whichmayhavebeenoneofthecausesoftheirdearness。ThefirstpersonthatworestockingsinEnglandissaidtohavebeenQueenElizabeth。ShereceivedthemasapresentfromtheSpanishambassador。
　　Bothinthecoarseandinthefinewoollenmanufacture，themachineryemployedwasmuchmoreimperfectinthoseancientthanitisinthepresenttimes。Ithassincereceivedthreeverycapitalimprovements，besides，probably，manysmalleronesofwhichitmaybedifficulttoascertaineitherthenumberortheimportance。Thethreecapitalimprovementsare:first，theexchangeoftherockandspindleforthespinning—wheel，which，withthesamequantityoflabour，willperformmorethandoublethequantityofwork。Secondly，theuseofseveralveryingeniousmachineswhichfacilitateandabridgeinastillgreaterproportionthewindingoftheworstedandwoollenyarn，ortheproperarrangementofthewarpandwoofbeforetheyareputintotheloom;anoperationwhich，previoustotheinventionofthosemachines，musthavebeenextremelytediousandtroublesome。
　　Thirdly，theemploymentofthefullingmillforthickeningthecloth，insteadoftreadingitinwater。NeitherwindnorwatermillsofanykindwereknowninEnglandsoearlyasthebeginningofthesixteenthcentury，nor，sofarasIknow，inanyotherpartofEuropenorthoftheAlps。TheyhadbeenintroducedintoItalysometimebefore。
　　Theconsiderationofthesecircumstancesmay，perhaps，insomemeasureexplaintouswhytherealpricebothofthecoarseandofthefinemanufacturewassomuchhigherinthoseancientthanitisinthepresenttimes。Itcostagreaterquantityoflabourtobringthegoodstomarket。Whentheywerebroughtthither，therefore，theymusthavepurchasedorexchangedforthepriceofagreaterquantity。
　　Thecoarsemanufactureprobablywas，inthoseancienttimes，carriedoninEngland，inthesamemannerasitalwayshasbeenincountrieswhereartsandmanufacturesareintheirinfancy。Itwasprobablyahouseholdmanufacture，inwhicheverydifferentpartoftheworkwasoccasionallyperformedbyallthedifferentmembersofalmosteveryprivatefamily;butsoastobetheirworkonlywhentheyhadnothingelsetodo，andnottobetheprincipalbusinessfromwhichanyofthemderivedthegreaterpartoftheirsubsistence。Theworkwhichisperformedinthismanner，ithasalreadybeenobserved，comesalwaysmuchcheapertomarketthanthatwhichistheprincipalorsolefundoftheworkman’ssubsistence。Thefinemanufacture，ontheotherhand，wasnotinthosetimescarriedoninEngland，butintherichandcommercialcountryofFlanders;anditwasprobablyconductedthen，inthesamemannerasnow，bypeoplewhoderivedthewhole，ortheprincipalpartoftheirsubsistencefromit。Itwas，besides，aforeignmanufacture，andmusthavepaidsomeduty，theancientcustomoftonnageandpoundageatleast，totheking。
　　Thisduty，indeed，wouldnotprobablybeverygreat。ItwasnotthenthepolicyofEuropetorestrain，byhighduties，theimportationofforeignmanufactures，butrathertoencourageit，inorderthatmerchantsmightbeenabledtosupply，ataseasyarateaspossible，thegreatmenwiththeconveniencesandluxurieswhichtheywanted，andwhichtheindustryoftheirowncountrycouldnotaffordthem。
　　Theconsiderationofthesecircumstancesmayperhapsinsomemeasureexplaintouswhy，inthoseancienttimes，therealpriceofthecoarsemanufacturewas，inproportiontothatofthefine，somuchlowerthaninthepresenttimes。
　　CONCLUSIONOFTHECHAPTER
　　Ishallconcludethisverylongchapterwithobservingthateveryimprovementinthecircumstancesofthesocietytendseitherdirectlyorindirectlytoraisetherealrentofland，toincreasetherealwealthofthelandlord，hispowerofpurchasingthelabour，ortheproduceofthelabourofotherpeople。
　　Theextensionofimprovementandcultivationtendstoraiseitdirectly。Thelandlord’sshareoftheproducenecessarilyincreaseswiththeincreaseoftheproduce。
　　Thatriseintherealpriceofthosepartsoftherudeproduceofland，whichisfirsttheeffectofextendedimprovementandcultivation，andafterwardsthecauseoftheirbeingstillfurtherextended，theriseinthepriceofcattle，forexample，tendstootoraisetherentoflanddirectly，andinastillgreaterproportion。Therealvalueofthelandlord’sshare，hisrealcommandofthelabourofotherpeople，notonlyriseswiththerealvalueoftheproduce，buttheproportionofhissharetothewholeproduceriseswithit。Thatproduce，aftertheriseinitsrealprice，requiresnomorelabourtocollectitthanbefore。Asmallerproportionofitwill，therefore，besufficienttoreplace，withtheordinaryprofit，thestockwhichemploysthatlabour。Agreaterproportionofitmust，consequently，belongtothelandlord。
　　Allthoseimprovementsintheproductivepowersoflabour，whichtenddirectlytoreducetherealpriceofmanufactures，tendindirectlytoraisetherealrentofland。Thelandlordexchangesthatpartofhisrudeproduce，whichisoverandabovehisownconsumption，orwhatcomestothesamething，thepriceofthatpartofit，formanufacturedproduce。Whateverreducestherealpriceofthelatter，raisesthatoftheformer。Anequalquantityoftheformerbecomestherebyequivalenttoagreaterquantityofthelatter;andthelandlordisenabledtopurchaseagreaterquantityoftheconveniences，ornaments，orluxuries，whichhehasoccasionfor。
　　Everyincreaseintherealwealthofthesociety，everyincreaseinthequantityofusefullabouremployedwithinit，tendsindirectlytoraisetherealrentofland。Acertainproportionofthislabournaturallygoestotheland。Agreaternumberofmenandcattleareemployedinitscultivation，theproduceincreaseswiththeincreaseofthestockwhichisthusemployedinraisingit，andtherentincreaseswiththeproduce。
　　Thecontrarycircumstances，theneglectofcultivationandimprovement，thefallintherealpriceofanypartoftherudeproduceofland，theriseintherealpriceofmanufacturesfromthedecayofmanufacturingartandindustry，thedeclensionoftherealwealthofthesociety，alltend，ontheotherhand，tolowertherealrentofland，toreducetherealwealthofthelandlord，todiminishhispowerofpurchasingeitherthelabour，ortheproduceofthelabourofotherpeople。
　　Thewholeannualproduceofthelandandlabourofeverycountry，orwhatcomestothesamething，thewholepriceofthatannualproduce，naturallydividesitself，ithasalreadybeenobserved，intothreeparts;therentofland，thewagesoflabour，andtheprofitsofstock;andconstitutesarevenuetothreedifferentordersofpeople;tothosewholivebyrent，tothosewholivebywages，andtothosewholivebyprofit。Thesearethethreegreat，original，andconstituentordersofeverycivilisedsociety，fromwhoserevenuethatofeveryotherorderisultimatelyderived。
　　Theinterestofthefirstofthosethreegreatorders，itappearsfromwhathasbeenjustnowsaid，isstrictlyandinseparablyconnectedwiththegeneralinterestofthesociety。
　　Whatevereitherpromotesorobstructstheone，necessarilypromotesorobstructstheother。Whenthepublicdeliberatesconcerninganyregulationofcommerceorpolice，theproprietorsoflandnevercanmisleadit，withaviewtopromotetheinterestoftheirownparticularorder;atleast，iftheyhaveanytolerableknowledgeofthatinterest。Theyare，indeed，toooftendefectiveinthistolerableknowledge。Theyaretheonlyoneofthethreeorderswhoserevenuecoststhemneitherlabournorcare，butcomestothem，asitwere，ofitsownaccord，andindependentofanyplanorprojectoftheirown。Thatindolence，whichisthenaturaleffectoftheeaseandsecurityoftheirsituation，rendersthemtoooften，notonlyignorant，butincapableofthatapplicationofmindwhichisnecessaryinordertoforeseeandunderstandtheconsequencesofanypublicregulation。
　　Theinterestofthesecondorder，thatofthosewholivebywages，isasstrictlyconnectedwiththeinterestofthesocietyasthatofthefirst。Thewagesofthelabourer，ithasalreadybeenshown，areneversohighaswhenthedemandforlabouriscontinuallyrising，orwhenthequantityemployediseveryyearincreasingconsiderably。Whenthisrealwealthofthesocietybecomesstationary，hiswagesaresoonreducedtowhatisbarelyenoughtoenablehimtobringupafamily，ortocontinuetheraceoflabourers。Whenthesocietydeclines，theyfallevenbelowthis。Theorderofproprietorsmay，perhaps，gainmorebytheprosperityofthesocietythanthatoflabourers:butthereisnoorderthatsufferssocruellyfromitsdecline。Butthoughtheinterestofthelabourerisstrictlyconnectedwiththatofthesociety，heisincapableeitherofcomprehendingthatinterestorofunderstandingitsconnectionwithhisown。Hisconditionleaveshimnotimetoreceivethenecessaryinformation，andhiseducationandhabitsarecommonlysuchastorenderhimunfittojudgeeventhoughhewasfullyinformed。Inthepublicdeliberations，therefore，hisvoiceislittleheardandlessregarded，exceptuponsomeparticularoccasions，whenhisclamourisanimated，setonandsupportedbyhisemployers，notforhis，buttheirownparticularpurposes。
　　Hisemployersconstitutethethirdorder，thatofthosewholivebyprofit。Itisthestockthatisemployedforthesakeofprofitwhichputsintomotionthegreaterpartoftheusefullabourofeverysociety。Theplansandprojectsoftheemployersofstockregulateanddirectallthemostimportantoperationsoflabour，andprofitistheendproposedbyallthoseplansandprojects。Buttherateofprofitdoesnot，likerentandwages，risewiththeprosperityandfallwiththedeclensionofthesociety。Onthecontrary，itisnaturallylowinrichandhighinpoorcountries，anditisalwayshighestinthecountrieswhicharegoingfastesttoruin。Theinterestofthisthirdorder，therefore，hasnotthesameconnectionwiththegeneralinterestofthesocietyasthatoftheothertwo。Merchantsandmastermanufacturersare，inthisorder，thetwoclassesofpeoplewhocommonlyemploythelargestcapitals，andwhobytheirwealthdrawtothemselvesthegreatestshareofthepublicconsideration。Asduringtheirwholelivestheyareengagedinplansandprojects，theyhavefrequentlymoreacutenessofunderstandingthanthegreaterpartofcountrygentlemen。Astheirthoughts，however，arecommonlyexercisedratherabouttheinterestoftheirownparticularbranchofbusiness，thanaboutthatofthesociety，theirjudgment，evenwhengivenwiththegreatestcandour（whichithasnotbeenuponeveryoccasion）ismuchmoretobedependeduponwithregardtotheformerofthosetwoobjectsthanwithregardtothelatter。Theirsuperiorityoverthecountrygentlemanisnotsomuchintheirknowledgeofthepublicinterest，asintheirhavingabetterknowledgeoftheirowninterestthanhehasofhis。Itisbythissuperiorknowledgeoftheirowninterestthattheyhavefrequentlyimposeduponhisgenerosity，andpersuadedhimtogiveupbothhisowninterestandthatofthepublic，fromaverysimplebuthonestconvictionthattheirinterest，andnothis，wastheinterestofthepublic。Theinterestofthedealers，however，inanyparticularbranchoftradeormanufactures，isalwaysinsomerespectsdifferentfrom，andevenoppositeto，thatofthepublic。Towidenthemarketandtonarrowthecompetition，isalwaystheinterestofthedealers。Towidenthemarketmayfrequentlybeagreeableenoughtotheinterestofthepublic;buttonarrowthecompetitionmustalwaysbeagainstit，andcanserveonlytoenablethedealers，byraisingtheirprofitsabovewhattheynaturallywouldbe，tolevy，fortheirownbenefit，anabsurdtaxupontherestoftheirfellow—citizens。Theproposalofanynewlaworregulationofcommercewhichcomesfromthisorderoughtalwaystobelistenedtowithgreatprecaution，andoughtnevertobeadoptedtillafterhavingbeenlongandcarefullyexamined，notonlywiththemostscrupulous，butwiththemostsuspiciousattention。Itcomesfromanorderofmenwhoseinterestisneverexactlythesamewiththatofthepublic，whohavegenerallyaninteresttodeceiveandeventooppressthepublic，andwhoaccordinglyhave，uponmanyoccasions，bothdeceivedandoppressedit。
　　TABLESREFERREDTOINCHAPTER11，PART3
　　PriceoftheAverageofTheaveragePriceQuarterofthedifferentofeachYearinYearsWheatPricesofMoneyoftheXIIeachYearthesameYearpresentTimesLs。d。L。s。d。L。s。