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。