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。