G

e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
Principles of political economy, considered with a view to their practical
application.
Malthus, T. R. (Thomas Robert), 1766-1834.
London, W. Pickering, 1836.
http://hdl.handle.net/2027/njp.32101068776093
Public Domain, Google-digitized
http://w w w .hathi tr u s t.o r g /ac c es s _ u s e# pd- g o o g le
This work is in the Public Domain, meaning that it is
not subject to copyright. Users are free to copy, use,
and redistribute the work in part or in whole. It is possible
that heirs or the estate of the authors of individual portions
of the work, such as illustrations, assert copyrights over
these portions. Depending on the nature of subsequent
use that is made, additional rights may need to be obtained
independently of anything we can address. The digital
images and OCR of this work were produced by Google,
Inc. (indicated by a watermark on each page in the
PageTurner). Google requests that the images and OCR
not be re-hosted, redistributed or used commercially.
The images are provided for educational, scholarly,
non-commercial purposes.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
n Memoram
bt December 23 . 1897.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
--,
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
P PL P L T AL M
D D T A T T
P A T AL APPL AT
T
. T. . MALT U , M.A. . . .
P T A D P L T AL M T .
A T D A LL G T D
D D T T D A L ADD T M
T AUT MA U PT A D
A G AL M M
L D
LL AM P G
1836

G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. TT G U , T T, U r LA t.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T T .
Page
ntroducton 1
hapter . f the Defntons of eath and of
Productve Labour 21
1. n the Defntons of eath 21
2. n Productve Labour 34
hapter . n the ature, auses, and Mea-
sures of aue 0
/ 1. n the dfferent sorts of aue 0 .
2. f Demand and uppy as they affect changeabe
aue 61
3. f the ost of Producton as affected by the De-
mand and uppy, and on the Mode of repre-
sentng Demand 69
4. f the Labour whch has been empoyed on a
ommodty consdered as a Measure of ts -
changeabe aue 83
. f the Labour whch a ommodty w command,
consdered as a Measure of aue n change 93
6. n the Practca Appcaton of the Measure of
aue, and ts genera Use and Advantages ..
7. n the aratons n the aue of Money n the
same, and dfferent ountres 122
hapter . f the ent of Land 136
1. f the ature and auses of ent 136
2. n the necessary eparaton of the ent of Land
from the Profts of the utvator and the ages
of the Labourer 148
3. f the auses whch tend to rase ents n the
ordnary Progress of cvzed and mproved
ocetes 1 7
4. f the auses whch tend to ower ents 173
. n the Dependance of the actua uantty of Pro-
o duce obtaned from the Land, upon the e stng
- |p Prces of Produce, and e stng ents, under
|r the same Agrcutura and the same aue
| of Money 177
4
82006
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
| T T .
Page
6. f the onne on between great comparatve
eath, and a hgh comparatve Prce of raw
Produce 184
7. n the auses whch may msead the Landord
n ettng hs Lands, to the n|ury both of hmsef
and the ountry 190
8. n the strct and necessary onnecton of the n-
terests of the Landord and of the tate 194
9. Genera emar s on the urpus Produce of the
Land 207
hapter . f the ages of Labour 217
1. n the Defnton of the ages of Labour, and
ther Dependance upon uppy and Demand.. 217 -
2. f the auses whch prncpay affect the abts
of the Labourng asses 223
3. f the auses whch prncpay nfuence the De-
mand for Labour, and the ncrease of the Po-
puaton 231 -
4. A evew of the orn ages of Labour from the
egn of dward 240
. n the oncusons to be drawn from the pre-
cedng evew of the Prces of orn and Labour
durng the fve ast entures 2 2
hapter . f the Profts of apta 262
s 1. f the ature of Profts, and the Mode n whch
they are estmated 262
/ 2. f the mtng Prncpe of Profts 271
s 3. f the reguatng Prncpe of Profts 276
4. f Profts as affected by the auses practcay n
operaton 282
. emar s on Mr. cardo s Theory of Profts .... 291
hapter . f the Dstncton between eath
and aue 299
.
hapter . n the Progress of eath 309
1. tatement of the partcuar b|ect of n ury.... 309
2. f the ncrease of Popuaton consdered as a t-
muus to the contnued ncrease of eath .. 311
3. f Accumuaton, or the avng from evenue to
add to apta, consdered as a tmuus to the
ncrease of eath 314
4. f the ertty of the o, consdered as the t-
muus to the contnued ncrease of eath .. 331
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T T .
Page
. f nventons to save Labour, consdered as a
tmuus to the contnued ncrease of eath.. 3 1
6. f the ecessty of a Unon of the Powers of Pro-
ducton wth the Means of Dstrbuton, n order
to ensure a contnued ncrease of eath .... 361
7. f the Dstrbuton occasoned by the Dvson of
anded Property consdered as the Means of n-
creasng the e changeabe aue of the whoe
Produce 372
8. f the Dstrbuton occasoned by ommerce, n-
terna and e terna , consdered as the Means
of ncreasng the e changeabe aue of Pro-
duce 382
9. f the Dstrbuton occasoned by persona servces
and unproductve onsumers, consdered as the
Means of ncreasng the e changeabe aue of
the whoe Produce 398
10. Appcaton of some of the precedng Prncpes to
the Dstresses of the Labourng asses snce
181 , wth Genera bservatons 413
nde 439
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
AD T M T
T T
D D T .
ot many years had eapsed after the frst ed-
ton of ths wor , when t became nown to a
wth whom Mr. Mathus had the opportunty of
communcatng on the sub|ect, or who were ac-
uanted wth hs ast pubcatons, that hs op-
nons on the sub|ect of vaue had undergone some
change.
avng formery assumed, n common wth
most other conomsts, that there was no per-
fecty accurate and unvaryng measure of vaue,
he had proposed a mean between corn and a-
bour, as beng the nearest appro maton to t,
whch coud be found.
ut maturer refecton ed hm to a dfferent
vew and he subse uenty became convnced
that the standard of whch he had been n search
must necessary resde n some one unaterabe
ob|ect, whch had a f ed and permanent e st-
ence rghty |udgng, that t woud be mpossbe
to estabsh any satsfactory concusons respect-
ng the rse or fa n the vaue of commodtes,
uness there e sted a rea test, whch coud, at
a tmes, be practcay referred to.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
AD T M T T T
t was not, however, t after ong medtaton,
and the most carefu consderaton of the sub|ect,
that he fnay adopted the measure proposed by
the author of the n ury nto the eath of
atons, and became a convert to the doctrne,
that as Labour was the frst prce, the orgna
purchase money that was pad for a thngs,
the vaue of every thng must be greater or ess
n proporton as t s worth more or ess of ths
orgna purchase money.
That many emnent wrters snce the tme of
Adam mth, shoud have re|ected ths measure,
has probaby arsen from ther havng gven to
the term vaue, a sense dfferent from that whch
he gave to t, and whch t s usuay meant to
e press. Accordng to ther noton of vaue, t
conssts n the genera power of purchasng, or
e presses the reaton whch commodtes bear to
each other, from whch t woud necessary foow,
that f the cost of producng a thngs were ether
ncreased or dmnshed, ther vaue woud never-
theess reman unatered, provded they cont-
nued to e change wth each other n the same
proporton as before and by the same rue, that
when a rse or fa ta es pace n any commodty
or commodtes, a other commodtes must e -
perence a correspondng fa or rse, or that,
when some become cheaper, the rest must neces-
sary become dearer, and vce versa.
ow ths defnton ma es the vaue of a com-
modty to depend as much upon the causes af-
fectng a others whch may be e changed for
eath of atons, oo . ch. v.
t t s true that Adam mth has aso defned vaue ( oo .
ch. v.) as the power of purchasng but t s cear from the
conte t, and from the whoe tenor of hs wor , that he meant
the power of purchasng whch a commodty derves from causes
pecuar to tsef, and whch depend upon the cost of procurng
t. Ths mtaton s most essenta but t has not been gene-
ray made.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
D D T .
t, as upon those whch may affect tsef and of
vaue so understood, t s perfecty obvous that
there can be no standard, snce there s no one
ob|ect whch can at a tmes purchase or e -
change for an unform uantty of a others
and f there were any such ob|ect, t woud not
be a better measure of others, than they woud
be of t.
ut vaue n ts popuar sgnfcaton, and n
the sense n whch t has been for the most part
used by Adam mth, e presses a very dfferent
sort of reaton, namey, that whch subssts be-
tween commodtes and ther cost, (ncudng pro-
ft) or the sacrfce that must be made n order
to procure them and f the uantty of abour
whch they are worth, or whch must be gven
n e change for them, be the proper measure
of that sacrfce, t becomes the very standard
sought for.
o thought attery Mr. Mathus, and hs co-
ncdence wth Adam mth, on so mportant a
pont, founded as t appears to have been upon
entrey dstnct grounds, was frst made nown
by hm n a pamphet, entted The Measure of
aue, stated and ustrated wth an appcaton
of t to the ateratons n the vaue of the ngsh
That ths s what s commony meant by vaue, every prac-
tca man perfecty we nows. f, for nstance, the ueston s
as ed what s the vaue of corn, no one ever supposes t to mean,
what s the reaton or proporton whch t bears to o, or wne,
or hdes, or coth, or nen, or to other commodtes generay,
but what w t cost to any one desrous of purchasng t, or gvng
an e uvaent for t. ow of ths, the uantty of other com-
modtes whch t w e change for, can gve no dea, uness ther
cost happens to be prevousy nown but the cost of obtanng
money, or ts vaue, s aways nown, or at east easy ascertaned,
beng ceary ndcated by the money prce of abour n each
country. t s on ths account, that the ob|ect of the ueston
s, n amost every nstance, suffcenty answered by a reference
to the money prce of the artce concernng whch the n ury s
made. ( ee three ectures on the cost of obtanng money, by
. . enor, s .)
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
AD T M T T T
currency snce 1790, whch he pubshed n the
year 1823.
ut the sub|ect, notwthstandng the Author s
practca appcaton of t was, at the tme, re-
garded chefy as a theoretca one and t conse-
uenty attracted but tte attenton, beng sedom
auded to, e cept n the mmedate crces where
such uestons were dscussed.
The more, however, Mr. Mathus refected
upon t, the more dd t ac ure mportance n
hs eyes and n 1827, he too another opportu-
nty of enforcng hs vews respectng t n a
sma voume, whch he pubshed. n Defn-
tons n Potca conomy, n whch some of
the eadng prncpes of the scence are ewse
to be found, admraby e paned, n a concen-
trated form.
The nterventon of these mnor pubcatons
and Mr. Mathus s other pursuts prevented hm
from sooner devotng hmsef to the second ed-
ton of hs Potca conomy. The frst edton
had been ong out of prnt, and the wor coud
not of course agan ma e ts appearance, unt
the author had remodeed t, so as to adapt t to
hs new opnons on vaue.
n dong ths, f he had contented hmsef (as
he at one tme ntended) wth ma ng such ate-
ratons ony as were strcty necessary, the tas
woud have been comparatvey easy. s new
vews, so far from nterferng wth hs genera
tran of reasonng, or affectng any of hs man
concusons, served ony to confrm and estabsh
them. A fresh secton n the chapter on vaue,
n pace of the s th and seventh sectons of the
former edton, together wth a few sght changes
n other parts of the boo , chefy of a verba
nd, woud have been a that was absoutey
re ured to preserve the unty and consstency
of the wor .
ut ths dd not satsfy Mr. Mathus. e
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
D D T .
conceved that to pass over so man a doctrne
thus sghty, woud not be treatng t n a way,
whch ts mportance seemed to demand. eng
persuaded that t was not a mere matter of no-
mencature, but a most fundamenta prncpe,
whch affected more or ess a other parts of the
sub|ect, he was desrous of mpartng to others,
the e convcton of ts utty and mportance.
n ths new dton, therefore, he has gone more
argey nto the ueston of vaue than before,
havng preferred to ncur the charge, of ted-
ousness and pro ty, rather than omt sayng
anythng that mght render t more cear and n-
tegbe to hs readers, or meet the ob|ectons
whch had been urged aganst t by those whose
opnons dffered from hs own. ut before he
had competed the whoe of the ateratons whch
he had n contempaton, and whe he was yet
occuped n correctng and mprovng the atter
parts of the wor , hs morta career was sud-
deny cosed, and an end for ever put to hs
earthy abours.
hat other changes he mght have made, had
hs days been proonged, t s of course not pos-
sbe to say but from the state n whch hs
manuscrpts were found, there s reason to be-
eve that he had done a, or neary a, that he
consdered essenta.
ery tte ndeed has been re ured to put
the wor n a state ft for pubcaton. The te t
has n some paces been sghty vared, where
a regard to perfect cearness or precson seemed
to re ure t, some passages have been omtted,
where the sense of them appears to have been
better e pressed n other parts of the wor , and
a few notes have been nterspersed here and
there, whch f they add nothng to the force of
the Author s reasonngs, may serve st further
to eucdate the severa sub|ects to whch they
refer.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
AD T M T T T D D T .
f, notwthstandng, the care whch has been
ta en to free the present copy from mperfecton,
some dscrepances shoud be found to e st, and
some needess repettons and verba naccura-
ces to occur, whch have escaped the dtor s
notce, (and whch, consderng the nserton of so
much new matter, s far from beng mprobabe,)
the eader w bear n mnd, that he s perusng
a wor , to whch, the ast touches have not been
gven by the hand of the Master.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
M M
or
T MALT U .
t s matter of genera observaton that the ves
of terarymen, especay of the good and vrtuous,
are rarey frutfu n that cass of ncdents whch
are wont to be most attractve n the pubc eye.
th the mnds of such persons, however, t may
be far otherwse : of these the march s often va-
red and eventfu and to descrbe fathfuy ther
state and condton at the dfferent stages of ther
beng, the steps by whch they have advanced,
the heps and hndrances they have e perenced,
and the nfuences whch have most contrbuted
to form or to f ther character, woud be a tas
not ess nterestng than nstructve but the ms-
fortune s that t s one whch can ony be per-
formed ade uatey by the sub|ect hmsef, and,
as great mert s usuay accompaned wth great
modesty, they who are best uafed to e ecute
the offce, are generay the east dsposed to un-
derta e t. n nether of these respects can Mr.
Mathus be consdered as an e cepton: the tenor
of hs fe was one of the most even serene and
peacefu that can be we magned and such
was hs dffdence and habtua dsregard of sef,
that he has eft nothng upon record ntended d-
recty as a memora of hs fe, and tte ese
whch can be made subservent to such a pur-
pose by others. ut ths reserve, so becomng
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
M M
and characterstc n hmsef, woud be amost
cupabe n hs frends. They are we aware that
such a man coud not depart from a scene, n
whch as an author he had borne so conspcuous
a part, wthout e ctng much curosty respect-
ng the prncpes and the conduct of hs prvate
fe and as they have nothng to communcate
but what s honourabe to hmsef and edfyng
to the pubc, there s no reason why they shoud
be sent. t happens too, fortunatey, that the
materas at ther dsposa are ute suffcent n
ths respect for as the recoectons of hs frends,
st fresh and vvd, are fuy competent to e -
hbt hs character and manners n hs ater years,
so aso hs own fa pety, by treasurng up every
record of hs father, has undesgnedy furnshed
more partcuars for the hstory of hs eary youth
than are usuay found n the annas of terary
men.
or w the tas of recordng these memoras
be an unproftabe one. o one coud have been
ntmate wth Mr. Mathus wthout dervng much
nstructon as we as peasure from hs conversa-
ton, and many sautary essons from the con-
tempaton of hs character under the tras he
underwent. To revew therefore the course of hs
fe s to brng bac these nfuences to the me-
mory, and, mpressed as they must be now wth
the sad refecton that the sprt whch mparted
them s gone, they w return wth more force
than when they frst came from the vng man.
ut hgher nterests than these are con-
cerned n ths memora. The character of Mr.
Mathus has been so ndustrousy m ed up wth
hs wrtngs, and for so ong a tme and the
wrtngs themseves have been so egregousy
msnterpreted and msunderstood, that t be-
comes an act of common |ustce to rescue hs
name from the obo uy n whch t has been n-
voved.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T MALT U9.
To the Author hmsef, who s now far beyond
the reach of earthy prase or bame, t s matter
of no mportance what the word may |udge
but to hs famy t s otherwse. To them the
memory of hs vrtues s much more precous than
that of hs terary fame t s connected wth
more tender recoectons, and cheered wth nober
prospects besdes t s an nhertance more espec-
ay ther own and t woud be matter of future
shame and sorrow to those who shared n hs re-
gard, f, whe so much has been sad by others
to whom he was tte nown, no frendy voce
shoud be rased to spea of hm as he reay
was, and to essen the weght of those caumnes,
whch, though they passed ghty over hs fa-
my whe he was ave, are cacuated to aggra-
vate ther gref now they are deprved of hm.
Ther own convcton of hs worth, s ndeed the
most unfang source of comfort under hs oss,
but ne t to ths s the assurance that others w
parta e of t and, under ths mpresson, t w
be peasng to them to now, that, n whatever
age or country hs wor s may hereafter be studed,
they w carry wth them a memora of the
sprt n whch they were composed, and of the
ob|ects they were ntended to accompsh.
ut there s another and a far more mportant
purpose whch the dffuson of ths memor may
be made to serve, and one st more congena
to the mnd of the author hmsef, f yet cogn-
zant of earthy thngs and that s the vndca-
ton of truth tsef, by procurng for hs wrtngs
a camer and more mparta hearng than they
have htherto receved. o ntegent and we-
educated person can have observed what has
been passng n the cv economy of ths country
for the ast forty years wthout beng convnced
that a great change has been graduay wrought
nto the pubc mnd respectng the poor aws,
and ther admnstraton, and that the wor s of
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
M M
Mr. Mathus have been e ceedngy nfuenta
n brngng t about. To ths pre-emnence, whe-
ther t be good or ev, nether frends nor ene-
mes w be dsposed to dspute hs cam and
though the natura course of events n our
domestc hstory has snguary concurred n
ustratng the prncpes of the ssay on Po-
puaton, and day e perence has practcay
e hbted ts concusons, t s to Mr. Mathus
chefy we are to attrbute the mproved now-
edge we now possess, and the advanced poston
n whch we stand. s was the warnng voce
whch frst roused the pubc attenton to the
errors whch prevaed upon the sub|ect hs
the sagacous and patent mnd whch reduced
the varous and perpe ng phenomena of soca
fe to the aw he had ad down and from hs
wor s was derved the ght whch has gven va-
ue to the e perence and confdence to the
essons whch have been drawn from t. or
some tme, ndeed, he may be sad to have stood
aone upon the ground he had ta en nor s t too
much to affrm, that there s scarcey any other
nstance n the hstory of the word of so mpor-
tant a revouton effected n pubc opnon, wthn
the compass of a snge fe and by a snge mnd.
t was not ey, however, that a vctory e ths
coud be acheved wthout a contest st ess
that a contest of such a nature, aganst opnons
venerabe by age and usage, and bac ed by a
formdabe host of pre|udces, nterests, and fee-
ngs, coud possby be carred on for so ong a
perod wthout e ctng a great degree of rr-
taton and abuse, of whch a arge porton woud
naturay be poured out upon the eader.
Accordngy, we fnd that whe, even by the
ntegent and candd, every step was yeded
sowy, and reuctanty, the tde of pubc op-
non ran obstnatey aganst hm the Mathu-
san code and the Mathusan doctrnes became
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T MALT U .
by-words of omnous mport n the peope s mouths,
and thousands were ready to |on n the cry, who
new nothng of Mr. Mathus, and had never read
a ne of hs wor s. ut ths was not the worst
feature of the case: many estmabe and pous men
there were, whose concurrence and approbaton
he woud have been deghted to obtan, who read
hs wor ,and wereatonce convnced and offended
by t. Msed by the turn the controversy had at
frst unfortunatey ta en, and too ntent upon the
ev nvoved n the prncpe of popuaton to
dscern or even to en ure after the many bess-
ngs whch are bound up wth t, and overbaance
t, they coud not be n charty wth a wor whch
at once shoo ther confdence n the Dvne
enevoence, and dsspated those vsons of per-
fectbty n whch they had nduged. Ther
fath was wea , because t was founded upon a
narrow bass, and nstead of en urng how far
they were n faut themseves, they ad the whoe
bame upon the author : rrtated and suspcous
they turned away mpatenty from the truth be-
cause ts frst aspect was forbddng to them and
whe some obstnatey cosed ther eyes aganst
the facts, and others eagery caught at any em-
pyrca souton of them whch was offered, they
a came hasty to the concuson that Mr. Ma-
thus was a cod and heartess, f not an mpous
man. rom these frst mpressons, notwthstand -
ng the ght whch has been atey thrown upon
the sub|ect from varous uarters, many have
found t mpossbe to recover hence t has
happened, that though the cause has trumphed,
the author s st odous n ther eyes, and n-
stances may be ponted out even at the present
day, where n the same wor , and even n the
same page, the fruts of Mr. Mathus abours
are recorded wth entre approbaton, whe the
man and hs wor s are treated wth un uafed
abuse.
b
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
M M
ow nothng, t s beeved, can serve more ef-
fectuay to soften these feengs, and to remove
these pre|udces, n whatever uarter they may
e st, than to e hbt the author hmsef as he
reay was, and to prove what manner of sprt
he was of. A good tree can not brng forth
ev frut and to shew ndsputaby that Mr.
Mathus was an enghtened, and benevoent
man, s to furnsh a strong argument a pror
n favour of the prncpe, and the tendency of
the wor at a events t w be an rresstbe
reason wth a candd mnds for not re|ectng
t at once. And f under ths mpresson, pro-
ceedng one step further, they woud fary e -
amne the prncpe of popuaton ad down by
hm under a ts aspects, and n a ts nfuences,
drect and ndrect, upon the mora conduct of
man n soca fe, there s reason to hope that
every thng woud appear dfferent to them they
woud fnd ther sense of the Dvne Goodness
mproved and strengthened rather than dm-
nshed by ther ac uescence n hs vews, and
they woud be than fu to an author, who, -whe
he has deveoped at so much cost and pans a
aw of deep practca mportance to the wefare
of man nd, has brought nto vew a fresh and
str ng nstance of the Dvne conomy, n per-
fect harmony wth that state of dscpne and
tra by whch the scrpture teaches us we are to
be mproved and purfed for a hgher and hap-
per state hereafter. ence, then, the great ad-
vantage whch the dffuson of ths memor may
produce mperfect notons of Mr. Mathus
wrtngs have been the means of castng a shade
over hs name, and t s reasonabe to hope that
a better nowedge of hs character may brng
about a farer estmate of hs wor .
ut the beneft by no means stops here. ere
ths a ueston of a specuatve nature, and re-
ferrng ony to some magnary consttuton of
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T MALT U .
thngs, we mght safey commt t to that trbuna
whch, sooner or ater, never fas to do |ustce to
the truth but ths s not the case, t s n reaty
dentfed wth a sub|ect now occupyng a great
share of the pubc mnd, and comng home to
every man s busness and bosom, and under
ths vew t s ute essenta that no unneces-
sary deay shoud ntervene n the remova of
a errors respectng t. The strugge about the
Poor Laws has ended as most potca strugges
happy do n ngand, not by the subverson of
an nsttuton whch, however corrupted by abuse,
or n|ured by tme, s yet congena to the n-
sttutons of the country, and founded upon
chrstan prncpes but by the renewa of ts
sprt, the correcton of ts errors, and the sup-
py of ts defects. th these vews the Poor
Laws Amendment has been framed and
passed nto a aw and a great e perment s
now ma ng throughout the country under ts
authorty, upon the resut of whch, the due
and harmonous ad|ustment of the reatons be-
tween the rch and the poor w hereafter
many depend. ut ths act s founded upon
the bass of Mr. Mathus wor . The ssay
on Popuaton and the Poor Laws Amendment
, w stand or fa together. They have the
same frends and the same enemes, and the re-
atons they bear to each other, of theory and
practce, are admraby cacuated to afford mu-
tua umnaton and support. or can t be
sad that ths cooperaton s not needed. ot-
wthstandng the favourabe auspces under whch
the wor ng of the b has commenced, t s st
a ueston wth many how much of ths ad-
vantage s owng to the ntrnsc merts of the act,
and how much to the une amped state of pros-
perty we now en|oy, and the ncreasng demand
for abour whch accompanes t: at a events a
strong and vey opposton s st day carred
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
M M
on aganst t, as we n the metropos as n the
country and so ong as any nfuenta persons
are found dsposed to dspute the truth of Mr.
Mathus prncpes, or the force of hs concu-
sons, so ong must the Poor Laws Amendment
e pect hostty and mstrust. t s true,
ndeed, that the best testmony to the soundness
of the measure w be a genera e perence of
ts bessngs throughout the country under a
wse, a moderate, and, above a, a hrstan
admnstraton of ts provsons bessngs, n-
deed, not such smpy or many as resut to
the weather casses of socety, from the dm-
nuton of ther burdens, and the assgnment of
parocha odum to others, but such as the poor
themseves w derve and eventuay be con-
scous of, n the eevaton of ther mnds, the
betterng of ther condton, the mprovement
of ther moras and habts, and especay the
softenng of that harsh temper and dsposton to-
wards the other casses of socety, at present one
of the worst features of the tmes, and of whch
the fatterers and dsturbers of the peope are
aways ready to ta e advantage. uch are the
ends whch must fnay consecrate ths measure
n the hearts of the rtsh pubc, as we as
n the sght of God, and of such were the vsons
whch cheered the abours of Mr. Mathus, and
consoed hm for the ngrattude wth whch they
were receved. or s the day far dstant, we
trust, when these vsons w, humany spea -
ng, be reazed meanwhe, t cannot be dened
that a |uster apprecaton of the author and hs
wor s cannot fa of beng of the greatest servce,
as we n the actua operaton of the b, as n
factatng ts favour and acceptance wth the
pubc.
t remans for us to say a few words respectng
the authorty on whch ths Memor rests. t
was wrtten, for the most part, mmedatey after
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T MALT U .
hs death, by an eary and ntmate frend of
Mr. Mathns, thoroughy ac uanted wth hs
character and vews, and, what s more, famar
wth the rse and progress of those opnons
whch have so often brought hs name before the
word and though many months have eapsed
snce ths event, and camer refe on has suc-
ceeded to the e ctement under whch t was
drawn up, there s nothng n t whch the wrter
s dsposed ether to abandon or to change. n
the contrary, the more he consders and refects,
the more he s convnced that a that s here per-
sona to Mr. Mathus s smpy |ust, and nothng
ese. or s there wantng to ths convcton the
testmony of others, ess abe to suspcon than
hs own. Defectve as the s etch may be, there
has been no ueston respectng ts fdety and
truth. The genera form and character and the
eadng features of hs mnd are there: they
have been recognzed by hs frends, and have
not been dsputed by hs adversares and what-
ever dfference of opnon may arse respectng
the |udgment here pronounced upon Mr. Ma-
thus as an author, from whch, however, hs
frend s by no means wng to recede, there s
reason to hope that ths statement may go forth
as an undoubted and authentc testmony to hs
character as a man.
Thomas obert Mathus was born n 1766, at
the oo ery, n the county of urrey, a sma but
beautfu estate at that tme n the possesson of
hs famy, and now we nown throughout the
neghbourhood of Gudford and Dor ng. s
father was Dane Mathus, a genteman of good
famy and ndependent fortune, attached to a
country fe, but much occuped n cassca and
phosophc pursuts, and wth a strong bas to-
wards foregn terature. e was the frend and
correspondent of ousseau, and one of hs e ecu-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
M M
tors, and n some of hs tastes, especay that of
botany, s sad to have resembed hm. s habts
and manners were retred, and hs character so
unostentatous, that though he was the author of
severa wor s whch seem to have succeeded n
ther day, he never coud be persuaded to put hs
name to any of them. n the obtuary of the
Monthy Magazne for 1800, n whch hs death s
notced, he s descrbed as the transator of some
peces from the rench and German an error
whch was vsted by the sub|ect of ths memor
wth more ndgnaton than heever shewed towards
hs own persecutors. f ths genteman, obert
Mathus was the second son, and n eary fe
seems to have dspayed so fne a promse of cha-
racter and abtes, as to have e cted a strong
nterest n hs father s mnd nsomuch, that he
undertoo the conduct of hs educaton n a great
measure hmsef, drectng hs youthfu studes,
and enterng wth hm nto the detas of hs pea-
sures and amusements for the purpose of formng
hs habts and dsposton. At what schoo the
frst years of hs youth were passed, does not ap-
pear, but whether from the changes whch too
pace about ths tme n the resdence of hs fa-
my, or from some pecuar opnons whch hs
father seems to have entertaned respectng edu-
, eb. 19.
sha esteem t as a partcuar favour f you w aow me to
correct an erroneous paragraph whch appeared n your obtuary
for ast month. Dane Mathus, s . s there mentoned as the
transator of some peces from the rench and German. can
say, from certan nowedge, that he dd not transate them nor
was he born to copy the wor s of others. hatever he wrote was
drawn from the orgna and copous source of hs own fne under-
standng and genus but, from hs character, whch was so sn-
guary unostentatous, as to shun everythng that mght attract
notce, t w probaby never be nown as hs.
am, r, yours, c.
obert Mathus.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T MALT U .
caton, he was never sent to any pubc schoo
and n ths respect, s one, amongst many other
remar abe nstances n the present tme, of men
who have rsen nto emnence under the dsad-
vantage of an rreguar and desutory educaton.
rom the age of nne or ten, unt the tme of
hs admsson at ambrdge, wth the e cepton
of a short perod whch he spent at the academy
at arrngton, he remaned aways under prvate
tuton, and was sometmes a sotary pup n
hs tutor s house. t must be aowed, however,
that hs nstructors were men of no common
mnds for besdes hs father, whose watchfu
care never deserted hm, one of them was ch-
ard Graves, and another, Gbert a efed
the frst, the author of the prtua u ote,
a genteman of consderabe earnng and hu-
mour the ast, a person very promnent n hs
day, n severa departments of terature a scho-
ar, a potcan, and a dvne a cassca corres-
pondent aso of hares o but wd, restess,
and parado ca n many of hs opnons, a prompt
and hardy dsputant, and, unhappy for hmsef,
deepy engaged n severa of those voent con-
troverses, to whch the rench evouton had
gven brth.
t s dffcut to beeve that a youth e o-
bert Mathus, naturay senstve and ntegent,
coud be brought n fre uent contact wth men
of such uates and attanments wthout derv-
ng great advantages, and ncurrng some dan-
ger. rom the ast, however, hs natura good
sense, and hs eary habts of observaton, hap-
py protected hm. e was not born, ndeed, as
he hmsef sad of hs father, ready to moud hs
own character and opnons upon those of the
frst person under whose nfuence he mght be
accdentay thrown. n the contrary, he began
very eary to |udge for hmsef, even n matters
reatng to hs educaton, and n ths respect as
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
M M
we as others, was a proof n how short a tme,
and at what an eary perod of fe, a fund of
usefu e perence may he ad up by an ntegent
and observng mnd, thrown upon ts own re-
sources, and dsposed to ma e the most of them.
t s curous to observe n oo ng bac upon
ths perod of hs fe, wth what snguar dscre-
ton he seems to have steered hs course amd the
crtca crcumstances whch surrounded hm
how much he owed n the formaton of hs cha-
racter to nfuences whch were never ta en nto
the account, and how few mar s and sgns t bore
when grown nto maturty of the scenes and per-
sons to whch he had been entrusted for the spe-
cfc purpose of educaton. More than one n-
stance occurred, as appears from hs correspon-
dence of ths date, n whch, wthout any n|ury
to ther mutua affecton, the advce of the father
was successfuy combated by the superor ds-
creton of the son. or was the mora nfuence
of hs offca nstructors n any respect more de-
csve he eft the house of Mr. Graves, ndeed,
at an eary perod, before any astng mpressons
from sympathy or antpathy were ey to have
been made, and though he remaned wth Gbert
a efed t hs admsson at coege, and a-
ways upon the ndest terms, and by hs own
ac nowedgement derved great beneft from the
course of study whch he pursued wth hm, there
seems to have been no great communty of sent-
ment or opnon between them upon the graver
sub|ects connected wth the conduct of human
fe. n truth ther characters were atogether
very dfferent, nor was there ever anythng n
the truy cathoc sprt of Mr. Mathus whch
coud be traced to hs tranng n that schoo.
t woud be un|ust, however, to the ndness
of an e ceent parent, to deny that to hm he
was more ndebted than to any other person who
had mnged n hs educaton for the form and
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T MALT U .
condton of hs mnd, and ths, not so much
from any nstructons drecty conveyed, as from
the opportuntes whch ther ntmacy afforded
of stmuatng the facutes of the son, of encou-
ragng hm to thn for hmsef, and of frst m-
pantng n hs mnd that ove of truth and nde-
pendence of sprt, whch were ever afterwards
so remar abe n hm. f the nature of ths
memor woud permt, t mght be peasng to
ay before the reader many specmens of that
happy ntercourse of mutua good feeng, and of
amcabe and fran dscusson between the father
and the son to whch we have referred but we
may venture to nsert e tracts from two or three
etters, whch w serve to confrm what has been
sad. The frst was wrtten |ust after the father
had removed from hs former resdence n urry
to Abury, where a new one was preparng:
|une 16, 1787.
ou must fnd your way to us over brc s and tes, and
meet wth fve n a bed, and some of us under hedges but every
body says, they w ma e room for obert. May ta e the
berty of sendng my compments to Mr. rend, wth my most
gratefu than s for the attenton he has been so nd as to shew
you. ou w guess the peasure have n returnng than s
for that notce whch you woud not have had wthout deservng t.
verythng have heard of you has gven me the most heart-
fet satsfacton. have aways wshed, my dear boy, that you
shoud have a ove of etters, that you shoud be made ndepen-
dent of mean and trfng amusements, and fee a better support
than that of the ne t man who s de enough to offer you hs
company. have no doubt that you w be abe to procure any
dstncton from them you pease. am far from repressng your
ambton but sha content mysef wth ther addng to your
happness. very nd of nowedge, every ac uantance wth
nature and art, w amuse and strengthen your mnd, and am
perfecty peased that crc et shoud do the same by your egs
and arms. ove to see you e ce n e ercses of the body, and
thn mysef that the better haf, and much the most agreeabe
one, of the peasures of the mnd s best en|oyed whe one s
upon one s egs ths s pretty we for me to say, who have
tte ese eft but my bed and my arm-char. May you ong
en|oy a the deghts of youth and youthfu sprts, of an m-
provng mnd, and of a heathfu body, but ever and above a,
my dear boy, wth vrtue and ts best affectons n your heart.
Adeu Dane Matus.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
M M
t s peasng to observe n what a prophetc
sprt ths prayer of an affectonate father n the
cose of hs etter was drawn up for such, n a
these partcuars, was Mr. Mathus, and such he
remaned to the ast moment of hs fe.
To ustrate st farther the remar we have
made of the manner n whch the graver nstruc-
ton of hs father was mnged wth ghter matters
ntended for the same purpose, t may be nte-
restng to add another e tract from one of hs
etters to hm at ambrdge :
M D A ,
fnd you are not yet n your new rooms. hearty hope
they w prove agreeabe to you. e shoud have been truy
gad to have seen you here n the esure of hrstmas, and woud
have subscrbed to your |ourney not that used to thn ford
the ess peasant, and certany not the ess usefu for beng ds-
burthened of some of ts socety : magne you w say the same
of ambrdge.
have aways found that one of my greatest comforts n fe
was the deght have ever ta en n sotude f, ndeed, one
can gve that name to anythng whch s ey to happen to you
or me. A true hermtage for any ength of tme s, beeve,
an unnatura state t woud be a crue deprvaton of what we
have both e perenced to be the heart s dearest happness. ut
even ths at certan seasons w aways strengthen and refresh
the mnd, and suffer her wngs to grow, whch
n the varous buste of resort,
ere a too ruffed and sometmes mpar d.
The s atng has been good ths year. Dd you go to y y
the way have you earnt the heart and cross ro A the other
trc s, such as s atng bac wards, c. are absurd but e
these as they amuse one upon a sma pece of ce, and they are
very cever n socety ether for two or four four ma e ths
fgure, o . The frost was harder than s usua n ngand.
|anuary 2, at sunrse, 14 ahr. |anuary 3, at 9 post merd.
14 agan. As Mr. how t was at ambrdge. My ther-
mometer was upon a north wa at a dstance from the house.
Dd not as you whether you had got my Theocrtus wth you
ave you got utherford s Phosophy, 2 vos, uarto woud
advse you to read somethng of that nd, whe you are engaged
n mathematca studes and constanty to use yoursef to appy
your toos. hate to see a gr wor ng curous sttches upon
a pece of rag. recommend anderson s ptcs to you, and
merson s Mechancs Long s Astronomy you certany have.
There are papers of the mathematca nd n the oya ocety
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T MALT U . 11
transactons whch are generay worth readng. ow do you
manage about boo s hat good boo on mensuraton have
you met wth ave you seen ougner s mensuraton of the
degree n outh Amerca suppose r s Prncpa to be
your chef cassca boo after the eementary ones.
e are a pretty we but harotte w wrte n a day or
two. A send ove. Adeu, my dear boy
D. M.
t was ths eagerness of the father to engage hs
son n the practca appcaton of mathematcs,
e pressed n other paces as we as ths, whch
produced the foowng sensbe observatons n
repy.
The pan of mathematca and phosophca readng pursued
at ambrdge s perhaps too much confned to specuaton the
ntenton seems to be to ground you we n the prncpes sup-
posng you to appy them at esure after your degree. n gong
through ths course of study f 1 read popuar treatses upon
every branch, t w ta e up my whoe tme, and absoutey e -
cude a other nds of readng whatever, whch shoud by no
means wsh. thn therefore t w be better for me to pursue
the genera courses adopted by the unversty, seeng the genera
appcaton of everythng read wthout aways descendng to
partcuars.
hen mentoned popuar treatses dd not mean to refer
to the boo s you recommended n your ast etter, but to what
you sad n a former one, e pressng a wsh to see me a practca
surveyor, mechanc, and navgator a nowedge of whch nd
woud be dffcut to obtan before too my degree, whe en-
gaged n the pan of mathematca readng adopted by the un-
versty.
am by no means, however, ncned to get forward wthout
wshng to see the use and appcaton of what read. n the
contrary am rather remar ed n coege for ta ng of what
actuay e sts n nature, or may be put to rea practca use.
th regard to the boo s you mentoned n your ast, as t s
absoutey necessary to read those whch our ecturer ma es use
of, t s dffcut to fnd tme to appy to other tracts of the same
nature, n the reguar manner they deserve: partcuary as many
other boo s are re ured to be read durng our course of ectures
to be abe to understand them as we ought. or nstance, we
have had no ectures of any conse uence n agebra and fu ons,
and yet a man woud fnd hmsef very defcent n gong through
the branches of natura phosophy and ewton s Prncpa,
wthout a decent nowedge of both. As attended ectures wth
tfce year above me, and the course ony contnues three years,
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
111 M M
sha be entrey my own master after the ne t summer vacaton,
and then w be my tme to read dfferent authors, ma e compa-
rsons, and propery dgest the nowedge have ta en n.
beeve from what have et fa at dfferent tmes, you
have conceved the enate ouse e amnaton to be more con-
fned to mathematca specuatons than t reay s. The greatest
stress s ad on a thorough nowedge of the branches of natura
phosophy, and probems of every nd n these as we as n
mathematcs are set durng the e amnaton such a one as the
ascertanng the dstance of the un by a transt of enus s not
un ey sometmes to be among the number.
f you w gveme eave to proceed n my own pans of
readng for the ne t two years, ( spea wth submsson to your
|udgment,) promse you at the e praton of that tme to be a
decent natura phosopher, and not ony to now a few prn-
cpes, but to be abe to appy those prncpes n a varety of
usefu probems. hope you w e cuse me for detanng you
so ong upon ths sub|ect, but thought had not suffcenty
e paned mysef n my ast etter, and that you mght possby
concude from what there sad, that ntended to go on n the
beaten trac , wthout once refectng on the use and appcaton
of the study n whch was engaged.
The ast e tract we sha gve s from a etter
wrtten we beeve on the eecton of Mr. Mathus
to a feowshp:
hearty congratuate upon your success t gves me a
sort of peasure whch arses from my own regrets. The thngs
whch 1 have mssed n fe, shoud the more sensby wsh for
you.
Aas my dear ob, have no rght to ta to you of deness,
but when wrote that etter to you wth whch you were ds-
peased, was deepy mpressed wth my own bro en purposes
and mperfect pursuts thought foresaw n you, from the
memory of my own youth, the same tendency to ose the steps
you had ganed, wth the same dsposton to sef-reproach, and
wshed to ma e my unfortunate e perence of some use to you.
t was, ndeed, but tte that you wanted t, whch made me the
more eager to gve t you, and wrote to you wth more tender-
ness of heart than woud n genera pretend to, and commtted
mysef n a certan manner whch made your answer a rough ds-
appontment to me, and t drove me bac nto mysef. ou have,
as you say, worn out that mpresson, and you have a good rght
to have done t for have seen n you the most une ceptonabe
character, the sweetest manners, the most sensbe and the ndest
conduct, aways above throwng tte stones nto my garden,
whch you now don t easy forgve, and unformy ma ng
every body easy and amused about you. othng can have been
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T MALT U .
wantng to what, f were the most fretfu and fastdous, coud
have re ured n a companon and nothng even to my wshes
for your happness, but where they were ether whmsca, or un-
reasonabe, or most ey msta en. have often been on the
pont of ta ng hod of your hand and burstng nto tears at the
tme that was refusng you my affectons : my approbaton was
precptate to gve you.
rte to me, f coud do any thng about your church, and
you want any thng to be done for you, such as 1 am, beeve me,
dear ob, yours most affectonatey,
Dane Mathus.
There s a stran of tender remonstrance, sn-
guary mnged wth dffdence and sef-accusa-
ton throughout ths etter whch e hbts n a
strong and very amabe ght the character of
the father, nor s t ess nterestng as an encou-
ragement to youthfu nstructon, by shewng
how eary those vrtues were panted n the son,
to whch hs character remaned fathfu ever
afterwards.
hanges there were n hm, ndeed, as there
generay have been n a persons whose mnds
have aboured wth great uestons of mora n-
terest and some of them certany remar abe.
They who had seen hm ony n hs ater years,
and had been accustomed to the cam and peace-
fu tenor of hs fe, hs nd and gente manners,
and the earnest and serous tone of hs genera
conversaton, woud scarcey credt that the two
features most remar abe n hs boyhood were
a pugnacous sprt and a een percepton of
the udcrous. And yet such was the report
made to hs father by hs earest tutor, Mr.
Graves: the former beng evnced n hs uncon-
uerabe ove of fghtng for fghtng s sa e,
the atter n the ease and deght wth whch
he entered nto many refned and une pected
stro es of wt n cassc poets, whch were en-
trey ost upon the mnds of others much oder
than hmsef. Don oberto, says ths gente-
man n one of hs etters, spea ng of the frst
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
M M
uaty, though most peaceaby ncned, and
seemng even to gve up hs |ust rghts, rather
than to dspute wth any man, yet, parado as t
may seem, oves fghtng for fghtng s sa e, and
deghts n brusng he has but barey recovered
hs eye-sght, and yet have much ado to eep
hm from tryng agan the chance of war and
yet he and hs antagonst are the best frends n
the word, earn together, assst each other, and
beeve, ove each other better than any two
boys n the schoo. t woud not be dffcut, n-
deed, to trace ths unyedng sprt through dffe-
rent changes of hs beng, under the gudance of
chrstan dscpne, t t reached ts maturty n
the mora courage whch enabed hm to contend
patenty and manfuy for the truth, n defance of
a vruent opposton whch ceased not even wth
hs fe but t may suffce to say here, that n
every stage of the progress t was entrey e empt
from a mace and w, that no man vng
was ever ess dsposed to gve a provocaton, or
more prone to overoo one, and that as far as the
physca part of the uaty was concerned, the
ony remnant of t, even n hs youth, was a cam
forttude whch nspred respect, and a desrabe
presence of mnd, n a the dffcutes and
emergences of fe.
f hs taste for humour, however, whch has
been truy sad to be amost aways aed to
genus, somethng more deserves to be sad. Mr.
Graves, who must be consdered as no mean
|udge of these matters, thus spea s of the dawn
of ths uaty n hs pup s mnd : e has
fnshed orace, and has read fve satres n
|uvena wth apparent taste, and never saw a
boy of hs age enter more nstantaneousy nto
the humour of the ffth satre, whch descrbes
so feengy the affronts and mortfcatons whch
a paraste meets wth at a great man s tabe.
never saw a boy shew a uc er sense of
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T MALT U .
the beautes of an author, or at east of any hu-
morous and une pected stro es. They are read-
ng the ecyra of Terence, and was wng to
see whether any one n the cass was struc wth
that characterstc stro e of humour whch Dr.
urd aysso great stress upon, Turn tu gtur nh
addu st hue pus una sententa, and though
there were two boys of 1 years od, ob was
the ony one that dscovered a sme of approba-
ton, as he dd at Phdppus reproach n the
same scene, ua pauuum vobs accesst pe-
cunae subat anm sunt though t s not cear
thn whether Phdppus ntended a sneer upon
ther dsappontment, or enved ther fanced good
uc .
uch were the eary ndcatons of ths uaty
as observed by Mr. Graves, but t dd not end
here t was prevaent throughout hs youth, and
even survved a porton of hs manhood, and at
ambrdge n partcuar, set off as t used to be
by a very comc e presson of features, and a most
pecuar ntonaton of voce when he was n the
ven, was often a source of nfnte deght and
peasantry to hs companons. n hs rper
years however ths taste graduay faded away,
and at ast had so entrey dsappeared, as to n-
duce hs ater frends to say, tnat f any thng
were wantng to hs mnd, t was a more e pan-
sve pay of the magnaton, and a more vvd
e ercse of the memory. ut the reason s ob-
vous. rom the moment the prncpe of popu-
aton had been struc out from hs mnd, and
had ta en hod of the pubc attenton, t became
to hm the predomnant and absorbng sub|ect
of hs thoughts, constranng hm to grave refec-
ton, and causng every other tendency to yed
to t. rom ths tme too, most of hs wrtngs
too of necessty a controversa turn : and as
the constant e ercse of the reasonng facuty,
whch ths re ured, coud not be carred on but
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
11 M M
at the e pense of those ghter graces whch
have ther orgn n the fancy, t s no wonder
that the taste for humour became ess and
ess nfuenta n hs mnd. ut there was
nothng n #11 ths to regret the change was
gradua and even gracefu, every step of t beng
suted to hs advancng years, and n harmony
wth the new reatons he had contracted n
the progress of hs fe and whe the word at
arge, and ths country n partcuar, was greaty
benefted by the concentraton of hs facutes
upon a sub|ect of such deep nterest to the pubc
wefare, for the accompshment of whch he
seemed amost to have been destned by hs
very nature, the ndy source of hs nnocent
and cheerfu humour (for such t aways was)
remaned,as fresh and as abundant as ever. ts
sprt, ndeed, was somewhat subdued, and ts
course became more steady n proporton as ts
ams and ob|ects were enarged and nstead of
appearng n ftfu bursts of fancy, whch were
wont to set the tabe n a roar, t fowed on n a
f erpetua stream of cheerfuness and benevo-
ence, gaddenng the wa s of domestc fe, and
dffusng tsef over a hs conduct as we as hs
conversaton. To return, however, to the progress
of hs fe.
n 1784 he removed from Mr. a efed s
house to |esus oege, ambrdge, where he was
admtted at the recommendaton of that gente-
man, formery a feow of the socety. At ths
tme, he was generay dstngushed for gen-
teman e deportment and feengs, a poshed
humanty whch remaned wth hm through fe,
and a degree of temperance and prudence, very
rare at that perod, and carred by hm even nto
hs academca pursuts. n these he was aways
more remar abe for the steadness than for the
ardour of hs appcaton, preferrng to e ert hs
mnd e uaby n the varous departments of te-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T MALT U .
rature then cutvated n the coege, rather than
to devote t e cusvey or emnenty to any one,
and evdenty actuated more by the ove of e -
ceence than by the desre of e ceng. or ths
happy dsposton he seems to have been ndebted
ne t to hs own gracous nature to the pecuar
character of hs educaton, whch whe t had
empoyed hgher motves wth good effect, had
rarey brought nto acton the prncpe of com-
petton, so generay resorted to n coeges and
schoos and the conse uence was, that he read
n a better sprt, refected more freey and more
usefuy and ac ured more genera nformaton
than any of hs contemporares. Under ths vew,
t s dffcut to suppress a wsh that the persons
apponted to the mportant tas of superntendng
educaton, coud be nduced to appy ths stmuus
of emuaton wth more cauton and restrant:
at a events, that they woud e ercse some
dscrmnaton n ts use, and especay that they
woud accompany t wth fre uent and cogent me-
moras, that there are other thngs n the word
n store for dgence and vrtue, and of hgher
vaue, than wordy emoument or appause.
To e cude emuaton ndeed atogether from
our means and nstruments woud be as mprac-
tcabe as the attempt woud be unwse t s a
natura remedy for the natura evs of our youth,
ndoence and the ove of peasure, and the ad-
vantages are as obvous and mmedate as they
are comprehensve nor can t be dened that
an mpuse upwards s often gven by t to
suggsh mnds whch afterwards contnued under
better auspces, eads to great ac urements, and
enabes them to oo down wth ndfference upon
the vantage ground from whch the sprng was
ta en. ut generay spea ng t s otherwse:
the course of a youth chefy actuated by ths
stmuus, s rreguar and uneven, and at the best
abe to fre uent crosses and dsappontments
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
M M
there s more of passon than of habt n hs ef-
forts, and when the ob|ect of competton s ob-
taned, the ardour for study abates on the other
hand, the unchrstan prncpes of envy, |eaousy,
and ambton, whch t tends to foster, and to
whch our nature s aready prone, are powerfu
and durabe, and rarey ose ther grasp of the
youthfu mnd on whch they have once sezed.
These evs whch are not aways apparent to
others, are sometmes a secret even to the men
themseves, and generay the dscpne of fe,
and the nfuence of regon are suffcent to con-
tro every outward symptom or effect but the
fre s often smouderng wthn, and s one of the
worst foes to vrtue and tran uty of mnd. ot
so, however, wth the ove of nowedge, espec-
ay when nformed by the wsdom whch s from
above. hen ths prncpe once ta es the ead
n the formaton of the youthfu mnd, t generay
goes on ncreasng, and s tte abe to dsorder
or decay. t never can be satated, for ts ob-
|ects are contnuay e pandng, mutped and
vared and nstead of the ow born passons wth
whch the other s unted, t constanty aes t-
sef to some of the nobest prncpes and uates
of our nature, especay generosty, |ustce, and
benevoence gvng to a ther due, adng and
re|ocng n the success of others who are runnng
the same career, and sympathsng wth a that
s good and honourabe around. t s probabe,
ndeed, that a youth stmuated chefy by the
former may rse through amost unnatura e er-
tons to a greater heght of dstncton n some
partcuar branch but upon the whoe the effect
s rarey or ever satsfactory and whether we
oo to wordy happness and tran uty, to the
advantage of a compact and we proportoned
mnd, or what s much more mportant to the for-
maton of the chrstan character, there can be
no comparson between the two. owever ths
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T MALT U .
may be, such n ths case was the educaton of
Mr. Mathus, and such was the resut t woud
be mpossbe to pont out n the present age any
dstngushed person more moderate and con-
tented, more e empt from |eaousy and ambton,
more dsposed to re|oce wth those who re|oce,
or wth more of the charty that enveth not,
see eth not ts own.
otwthstandng ths moderaton, there was
nothng he attempted n whch he dd not arrve
at some dstncton. e obtaned przes for de-
camatons both n Latn and ngsh. e was
aways esteemed amongst the foremost n the
cassca ecture room, and on ta ng hs degree
n 1788, hs name appeared n the Trpos as the
nnth wranger. esdes a ths he found suf-
fcent tme for the cutvaton of hstory and ge-
nera terature, partcuary of poetry, of whch
he was aways a great admrer and a dscernng
|udge. n 1797, he proceeded to hs master s
degree, and was made feow of hs coege, and
havng ta en orders about the same tme, he
undertoo the care of a sma parsh n urrey,
near hs father s house, occasonay resdng n
ambrdge upon hs feowshp, for the purpose of
pursung wth more advantagethat course of study
to whch he was attached.
s frst essay, as a wrter, was a pamphet
caed the rss, whch he eft n M . and re-
franed from prntng t at hs father s re uest. t
betrays some mar s of a youthfu taste both n
the matter and n the stye but t s a wor of
great refe on for so young a man, and shews
consderabe potca sagacty and observaton.
t s further nterestng at present on account of
the many curous notces t contans of the temper
and character of the tmes, and especay as
e hbtng hs eary vews and opnons respect-
ng the condton of the poor. t was wrtten
about the year 1797, and ts chef ob|ect was to
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
M M
mpugn the measures and genera government of
Mr. Ptt. e have made e tracts of one or two
passages from ths tte wor , whch w he ac-
ceptabe to those who can compare the opnons
here devered, respectng the treatment of the
poor, wth the concusons of hs maturer years.
n 1798 appeared hs frst prnted wor , an
octavo voume, upon Popuaton, under the fo-
owng tte, An ssay on the Prncpe of Po-
puaton as t affects the future mprovement of
ocety, wth remar s on the specuatons of Mr.
Godwn, M. ondorcet, and other wrters n
whch the genera prncpe was ad down and
e paned, and some very mportant conse uences
deduced from t but hs documents and ustra-
tons were mperfect, and he hmsef perhaps at
that tme scarcey aware of the whoe e tent and
bearngs of the sub|ect. The boo was receved
wth some surprse, and e cted consderabe at-
tenton, and whe the mnds of the generaty
were n suspense, the author eft the country n
search of materas to compete t. n 1799 he
saed for amburg wth three other members of
hs coege, of whom Dr. dward ar e was
ut though t s by no means to be wshed that any depen-
dent stuaton shoud be made so agreeabe, as to tempt those
who mght otherwse support themseves n ndependence yet
as t s the duty of socety to mantan such of ts members as
are absoutey unabe to mantan themseves, t s certany de-
srabe that the assstance n ths case shoud be gven n the
way that s most agreeabe to the persons who are to receve t.
An ndustrous woman who s eft a wdow wth four or fve
chdren that she has htherto brought up decenty, woud often
gady accept of a much ess sum, than the famy woud cost n
the wor -house, and wth ths assstance added to her own e -
ertons, mght n a probabty succeed n eepng hersef and
her chdren from the contamnaton of a socety that she has
surey |ust reason to dread. And t seems pecuary hard upon
od peope, who perhaps have been usefu and respectabe mem-
bers of socety, and n ther day, have done the state some
servce, that as soon as they are past ther wor , they shoud be
obged to ut the vage where they have aways ved, the
cottage to whch tme has attached them, the crce of ther
frends, ther chdren and ther grand-chdren, and be forced to
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T MALT U . 11
one: the party separated n weden, and Dr.
ar e and Mr. rpps havng proceeded rapdy
to the north, Mr. Mathus wth Mr. tter con-
tnued esurey ther tour through weden, or-
way, nand, and a part of ussa, these beng
the ony countres at the tme open to ngsh
traveers. f ths tour he has eft other memo-
ras besdes those emboded n hs own wor
amongst whch may be mentoned many vauabe
notes whch have snce served to enrch the ast
voume of Dr. ar e s Traves. Durng the short
peace of 1802 he agan eft ngand, and vsted
wth some of hs reatons, rance and wtzer-
and e porng wth them, a that was most
nterestng n nature or art n those countres, but
aways contnung, wherever he went, to coect
facts and documents for the ustraton of the
prncpe he had announced and for the compe-
ton of hs wor . n 180 , he marred arret,
the edest daughter of Mr. c ersa, a gente-
man now resdent at ath, and soon after was
apponted to the professorshp of Modern story
and Potca conomy, at aeybury, n whch
stuaton he remaned t hs death. n 182 , he
spend the evenng of ther days n nose and un uetness among
strangers, and wat ther ast moments fororn and separated from
a they hod dear.
t s an od sayng that home s home, be t ever so homey
and ths sentment certany operates very strongy upon the
poor. ut of the reach of most of those en|oyments that amuse
the hgher ran s of socety, what s there that can attach them
to fe, but ther evenng fre-sde wth ther fames n a house of
ther own |oned to the conscousness that the more they e ert
themseves the better they sha support the ob|ects of ther
affecton. hat s t but a sentment of ths nd that tempts
many who have ved n the ease and u ury of servce, to forego
these advantages, to marry, and submt to the abour, the dff-
cutes, the humber condton and hard fare, that nevtaby
attend the change of stuaton And surey no wse egsature
woud dscourage these sentments, and endeavour to wea en
ths attachment to home, uness ndeed t were ntended to de-
stroy a thought and feeng among the common peope, to brea
ther sprt, and prepare them to submt patenty to any yo e
that mght be mposed upon them.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
M M
ost a beoved and affectonate daughter n the
boom of youth, who was carred off by a rapd
decne, a sad brea n, as he sad, upon ther
sma and happy famy crce he bore t, how-
ever, wth hs usua resgnaton, but for the sa e
of Mrs. Mathus, who fet her oss most acutey,
and n the hope of brngng more composure to a
ther mnds, he made a tour upon the contnent
wth hs famy, but returned n the autumn to hs
ordnary dutes at aeybury, and hs usua do-
mestc habts.
t has been sometmes nsnuated by persons
who have been desrous to deprecate tne merts
of Mr. Mathus as an orgna wrter, that he
was ndebted to hs father for those new vews
of popuaton whch appeared n hs frst essay
and have snce e cted so much attenton n the
word. There s no foundaton whatever for ths
report but t s not dffcut to e pan n what
manner t too ts rse. The mnd of Mr. Ma-
thus was certany set to wor upon the sub|ect
of popuaton, n conse uence of fre uent dscus-
sons between hs father and hmsef respectng
another ueston, n whch they dffered entrey
from each other. The former, a man of romantc
and somewhat sangune temper, had warmy
adopted the opnons of ondorcet and Godwn
respectng the perfectbty of man, to whch the
sound and practca sense of the atter was aways
opposed and when the ueston had been often
the sub|ect of anmated dscusson between them,
and the son had rested hs cause, prncpay upon
the obstaces whch the tendency of popuaton to
ncrease faster than the means of subsstence,
woud aways throw n the way he was desred
to put down n wrtng, for maturer consdera-
ton, the substance of hs argument, the con-
se uence of whch was, the ssay on Popuaton.
hether the father was converted or not we do
not now, but certan t s that he was strongy
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T MALT U .
mpressed wth the mportance of the vews and
the ngenuty of the argument contaned n the
M ., and recommended hs son to submt hs a-
bours to the pubc. Ths s the substance of the
story as t was reated by the author hmsef to
the wrter of ths memor and f any confrma-
ton were wantng of the fact, there s suff-
cent n the nterna evdence of the wor s them-
seves. The man ob|ect of the octavo voume,
beng the refutaton of Godwn and ondorcet, t
s aganst them that hs arguments are throughout
chefy drected whe the chapter on the poor
aws occupes a very mnor porton of the wor ,
and was n truth ony a branch of the sub|ect
nto whch he was nvountary ed. Upon re-
fe on, however, he soon found that the fed
nto whch he had now entered was of nfntey
more nterest than that on whch he had at frst
set out. n ths therefore he wsey contnued
hs researches, and fndng the sub|ect grow upon
hm both n e tent and mportance as he ad-
vanced, he nsensby assgned to t the ascen-
dancy whch t deserved. Accordngy t w be
found that n hs uarto voume whch he pub-
shed upon hs return from the contnent, the
order as we as the proportons of the matter s
reversed. The state and prospects of the poor
become the promnent feature, and occupy the
prncpa porton of hs boo , whe Mr. Godwn,
and the perfectbty of man, are treated as mat-
ters of ess moment, and are restrcted to a much
smaer space. These facts w furnsh an nter-
estng ey to many passages n these wor s as
we as to the forms and order n whch they are
put. They shew how curousy one thought was
pushed out from another, t the whoe grew
together nto the goody system n whch t now
appears.
ua ramce a ramo
Ta da penser pensero
n u gernogava.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
M M
And they ustrate st more strongy a profound
observaton of Dr. uter, n whch, spea ng of
hrstanty as a scheme not yet entrey under-
stood, and ony ey now to be further deveoped
n the same way that natura nowedge s come
at, he remar s, or ths s the way that a m-
provements are made, by thoughtfu men tracng
out obscure hnts as t were dropped us by nature
accdentay, or whch seemed to come nto our
mnds by chance. or a the same phenomena,
and the same facutes of nvestgaton from whch
such great dscoveres n natura nowedge have
been made n the present and ast age, were
e uay n the possesson of man nd severa
thousand years before,
The atter years of hs fe were passed wth
tte varety n the socety of hs famy and
frends, n hs mnstera and offca dutes at
the coege, and n the cutvaton of studes more
mmedatey connected wth them. Amdst these
empoyments, and the satsfacton derved from a
contented, pous, and conscentous mnd, he
awated patenty and confdenty the se ue of
hs abours, n that mprovement of socety to
whch they were dedcated mean whe, he had
many compensatons and encouragements cacu-
ated to reward hs perseverance, and to support
hs hopes. n proporton as the prncpe of po-
puaton became better nown, hs reputaton as
an author ncreased. Most of the great states-
men of hs tme, and a the most emnent potca
economsts, embraced hs opnons, and n ther
severa departments paved the way for the ap-
caton of them to the pubc wefare and as
s estmaton as an author was ampy supported
by hs character, conversaton, and manners, hs
socety was much sought after by abe men of
a partes, and few, f any, were ever dsapponted
n hm. s own home aso was fre uenty the
resort of men of cutvated mnds n every de-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T MALT U .
partment of terature, and the warm but smpe
and unpretendng hosptaty that regned there
was not more peasng than t was remar abe
to a who partoo of t. ut the hgh estmaton
n whch he was hed was not confned to ths
country hs wrtngs were framed not for Great
rtan ony, whch he most oved, but for the
word at arge, and as such they were receved
by t. n truth, the prncpe he had ad down
found fewer pre|udces to encounter n other
countres than n ths prncpay, because the
stuaton of the poor was amost everywhere
ess crtca: ts mportance, however, n a pros-
pectve vew coud not be conceaed from any,
and the conse uence was, that the attenton he
had awa ened was argey propagated by many
dstngushed authors through every part of u-
rope as we phosophers as men of scence
and under ther auspces a great varety of facts
and documents has been coected, whch has
contrbuted not ony to confrm hs vews, but
aso to dffuse the beneft of hs abours n va-
rous parts of the contnent. Upon the same
grounds he was honoured wth dstnctons from
severa soveregns of urope, and eected a
member of many of the most emnent terary
socetes, especay the rench nsttute, and the
oya Academy at ern. e was one of the
founders of the Potca conomy cub n ths
country, and aso of the more recent nsttuton,
the tatstca ocety, of both whch he attended
reguary the meetngs, and partoo argey of
ther dscussons. e ept up a fre uent cor-
respondence wth the most emnent potca
economsts of the day, both at home and abroad,
especay cardo by a of these he was es-
teemed, and by some affectonatey regarded and
beoved.
Mr. Mathus had, we beeve, |ust entered hs
70th year, when attac ed by the dsorder of whch
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
M M
he ded, but he Mas n the fu en|oyment of a
hs facutes, and hs death was totay une pected
by hs frends. e eft London a few days before
hs death, on a vst to hs father-n-aw at ath,
n good sprts, and apparenty n strong heath,
antcpatng a cheerfu hrstmas wth hs ch-
dren and other members of hs famy, who were
nvted to meet hm but Provdence had or-
daned otherwse the meetng too pace, but
the |oy was not there Mr. Mathus was ta en
soon after hs arrva, wth a dsorder of the
heart, of whch t s beeved he was never con-
scous, and whch n a few days hurred hm to
the grave. e has eft a wdow, and a son and
daughter both grown up.
eow s sub|oned a st of hs wor s n the
order n whch they were pubshed. A sght
attenton to the sub|ects of these wor s, n con-
necton wth the occasons on whch they were
wrtten, w suffce to shew how an ous the au-
thor aways was to ma e a practca appcaton
of hs abours, for the pubc good, and how rea-
dy he came forward on every natona emer-
gency that arose.
An ssay on the Prncpe of Popuaton, as t affects the
uture mprovement of ocety : wth emar s on the pecu-
atons of Mr. Godwn, M. ondorcet, and other rters. 1798.
(Anon.)
An nvestgaton of the ause of the Present gh Prce of
Provsons, contanng an ustraton of the ature and Lmts
of ar Prce n Tme of carcty, and ts Appcaton to the par-
tcuar rcumstances of ths country. (3rd dt.) 1800.
An ssay on the Prncpe of Popuaton, or a ew of ts
past and present effects on human happness, wth an n ury
nto our prospects respectng the future remova or mtgaton of
the evs whch t occasons. (A new dt, very much enarged,)
1803.
A Letter to amue htbread, on hs proposed for the
Amendment of the Poor Laws. 1807.
A Letter to Lord Grenve, occasoned by some bservatons
of hs Lordshp on the ast nda ompany s stabshment for
the ducaton of ther v ervants. (1813.)
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T MALT U .
Upon hs character as an author, n whch he
stands most promnent, our observatons w
be bref hs prncpa wor has been ong
nown, not ony n ths country, but n every
cvzed porton of the gobe, and the |udgment
generay pronounced upon t by ntegent men
has been such as to satsfy the warmest and most
admrng of hs frends. ne or two remar s ony
we sha venture to ma e, and these chefy wth
a vew of pacng hs terary cams upon a proper
bass, and of throwng a cearer ght upon the
motves wth whch hs abours were underta en.
t was one conse uence of hs professona en-
gagement at the ast nda oege, that, for
many of hs ater years, the studes of Mr. Ma-
thus were chefy drected to Potca conomy,
and especay n accordance wth the turn the
sub|ect too to the dscusson of certan subte
and controverted ponts of the scence, n whch
an unavodabe ambguty of anguage had added
greaty to the natura obscurty of the sub|ect,
and ncreased the dffcuty of arrvng at a cear
bservatons on the ffects of the orn Laws, and of a se
or a n the Prce of orn on the Agrcuture and Genera
eath of the ountry. 1814. (3rd dt. 181 .)
The Grounds of an pnon on the Pocy of restrctng the
mportaton of oregn orn ntended as an Append to the
bservatons on the om Laws: 181 .
An n ury nto the ature and Progress of ent, and the
Prncpes by whch t s reguated. 181 .
tatements respectng the ast nda oege, wth an Appea
to acts n efutaton of the harges atey brought aganst t n
the ourt of Propretors. 1817.
Prncpes of Potca conomy consdered, wth a vew to
ther practcabe appcaton, 1820. (2nd. dt. 1836.)
The Measure of aue tated and ustrated, wth an App-
caton of t to the Ateraton n the aue of the ngsh urrency
snce 1790. 1823.
Defntons n Potca conomy, preceded by an n ury nto
the ues whch ought to gude Potca conomsts n the
Defnton and Use of ther Terms. 1827.
A ummary ew of the Prncpe of Popuaton. 1830. ( rom
the uppement to the ncycopeda rtannca.)
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
v M M
understandng such as the measure of vaue, the
e cess of commodtes, c. n ths fed Mr.
Mathus w be aways cassed wth the most
dstngushed of hs feow-abourers and we
may venture to add, that hs Theory of ent,
a dscovery of the greatest mportance, and a-
ways spo en of n the hghest terms by Mr. -
cardo, s of tsef suffcent to pace hm n the
foremost ran . t s not, however, upon hs suc-
cess n ths department, n whch he shares the
f am wth many, but upon hs ssay on Popu-
aton, that hs reputaton ought to rest. n ths
wor he stands aone as the e pounder and us-
trator of a branch of nowedge, heretofore tte
thought of or cutvated n any country, but now,
by hs abours, rased to a degree of emnence n
men s mnds, correspondng wth ts vast mpor-
tance, and brought wth great effcacy to bear
upon the moras and wefare of man nd. To
n ure, as many have done, whether he were
reay the dscoverer of the prncpe of popua-
ton, on whch the ssay rests, s somethng worse
than de, especay as the author hmsef never
ad cam to such a tte: undoubtedy many
scattered notces of t may be found n other
wor s, partcuary n the Traves of Mr. Town-
shend n pan, whch Mr. Mathus was ever
ready to ac nowedge but the practca use, and
the fu deveopement and appcaton of the prn-
cpe, are entrey hs own. f the tme n whch
ths wor frst appeared, and of the crcumstances
whch ed to t, an account has been aready
gven, but t s we worthy of observaton, that
the system then came from hm n so compete
and perfect a form, so guarded on every sde, so
ceary e paned, and so correcty and carefuy
e hbted under a ts aspects and n a ts con-
se uences, as to re ure tte or no ateraton
afterwards, ether from hmsef or any other per-
son. t went rapdy through a great number of
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T MALT U . v
edtons n ths country, and has been transated
nto amost every anguage of the cvzed word.
e are we aware, ndeed, of the dfferent
|udgments whch have been formed of ths ssay,
and of the caumnes wth whch the author has
been assaed. e now that codness, harsh-
ness, and even cruety, have been fre uenty
mputed to the most humane and consderate of
men, and that a desgn of degradng the poor has
been charged upon a wor whose soe motve and
tendency was to ncrease ther comforts, and to
rase ther mora and nteectua condton
t s a consoaton, however, to remember that the
most refectng and cutvated mnds n ths, as
we as n every other country, have amost una-
nmousy adopted and approved both the prn-
cpe and the reasonng of hs wor , whst ts
most voent opponents and vfers have been,
wth one or two e ceptons, ether persons who
have not read t at a, or who have grossy ms-
understood or msrepresented t. ts greatest tr-
umph, ndeed, has been reserved for our own
tmes, n whch t has been soemny adopted as
a prncpe of egsaton nor can we hestate to
beeve, that at no dstant perod, when the coud
of pre|udce and passon n whch the sub|ect s
nvoved sha have been dspersed, the humanty
of the ssay w be as apparent to a man nd
as ts usefuness and truth.
t has been sometmes sad and repeated pub-
cy, snce the author s death, that the vew Mr.
Mathus hmsef too of the prncpe of popua-
ton, was a goomy one. The remar s true,
though somewhat unchartabe, for the faut was
n the poston of the author, not n hs mnd. t
woud be easy, no doubt, to separate certan pro-
postons from hs wor , and construng them
strcty to ma e out a case of cheeressness and
goom aganst the author. ut ths s not dea-
ng fary wth hm t s a ma m n phoso-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
v M M U
phy to nterpret the postons of a wor not ony
n connecton wth other parts of t, but aso wth
a speca reference to the crcumstances of the
tmes, and the opnons whch prevaed n them,
or preceded them. These crcumstances and op-
nons do, n pont of fact, consttute a porton of
the postons themseves, or rather they are the
condtons on whch ther truth depends, and f
the former are changed, the atter must change
wth them, or be no onger true. hy then shoud
we deny to Mr. Mathus, a wrter upon a new
and dffcut sub|ect, that ndugence whch s so
freey granted to the morast and the dvne Let
t be remembered that at the tme when the s-
say on Popuaton was pubshed, now more than
thrty years ago, there were two great dangers
threatenng the peace of socety, wth whch he
had to dea on the one hand, Mr. Godwn and
hs foowers were str ng at the reverence for a
soca nsttutons, by hodng out deusve vsons
of perfectbty whch coud never be reazed, and
on the other a rea and practca paupersm was
dffusng tsef wdey and rapdy over the and,
and undermnng more surey the bass both of
property and aw, by an gnorant and ndoent
reance upon ther omnpotence that foresght
and frugaty, the speca vrtues of ther staton,
were fast osng ground n the estmaton of the
poor, and that they were rec essy sn ng nto
a state of entre dependence on the parsh rate
whe the conduct and opnons of those above
them, so far from repressng ther error, rather
tended to encourage t. th these facts before
hm, and the conse uences strongy mpressed on
hs mnd, we cannot wonder that Mr. Mathus,
havng ad down and demonstrated the great aw
of nature respectng popuaton, shoud have
thought t necessary n the frst nstance to pont
out, n a ther na ed deformty, the dangers
t woud aways nvove, and the sn and msery
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T MA /T U . v
whch woud nevtaby attend an habtua ds-
regard of t and that under ths aspect he
hmsef shoud have chefy regarded t. That
there s a brght sde to ths aw of nature, s
most true and they wrho have read the wor
of shop umner upon the ecords of the
reaton, w remember how ngenousy and
beautfuy he has shown that, n the hands of
a gracous Provdence, ths prncpe s made
subservent to the most benefca and mprov-
ng ends beng the great movng cause, whch,
by the necesstes t creates, and the fears and
hopes t suggests, e ctes the best energes of
man nd nto acton, overcomes ther natura
ndoence, and gves sprt and perseverance to
ther most vauabe abours. ut ths vew of
the sub|ect, however favourabe to the argument
of Dr. umner, was not adapted to the adversary
whch Mr. Mathus had to encounter. nay
t s necessary to remember, that whatever mght
have been the author s vew of the evs ncdent
to the prncpe, temperance, frugaty, foresght,
and especay sef-contro vrtues strcty scrp-
tura and evangeca were the soe remedes
recommended by hm. or can t be sad at pre-
sent that these goomy vews, and these strong
statements, were unnecessary notwthstandng
a the warnngs of the ssay on Popuaton,
the ev t contempated had atey rsen to so
great a heght as to threaten the most serous
mschef to socety, and to ca for the strongest
measures and we beeve, frmy, that had t not
been for ths boo of Mr. Mathus, and a the
wse and sautary parocha reguatons whch
have sprung from t, the danger woud have been
nfntey greater, and our way out of t much
more obscure and dffcut, f any way coud
have been found at a, short of a convuson of
socety.
t must aways however be a matter of regret
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
v M M
that Mr. Mathus was ed to the mportant con-
cusons of hs essay, through the avenue of such
a controversy had he been at berty to seect
hs own path t woud have been a more cheer-
fu and consoatory one, more brght wth the
rays of dvne benevoence, more congena n
truth to hs own mnd. The goodness of the
Dety was a theme on whch he oved to dwe,
and f any thng were wantng to testfy to hs
pety and humanty t mght be drawn from that
very wor whch has been the sub|ect of so much
anmadverson. After a t must be aowed that
the great, we had amost sad the ony, faut of
Mr. Mathus wth the pubc was that hs opnons
were n advance of hs age. or shoud t be for-
gotten that n ths respect hs reputaton has n
many nstances suffered more from the headong
zea of hs foowers and mtators than from the
msta es and even mace of hs enemes by the
former hs propostons have not ony been af-
frmed more generay than he hmsef ntended,
but they have been pushed, contrary to hs own
practce, to e tremes, and apped ndf erenty
wthout any modfcaton or reserve. ence t
has happened that the author has been made res-
ponsbe for conse uences whch he never con-
tempated, and for opnons whch we now he
reprobated and ab|ured.
Lfe s, generay spea ng, a bessng ndependent of a
future state. t s a gft whch the vcous woud not aways be
ready to throw away, even f they had no fear of death. The
parta pan, therefore, that s nfcted by the upreme reator,
whe he s formng numberess bengs to a capacty of the hghest
en|oyments, s but as the dust of the baance n comparson of
the happness that s communcated and we have every reason
to thn , that there s no more ev n the word than what s
absoutey necessary as one of the ngredents n the mghty
process. 8vo. edt. ssay on Popuaton, page 391.
f The sorrows and dstresses of fe form another cass of
e ctements, whch seem to be necessary by a pecuar tran of m-
pressons, to soften and humanze the heart, to awa en soca sym-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T MALT U .
f hs character n a soca and domestc
vew, t woud be dffcut to spea n terras whch
woud be thought e travagant by those who new
hm ntmatey, and who, after a, are the ony
|udges of t. Athough much conversant wth the
word, and engaged n mportant abours, hs fe
was, more than any other we have ever wtnessed,
a perpetua fow of enghtened benevoence, con-
tentment, and peace t was the best and purest
phosophy, heghtened by hrstan vews, and
softened by hrstan charty. s temper was
so md and pacd, hs aowances for others so
arge and so consderate, hs desres so moderate,
and hs command over hs own passons so com-
pete, that the wrter of ths artce, who has
nown hm ntmatey for neary ffty years,
scarcey ever saw hm ruffed, never angry, never
above measure eated or depressed. or were
pathy, to generate a the hrstan vrtues, and to afford scope for
the ampe e erton of benevoence. The genera tendency of an
unform course of prosperty s rather to degrade, than e at the
character. The heart that has never nown sorrow tsef w
sedom be feengy ave to the pans and peasures, the wants
and wshes of ts feow bengs. t w sedom be overfowng
wth that warmth of brothery ove, those nd and amabe af-
fectons, whch dgnfy the human character, even more than the
possesson of the hghest taents. Taents, ndeed, though un-
doubtedy a very promnent and fne feature of mnd, can by no
means be consdered as consttutng the whoe of t. There are
many mnds whch have not been e posed to those e ctements
that usuay form taents, that have yet been vvfed to a hgh
degree by the e ctements of soca sympathy. n every ran of
fe, n the owest as fre uenty as n the hghest, characters are
to be found, overfowng wth the m of human ndness, breath-
ng ove towards God and man and though wthout those pecu-
ar powers of mnd caed taents, evdenty hodng a hgher
ran n the scae of bengs than many who possess them. van-
geca charty, mee ness, pety, and a that cass of vrtues,
dstngushed partcuary by the name of hrstan vrtues, do
not seem necessary to ncude abtes yet a sou possessed of
these amabe uates, a sou awa ened and vvfed by these
deghtfu sympathes, seems to hod a nearer commerce wth the
s es than mere acuteness of nteect. ssay on Popuaton,
8vo. edt. chap. . p. 372.
d
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
1 M M
hs patence and forbearance ess remar abe
no un nd word or unchartabe e presson re-
spectng any one, ether present or absent, ever
fe from hs ps and though doomed to pass
through more censure and caumny than any
author of ths or perhaps of any other age, he was
tte dsposed to advert to ths speces of n|ury,
st ess to compan of t, and east of a to re-
tort t. ndeed, he had ths fecty of mnd, n
a degree amost pecuar to hmsef, that, beng
snguary ave to the approbaton of the wse
and good, and an ous generay for the regard
of hs feow-creatures, he was mpassve to abuse
so conscous was he of hs ntegrty of pur-
pose, so frmy convnced of the truth of the prn-
cpes he advocated, and so thoroughy prepared
for the repugnance wth whch, n some uarters,
they woud be heard. ut never was hs e ua-
nmty so str ng as when towards the cose of
hs fe, n the pentude of hs success, he saw hs
doctrnes adopted and propagated n every part
of urope, and heard hmsef caed the greatest
benefactor to man nd snce the days of Adam
mth then to hs honour be t spo en, he was
never nown to betray, even to hs most ntmate
frends, the sghtest symptom of vanty, trumph
or sef-appause.
The most remar abe feature of hs mnd was
the ove of truth, and t was aso the most nfu-
enta : t was ths whch enabed hm patenty
to nvestgate, and fearessy to e pose, an nve-
terate and popuar error and t was ths whch,
n hs prvate fe, was the parent or the nurse of
many other vrtues conspcuous n hm |ustce,
prudence, temperance, and smpcty. t s
amost unnecessary to add, that n hs domestc
reatons, a these uates appeared under ther
farest form, and wth ther sweetest nfuence.
A the members of hs famy oved and honoured
hm hs servants ved wth hm t ther mar-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T MALT U . s
rage or settement n fe, and the humbe and
poor wthn hs nfuence aways found hm ds-
posed, not ony to assst and mprove them, but
to treat them wth ndness and respect.
s conversaton naturay turned upon those
mportant sub|ects connected wth the wefare of
socety whch were hs pecuar study n them
he was aways earnest, serous, and mpressve,
f roducng- hs opnons n such a cear and ne-
gbe way, as to show that they were the frut
of consderabe thought and refecton, and aways
mpressng you wth the noton that he was spea -
ng n sncerty and truth apart from these he was
habtuay cheerfu and payfu, and as ready to
engage n a the nnocent pursuts and peasures
of the young, as toencourage them n ther studes.
y hs ntegent coeagues at aeybury, hs
oss w be ong and sncerey fet few persons
new so we as they how to apprecate hs worth,
and none had so many opportuntes of observng
ts nfuence. s good-breedng, candour, and
gentemany conduct were fet n everythng
and hs sound |udgment and concatory sprt,
were not ess remar abe n the councs of the
coege, than hs manners and attanments were
deghtfu and mprovng n ther soca ntercourse
and reatons. To hs ntmate frends hs pace
w rarey, f ever, be supped there was n hm
an unon of truth, |udgment, and warmth of heart,
whch at once nvted confdence, and set at nought
a fear of beng rdcued or betrayed. ou were
aways certan of hs sympathy, and wherever
the case aowed t, hs assstance was as prompt
and effectve as hs advce was sound and good.
n potcs he was a frm, consstent, and decded
hg, the earnest advocate of sautary mprove-
ment and reform, but strongy and sncerey at-
tached to the nsttutons of hs country, and fear-
fu of a wanton e perment and nnovatons.
n controversy whch he never nvted, nor
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
M M
ever shunned when the truth was ey to be
ected, he was cam, cear and ogca, ferte
n argument, and though suffcenty tenacous,
|ust and open to convcton and beng aways
deberate n composton, and habtuay ds-
posed to wegh we every opnon before he
submtted t to the pubc, he was rarey caed
upon to retract, but whenever the case re ured
t, no one coud do t wth more candour, or wth
a better grace. e e punged two whoe chap-
ters from hs frst wor , n deference to the op-
nons of some dstngushed persons n our
church and after the pubcaton of Dr. umner s
wor , n the ecords of the reaton, he dd not
hestate n a subse uent dton of hs ssay, to
modfy, correct, and even to omt severa e pres-
sons, at the suggeston of the author for whom he
had a profound respect and a ths, n a tone
and sprt whch proved that t was not vctory,
but truth for whch he was contendng.
The same sprt was shewn n the correspon-
dence between Mr. Mathus and Mr. cardo,
whch woud form, f ad before the pubc, a
perfect mode of benevoent and enghtened
controversy, and though at ast each retred wth
t s probabe, that havng found the bow bent too much
one way, was nduced to bend t too much the other, n order
to ma e t straght. ut sha aways be ute ready to bot
out any part of the wor whch s consdered, by a competent
trbuna as havng a tendency to prevent the bow from becomng
fnay straght, and to mpede the progress of truth. n defe-
rence to ths trbuna have aready e punged the passages whch
have been most ob|ected to, and have made some few further cor-
rectons, of the same nd, n the present dton. y these a-
teratons, hope, and beeve, that the wor has been mproved,
wthout mparng ts prncpes. ut st trust, that whether
t s read wth or wthout these ateratons, every reader of candour
must ac nowedge that the practca desgn uppermost n the
mnd of the wrter, wth whatever want of |udgment t may have
been e ecuted, s to mprove the condton, and ncrease the hap-
pness of the ower casses of socety. o. . p. 428. th d-
ton of an ssay on Popuaton.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
t T MALT U .
hs own opnon, the effect of the whoe was rather
to mprove than to dmnsh the respect and af-
fecton whch each bore to the other. The ds-
cusson between the author and Mr. enor was
bref, and rather concernng words than thngs
t ended, however, as few controverses do, n
mutua agreement, and was credtabe to both
and n no part of hs wor s has Mr. Mathus e -
pressed hmsef wth more cearness, or reasoned
wth more sagacty and strength than n ths.
Mr. Mathus was a cergyman of the hurch
of ngand, and durng a arge porton of hs fe
read prayers and preached reguary n turn wth
the other professors n the chape of the ast
nda oege at aeybury: n these servces,
and, ndeed, n every other ordnance of regon,
hs manner was unformy serous and devout
nor coud he ever say grace at hs own tabe,
wthout nsprng those present wth a sense of
hs pety. f hs sermons, t may be sad, that
they were cacuated to ma e a strong mpresson
on the mnds of the young men, for whose edf-
caton they were chefy ntended and t s now
partcuary peasng to record, that they became
more earnest and more edfyng every year he
ved. n regon, ndeed, as we as n other
thngs, he was aways unobtrusve and unosten-
tatous, but t was easy to perceve that the sprt
of the Gospe had shared argey n formng hs
character, and that both the precepts and doc-
trnes of hrstanty had made a deep mpresson
upon hs mnd.
n the atter perod of hs fe, hs temper and
character were sub|ected to a pecuar tra: the
government, by adoptng the prncpes of hs
wor , as the bass of ther Poor Laws Amend-
ment , recaed n a remar abe manner the
pubc attenton towards hm, whch had before
begun to decne and the prase avshed upon
hm durng the dscusson n parament, ony
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
M M T MALT U9.
served to connect hm more ntmatey wth the
measure. The conse uence was, that from a
uarters a fresh food of caumny and abuse was
poured upon hm, whch has contnued wthout
ntermsson to the present day and though he
was never consuted about any of the provsons
or enactments of the b, yet every rea or sup-
posed defect whch was dscovered n the construc-
ton of t, every rub or dffcuty whch was found
n the wor ng of t, were wthout ceremony at-
trbuted to hm. e very beeve that f the
ate mnstry had remaned onger n power,
some sod mar of favour or encouragement woud
have been bestowed upon hm or hs, as we to
vndcate ther adopton of hs vews, as to e press
ther sense of the support he had so ong and con-
sstenty gven to the prncpes upon whch ther
admnstraton was founded and further, that t
s a sub|ect of deep regret to them now, that, as
far as he hmsef s concerned, the opportunty s
ost for ever. At a events, we now we, Mr.
Mathus hmsef was never heard to utter the
sghtest murmur or compant: wth hs usua
e uanmty he bore the negect of one party and
the abuse of the other and, whatever mght have
been hs apprehensons and feengs respectng
the change of the mnstry, as far as regarded the
country, he never for a moment spo e of t as
affectng, or ey to affect, hmsef.
The frst mnstry of Lord Mebourne.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
P PL P L T AL
M .
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
P PL

P L T AL M .
T DU T .
t has been sad, and perhaps wth truth, that the
concusons of Potca conomy parta e more of the
certanty of the strcter scences than those of most
of the other branches of human nowedge. et we
shoud fa nto a serous error f we were to suppose
thattany propostons, the practca resuts of whch
depend upon the agency of so varabe a beng as
man, and the uates of so varabe a compound as
the so, can ever admt of the same nds of proof,
or ead to the same certan concusons, as those whch
reate to fgure and number. There are ndeed n-
potca economy great genera prncpes, to whch
e ceptons are of the most rare occurrence, and pro-
mnent and-mar s whch may amost aways be de-
pended upon as safe gudes but even these, when
e amned, w be found to resembe n most part-
cuars the great genera rues n moras and potcs
founded upon the nown passons and propenstes of
human nature : and whether we advert to the ua-
tes of man, or of the earth he s destned to cutvate,
we sha be compeed to ac nowedge, that the sc-
ence of potca economy bears a nearer resembance
to the scence of moras and potcs than to that of
mathematcs, |
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T DU T .
Ths concuson, whch coud hardy fa tp be for-
med merey from a vew of the sub|ects about whch
potca economy s conversant, s further strength-
ened by the dfferences of opnon whch have pre-
vaed among those who have drected a arge share
of taent and attenton to ths study.
Durng the prevaence of the mercante system, the
nterest whch the sub|ect e cted was confned amost
e cusvey to those who were engaged n the detas
of commerce, or e pected mmedate beneft from ts
resuts. The dfferences whch prevaed among mer-
chants and statesmen, whch were dfferences rather
n practce than prncpe, were not cacuated to at-
tract much attenton. ut no sooner was the sub|ect
rased nto a scence by the wor s of the rench co-
nomsts and of Adam mth, than a memorabe schsm
dvded, for a consderabe tme, the students of ths
new branch of nowedge, on the fundamenta ues-
tons hat s weath and from what source or
sources s t derved
appy for the nterests of the scence and ts use-
funess to socety, the conomsts and Adam mth
entrey agreed on some of those great genera prn-
cpes whch ead to the most mportant practca con-
cusons such as the freedom of trade, and the eav-
ng every person, whe he adheres to the rues of
|ustce, to pursue hs own nterest hs own way, toge-
ther wth some others: and un uestonaby ther
agreement on these prncpes affords the strongest
presumpton of ther truth. et the dfferences of
the conomsts and Adam mth were not mere df-
ferences n theory they were not dfferent nterpre-
tatons of the same phenomena, whch woud have no
nfuence on practce but they nvoved such vews
of the nature and orgn of weath, as, f adopted,
woud ead, n amost every country, to great prac-
tca changes partcuary on the very mportant sub-
|ect of ta aton.
nce the sera of these dstngushed wrters, the
sub|ect has graduay attracted the attenton of a
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T DU T . 3
greater number of persons, partcuary durng the
ast twenty or thrty years. A the man propos-
tons of the scence have been e amned, and the
events whch have snce occurred, tendng ether to
ustrate or confute them, have been repeatedy ds-
cussed. The resut of ths e amnaton and dscus-
son seems to be, that on some very mportant ponts
there are st great dfferences of opnon. Among
these, perhaps, may be rec oned The defntons of
weath and of productve abour The nature and
measures of vaue The nature and e tent of the
prncpes of demand and suppy The orgn and
progress of rent The causes whch determne the
wages of abour and the profts of stoc The causes
whch practcay retard and mt the progress of
weath The eve of the precous metas n dfferent
countres The prncpes of ta aton, c. n a
these ponts, and many others among the numerous
sub|ects whch beong to potca economy, dffe-
rences have prevaed among persons whose opnons
are entted to attenton. ome of these uestons
are to a certan degree theoretca and the souton
of them, though obvousy necessary to the mprove-
ment of the scence, mght not essentay affect ts
practca rues but others are of such a nature, that
the determnaton of them one way or the other w
necessary nfuence the conduct both of ndvduas
and of governments and ther correct determnaton
therefore must be a matter of the hghest practca
mportance.
n a scence such as that of potca economy, t s
not to be e pected that an unversa assent shoud be
obtaned to a ts mportant propostons but, n
order to gve them ther proper weght and |ustfy
ther beng acted upon, t s e tremey desrabe, n-
deed amost necessary, that a consderabe ma|orty
of those who, from ther attenton to the sub|ect, are
consdered by the pubc as ey to be the most
competent |udges, shoud agree n the truth of them.
Among those wrters who have treated the sub|ect
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
4 T DU T .
scentfcay, there s not perhaps, at the present mo-
ment, so genera an agreement as woud be desrabe
to gve effect to ther concusons and the wrters
who pecuary ca themseves practca, ether draw
no genera nferences, or are so much nfuenced by
narrow, parta, and sometmes nterested vews, that
no reance can be paced on them for the estabsh-
ment of genera rues. The ast twenty or thrty years
have besdes been mar ed by a tran of events of a
most e traordnary nd and there has hardy yet
been tme so to arrange and e amne them as to see
to what e tent they confrm or nvadate the receved
prncpes of the scence to whch they reate.
The present perod, therefore, seems to be unpro-
ptous to the pubcaton of a new systematc treatse
on potca economy. The treatse whch we aready
possess s st of the very hghest vaue and t a
more genera agreement sha be found to ta e pace,
both wth respect to the controverted ponts of Adam
mth s wor , and the nature and e tent of the add-
tons to t, whch the more advanced stage of the
scence has rendered necessary, t s obvousy more
advsabe that the dfferent sub|ects whch admt of
doubt shoud be treated separatey. hen these ds-
cussons have been for some tme before the pubc,
and a suffcent opportunty has been gven, by the
coson of dfferent opnons and an appea to e pe-
rence, to separate what s true from what s fase,
the dfferent parts may then be combned nto a con-
sstent whoe, and may be e pected to carry wth t
such weght and authorty as to produce the most
usefu practca resuts.
The prncpa cause of error, and of the dfferences
whch preva at present among the scentfc wrters
on potca economy, appears to me to be a precp-
tate attempt to smpfy and generaze. he ther
more practca opponents draw too hasty nferences
from a fre uent appea to parta facts, these wrters
run nto a contrary e treme, and do not suffcenty
try ther theores by a reference to that enarged and
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T DU T .
comprehensve e perence whch, on so compcated
a sub|ect, can aone estabsh ther truth and utty.
To mnds of a certan cast there s nothng so cap-
tvatng as smpfcaton and generazaton. t s
ndeed the desrabe and egtmate ob|ect of genune
phosophy, whenever t can be effected consstenty
wth truth and for ths very reason, the natura ten-
dency towards t has, n amost every scence wth
whch we are ac uanted, ed to crude and premature
theores.
n potca economy the desre to smpfy has
occasoned an unwngness to ac nowedge the ope-
raton of more causes than one n the producton of
partcuar effects and f one cause woud account
for a consderabe porton of a certan cass of pheno-
mena, the whoe has been ascrbed to t wthout suf-
fcent attenton to the facts, whch woud not admt
of beng so soved. have aways thought that the
ate controversy on the buon ueston presented a
sgna nstance of ths nd of error. ach party
beng possessed of a theory whch woud account for
an unfavourabe e change, and an e cess of the mar-
et prce above the mnt prce of buon, adhered to
that snge vew of the ueston, whch t had been
accustomed to consder as correct and scarcey one
wrter seemed wng to admt of the operaton of
both theores, the combnaton of whch, sometmes
actng n con|uncton and sometmes n opposton,
coud aone ade uatey account for the varabe and
compcated phenomena observabe.
t s certan that we cannot too hghy respect and
venerate that admrabe rue of ewton, not to admt
more causes than are necessary to the souton of the
phenomena we are consderng but the rue tsef
mpes, that those whch reay are necessary must be
t must be aowed, however, that the theory of the uon-
sts, though too e cusve, accounted for much the argest propor-
ton of the phenomena n ueston and perhaps t may be sad
wth truth that the uon eport tsef was more free from the
error have adverted to than any other wor that appeared.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
6 T DU T .
admtted. efore the shrne of truth, as dscovered
by facts and e perence, the farest theores and the
most beautfu cassfcatons must fa. The chemst
of thrty years ago may be aowed to regret, that new
dscoveres n the scence shoud dsturb and confound
hs prevous systems and arrangements but he s not
entted to the ran of phosopher, f he does not gve
them up wthout a strugge, as soon as the e per-
ments whch refute them are fuy estabshed.
The same tendency to smpfy and generaze, pro-
duces a st greater dsncnaton to aow of modf-
catons, mtatons, and e ceptons to any rue or
proposton, than to admt the operaton of more causes
than one. othng ndeed s so unsatsfactory, and
gves so unscentfc and unmastery an ar to a propo-
ston as to be obged to ma e admssons of ths
nd yet there s no truth of whch fee a stronger
convcton than that there are many mportant propo-
stons n potca economy whch absoutey re ure
mtatons and e ceptons and t may be confdenty
stated that the fre uent combnaton of compcated
causes, the acton and reacton of cause and effect on
each other, and the necessty of mtatons and e -
ceptons n a consderabe number of mportant pro-
postons, form the man dffcutes of the scence, and
occason those fre uent msta es whch t must be
aowed are made n the predcton of resuts.
To e pan mysef by an nstance. Adam mth
has stated, that captas are ncreased by parsmony,
that every fruga man s a pubc benefactor, and
that the ncrease of weath depends upon the baance
of produce above consumpton.f That these propo-
stons are true to a great e tent s perfecty un ues-
tonabe. o consderabe and contnued ncrease of
weath coud possby ta e pace wthout that degree
of frugaty whch occasons, annuay, the converson
of some revenue nto capta, and creates a baance of
produce above consumpton but t s ute obvous
eath of atons, oo . c. . pp. 1 18, 6th edt.
t oo . c. . p. 2 0.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T DU T . 7
that they are not true to an ndefnte e tent, and
that the prncpe of savng, pushed to e cess, woud
destroy the motve to producton. f every person
were satsfed wth the smpest food, the poorest
cothng, and the meanest houses, t s certan that no
other sort of food, cothng, and odgng woud be n
e stence and as there woud be no ade uate motve
to the propretors of and to cutvate we, not ony
the weath derved from convenences and u ures
woud be ute at an end, but f the same dvsons of
and contnued, the producton of food woud be pre-
maturey chec ed, and popuaton woud come to a
stand ong before the so had been we cutvated.
f consumpton e ceed producton, the capta of the
country must be dmnshed, and ts weath must be
graduay destroyed from ts want of power to pro-
duce f producton be n a great e cess above con-
sumpton, the motve to accumuate and produce must
cease from the want of an effectua demand n those
who have the prncpa means of purchasng. The
two e tremes are obvous and t foows that there
must be some ntermedate pont, though the resources
of potca economy may not be abe to ascertan t,
where, ta ng nto consderaton both the power to
produce and the w to consume, the encouragement
to the ncrease of weath s the greatest.
The dvson of anded property presents another
obvous nstance of the same nd. o person has
ever for a moment doubted that the dvson of such
mmense tracts of and as were formery n possesson
of the great feuda propretors must be favourabe to
ndustry and producton. t s e uay dffcut to
doubt that a dvson of anded property may be carred
to such an e tent as to destroy a the benefts to be
derved from the accumuaton of capta and the
dvson of abour, and to occason the most e tended
poverty. There s here then a pont as we as n the
other nstance, though we may not now how to pace
t, where the dvson of property s best suted to the
actua crcumstances of the socety, and cacuated to
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
8 T DU T .
gve the best stmuus to producton and to the n-
crease of weath and popuaton. t foows ceary
that no genera rue can be ad down respectng the
advantage to be derved from savng, or the dvson
of property, wthout mtatons and e ceptons and
t s partcuary worthy of attenton that n cases of
ths nd, where the e tremes are obvous and str ng,
but the most advantageous mean cannot be mar ed,
that n the progress of socety effects may be produced
by an unnotced appro maton to ths mdde pont,
whch are attrbuted to other causes, and ead to fase
concusons.
The tendency to premature generazaton occasons
aso, n some of the prncpa wrters on potca eco-
nomy, an unwngness to brng ther theores to the
test of e perence. shoud be the ast person to ay
an undue stress upon soated facts, or to thn that a
consstent theory, whch woud account for the great
mass of phenomena observabe, was mmedatey n-
vadated by a few dscordant appearances, the reaty
and the bearngs of whch there mght not have been
an opportunty of fuy e amnng. ut certany no
theory can have any pretenson to be accepted as cor-
rect, whch s nconsstent wth genera e perence.
uch nconsstency appears to me at once a fu and
suffcent reason for ts re|ecton. Under such crcum-
stances t must be ether radcay fase, or essentay
ncompete and n ether case, t can nether be
adopted as a satsfactory souton of e stng pheno-
mena, nor acted upon wth any degree of safety for
the future.
The frst busness of phosophy s to account for
thngs as they are and t our theores w do ths,
they ought not to be the ground of any practca con-
cuson. shoud never have had that steady and
unsha en confdence n the theory of popuaton
whch have nvaraby fet, f t had not appeared
to me to be confrmed, n the most remar abe manner,
by the state of socety as t actuay e sts n every
country wth whch we are ac uanted. To ths test
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T DU T . 9
appeaed n ayng t down and a fre uent appea
to ths sort of e perence s pre-emnenty necessary
n most of the sub|ects of potca economy, where
varous and compcated causes are often n operaton,
the presence of whch can ony be ascertaned n ths
way. A theory may appear to be correct, and may
reay be correct under gven premses t may further
appear that these premses are the same as those under
whch the theory s about to be apped but a dffe-
rence whch mght before have been unobserved, may
shew tsef n the dfference of the resuts from those
whch were e pected and the theory may |usty be
consdered as fang, whether ths faure arses from
an orgna error n ts formaton, or from ts genera
nappcabty, or specfc msappcaton, to actua
crcumstances.
here unforeseen causes may possby be n ope-
raton, and the causes that are foreseen are abe to
great varatons n ther strength and effcacy, an accu-
rate yet comprehensve attenton to facts s necessary,
both to prevent the mutpcaton of erroneous theo-
res, and to confrm and sancton those that are |ust.
The scence of potca economy s essentay
practca, and appcabe to the common busness of
human fe. There are few branches of human now-
edge where fase vews may do more harm, or |ust
vews more good. cannot agree, therefore, wth a
wrter n one of our most popuar crtca |ournas,
who consders the sub|ects of popuaton, buon, and
corn aws n the same ght as the schoastc uestons
of the mdde ages, and puts mar s of admraton to
them e pressve of hs utter astonshment that such
pershabe stuff shoud engage any porton of the
pubc attenton.
n the very practca scence of potca economy
perhaps t mght be dffcut to menton three sub|ects
more practca than those unfortunatey seected for a
comparson wth schoastc uestons. ut n fact,
most of the sub|ects whch beong to t are pecuary
uartery evew, o. . Art. v.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
10 T DU T .
appcabe to the common concerns of man nd. hat
sha we say of a the uestons reatng to ta aton,
varous and e tensve as they are t w hardy be
dened that they come home to the busness and bo-
soms of man nd. hat sha we say of the aws
whch reguate e changeabe vaue, or every act of
purchase and e change whch ta es pace n our
mar ets hat of the aws whch reguate the pro-
fts of stoc , the nterest of money, the rent of and, the
vaue of the precous metas n dfferent countres, the
rates of e change, c. c.
The study of the aws of nature s, n a ts bran-
ches, nterestng. ven those physca aws by whch
the more dstant parts of the unverse are governed,
and over whch, of course, t s mpossbe for man to
have the sghtest nfuence, are yet nobe and ratona
ob|ects of curosty but the aws whch reguate the
movements of human socety have an nfntey stron-
ger cam to our attenton, both because they reate
to ob|ects about whch we are day and houry con-
versant, and because ther effects are contnuay mo-
dfed by human nterference.
There are some emnent persons so strongy attached
to the genera rues of potca economy, that, though
they are aware that n practce some e ceptons to
them may occasonay occur yet they do not thn
t wse and potc to notce them, for fear of drectng
the pubc attenton too much and too fre uenty to
e ceptons, and thus wea enng the force and utty
of the genera rues. n ths concuson, however,
cannot agree wth them. f the conse uences of not
attendng to such e ceptons were of suffcent magn-
tude and fre uency to be conspcuous to the pubc,
shoud be decdedy of opnon that the cause of
genera prncpes was much more ey to ose than
to gan by conceament.
t s, for nstance, a |ust and genera rue n potca
economy, that the weath of a partcuar naton s n-
creased by the ncreasng weath and prosperty of
surroundng states and un uestonaby there cannot
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T DU T . 11
be a more obvous truth than that, f these states are
not successfu compettors n those branches of trade
n whch the partcuar naton had e ceed, ther n-
creasng weath must tend to ncrease the demand for
ts products, and ca forth more effectvey ts re-
sources. ut f ths rue be repeatedy nssted upon
wthout notcng the above most mportant mtaton,
how s the student n potca economy to account
for some of the most promnent and best attested facts
n the hstory of commerce. ow s he to account for
the rapd faure of the resources of ence under the
ncreasng weath of Portuga and the rest of urope,
after the dscovery of a passage to nda by the ape
of Good ope the stagnaton of the ndustry of o-
and, when the surroundng natons grew suffcenty
rch to underta e ther own carryng trades, the n-
creasng trade and weath of Great rtan, durng the
war of the rench evouton, under the dmnshng
trade and ncreasng poverty of the greatest part of
urope, and the comparatve dstress of Amerca, when
other states were enabed to partcpate n those trades,
whch as a neutra she had carred on durng a great
part of the ate war wth such sgna success. t s
not favourabe to the scence of potca economy, that
the same persons who have been ayng down a rue
as unversa shoud be obged to found ther e pa-
natons of most mportant e stng phenomena on the
e ceptons to t. t s surey much better that such
a rue shoud be ad down at frst wth ts mtatons.
othng can tend so strongy to brng theores and
genera prncpes nto dscredt as the occurrence of
conse uences, from partcuar premses, whch have
not been foreseen. Though n reaty such an event
forms no |ust ob|ecton to theory, n the genera and
proper sense of the term yet t forms a most vad
ob|ecton to the specfc theory n ueston, as provng
t n some way or other wrong and wth the mass of
man nd ths w pass for an mpeachment of genera
prncpes, and of the nowedge or good fath of those
who are n the habt of ncucatng them. t appears
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
12 T DU T .
to me, confess, that the most perfect sncerty, toge-
ther wth the greatest degree of accuracy attanabe,
founded upon the most comprehensve vew of a the
crcumstances of the case, are necessary to gve that
credt and crcuaton to genera prncpes whch s
so desrabe. And no vews of temporary advantage,
nor, what s more ey to operate, the fear of destroy-
ng the smpcty of a genera rue, shoud ever tempt
us to devate from the strct ne of truth, or to concea
or overoo any crcumstances that may nterfere wth
the unversaty of the prncpe.
There s another cass of persons who set a very
hgh vaue upon the receved genera rues of potca
economy, as of the most e tensve practca use. They
have seen the errors of the mercante system refuted
and repaced by a more phosophca and correct vew
of the sub|ect and havng made themseves masters
of the ueston so far, they seem to be satsfed wth
what they have got, and do not oo wth a favorabe
eye on new and further n ures, partcuary f they
do not see at once ceary and dstncty to what be-
nefca effects they ead.
Ths ndsposton to nnovaton, even n scence,
may possby have ts use, by tendng to chec crude
and premature theores but t s obvous that, f car-
red too far, t str es at the root of a mprovement.
t s mpossbe to observe the great events of the ast
twenty-fve years n ther reaton to sub|ects beongng
to potca economy, and st down satsfed wth what
has been aready done n the scence. ut f the sc-
ence be manfesty ncompete, and yet of the hghest
mportance, t woud surey be most unwse to restran
n ury, conducted upon |ust prncpes, even where
the mmedate practca utty of t was not vsbe.
n mathematcs, chemstry, and every branch of na-
tura phosophy, how many are the n ures neces-
sary to ther mprovement and competon, whch,
ta en separatey, do not appear to ead to any spec-
fcay advantageous purpose ow many usefu n-
ventons, and how much vauabe and mprovng now-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T DU T . 13
edge woud have been ost, f a ratona curosty and
a mere ove of nformaton had not generay been a-
owed to be a suffcent motve for the search after
truth
shoud not, therefore, consder t as by any means
concusve aganst further n ures n potca eco-
nomy, f they woud not aways bear the rgd app-
caton of the test of cu bono 1 ut such, n fact, s
the nature of the scence, so ntmatey s t connected
wth the busness of man nd, that reay beeve more
of ts propostons w bear ths test than those of any
other department of human nowedge.
To trace dstncty the operatons of that crce of
causes and effects n potca economy whch are act-
ng and re-actng on each other, so as to foresee ther
resuts, and ay down genera rues accordngy, s, n
many cases, a tas of very great dffcuty. ut there
s scarcey a snge n ury beongng to these sub|ects,
however abstruse and remote t may at frst sght ap-
pear, whch n some pont or other does not bear d-
recty upon practce. t s un uestonaby desrabe,
therefore, both wth a vew to the mprovement and
competon of the scence, and the practca advan-
tages whch may be e pected from t, that such n-
ures shoud be pursued and no common dffcuty
or obscurty shoud be aowed to deter those who
have esure and abty for such researches.
n many cases, ndeed, t may not be possbe to
predct resuts wth certanty, on account of the com-
pcaton of the causes n acton, the dfferent degrees
of strength and effcacy wth whch they may operate,
and the number of unforeseen crcumstances whch
are ey to nterfere but t s surey nowedge of
the hghest mportance to be abe to draw a ne, wth
toerabe precson, between those cases where the e -
pected resuts are certan, and those where they are
doubtfu and further to be abe satsfactory to e -
pan, n the atter case, the reasons of such uncer-
tanty.
To now what can be done, and how to do t, s
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
14 T DU T .
beyond a doubt, the most vauabe speces of nfor-
maton. The ne t to t s, to now what cannot be
done, and why we cannot do t. The frst enabes us
to attan a postve good, to ncrease our powers, and
augment our happness : the second saves us from the
ev of frutess attempts, and the oss and msery oc-
casoned by perpetua faure.
ut these n ures demand more tme and app-
caton than the practca statesman, whom of a others
they most neary concern, can gve to them. n the
pubc measures of every state a are, no doubt, n-
terested but a pecuar responsbty, as we as n-
terest, must be fet by those who are the prncpa
advsers of them, and have the greatest nfuence n
ther enactment and f they have not esure for such
researc es themseves, they shoud not be unwng,
under the gudance of a sound dscreton, to ma e use
of the advantages whch may be afforded by the esure
of others. They w not ndeed be |ustfed n ta ng
any decded steps, f they do not themseves see, or
at east thn they see, the way they are gong but
they may be fary e pected to ma e use of a the
ghts whch are best cacuated to umne ther way,
and enabe them to reach the ob|ect whch they have
n vew.
t may perhaps be thought that, f the great prn-
cpe so aby mantaned by Adam mth be true,
namey, that the best way of advancng a peope to-
wards weath and prosperty s not to nterfere wth
them, the busness of government, n matters reatng
to potca economy, must be most smpe and easy.
ut t s to be recoected, n the frst pace, that
there s a cass of dutes connected wth these sub|ects,
whch, t s unversay ac nowedged, beongs to the
overegn and though the ne appears to be drawn
wth toerabe precson, when t s consdered gene-
ray yet when we come to partcuars, doubts may
arse, and certany n many nstances have arsen, as
to the sub|ects to be ncuded n ths cassfcaton.
To what e tent educaton and the support of the poor
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T DU T . 1
shoud be pubc concerns hat share the Govern-
ment shoud ta e n the constructon and mantenance
of roads, canas, pubc doc s hat course t shoud
adopt wth regard to coonzaton and emgraton, and
n the support of forts and estabshments n foregn
countres n a these uestons, and many others,
there may be dfferences of opnon and on a these
uestons the soveregn and hs mnsters are caed
upon to decde.
econdy, every actua government has to admnster
a body of aws reatng to agrcuture, manufactures,
and commerce, whch was formed at a perod com-
paratvey unenghtened, and many of whch, there-
fore, t must be very desrabe to repea. To reman
nactve n such a state of thngs, can ony be |ustfed
by a convcton, founded on the best grounds, that n
any specfc change contempated, ta en n a ts con-
se uences, the baance of ev w preponderate whe
to proceed straght forward n the rgd appcaton of
genera prncpes wthout any reference to the dff-
cutes created by the e stng aws of the country, and
ts actua stuaton and crcumstances, mght punge
t nto such compcated dstress, as not ony to e cte
the pubc ndgnaton aganst the authors of such
measures, but to brng permanent dscredt upon the
prncpes whch had prompted them.
Thrdy, there s one cause n every state whch
absoutey mpes the government to acton, and puts
an end to the possbty of ettng thngs aone. Ths
s the necessty of ta aton and as ta es cannot, n
the nature of thngs, be mposed wthout nterferng
wth ndvdua ndustry and weath, t becomes a
matter of the very hghest mportance to now how
they may ta e pace wth the east possbe pre|udce
to the prosperty of the state, and the happness of
ndvduas.
Measures cacuated to termnate n a rse n the vaue of
money mght be tte fet n a country wthout a natona debt
but wth a arge money amount to be pad annuay to pubc
credtors, they mght occason a dstrbuton of property most un-
favourabe to producton.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
1G T DU T .
th regard to ths atter sub|ect ndeed, t bears
on so many ponts, that the truth or fasehood of the
theores on a the prncpa uestons n potca
economy woud occason, or at east ought to occason,
a practca dfference n the mode of rasng some of
the actua ta es. t s we nown that, f the theory
of the conomsts were true, a ta es shoud be ad
on the and and t depends entrey upon the genera
aws whch reguate the wages of abour, the profts
of stoc , the rent of and, e changeabe vaue, the
currences of dfferent countres, the producton and
dstrbuton of weath, c. c. whether any e stng
system of ta aton be the best, or whether t mght
be atered for the better.
t s obvousy, therefore, mpossbe for a govern-
ment strcty to et thngs ta e ther natura course
and to recommend such a ne of conduct, wthout
mtatons and e ceptons, coud not fa to brng ds-
grace upon genera prncpes, as totay nappcabe
to practce.
t may, however, safey be asserted, that a pro-
pensty to govern too much s a certan ndcaton of
gnorance and rashness. The abest physcans are
the most sparng n the use of medcne, and the most
ncned to trust to the heang power of nature. The
statesman n e manner, who nows the most of hs
busness, w be the most unwng to nterrupt the
natura drecton of ndustry and capta. ut both
are occasonay caed upon to nterfere, and the more
scence they respectvey possess, the more |udcousy
w they do t nor w the ac nowedged proprety
of nterferng but tte supersede, n any degree, the
use of the most e tensve professona nowedge n
both cases.
ne of the specfc ob|ects of the present wor s
to prepare some of the most mportant rues of potca
economy for practca appcaton, by a fre uent re-
ference to e perence, and by endeavourng to ta e a
comprehensve vew of a the causes that concur n
the producton of partcuar phenomena.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T DU T . 17
n ths mode of conductng n ury, there s, no
doubt, a chance of fang nto errors of an opposte
nd to those whch arse from a tendency to sm-
pfcaton. ertan appearances, whch are merey
co-e stent and ncdenta, may be msta en for
causes and a theory formed upon ths msta e w
unte the doube dsadvantage of beng both compe
and ncorrect. Adam mth has occasonay faen
nto ths error, and drawn nferences from actua
appearances, not warranted by genera prncpes.
rom the ow prce of wheat, for nstance, durng the
frst haf of the ast century, he seems to have n-
ferred that wheat s generay cheaper n rch than n
poor countres and from the sma uantty of corn
actuay mported durng that perod, even n the
scarcest years, he has nferred generay, that the
uantty mported can never be such as to nterfere
wth the home growth. The actua state of thngs at
a subse uent perod, and partcuary durng the ast
twenty-fve years, has suffcenty shewn that these
appearances were merey ncdenta that a very rch
country may have ts corn e tremey dear, as we
shoud naturay e pect and that mportaton n
ngand has amounted to more than-nr nstead of-Trr
part of the crop rased n the country and may,
therefore, to a consderabe e tent, nterfere wth the
home growth.
Aware, however, of my abty to ths error on the
one sde, and to the error of not referrng suffcenty
to e perence on the other, my am w be to pursue,
as far as am abe, a |ust mean between the two e -
tremes, and to approach, as near as can, to the great
ob|ect of my research the truth.
Many of the doctrnes of Adam mth, whch had
been consdered as setted, have atey been caed n
ueston by wrters entted to great attenton but
they have often faed, as t. appears to me, to ma e
good ther ob|ectons and n a such cases have
eath of atons, . . c. . p. 190. 6th edt.

G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
18 T DU T .
thought t desrabe to e amne anew, wth reference
to such ob|ectons, the grounds on whch hs doctrnes
are founded.
t has been my wsh to avod gvng to my wor a
controversa ar. et to free t entrey from contro-
versy, whe one of my professed ob|ects s to dscuss
controverted opnons, and to try ther truth by a re-
ference to an enarged e perence, s obvousy not
possbe. There s one modern wor , n partcuar, of
very hgh reputaton, some of the fundamenta prnc-
pes of whch have appeared to me, after the most mature
deberaton, to be erroneous and shoud not have
done |ustce to the abty wth whch t s wrtten, to
the hgh authorty of the wrter, and the nterests of
the scence of whch t treats, f t had not specfcay
engaged a consderabe porton of my attenton.
aude to Mr. cardo s wor , n the Prncpes of
Potca conomy and Ta aton.
have so very hgh an opnon of Mr. cardo s
taents as a potca economst, and so entre a con-
vcton of hs perfect sncerty and ove of truth, that
fran y own have sometmes fet amost staggered
by hs authorty, whe have remaned unconvnced
by hs reasonngs. have thought that must un-
accountaby have overoo ed some essenta ponts,
ether n my own vew of the sub|ect, or n hs and
ths nd of doubt has been the prncpa reason of my
deay n pubshng the present voume. ut sha
hardy be suspected of not thn ng for mysef on these
sub|ects, or of not feeng such a degree of confdence
n my own concusons, after havng ta en fu tme to
form them, as to be afrad of submttng them to the
decson of the pubc.
To those who are not ac uanted wth Mr. cardo s
wor , and do not propery apprecate the ngenuty
and consstency of the system whch t mantans and
deveopes wth o much abty, am apprehensve
that sha appear to have dwet too ong upon some
of the ponts on whch we dffer. ut as they are,
for the most part, of great mportance both theoret-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
T DU T . 19
ay and practcay, and as t appeared to me e -
tremey desrabe, wth a vew to the nterests of the
scence, that they shoud, f possbe, be setted, dd
not fee mysef |ustfed n gvng ess tme to the con-
sderaton of them.
am far from sayng that may not be wrong n
the concusons at whch have arrved, n opposton
to those of Mr. cardo. ut am conscous that
have ta en a the means to be rght, whch patent
nvestgaton and a sncere desre to get at the truth
can gve to the actua powers of my understandng.
And wth ths conscousness, both wth respect to the
opnons have opposed, and those whch have at-
tempted to estabsh, fee no reuctance n commt-
tng the resuts to the decson of the pubc.
T. . MALT U .
ast nda oege,
Dec. 1,1819.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
APT .
T D T ALT A D P DU T
LA U .
ecton . n the Defntons of eath.
f the sub|ects whch have gven rse to dfferences
of opnon among potca economsts, the defnton
of weath s not the east remar abe. uch dffer-
ences coud hardy have ta en pace, f the defnton
had been obvous and easy but n reaty, the more
the sub|ect s consdered, the more t w appear df-
fcut, f not mpossbe to f on one not abe to
some ob|ecton. n a wor , however, on a scence, the
great ob|ect of whch s, to n ure nto the causes
. whch nfuence the progress of weath, t must be of
use to descrbe as dstncty as the nature of the sub-
|ect w admt, what s meant by that weath the
ncrease or decrease of whch we are about to est-
mate : and f we cannot arrve at perfect accuracy,
so as to embrace a we wsh, and to e cude a we
wsh n some short defnton, t seems desrabe to
approach as near to t as we can. t s nown not
to be very easy to draw a dstnct ne between the
anma, vegetabe, and mnera ngdoms yet the
advantages of such a cassfcaton are unversay
ac nowedged and no one on account of a dffcuty,
n a few cases of tte mportance woud refuse to
ma e use of so convenent an arrangement.
t has sometmes been sad, that every wrter s at
berty to defne hs terms as he peases, provded he
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
22 T D T ALT . .
aways uses them strcty n the sense proposed. uch
a berty however may be fary uestoned at east,
t must be aowed that f a person chooses to gve a
very unusua and nade uate defnton n reference
to the sub|ect on whch he proposes to treat, he may
at once render hs n ures competey fute. f for
nstance, a wrter professng to treat of the weath
of natons were to defne weath as consstng e -
cusvey of broad cot, t s obvous that however
consstent he mght be n the use of hs terms, or
however vauabe a treatse hcmght produce on ths
one artce, he woud have gven very tte nforma-
ton to those who were oo ng for a treatse on weath
accordng to any common or usefu acceptaton of the
term.
o mportant ndeed s an approprate defnton,
that perhaps t s not gong too far to say, that the
comparatve merts of the system of the conomsts
and of that of Adam mth depend upon ther df-
ferent defntons of weath, and of productve abour.
f the defntons whch the economsts have gven of
weath and of productve abour, be the most usefu and
correct, ther system, whch s founded on them, s the
correct one. f the defntons whch Adam mth
has gven of these terms accord best wth the sense
n whch they are usuay apped, and embrace more
of the ob|ects, the ncrease or decrease of whch we
wsh to ma e the sub|ect of our n ury, hs system
must be consdered as superor both n utty and
correctness.
f those wrters who have ether gven a reguar
defnton of weath, or have eft the sense n whch
they understand the term to be coected from ther
wor s, some appear to have confned t wthn too
narrow mts, and others to have e tended t greaty
too far. n the former cass the conomsts stand pre-
The reader w understand that when the term the cono-
msts s used, t s ntended to appy to the rench economsts,
of the schoo of uesnay. n order the better to mar the
dstncton from other economsts, wthout crcumocuton, tacs
are used.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . A D P t DU T LA U . 23
emnent. They have confned weath or rches to
the neat produce derved from the and, and n so
dong they have greaty dmnshed the vaue of
ther n ures n reference to the most famar and
accustomed sense n whch the term weath s un-
derstood.
Among the defntons whch have e tended the
meanng of the term weath too far, Lord Lauder-
dae s may be ta en as an e ampe. e defnes
weath to be, A that man desres as usefu and
deghtfu to hm.
Ths defnton obvousy ncudes every thng
whether matera or nteectua, whether tangbe or
otherwse, whch contrbutes to the advantage or
peasure of man nd, and of course ncudes the bene-
fts and gratfcatons derved from regon, from mo-
ras, from potca and cv berty, from oratory, from
nstructve and agreeabe conversaton, from musc,
dancng, actng, and a persona uates and ser-
vces. t s certan, however, that an n ury nto the
nature and causes of a these nds of weath, woud
not ony e tend beyond the bounds of any snge
scence, but woud occason so great a change n the
use of common terms as to ntroduce the utmost con-
fuson nto the anguage of potca economsts. t
woud be mpossbe to form any |udgment of the
state of a country from the use of the terms rch or
rcher. A naton mght be sad to be ncreasng n
weath, when to a common eyes, and n a common
anguage, t mght be growng poorer. Ths woud
be the case, accordng to the defnton, f a dmnu-
ton of the manufacturng and mercante products had
been baanced n the opnons of some persons by the
gratfcatons derved from the nteectua attan-
ments, and the varous persona uates and servces
of the nhabtants. ut how s ths baance to be
ascertaned how s t possbe to estmate the degree
of weath derved from these sources et t s
ute obvous that we cannot practcay appy any
dscussons respectng the reatve ncrease n the
weath of dfferent natons, wthout havng some
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
24 T D T ALT .
means, however rough, of estmatng the amount of
such ncrease.
ome modern wrters who do not choose to adopt
the anguage of Adam mth, and yet see the confu-
son whch woud arse from ncudng under the head
of weath, every nd of beneft or gratfcaton of
whch man s susceptbe, have confned the defn-
ton to those ob|ects aone, whether matera or mma-
tera, whch have vaue n e change.
Ths defnton s certany preferabe to the more
comprehensve one |ust notced, but by no means to
the e tent whch mght at frst be supposed. hen
t s consdered attentvey, t w be found to be open
to a very great porton of the ob|ectons to whch the
more genera one s abe, and to draw the ne of
demarcaton between what ought, and what ought
not to be consdered as weath, n the most ndstnct
and unsatsfactory manner.
Passng over the ncorrectness of ntroducng a term
open to so much controversy as vaue nto a defnton
of weath, t may be observed,
1st. That f by an ob|ect whch has vaue n e -
change, be understood ts susceptbty of beng pur-
chased or hred, then there s scarcey any uaty or
accompshment of the mnd or body that woud not
come under the category of weath. The possessor of
the owest speces of terary nowedge, that of read-
ng and wrtng, may be hred to teach others and
as a or neary a who had ac ured these usefu arts
are susceptbe of such empoyment, an estmate of
natona weath ought to ncude the vaue of these
attanments, however varous n degree, and wdey
e tended.
2dy. A the nowedge ac ured by a superor
educaton and superor taents, on account of a smar
susceptbty, woud have a greater cam to be n-
cuded n the estmate. The possessors of regous and
mora nowedge, though obtaned wthout any vew
to the nstructon of others for a pecunary remunera-
ton, woud be ready to se such nstructon under a
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . A D P DU T LA U . 2
reverse of fortune. The same may be sad of a now-
edge of cassca terature, mathematcs, hstory,
natura phosophy, chemstry, geoogy, mneraogy,
botany, c. c. n the same prncpe, those who
had earnt to dance, to sng, or to fence for ther
amusement mght more or ess mperfecty teach
dancng, sngng, or fencng, for money.
n short, f we ncude under the denomnaton of
weath a the uates of the mnd and body whch
are susceptbe of beng hred, we sha fnd that by
the restrcton of the term weath, to that whch has
e changeabe vaue, we have advanced but tte to-
wards removng the confuson and uncertanty at-
tendant upon the former defnton and a dea of
estmatng the ncrease of weath n any country, or
ma ng any moderate approaches towards t, must be
absoutey hopeess.
n the other hand, f we confne the defnton of
weath to those ob|ects whch ether have been e -
changed, or are specfcay ntended to be e changed,
we sha attempt to draw a broad ne of demarcaton
between thngs whch n regard to ther uates are
precsey smar and further e cude from the cate-
gory of weath a great mass of artces, whch have
been ncuded, and most correcty so, by Adam mth,
and by amost every person who ma es use of the
term, ether n wrtng or conversaton.
The varous nformaton ac ured by prvate study,
and destned for prvate use and en|oyment, may be
e acty of the same nd as that whch s ntended to
be et out f any body w hre t yet the frst, n
ths cassfcaton, s not to be caed weath, and the
other s. The person who buys nstructon, buys an
amount of weath, whch t must be presumed s
e ua n vaue to what he has pad for t, whe the
sef-taught person, who s n possesson of much su-
peror nowedge, has ac ured no weath. Accord-
ng to ths defnton weath cannot be gven t can
ony be bought. The nstructons of the schoomaster
are weath the same nstructons gven by a frend
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
2G T D T ALT . .
or father are not weath. Ths s suffcenty nconss-
tent but ths s not a. y ths defnton of weath,
a very arge and most mportant porton of matera
commodtes s e cuded from the denomnaton. n
the busness of agrcuture, a consderabe share of
the produce s aways destned to be consumed on
the spot wthout beng e changed. The common
farmer cacuates how much of what he produces
must go the support of hs own famy and wor ng
catte, before he can determne how much he w
have to se. The genteman farmer supports per-
haps a arge prvate estabshment upon hs farm,
ves hosptaby, receves numerous guests, and ses
comparatvey very tte. ur feuda ancestors pur-
sued ths course n a much greater degree. n fact
t was the ony way n whch they coud spend the
prncpa part of the products of ther arge posses-
sons. The great ar of arwc s sad to have
supported thrty thousand peope day on hs df-
ferent manors and at an earer perod, the eder
pencer n hs petton to Parament compans of
the ravages made by the barons on hs estates, and
enumerates 20,000 sheep, 1,000 o en and hefers,
12,000 cows wth ther breed for two years, 60 cart
horses, 2,000 hogs, 10 tons of cyder, together wth
600 bacons, 80 carcasses of beef, and 600 muttons n
the arder. rom ths enumeraton, ume observes,
the pan nference s, that the greater part of
pencer s vast estates, as we as the estates of the
other nobty was farmed by the andord hmsef,
managed by hs stewards or baffs, and cutvated by
hs vans.
Ltte or none of t was et on ease to husband-
men. ts produce was consumed n rustc hosptaty
by the baron, or hs offcers.
ow ths arge mass of matera commodtes, n-
creased as t woud be by the fa and woo rased,
spun, and wove for home consumpton, few, t s con-
ceved, woud venture to e cude from the denom-
naton of weath and yet ths produce has nether
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . A D P DU T LA U . 27
actuay been e changed for money or other goods,
nor has t been rased wth the ntenton of beng so
e changed, and therefore, accordng to the ast defn-
ton, t ought not to be consdered as weath.
t must be aowed nevertheess, that t has e -
changeabe vaue and here one of the great cha-
racterstc dfferences between matera ob|ects and
ob|ects whch are not matera appears n a str ng
pont of vew. f the uantty and uaty of the
matera commodtes here notced t woud not be df-
fcut to ma e an nventory. Many househod boo s
ndeed furnsh one and nowng pretty neary the
uantty and uaty of such artces, a far appro -
maton to ther vaue mght be attaned by estmatng
them accordng to the mar et prces of the dstrct at
the tme. ut n regard to mmatera ob|ects, the
dffcuty seems to be nsurmountabe. here s an
nventory to be found, or how s one to be made of
the uantty and uaty of that arge mass of now-
edge and taents reserved for the use and consumpton
of the ndvdua possessors and ther frends. r
supposng t were possbe to form such an nventory,
how coud we ma e any moderate approaches towards
a vauaton of the artces t contaned.
onse uenty, f by ob|ects whch have vaue n
e change we mean ob|ects whch are susceptbe of
beng e changed, we sha ncude such a mass of the
menta and physca uates of man nd as to ma e
the term weath convey no toeraby dstnct and use-
fu meanng.
And f by ob|ects whch have vaue n e change we
mean ony those ob|ects whch have actuay been, or
are specfcay ntended to be e changed, we sha
e cude from the denomnaton of weath a arge mass
of matera commodtes whch have aways, and most
|usty, been cassed under that head
To get rd of these obvous embarrassments, t has
sometmes been the practce to consder the abour
whch s hred, as the weath whch s purchased
wthout reference to ts resuts. ut t seems very
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
28 T D T ALT . .
strange and ncorrect to consder mere abour as
weath. o one woud gve anythng for t f he
were sure that t woud yed no gratfyng resut.
t s n the e pectaton of ths resut aone that abour
s empoyed. The sc man empoys a physcan, not
because he s peased wth the troube whch he gves
hm, but because he e pects that hs heath may be
benefted by the advce whch he receves. The
awyer s consuted and feed, ony because hs cent
e pects to derve some advantage from the opnon to
be gven, or the cause to be peaded. And even the
mena servant s not hred on account of the desre to
see a man wor , but on account of the troube whch
he w save hs master n performng certan offces
for hm, or the gratfcaton afforded to hs vanty by
the shew of havng a person at hs command.
The natura conse uences of these dffcutes s,
that the abest wrters who have deserted matter, n
ther defnton of weath, have faen amost nevta-
by nto contradctons and nconsstences.
M. ay, for nstance, n hs chapter on mmatera
products, whch he defnes to be, des vaeurs u
sont consommees au moment de eur producton, and
of such a nature u on ne saurat es accumuer,
can ony refer to the persona servces whch are
hred, or to some partcuar nds of mmatera pro-
ducts. e cannot refer to mmatera products n
genera, because t s ute mpossbe to deny that
nowedge, taents, and persona uates are capabe
of beng accumuated. et he says, Une naton ou
se trouverat une foue de muscens, de pretres, d em-
poyes pourrat etre une naton fort dverte, ben en-
doctrnee, et admrabement ben admnstree mas
voa tout son capta ne recevrat de tous es travau
de ces hommes ndustreu aucun accrossement d-
rect, parce ue eurs travau seraent consommes a
mesure u s seraent crees. f A few pages fur-
ther on, he observes that most mmatera products
Trate d con. Pot. Lv. . c. . th edt,
t d. b. p. 148.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . A D P DU T LA U . 29
sont e resutat d un taent tout taent suppose une
etude preaabe et aucune etude ne peut avor eu
sans des avances. e appes ths to the advce of
the physcan, the consutaton of the awyer, and the
song of the muscan, and then e pressy states that,
e taent d un fonctonnare pubc u-meme est un
capta accumue. ow f t be true that the ta-
ents whch produce musc and good admnstratons
are accumuated captas, on what possbe ground
can t be asserted that muscans and empoyes, who
can aone be the teachers of ther arts to others, do
not ncrease the natona capta, partcuary as the
rapd consumpton of the products of such captas, so
far from mpedng accumuaton, tends greaty to fa-
ctate t, and to ncrease the number and s of the
captasts.
M. ay, n a note to the second part of M. torch s
ours d conome Pot ue, advertng to those ob-
|ects whch he thn s shoud be consdered as rches,
observes, ue, ce n est ue a possbty de es de-
termner, de connatre par conse uent uand, et com-
ment es bens augmentent, uand et comment s dm-
nuent, et dans uees proportons s se dstrbuent
u a fat de 1 econome pot ue une scence postve
u a ses e perences, et fat connatre des resutats. f
othng can be more |ust than ths. t s the man
crteron to whch, wth a vew to usefu and prac-
tca concusons,. shoud wsh to refer. ut M. ay,
both n the ast edton of hs Trate d conome Po-
t ue, and st ater n hs ours ompet | ncudes
under the name of rches, a taents, natura and ac-
ured and woud as n reference to such ua-
tes, how t s possbe to ascertan, uand et comment
s augmentent, uand et comment s dmnuent, et
dans uees proportons s se dstrbuent. n every
mproved country there must aways be a vast mass of
natura and ac ured taents, whch are never made the
sub|ect of reguar e change or vauaton and of ths
Trat d con. Pot. pp. 1 0, 1 1.
t Lvre . c. . p. 229. | Tome . p. 7.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
30 of the: defntons of weath ch. .
vast mass whch woud be ncuded n M. ay s def-
nton of rches, t may safey be affrmed that t s not
composed of ob|ects, dont a uantte sot rgoureu-
sement assgnabe, et dont accrossement ou e decn
sot soums a des os determnees.
ne motve whch seems to have nduced M. ay
to force nto hs defnton of rches, es pus nobes
vertus, et es pus rare taens, s to enarge and e at
the doman of potca economy, whch he says has
been reproached wth occupyng tsef upon wordy
goods, and encouragng a sprt of avarce. ut even
f such a cassfcaton woud gve the sub|ect more m-
portance, ths addtona mportance woud be deary
purchased at the e pense of the precson of ts con-
cusons. The ueston, however, s not whether the
resuts of usefu abours may not very propery fnd
a pace n a Treatse on Potca conomy, as they
have done n the n ury of Adam mth but whe-
ther the specfc term weath shoud be so defned, as
to ma e not ony ts own meanng ute ndstnct,
but to ntroduce st greater ndstnctness nto the
terms of the scence of moras.
very mora wrter, from the most ancent to the most
modern, has nstructed us to prefer vrtue to weath
and though t has been generay aowed that they
may be unted n the same person yet t has aways
been supposed that they were essentay dfferent n
themseves, and that t was often necessary to pace
them n drect contradstncton one to the other.
f, however, vrtue be weath, how are we to nter-
pret a those mora admontons whch nstruct us to
underrate the atter n comparson wth the former
hat s the meanng of not settng our hearts upon
rches, f vrtue be rches hat do we ntend to e -
press when we say of a person of our ac uantance,
that he s a very vrtuous and e ceent man, but poor.
The commonest terms used n mora dscussons w
become ute uncertan wthout constant crcumocu-
tons, and the meanngs of vrtue, moras, rch and
ours d con. Po. Tome . p. 99. t d. b. p. 100.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . A D P DU T LA U . 31
poor, n our dctonares, f apped n the ordnary
way, and accordng to the best authortes, w ead
us nto perpetua error.
t w be recoected that t has never been a ues-
ton, whether a preacher of the gospe, or a ecturer
n mora phosophy who s remunerated for hs n-
structons obtans weath n e change for them. The
ony ueston s, whether t woud be a convenent
and usefu cassfcaton to consder a that was ob-
taned by hs hearers, as weath under the absoute
mpossbty of apprecatng t. That such now-
edge has not n the ordnary anguage of socety
been caed weath, e cept metaphyscay, must be a-
owed, and t s e uay certan that there s no way
of arrvng at ts amount. n estmatng the usua
cost of a matera ob|ect, we are pretty sure of comng
near to ts usua prce. Generay spea ng, those
commodtes, the condtons of the suppy of whch
have been the same, are found to have neary the same
e changeabe vaue, or f not, the estmate s very soon
rectfed by an appea to the ne t mar et. ut n re-
gard to mora and nteectua uates, the same e -
penses of producton termnate n resuts as dfferent
as can we be magned. ven n the earned profes-
sons of aw and physc, n whch the students ac ure
ther nowedge for the e press purpose of e changng
t, an attempt to estmate the s and attanments of
each person by the e penses of hs educaton woud
ead to the most faacous concusons. And n the
more genera educaton obtaned by the great mass of
the hgher casses of socety, such an attempt woud
be perfecty rdcuous. Those who have pad the
most for ther nstructon, are often those who have
the east profted by t. f the products were mate-
ra, and sod wth a vew to gan, ther producton
woud very soon come to an end but educaton st
goes on, and most propery so, athough the ne uaty
of possessons arsng from the same outay s nown
to be prodgous, whe n reference to the great mass
of them, there are no means of rectfyng the estmate
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
32 T D T ALT . .
founded on cost, by an appea to ther mar et vaues.
ow then s t possbe to say wth any truth, that mo-
ras, taents, and persona attanments may be paced
wth proprety n the category of weath, because
they are capabe of beng rgorousy apprecated.
n the other hand, there seems to be no nd of
ncongruty n aowng that weath, accordng to the
most common acceptaton of the term, may be em-
poyed n obtanng gratfcatons whch t woud be
most nconvenent and embarrassng to ca by the
same name as the matera products whch were gven
for them. A man of fortune has the means of pur-
chasng the gratfcaton of esure he has often the
means of coectng at hs tabe persons from whom
he s ey to hear the most agreeabe and nstructve
conversaton he has the means of traveng nto df-
ferent countres, seeng the beautes of nature n her
grandest forms, contempatng the fnest modes of
art, ancent and modern, studyng the character and
poty of dfferent natons, and ayng n a stoc of
taste and nformaton cacuated to refne, mprove,
and enarge hs mnd.
t w not be dened, that these are some of the
modes of empoyng weath, whch are aways, and
most |usty, consdered as much superor n respectab-
ty, to the purchase of fne cothes, spendd furnture,
or costy |ewes. t s e uay certan that the power of
weath to purchase these sources of nteectua grat-
fcaton forms a most natura encouragement to the
ac uston of t, and may therefore, wth perfect pro-
prety, be sad to be ndrecty productve of t. ut
t s a wde step n advance of these concessons, at
once to pace n the category of weath, esure, agree-
abe conversaton, cutvated tastes, and genera nfor-
maton. And yet f the gratfcaton and nformaton
derved from a ecture on chemstry or the bees et-
tres, are to be consdered as weath, n conse uence
of a specfc sum beng pad for attendance, why shoud
the taste and nformaton ac ured by a arger outay
n foregn traves be refused the same tte.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . A D P DU T LA U . 33
The fact reay s, that f we once desert matter n -
the defnton of weath, there s no subse uent ne
of demarcaton whch has any toerabe degree of
dstnctness, or can be mantaned wth any toerabe
consstency, t we have ncuded such a mass of m-
matera ob|ects as uttery to confuse the meanng of
the term, and renter t mpossbe to spea wth any
approach towards precson, ether of the weath of
dfferent ndvduas, or dfferent natons.
f then we wsh, wth M. ay, to ma e potca
economy a postve scence, founded on e perence,
and capabe of ma ng nown ts resuts, we must
be partcuary carefu n defnng ts prncpa term,
to embrace ony those ob|ects, the ncrease or de-
crease of whch s capabe of beng estmated and the
ne whch t seems most natura and usefu to draw,
s that whch separates matera from mmatera ob-
|ects.
Adam mth has nowhere gven a very reguar
and forma defnton of weath but that the meanng
whch he attaches to the term s confned to matera
ob|ects s, throughout hs wor , suffcenty manfest.
s prevang descrpton of weath may be sad to
be, the annua produce of the and and abour. The
ob|ectons to t as a defnton are, that t refers to the
sources of weath before we are tod what weath s,
and that t s not suffcenty dscrmnate, as t woud
ncude a the useess and unapproprated products of
the earth, as we as those whch are approprated
and en|oyed by man.
To avod these ob|ectons, and to eep at an e ua
dstance from a too confned, or a too ndscrmnate
sense of the term, shoud defne weath to be the
matera ob|ects, necessary, usefu, or agreeabe to
man, whch are vountary approprated by ndv-
duas or natons. The defnton thus mted ncudes
n my tte wor on the Defntons n Potca conomy,
pubshed n 1827, defned weath to be The matera ob|ects
necessary, usefu, or agreeabe to man, whch have re ured some
porton of human ndustry to approprate or produce. The atter
D
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
34 T D T ALT . .
neary a the ob|ects whch usuay enter nto our
conceptons when we spea of weath or rches an
advantage of consderabe mportance, as ong as we
retan these terms both n common use, and n the
vocabuary of potca economy.
A country w therefore be rch or poor, accordng
to the abundance or scarcty wth whch these ma-
tera ob|ects are supped, compared wth the e tent
of terrtory and the peope w be rch or poor,
accordng to the abundance or scarcty wth whch
they are supped, compared wth the popuaton.
ecton . n Productve Labour.
The ueston of productve abour s cosey con-
nected wth the defnton of weath. oth the co-
nomsts and Adam mth have unformy apped the
term productve to that speces of abour, whch d-
recty produces what they ca weath, accordng to
ther severa vews of ts nature and orgn. The
conomsts therefore, who confne weath to the pro-
ducts of the so, mean by productve abour, that
abour aone whch s empoyed upon the and. Adam
mth, who consders a the matera ob|ects whch
are usefu to man as weath, means by productve
abour, that abour whch reazes tsef ether n the
producton or ncreased vaue of such matera ob-
|ects.
Ths mode of appyng the term productve abour
to that abour whch s drecty productve of weath,
part was added, n order to e cude ar, ght, ran, c. but
there s some ob|ecton to the ntroducton of the term ndustry
or abour nto the defnton, because an ob|ect mght be cons-
dered as weath whch has had no abour empoyed upon t. A
damond accdentay found on the sea shore mght have a hgh
vaue and the frut at the top of a tree must be consdered by
the savage as necessary or agreeabe to hm, before he w ma e
the e ertons re ured to obtan t.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . A D P DU T LA U . 3
however weath may be defned, s obvousy of the
greatest use n e panng the causes of the ncrease
of weath. The ony essenta ob|ecton to t s, that
t seems to underrate the mportance of a other
nds of abour at east the term unproductve a-
bour, used by Adam mth to e press a other nds
of abour, has been fre uenty so nterpreted, and has
formed n conse uence the great ob|ecton to hs cas-
sfcaton. To remove ths ob|ecton to a cassfca-
ton n other respects suffcenty correct for practca
purposes, and beyond comparson more usefu n e -
panng the causes of the weath of natons, than any
other whch has htherto been suggested, t mght be
desrabe to substtute the term persona servces for
unproductve abour.
Labour may then be dstngushed nto two nds,
productve abour, and persona servces, meanng by
productve abour that abour whch s so drecty
productve of matera weath as to be capabe of
estmaton n the uantty or vaue of the ob|ect pro-
duced, whch ob|ect s capabe of beng transferred
wthout the presence of the producer and meanng
by persona servces that nd of abour or ndustry,
whch however hghy usefu and mportant some of
t may be, and however much t may conduce n-
drecty to the producton and securty of matera
weath, does not reaze tsef on any ob|ect whch
can be vaued and transferred wthout the presence
of the person performng such servce, and cannot
therefore be made to enter nto an estmate of na-
tona weath.
Ths, though dfferng n name, s essentay the
doctrne of Adam mth. t has been controverted
by two opposte partes, one of whch has mputed
to hm an ncorrect and unphosophca e tenson of
the term productve to ob|ects whch t ought not to
ncude, and the other has accused hm of a smar
want of precson, for attemptng to estabsh a ds-
tncton between two dfferent sorts of abour where
no dstncton s to be found.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
3G T D T ALT . .
n proceedng to gve my reasons for adoptng the
opnon of Adam mth wth the modfcaton above
suggested, sha frst endeavour to show that some
such cassfcaton of the dfferent sorts of abour s
reay caed for n an n ury nto the causes of the
weath of natons, and that a consderabe degree of
confuson woud be ntroduced nto the scence of
potca economy by an attempt to proceed wthout
t. e sha be ess dsposed to be dsturbed by
pausbe cavs, or even by a few |ust e ceptons to
the compete accuracy of a defnton, f we are con-
vnced that the want of precson whch s mputed
to t, s beyond comparson ess n amount and m-
portance than the want of precson whch woud re-
sut from the re|ecton of t.
n the frst pace, then, t w ready be granted,
that as matera capta s the specfc source of that
great department of the natona revenue, pecuary
caed profts, and s further absoutey necessary
to that dvson of abour, and e tended use of ma-
chnery, whch so wonderfuy ncreases the produc-
tve powers of human ndustry, ts vast nfuence on
the progress of natona weath must be consdered
as ncontrovertby estabshed. ut n tracng the
cause of the dfferent effects of the produce whch s
empoyed as capta, and the produce whch s con-
sumed as revenue, we sha fnd that t arses prnc-
pay from the dfferent nds of abour drecty man-
taned by each. t s obvous, for nstance, that t s
ony the productve abour of Adam mth, whch can
eep up, restore, or ncrease, the matera capta of
a country. t s aso ths nd of abour aone, that
s, the abour whch s reazed n the producton, or
ncreased vaue of matera ob|ects, whch re ures a
consderabe amount of capta for ts contnued em-
poyment but that, for whch there s an effectua
demand, w generay be supped, and the practca
conse uence s such as mght naturay be e pected.
n those countres whch abound n the number, and
especay n the s of ther productve abourers,
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . A D P DU T LA U . 37
capta and weath abound. n those where persona
servces predomnate, capta and weath are compa-
ratvey defcent.
t s true, that what s caed capta, s sometmes
empoyed n the mantenance of abour, whch s not
caed productve as by the managers of theatrca
e hbtons, and n the payment of the e penses of
educaton. n regard to the frst nd of e pendture,
however, t woud be e cuded from comng under
the head of capta, f capta were defned, as have
defned t, namey, that porton of the stoc or mate-
ra possessons of a country whch s ept or em-
poyed wth a vew to proft n the producton or ds-
trbuton of weath. ut at a events, the amount of
t s too nconsderabe to be aowed to nterfere wth
a cassfcaton n other respects correct, and n the
hghest degree usefu.
n regard to the e pense of educaton, t shoud be
recoected that no sma porton of t s empoyed n
ac urng the s necessary to the producton and
dstrbuton of matera ob|ects, as n the case of most
apprentceshps and as the persons who have the
means of teachng ths s , are themseves empoyed
n ths sort of producton and dstrbuton and that
the s so ac ured w fnay be reazed, accord-
ng to ts vaue on matera ob|ects, the capta so
empoyed must ceary be consdered as mantanng
productve abour, n the most natura sense of the
term. The same may be sad of a that s e pended
n the mantenance of those nds of abour whch,
though they appear to have the same genera cha-
racter as persona servces, are yet so necessary to the
producton and dstrbuton of matera ob|ects, as to
be estmated n the vaue of those ob|ects when they
reach the consumer.
n regard to the remanng e pendture n educa-
ton, t w be e cuded from comng under the de-
nomnaton of capta, by the defnton of capta
above adverted to: and t may fary be uestoned
whether the e penses of genera educaton, and even,
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
38 T D T ALT M. .
for the most part, the educaton for the earned pro-
fessons, ought not propery to be consdered as beng
pad from revenue rather than from capta. Pract-
cay they seem to be so consdered. ut n whatever
ght we vew the e pendture upon these servces,
whch are not reazed upon any matera products,
t must be aowed that the great source of what s
pecuary caed profts, and the great mass of what
s usuay caed weath, s drecty derved from the
empoyment of matera capta n the mantenance of
what Adam mth has caed productve abour. n
spea ng therefore, and treatng of capta, t seems
hghy usefu to have some term for the nd of a-
bour whch t generay empoys, n contradstncton
to the nd of abour whch n genera s empoyed
drecty by revenue, n order to e pan the nature of
productve abour, and ts pecuar effcency n caus-
ng the ncrease of weath.
econdy, t s stated by Adam mth, that the
produce whch s annuay saved s as reguary con-
sumed, as that whch s annuay spent, but that t s
consumed by a dfferent set of peope. f ths be the
case, and f savng be aowed to be the mmedate
cause of the ncrease of capta, t must be desrabe
n a uestons reatng to the progress of weath, to
dstngush by some partcuar tte a set of peope
who appear to act so mportant a part n acceeratng
ths progress. Amost a the ower casses of peope
of every socety are empoyed n some way or other,
and f there were no grounds of dstncton n ther
empoyments wth reference to ther effects on the
natona weath, t s dffcut to conceve what woud
be the use of savng from revenue to add to capta,
as t woud be merey empoyng one set of peope n
preference to another. ow n such a case are we
to e pan the nature of savng, and the dfferent ef-
fects of parsmony and e travagance upon the natona
capta o potca economst of the present day
can by savng mean mere hoardng and beyond ths
contracted and neffcent proceedng, no use of the
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . A D P DU T LA U . 39
term n reference to the natona weath can we be
magned, but that whch must arse from a dfferent
appcaton of what s saved, founded upon a rea ds-
tncton between the dfferent nds of abour man-
taned by t.
f the abour of mena servants be as productve
of weath as the abour of manufacturers, why shoud
not savngs be empoyed n ther mantenance, not
ony wthout beng dsspated, but wth a constant
ncrease of ther amount ut mena servants, aw-
yers, or physcans, who save from ther saares are
fuy aware that ther savngs woud be mmedatey
dsspated agan f they were advanced to persons e
themseves, nstead of beng empoyed n the mante-
nance of persons of a dfferent descrpton. To con-
sder the e pendture of the unproductve abourers
of Adam mth as advances made to themseves, and
of the same nature as the advances of the master
manufacturer to hs wor men, woud be at once to
confound the very usefu and |ust dstncton be-
tween those who ve upon wages, and those who ve
upon profts, and woud render t ute mpossbe to
e pan the fre uent and mportant operatons of sav-
ng from revenue to add to capta, so absoutey ne-
cessary to the contnued ncrease of weath.
ome wrters who refuse to adopt the cassfcaton
of Adam mth, endeavour to e pan the nature of
savng by substtutng the term productve, or repro-
ductve consumpton for productve abour but t
does not seem to be agreed who are to be caed the
productve or reproductve consumers.
f, as some affrm, every person s a reproductve
consumer who obtans for hmsef a vaue e ua to
that whch he consumes, t s obvous that a mena
servants ept for pomp or peasure w be productve
consumers but t s ute mpossbe that a savng,
or an ncrease of weath and capta can resut to any
ndvdua from the empoyment of a great number
of such reproductve consumers.
f, on the other hand, a more correct meanng be
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
40 T D T ALT . .
gven to the e presson productve consumpton, f t
be consdered as a present sacrfce wth a vew to a
future advantage, st every speces of educaton woud
be ncuded n the defnton and certany t woud
be mpossbe to e pan the nature of savng by sta-
tng that a country genteman woud e uay ncrease
hs own and the natona weath and capta, whether
he empoyed a consderabe part of hs revenue n
mprovng hs farms and ncreasng ther saeabe
vaue, or n payng masters to teach hs sons and
daughters the most fashonabe accompshments. The
atter sort of e pendture, to a certan e tent, mght
be ute as proper and credtabe as the former, or
even more so but that s not the ueston. The
ueston s, what s savng ow every body woud
ready pronounce that the frst nd of e pendture
|udcousy apped, was a savng from revenue to
add to capta but few, apprehend, coud e pect
to be understood, f they pronounced that the second
e pendture, n proporton to ts e tent, was an e ua
savng from revenue, and an e ua addton to nd-
vdua and natona capta.
t appears then upon e amnaton, that the use of
the term productve consumpton w not enabe us
to e pan what s most usuay and most correcty
meant by ndvdua and natona savng, uness when
t s so defned as to mean the very same thng that
Adam mth means by the empoyment of productve
abour.
t has been sad, that many of the unproductve a-
bourers of Adam mth save, and add to the natona
capta n the usua sense of the term. Ths s no
doubt true and t s e uay true that any person who
receved a porton of weath as a gft mght save some
of t, and add to the natona capta. The power of
savng, whch s e uay possessed by both, s not ne-
cessary connected wth the means by whch ther
weath was obtaned. ut on ths pont there s ano-
ther crcumstance not suffcenty notced, whch draws
a mar ed ne of dstncton between productve abour
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
fc . . A D P DU T LA U . 41
and persona servces. or men and mechancs who
receve the common wages, and varous hgher saares,
whch are reazed upon matera ob|ects, have the
means of savng |ust n the same manner as mena
servants, and others engaged n persona servces. n
ths respect the two casses are precsey on a eve.
ut the productve abourers at the same tme that )
- they obtan weath, and the means of accumuaton for (
,.- themseves, furnsh a arge surpus to that other most / 2
mportant cass of socety whch ves upon the profts -
of capta. Ths dstncton aone s ute suffcent
to pace n a dfferent pont of vew the productve a-
bourers of Adam mth, and those engaged n persona
servces.
Thrdy, t has been stated by Adam mth, and t
s aowed to have been stated truy, that there s a
baance very dfferent from the baance of trade, whch
accordng as t s favourabe or unfavourabe, occa-
sons the prosperty or decay of every naton. Ths
s the baance of the annua producton and consump-
ton. f n gven perods the produce of a country
e ceeds n a certan degree the consumpton of those
empoyed n ts producton, the means of ncreasng
ts capta w be provded ts popuaton w n-
crease, or the actua numbers w be better accommo-
dated, and probaby both. f the consumpton n such
perods fuy e uas the produce, no means of ncreas-
ng the capta w be afforded, and the socety w be
neary at a stand. f the consumpton contnuay e -
ceeds the produce, every succeedng perod w see the
socety worse supped, and ts prosperty and popu-
aton w be evdenty on the decne.
ut f a baance of ths nd be so mportant f
upon t depends the progressve, statonary, or decn-
ng state of a socety, surey t must be of mportance to
dstngush those who many contrbute to render ths
baance favourabe, from those who chefy contrbute
to ma e the opposte scae preponderate. thout
some such dstncton we sha not be abe to trace the
causes why one naton s thrvng, and another s de-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
42 T D T ALT . .
)
cnng nor w the superor rches of those countres
where merchants and manufacturers abound, com-
pared wth those n whch the retaners of a court and
of a feuda arstocracy predomnate, admt of an nte-
gbe e panaton. To such an e panaton t s ab-
soutey necessary, that by the baance of producton
and consumpton, we shoud mean the producton and
consumpton of matera ob|ects : for, f a the grat-
fcatons derved from persona servces were to be n-
cuded n the term produce, t woud be ute mpos-
sbe ether to estmate such a baance, or even to say
what was to be understood by t.
f a taste for de retaners, and a profuson of me-
na servants, had contnued among the great and-
hoders of urope from the feuda tmes to the present,
the weath of ts dfferent ngdoms woud have been
very dfferent from what t s now. Adam mth has
|usty stated that the growng taste of our ancestors
for matera convenences and u ures, nstead of
persona servces, was the man cause of the change.
he the atter contnue to be the predomnant taste,
few comparatvey w be vng on the profts of ca-
pta. The great mass of socety w be dvded chefy
nto two casses, the rch and the poor, one of whch
w be n a state of ab|ect dependance upon the other.
ut a taste for matera ob|ects, however frvoous, ah
most aways re ures for ts gratfcaton the accumu-
aton of capta, and the e stence of a much greater
number of manufacturers, merchants, whoesae dea-
ers, and reta deaers. The face of socety s thus
whoy changed. A mdde cass of persons, vng
upon the profts of stoc , rses nto weath and conse-
uence and an ncreasng accumuaton of capta,
amost e cusvey derved from the ndustry of the
There can hardy be a more mportant n ury n potca
economy than that whch traces the eftects of dfferent proportons
of productve abour, and persona servces n socety but ths
n ury cannot be conducted wthout the appcaton of dfferent
terms to these two dfferent nds of abour and the dstncton
made by Adam mth appears to me to be the smpest and the
most convenent. .
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
fc . . A D P DU T LA U . 43
mercante and manufacturng casses, effects to a con-
sderabe e tent the dvson and aenaton of those
mmense anded propertes, whch, f the fashon of
persona servces had contnued, mght have remaned
to ths tme neary n ther former state, and have pre-
vented the ncrease of weath on the and, as we as
esewhere.
urey then some dstncton between the dfferent
nds of abour, wth reference to ther dfferent effects
on natona weath, must be admtted to be not ony
usefu, but necessary and f so, the ueston s what
ths dstncton shoud be, and where the ne between
the dfferent nds of abour shoud be drawn.
The opnon that the term productve abour shoud
be e cusvey confned to the abour empoyed upon
the and, has been mantaned by a partcuar cass of
rench conomsts, and ther foowers. thout en-
terng upon the genera merts of ther system, t w
ony be necessary to observe here, that whatever advan-
tages ther defnton may cam n pont of precson
and consstency, yet for the practca and usefu pur-
pose of comparng dfferent countres together, wth re-
gard to a these ob|ects, whch usuay enter nto our
concepton of weath, t s much too confned. Two
countres of the same terrtory and popuaton mght
possess the same number of agrcutura abourers, and
even drect the same uantty of s and capta to
the cutvaton of the so, and yet f a consderabe
proporton of the remanng popuaton n one of them
conssted of manufacturers and merchants, and n the
other of mena servants and soders, the former mght
have a the ndcatons of weath, and the atter a
the symptoms of poverty. The number and s of
the agrcutura abourers, therefore, cannot aone de-
termne the natona weath. e evdenty want some
defnton of productveness, whch refers to the effects
of manufacturng and mercante capta and s
and uness we consder the abour whch produces
these most mportant resuts as productve of rches,
we sha fnd t ute mpossbe to trace the causes of
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
44 T D T ALT . .
those dfferent appearances n dfferent natons, whch
a persons, whatever may be ther theores on the
sub|ect, unversay agree n cang dfferent degrees
of weath:
The opnon whch goes to the opposte e treme of
the one here notced, and cas a abour e uay pro-
ductve, has aready been suffcenty consdered, n
the endeavour to shew that a dstncton between the
dfferent nds of abour s reay wanted, n an n ury
nto the nature and causes of the weath of natons.
Ths dstncton must be consdered as so ceary the
corner stone of Adam mth s wor , and the founda-
ton on whch the man body of hs reasonngs rests,
that, f t be dened, the superstructure whch he has
rased upon t, must fa to the ground. f course t
s not meant to be sad that hs reasonngs shoud not
fa, f they are erroneous but t appears nconsstent
n those who aow of no dstncton n the dfferent
nds of abour, to entertan a very hgh opnon of an
n ury nto the nature and causes of the eath of
atons, n whch, the ncrease of the uantty and
s of what s caed productve abour s the man
hnge on whch the progress of natona opuence and
prosperty s made to turn.
f n cang persona servces productve of weath,
we do not oo to the character of what s produced,
but merey to ts effect n stmuatng other produ-
cers, ths s ntroducng a new and separate consder-
aton, whch has no reaton to the drect producton
of weath. n ths vew, t w be seen that consder
persona servces to a certan e tent as very effcent
but ths s evdenty not as beng productve them-
seves, but as encouragng the producton of matera
ob|ects to be e changed for them, and as ma ng a
The annua produce of the and and abour of any country,
can be ncreased n ts vaue by no other means than by ncreasng
ether the number of ts productve abourers, or the productve
powers of those abourers who had before been empoyed.
( eath of atons, . . c. .) Ths s the genera doctrne
of the wor .
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . A D P DU T LA U . 4
demand n proporton to the payments receved. t s
no doubt true, that the desre to en|oy the convenence
or parade of persona attendance, and the advantages
of ega and medca advce, has a strong tendency to
stmuate ndustry. ut though the tendency of per-
sona servces to act as a stmuus to the producton
of weath be fuy aowed, they can never be sad
drecty to create t, so ong as the defnton s con-
fned to matera ob|ects. Under the crcumstances
most favourabe to ther nfuence, ther operaton can
ony be ndrect and f we were to ncude under
the head of productve abour, a the e ertons whch
may contrbute, however ndrecty, to the producton
of weath, the term woud cease to have any defnte
and usefu sgnfcaton, so as to admt of beng ap-
ped wth advantage to an e panaton of the causes
of the weath of natons. t woud at once confound
the effects even of producton and consumpton, as
there s certany no ndrect cause of producton so
powerfu as consumpton.
hen we consder then the dffcutes whch pre-
sent themseves on every supposton we can ma e,
t may fary be doubted whether t s probabe that
we sha be abe to fnd a dstncton more usefu for
practca purposes, and on the whoe ess ob|ecton-
abe n pont of precson than that of Adam mth
whch draws the ne that dstngushes rches from
other nds of vaue, between what s matter and
what s not matter, between what s susceptbe of
accumuaton and defnte vauaton, and what s wth-
out ether one or both of these essenta propertes.
ome degree of duraton and a conse uent suscep-
tbty of accumuaton seems to be essenta to our
usua conceptons of weath, not ony because pro-
duce of ths nd seems to be aone capabe of form-
ng those accumuatons whch tend so much to fac-
tate future producton, but because they so essen-
tay contrbute to ncrease that store reserved for
consumpton, the possesson of whch s certany one
of the most dstngushng mar s of rches compared
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
46 T D rT ALT . .
wth poverty. The characterstc of poverty seems to
be, to ve from hand to mouth : the characterstc of
rches s, to have a store to appy to for the commod-
tes wanted for mmedate consumpton but n every
case of productve abour as e paned by Adam
mth, there s aways a perod, though n some cases
t may be very short, when ether the stoc destned
to repace a capta, or the stoc reserved for mme-
date consumpton s dstncty augmented by t and
to ths uaty of addng to the natona stoc , the
term enrchng, or productve of rches seems to be
pecuary approprate.
ut t s not enough that t shoud be susceptbe
of accumuaton, and of addng to the natona stoc ,
to entte t to be caed productve accordng to the
meanng of Adam mth. n order to ma e the term
usefu for practca purposes, the resuts of the nd
of abour to whch t refers shoud be susceptbe of
some sort of defnte vauaton. The aws of the
egsator, the precepts of the morast, and the con-
cusons of the natura phosopher may certany be
sad to be susceptbe of accumuaton and of recev-
ng assstance from past abour but how s t possbe
to estmate them, or to say to what amount the coun-
try has been enrched by them n the other hand,
the abour, whch s the necessary condton of the
suppy of matera ob|ects s estmated n the prce at
whch they are sod, and may fary be presumed to
add to the weath of the country an amount at east
e ua to the vaue pad for such abour and probaby
wth few or no e ceptons, the abour whch s reazed
upon matera products s the ony nd that s at once
susceptbe of accumuaton and defnte vauaton.
t has been observed by M. Gamer, n hs vauabe
edton of the eath of atons, that t seems very
strange and nconsstent to denomnate musca nstru-
ments rches, and the abour whch produces them
productve, whe the musc whch they yed, and
whch s the soe ob|ect for whch they are made, s
not to be consdered n the same ght and the per-
formers who can aone put them to ther proper use,
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . A D P DU T LA U . 47
are caed unproductve abourers. ut the dffer-
ence between matera products and those whch are
not matter, suffcenty warrants the dstncton, n
pont of precson and consstency and the utty of
t s mmedatey obvous from the facty of gvng
a defnte vauaton to the nstruments, and the abso-
ute mpossbty of gvng such a vauaton to a
the tunes whch may be payed upon them.
t has aso been observed by the same authorty,
that t s st more nconsstent to denomnate the
cer of a merchant a productve abourer, and a
cer empoyed by government, who may n some
cases have precsey the same nd of busness to do,
an unproductve abourer. To ths, however, t may
be reped, that n a busness conducted wth a vew
to the proft of ndvduas, t may be fary presumed
that there are no more cer s, or abourers of any
nd empoyed, nor wth hgher saares than neces-
sary but the same presumpton cannot be |usty
entertaned n regard to the busness of government:
and as the resuts of the abours of ts servants are
not brought to mar et, nor ther saares dstrbuted
wth the same rgd attenton to the e changeabe
vaue of ther servces, no |ust crteron s afforded for
determnng ths vaue.f
At the same tme t may be remar ed, that f a ser-
vant of government perform precsey the same nd
of abour n the preparaton or superntendence of
matera products as the servant of a merchant, he
ought to be consdered as a productve abourer. e
s one among the numerous nstances whch are a-
ways occurrng, of productve abourers, or abourers
o. v. note .
The appcaton of Adam mth s dstncton, s n ths, as n
most other cases, preemnenty cear. The merchant s cer n-
creases hs master s weath. e adds a vaue to the sub|ect on
whch hs abour s bestowed, for f he dd not, he woud not be
empoyed. The same thng cannot be sad of the Government
cer however usefu or necessary hs servces may be, he contr-
butes nothng to the fund from whence be derves hs remuneraton.
e ves at the e pense of hs empoyers, the naton at arge, and
s pad out of a ta or duty, not out of a proft or reproducton.
d.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
48 T D T ALT . .
occasonay productve, to be found among those
casses of socety, whch, n reference to the great
mass of ther e ertons, may wth proprety be cha-
racterzed as unproductve. Ths nd of e cepton
must of course fre uenty happen, not ony among
the servants of government, but throughout the whoe
range of mena servce, and n every other stuaton
n socety. Amost every person, ndeed, must occa-
sonay do some productve abour and the ne of
separaton whch Adam mth has drawn between
productve and unproductve abour may be perfecty
dstnct, athough the denomnaton whch he has
gven to the dfferent casses of socety, founded on
ther genera character, must unavodaby be naccu-
rate wth regard to the e ertons of some ndvduas.
t shoud aso be constanty borne n mnd, that
Adam mth fuy aows the vast mportance of many
sorts of abour, whch he cas unproductve. rom
the enumeraton, ndeed, whch he has made of these
dfferent sorts, he must have been aware, that some
of them produce advantages to socety, wth whch the
resuts of the abour empoyed n ma ng rbands
and aces, or ndeed of any other abour than that
whch drecty suppes our most pressng physca
wants, cannot for a moment be compared. ndrecty
ndeed, and remotey, there cannot be a doubt that
even the suppy of these physca wants, s most pow-
erfuy promoted by the abours of the morast, the
egsator, and those who have e erted themseves to
obtan a good government but a great part of the
vaue of ther abours, evdenty depends upon the
encouragement they gve to the fu deveopment of
ndustry, and ther conse uent nvarabe tendency to
ncrease the uantty of matera weath. o far as
they contrbute to promote ths suppy, ther genera
effect, though not the precse amount, w be est-
mated n the uantty of these matera ob|ects, whch
the country can command and so far as they contr-
bute to other sources of happness, besdes those whch
are derved from matter, t may be more correct, and
more usefu to consder them as beongng to a cass
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . A D P DU T LA U . 49
of ob|ects, most of whch, cannot wthout the great-
est confuson, enter nto the gross cacuatons whch
reate to natona weath. To estmate the vaue of
ewton s dscoveres, or the deght communcated by
ha espeare and Mton, by the prce at whch ther
wor s have sod, woud be but a poor measure of the
degree n whch they have eevated and enchanted
ther country nor woud t be ess groveng and n-
congruous to estmate the beneft whch the country
has derved from the evouton of 1688, by the pay
of the soders, and a other payments concerned n
effectng t.
n the whoe, therefore, aowng that the abours
of the morast and the manufacturer, the egsator
and the acema er, the agrcuturst and the voca per-
former, have a for ther ob|ect the gratfcaton of
some want or wsh of man nd, t may st be the most
natura, the most correct, and pre-emnenty the most
usefu cassfcaton whch the sub|ect w admt, frst
to separate under the name of weath or rches, every
thng whch gratfes the wants of man by means of
matera ob|ects, and then to denomnate productve
every nd of abour whch s drecty productve of
weath, that s, so drecty, as to be estmated n the
uantty or vaue of the ob|ects produced.
The reader w see that ths dscusson s not n-
troduced wth a vew to the estabshment of any
nce and subte dstnctons, wthout a practca ob|ect.
ts purpose s to shew, that there s reay some df-
fcuty n the defntons of weath and of productve
abour but that ths dffcuty shoud not deter us
from adoptng any cassfcatons whch are obvousy
usefu n conductng n ury that n treatng of the
nature and causes of the weath of natons, a dstnc-
ton between the dfferent sources of gratfcaton, and
the dfferent nds of abour, seems to be not ony
usefu, but amost absoutey necessary and conse-
uenty that we shoud be satsfed wth the best cass-
fcaton whch we can get on these sub|ects, athough
t may not n a ts parts be unob|ectonabe.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
r o
APT .
T ATU , AU , A D M A U ALU .
ecton . n the dfferent sorts of aue.
Most wrters n treatng of vaue, have consdered t
as havng two dfferent meanngs one, vaue n use,
and the other, vaue n e change. e are not, how-
ever, much n the habt of appyng the term n the
frst of these two senses. e do not often hear of the
vaue of ar and water, athough they are bodes n
the hghest degree usefu, and ndeed essentay ne-
cessary to the fe and happness of human bengs.
et t may be admtted that the term, ta en perhaps
n a metaphorca, rather than n a tera sense, may
mpy, and s sometmes used to mpy, whatever s n
any way benefca to us, and n ths sense may appy
wthout mproprety to an abundant sprng of water,
or to a fne ar, athough no ueston coud arse res-
pectng ther vaue n e change.
As ths meanng therefore of the word vaue has
aready been admtted by many wrters nto the voca-
buary of potca economy, t may not be worth whe
to re|ect t and t need ony be observed, that as the
appcaton of the word vaue n ths way, s very much
ess fre uent than n the other, t shoud never appear
aone, but shoud aways be mar ed by the addton)
/n use.
aue n e change s the reaton of one ob|ect to
some other or others n e change. To determne ths
reaton accuratey n any partcuar case, an actua
e change must ta e pace and every e change must
mpy not ony the power and w to gve some ob|ect
n e change for one more wanted, but a recproca
desre n the party possessng the commodty wanted,
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 1
for the commodty or the abour proposed to be e -
changed for t. T - t
hen ths recproca desre e sts, the rate at whch
the e change s made, or the porton of one ob|ect
whch s gven for an assgned porton of the other,
w depend upon the estmaton n whch each s hed
by the partes concerned, founded on the desre to pos-
sess, and the dffcuty of procurng possesson of t.
wng to the necessary dfference of the desres of
ndvduas, and ther powers of producng, or pur-
chasng, t s probabe that the contracts thus made
were, n the frst nstances, very dfferent from each
other. Among some ndvduas t mght be agreed
to gve s pounds of bread for a pound of venson,
and among others ony two. ut the man who was
ready and wng to gve s pounds of bread for a
pound of venson, f he heard of a person at a tte
dstance who woud ta e two pounds for the same
uantty, woud of course not contnue to gve s
and the man who woud consent to gve a pound of
venson for ony two pounds of bread, f he coud any
where ese obtan s , woud not contnue to ma e an
e change by whch he coud obtan ony two.
After a certan tme t mght be e pected that a sort
of average woud be formed, founded on a the offers
of bread, compared wth a the offers of venson
and thus, as s very happy descrbed by Turgot, a
current reatve vaue of a commodtes n fre uent
use woud be estabshed.
t woud be nown not ony that a pound of venson
was worth four pounds of bread, but that t was aso
worth perhaps a pound of cheese, a uarter of a pec
of wheat, a uart of wne, a certan porton of eather,
c. c. each of an average uaty, the estmaton n
whch each of these severa ob|ects was ordnary
hed by the socety, beng determned by the ordnary
desres of ndvduas to possess t, and the ordnary
dffcuty of procurng possesson of t.
ach commodty woud n ths way measure the
reatve vaues of a others, and woud n ts turn be
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
2 T ATU , AU , A D . .
measured by any one of them. ach commodty woud
aso be a representatve of vaue. The possessor of a
uart of wne mght consder hmsef n possesson of
a vaue e ua to four pounds of bread, a pound of
cheese, a certan porton of eather, c. c. and thus
each commodty woud, wth more or ess accuracy
and convenence, possess two essenta propertes of
money, that of beng both a representatve and a mea-
sure of vaue.
ut ong before t s concevabe that ths genera
vauaton of commodtes, wth regard to each other
shoud have ta en pace to any consderabe e tent,
or wth any toerabe degree of accuracy, a great df-
fcuty n ma ng e changes, and n the determnaton
of reatve vaue woud be constanty recurrng from
the want of a recproca demand. The possessor of
venson mght want bread, but the possessor of bread
to whom he apped mght not want venson, or not
that uantty of t whch the owner woud wsh to
part wth. Ths want of recproca demand woud oc-
cason n many nstances, and n paces not very remote
from each other, the most une ua e changes, and
e cept n arge fars or mar ets where a great uantty
and varety of commodtes were brought together,
woud seem amost to precude the possbty of any
thng e such a genera average vauaton as has
been |ust descrbed.
very man, therefore, n order to secure ths rec-
proca demand, woud endeavour, as s |usty stated
by Adam mth, so to carry on hs busness, as to
have by hm, besdes the produce of hs own part-
cuar trade, some commodty for whch there was so
genera and constant a demand, that t woud scarcey
ever be refused n e change for what he wanted. n
order that each ndvdua n a socety shoud be fur-
nshed wth that share of the whoe produce, to whch
he s entted, by hs wants and powers, t s not ony
necessary that there shoud be some measure of ths
share, but some medum by whch he can obtan t n
the uantty and at the tme best suted to hm.
The constanty recurrng want of some such medum
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 3
occasoned the use of varous commodtes for ths pur-
pose n the eary perods of socety.
f these, catte seem to have been the most genera.
Among pastora natons, they are not ony ept wth-
out dffcuty or oss by those who obtan them, but
as they form the prncpa possessons and weath of
socety n ths stage of ts progress, they must natu-
ray have been the sub|eet of fre uent e changes,
and ther e changeabe vaue n conse uence com-
pared wth other commodtes woud be pretty gene-
ray nown.
t seems to be ute necessary ndeed that the com-
modty chosen for a medum of e change shoud, n
addton to the other uates whch may ft t for that
purpose, be n such fre uent use that the estmaton
n whch t was hed, founded on the desre to possess
t, and the dffcuty of obtanng t, shoud be toer-
aby we estabshed.
A curous and str ng proof of ths s, that not-
wthstandng the pecuar apttude of the precous
metas to perform the functons of a medum of e -
change, they had not been used for that purpose n
Me co at the perod of ts con uest by the panards,
athough these metas were n some degree of penty
as ornaments, and athough the want of some medum
of e change was ceary evnced by the use of the
nuts of cacao for that purpose.
t s probabe, that as the practce of smetng and
refnng the ores of the precous metas had not yet
been resorted to, the suppy of them was not suff-
centy steady, nor was the use of them suffcenty
genera, or the degree of dffcuty wth whch they
were obtaned suffcenty nown, to ft them for the
purpose re ured.
n Peru, where the precous metas were found by
the panards n much greater abundance, the prac-
tce of smetng and refnng the rchest ores had
begun to preva, athough no shafts had been sun to
any depth n the earth/f ut n Peru the state of
obertson s Amerca, o. . oo v. page 21 .
t bd, page 2 2.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
4 T ATU , AU , A D . .
|
property was so pecuar, and there was so tte com-
merce of any nd, that a medum of e change seems
not to have been caed for at east there s no account
of the use of ether of the precous metas, or of any
other commodty n the capacty of money.
n the od word the art of smetng and refnng
the ores of god, sver, and copper, seems to have
been nown to some of the most mproved natons of
whch we have accounts, from the earest ages and
as soon as the means used to obtan these metas, and
a certan accumuaton of them had rendered ther
suppy n the mar et steady, and they had been n-
troduced nto common use n the shape of ornaments
and utenss, ther other pecuar and approprate
uates, such as ther durabty, dvsbty, un-
formty of substance, and great vaue n a sma com-
pass woud naturay pont them out as the best com-
modty that coud be seected to answer the purpose
of a medum of e change, and measure of vaue.
ut when they were adopted as the genera mea--
sure of vaue, t woud foow, of course, that a other
commodtes woud be most fre uenty compared wth
ths measure. The nomna vaue of a commodty
1 s strcty spea ng ts vaue n any one commodty
named but as the precous metas are on amost a
occasons the commodty named, or ntended to be
named, the nomna vaue of a commodty, when no
ob|ect s specfcay referred to, s aways understood
to mean ts vaue n e change for the precous metas.
s| / Ths sort of vaue has been usefuy desgnated by
1 the name of prce. t s, propery spea ng, another
term for nomna vaue and as such we may appy
t to any partcuar commodty named, and say prce
n corn, prce n coth, or prce n any other artce,
wth whch we wsh to compare any gven ob|ect
but whenever t occurs wthout the above addtons,
t s aways understood to mean the vaue of a com-
modty estmated n the precous metas, or n the
currences of dfferent countres whch profess to re-
present them.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU .
The ntroducton of a measure whch determned
the nomna and reatve vaues of commodtes wth
a medum whch woud be ready accepted by a
persons, was a most mportant step n the progress of
socety, and tended to factate e changes and st-
muate producton to an e tent whch, wthout such
an nstrument, woud have been perfecty mpossbe.
t s very |usty observed by Adam mth, that t
s the nomna vaue of goods, or ther prces ony,
whch enter nto the consderaton of the merchant.
11 matters very tte to hm whether a hundred pounds,
or the goods whch he purchases wth ths sum,, w
command more or ess of the abour, or of the neces-
sares and convenences of fe n enga than n Lon-
don. hat he wants s an nstrument by whch he
can obtan the commodtes n whch he deas, and
estmate the reatve vaues of hs saes and purchases.
s returns come to hm wherever he ves and whe-
ther t be n London or acutta, or whether they
come to hm n goods, bs, or buon, hs gan w
be n proporton to the e cess of ther money vaue
above the amount whch he has e pended to obtan
them. The varatons whch may ta e pace n the
vaue of money durng the short perod of a mercan-
te transacton w, n genera, be so nconsderabe|
that they may safey be negected.
ut though the precous metas are an accurate
and une ceptonabe measure of vaue at the same
pace, and neary at the same tme and n those parts
of the word where they are n genera use answer
the mportant purpose of determnng the rate at
whch the products of the most dstant countres sha
e change wth each other, when brought to the same
spot, and thus gve the greatest encouragement to the
producton and dstrbuton of weath throughout the
commerca word yet we now from e perence,
that at dfferent perods and n dfferent countres,
they are abe to great changes of vaue owng to the
greater or ess fertty of the mnes, or the greater or
oo , ch. v. p. 6th edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
6 T ATU , AU , A D . .
ess facty of purchasng them and that conse-
uenty gven portons of them w, n many cases,
e press most mperfecty the dffcuty of obtanng
possesson of the numerous ob|ects for whch they
may be e changed.
f we are tod that a certan uantty of coth n a
partcuar country w e change for ten ounces of
sver, or that the revenue of a partcuar soveregn,
seven or eght hundred years ago, was 400,000 a
year, these statements of nomna vaue do not te us
whether the coth s obtaned wth facty or dff-
cuty, or whether the resources of the soveregn are
abundant or scanty. thout further nformaton on
the sub|ect, we shoud be ute at a oss to say, whe-
ther t woud be necessary to sacrfce the worth of
ten days abour to obtan the coth, or a hundred days
whether the ng n ueston mght be consdered as
havng a very nade uate revenue or whether the
sum mentoned was so great as to be ncredbe.
t s ute obvous that n cases of ths nd, and
they are of constant recurrence, the vaues of commo-
dtes or ncomes estmated n the precous metas, or
n other commodtes whch are sub|ect to consderabe
varatons n the dffcuty of obtanng them, may
mpy an ncrease or decrease of vaue merey n name,
and woud be of tte use to us aone.
hat we want further to now, s the estmaton
n whch the coth and money were hed n the coun-
try, and at the tme n ueston, founded on the desre
to possess, and the dffcuty of obtanng possesson
of them.
t s truy stated by Mr. enor, that n com-
parng two commodtes together, the power of one
to purchase the other must depend upon two sets of
causes, that s, upon the causes whch affect the
- f desre to possess, and the dffcuty of obtanng pos-
1 sesson of one of them, and the causes whch affect the
ume very reasonaby doubts the possbty of am the
on ueror s revenue beng 400,000 a year, as represented by_an
ancent hstoran, and adopted by subse uent wrters.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. 1. M A U ALU .. 7
desre to possess, and the dffcuty of obtanng pos-
sesson of the other. The causes whch affect the de-
sre to possess, and the dffcuty of obtanng posses-
son of any one commodty, may wth proprety be
denomnated the ntrnsc causes of ts power of pur-
chasng because the more these causes ncrease, the
greater power w the commodty possess of purchas-
ng a those ob|ects whch contnue to be obtaned
wth the same facty. The causes whch affect the
desre to possess, and the dffcuty of obtanng pos-
sesson of a the dfferent commodtes wth whch the
frst commodty mght be e changed, may wth pro-
prety be denomnated the e trnsc causes of ts power ,
of purchasng because whe the desre to possess,
and the dffcuty of obtanng possesson of the frst
commodty remans precsey the same, ts power of
purchasng other commodtes may vary n any degree,
owng to the varatons n the desre to possess, and
the dffcuty of obtanng possesson of a the other
commodtes wth whch t mght be e changed, that
s, owng to causes e trnsc to those whch operate
on the frst commodty.
ow t s obvous that these e trnsc causes must,
from ther nature, and the varety of commodtes to
whch they woud appy, be amost nnumerabe and
though t woud certany be desreabe to have some
measure of the power of purchasng the mass of com-
modtes, or at east the prncpa necessares and con-
venences of fe, as t woud enabe us to form an
estmate of the weath of those persons who were n
possesson of partcuar commodtes, or of certan re-
venues n money, yet when we consder what such a
measure mpes, we must fee assured that no one
ob|ect e sts, or can be supposed to e st wth such
uates as woud ft t to become a standard measure
of ths nd. t woud mpy steadness n the desre
to possess, and the dffcuty of obtanng possesson,
not merey of one ob|ect, but of a great varety of ob-
|ects, whch s contrary to a theory and e perence.
ut even f such a measure were attanabe, though
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
8 T ATU , AU , A D . T.
t mght be very desreabe as a measure of weath,
t woud not be a measure of vaue accordng to the
most genera use of the term.
hen t s sad that the e changeabe vaue of a
commodty s proportoned to ts genera power of
purchasng, f the e presson has any defnte mean-
ng, t must mpy that whe a commodty contnues
to purchase the same uantty of the mass of commo-
dtes, t contnues of the same e changeabe vaue.
f t w purchase more, t rses proportonay n
vaue, f t w purchase ess, t fas proportonay
n vaue.
ow et us suppose, what s contnuay occurrng,
that from mprovements n machnery, the fa of pro-
fts, and the ncrease of s both n manufactures and
agrcuture, a arge mass of manufactured artces can
be obtaned wth much greater facty than before,
whe the ncrease of s n agrcuture prevents any
ncrease n the dffcuty of obtanng raw produce,
can t be asserted wth any sembance of correctness,
that an ob|ect whch under these changes woud com-
mand the same uantty of agrcutura and manufac-
tured products of the same nd, and each n the same
proporton as before, woud be practcay consdered
by the socety as of the same e changeabe vaue. n
the supposton here made, no person woud hestate
for a moment to say, that cottons had faen n vaue,
that nen had faen n vaue, that s s had faen n
vaue, that coth had faen n vaue, c. and t woud
be a drect contradcton n terms, to add that an
ob|ect whch woud purchase ony the same uantty
of a these artces, whch had confessedy faen n
vaue, had not tsef faen n vaue.
The genera power of purchasng, therefore, pos-
sessed by a partcuar commodty, cannot wth any
sort of proprety be consdered as representng the va-
ratons n ts e changeabe vaue, accordng to the
most usua meanng attached to the term. The e -
Adam mth defnes the vaue of an ob|ect n e change to
be, the power of purchasng other goods, whch the possesson
of that ob|ect conveys. oo . ch. v. p. 42 6th edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. 1. M A U ALU . 9
changeabe vaue of a commodty can ony be propor-
toned to ts genera power of purchasng so ong as |
the commodtes wth whch t s e changed contnue
to be obtaned wth the same facty. ut as t s
nown by e perence that no consderabe mass of com-
modtes ever contnues to be obtaned wth the same
facty, t s observabe that when we spea of the
varatons n the e changeabe vaue of a partcuar
commodty, we refer amost nvaraby to ts power of
purchasng arsng from ntrnsc causes.
That ths s so, s ncontrovertby proved by the
manner n whch we practcay estmate the varatons
of vaue by money. n the same paces, and for short
perods, money s unversay consdered as a correct
measure of vaue n the ordnary sense n whch the
term s used. f from any cause whatever the mem-
bers of the socety are wng and abe to ma e a
greater sacrfce n money, n order to obtan a part-
cuar commodty, we say that t has rsen n vaue,
wthout stoppng to n ure nto the state of other com-
modtes. f corn be dear, on account of a defcent
suppy, we say that corn has rsen n vaue but f
we st pay the same money for our coats, shrts, and
shoes, we never thn of sayng that they have faen
n vaue, athough on account of the rse n a great
mass of raw produce, they w have dmnshed most
. essentay n ther genera power of purchasng. The/
corn s sad to have rsen n e changeabe vaue, be|
cause ts power of purchasng has been affected by a
cause ntrnsc to the artce tsef, namey, a defcency
of ts suppy. The coats, shrts, and shoes, are sad
to have remaned of the same vaue, because ther
suppy, compared wth the demand, appears to have
remaned the same, and nothng has operated to n-
crease or dmnsh ther power of purchasng arsng
from ntrnsc causes. n nether case do we troube
ourseves about the e trnsc causes of ther power of
purchasng. Durng the short perods n whch we
consder the vaue of money as neary constant, we
nvaraby refer to the power of partcuar commodtes
to command, at dfferent tmes, dfferent uanttes of
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
60 T ATU , AU , A D . .
money, as e pressng dstncty the varatons n ther
e changeabe vaues. ut as a rse or fa of a commo-
dty n money durng the perods n whch money s
consdered as constant, cannot ndcate any other va-
ratons than those whch arse from ntrnsc causes,
t foows necessary, that when we refer to the var-
atons n the vaues of commodtes, n the ordnary
sense n whch the term s used, we refer e cusvey
to ther purchasng power arsng from ntrnsc causes,
or to that nd of vaue whch may be denomnated
ther ntrnsc vaue n e change.
f then we contnue to appy the term vaue n the
frst sense mentoned, we sha have three sorts of
vaue:
1. aue n use, whch may be defned to be the
ntrnsc utty of an ob|ect.
2. omna vaue n e change, or prce, whch,
uness somethng ese s specfcay referred to, may
be defned to be the vaue of commodtes estmated
n the precous metas.
3. ntrnsc vaue n e change, whch may be de-
fned to be the power of purchasng arsng from n-
trnsc causes, n whch sense, the vaue of an ob|ect
s understood when nothng further s added. Ths
defnton s precsey e uvaent to The estmaton
n whch a commodty s hed, founded on the desre
to possess, and the dffcuty of obtanng possesson
of t and accords entrey wth the defnton of the
e changeabe vaue of a commodty, gven n my wor
n defntons n Potca conomy, namey, The
estmaton n whch a commodty s hed at any pace
and tme, determned n a cases by the state of the
suppy compared wth the demand, and ordnary by
the eementary cost of producton.
There has been no more frutfu source of error n the very
eements of potca economy, than the not dstngushng between
the power of purchasng generay, and the power of purchasng
arsng from ntrnsc causes and t s of the hghest mportance
to be fuy aware that, practcay, when the rse or fa n the
vaue of a commodty s referred to, ts power of purchasng arsng
from e trnsc causes s aways e cuded.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 61
ecton . f Demand and uppy as they affect
changeabe aue.
The terms demand and suppy are so famar to the
ear of every reader, and ther appcaton n snge
nstances so fuy understood, that n the sght use
whch has htherto been made of them, t has not been
thought necessary to nterrupt the course of the rea-
sonng by defntons and e panatons. These terms,
however, though n constant use, are by no means
apped wth precson. And before we proceed fur-
ther, t may be advsabe to cear ths part of the
ground as much as possbe, that we may be certan
of the footng on whch we stand. Ths w appear
to be the more necessary, as t must be aowed that
of a the prncpes of potca economy, there s
none whch bears so arge a share n the phenomena
whch come under ts consderaton as the prncpe
of suppy and demand.
t has been aready stated, that e changeabe vaue /
s the reaton of one ob|ect to some other or others n 1
e change. And when, by the ntroducton of a me-
dum of e change and measure of vaue, a dstncton
has been made between buyers and seers, the de-
mand for any sort of commodtes may be defned to
be, the w of persons to purchase them, combned |
wth ther genera means of purchasng and suppy, y
the uantty of the commodtes for sae, combned |
wth the desre to se them.
t s further evdent, that when the use of the pre-
cous metas, as a medum of e change and measure
of vaue, has become genera, and durng those perods
There may be sometmes a comparatvey sma uantty of
certan commodtes ready for sae, but f a arge suppy s soon
e pected, the desre to se w be great, and the prces ow. n
the other hand, there may be a comparatvey arge uantty of
the commodtes ready for sae, yet f a future scanty suppy s
oo ed forward to, the deaers w not be an ous for an mme-
date sae, and the prces may be hgh.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
2 T ATU , AU , A D . f.
when ther vaue s consdered as remanng the same,
the demand w be represented and measured by the
sacrfce h money whch the demanders are wng
and abe to ma e n order to satsfy ther wants.
n ths state of thngs, the vaue of commodtes n
money or ther prces are determned by the demand
for them, compared wth the suppy of them. And
ths aw appears to be so genera, that probaby not
a snge nstance of a change of prce can be found,
whch may not be satsfactory traced to some pre-
vous change n the state of the demand or suppy.
n e amnng the truth of ths poston, we must
constanty bear n mnd the terms n whch t s e -
pressed and recoect, that when prces are sad to
/ be determned by demand and suppy, t s not meant
| that they are determned ether by the demand aone,
or by the suppy aone, but by ther reaton to each
other.
ut how s ths reaton to be determned t has
sometmes been sad, that demand s aways e ua to
suppy because no suppy of any commodty can
ta e pace for whch there s not a demand, whch
w ta e off a that s offered. n one sense of the
terms n whch demand and suppy have been used,
ths poston may be granted. The actua e tent of
the demand, compared wth the actua e tent of the
suppy are aways neary e ua to each other. f the
suppy be ever so sma, the e tent of the demand
cannot be greater and f the suppy be ever so
great, the e tent of the demand w n most cases n-
crease n proporton to the fa of prce occasoned by
the desre to se, and the consumpton w fnay
e ua the producton. t cannot, therefore, be n ths
sense that a change n the proporton of demand to
suppy ta es pace because n ths sense demand and
suppy aways bear neary the same reaton to each
other. And ths uncertanty n the use of these terms,
renders t an absoutey necessary premnary n the
present n ury, ceary to ascertan what s the nature
of that change n the reaton of demand and suppy
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 63
on whch the prces of commodtes so entrey de-
pend.
Demand has been defned to be the w to pur-
chase, combned wth the means of purchasng.
The greater s the degree of ths w, and of these
means of purchasng when drected to any partcuar
commodty wanted, the greater or the more ntense
may be sad to be the demand for t. ut, however
great ths w and these means may be among the
demanders of a commodty, none of them w be ds-
posed to gve a hgh prce for t, f they can obtan t
at a ow one and as ong as the means and compe-
tton of the seers contnue to brng the uantty
wanted to mar et at a ow prce, the whoe ntensty
of the demand w not show tsef.
f a gven number of commodtes attanabe by
abour aone, were to become more dffcut of ac u-
ston, as they woud evdenty not be obtaned uness
by means of ncreased e erton, we mght merey con-
sder such ncreased e erton, f apped, as an ev-
dence of a greater ntensty of demand, or of a w
and power to ma e a greater sacrfce n order to ob-
tan them. /
n the same manner, f whe money s consdered - )
as of the same vaue, certan commodtes, ether from /
scarcty, or the greater cost of producton become more
dffcut of ac uston, as they w certany not be
ac ured e cept by those who are wng and abe to /
sacrfce a greater amount of money n order to obtan
them, such sacrfce, f made, must be consdered as
an evdence of greater ntensty of demand.
n fact, t may be sad, that the gvng a greater
prce for a commodty, whe the dffcuty of obtan-
ng money remans the same, necessary mpes a
greater ntensty of demand aad- at the|rea ues-L
ton s, what are the causes whch determne the n-
crease or dmnuton of ths ntensty of demand, whch
shows tsef n a rse or fa of prces.
t has been |usty stated that the causes whch tend
to rase the prce of any artce estmated n some com-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
64 T ATU , AU , A D . .
modty named, and supposed, for short perods, not
essentay to vary n the dffcuty of ts producton,
or the state of ts suppy compared wth the demand,
are, an ncrease n the number, wants, and means of
the demanders, or a defcency n the suppy and
the causes whch ower the prce are a dmnuton n
the number, wants, and means of the demanders, or
an ncreased abundance n ts suppy.
ow the frst cass of these causes s obvousy ca-
cuated to ca forth the e presson of a greater n-
tensty of demand, and the other of a ess.
f, for nstance, a commodty whch had been ha-
btuay demanded and consumed by a thousand pur-
chasers, were suddeny to be wanted by two thousand,
t s cear that before ths ncreased e tent of demand
can be supped, some must go wthout what they
want and t s scarcey possbe to suppose that the
ntensty of ndvdua demand shoud not e st n such
a degree among a suffcent number of these two thou-
sand demanders, as to ta e off the whoe of the com-
modty produced at an ncreased prce. At the same
tme, f we coud suppose t possbe, that the ws
and means of the demanders, or the ntensty of ther
demand woud not admt of ncrease, t s ute certan
that however the matter mght be setted among the
contendng compettors, no rse of prce coud ta e
pace.
n the same manner, f a commodty were to be
dmnshed one haf n uantty, t s scarcey possbe
to suppose that a suffcent number of the former de-
manders woud not be both wng and abe to ta e
off the dmnshed uantty, at a hgher prce but
f they reay woud not or coud not do ths, the prce
coud not rse.
r dward est seems to thn , that a demand n posse
cannot be caed demand but t does not appear to me that there
s any mproprety n so appyng the terra and t s ute certan
that f there were not a greater ntensty of demand n posse than
n esse, no faure of suppy coud rase prces. n reaty prces
are determned by the demand n posse compared wth the suppy
n esse.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 6
n the other hand, f the permanent cost of pro-
ducng the commodty were doubed, t s evdent that
such a uantty ony coud be permanenty brought
to mar et, as woud suppy the wants of those who
were both abe and wng to ma e a sacrfce for the
attanment of ther wshes, e ua to doube of what
they dd before. The uantty of the commodty whch
woud be brought to mar et under these crcum-
stances mght be e tremey dfferent. t mght be
reduced to the suppy of a snge ndvdua, or mght
reman precsey the same as before. f t were re-
duced to the suppy of a snge ndvdua, t woud
be a proof that ony one of a the former purchasers
was both abe and wng to ma e an effectua demand
for t at the advanced prce. f the suppy remaned
the same, t woud be a proof that a the purchasers
were n ths state, but that the e presson of ths n-
tensty of demand had not before been rendered ne-
cessary on account of the facty wth whch the artce
had been prevousy produced, and the competton of
the seers. n the atter case there woud be e acty
the same uantty of the commodty supped, and e -
acty the same effectua demand for t n regard to e -
tent. ut there woud be a much greater ntensty
of demand caed forth, the vaue brought to mar et to
e change for the commodty n ueston woud have
greaty ncreased and ths may be fary sad to be
a most mportant change n the reaton between the
demand and the suppy of the commodty. thout
the ncreased ntensty of demand, whch n ths case
ta es pace, the commodty woud cease to be produced,
that s, the faure of the suppy woud be contngent
upon the faure of the w or power to ma e a greater
sacrfce for the ob|ect sought.
Adam mth says, that when the uantty of any com-
modty whch s brought to mar et fas short of the effectua de-
mand, a those who are wng to pay the whoe vaue of the rent,
wages, and profts, whch must be pad n order to brng t thther,
cannot be supped wth the uantty whch they want. ather
than want t atogether some of them w be wng to gve more.
ow ths wngness, on the part of some of the demanders, to .

G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
6 ) T ATU , AU , A D . .
Upon the same prncpes, f, owng to an unusua
suppy, a commodty were to become much more abun-
dant compared wth the former number of purchasers,
ths ncreased suppy coud not be a sod, uness the
prce were owered. ach seer wshng to dspose
of that part of the commodty whch he possessed
under the fear of ts remanng upon hs hands, woud
go on owerng t t he had effected hs ob|ect and
though the ws and means of the od purchasers
mght reman undmnshed, yet as the commodty
coud be obtaned wthout the e presson of the same
ntensty of demand as before, ths demand woud of
course not then show tsef.
A smar effect woud obvousy ta e pace from
the consumers of a commodty re urng a ess uan-
tty of t.
f nstead of a temporary abundance of suppy com-
pared wth the demand, the cost of producng any
partcuar commodty were greaty dmnshed, the
fa of prce woud n the same manner be occasoned
by an ncreased abundance of suppy, ether actua or
contngent. n amost a practca cases t woud be
an actua and permanent ncrease because the com-
petton of the seers woud ower the prce, and t
(ma e a greater sacrfce than before, n order to satsfy th r wants,
s what have caed a greater ntensty of demand. As no n-
crease of prce can possby ta e pace, uness the commodty be
of such a nature as to e cte n a certan number of purchasers
ths speces of demand, and as ths speces of demand must a-
ways be mped whenever we spea of demand and suppy as
determnng prces, have thought that t ought to have a name.
t s essentay dfferent from effectua demand, whch, as defned
by Adam mth, s the uantty wanted by those who are wng
and abe to pay the natura prce and ths demand w of course
. generay be the greatest when the natura prce s the east. ut
-the ncreased ntensty of demand, when actuay caed forth,
unformy mpes an ncreased vaue offered, compared wth the
uantty of the commodty supped, and s e uay appcabe to
an artce whch s accdentay scarce, and one whch has n-
creased n ts natura prce. t s nvaraby and e cusvey the
. ntensty of demand, and not the effectua demand, whch s re-
ferred to, when t s sad, and correcty, that the prces of com-
modtes vary as the demand drecty, and the suppy nversey.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . G7
very rarey happens that a fa of prce does not oc-
cason an ncreased consumpton. n the supposton
however, of the very rare case that a defnte uantty
of the commodty ony was re ured, whatever mght
be ts prce, t s obvous that from the competton of
the producers, a greater uantty woud be brought
to mar et than coud be consumed, t the prce was
reduced n proporton to the ncreased facty of pro-
ducton and ths temporary e cess of suppy woud
be aways contngent upon the crcumstance of the
prce beng at any tme hgher than that whch woud
return average profts. n ths case of a fa of prces,
as n the other of a rse of prces, the actua uantty
of the commodty supped and consumed may pos-
sby, after a short strugge, be the same as before
yet t cannot be sad that no change has ta en pace
n the demand. t may ndeed e st atenty n the
same degree, and the actua consumers of the com-
modty mght be perfecty ready to gve what they
gave before rather than go wthout t but such has
been the ateraton n the means of suppy, compared
wth the former demand, that the competton -of-the
producers renders the ma ng of the same sacrfce
no onger necessary to effect the suppy re ured and
not beng necessary, t s of course not made, and the
prce fas.
t s evdenty, therefore, not merey the e tent of
actua demand, nor even the e tent of actua demand
compared wth the e tent of the actua suppy, whch
rases prces, but such a change n the reaton be-
tween demand and suppy, as renders necessary the
e presson of a greater ntensty of demand, or the
offer of a greater vaue compared wth the uantty
supped, n order ether peaceaby to dvde an actua
produce, or to prevent the future produce of the same
nd from fang.
And n the same manner, t s not merey the e -
tent of actua suppy, nor the e tent of the actua sup-
py compared wth the e tent of the actua demand,
(whch are generay neary e ua) that owers prces
/
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
68 T ATU , AU , A D . .
but such a change n the reaton of the suppy com-
pared wth the demand as renders a fa of prce ne-
cessary, n order to ta e off a temporary abundance,
or to prevent a constant e cess of suppy contngent
upon a dmnuton n the costs of producton, wthout
a proportonate dmnuton n the prce of produce.
f the terms demand and suppy be understood, and
used n the way here descrbed, there s no case of
prce, whether temporary or permanent, whch they
w not determne and n every nstance of bargan
and sae, t w be perfecty correct to say, that the
prces of commodtes w depend upon the reaton
of the demand to the suppy or w vary as the de-
mand (that s, the money ready to be offered) drecty,
and the suppy nversey.
wsh t to be partcuary observed, that n ths
dscusson, have not gven a meanng to the terms
demand and suppy dfferent from that n whch they
have been most fre uenty apped before. n the
use whch have made of the words ntense and n-
tensty as apped to demand, my purpose has been to
e pan the meanng whch has htherto aways been
attached to the terms demand, when t s sad to rase
prces. Mr. cardo, n hs chapter n the n-
fuence of demand and suppy on prces, observes,
that the demand for a commodty cannot be sad to
ncrease, f no addtona uantty of t be purchased
or consumed. ut t s obvous, as have before
remar ed, that t s not n the sense of mere e tent of
consumpton that demand rases prces, because t s
amost aways when prces are the owest, that the
e tent of demand and consumpton s the greatest.
Ths, therefore, cannot be the meanng htherto at-
tached to the term demand, when t s sad to rase
rces. Mr. cardo, however, subse uenty uotes
ord Lauderdae s statements respectng vaue, and
aows them to be true, as apped to monopozed
commodtes, and to the mar et prces of a other
commodtes, for a mted perod. e woud aow,
therefore, that a defcency n the usua uantty of
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 69
an artce n a mar et woud occason a greater de-
mand for t compared wth the suppy, and rase ts
prce, athough n ths case ess than usua of the ar-
tce must be purchased by the consumers. Demand
n ths sense s obvousy ute dfferent from the
sense n whch Mr. cardo had before used the term.
The one s a demand n regard to e tent, the ncrease
of whch mpes a greater uantty of the commodty
purchased the other s demand n regard to nten-
sty, the ncrease of whch mpes the w and power
to ma e a greater sacrfce n order to obtan the ob-
|ect wanted. t s n ths atter sense, thn , that
the term s most fre uenty apped at any rate, t s
n ths atter sense aone that demand rases prces.
t s n the nature of thngs absoutey mpossbe
that any demand, n regard to e tent, shoud rase
prces, unaccompaned by a w and power on the
part of the demanders to ma e a greater sacrfce, n
order to satsfy ther wants. And my ob|ect s to
shew that, whenever we ta of demand and suppy
as determnng prces, whether mar et, or natura,
the terms must aways be understood n the sense n
whch Mr. cardo, and every other person, has
htherto understood them, when spea ng of commo-
dtes bought and sod n a mar et.
ecton . f the ost of Producton as affected
by the Demand and uppy, and on the mode of
representng Demand.
t may be sad, perhaps, that even accordng to the
vew gven of demand and suppy n the precedng
secton, the permanent prces of the great mass of
commodtes w be determned by the ordnary cost
of ther producton. Ths s un uestonaby true, f
we ncude a the component parts of prce stated by
f course t must often happen that an ncreased ntensty
of demand, and an ncreased e tent of demand go together. n
fact, an ncreased ntensty of demand, when not occasoned by
an ncreased dffcuty of producton, s the greatest encourage-
ment to an ncrease of produce and consumpton.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
70 T ATU , AU , A D . .
Adam mth. et, st t s true, that n a transac-
tons of bargan and sae, there s a prncpe n con-
stant operaton, whch can determne, and does ac-
tuay determne, the prces of commodtes, ndepen-
denty of any consderatons of cost, or of the ordnary
wages, profts, and rent e pended n ther produc-
ton. And ths s found to operate, not ony perma-
nenty upon that cass of commodtes whch may he
consdered as monopoes, but temporary and mme-
datey upon a commodtes, and str ngy and pre-
emnenty so upon a sorts of raw produce.
t has never been a matter of doubt, that the prn-
cpe of demand and suppy determnes e cusvey,
and very reguary and accuratey, the prces of mo-
nopozed commodtes, wthout reference to the ord-
nary cost of ther producton and our day and
unform e perence shows us that the prces of raw
products, partcuary those whch are most affected
by the seasons, are at the moment of ther sae deter-
mned aways by the hggng of the mar et, and
dffer wdey n dfferent years, and at dfferent tmes,
whe the outgongs re ured to produce them, may
have been very neary the same, and the genera rate
of profts has not vared.
th regard, therefore, to a cass of commodtes
of the greatest e tent, t s ac nowedged that the
e stng mar et prces are, at the moment they are
f ed, determned upon a prncpe dstnct from the
cost of producton, and that these prces are n reaty
amost aways dfferent from what they woud have
been, f ths cost had e cusvey reguated them.
There s ndeed another cass of commodtes, such
as manufactures, partcuary those n whch the raw
matera s cheap, where the e stng mar et prces
much more fre uenty concde wth the costs of pro-
ducton, and may appear therefore to be e cusvey
determned by them. ven here, however, our fam-
ar e perence shews us, that any ateraton n the
proporton of the demand to the suppy ute over-
comes for a tme the nfuence of these costs and
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 71
further, when we come to e amne the sub|ect more
cosey, we fnd that the cost of producton tsef ony ft
nfuences the prces of these commodtes, as the
payment of ths cost s the necessary condton of
ther contnued suppy n proporton to the e tent of
the effectua demand for them.
ut f ths be true, t foows that the great aw of
demand and suppy s caed nto acton to determne
what Adam mth cas natura prces, as we as what
he cas mar et prces.
t has been shown that no change can ta e pace
n the mar et prces of commodtes, wthout some
prevous change n the reaton of the demand to the
suppy and the ueston s, whether the same pos-
ton s true n reference to natura prces Ths
ueston must of course be determned by attendng
carefuy to the nature of the change whch an atera-
ton n the cost of producton occasons n the state
of the demand and suppy, and partcuary to the
specfc and mmedate cause by whch the change of
prce whch ta es pace s effected.
e a aow that when the cost of producton d-
mnshes, a fa of prce s amost unversay the con-
se uence but what s t, specfcay, whch forces
down the prce of the commodty. t has been shown
n the precedng secton, that t s an actua or con-
tngent e cess of suppy.
e a aow that when the cost of producton n-
creases, the prces of commodtes rse. ut what s
t specfcay whch forces up the prce t has
been shown that t s an actua or contngent faure
of suppy. emove these actua or contngent vara-1-
tons of the suppy that s, et the e tent of the sup- /
py reman e acty the same, wthout e cess or faure,
whether the cost of producton rses or fas and
there s not the sghtest ground for supposng that
any varaton of prce woud ta e pace.
f, for nstance, a the commodtes whch are pro-
duced n ths country, whether agrcutura or manu-
factured, coud be produced durng the ne t ten years
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
72 T ATU , AU , A D . .
|
wthout abour, but coud ony be supped e acty n
the same uanttes as they woud be n the actua
state of thngs then, supposng the ws and means
of the purchasers to reman the same, there cannot
be a doubt that a prces woud aso reman the same.
ut f ths be aowed, t foows that the reaton of
the suppy to the demand s the domnant prncpe
n the determnaton of prces whether mar et or na-
tura, and that the cost of producton can do nothng
but n subordnaton to t, that s, merey as t affects
the ordnary reaton whch the suppy bears to the
demand.
t s not, however, necessary to resort to magnary
cases n order to fortfy ths concuson. Actua e -
perence shows the prncpe n the cearest ght.
n the we nown nstance notced by Adam mth
of the nsuffcent pay of curates, notwthstandng a
the efforts of the egsature to rase t, a str ng proof
s afforded that the permanent prce of an artce s
determned by the demand and suppy, and not by
the cost of producton. The rea cost of the edu-
caton woud n ths case be more ey to be n-
creased than dmnshed by the subscrptons of bene-
factors but a arge part of t beng pad by these
benefactors, and not by the ndvduas themseves, t
does not reguate and mt the suppy and ths sup-
py, on account of such encouragement, becomng and
contnung abundant, the prce s naturay ow, what-
ever may be the rea cost of the educaton gven.
The effects of the poor-rates, n owerng the wages
of ndependent abour, present another practca n-
stance of the same nd. t s not probabe that
pubc money shoud be more economcay managed
than the ncome of ndvduas. onse uenty the
cost of rearng a famy cannot be supposed to be d-
mnshed by parsh assstance but a part of the e -
pense beng borne by the pubc, and apped more
argey to abourers wth fames, than to snge men,
a far and ndependent prce of abour, ade uate to
the mantenance of a certan famy, s no onger a
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 73
necessary condton of a suffcent suppy. As by
means of parsh rates so apped, ths suppy can be
obtaned wthout such wages, the rea costs of sup-
pyng abour no onger reguate the ordnary wages
of ndependent abour.
n fact, n every nd of bounty upon producton,
the same effects must necessary ta e pace and |ust
n proporton that such bountes tend to ower prces,
they show that prces depend upon the suppy com-
pared wth the demand, and not upon the costs of
producton.
ut the most str ng nstance whch can we be
conceved to show that the cost of producton ony
nfuences the prces of commodtes, as t nfuences
ther suppy compared wth the demand, s contnuay
before our eyes n the artfca vaue whch s gven
to ban -notes by mtng ther amount. Mr. -
cardo s admrabe and effcent pan for ths purpose
proceeded upon the |ust prncpe, that f you can
mt the suppy of notes, so that they sha not e -
ceed the uantty of god whch woud have crcu-
ated f the currency had been metac, you w eep
the notes aways of the same vaue as god. And
am confdent he woud have aowed, that f ths -
mtaton coud be competey effected wthout the
paper beng e changeabe for god, the vaue of the
notes woud not be atered, whe the same demand
for a crcuatng medum contnued. ut f an artce
whch costs comparatvey nothng, though t per-
forms the most mportant functon of god, can be
ept to the vaue of god, by beng supped n the
same uantty t s the cearest of a possbe proofs
that the vaue of god tsef no further depends upon
the cost of ts producton, than as ths cost nfuences
the suppy compared wth the demand: and that f
the cost were to cease, provded the suppy were not
ncreased compared wth the demand, the vaue of
god n ths country woud st reman the same.
t does not, however, n any degree foow from
what has been sad, that the costs of producton have
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
74 T ATU , AU , A D . .
not a most powerfu effect upon prces. ut the true
way of consderng these costs s as the necessary con-
dton of the suppy of the ob|ects wanted.
Athough at the tme of the actua purchase of a
commodty, no crcumstance affects t but the rea-
ton of the suppy to the demand yet as amost a
the ob|ects of human desre are obtaned by the n-
strumentaty of human e erton, t s cear that the
suppy of these ob|ects must be reguated rst, by
the uantty, s , and drecton of ths e erton
econdy, by the assstance whch t may receve
from prevous accumuatons and Thrdy, by the
abundance or scarcty of the materas on whch t
has to wor , and of the food of the abourer. t s
of mportance therefore to consder the dfferent con-
dtons whch musUbe fufed, n order thatany com-
modty shoud contnue to be brought to mar et n
/ . the uantty wanted to suppy the effectua demand.
1 y The frst condton s, that the abour e pended
upon t shoud be so remunerated n the uantty of
desrabe ob|ects gven n e change for t, as to en-
courage the e erton of a suffcent uantty of n-
dustry n the drecton re ured, as wthout such
-ade uate remuneraton, the suppy of the commodty
must necessary fa. f ths abour shoud be of a
very severe nd, few comparatvey woud be wng
or abe to engage n t and upon the common prn-
cpes of e changeabe vaue before e paned t woud
rse n prce. f the wor were of a nature to re ure
an uncommon degree of de terty and ngenuty, a
rse of prce woud ta e pace n a greater degree
but not merey on account of the esteem whch men
have for such taents, as stated by Adam mth, but
on account of ther rarty, and the conse uent rarty
of the effects produced by them. n a these cases
the remuneraton w be reguated, not by the n-
trnsc uates, or utty of the commodtes pro-
duced, but by the state of the demand for them, com-
pared wth the suppy and of course by the demand
and suppy of the sort of abour whch produced
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. .
M A U ALU .
7
them. f the commodtes have been produced by
manua abour e cusvey, aded at east ony by the
unapproprated bountes of nature, and brought to
mar et mmedatey, the whoe remuneraton w of
course beong to the abourer, and the usua money
prce of ths remuneraton n the e stng state of the
socety woud be the usua prce of the commodty.
The second condton to be fufed s, that the
assstance whch may have been gven to the abourer,
by the prevous accumuaton of ob|ects whch fac-
tate future producton, shoud be so remunerated as
to contnue the appcaton of ths assstance to the
producton of the commodtes re ured. f by means
of certan advances to the abourer of machnery,
food and materas prevousy coected, he can e e-
cute eght or ten tmes as much wor as he coud
wthout such assstance, the person furnshng them
mght appear at frst to be entted to the dfference
between the powers of unasssted abour, and the
powers of abour so asssted. ut the prces of com-/
nodtes do not depend upon ther ntrnsc utty/
but upon the suppy and demand. The ncreased
powers of abour woud naturay produce an n
creased suppy of commodtes ther prces woud
conse uenty fa, and the remuneraton for the ca-
pta advanced woud soon be reduced to what wa
necessary n the e stng state of the socety, to en
courage the appcaton of such capta to the pro-
ducton n ueston, n the uantty re ured by th
effectua demand. th regard to the abourer:
empoyed, as nether ther e ertons, nor ther s
woud necessary be greater than f they had wor ed
unasssted, ther remuneraton n money woud be
neary the same as before, and woud depend entrey
upon the nd of abour empoyed, estmated n the
usua way, by the money demand compared wth the
suppy. ut the prce of abour so determned
woud, under the nfuence of good machnery, gve
the abourer a greater uantty than before of the pro-
duce obtaned, though not necessary a greater pro-
---
,
ft
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
76 T ATU , AU , A D . .
(|
porton of t. t s not, therefore, correct to repre-
sent, as Adam mth does, the profts of capta as a
deducton from the produce of abour. They are ony
a far remuneraton for that part of the producton con-
trbuted by the captast, estmated e acty n the same
way as the contrbuton of the abourer.
The thrd condton to be fufed s, that the prces
of commodtes shoud be such as to effect the con-
tnued suppy of the food and raw materas used by
/ the abourers and captasts and we now that ths
prce cannot be pad wthout yedng a rent to the
andord on amost a the and actuay n use. n
spea ng of the andords, Adam mth s anguage s
agan e ceptonabe. e represents them, rather n-
vdousy, as ovng to reap where they have not sown,
and as obgng the abourer to pay for a cense to
obtan those natura products whch, when and was
n common, cost ony the troube of coectng. ut
he woud hmsef be the frst to ac nowedge, that f
and were not approprated, ts produce woud be very
much ess abundant compared wth the demand, and
that conse uenty the producers and consumers woud
be much worse off and f t be approprated, some
persons or other must necessary be the propretors.
t matters not to the socety, whether these persons
are the same or dfferent from the actua cutvators
of the and. The prce of the produce w be deter-
mned by the genera suppy compared wth the ge-
nera money demand, and w be the same, or very
neary so, whether the cutvator pays a rent, or uses
the and wthout rent. The ony dfference woud be,
that, n the atter case, what remans of ths prce
after payng the necessary abour and profts, w go
to the same person that advanced the capta, whch
s e uvaent to sayng that the farmer woud be better
off f he were aso the possessor of and, a fact not to
be dsputed but t cannot mpy, that the abourer
or farmer, who n the ottery of human fe has not
drawn a prze of and, suffers any hardshp or n|ustce
eath of atons, . . ch. v. p. 74, 6th edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 77
n beng obged to gve somethng n e change for the
use of what beongs to another. The possessors of
and, whoever they may be, conduct themseves, wth
regard to ther possessons, e acty n the same way
as the possessors of abour and of capta, and et out
or e change what they have for as much money as the
demanders are wng to gve them for t.
The three condtons, therefore, above specfed,
must necessary be fufed n every socety, n order
to obtan the contnued suppy of by far the greater
part of the commodtes whch t wants and the com-
pensaton whch fufs these condtons, or the ord-
nary prce of any e changeabe commodty, may be
consdered as consstng of three parts that whch
pays the wages of the abourers empoyed n ts pro-
ducton that whch pays the profts of the capta,
ncudng the advances to the abourers,by whch such
producton has been factated and that whch pays
the rent of and, or the compensaton for the use of
those powers attached to the so whch are n the pos-
sesson of the andord the prce of each of these
component parts beng determned e acty by the same
causes as those whch determne the prce of the whoe.
The prce whch fufs these condtons s precsey
what Adam mth cas the natura prce and when
a commodty s sod at ths prce, he says t s sod
for precsey what t s worth. ut here thn he
has used the term worth n an unusua and mproper
sense. ommodtes are contnuay sad to be worth
more than they have cost, ordnary profts ncuded
and accordng to the customary and proper use of the
term worth, we coud never say that a gven uantty
Though t s ute true, as w appear n the ne t chapter, /
that rent has tte effect n determnng the prces of raw produce,
yet, n amost a commodtes, a part of the prce s resovabe
nto rent. The reason s, that the same nds of products whch
se for e acty the same prces, have a very dfferent uantty and
vaue of rent n them but the greater s the vaue of the rent, the
ess s the vaue of the abour and profts and therefore the vary-
ng vaue of rent n commodtes has but tte effect on ther
prces.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
78 T ATU , AU , A D . .
of caret, of com, or of any other artce, was not worth
more when tfwas scarce, athough the cost of ts pro-
ducton, on the supposton of ordnary profts, had re-
maned the same. The worth of a commodty, n the
pace where t s estmated, s ts mar et prce, not ts
natura prce. t s ts ntrnsc vaue n e change,
determned by the state of the suppy compared wth
the demand at the tme, and not ts ordnary cost. t
need hardy be observed, that the payment of ta es of
any nd, where re ured, s an ncdenta condton
of the suppy of commodtes whch contrbutes to n-
crease ther cost of producton and mt ther uantty.
ut f t appear generay that the ordnary cost of
producton ony determnes the usua prces of com-
modtes, as the payment of ths cost s the necessary
condton of ther suppy and that the component
parts of ths cost are themseves determned by the
same causes whch determne the whoe, t s obvous
that we cannot get rd of the prncpe of demand and
suppy, by referrng to the cost of producton. a-
tura and necessary prces appear to be reguated by
ths prncpe, as we as mar et prces and the ony
dfference s, that the former are reguated by the or-
dnary and average reaton of the suppy to the de-
mand and the atter, when they dffer from the former,
are determned by the e traordnary and accdenta
reatons of the suppy to the demand.
t has sometmes been sad that there s no such
thng as natura prce but e paned as Adam mth
has e paned t, t s not ony a very ntegbe, but
a very usefu term. f the natura prce of a com-
modty be consdered as made up of a the money
wages whch have been pad n the varous parts of
ne of the two man eements of the cost of producton,
namey, the rate of profts, s pecuary varabe and pre-em-
nenty dependent on suppy and demand. Under the greatest
varatons n the rates of wages, we may suppose many commo-
dtes st to re ure n ther producton the same uanttes of
abour of the same nd but under great varatons n the rate
of profts, we cannot suppose that any commodtes shoud st
re ure for ther producton the same amount of profts.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 79
the process of ts producton for the specfc nds of
abour re ured, of a the ordnary money profts of
the other captas empoyed durng the perods of
varous engths for whch they have been advanced,
and of a the money rent concerned n the necessary
materas and food obtaned by the assstance of those
powers of nature whch are attached to the so, then
supposng thngs to be n ther ordnary and average
state and unta ed, t s ute certan that ths prce,
and the ordnary and average prces of commodtes,
w be found to agree. To ths prce, whch may
fary and usefuy be caed the natura, necessary, or
ordnary prce, the mar et prces are aways tendng.1
And ths prce determnes the rate at whch commo-
dtes usuay e change for each other. o understood,
nothng can be more smpe, or more generay app-
cabe. The natura prce of an acre of copse wood, or
of a hundred sheep from the hghands of cotand,
whch n a country generay we cutvated must be
composed chefy of rent, s as easy e pcabe as the
natura prce of corn on the ast and ta en nto cut-
vaton, where rent s ute nconsderabe. .And the
natura prce of those sorts of goods where a arge pro-
porton of f ed capta s empoyed, and the returns
of the crcuatng capta are unusuay sow, and where
conse uenty the prce must consst chefy of profts,
may be as satsfactory accounted for as the prce of
a straw bonnet, or pece of russes ace. here the
materas are of scarcey any vaue, the capta re ured
s ute nconsderabe, and the e pense of producton
must consst amost entrey of abour.
t s obvous that when, from any cause whatever,
the money cost of producng a commodty ncreases,
wthout some ncreased facty of obtanng money,
the estmaton n whch such a commodty s ordna-
ry hed, or ts e changeabe vaue arsng from n-
trnsc causes, proportonay ncreases.
n e panng the effects of demand and suppy on
the vaues of commodtes, whether arsng from tem-
porary causes, or from the ordnary costs of produc-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
80 T ATU , AU , A D . .
ton, have thought that the sub|ect woud be best
ustrated by referrng frst to those perods n whch
the vaue of money s practcay consdered as con-
stant and t s aowed that durng such perods, t
s the unform practce of socety to represent demand
by money. ut t s evdent that we caunot e tend
these perods to any consderabe ength. e we
now, that athough the precous metas, from ther
durabty, and the conse uent steadness of ther sup-
py, are sub|ect to sow changes of vaue yet that at
dstant perods, and n dfferent countres, ther vaue
has been, and s, essentay dfferent.
t s absoutey necessary, therefore, to consder how
a demand may be represented and measured under
any changes whch may ta e pace n the vaue of
money.
An effectua demand for a commodty, s such a
demand as w fuf the natura and necessary con-
dtons of the suppy or, as t has been defned, t s
the sacrfce whch the demanders must ma e n order
to effectuate the contnued suppy of the commodty
n the uantty re ured under the actua crcum-
stances.
ow t s obvous, that f money vares essentay,
as compared wth the natura and necessary condtons
of the suppy of commodtes, a gven amount of
money cannot possby represent a gven demand, or
a gven sacrfce.
n every country there are a few commodtes ob-
taned by abour aone and, f the advance of a cer-
tan uantty of abour be the necessary condton of
the suppy of a partcuar commodty, then the money
whch w command such abour w represent the
effectua demand for the commodty that s, a de-
mander abe and wng to ma e such a sacrfce as
w effectuate the suppy. ut f, subse uenty,
money fas n vaue n reaton to the re ured abour,
the same uantty of money obvousy ceases to repre-
sent the same demand. o one, apprehend, woud
venture to affrm that an ounce of pure sver, apped
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 81
as a demand, woud at the present tme effectuate the
suppy of the same uantty of a commodty produced
by abour aone, as an e ua weght of sver woud
have effectuated under smar crcumstances n the
regn of dward . snce whch perod the vaue
of sver, as compared wth abour, has faen fve or
s tmes.
Under any changes, however, whch may ta e pace
n money, f the condtons of the suppy of any com-
modty, or the eementary costs of ts producton, re-
ure a certan uantty of abour of a gven descrp-
ton, the power of settng to wor that uantty of
abour, whether pad for by a arger or smaer uan-
tty of produce or money, w be an effectua demand
for t. ow t s obvous that ths cannot be sad of
any product of abour whatever.
n the frst pace, there s no product of abour
whch s the soe condton of the suppy of any one
commodty. onse uenty, whe the necessary con-
dtons of the suppy of any commodty are a gven
uantty of abour of a certan descrpton, no gven
uantty of any product of abour can contnue, e
a gven uantty of abour tsef, aways to represent
the same effectua demand for such commodty.
econdy, there s no product of abour, whch, ap-
ped drecty, enters, as abour tsef does, nto the
composton of a commodtes that have vaue, and
consttutes the chef eement n the condtons of ther
suppy. onse uenty there s no product of abour
whch can represent the most mportant condton of
the suppy of a commodtes, namey the uantty of
abour absoutey necessary to ther producton and
we cannot say that a defnte uantty of money, a
defnte uantty of corn, a defnte uantty of coth,
or a defnte uantty of any product of abour, sub|ect,
as they a are, to varatons n ther reaton to abour,
can contnue to afford an effectua demand for that
defnte uantty of abour, wthout whch the mass of
commodtes cannot by possbty be produced.
ut f, when commodtes are seng at ther natu-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
2 T ATU , AU , A D . .
ra prces, the uantty of abour drecty apped to
the producton of a partcuar artce were to absorb
e acty one haf, three fourths, or any defnte pro-
porton of the whoe vaue, as the demand for ths
proporton, whatever t mght be, the haf we w
suppose, mght be represented and measured by an
amount of abour e ua n uantty and uaty to that
whch had been actuay empoyed upon the commo-
dty, t s obvous that an e uvaent to doube the
uantty of such abour woud be an effectua demand
for the whoe artce produced, nvovng profts, rent,
ta es, or any other accesson to the dffcuty of brng-
ng the commodty to mar et, besdes that whch s
occasoned by the necessary uantty of abour to be
advanced.
avng ths ttb arw, ths foundaton to go upon, n
a commodtes, namey, the uantty of mmedate
abour actuay wor ed up n them, the above concu-
son seems to foow necessary that s, f a certan
uantty of abour w represent and measure the de-
mand for an a uot part of the vaue of a commodty,
the proper mutpe of that uantty of abour must
represent and measure the demand for the whoe and
as there s no ob|ect but abour whch can represent
and measure the demand for that a uot of the vaue
of a commodty whch conssts of mmedate abour,
t foows necessary that there s no ob|ect but abour
whch can represent and measure the demand for the
whoe of a commodty, the vaue of whch s made up
of varous ngredents besdes abour.
hen, therefore, owng to changes n the vaue of
money, reatvey to abour, we can no onger repre-
sent a gven demand by a gven uantty of money,
t appears that we may wth accuracy represent such
demand by a gven uantty of abour.
t foows, therefore, that the power of commandng
a gven uantty of abour of a gven character, toge-
ther wth the w to advance t, represents a gven
demand. t shoud be partcuary observed, however,
that ths power s never possessed by the abourers
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. t. M A U ALU . 83
themseves, but by those empoyers of abour who are
both abe and wng to pay the uantty of money
or of commodtes, whether great or sma, whch s
necessary n the actua crcumstances of the socety to
command the re ured uantty of abour.
ecton . f the Labour whch has been em-
poyed on a ommodty consdered as a Measure of
ts changeabe aue.
n the two ast sectons, the causes whch affect and
determne the e changeabe vaues of commodtes
have been nvestgated and these appear to consst
dfeyery crcumstancewhcTcontrbutes n any degree
to enhance the dffcuty of obtanng them : such as
fheTecessfty of payng the wages of a certan uan-
tty of abour, wthout whch the commodty cannot
be produced the necessty of certan advances of other
capta, whch no one w contnue to ma e wthout
the ordnary remuneraton n the shape of profts, and
the fre uent necessty of further payments owng to
rents, tthes, ta es, natura and artfca monopoes,
and temporary defcences of suppy, arsng from
ccdent, or the state of the seasons. These are a
sources of dffcuty, whch, n proporton to the de-
gree n whch they preva, must rase the e change-
abe vaue of commodtes arsng from ntrnsc causes
and t has further appeared, that the resut of a these
causes of vaue s e pressed n the state of the suppy
compared wth the ntensty of the demand.
e come now to n ure more partcuary nto the
measures of vaue an n ury obvousy not dentca
wth an n ury nto the causes of vaue, as t s ony
n a very few cases that they can propery be repre-
sented by the same ob|ect.
The abour wor ed up n a commodty s the prncpa cause
of ts vaue, but t w appear n ths chapter that t s not a
measure of t. The abour whch a commodty w command s
not the cause of ts vaue, but t w appear n the ne t chapter
to be the measure of t.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
84 T ATU , AU , A D . .

v | A measure of vaue s wanted for two most mpor-

tant purposes.
rst, to measure easy and convenenty the rea-
tve vaues of a commodtes, compared one wth
another, and to enabe a deaers to estmate the pro-
fts whch they ma e upon ther saes. Ths purpose
s competey answered by money.
econdy, to measure the dffcuty wth whch a
commodty s obtaned, ncudng a the condtons
of ts suppy and when two or more commodtes
have n the course of tme atered n ther e change-
abe reatons to each other, to enabe us to ascertan
n whch, and to what e tent n each, the change has
ta en pace. Ths s most mportant nformaton,
partcuary n reference to commodtes of the same
country, at dfferent tmes but t s evdent, that as
money, n perods of some ength, s abe to ater
greaty n ts e changeabe vaue, arsng from ntrnsc
causes, t s mpossbe that, apped as a measure, t
can gve the nformaton re ured.
t remans, therefore, to be consdered whether any
other ob|ect can perform the functons of a genera
U measure of vaue, and answer the purposes above
descrbed.
Adam mth, n hs chapterf on the rea and no-
mna prce of commodtes, n whch he consders
abour as a unversa and accurate measure of vaue,
has ntroduced some confuson nto hs n ury, by
not adherng strcty to the same mode of appyng
the abour whch he proposes for a measure.
ometmes he spea s of the vaue of a commodty,
as beng measured by the uantty of abour whch
ts producton has cost, and sometmes by the uantty
of abour whch t w command n e change.
t s n the atter sense, however, n whch he ap-
othng appears to me more essenta, n an n ury nto
the nature and causes of the eath of atons, than to have
the means of dstngushng between the rse of one commodty
and the fa of another.
t oo . ch. r.

G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 8
pes t much the most fre uenty, and on whch he
evdenty ays the chef stress. The vaue of any
commodty, he says, to the person who possesses
t, and who means not to use or consume t hmsef,
but to e change t for other commodtes, s e ua to
the uantty of abour whch t enabes hm to pur-
chase or command. Labour, therefore, s the rea
measure of the e changeabe vaue of a commod-
tes. ther e pressons n the same chapter appy
abour as a measure of vaue n the same way f and
on another occason, n hs dgresson on the vaue of
sver durng the four ast centures, he ta es an op-
portunty to say, Labour, be t remembered, and
not any commodty, or mass of commodtes, s the
soe measure of the vaue of sver, and of a other
commodtes.
These passages may be sad to determne the pre-
vang sense n whch he consders abour as a gene-
ra measure of e changeabe vaue. t woud not
then be worth whe to n ure how far abour may
be consdered as a measure of vaue, when apped n
the way whch Adam mth has practcay re|ected
n reference to the more advanced stages of socety,
f ths mode of appyng t had not been adopted by
some dstngushed modern wrters as the foundaton
of a new theory of vaue. ut as ths s the case,
the n ury seems to be caed for and t shoud be
partcuary notced, that the ueston embraces not
merey the proprety of a defnton, but the truth of
a proposton. t s not merey what shoud be the
defnton and the measure of vaue n e change, but
a ueston of fact, whether the abour wor ed up n
commodtes ether determnes or measures the rate
at whch they e change wth each other and n no
stage of socety wth whch we are ac uanted does
t do ths. At a very eary perod profts w be found
to enter argey nto the ueston of e changeabe
vaue as a necessary condton of the suppy. To ma e
oo . ch. v. p. 44, 6th edt. t P- 4.
t oo . ch. . p. 303.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
86 T ATU , AU , A D c . .
even a bow and arrow, t s obvousy necessary that
the wood and reed shoud be propery dred and sea-
soned, and the tme whch these materas re ure to
be ept by the wor man before hs wor s competed,
ntroduces at once a new eement nto the computa-
ton of vaue. The varyng uc ness of the returns s
y ewse an entrey new eement, whch has nothng
to do wth the uantty of abour empoyed upon the
capta and yet n every perod of socety, the earest
as we as the atest, t s of the utmost mportance n
the determnaton of e changeabe vaue.
The f ed capta necessary to hoow out a canoe
may consst of tte more than a few stone hatchets
and she chses, and the abour necessary to ma e
them mght not add much to the abour subse uenty
empoyed n the wor to whch they were apped but
t s ewse necessary that the wor man shoud pre-
vousy cut down the tmber, and empoy a great uan-
tty of abour n varous parts of the process ong be-
fore there s a possbty of recevng the returns for
hs e ertons, ether n the use of the canoe, or n the
commodtes whch he mght obtan n e change for
t and durng ths tme, he must of course advance
to hmsef the whoe of hs subsstence. ut the pro-
vdence, foresght, and postponement of present grat-
fcaton for the sa e of future beneft and proft, whch
are necessary for ths purpose, have aways been con-
sdered as rare uates n the savage and t can
scarcey admt of a doubt that the artces whch were
of a nature to re ure ths ong preparaton woud be
comparatvey very scarce, and woud have a great
e changeabe vaue n proporton to the uantty of
abour whch had been actuay empoyed upon them,
and on the capta necessary to ther producton. n
ths account t s not mprobabe that a canoe mght
n such a state of socety possess doube the e change-
abe vaue of a number of deer, to produce whch
successvey n the mar et mght have cost precsey
the same number of days abour, ncudng the neces-
sary f ed capta, consstng of the bows and arrows,
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 87
c. used for ng them and the great dfference
of vaue n ths case woud arse from the crcum-
stance, that the returns for the abour of ng each
successve deer aways came n wthn a few days
after t had been advanced, whfe the returns for
the abour e pended upon the canoe were deayed
probaby beyond the year. hatever mght be the
rate of profts, the comparatve sowness of these re-
turns must te proportonay on the prce of the ar-
tce and, as there s reason to thn that among
savages, the advances necessary for a wor of sow
returns woud be comparatvey sedom made, the
profts of capta woud be e tremey hgh, and the df-
ference of e changeabe vaue n dfferent commodtes,
whch had cost n ther producton and n the pro-
ducton of the necessary capta the same uantty of
abour, woud be very great.
Mr. cardo, spea ng of the dfferent mpements
whch mght be necessary, n an eary stage of socety,
to the beaver and the deer, says, that those who
furnshed these captas mght, under dfferent crcum-
stances, have a haf, a fourth, or an eghth of the
produce obtaned, the remander beng pad as wages
to those who furnshed the abour yet ths dvson
coud not affect the reatve vaue of these commo-
dtes, snce, whether the profts of capta were greater
or ess, whether they were 0, 20, or 10 per cent, or
whether the wages of abour were hgh or ow, they
woud operate e uay on both empoyments. ut
t s ute obvous from what has been sad, that f
for the empoyment of ng a deer, we substtute the
empoyment of ma ng a canoe, whch woud not be
competed n ess than a year, or perhaps two, and
suppose what s here supposed wth great probabty,
that profts mght be 0 per cent., the dfference be-
tween the vaue of such a product, and the vaue of
a deer, whch, on account of ts beng sod amost the
ne t day, coud hardy be affected by profts, woud,
n reference to the same uantty of abour empoyed
P. 17, 3rd edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
88 T ATU , AU , A D . .
1
/
upon each, be as much as 0 per cent. onse uenty,
n the eary stages of socety, the reatve vaues of
commodtes s not determned or measured by the
reatve uanttes of abour empoyed upon them.
n countres advanced n cvzaton, t s obvous
that the same cause of varaton n the e changeabe
vaue of commodtes, ndependent of the abour whch
has been empoyed upon them, must preva as n the
eary perods of socety and, as mght be e pected,
some others. The profts of capta, ndeed, are not
so hgh, and conse uenty the sowness or uc ness
of the returns w not, as far as the rate of profts s
concerned, produce the same proportonate dfference
of prces but to ma e up for ths, the dfference n
the uantty of f ed capta empoyed s prodgous,
and scarcey the same n any two commodtes, and
the dfference n the returns of capta vares from two
or three days, to two or three years, and n some cases
many more.
The proposton of Mr. cardo, whch states that
a rse n the prce of abour owers the prce of a arge
cass of commodtes, has undoubtedy a very para-
do ca ar but t s, nevertheess, true, and the ap-
pearance of parado woud vansh, f t were stated
more naturay and correcty.
Mr. cardo has aowed, that the effect he contem-
pated and attrbuted to a rse n the wages of abour
s produced by a fa of profts, whch he consders as
the same thng and undoubtedy no one coud have
thought the proposton parado ca, or even n the
sghtest degree mprobabe, f he had stated that a
fa of profts woud occason a fa of prce n those
commodtes, where, from the uantty of f ed capta
empoyed, the profts of that capta had before formed
the prncpa ngredent n the cost of producton.
ut ths s what he has n substance sad. n a par-
very rse of wages, therefore, or, whch s the same thng,
every fa of profts, woud ower the reatve vaue of those com-
modtes whch were produced wth a capta of a durabe nature.
P. 37, 3rd edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 89
tcuar case whch he has ta en to ustrate hs pro-
poston, he supposes the appcaton of a very durabe
machne worth 20,000, whch re ures very tte
abour ether to wor t, or eep t n constant repar
and, conse uenty, the prce of the yeary produce of
ths machne woud be composed amost entrey of
the ordnary profts of the 20,000 whch t had cost.
ow t s ute certan, that f, from any cause what-
ever, the ordnary profts of stoc shoud fa, the prce
of the commodty so produced woud fa neary n
proporton. A fa of profts from 20 to 10 per cent,
woud reduce ts prce neary one haf.f Ths s suf-
fcenty obvous. ut the effects arsng from an
opposte supposton were not at frst consdered, and
the genera resut was overoo ed.
The state of the case, n a genera vew of t, seems
to be ths. There s a very arge cass of commod-
tes, n the producton of whch a great uantty of
f ed capta s used, and a ong tme eapses before
the returns of the capta, whether f ed or crcuatng,
come n. n such commodtes, the proporton whch
the capta bears to the uantty of abour whch t
yeary empoys, s n varous degrees very consder-
abe : and, n a these cases, t s natura to suppose
that the fa of prce, arsng from the fa of profts,
shoud n varous degrees more than counterbaance
the rse of prce, whch woud naturay be occasoned
by a rse n the prce of abour. onse uenty, on.
the supposton of a rse n the prce of abour, and a
fa n the rate of profts, a these commodtes w,
n varous degrees, naturay fa prce.
n the other hand, there s a arge cass of com-
modtes, where, from the absenc of f ed capta, and
the rapdty of the returns of the crcuatng capta,
P. 37, 3rd edt.
f n a case of ths nd brought forward n the frst edton,
Mr. cardo dstncty aows that a change n the reatve vaues
of two commodtes mght ta e pace to the e tent of 68 per cent,
from the fa of profts, wthout any change havng ta en pace n
the reatve uanttes of abour empoyed on each.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
90 T ATUU , AU , A D . 11.
the proporton whch the capta bears to the uantty
of abour t empoys s very sma. A capta of a
hundred pounds, whch was returned every wee ,
coud empoy as much abour annuay as 2,600, the
returns of whch came n ony at the end of the year
and f the capta were returned neary every day, as
t s practcay n some few cases, the advance of tte
more than the wages of a man for a snge day mght
pay above three hundred days abour n the course
of a year. ow t s ute evdent, that out of the
profts of these trfng captas, t woud not ony be
absoutey mpossbe to ta e a rse n the prce of
abour of 7 per cent., but t woud be mpossbe to
ta e a rse of | per cent. n the frst supposton, a
rse of ony h per cent, woud, f the prce of the pro-
duce contnued the same, absorb more than a the
profts of the 100 and, n the other case, much more
than a the capta advanced. f, therefore, the prces
|of commodtes, where the proporton of abour s very
great compared wth the capta whch empoys t,
do not rse upon an advance n the prce of abour,
the producton of such commodtes must at once be
gven up. ut they certany woud not be gven
up. onse uenty, upon a rse n the money prce |of
abour and fa of profts, there w be..a.arge cass
of commodte s wTch w rse n prce.
There w undoubtedy, however, be a cass of
commodtes whch, from the effects of these two op-
poste causes, w reman statonary n prce but,
from the very nature of the case, ths cass must theo-
retcay form tte more than a ne. herever ths
ne may be paced, t can embrace but a sma cass
of ob|ects and upon a rse n the prce of abour and
fa of profts, a the rest w ether fa or rse n
prce, athough e acty the same uantty of abour
contnues to be empoyed upon them. r t , , t,f
n ths dscusson, have assumed money to be obtaned n
the way suggested by Mr. cardo n whch case the resuts w
be as have descrbed, and as he has aowed n hs thrd edton
(p. 4 ) but hs money, as we sha see, s not so consttuted as
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 91
hat then becomes of the doctrne that the e -
changeabe vaue of commodtes s proportoned to
the abour whch has been empoyed upon them n-
stead of ther remanng of the same vaue whe the
same uantty of abour s empoyed upon them, t
appears that from we- nown causes of constant and 1 ,
unversa operaton, the prces of a commodtes, wth
very few e ceptons, vary wth the varatons n the
rate and uantty of profts.
There are other causes practcay n operaton
whch prevent the e changeabe vaue of commodtes
from beng proportoned to the uantty of abour
whch has been empoyed upon them. ut as those
whch have been aready more partcuary adverted
to, are so very powerfu, and so competey decsve
of the ueston, t s not necessary to refer specfcay
to others. t s scarcey possbe, ndeed, to ta e up
two commodtes of dfferent nds, whch w be found
to e change wth each other n proporton to the uan-
tty of abour wor ed up n each. othng, ndeed,
coud ma e such a rate of e change, n reference to
commodtes generay, approach towards the truth,
but the assumpton that profts are the wages of accu-
muated abour, and that, therefore, profts may be
caed abour. ut profts are atogether dfferent from
wages, and are reguated by ute dfferent prncpes,
as most |usty stated by Adam mth. uch an as-
sumpton s so competey unphosophca, so cacu-
ated to defeat a the usefu purposes of a |ust nomen-
cature, and to create confuson n the ordnary an-
guage of potca economy, that t cannot for a mo-
ment be admtted.f e mght |ust as correcty ca
rent abour.
to be a proper measure of vaue. n reaty, a commodtes ob-
taned by the same uantty of abour fa wth a fa of profts.
oo . ch. 6.
e may measure the vaue whch the eement of profts gves
to a commodty by abour, as have sad n another pace but
how we can say that more abour has been empoyed upon a com-
modty, merey because t must be ept onger before t s brought
to mar et, s what cannot understand.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
92 T ATU , AU , A D c . .

t may be safey affrmed, then, that however curous

and desrabe t may be to now the e act uantty of
abour, accumuated and mmedate, whch has been
empoyed n the producton of commodtes, t s cer-
tany not ths abour aone whch ether determnes
or measures ther reatve vaues n e change at the
same pace, and at the same tme.
ut f, at the same pace and at the same tme, the
reatve vaues of commodtes are not measured by
the abour whch they have cost n producton, n-
cudng the abour empoyed on the captas concerned,
t s ute cear that such abour cannot measure ther
reatve vaues at dfferent paces and at dfferent
tmes.
n regard to ntrnsc vaue n e change, t s st
more cear that the vaue of the abour actuay em-
poyed n the producton of a commodty, never repre-
sents or s proportoned to the vaue of the cpmpeted
commodty, e cept n the rare case when abour aone
s empoyed, and the produce s brought to mar et
mmedatey. n the vast ma|orty of cases, there
are other ntrnsc causes of vaue, actng sometmes
wth great power, whch ncrease the dffcuty of ob-
tanng the ob|ect desred, n addton to the abour
actuay empoyed. The sghtest attenton to what
s passng around us, at any one perod, and n any
one pace, must convnce us of ths truth and, at
dfferent perods, and n dfferent paces, the abour
actuay empoyed upon a commodty, consdered as
a measure of ts vaue, must parta e of a the nac-
curaces whch necessary beong to t at the same
tme and pace.
t appears, then, that the uantty of abour actuay
empoyed n the producton of commodtes, answers
nether of the two great ob|ects of a measure of vaue.
t nether measures the rate at whch commodtes e -
change wth each other at the same pace and tme,
e money, nor does t measure the whoe of the df-
fcuty to be overcome, or the sacrfce to be made,
n obtanng commodtes at the same or dfferent
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 93
tmes, and n dfferent countres, and enabe us to say
when two or more commodtes have vared n reaton
to each other, n whch, and to what e tent n each,
the varatons have ta en pace.
ecton . f the Labour whch a ommodty
w command, consdered as a Measure of aue
n change.
hen we consder abour as a measure of vaue n
the sense n whch t s most fre uenty apped by
Adam mth, that s, when the vaue of an ob|ect s
estmated by the uantty of abour of a gven descrp-
ton whch t can command, t w appear to be a
measure essentay dstnct from a others, and to
approach as near to a standard measure, both of re-
Mr. cardo, at the concuson of the s th secton of hs
frst chapter, has the foowng passage: t s necessary for me
to remar that have not sad, because one commodty has so
much abour empoyed upon t as w cost 1000, and another
so much as w cost 2000, that therefore one woud be of the
vaue of 1000, and the other of 2000 but have sad that
ther vaue w be to each other as 2 to 1, and that n these pro-
portons they w be e changed. t s of no mportance to the
truth of ths doctrne, whether one of these commodtes ses for
1100, and the other for 2200, or one for 1 00, and the
other for 3000 nto that ueston do not at present n ure:
affrm ony that ther reatve vaues w be governed by the
reatve uanttes of abour bestowed on ther producton. t
s on ths vew of reatve vaue, that a Mr. cardo s cacua-
tons n the rest of hs boo depend, wthout any modfcatons,
athough n two prevous sectons he had ac nowedged that con-
sderabe modfcatons were necessary. My ob|ect n the present
secton has been to show that the reatve vaues of commodtes
are not ony not governed, but are very far from beng governed,
by the reatve uanttes of abour bestowed on ther producton,
as stated n the passage uoted : and, n the passage tsef, t s
postvey dened, that because a commodty has so much abour
bestowed upon t as w cost 1000, that therefore t s of the
vaue of 1000. Mr. cardo dd not fa nto the unaccountabe
error of cang abour profts, and of confoundng the accumu-
ated abour actuay wor ed up n f ed captas and materas
wth the profts upon such captas and materas, thngs totay
dstnct.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
94 T ATU , AU , A D c . t.
w
atve and of ntrnsc vaue n e change, as the nature
of the sub|ect w admt.
t s unversay aowed that n the same pace,
and wthn moderatey short perods of tme, the pre-
cous metas are an une ceptonabe measure of the
reatve vaues of commodtes but whatever s true
of the precous metas wth respect to the reatve
and nomna vaues of commodtes s true of abour
apped n the way proposed.
t s obvous, for nstance, that n the same pace,
and at the same tme, the dfferent uanttes of day
abour whch dfferent commodtes can command,
w be e acty n proporton to ther reatve vaues
n e change and f any two of them w purchase
the same uantty of abour of the same descrpton,
they w nvaraby e change wth each other.
The merchant mght safey reguate hs deangs,
and estmate hs commerca profts by the e cess of
the uantty of abour whch hs mports woud com-
mand, compared wth hs e ports. hether the vaue
of the commodty had arsen prncpay from the m-
taton of ts suppy, occasoned by a strct or parta
monopoy whether t had arsen prncpay from the
scarcty of the raw matera, the pecuar sort of abour
re ured n ts constructon, or from unusuay hgh
profts whether ts vaue had been ncreased by an
ncreased cost of producton, or dmnshed by the
appcaton of mproved machnery whether ts vaue
at the moment depended chefy upon permanent or
temporary causes n a cases and under a crcum-
stances, the uantty of abour whch t w command,
or what comes to the same thng, the uantty of
abour s worth whth peope w gve to obtan t,
w be a very e act measure of ts reatve vaue n
e change. n short, ths measure w, n the same
pace and at the same tme, e acty accord wth the
money prces of commodtes.
t w probaby be ob|ected, that n the same pace,
and at the same tme, every commodty may be con-
sdered as an accurate measure of the reatve vaues
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 9
of others, and that what has |ust been sad of abour
may be sad of coth, cotton, ron, hops, or any other
artce. Any two commodtes, whch at the same
tme and n the same pace w purchase or command
the same uantty of coth, cotton, ron, or hops of a
gven uaty, w have the same vaue, or w e -
change even wth each other. Ths s no doubt true,
f we ta e the same tme precsey, and f we wsh
merey to now the reaton of one commodty to some
other or others n e change but the comparson ut-
tery fas f we ta e dfferent perods, and more espe-
cay f we refer to the man characterstc of the vaue
of a commodty, namey, the dffcuty of obtanng
t, or the mtaton of ts suppy compared wth the
demand.
ne of the most mportant reasons why practcay
money ma es a much better measure of vaue than
any other commodty s, that ts reaton to common
abour not ony changes more sowy than coth, cot-
ton, ron, hops, c. but that havng been adopted as
the amost unversa medum of e change, ts reaton
to abour n any partcuar pace must aways be
nown to the nhabtants of that pace and whe such1
reaton s nown and remans constant, the money
t rces of commodtes w not ony e press ther re-
atons to each other, but aso the dffcuty of obtan-
ng them, the condtons of ther contnued suppy, f
they are n an ordnary state, and the suppy com-
pared wth the demand n whatever state they may
be, whch w ncude of course ther power of pur-
chasng arsng from a the ntrnsc causes of vaue
whch may have operated upon them.
onse uenty money, under these crcumstances,
that s, whe ts reaton to abour s nown and re-
mans constant, s a measure both of reatve and n-
trnsc vaue n e change.
ut f the ony cause whch prevents money from
beng such a measure s, that ts reaton to abour s
not constant, t woud appear, that as the abour whch
a commodty w command s necessary a measure
|

4
:
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
96 T ATU , AU , A D . .
of reatve vaue e money, the substtuton of abour
- so apped nstead of money w gve the measure
we want.
t remans, therefore, to be consdered more part-
cuary how far the abour whch a commodty w
command appears to be an ade uate measure of vaue
n e change at dfferent perods and n dfferent coun-
tres, accordng to the most usua and correct sense n
whch the term s practcay apped and t w be
recoected that have endeavoured to show, and
trust wth success, that ths sense s not the genera
power of purchasng possessed by a partcuar com-
modty, but ts power of purchasng arsng from n-
trnsc causes, whch ncudes a the causes, of what-
ever nd they may be, whch have contrbuted to the
mtaton of ts suppy compared wth the demand.
eepng n mnd, therefore, the meanng attached
to the term vaue of a commodty at a partcuar tme
and pace, et us compare the vaues of two commo-
dtes, one of whch was produced n the tme of
dward . and the other n the tme of am .
And frst et us suppose, for the sa e of cearness,
that the common agrcutura abour of each perod,
whch may be ta en as the standard, s e acty of the
same degree of strength, and s empoyed for the same
number of hours, and further, that there are some
commodtes whch, both at these perods and durng
the whoe of the nterva between them, are produced
by ths nd of abour aone, and brought to mar et
mmedatey.
Perhaps these suppostons have not been very far
from the truth n ths country snce the tme of d-
ward . shoud suppose that the physca strength
of the men of that perod was neary the same as at
present, and that an ordnary day s wor of agrcu-
tura abour was neary of the same ength and t
s generay aowed that at a tmes there are a few
commodtes produced by abour aone.
t s obvous that commodtes so produced woud,
at any partcuar perod, e change wth one another,
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 97
on an average accordng to the uantty of abour em-
poyed to obtan them and n comparng the vaues
of commodtes so produced at one perod wth the
commodtes so produced at the other perod, t seems
scarcey possbe not to aow that those commodtes
whch had been produced at each perod wth e acty
the same uantty of abour of the same descrpton,
and brought to mar et mmedatey, woud be supped
ordnary n the same proporton to the demand at
each perod, and be consdered as of the same vaue.
ow n regard to commodtes produced by abour
aone, and brought to mar et mmedatey, t s evdent
that the abour empoyed upon them must on an ave-| /
rage be precsey the same as the abour whch they t
w command. ut t s aowed that the reatons
of a commodtes to one another, however varousy
composed, are at the same tme and pace, e acty n
proporton to the uantty of abour whch they w
severay command. onse uenty f the vaues of
the commodtes produced by abour aone n the tme
of dward . be to the vaues of commodtes pro-
duced by abour aone n the tme of am . as
the uanttes of abour whch at each perod they
w command, t foows necessary, that the vaues
of a and each of the commodtes n the tme of d-
ward . however varousy composed, must be to the
vaues of a and each of the commodtes n the tme
of am . however composed, n the proporton
of the uantty of abour whch a and each w se-
veray command.
The vaue, therefore, of any commodty at ether
perod, whether arsng from the ntrnsc cause of a-
bour aone, or from abour combned n varous pro-
portons wth profts, rent, and ta es, or affected by
temporary scarcty or abundance, w be measured
by the uantty of the abour of each perod whch t
w command.
And that the correctness of so measurng the vaues
of commodtes, w not be n any degree dsturbed
by the varyng uantty of produce, or the varyng

G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
98 T ATU , AU , A D . .
wages whch the abourer may receve, w be obvous
from the foowng consderatons.
Let us suppose, what s probaby not far from the
truth, that a man who empoys hmsef n shrmpng,
earns about the same remuneraton as the common
agrcutura abourer, and et us further suppose, that
the shrmper n the tme of dward . coud on an
average brng home 800 shrmps a day. ow f at
a subse uent perod of some e tent, shrmps were to
fre uent the shores n greater abundance, so that 1600
mght ordnary be obtaned by a day s abour, and
the suppy of shrmps were doubed, t s ute certan
that we shoud say, and correcty say, that shrmps
had proportonaby faen n vaue, not that abour
had proportonaby rsen. n the same manner, f from
a dmnshed affu of shrmps to our shores, ony 400
coud be obtaned by a day s abour, t s e uay cer-
tan that we shoud say, and correcty say, that shrmps
had rsen n vaue, not that abour had faen.
The vaue of the shrmps woud be determned by
the suppy compared wth the demand. The demand,
n ths case, for the produce of a day s shrmpng woud
be accuratey represented by the power of commandng
a day s abour, whether the means of supportng the
abourer were abundant or scanty and the demand
beng gven, the vaue of a gven number of shrmps
woud be nversey as the suppy.
f t woud ta e the same man the same uantty
of abour to obtan 100 prawns, as t woud to obtan
400 shrmps, and yet he found t advantageous to con-
tnue gettng prawns, t woud be a great absurdty
to say that abour was atered n vaue on account of
the dfference n the returns and t woud be tte
ess absurd n the case prevousy supposed, f when
the abour advanced was e acty of the same charac-
ter, and empoyed for the same tme, to say that the
dfference n the produce obtaned, arsng from the
penty or scarcty of the artce compared wth the
gven demand of a day s abour, woud ma e any nd
of dfference n the vaue of the abour advanced.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. .| M A U ALU . 99
f the changes were n the uantty of abour em-
poyed, not n the uantty of fsh obtaned, the effects
woud not be dfferent. Though the whoe demand
mght be ncreased n the case of an ncreased popua-
ton, or dmnshed n the case of a dmnshed popua-
ton, yet the power of commandng a day s abour
woud st represent a gven and unchanged demand n
regard to ntensty and f on account of a greater num-
ber of compettors n the one case, and a smaer number
n the other, each man coud obtan n a day a smaer or
greater number offsh, the fsh woud become scanty or
abundant as compared wth a gven demand and ther
vaue woud st vary nversey as ther suppy, and
be measured n both cases by the uantty of abour
whch a certan uantty of them woud command.
t appears then that the varyng uantty of produce
obtaned by the same uantty of abour of a gven
character, where abour aone s concerned, whe t
mpes great ateratons n the vaue of a gven por-1
ton of the produce, does not ater the vaue of a gven
uantty of abour.
And t s e uay true that the varyng wages,
whether n corn or money, pad to the abourer at df-
ferent perods for abour of the same character, when
ths abour enters nto the composton of commodtes
combned wth profts, rent, ta es, or any other n-
trnsc causes of vaue, does not ater the vaue of the
abour tsef, or ds uafy t from beng used as a
measure.
n our own country there was a perod subse uent
to the regn of dward . namey from 1444, to the
end of the regn of enry . when, as far as the
documents on the sub|ect can be trusted, the abourer
earned neary two pec s of wheat a day, whe he
earned ess than a pec n the tme of dward .
and much ess than a pec towards the end of the regn
of zabeth. ow t s ute certan that the abourer
coud not for so ong a tme have had hs corn wages
neary doubed, f from some cause or other, or probaby
from a unon of dfferent causes, the suppy of corn had

G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
100 T ATU , AU , A D . .
s|
not become more abundant n reaton to the consu-
mers and whether ths was occasoned by the destruc-
ton of the popuaton durng the cv wars, or by the
ncreased growth of corn on the brea ng up of the
feuda system, or by a unon of both, the effect woud
be|ust the same on the suppy as compared wth the
demand. Man, wth hs wants and powers, t must
be aways recoected, s the prmary source of a de-
mand and n ths respect the ncrease or decrease of
popuaton s dstnct from the ncrease or decrease of
any commodty. f the uantty of cotton goods were
to be greaty dmnshed, ths woud probaby create
a greater, rather than a ess demand for wooen goods,
whereas f popuaton be dmnshed, a the artces
before consumed by t w for a tme become compa-
ratvey redundant, and some perhaps may ong con-
tnue to be produced wth greater facty.
The abourer, therefore, durng the perod auded
to, was abe to command a greater uantty of corn,
whch was un uestonaby an ncrease of weath to hm
but he obtaned ths ncrease of weath because corn
had faen n vaue, not because abour had rsen n
vaue.
Any ob|ect whch contnues of the same vaue must
necessary purchase more of an ob|ect whch has
faen n vaue.
The same reasonng appes to the abourer s varyng
money wages. n the tme of dward . the wages
of common abour were about three haf-pence a day,
whch aowng for the dfference n the uantty of
meta contaned n the same nomna sum woud be
e ua to about four-pence of our money. onse uenty,
supposng, the present money wages of common abour
to be twenty-pence or two shngs, the money prce
of abour snce the tme of dward . w appear
to have rsen fve or s tmes. ut no person, con-
ceve, magnes that the vaue of abour has so rsen.
e a now very we that the vaue of money has
faen, and f the abour has remaned unchanged n
ts character, the condtons of the suppy of a gven
uantty of sver, the eementary costs of ts produc-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 101
ton, the average state of ts suppy as compared wth
the demand, or ts power of purchasng at these df-
ferent perods arsng from ntrnsc causes, w be e -
acty represented by the uantty of abour whch the
gven uantty of sver w command at each perod.
f we now consder the vaues of commodtes n
dfferent countres at the same perod, and suppose the
character of the agrcutura abour to be of the same
nd, the same concuson w necessary foow. et
here an actua e change s practcabe and t s ute
certan that the products of the same uanttes of a-
bour of the same character, w, under dfferent cr-
cumstances e change for very dfferent uanttes of
money, whe we we now that money prces regu-
ate the rate at whch a actua e changes are made.
ut n cases of ths nd, and they are constanty
occurng, t s obvous, that the dfference n the mo-
ney prce of the products of the same uantty of a-
bour n dfferent countres, arses from the dfference
n the vaue of money, and not from the dfference n
the vaue of the abour. Metac money n a coun-
tres whch have no mnes of the precous metas, s
ony to be obtaned by e portabe commodtes and
the so, stuaton, and habts of some countres may
occason a comparatvey scanty producton of e ports,
athough ther abourers wor wth as much energy,
and sometmes n regard to domestc commodtes wth
as much s , as the great mass of the abourers of those
countres, where e portabe commodtes abound.
f two natons ute unconnected were to empoy
the same uantty of abour of the same character n
wor ng two sver mnes, one of whch had doube
the fertty of the other, there can be no doubt that
the suppy of sver compared wth the demand, or ts
vaue n e change arsng from ntrnsc causes, woud
be very much ower n the one country than n the
other and we shoud not hestate n sayng, that the
dfference n prces so occasoned, was owng to the
dfference n the vaue of money, not n the vaue of
the abour.
or ought the concuson, n my opnon, to be df-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
102 T ATU , AU , A D . .
ferent, f the appcaton of e ceent machnery n the
one case, and very ndfferent machnery n the other
mnes of the same natura fertty, were to produce
the same dfference n the state of the suppy of sver
compared wth the demand, and the same purchasng
power arsng from ntrnsc causes as n the former
case. n the country of machnery, not ony the a-
bour of the mner, but a abour woud be hgh n
money prce and n comparng the two countres to-
gether, the natura and usefu anguage woud be,
that whe the vaue of the abour was the same n
both countres, the vaue of sver was most essentay
dfferent. The same sacrfce of physca force, sup-
posng the profts and other crcumstances n both
countres to have been the same, had probaby pro-
duced n one country doube the uantty of sver
whch t had produced n the other.
rom a the accounts we have of the hnese
setters n dfferent parts of the ast, t appears that
the abourng casses n hna, are remar abe for
ther ndustry and energy, and even for ther s n
ma ng those domestc artces where superor ma-
chnery s not re ured. e cannot therefore |usty
say that hnese abour, ndependent of machnery, or
other partcuar advantages, s not as effectve as our
own. et we we now that the money prce of abour
s e tremey ow n hna, and ths s obvousy owng
to the sma amount of e ports compared wth the po-
puaton, and the prodgous e tent of terrtory, n-
cudng a arge part of Tartary, over whch the pre-
cous metas whch are mported nto hna w be ne-
cessary spread, so as to throw the greatest magnabe
obstaces n the way of a fa n ther vaue the con-
se uence of whch naturay s, that they have faen
comparatvey but tte n vaue snce the dscovery of
the Amercan mnes and the eementary cost of pro-
ducng a pound of sver, the uantty of hnese a-
bour, profts, rent, c. whch must be wor ed up n
the commodtes e ported to purchase t, are very
much greater than n urope. Under these crcum-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 103
stances t woud surey be most preposterous to mea-
sure the vaue of hnese abour n hna by money,
nstead of measurng the money by the abour.
et, st t s perfecty true, that a hnese com-
modty carred to amburgh woud be sod at ts
hna money prce, wth the addton of the freght,
nsurance, profts, ec. of the ast voyage and an
ngsh merchant purchasng amburgh and hnese
goods, woud un uestonaby estmate ther reatve
vaues by ther cost n money, wthout the east refe-
rence to the very dfferent uanttes of abour whch
had been empoyed n obtanng them or f he chanced
to hear somethng about the greater uantty of h-
nese abour empoyed on the artces from hna, for
whch he had pad the same prce as for the am-
burgh goods, he woud be ncned, and not very un-
naturay, to estmate the vaue of hnese abour
very ow. t s most |usty observed by Adam mth,
that the merchant, n a hs transactons, has ony to
consder money prces.
To a merchant, therefore, vng n London and pur-
chasng goods at amburgh, hnese abour, f est-
mated at a, woud necessary be estmated at a ow
vaue. ut he woud fa nto a gross error f he were
to nfer that t was therefore ow n hna. hen
the vaue of money, or of any other artce n hna
s spo en of, t woud mpy a gross perverson of an-
guage to suppose that the person spea ng meant the
vaue of hnese money, hnese goods, or hnese
abour n amburgh or London. The e presson n
hna, cannot mean n amburgh, or n London. hat
aone can be correcty meant by the vaue of money,
or of any other commodty n hna s, the estmaton
n whch such money s hed n hna, determned at
a tmes by the state of the suppy compared wth
the demand, and ordnary by the eementary costs
of ts producton n hna, or what comes to the same
thng, the vaue of money n hna, s ts power of
purchasng n hna, arsng from ntrnsc causes.
And as t s obvous, that the uantty of hnese a-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
104 T ATU , AU , A D . .
bour whch a pound of sver w command, must
measure ts power of purchasng n hna, arsng
from ntrnsc causes t foows, that the vaue of mo-
ney or of any other commodty n hna, s measured
by the uantty of hnese abour whch a gven por-
ton of t w command.
t s thought by some persons, that the cheap food
and sma uantty of t whch s supposed to be
earned by the hnese abourer, must mpy a ow
vaue of abour but f thngs are n ther natura
state, what t reay mpes, s, that ths food, how-
ever ow n vaue t may appear to us, s of hgh vaue
n hna. The great demanders of the commonest
sort of food n a countres are the abourng casses
and f a abourer n ordnary empoyment, and wor -
ng wth ordnary energy and s , can, on an average,
ony obtan a comparatvey sma uantty of such
food, t s a proof that ts permanent suppy compared
wth the demand s very scanty, and on the common
prncpe of suppy and demand, t must be of hgh
vaue there.
To come to an nstance nearer home. There s
reason to beeve that the common abourer of the
etherands s as strong, and wor s for as many hours
n the day as the ngsh abourer. n the great
busness of agrcuture, n whch so arge a part of the
popuaton of every country s empoyed, he s sup-
posed to be pecuary s fu, and n many manufac-
tures he has been generay consdered as e ceng the
wor men of most of the countres of urope. et hs
wages measured n money are decdedy ower than
n ngand. s ths owng to the ower vaue of a-
bour n the etherands, or the hgher vaue of money
To the atter most assuredy and the cause of t un-
uestonaby s, that though the great mass of the a-
bourers n the etherands may wor wth as much
energy and s as the great mass of ngsh a-
bourers yet a certan proporton of the atter, asssted
by superor machnery, more abundant captas and
cheaper fue, are abe to produce a arge uantty of
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 10
e portabe manufactures at a ower money prce than
they can be produced n the etherands whch, to-
gether wth some superorty n coona products, ena-
bes ngand to mantan her e changes, athough she
pays a hgher money prce for her abour, the dffer-
ence n profts beng nconsderabe.
t w be sad, perhaps, that the hgher money
prce of corn and abour n ngand s entrey owng
to the corn aws, whch prevent the money prce of
ngsh corn from fang to the prce of corn n the
etherands. t s ndeed neary certan, that f the
corn aws were repeaed, ngsh abour and the ge-
nera scae of ngsh prces woud be ower. ut t
s st more certan, that no possbe corn aws coud
prevent the prces of our corn and abour from fang
to the eve of the rest of urope, f we possessed no
natura or artfca advantages n regard to our e -
portabe commodtes. upposng the prce of ngsh
common abour to be twenty-pence or two shngs,
and of contnenta abour fourteen or s teen-pence,
each bearng the same reaton n each country to
manufacturng abour, wth no more dfference of
profts than at present prevas, t s ute obvous,
that wthout some pecuar advantages to baance the
prce of our abour, we coud not possby mantan
our e changes, and coud not, n fact, e port a snge
yard of coth or caco, t the e changes had con-
tnued aganst us a suffcent tme to rase the vaue
of money and ower the money prces of abour and
corn to the eve of the prncpa countres wth whch
we were connected n commerce.
An nstance of somewhat a dfferent nd w tend
further to ustrate ths sub|ect.
t s generay consdered that abour s very scarce,
and of very hgh vaue n the Unted tates of Ame-
rca, and that n conse uence the agrcutura a-
bourer s pad much hgher both n wheat and money
than n ngand. n wheat t s supposed that he
earns 18 or 20 uarters n the year, whe the n-
gsh abourer ony earns 9 or 10. ut s t propery
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
106 T ATU , AU , A D . .
the Amercan abour whch s of so much hgher
vaue than the ngsh abour or the Amercan
wheat whch s of so much ower vaue n Amerca,
than the ngsh wheat n ngand t s n the
nature of thngs ute mpossbe, as we have sad
before, that the abourers of any country can contnue
to be pad an amount of products of so hgh a vaue
as the vaue of what they are themseves abe to pro-
duce for ther empoyers because f they were so
pad, ther empoyers woud aways be osng by so
empoyng them. onse uenty the Amercan a-
bourers, pad as above stated, must be abe to pro-
duce consderaby more than 18 or 20 uarters be-
cause, we now that profts are hgh n the Unted
tates whe t may fary be presumed that on ands
n ngand whch yed the east rent, the ngsh
abourer produces a ess e cess above the 9 or 10
uarters than the Amercan abourer above the 18 or
20 uarters. an any thng show more ceary that
the dfference s n the ower vaue of the corn, and
not n the hgher vaue of the abour. And ths df-
ference s obvousy occasoned by the great abundance
of ferte and n Amerca, and the conse uent fac-
ty wth whch corn s obtaned.
ut the Amercan abourer s aso pad hgher n
buon, n the currency of the commerca word and
how comes t that buon shoud be obtaned wth more
facty n the Unted tates than n ngand, when t
s we nown that the ngsh abourer wor s for as
many hours n the day, wth as much strength, and wth
at east as much s as the Amercan abourer
The ower vaue of money n ngand compared wth
the vaue of money n most of the states of urope,
has appeared to arse prncpay from the cheapness
of our e portabe manufactures, derved from our su-
peror machnery, s , and capta. The st ower
vaue of money n the Unted tates s occasoned by
the cheapness and abundance of her raw products de-
rved from the advantages of her so, cmate, and s-
tuaton. otwthstandng the scarcty of abour n the
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
h . . M A U ALU . 107
Unted tates, t woud be obvousy mpossbe for the
country to mantan the money prce whch she actu-
ay pays for her abour, f, n spte of such prce, she
were not abe from her stuaton, and the state of her
so, to produce raw cotton, tobacco, corn, tmber, c.
n arge uanttes at a ower money prce than most
of her compettors n the uropean mar ets. The state
of the demand n these mar ets for corn, tends to rase
the prce of the Amercan corn, whch s e ported to-
wards the eve of the money prces n urope. The
prce of the Amercan corn whch s e ported natu-
ray rases the money prce of Amercan corn n ge-
nera and the very great demand for abour n Ame-
rca compared wth corn, by awardng to the abourer
a arge uantty of t, necessary ma es the money
wages of abour hgh whe the abundant e ports of
other raw products obtaned wth great facty, afford
the means of mantanng the e changes under so hgh
a buon prce of abour.
As a matter of un uestonabe fact, the eementary
cost of obtanng a pound of sver n the Unted tates
s ess than n any country of urope. A much sma-
er uantty of abour, of a character and uaty hardy
e ua to that of ngand, s empoyed, wth other out-
gongs estmated n the same nd of abour, to pro-
duce the artces whch purchase t and nether the
dfference n profts, nor the dfference n the prce of
abour, s such as to counterbaance ths facty of pro-
ducton, and prevent the abundance of e ports.
Un uestonaby the Amercan abourer s rcher, and
much better off than the ngsh abourer. e obtans
the command of a uantty of food more than suffcent
to mantan the argest famy and from the hgh bu-
on prce of hs abour, he can afford n genera to pur-
chase a far uantty both of home and foregn manu-
factured goods. ut he evdenty does not purchase
what he obtans by a greater sacrfce than the ng-
sh abourer. e does not gve more for what he re-
ceves, but receves more for what he gves and uness
we mean to ma e uantty of products the measure of
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
108 T ATU , AU , A D . .
vaue, whch woud ead us nto the most absurd and
ne trcabe dffcutes, we must measure the vaue of
what the abourer receves n the Unted tates by the
abour whch he gves for t. e must ma e the pro-
per dstncton between vaue and rches, and say that
he s rch, not because he possesses a greater vaue to
gve n e change for what he wants, but because what
he wants, or the man artces whch consttute hs
rches, are obtaned wth much more facty, and are
reay more abundant and cheaper than they are n
urope.
n those numerous cases, therefore, where the great
mass of the day abour of dfferent countres s of the
same character n regard to physca strength and du-
raton, such abour must be a measure of vaue e acty
of the same nd as the abour of the same country at
dfferent perods. And whe we avod the gross error
of confoundng the vaue of money, or of any other
commodty n one country wth the vaue of the same
uantty of money, or of any other commodty n ano-
ther country, or n the genera mar et of urope, t
w appear that the abour of each country for whch
any commodty w e change, must measure ts e -
changeabe vaue n that country, or ts power of pur-
chasng n that country arsng from ntrnsc causes.
therto we have assumed that the abour of the
same descrpton n dfferent perods and countres, s
of the same character as to strength, s , and dura-
ton. t remans to be consdered, whether n dfferent
countres at the same perod, where t s nown that
the character of the abour s essentay dfferent, and
n the same country at dfferent perods, when t may
be supposed that the character of the abour has chang-
ed, the proposed measure may st be consdered as
correct.
And here t s probabe that the measure w not be
consdered so satsfactory as n those cases where the
abour s e acty of the same character. et, whe
t s obvous that the reatve vaues of a commodtes
n every country may be accuratey measured by the
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 109
abour whch they w command n that country, t
must be aowed that there s no other way of appro -
matng towards the other great ob|ect of a measure
of the vaues of commodtes, namey, a nowedge of
the desre to possess, and the dffcuty of obtanng
possesson of them, or the mtaton of ther suppy
compared wth the demand, than by comparng them
wth the abour of the country n whch they are pro-
duced or e changed, whatever may be ts character.
And t appears, that f we adhere to that defnton of
the vaue of a commodty, whch on other grounds has |
been shown to be the most usefu and correct, such |
abour w measure t: and as no other ob|ect or ob-
|ects w approach to such a measure, t may wth pro- |
prety be consdered as the standard.
The defnton of the vaue of a commodty at a 1/
partcuar pace and tme, s stated to be the est-
maton n whch t s hed at that pace and tme, de-
termned n a cases by the state of the suppy com-
pared wth the demand, and, ordnary, by the ee-
mentary costs of ts producton, whch reguate that
state or what comes to the same thng, ts power
of purchasng at that pace and tme, arsng from n-
trnsc causes.
ow supposng that n nda the abourers do not
wor ether wth so much strength, or for so many
hours n the day, as the ngsh abourers, what w
be the resut not every artce produced by a-
bour be more scanty supped compared wth the
numbers and wants of the popuaton And to obtan
such an artce must not a greater number of days
abour, wth the necessary wages to support the a-
bourer for the greater number of days, be unavodaby
sacrfced That s, every such artce w be of hgh-
er vaue, as determned by the state of the suppy
compared wth the demand, and ordnary by the ee-
mentary costs of producton. ut t. has been shown
that n ever pace at any one tme, the vaue of a
commodty produced by abour aone s to the vaue
of a commodty however compcated n ts mode of
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
110 T ATU , AU , A D c . .
producton, as the uantty of abour whch the sm-
pe commodty w command to the uantty of a-
bour that the compcated commodty w command.
onse uenty, f a certan pece of musn n ngand
commands fve days ngsh abour, and a pece of
musn n nda, the same n uantty and uaty, w
command thrty days ndan abour, the natura n-
ference s that the pece of musn n nda s hed
there n s tmes greater estmaton than n ngand,
founded on the mtaton of ts suppy compared wth
the demand, and the greater eementary costs of ts
producton or, n other words, that ts purchasng
power n nda, arsng from ntrnsc causes, s s
tmes greater, whch, accordng to the defnton, s the
same as sayng, that the vaues of two smar peces
of musn n the two dfferent paces, s measured by
the uantty of abour n each pace whch they w
respectvey command.
ut the vaue of money at any partcuar pace and
tme can ony be determned and measured e acty n
the same way as the vaue of any other commodty.
onse uenty, the vaue of money at any partcuar
pace and tme n nda w be there and then deter-
mned by the state of ts suppy compared wth the
demand, and ordnary by the eementary costs of ts
producton, and w be measured by the uantty of
the standard abour of the country whch t w com-
mand.
t foows, as a necessary conse uence, that the money
prces of a commodtes produced n dfferent coun-
tres, at the same eementary costs, and e stng n the
same state of the suppy compared wth the demand,
w, when brought to a common mar et n urope,
be proportoned nversey to the vaue of money n the
country where they are produced. And ths, be-
eve, s the rate at whch a foregn commodtes
practcay se for n any common mart of urope,
after the money e penses and profts of the ast voyage
are aowed for.
ecoectng then aways, that have not been n-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . . M A U ALU . 111
urng for some ob|ect whch appro mates to a
standard measure of vaue n e change, on the suppo-
ston that the proper defnton of the vaue of a com-
modty s ts power of purchasng generay, but upon
the supposton that the most usua, the most usefu,
and therefore the most correct nterpretaton of the
term, s ts power of purchasng arsng from ntrnsc
causes, we may safey consder abour as the ob|ect
whch w answer the purpose re ured and say,
that the vaue of a commodty at any tme, and at any
pace, may be measured by the uantty of the stan-
dard abour of that tme and pace, whch t w e -
change for or command.
ecton . n the Practca Appcaton of the
Measure of aue, and ts genera Use and Advan-
tages.
The practca appcaton of the measure of vaue
proposed, w not n genera be dffcut. n ths res-
pect t has a prodgous superorty over the genera
power of purchasng, a measure whch t s mpos-
sbe practcay to appy wth any approach towards
precson. ut when we confne our vew to the
power of purchasng arsng from ntrnsc causes,
we are abe to measure the varatons n ths power,
by the varyng uantty of a specfc ob|ect for whch
t w e change and the practca appcaton of
ths ob|ect s rendered easy, by referrng to the money
prces of commodtes and abour.
Thus, f the reatons of two or three commodtes
n e change, such as coth, sver, and corn, for n-
stance, have atered n ths country, snce the tme of
cannot hep thn ng, that f a certan nterpretaton of a
partcuar term s at once the most usua, and the most usefu,
t may |usty be consdered as the most correct, and the one
whch ought to be adopted n a proper nomencature.
n a the successfu nstances of entrey new nomencatures n
any scence, t s ther obvous and pre-emnent utty, whch
ma es up for the dsadvantage of ther novety.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
v112 T ATU , AU , A D . .
enry ., and we wsh to now, n whch, and to
what e tent n each, a change of vaue has ta en pace,
we must begn by n urng what were the money
prces of coth, wheat, and of common abour n the
tme of enry . compared wth what they are now.
t appears from a statute passed n the fourth of
enry . that the ordnary prce of a broad yard of
the fnest scaret graned, or other graned coth of the
fnest ma e, was 16 shngs, and 16 shngs at that
tme contaned the same uantty of sver as 24 of
our shngs, before the ate new conage. At present
there s reason to beeve that coth of the same, or
probaby of superor uaty, coud be obtaned for
20 shngs. ut the proporton between 24 and 20
woud e press merey the reaton between coth and
sver at these dfferent perods, and woud gve us no
sort of nformaton as to the reatve dffcuty wth
whch each of these ob|ects was obtaned, or the de-
gree n whch one or both had atered n vaue. or
ths purpose we must refer to the money prces of stan-
dard abour. The money prce of common agrcu-
tura abour n the tme of enry . was 4 pence a
day, contanng as much sver as 6 pence of our
present money. f we ta e the present money wages
of common abour at 10 shngs a wee , or 20 pence
a day, and compare the prce of coth wth ths prce
of abour, t w appear that a yard of fne coth n the
tme of enry . woud command 48 days abour,
and a yard of fne coth at the present tme 12 days
abour from whch we may safey nfer, that suppo-
sng these prces to have been what Adam mth cas
natura prces, the dffcuty of obtanng coth of the
same uaty, or theordnary suppy of coth compared
wth the demand, had ncreased four tmes.
omparng n the same manner sver wth abour,
t appears that as n the tme of enry . 6 pence
woud command the same uantty of abour of the
same character, as 20 pence at the present tme, s-
ver w appear to have faen n vaue 3 tmes.
And further, f we compare corn and abour at these
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 113
two perods, t w appear that wheat, nstead of fa-
ng n vaue e coth and money, had rsen very
consderaby. n the tme of enry f. the prce of
abour as before stated was 4 pence a day, and the
average prce of the uarter of wheat was 6s. 3 /.
from whch t appears that a uarter of wheat woud
ony purchase 18 days abour, whereas ta ng abour
at 20 pence a day, and the present prce of wheat at
60 shngs a uarter, the uarter w command 36
days abour. The abourer n the tme of enry .
coud purchase a pec and -r of a pec by a day s a-
bour at present he can ody purchase f of a pec
and atogether the vaue of wheat has rsen n the pro-
porton of 10 to above 19, or has neary doubed.
e must of course proceed n the same manner n
estmatng the vaues, and the changes n the vaues of
commodtes n dfferent countres.
t s proper, however, to menton, that n ta ng
the average money prce of abour n dfferent coun-
tres, and at dfferent tmes, a cauton s necessary s-
mar to that whch s gven by Adam mth, n spea -
ng of the genera e uaty of wages. e very |usty
observes, that they must be n ther natura and ord-
nary state, and the soe or prncpa support of the a-
bourer and partcuary remar s, that the abour of
cotters w often be cheaper n appearance than t s
n reaty. n the cotter system, the abourers receve
a certan porton of and from a andord or farmer,
whch s pad for n abour, at a very ow addtona re-
muneraton when that abour s caed for. Durng
the greater part of the year, however, ther abour s
not wanted, and the cutvaton of ther own tte
porton of and not beng suffcent to occupy the tme
whch s eft at ther own dsposa, they are generay
The reader shoud be aware that ths refers ony to a part-
cuar perod, from about 1444 to 1 09, when wheat seems to have
been unusuay pentfu, and ow n vaue. Ta ng a century
earer, wheat was of about the same vaue as at present, and a
century ater t was of much hgher vaue, and the abourer was
much worse off than at present.

G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
114 T ATU , AU , A D c . .
wng to offer ther abour for a very sma recom-
pense to any body who w empoy them. ut t s
evdent that the day or wee y recompense whch
such abourers receve n money, ether from ther
proper masters or others, s not the whoe prce of ther
abour, though, as Adam mth observes, t has been
consdered as the whoe of t by many wrters and
n conse uence the wages of abour have been n these
cases represented as much beow the truth. Ths was
the state of thngs not ong snce n cotand and t
st prevas very generay n reand.
A smar observaton appes n those cases where
the wages of abour are pad n part out of the Parsh
rates. The money whch the abourer receves from
hs empoyer s not the whoe of what goes to the man-
tenance of hmsef and hs famy. t woud not fuf
the necessary condtons of the suppy of such abour,
and cannot therefore be consdered as ts natura re-
muneraton n the dstrct n whch t s empoyed.
A further cauton-to be notced s, that n estmatng
the prce of agrcutura abour n any dstrct, t must
be the abour whch s actuay and wth average con-
stancy empoyed and pad, and not that the prce of
abour whch n a temporary defcency or e cess n
the demand for abour, may fa so ow, or rse so hgh,
that t cannot be mantaned. t must not n short be
the average yeary wages of those who are ony haf
empoyed, or the day wages of a tme of harvest.
hen these crcumstances, however, have been pro-
pery attended to, and the wages we ta e as the ord-
nary wages of any partcuar country or dstrct are
the whoe of the natura and necessary condtons of
the suppy of abour, we may fary presume, that
whether the uantty of money, or of necessares pad
to the abourer be great or sma, the vaue of ths
uantty w be the same.
n genera where the facty of producton s great,
the abourer w obtan a arge uantty of them, as
n new coones favouraby crcumstanced, and n the
Unted tates of Amerca. n the other hand, where
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. .| M A U ALU . 11
from the demand of a greaty ncreased popuaton, cu-
tvaton s pushed upon poor and,and producton s df-
fcut, the abourer, though he may obtan a arger pro-
porton of what he produces, w receve a smaer
uantty of produce. ut t s obvous that the smaer
uantty n the atter case s obtaned wth |ust as much
dffcuty as the greater uantty n the former case.
There are, however, nstances where t may at frst
sght appear that what the abourer receves as wages
s produced wth facty, and yet the uantty he re-
ceves s very sma but t must aways be recoected,
that the abour actuay empoyed n the producton
of wages, s never the soe eement of ther vaue. Pro-
fts are unversay another eement, and n some cases,
ta es and unnatura rents may rase the vaue of pro-
duce n an unusua proporton beyond the abour em-
poyed n ts producton. n those countres where
the soveregn s the propretor of the so, f he re ures
an e orbtant proporton of the produce from a the
and that s cutvated, he may eave the poor cutvator
ony what s |ust suffcent to support hm, athough
the ast and ta en nto cutvaton may be ferte. n
ths case many of the effects of natura e hauston and
barrenness are produced artfcay. Much good and
s eft uncutvated, and the popuaton presses hard
aganst the mts of that uantty of necessares whch
can aone be obtaned by the abourer. To earn a very
scanty support, he must ma e a great sacrfce and
a sma uantty of produce thus becomes of great va-
ue, owng to the mtaton of the suppy compared
wth the demand, notwthstandng the rea facty of
producton. ome parts of nda have un uestonaby
at tmes e empfed ths state of thngs and such
nstances form no e cepton to the genera rue, that
the vaue of the wages gven to the abourer n any
t s sad that under yder Ay and Tppoo utan, -| of the
produce were often ta en as rent. f ths were genera, much
ferte and mght be ept out of cutvaton, and the abourer mght
be pad mseraby, athough the productveness of abour on the
poorest and cutvated was great.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
116 T ATU , AU , A D . .
country can ony be measured by the uantty of the
ordnary abour of that country whch he gves n e -
change for them.
ut the ndan abourer receves a smaer uantty
of money as we as of necessares for hs day s wor
and ths s because money aso s very dffcut of at-
tanment n nda, the manufactures sent abroad to
purchase t, havng cost a great mass of abour, pro-
fts, and rent.
- | t foows that n measurng the vaue of money at
any tme and pace, and the rse or fa of ths vaue
at dfferent tmes and n dfferent paces, we have ony
to refer, wth the cautons above mentoned, to the
money prce of common agrcutura abour. n every
country, ths sort of abour, as have sad, may be
consdered as the standard nto whch every other nd
of abour s resovabe, and no dffcuty w arse from
the ac nowedged fact that a great part of the abour
of every country s of a hgher vaue than the standard.
f the abour of a common |ourneyman watchma er
be pad at the rate of ten shngs a day, and that of
a common agrcutura abourer at twenty-pence, the
ony effect w be that each day s abour empoyed on
the watch, w communcate to that watch a vaue n
e change arsng from ntrnsc causes e uvaent to
that of s days of the standard abour and the power
of the standard abour to measure the dffcuty of ob-
tanng the watch w n no degree be mpared. Ths
observaton appes to a commodtes by whatever
nd of abour they are produced. n short, f we are
entted to assume, as thn we are, from what has
been sad n the precedng sectons, that n the natura
and ordnary state of thngs, a gven uantty of stan-
dard abour apped to the producton of any commo-
dty, communcates to t a gven vaue n e change
arsng from ntrnsc causes and f by vaue n e -
change, when nothng ese s added to the term, we
mean vaue n e change arsng from ntrnsc causes,
t foows, that, contrary to the usua mpressons on
the sub|ect, there must be a measure of the vaues, of
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 117
commodtes however composed, and that measure can
ony be abour.
The specfc reason, as t appears to me, why t has
been generay supposed that there cannot be anythng
e a standard measure of vaue, s, that the prncpa
founder of the scence of potca economy, Adam
mth, has gven a defnton of vaue n e change,
not ony dfferent from that meanng n whch t s
practcay, and most fre uenty, apped, but ute
nconsstent wth the specfc measure of vaue whch
he has hmsef proposed. f by the vaue of an ob|ect
n e change, be meant, as Adam mth has stated, the
power of purchasng other goods whch the possesson
of that ob|ect conveys, then, as t s ute certan that
such power may ncrease from the facty of pro-
ducng other goods as we as from the dffcuty of
producng the ob|ect n ueston, t s e uay certan
that there can be no measure of the vaue of such ob-
|ect and that when n the same page he spea s of
the rea measure of ths e changeabe vaue, and af-
terwards dstncty proposes the abour whch a com-
modty w command at that measure, and enters upon
an eaborate n ury nto the vaue of sver durng
the four ast centures, he proceeds upon a prncpe
n the appcaton of whch he contradcts at every
step hs frst defnton. These contradctons were no
doubt cacuated to produce mpressons unfavourabe
to the e stence of a standard measure of vaue. uch
at east were the mpressons produced on mysef. f, y
however, he had mted hs defnton of the e chang-
abe vaue of a commodty to ts power of purchasng
arsng from ntrnsc causes, or the estmaton n whch
t s hed determned by the state of the suppy com-
pared wth the demand, and, ordnary, by the ee-
mentary costs of ts producton, whch s un ueston-
The word vaue, t s to be observed, has two dfferent mean-
ngs, and sometmes e presses the utty of some partcuar ob-
|ect, and sometmes the power of purchasng other goods, whch
the possesson of that ob|ect conveys. The one may be caed
vaue n use, the other vaue n e change. oo . ch. v. p.
42, 6th edton.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
118 T ATU , AU , A D . .
aby the sense n whch he appes t hmsef, and n
whch t s most fre uenty apped by others, the mea-
sure he has proposed woud have been consstent wth
hs defnton, and both woud have been |ust.
The ueston, therefore, of the e stence of a mea-
sure of vaue depends upon the sense n whch we
understand the term vaue n e change and have
fuy gven my reasons for thn ng, not ony that the
mted sense |ust adverted to s the sense n whch the
term s most fre uenty apped, but that t s the sense
n whch t s most usefu and mportant to now the
e changeabe vaue of an ob|ect, and the ony sense
n whch we can arrve at any practca concusons
approachng towards dstnctness and precson, when
we spea of a rse or fa n the vaues of commodtes.
t s not a tte dscredtabe to a branch of now-
edge whch cams to be caed a scence, that the
meanng of a term whch s constanty met wth n
every wor on potca economy, and constanty heard
n every conversaton on the sub|ect, shoud not yet
be setted. ut whe t s most fre uenty used n a
sense dfferent from that n whch t has been most
fre uenty defned, t must be aowed that the ues-
ton reatng to the most correct and usefu defnton
of t, s st open for dscusson and though t s
we nown from e perence that those who have once
pubcy supported partcuar opnons are not ey
to change them yet oo ng to the future when t s
scarcey possbe to suppose that the pont shoud not
be setted, every effort to contrbute to what s con-
ceved to be a |ust and usefu decson on the very
eements of the scence must be fuy warranted.
The anguage of potca economy has been much
factated, and much ndstnctness and unnecessary
crcumocuton has been prevented by the defnte
meanng whch has been gven to the term prce, or
nomna vaue. Though t s aowabe to say prce
n corn, prce n coth, or prce n any other artce
named yet, when the term prce occurs, as t gene-
ray does, wthout any such ad|unct, t s unversay
understood to mean money prce.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 119
A smar advantage woud be ganed, f, when the
term vaue of a commodty, or ts vaue n e change,
were made use of, as t generay s, wthout any ad-
|unct, t were unversay understood to mean vaue n
e change arsng from ntrnsc causes, whch vaue
t has been shown may be measured by abour.
t cannot be too often repeated, that for short pe-
rods when the vaue of money s consdered as neary
constant, we unformy measure the varatons of vaue,
as we as the varatons of prce by money and t s
ute certan that money, under these crcumstances,
can ony measure the varatons n the vaue of a com-
modty arsng from ntrnsc causes, and has nothng
to do wth causes whch are e trnsc.
t may ndeed sometmes be desrabe to now how /
far a partcuar commodty, or a certan uantty of
money may go n the purchase of other goods but
even n ths case, f t were possbe to conceve an
artce whch woud represent the mass of a others,
t may be doubted whether the power of commandng
such an artce woud gve the nformaton wanted.
hen such n ures are made, t s generay wth a
vew to the power of the ncomes of partcuar casses
to enabe them to ve n the way they wsh. -
The most nterestng and usefu n ury of ths nd /
s to ascertan the amount of necessares, and of ord-
nary convenences and u ures whch can be obtaned
n dfferent countres by the money wages of abour.
ut f the vaue of the money wages receved by the
abourer coud be measured by some artce whch
woud represent the mass of a purchasabe commo-
dtes, as such a measure woud be affected by a arge
uantty of commodtes unconnected wth the wants
of the poorer casses of purchasers, t woud not gve
us the nformaton re ured respectng the condton
of the abourer.
n the other hand, f the n ury reated to the power
hen t s sad that the e changeabe vaue of a commodty
s determned by ts power of purchasng other goods, t may most
reasonaby be as ed, what goods t woud be absoutey mpos-
sbe to appy a goods as a measure.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
120 T ATU , AU , A D . .
of an ncome of three thousand a year n dfferent coun-
tres, the prces of many of those commodtes whch
ony tended to render the measure ncorrect n the for-
mer case, woud probaby be the most mportant n the
atter.
t s obvous, therefore, that a measure representng
the mass of commodtes, or the genera power of pur-
chasng, even f attanabe, whch, however, s mpos-
sbe, woud not ony, as formery stated, fa entrey
n reference to the man characterstc of vaue, but
woud be very unsatsfactory n the n ures above
mentoned. And n such cases we ought never to use
the term vaue, or vaue n e change by tsef, but add
specfcay the nd of artces, n the purchase of whch
the ncomes woud be chefy spent.
,1 hen, therefore, the vaue of a commodty at any
pace and tme s spo en of, wthout e pressng some
ob|ect or ob|ects wth whch t s ntended to compare
t, we may safey understand by t that vaue whch
arses from ntrnsc causes and f abour, apped n
the mode proposed, be consdered as the measure of
such vaue, t foows necessary that nether money,
nor any other commodty, can ever correcty perform
the functons of such a measure, e cept whe t con-
tnues to bear the same reaton to abour.
t has been |usty stated by Adam mth, that corn
s a better measure of vaue from century to century,
than money, and the specfc reason whch he gves for
t s, that ts reaton to abour s more constant than
that of any other commodty. ) ut f ths be the rea-
son why corn at dstant perods may be consdered as
a better measure of vaue than any other product of a-
bour, t mpes dstncty that t cannot be so good a
measure of vaue as abour tsef.
t s not a tte surprsng that the Mar us de Gar-
ner, M. ay, and some other wrters, seeng the m-
possbty of appyng the mass of commodtes as a
The uantty of goods whch a commodty w command, does
not ascertan the dffcuty of gettng possesson of t.
t oo . ch. v. p. 4, 6th edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 121
measure of vaue, and wshng, therefore, to refer to
someoneob|ectwhch mght ma e the nearest approach
to t, shoud have preferred referrng to corn nstead
of abour, when t s we nown that corn not ony va-
res greaty n the dffcuty of obtanng t, from tem-
porary abundance, or scarcty, but that very great a-
teratons may ta e pace for ffty or s ty years toge-
ther n the same country, and n dfferent countres, at
dfferent perods n the progress of cutvaton, for a
much onger perod.
Adam mth hmsef, n hs Dgresson concern-
ng the vaue of sver durng the four ast centures,
by referrng most unaccountaby to the prces of corn,
nstead of to the measure whch he had hmsef pro-
posed, has faen nto the very gross error of ma ng
the vaue of sver rse n the proporton of from two
to three n the nterva between the mdde of the four-
teenth, and the end of the ffteenth century, nstead of
fang n the proporton of from three to two, whch
woud have been the |ust concuson, f he had apped
abour as hs measure nstead of corn and surey he
was bound to do ths, after sayng Labour, t must
aways be remembered, and not any commodty, or set
of commodtes, s the measure not ony of sver, but
of a other commodtes. n the nstance of error to
whch have referred, corn had so essentay atered
n ts reaton to abour for ffty or s ty years together,
and had faen so much n vaue, that a day s abour
woud purchase neary two pec s of wheat nstead of
one. The same uantty of wheat, therefore, nstead
of representng neary the same uantty of abour from
century to century, as ntmated by Adam mth, re
presented very tte more than the haf of that uan-
tty, and hs nference respectng the rse n the vaue
of sver was ute reversed.
f the doctrne that the term vaue of a commodty
ought never to be used wthout at the same tme spe-
cfyng dstncty the artce wth whch t s ntended ./
to be compared, and that any one artce measures ths
oo . ch. . p. 291, 6th edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
122 T ATU , AU , A D . .
vaue as we as any other t need ony be observed
that n ths case the term vaue becomes perfecty su-
perfuous and useess. t has e acty the same mean-
ng as prce, or nomna vaue, that s, the vaue of one
commodty n any other commodty named and f va-
ue admts of no other meanng than ths, t woud cer-
tany be much better to dscard t at once from the vo-
cabuary of potca economy, as ony tendng to cre-
ate confuson. e ought n ths case, however, to
nvent some other term to e press what s so much
wanted, namey, the reaton whch commodtes bear
to the dffcuty of obtanng them, or the estmaton n
whch they are hed at dfferent tmes, and n dfferent
countres. ut as ths s the most usua sense n
whch the term vaue s now practcay apped, we
cannot surey do better than retan t n ths sense.
ecton . n the aratons n the aue of
Money n the same, and dfferent ountres.
Money s beyond a ueston the most convenent
practca measure of vaue and whe ts reaton to
abour s nown and constant, t fuy answers the pur-
pose re ured. t s, however, sub|ect to varaton
e a other products but ths varaton s for the
most part so sow, that for short perods, as we have
stated, ts vaue has been consdered as neary con-
stant.
e cannot be surprsed therefore, that wrters n
tracng the causes of the rse or fa of the vaues of
partcuar commodtes n the progress of socety,
shoud be ncned, wth a vew to ustraton, to sup-
pose ths constancy permanent, n order that they
mght have a standard to refer to. t was specfcay
wth ths vew that Mr. cardo proposed that god
shoud be consdered as produced aways n a part-
cuar and unform manner so as to prevent t from
devatng, e cept n a very trfng degree, from a un-
form vaue.
f then, (he observes) may suppose mysef to
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 123
be possessed of a standard so neary approachng to
an nvarabe one, the advantage s, that sha be
enabed to spea of the varatons of other thngs wth-
out embarrassng mysef on every occason wth the
consderaton of the possbe ateraton n the vaue of
the medum n whch prce and vaue are estmated.
To factate then the ob|ect of ths en ury, a-
though fuy aow that money made of god s sub-
|ect to most of the varatons of other thngs, sha
suppose t to be nvarabe, and therefore a atera-
tons n prce to be occasoned by some ateratons n
the vaue of the commodty of whch may be spea -
ng.
ut f, as suggested by Mr. cardo, we adopt
money obtaned under such crcumstances as to ren-
der profts an eement of ts vaue, t s obvous that
such a measure must vary wth the commodtes to be
measured when profts ether rse or fa.
e may reasonaby enough suppose, by way of -
ustraton, that a gven uantty of buon s aways
obtaned by the same uantty of abour, whe other
commodtes may re ure dfferent uanttes, because
the crcumstance of certan commodtes n the pro-
gress of socety re urng more or ess abour n ther
producton, does not necessary prevent a partcuar
commodty from re urng ony the same uantty.
ut ths s not true n regard to the rate of profts,
whch appes to a commodtes, and s aowed to
Mr. cardo, n the frst edton of hs wor (page 11) has
gven the foowng descrpton of an nvarabe measure of va-
ue. f any one commodty coud be found, whch now, and
at a tmes re ured precsey the same uantty of abour to pro-
duce t, that commodty woud be of unvaryng vaue, and woud
be emnenty usefu as a standard by whch the varatons of other
thngs mght be measured. f such a commodty we have no
nowedge, and conse uenty are unabe to f on any standard of
vaue. t s,however, of consderabe use towards attanng a correct
theory, to ascertan what the essenta uates of a standard are,
that we may now the causes of the varatons n the reatve va-
ues of commodtes and that we may be enabed to cacuate the
degree n whch they are ey to operate.
othng can be more |ust and satsfactory than ths passage
but unfortunatey t was gven up.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
124 T ATU , AU , A D . .
be neary the same n a the dfferent empoyments
of capta. e cannot then ma e the supposton,
that the captas empoyed n obtanng the precous
metas aways yed 10 per cent., whe the captas
engaged n other empoyments of the same country
vary from 20 per cent, to per cent. t s ute cer-
tan therefore, that an artce chosen for a standard
measure of vaue must not consst of profts as one of
ts eements. God obtaned by abour aone, wth-
out profts woud far more competey than on any
other supposton, measure the varatons n the vaues
of a other commodtes.
t may perhaps be dangerous to dwe much upon
any supposton respectng a mode of obtanng the
precous metas, whch s essentay dfferent from the
truth, because hgh and ow prces under such a sup-
poston w be dfferent from the hgh and ow prces
of common anguage, yet the same terms beng used,
t w be e tremey dffcut to avod confuson. ut
as Mr. cardo was dsposed to overoo ths ob|ecton,
and thought that t woud on the whoe factate n-
ury, f he were aowed to consder god as nvarabe
n vaue, he was surey bound to adopt such a suppo-
ston n regard to the mode of obtanng t, as woud
ma e t approach the nearest to the nvarabty re-
ured and t cannot be doubted that ths woud be
best accompshed by supposng the same uantty of
god aways to be obtaned by the same uantty of
abour, wthout the ad of any advances but the food
of a snge day nstead of whch he has supposed
god to be produced wth such proportons of the
two nds of capta as approach the nearest to the
average uantty empoyed n the producton of most
commodtes. e s of course compeed to ac-
nowedge n the outset, that a measure so const-
tuted, woud be a perfect measure of vaue for a
thngs produced under the same crcumstances pre-
csey as tsef, but for no others. ut what a pro-
dgous concesson ths s hat a fu and entre
. Prncpes of Potca conomy, ch. . sec. v. p. 44, :3rd.
edton.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 12
ac nowedgment s t at once that the measure can be
of no use. t s reay amost e proposng a mea-
sure of ength whch w measure no other commo-
dtes than those formed of the same materas wth
tsef.
hat we want s, somethng to measure the vaues
of commodtes under a the varatons to whch
they may be sub|ect whether ther vaue conssts a-
most whoy n the profts of f ed captas, or n the
abour empoyed by crcuatng captas, whether the
commodty s competed for sae n two or three days,
or two or three years : whether t s composed n part
of other ngredents, such as rents, tythes and ta es,
or s made up e cusvey of abour and profts and
whether ts vaue s determned by the accdenta, or
by the ordnary state of the demand and the suppy.
ow god obtaned by an unform uantty of abour
aone, wthout capta, woud measure a these vara-
tons. Ths then s the measure whch Mr. cardo,
when oo ng for as near an appro maton to a stan-
dard measure of vaue as coud be theoretcay con-
ceved, shoud have adopted. And of course, f t seems
successfu wth a vew to ustraton, to assume that
the precous metas are nvarabe n ther vaue n a
partcuar country they must be consdered as ob-
taned by abour wthout capta, and as aways there-
fore bearng: the same constant reaton to abour.
t may be proper however to observe, that ths con-
stancy n the money prce of abour, can ony be a
supposton adopted for the sa e of ustraton be-
cause money s practcay obtaned by accumuated
abour and profts, as we as mmedate abour and
profts, whch render profts a necessary condton of
ts suppy and conse uenty f the same uantty of
abour contnue to be apped, whe profts rse or
The obvous defect of such a measure s, that, whether ap-
ped to commodtes produced under the same crcumstances as
tsef, or to any others, t can never measure the varatons to whch
they are sub|ect occasoned by the genera rse or fa of profts,
because t must tsef necessary vary n that respect precsey as
they do. d.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
126 T ATU , AU , A D c. .
fa, money must rse or fa e a other commod-
tes n the same predcament.
th a vew to dstngush the necessary tendency
to a fa n the vaue of money occasoned by the ac-
cumuaton of capta, the progress of cutvaton, and
the fa of profts, from the ncdenta fa occasoned
by the varyng fertty of the mnes, and the possesson
of an abundance of e portabe commodtes, t mght
be usefu to dstngush the dfferences n the vaue of
money nto two nds: frst, that whch s occasoned
by the hgh or ow rate of proft, arsng from the pro-
gress of capta and cutvaton, and whch may be de-
nomnated the necessary cause of the hgh or ow vaue
of money and secondy, that whch s occasoned by
the varyng fertty of the mnes, the s wth whch
they are wor ed, the dffcuty or facty of commun-
caton wth them, and the defcency or abundance of
e portabe commodtes, whch may be denomnated
the ncdenta causes of the hgh or ow vaue of
money. These two dfferent nds of causes w
sometmes act n con|uncton, and sometmes n oppo-
ston, and t may not aways be easy to dstngush
ther separate effects but as these effects have reay
a dfferent orgn, t s mportant to eep them as se-
parate as we can.
The mar s whch dstngush a fa n the vaue of
the precous metas, arsng from what has been caed
the necessary cause, are, a rse n the money prces of
corn, raw produce, and abour, wthout a genera rse
n the prces of wrought commodtes. A of them,
ndeed, so far as they are composed of raw products,
w have a tendency to rse but n a arge cass of
commodtes, ths tendency to rse w be much more
than counterbaanced by the effect of the fa of pro-
fts. ome, therefore, w rse and some w fa ac-
cordng to the nature of the captas empoyed upon
them, compared wth those whch produce money and
whe the money prces of corn and abour very de-
cdedy ncrease, the prces of wrought commodtes
ta en on an average, mght possby reman not far
from the same.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. .| M A U ALU . 127
n the other hand, when the vaue of money fas
from the ncdenta causes above notced, wthout a
fa of profts, there w be a tendency to a propor-
tonate rse of a commodtes, as we as corn and a-
bour, though n some cases t may ta e a consderabe
tme before the proportonate rse of a ob|ects are
competed. Ths was remar ed, at the tme of the
nfu of the precous metas, from the dscovery of
the Amercan mnes, and aso on the ssue of an abun-
dant paper currency, durng the war whch termnated
n 181 .
As a necessary conse uence of the dstncton above
made, t may be of use to recoect, that whenever a
fa n the vaue of money ta es pace, wthout a fa
n the rate of profts, an event whch s generay open
to observaton, t s to be attrbuted to the ncdenta
causes affectng the reatons of money and abour, and
not to that whch s connected wth the accumuaton
of capta, and the necessty of ta ng poorer and nto
cutvaton, wthout mprovements n agrcuture.
t s certan, however, that those causes operatng
upon the vaue of money n dfferent countres and pe-
rods, whch 1 have caed ncdenta, are much more
powerfu and promnent than those whch ta e pace
necessary n the progress of socety, from the fa of
profts. ven n such a country as the Unted tates,
where capta s scarce and profts are comparatvey
hgh, the fa of profts, whch w certany occur, n
the progress of weath and popuaton, w probaby
be more than counterbaanced by the effect of a dm-
nuton n the facty of producng e portabe commo-
dtes. And n reference to the fuer peoped countres
of urope, there s no room for such a fa of profts
as can approach to the effects whch have arsen, and
may yet arse from the ncreased fertty of the mnes
or the dmnshed uantty of abour, whch n a par-
tcuar country, owng to superor s and machnery,
s re ured to purchase the precous metas, whe the
cost of obtanng them at the mnes of Amerca, and
the uantty mported nto the whoe of urope reman
neary the same.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
128 T ATU , AU , A D . .
The effects of ths ast cause have never been suff-
centy apprecated. t s a |ust and most mportant
observaton of Mr. cardo, that, God and sver
havng been chosen for the genera medum of crcu-
aton, are by the compettons of commerce dstrbuted
n such proportons amongst the dfferent countres of
the word, as to accommodate themseves to the na-
tura traffc whch woud ta e pace f no such metas
e sted, and the trade between countres was purey
a trade of barter. Ths dstrbuton s effected by
the varyng state of the e changes. f one country
possesses pecuar advantages n regard to ts e port-
abe commodtes, ts e changes w for a tme be
steady n ts favour, and an nfu of the precous
metas w ta e pace t the rse n the money prce
of abour baances the pecuar advantages, and a trade
of barter s restored.f n the other hand, f a country
oses ts advantages n regard to e portabe commod-
tes, t w ose a porton of ts precous metas by an
adverse e change, and the fa of prces w contnue
t the reduced money prce of abour baances the
dsadvantages, and the trade of barter returns.
t s on ths prncpe that the dfferent vaue of mo-
ney n dfferent countres s accounted for. As Mr. -
cardo most |usty observes, t w e pan to us why
the prces of home commodtes, and those of great bu ,
though of comparatvey sma vaue, are, ndepen-
denty of other causes, hgher n those countres where
Prncpes of Potca conomy, ch. v. p. 143, 3rd edt.
t Practcay n countres where a arge part of the currency
conssts of paper, the actua nfu of buon s contnuay chec ed
by an ncreased ssue of ban notes and bs of e change but
as ong as there s no dfference between paper and god, the effect
n owerng the vaue of money s precsey the same. epeated
e perence appears to have shewn us that n the case of a brs
demand, no dffcuty s ever found n furnshng the means of a
consderabe rse of prces n some casses of commodtes, wthout
any tendency to a fa n others. urrency s aways at hand.
The mportant ueston s, whether the e changes can be man-
taned under such prces and we now too we that they have
often rsen hgher than the e changes woud aow so as to eep
paper and god together.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 129
manufactures foursh. f two countres havng pre-
csey the same popuaton, and the same uantty of
and, of e ua fertty n cutvaton, wth the same
nowedge too of agrcuture, the prces of raw produce
w be the hghest n that where the greater s and
the better machnery s used n the manufacture of e -
portabe commodtes. The rate of profts w proba-
by dffer but tte for wages, or the rea reward of the
abourer, may be the same n both but those wages,
as we as raw produce, w be rated hgher n money
n that country nto whch, from the advantages atten-
dng ther s and machnery, an abundance of money
s mported n e change for ther goods.
The foowng passage, whch occurs n the same
chapter of Mr. cardo s wor , s so |ust, and so we
cacuated to dspe some unfortunate pre|udces whch
at present preva, that cannot resst the temptaton
of brngng t afresh before the pubc.
An mprovement n the facty of wor ng the
mnes, by whch the precous metas may be produced
wth a ess uantty of abour, w sn the vaue of
money generay. t w then e change for fewer com-
modtes n a countres but when any partcuar coun-
try e ces n manufactures, so as to occason an nfu
of money towards t, the vaue of money w be ower,
and the prces of corn and abour w be reatvey
hgher n that country than n any other.
Ths ower vaue of money w not be ndcated by
the e change bs may be negotated at par, athough
the prces of corn and abour shoud be ten, twenty, or
thrty per cent, hgher n one country than another, f
have aways consdered the frst part of Mr. cardo s chap-
ter (v) on foregn trade as essentay erroneous but the greater
part of the chapter s not ony new, but un uestonaby true, and
of the hghest mportance.
t Mercante men are too apt to measure the vaue of money n
dfferent countres by the dfference n the e changes, whch merey
measures the rate at whch the money of one country e changes for
the money of another, and has tte to do wth the eementary cost
of money, or the dffcuty of obtanng t n each country, or even
wth the power of purchasng the mass of those commodtes whch

G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
130 T ATU , AU , A D . .
Under the crcumstances supposed, such a dfference of
prces s the natura order of thngs and the e change
can ony be at par when a suffcent uantty of money
s ntroduced nto the country e ceng n manufac-
tures, so as to rase the prce of ts corn and abour.
f ths doctrne be true, and most frmy beeve t
s, t appears that a rse n the money prce of corn and
abour s a necessary conse uence of commerca pros-
perty and though woud dstncty aow, that n
reference to our own country at present the corn aws
eep the prces of corn and abour hgher than they
woud be, f thngs were eft to ta e ther natura course:
yet st t s un uestonabe, that the actua prces of
corn and abour ndcate a ow vaue of money, and not
a hgh vaue of corn, and that they operate n a totay
dfferent way from ta es on the abourng casses.
t s certany true that the money wages of ndepen-
dent abour, notwthstandng ther fa of ate years,
are hgher n ths country than n any other country n
are east abe to change n ther cost of producton. f a com-
modtes, those whch are e ported are the most abe to changes
n the cost of ther producton, and are therefore the ast whch
shoud be referred to wth any vew to a measure of the vaue of
money.
n my frst pubcaton on rent n the shape of a pamphet, whch
appeared n 181 , two years before the frst edton of Mr. car-
do s wor came out, the foowng passage occurs n a note:
The precous metas are aways tendng to a state of rest, or
such a state of thngs as to ma e ther movement unnecessary.
ut when ths state of rest has been neary attaned, and the e -
changes of a countres are neary at par, the vaue of the precous
metas n dfferent countres estmated n corn and abour, or n the
mass of commodtes, s far ndeed from beng the same. To be
convnced of ths, t s ony necessary to oo at ngand, rance,
Poand, ussa, and nda, when the e changes are at par.
n reaty, the uantty of money n each country s determned
by the uantty wanted to mantan ts genera e changes at par
and the greater are the advantages of any country n regard to ts
e portabe commodtes, the more money w t retan, and the
hgher w be the prce of ts corn and abour, when ts e changes
are at par. f ngand shoud ose her advantages n ths respect,
her corn and abour woud fa to the eve of the rest of urope,
n spte of any corn aws that coud be magned.
h. v. p. 1 6, 3rd edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 131
urope, and there s every reason to beeve that the
ngsh abourerwth hs money earnngs can purchase
as great a uantty of wheat as any uropean abourer
of the same descrpton. f ths be so, t s a dstnct
proof that the hgher prce of corn n ths country, as
compared wth the contnent, s not at present owng
to a greater dffcuty of obtanng t, but to a hgher
scae of money prces, or ower vaue of money, whch
operates upon a commodtes, though t s more than
counterbaanced n that cass of commodtes where
s and superor machnery have most prevaed, and
t s of these that our prncpa e ports w naturay
consst.
n a cases t s of the greatest use and mportance
to dstngush between a rse or fa n the vaue of
money, and a rse or fa n the vaues of other com-
modtes. As ong as the varyng prces of other com-
modtes do not affect the money prce of the standard
abour n any country, we may consder the vaue of
money as remanng the same, and attrbute the reatve
varatons between money and commodtes to causes
e cusvey affectng the commodtes, such as the
cheapness of products arsng from the mprovements
n machnery, or ther dearness from an ncreased
eementary cost of producton. ut f the money prce
of the standard abour rses generay, t s a sgn that
the eementary cost of obtanng money has faen, and
that a smaer sum of abour, profts, rent, and ta es,
s gven to obtan a certan uantty of t. f, on the
other hand, the money prce of abour fas, t s a sgn
that the eementary cost of obtanng money has rsen,
and that a greater sum of abour, profts, rent, and
ta es, must be gven to obtan the same uantty of
t. And we shoud be aware that these effects may
be, and fre uenty are produced by causes operatng
n the frst nstance on commodtes.
Ths has been practcay e empfed n ths coun-
try of ate years. The rased prce of corn, commen-
cng wth the year 179 , and contnung, wth but few
e ceptons, t 1813, occasoned necessary a rse n
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
132 T ATU , AU , A D . .
the money prce of abour. thout such a rse, the
condtons of the suppy of the uantty of abour de-
manded woud not have been fufed and the great
reatve superorty of our manufacturng ndustry at
that tme over the rest of urope enabed us to man-
tan our e changes under such a hgh money prce of
abour. he ths hgh prce contnued n the stan-
dard abour of the country, wth a prce of manufac-
turng abour generay proportoned to t, t s hardy
possbe to deny that the eementary cost of obtanng
buon n ths country was dmnshed, whatever mght
be the case n other countres, or whatever mght be
the costs of producng buon at the mouths of the
mnes from whch t was obtaned. The fact that the
uantty of manufactures whch woud purchase an
ounce of god woud, under the crcumstances suppo-
sed, purchase a smaer uantty of standard abour
than usua, proves at once the fact, that the eements
n the cost of obtanng god n ngand, consstng of
abour, profts, rents, and ta es, were, ta en atogether,
ess n vaue than before, or, n other words, that the
eementary cost of obtanng god n ngand had d-
mnshed.
n the same prncpe t foows, that the cost of ob-
tanng god n ngand has snce decdedy ncreased.
wng to the great fa n the prces of manufactured
goods, a greater uantty of them s re ured to pur-
chase a gven uantty of god greater than n pro-
porton to the cheapness arsng from ncreased s ,
and mprovements n machnery. onse uenty, such
goods so e changed for god contan a greater vaue
of ngsh abour, profts, rents, and ta es and the
cost of obtanng god n ngand has un uestonaby
ncreased.
ow far ths ncreased cost of obtanng buon may
have been aggravated by crcumstances, whch are
nown to have dmnshed consderaby the suppes
from the Amercan mnes snce 1810, t s not easy to
cacuate. t has been sad that, rec onng the defa-
caton at the hghest, t woud bear so sma a propor-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 133
ton to the whoe uantty of buon n the word, that
t coud hardy be e pected to have a perceptbe ef-
fect. ut the annua suppes of buon, though they
woud operate sowy, even n those countres whch
were most n the way of recevng them, woud st
operate much more powerfuy than n the proporton
whch they mght bear to the whoe mass of buon
n the word. e have good reason to beeve that
t was a very ong tme before even the great dscovery
of the mnes of Amerca began to operate sensby on
nda, hna, Tartary, and other parts of Asa, where
no nconsderabe part of the buon of the word s
ether sowy crcuatng, or s bured n the earth. t
cannot be doubted that the actve part of the commer-
ca word mght be powerfuy nfuenced by the va-
ryng suppy of the Amercan mnes, whe centra Asa
was scarcey sensbe of any change.
o very satsfactory concuson, therefore, can be
drawn respectng the cause of the ate rse n the va-
ue of money n the greater part of urope, and the
Unted tates of Amerca, from the smaness of the
defacaton n the mnes, as compared wth the whoe
mass of buon n the word.
n the other hand, t must be owned that the cr-
cumstance of god havng ncreased n the cost of ts
producton about as much as sver, wthout our beng
abe to trace an e ua defacaton n ts suppy, seems
to ndcate that other causes have been more powerfu
than the state of the mnes of god and sver and the
ob|ect of ths dgresson s to shew that such causes are
fre uenty more effcent n aterng the vaue of the
precous metas, especay n partcuar countres, than
moderate changes n the state of ther annua suppy
from the mnes.
Adam mth has |usty observed, that the natura
effect of the ncrease of weath s to rase the vaue of
the precous metas and t s ute certan that a great
ncrease of produce and popuaton, supposng the sup-
pes of the precous metas, and a other crcumstances
affectng currency, to reman the same, woud render
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
134 T ATU , AU , A D . .
buon scarcer compared wth the demand, and occa-
son the necessty of ts beng bought at a greater
eementary cost.
ow t s we nown that snce the war whch ter-
mnated n 181 , there has been a very great ncrease
of produce and popuaton n most of the countres
of the commerca word, and from the necessty that
has occurred of wthdrawng a great part of the paper
whch was n crcuaton n these countres durng the
war, and the fre uent faure of credt from overspe-
cuaton subse uenty, there s reason to thn that the
great ncrease of produce and popuaton has not been
baanced by a proportonate ncrease of currency and
credt and under these crcumstances a fa n the
prces of produce and abour was nevtabe.
As ong as the prce of abour was not affected by
these ow prces of commodtes, the eementary cost
of obtanng the precous metas woud not be n-
creased. Athough more cottons woud be gven for
an ounce of god, ths woud be merey gvng a arger
uantty of an artce whch had faen n the cost of
obtanng t, and the eementary cost of obtanng god
mght reman the same but as soon as the prce of
the standard abour began generay to fa, more a-
bour must be gven for the same uantty of sver,
and the eementary cost of producng the precous
metas woud necessary rse and n the actua state
of thngs t seems amost mpossbe to deny that such
an ncrease of ther vaue has reay ta en pace.
n a concusons, however, reatng to varatons
of vaue, t woud be unreasonabe to e pect that they
can be ascertaned wth the same precson as the va-
ratons of ength and weght. ether the ob|ect to
be measured, nor the nstrument of measurement comes
wthn the pae of that certanty whch beongs to the
strcter scences. A gven ength s the same a over
the word but the estmaton n whch a commodty
s hed, ts eementary cost of producton, and the state
of ts suppy compared wth the demand s abe to
vary at every dfferent pace, and n every dfferent
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . M A U ALU . 13
perod. The standard abour aso n dfferent coun-
tres s nether the same n dfferent dstrcts, nor does
t at a tmes bear the same reaton to other| nds of
abour and t s not aways easy to ascertan ts mo-
ney prce, partcuary when t s n the act of rsng
or fang, and the change s not competed. et not-
wthstandng these drawbac s, as great confuson woud
be occasoned by not dstngushng vaue from prce,
as a potca economsts are constanty n the habt
of usng the term vaue and as we cannot spea of a
rse or fa of vaue wth any consstency, wthout some
nd of measure of t, t s surey of the greatest use
at once to adopt that measure whch beyond a com-
parson approaches the nearest to accuracy, and whch
n fact may be sad to be e cusvey capabe of mea-
surng vaue n the sense n whch the term s n prac-
tce most fre uenty apped.
Labour s n ths respect entrey dstnct from a
the products of abour, and the seecton of t as a mea-
sure of the dffcuty of obtanng possesson of a com-
modty n the pace where such commodty s est-
mated, seems to be ponted out by the nature of thngs,
and cannot be caed arbtrary.
A measure, to whatever t may be apped, must t-
sef ncrease or decrease accordng to uantty. The
standard abour of a country whch s actuay em-
poyed, and n the dstrct where the demand s made
for t, s the ony ob|ect the vaue of whch s propor-
toned to ts uantty, under the greatest dfferences
both n pace and tme, both n dfferent countres and
n dfferent perods of the same country.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
136
APT .
T T LA D.
ecton . f the ature and auses of ent.
The rent of and may be defned to be that porton
of the vaue of the whoe produce whch remans to
the owner of the and, after a the outgongs beong-
ng to ts cutvaton, of whatever nd, have been
pad, ncudng the profts of the capta empoyed,
estmated accordng to the usua and ordnary rate of
the profts of agrcutura capta at the tme beng.
t sometmes happens that, from accdenta and
temporary crcumstances, the farmer pays more, or
ess, than ths but ths s the pont towards whch
the actua rents pad are constanty gravtatng, and
whch s therefore aways referred to when the term
s used n a genera sense.
ent then beng the e cess of the vaue of the whoe
produce, or f estmated n money, the e cess of the
prce of the whoe produce, above what s necessary
to pay the wages of the abour and the profts of the
capta empoyed n cutvaton, the frst ob|ect whch
presents tsef for n ury, s, the cause or causes of
ths e cess of prce.
After very carefu and repeated revsons of the sub-
|ect, do not fnd mysef abe to agree entrey n the
vew ta en of t, ether by Adam mth, or the co-
nomsts of the schoo of M. uesnay and st ess,
by some more modern wrters.
Amost a these wrters appear to me to consder
rent as too neary resembng, n ts nature, and the
aws by whch t s governed, that e cess of prce
above the cost of producton, whch s the charac-
terstc of a common monopoy.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 137
Adam mth, though n some parts of the eeventh
chapter of hs frst boo he contempates rent ute n
ts true ght, and has nterspersed through hs wor
more |ust observatons on the sub|ect than any other
wrter, has not e paned the most essenta cause of
the ordnary e cess of the prce of raw produce above
ts cost of producton wth suffcent dstnctness,
though he often touches on t and by appyng occa-
sonay the term monopoy to the rent of and, wthout
stoppng to mar ts more radca pecuartes, he
eaves the reader wthout a defnte mpresson of the
rea dfference between the cause of ths e cess n the
prce of the necessares of fe, and n common mono-
pozed commodtes.
ome of the vews whch the conomsts of the
schoo of uesnay have ta en of the nature of rent
appear to me aso, to be ute |ust but they have
m ed them wth so much error, and have drawn such
unwarranted nferences from them, that what s true
n ther doctrnes has produced tte effect. Ther
great practca concuson, namey, the proprety of
ta ng e cusvey the neat rents of the andords, ev-
denty depends upon ther consderng these rents not
ony as competey dsposeabe, e that e cess of
prce above the cost of producton, whch dstngushes
a common monopoy, but aso that every ndrect ta
operates as a deducton from neat rents n proporton
to ts amount.
M. ay, n hs vauabe Treatse on Potca co-
nomy, n whch he has e paned wth great cearness
many ponts not suffcenty deveoped by Adam mth,
cannot, however, agree wth hm n thn ng that a and
whch yeds food must necessary yed rent. The and covered
wth wood whch s successvey ta en nto cutvaton n new co-
ones for the producton of food, may ony pay profts and abour.
A far proft on the capta empoyed, ncudng, of course, the
payment of abour, w aways be a suffcent nducement to cu-
tvate. ut, practcay, the cases are very rare, where and s to
be had by any body who chooses to ta e t, and t s true perhaps
unversay, that a approprated and whch yeds food n ts na-
tura state, yeds a rent, whether cutvated or uncutvated.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
138 T T LA D. . .
has not treated the sub|ect of rent n a manner entrey
satsfactory. n spea ng of thedfferent natura agents
whch, as we as the and, co-operate wth the abours
of man, he observes : eureusement personne n a pu
dre, e vent et e soe m appartennent, et e servce
u s rendent dot m tre pay . And, though he
ac nowedges that, for obvous reasons, property n
and s necessary, yet he evdenty consders rent as
amost e cusvey owng to such appropraton, and
to e terna demand.
n the e ceent wor of M. de smond, De a
chesse ommercae, he says, n a note on the sub-
|ect of rent : ette parte de a rente fonc re est
cee ue es conomstes ont d cor e du nom du
produt net, comme tant e seu frut du trava u
a|out t ue ue chose a rchesse natonae. n
f)ourrot, au contrare, soutenr contre eu , ue c est
a seue parte du produt du trava, dont a vaeur
sot purement nomnae, et n at ren de r ee : c est
en effet e r sutat de augmentaton de pr u ob-
tent un vendeur en vertu de son prv ge, sans ue
a chose vendue en vae r eement davantage. f
The prevang opnons among the moder n wrters
n our own country have appeared to me to ncne to-
wards a smar vew of the sub|ect and, not to mu-
tpy ctatons, sha ony add, that n a very res-
pectabe edton of the eath of atons, pubshed
by Mr. uchanan, of dnburgh, the dea of mono-
poy s pushed st farther. And, whe former wrters,
though they consdered rent as governed entrey by
the aws of monopoy, were st of opnon that ths
monopoy n the case of and was necessary and usefu,
Mr. uchanan sometmes spea s of t even as pre|u-
o. . p. 124, 2nd edt. n hs th edton, vo. . p. 346,
he descrbes the sub|ect anew, but he does not seze the rght vew
of t. e st consders the prce of the produce of and whch
occasons rent too much as the resut of a common monopoy.
t o. . p. 49. M. de smond, n hs ater wor , ouveau
Prncpes d conome Pot ue, has gven a dfferent and more
correct vew of rent.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. P T T LA D. 139
dca, and as deprvng the consumer of what t gves
to the andord.
n treatng of productve and unproductve abour
n the ast voume, he observes, that, The neat sur-
pus by whch the conomstes estmate the utty of
agrcuture, pany arses from the hgh prce of ts
produce, whch, however advantageous to the andord
who receves t, s surey no advantage to the consumer
who pays t. ere the produce of agrcuture to be
sod for a ower prce, the same neat surpus woud
not reman, after defrayng the e penses of cutvaton
but agrcuture woud be st e uay productve to
the genera stoc and the ony dfference woud be,
that, as the andord was formery enrched by the hgh
prce, at the e pense of the communty, the communty
w now proft by the ow prce, at the e pense of the
andord. The hgh prce n whch the rent or neat
surpus orgnates, whe t enrches the andord who
has the produce of agrcuture to se, dmnshes, n
the same proporton, the weath of those who are ts
purchasers and on ths account t s ute naccurate
to consder the andord s rent as a cear addton to
the natona weath.
n other parts of ths wor he uses the same, or even
stronger anguage, and n a note on the sub|ect of ta es,
he spea s of the hgh prce of the produce of and as
advantageous to those who receve t, but proporton-
aby n|urous to those who pay t. n ths vew,
he adds, t can form no genera addton to the stoc
of the communty, as the neat surpus n ueston s
nothng more than a revenue transferred from one cass
to another, and, from the mere crcumstance of ts thus
changng hands, t s cear that no fund can arse out
of whch to pay ta es. The revenue whch pays for
the produce of and e sts aready n the hands of those
who purchase that produce and, f the prce of sub-
sstence were ower, t woud st reman n ther hands,
where t woud be |ust as avaabe for ta aton, as
o. v. p. 134.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
140 T T LA D. . .
when by a hgher prce t s transferred to the anded
propretor.
That there are some crcumstances connected wth
rent, whch have a strong affnty to a natura mono-
poy, w be ready aowed. The e tent of the earth
tsef s mted, and cannot be enarged by human de-
mand. The ne uaty of so occasons, even at an
eary perod of socety, a comparatve scarcty of the
best ands and ths scarcty s undoubtedy one of
the causes of rent propery so caed. n ths account,
perhaps the term parta monopoy may be fary ap-
pcabe to t. ut the scarcty of and, thus mped,
s by no means aone suffcent to produce the effects
observed. And a more accurate nvestgaton of the
sub|ect w show us how dfferent the ordnary e cess
of the prce of raw produce above ts cost of produc-
ton s, both n ts nature and orgn, and the aws by
whch t s governed, from the hgh prce of a common
monopoy.
The causes of the ordnary e cess of the prce of
raw produce above the costs of producton, may be
stated to be three.
rst, and many, That uaty of the so, by whch
t can be made to yed a greater uantty of the ne-
cessares of fe than s re ured for the mantenance
of the persons empoyed on the and.
econdy, That uaty pecuar to the necessares
of fe, when propery dstrbuted, of creatng ther
own demand, or of rasng up a number of demanders
n proporton to the uantty of necessares produced.
And, thrdy, The comparatve scarcty of ferte
and, ether natura or artfca.
The uaty of the so here notced as the prmary
cause of the e cess n the prce of raw produce above
the costs of ts producton, s the gft of nature to man.
t s ute unconnected wth monopoy, and yet s so
absoutey essenta to the e stence of rent, that wth-
out t no degree of scarcty or monopoy coud have
occasoned an e cess of the prce of raw produce above
o. . p. 212.
D
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 141
what was necessary for the payment of wages and
profts.
f, for nstance, the so of the earth had been such,
that, however we drected mght have been the n-
dustry of man, he coud not have produced from t more
than was barey suffcent to mantan those whose a-
bour and attenton were necessary to obtan ts pro-
ducts though, n ths case, food and raw materas
woud have been evdenty scarcer than at present,
and the and mght have been n the same manner mo-
nopozed by partcuar owners yet t s ute cear,
that nether rent nor any essenta surpus produce of
the and n the form of hgh profts and hgh wages
coud have e sted.
n the other hand, t w be aowed, that n what-
ever way the produce of a gven porton of and may
be actuay dvded, whether the whoe s dstrbuted
to the abourers and captasts, or a part s awarded
to a andord, the power of such and to yed rent s
e acty proportoned to ts natura or ac ured fert-
ty, or to the genera surpus whch t can be made
to produce beyond what s strcty necessary to sup-
port the abour and eep up the capta empoyed upon
t. f ths surpus be as 1,2, 3, 4, or , then ts power
of yedng a rent w be as 1, 2, 3, 4, or : and no
degree of monopoy no possbe ncrease of e terna
demand can essentay ater these dfferent powers.
ut f no rent can e st wthout ths surpus, and
f the power of partcuar sos to pay rent be propor-
toned to ths surpus, t foows that ths surpus from
the and, arsng from ts fertty, must evdenty be
consdered as the foundaton or man cause of a rent.
t however, ths surpus, necessary and mportant
as t s, woud not be sure of possessng a vaue whch
woud enabe t to command a proportonate uantty
of abour and other commodtes, f t had not a power
of rasng up a popuaton to consume t, and, by the
artces produced n return, of creatng an effectve de-
mand for t.
t has been sometmes argued, that t s msta ng
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
142 T T LA D. c . .
the prncpe of popuaton to magne, that the n-
crease of food or of raw produce aone can occason
a proportonate ncrease of popuaton. Ths s no
doubt true but t must be aowed, as has been |usty
observed by Adam mth, that when food s provded,
t s comparatvey easy to fnd the necessary cothng
and odgng. And t shoud aways be recoected,
that and does not produce one commodty aone, but
n addton to that most ndspensabe of a artces
food, t produces the materas for cothng, odg-
ng, and frng. |
t s therefore strcty true, that and produces the
necessares of fe produces the means by whch, and
by whch aone, an ncrease of peope may be brought
nto beng and supported. n ths respect t s fun-
damentay dfferent from every other nd of machne
nown to man and t s natura to suppose that the
use of t shoud be attended wth some pecuar effects.
f an actve and ndustrous famy were possessed
of a certan porton of and, whch they coud cut-
vate so as to ma e t yed food, and the materas of
cothng, odgng, and frng not ony for themseves
but for fve other fames, t foows, from the prn-
cpes of popuaton, that, f they propery dstrbuted
ther surpus produce, they woud soon be abe to com-
mand the abour of fve other fames, and the vaue
of ther anded produce woud soon be worth fve tmes
as much as the vaue of the abour whch had been
empoyed n rasng t. ut f, nstead of a porton
of and whch woud yed a the necessares of fe,
they possessed ony, n addton to the means of ther
oo . c. . p. 2 , 6th edt.
t t s however certan that, f ether these materas be wantng,
or the s and capta necessary to wor them up be prevented
from formng, owng to the nsecurty of property or any other
cause, the cutvators w soon sac en n ther e ertons, and the
motves to accumuate and to ncrease ther produce w greaty
dmnsh. ut n ths case there w be a very sac demand for
abour : and, whatever may be the nomna cheapness of prov-
sons, the whoe body of abourers w not reay be abe to com-
mand such a porton of the necessares of fe, ncudng, of course,
cothng, odgng, c. as w occason an ncrease of popuaton.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 143
own support, a machne whch woud produce hats
or coats for ffty peope besdes themseves, no efforts
whch they coud ma e woud enabe them to ensure
a demand for these hats or coats, and gve them n re-
turn a command over a uantty of abour consderaby
greater than ther fabrcaton had cost. or a ong
tme, and by possbty for ever, the machne mght
be of no more vaue than that whch woud resut from
ts ma ng hats or coats for the famy. ts further
powers mght be absoutey thrown away from the
want of demand and even when, from e terna causes
totay ndependent of any efforts of ther own, a po-
puaton had rsen to demand the ffty hats, other s-
mar machnes mght be made, and the vaue of the
hats n the command of abour and other commodtes
mght permanenty e ceed but very tte the vaue
of the abour empoyed n ma ng them.
After the new cotton machnery had been ntro-
duced nto ths country, a hundred yards of musn of
a certan uaty woud not probaby command so much
abour as twenty-fve yards woud before because the
suppy had ncreased n a greater degree than the de-
mand, and there was no onger a demand for the whoe
uantty produced at the same prce. ut after great
mprovements n agrcuture have been adopted upon
a mted tract of and, a uarter of wheat w n a
short tme command |ust as much abour as before
because the ncreased produce, occasoned by the m-
provements n cutvaton, f propery dstrbuted, s
found to create a demand proportoned to the suppy,
whch must st be mted and the vaue of corn s
thus prevented from fang e the vaue of musns.
Thus the fertty of the and gves the power of
yedng a rent, by yedng a surpus uantty of ne-
cessares beyond the wants of the cutvators and the
pecuar uaty beongng to the necessares of fe,
when propery dstrbuted, tends strongy and con-
stanty to gve a vaue to ths surpus by rasng up a
popuaton to demand t.
These uates of the so and of ts products have
been, as mght be e pected, strongy nssted upon by
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
144 T T LA D. . .
the conomsts n dfferent parts of ther wor s and
they are evdenty admtted as truths by Adam mth,
n those passages of the eath of atons, n whch
he approaches the nearest to ther doctrnes. ut
modern wrters have n genera been dsposed to over-
oo them, and to consder rent as reguated upon the
prncpes of a common monopoy, athough the ds-
tncton s of great mportance, and appears obvous
and str ng n amost any nstance that we can ta e.
f the fertty of the mnes of the precous metas
a over the word were dmnshed one haf, t w
be aowed that, as popuaton and weath do not ne-
cessary depend upon god and sver, such an event
mght not ony be consstent wth an undmnshed
amount of popuaton and weath, but wth a consder-
abe ncrease of both. n ths case however t s ute
certan that the rents, profts, and wages pad at the
dfferent mnes n the word mght not ony not be
dmnshed, but mght be consderaby ncreased. ut
f the fertty of a the ands n the word were to be
dmnshed one haf nasmuch as popuaton and
weath strcty depend upon the uantty of the ne-
cessares of fe whch the so affords, t s ute ob-
vous that a great part of the popuaton and weath
of the word woud be destroyed, and wth t a great
part of the effectve demand for necessares. The
argest porton of the ands n most mproved coun-
tres woud be thrown competey out of cutvaton,
and wages, profts, and rents, partcuary the atter,
woud be greaty dmnshed on a the rest. There
s hardy any and n ths county empoyed n pro-
ducng corn, whch yeds a rent e ua n vaue to the
Mr. cardo has supposed a case (p. 490, thrd edt.) of a
dmnuton of fertty of one-tenth, and he thn s that t woud
ncrease rents by pushng capta upon ess ferte and. thn ,
on the contrary, that n any we cutvated country t coud not
fa to ower rents, by occasonng the wthdrawng of capta from
the poorest sos. f the ast and before n use woud do but tte
more than pay the necessary abour, and a proft of 10 per cent,
upon the capta empoyed, a dmnuton of a tenth part of the gross
produce woud certany render many poor sos no onger worth
cutvatng, and woud therefore reduce rents.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 14
wages of the abour and the profts of the stoc ne-
cessary to ts cutvaton. f ths be so, then, n the
case supposed, the uantty of produce beng ony
the haf of what was before obtaned by the same a-
bour and profts, t maybe doubted whether any and
n ngand coud be ept n tage.
The produce of certan vneyards n rance, whch,
from the pecuarty of ther so and stuaton, e cu-
svey yed wne of a certan favour, s sod, of course,
at a prce very far e ceedng the cost of producton,
ncudng ordnary profts. And ths s owng to the
greatness of the competton for such wne, compared
wth the scantness of ts suppy, whch confnes the
use of t to so sma a number of persons that they are
abe, and, rather than go wthout t, wng to gve
an e cessvey hgh prce. ut, f the fertty of
these ands were ncreased so as very consderaby to
ncrease the produce, ths produce mght so fa n
vaue as to dmnsh most essentay the e cess of ts
prce above the cost of producton. he, on the
other hand, f the vneyards were to become ess pro-
ductve, ths e cess mght ncrease to amost any e -
tent.
The obvous cause of these effects s, that, n a
common monopoes, the demand s e teror to, and n-
dependent of, the producton tsef. The number of
persons, who mght have a taste for scarce wnes, and
woud be desrous of enterng nto a competton for
Mr. cardo observes, (p. 492, thrd edt.) n answer to ths
passage, that, gven the hgh prce, rent must be hgh n propor-
ton to abundance and not scarcty, whether n pecuar vneyards
or on common corn ands. ut ths s beggng the whoe of the
ueston. The prce cannot be gven. y the force of e terna
demand and dmnshed suppy the produce of an acre of ham-
pagne grapes mght permanenty command ffty tmes the abour
that had been empoyed n cutvatng t but, supposng the a-
bourers empoyed n cutvaton to ve upon the corn they produce,
no possbe ncrease of e terna demand or dmnuton of suppy
coud ever enabe the produce of an acre of corn to command per-
manenty so many abourers as t woud support: because n that
case the abourer woud be absoutey wthout the means of sup-
portng a famy, and eepng up the popuaton.
r.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
146 T T LA D. . .
the purchase of them, mght ncrease amost ndef-
ntey, whe the produce tsef was decreasng and ts
prce, therefore, woud have no other mt than the
numbers, powers, and caprces of the compettors for
t.
n the producton of the necessares of fe, on the
contrary, the demand s dependent on the produce t-
sef, and the effects are therefore wdey dfferent. n
ths case t s physcay mpossbe that, beyond a cer-
tan narrow mt, the number of demanders shoud n-
crease, whe the uantty of produce dmnshes, snce
the demanders can ony e st by means of the produce.
n a common monopoes, an e cess of the vaue of
the produce above the vaue of the abour and ordnary
profts re ured to obtan t, may be created soey by
e terna demand, and a scanty suppy. n the parta
monopoy of the and whch produces necessares, such
an e cess can ony be permanenty created by the fer-
tty of the so.
n common monopoes, and a productons e cept
necessares, the aws of nature do very tte towards
proportonng ther vaue n e change to ther vaue n
use. The same uantty of grapes or cottons mght,
under dfferent crcumstances, be worth permanenty
three or three hundred days abour. n the producton
of the necessares of fe aone, the aws of nature are
constanty at wor to reguate ther e changeabe va-
ue accordng to ther vaue n use and though from
the great dfference of e terna crcumstances, and par-
tcuary the greater penty or scarcty of and, ths s
sedom or never fuy effected yet the e changeabe
vaue of a gven uantty of necessares aways tends
to appro mate towards the vaue of the uantty of
abour whch t can mantan n such a manner as to
support at east a statonary popuaton, or n other
words, to ts vaue n use.
n a common monopoes, the prce of the produce,
and conse uenty the e cess of prce above the cost of
producton, may ncrease wthout any defnte bounds.
n the parta monopoy of the and whch produces
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 147
necessares, the e cess of ther prce above the cost of
f roducton s sub|ected to an mpassabe mt. Ths
mt s the surpus of necessares whch the and can
be made to yed beyond the owest wants of the cu-
tvators, and s strcty dependent upon the natura or
ac ured fertty of the so. ncrease ths fertty,
the mt w be enarged, and the and may be made
to yed a hgh rent dmnsh t, the mt w be con-
tracted, and a hgh rent w become mpossbe d-
mnsh t st further, the mt w concde wth the
cost of producton, snd a rent w dsappear.
n short, n the one case, the power of the produce
to e ceed n prce the cost of the producton depends
upon the degree of the monopoy, and of the e terna
demand, n the other, ths power depends entrey
upon the degree of fertty, natura or ac ured. Ths
s surey a broad and str ng dstncton.
s t, then, possbe to consder the ordnary e cess
of the prce of the necessares of fe above ther costs
of producton as reguated upon the prncpe of a
common monopoy s t possbe, wth M. de s-
mond, to regard rent as the soe produce of abour,
whch has a vaue purey nomna, and the mere re-
sut of that augmentaton of prce whch a seer ob-
tans n conse uence of a pecuar prvege: or, wth
Mr. uchanan, to consder t as no addton to the na-
tona weath, but merey as a transfer of vaue, ad-
vantageous ony to the andords, and proportonaby
n|urous to the consumers 1
Must we not, on the contrary, aow that rent s the
et ths dstncton does not appear to Mr. cardo to be we
founded c. . p. 492, 3rd edt.
t t s e traordnary that Mr. cardo (p. 486) shoud have
sanctoned these statements of M. smond and Mr. Duchanan.
trcty, accordng to hs own theory, the prce of corn s aways
a natura or necessary prce, and, ndependent of agrcutura m-
provements, the natura and necessary condton of an ncreased
suppy of produce. n what sense then can he agree wth these
wrters n sayng, that t s e that of a common monopoy, or
advantageous ony to the andords, and proportonaby n|urous
to the consumers
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
148 T T LA D. . 1T.
natura resut of a most nestmabe uaty n the so,
whch God has bestowed on man the uaty of beng
abe to mantan more persons than are necessary to
wor t s t not a part, and we sha see farther on
that t s an absoutey necessary part, of that genera
surpus produce from the and, whch has been |usty
stated to be the source of a power and en|oyment
and wthout whch, n fact, there woud be no ctes, no
mtary or nava force, no arts, no earnng, none of the
fner manufactures, none of the convenences and u u-
res of foregn countres, and none of that cutvated
and poshed socety, whch not ony eevates and dg-
nfes ndvduas, but whch e tends ts benefca n-
fuence through the whoe mass of the peope
ecton . n the necessary eparaton of the ent
of Land from the Profts of the utvator and the
ages of the Labourer.
o much of voence, and un|ust monopoy has attended
the appropraton of and n the eary tmes of a ong
setted states, that n order to see the natura founda-
ton and natura progress of rents, t s necessary to d-
After what had been sad and wrtten on the sub|ect of rent,
confess was a good dea surprsed that oone Perronet Thomp-
son shoud come forward wth a pamphet, entted The True
Theory of ent, n opposton to Mr. cardo and others, and
shoud state that the smpe cause of rent s every where the same
as that whch gves rse to the rent of the vneyard whch produces
To ay. The statement s the more remar abe n oone Thomp-
son, as n the course of hs pamphet he ac nowedges the truth
of the man resuts of the new theory whch are,
rst, That n a progressve country wth gradatons of so,
whch s the state of amost every nown country, the actua ave-
rage prce of corn s a necessary prce, or the prce necessary to
obtan the actua amount of the home suppy under the e stng
state of agrcutura s , and e stng vaue of money.
econdy, That no degree of monopoy coud ma e and whch
produces the food on whch the peope ve yed a rent, f t dd
not yed a greater produce than was suffcent to support the cu-
tvators.
Thrdy, That the ordnary prce of corn s so strcty mted that
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 149
rect our attenton to the estabshment and progressve
cutvaton of new coones. n the settement of a new
coony, where the nowedge and capta of an od so-
cety are empoyed upon fresh and ferte and, the
surpus produce of the so shews tsef chefy n hgh
profts, and hgh wages, and appears but tte n the
shape of rent. he ferte and s n abundance, and
may be had by whoever as s for t, nobody of course
w pay a rent to a andord. ut t s not consstent
wth the aws of nature, and the mts and uaty of
the earth, that ths state of thngs shoud contnue.
Dverstes of so and stuaton must necessary e st
n a countres. A and cannot be the most ferte:
a stuatons cannot be the nearest to navgabe rvers
and mar ets. ut the accumuaton of capta beyond
the means of empoyng t wth the same returns on
and of the greatest natura fertty, and the most ad-
vantageousy stuated, must necessary ower profts
whe the rapd ncrease of popuaton w tend to
ower f the wages of abour.
t cannot by possbty contnue so hgh as to prevent the ordnary
money wages of the abourng casses from purchasng more corn
than s re ured to support the ndvduas actuay empoyed.
ow, t s un uestonaby true, rst, that the prce of To ay
s not a necessary prce. The same uantty woud be produced,
athough the prce were consderaby ower. econdy, That ne-
ther the purchasers of To ay, nor the cutvators of t, ve upon
the produce. And Thrdy, That there s no mt to the prce of
To ay, but the tastes and fortunes of a few opuent ndvduas.
ow then can t possby be sad wth truth, that the smpe cause
of rent s every where the same as that whch gves rse to the rent
of the vneyard whch produces To ay and how entrey napp-
cabe s a reference to To ay as an ustraton of the true theory
of rent.
th regard to the grand faacy on whch oone Thompson
dwes so much, t s obvous that the ncautous anguage n whch
the new doctrne of rent has been sometmes announced, does not
affect ts substance. The errors arsng from ths cause had been
ponted out n the frst edton of ths wor ong before oone
Thompson entered upon the ueston.
t After what has been stated respectng the constancy of the
vaue of abour n the ast chapter, t w be understood that when-
ever 1 spea of hgh or ow wages, or of the rse or fa of wages,
1 aways mean to refer to ther greater or ess amount, or to the n-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
1 0 . T T LA D. c. .
The costs of producton n corn wages and profts
w thus be dmnshed but the vaue of the pro-
duce, that s, the uantty of abour whch t can com-
mand, nstead of dmnshng, w have a tendency to
ncrease. There w be an ncreasng number of
peope demandng subsstence, and ready to offer ther
servces n any way n whch they can be usefu. The
vaue of food w be n e cess above the vaue of the
abour and profts whch are the condton of ts sup-
py and ths e cess s that porton of the genera sur-
pus derved from and whch has been pecuary de-
nomnated rent.
The uaty of the earth frst mentoned, or ts power
to yed a greater uantty of the necessares of fe
than s re ured for the mantenance of the persons
empoyed n cutvaton, s obvousy the foundaton
of ths rent, and the mt to ts possbe ncrease. The
second uaty notced, or the tendency of an abund-
ance of food to ncrease popuaton, s necessary both
to gve a vaue to the surpus of necessares whch
the cutvators can obtan on the frst and cutvated
and aso to create a demand for more food than can
be procured from the rchest ands. And the thrd
cause, or the comparatve scarcty of ferte and,
whch s ceary the natura conse uence of the se-
cond, s fnay necessary to separate a porton of the
genera surpus from the and, nto the specfc form
of rent to a andord.f
crease or dmnuton of the uantty of necessares, c. awarded
the abourer, or of the money wherewth he purchases those neces-
sares, and whch s varabe n ts vaue.
t woud, perhaps, have been better, n order to avod amb-
guty, aways to have apped these atter terms to wages, nstead
of the former ones, but the e pressons hgh and ow wages, and
the rse and fa of wages, beng so constanty used n common
conversaton, and beng aways understood n the sense n whch
e pan them, the retanng them s not ey to create confuson
n the mnd of the reader.
f, commencng wth a new coony the ncrease of popua-
ton dd not create a demand for more food than coud be pro-
duced wth the same profts from the rchest ands, no rent coud
arse, and no nferor and coud be ta en nto cutvaton.
t Mr. cardo ute msunderstood me, when he represents me
as sayng that rent mmedatey and necessary rses or fas wth
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
s . . T T LA D. 1 1
or s t possbe that n a country ncreasng n
weath and popuaton, the whoe produce coud con-
tnue to be dvded ony between the captasts and
abourers, as the profts of capta and the wages of a-
bour. f profts and corn wages were not to fa, then,
wthout partcuar mprovements n cutvaton, none
but the very rchest ands coud be brought nto use.
The fa of profts and wages whch practcay ta es
pace, undoubtedy transfers a porton of produce to
the andord, and forms a part, though, as we sha
see farther on, ony a part of hs rent. ut f ths
transfer can be consdered as n|urous to the con-
sumers, then every ncrease of capta and popuaton
not resutng specfcay from mprovements n agr-
cuture, must be consdered as n|urous and a coun-
try whch mght mantan we ten mons of nhab-
tants ought to be ept down to a mon. The trans-
fer from profts and wages, and such a vaue of the
produce as yeds rent, whch have been ob|ected to
as n|urous, and as deprvng the consumer of what
t gves to the andord, are absoutey necessary n
order to obtan any consderabe addton to the weath
and numbers of the frst setters n a new country
and are the natura and unavodabe conse uences of
that ncrease of capta and popuaton for whch na-
ture has provded n the propenstes of the human
race.
the ncreased or dmnshed fertty of the and. (p. 489, 3d edt.)
ow far my former words woud bear ths nterpretaton the
reader must |udge: but certany coud not be aware that they
woud be so construed. avng stated three causes as neces-
sary to the producton of rent, coud not possby have meant to
say that rent woud vary aways and e acty n proporton to one
of them. dstncty stated, ndeed, that n new coones, the
surpus produce from the and, or ts fertty, appears but tte n
the shape of rent. urey he e pressed hmsef more nadver-
tenty whe correctng me, by referrng to the comparatve scarcty
of the most ferte and as the ony cause of rent, (p. 490, 3d edt.)
athough he has hmsef ac nowedged, that wthout postve fer-
tty, no rent can e st, (p. 491.) f the most ferte and of any
country were st very poor, such country woud yed but very
tte rent, however scarce such and mght be and f there were
no e cess of necessares above what are re ured for the man-
tenance of the cutvators, there woud be no e cess of prce.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
1 2 T T LA D. . .
hen such an accumuaton of capta has ta en
pace, as to render the returns of an addtona uan-
tty empoyed on the ands frst chosen ess than coud
be obtaned from nferor and, t must evdenty
answer to cutvate such nferor and. ut the cu-
tvators of the rcher and, after profts and wages had
faen, f they pad no rent, woud cease to be mere
farmers, or persons vng upon the profts of agrcu-
tura stoc they woud evdenty unte the charac-
ters of andords and farmers a unon by no means
uncommon, but one whch does not ater n any de-
gree the nature of rent, or ts essenta separaton from
profts and wages.
f the profts of capta on the nferor and ta en
nto cutvaton were thrty per cent., and portons of
the od and woud yed forty per cent., ten per cent,
of the forty woud obvousy be rent by whomsoever
receved : and when capta had further accumuated
and corn wages faen f on the more egbe ands of
a country, other ands, ess favouraby crcumstanced
wth respect to fertty or stuaton, mght be occu-
ped wth advantage. The uantty of produce re-
ured to repace wages and profts, havng faen,
poorer and, or and more dstant from rvers and
mar ets, though yedng at frst no rents, mght fuy
repay these e penses, and fuy answer to the cut-
vator. And agan, when ether the profts of stoc ,
or the corn wages of abour, or both, have st further
faen, and st poorer or st ess favouraby stuated,
The mmedate motve for the cutvaton of fresh and can
ony be the prospect of empoyng an ncreasng capta to greater
advantage than on the od and.
t hen a gven vaue of capta yeds smaer returns, whether
on new and or od, the oss s generay dvded between the a-
bourers and captasts, and wages and profts fa at the same tme.
Ths s ute contrary to Mr. cardo s anguage. ut the wages
we refer to are totay dfferent. e spea s of the mere abour
cost of producng the necessares of the abourer spea of the
necessares themseves. The reader w be aware that when corn
wages have faen, the vaue of corn has rsen, owng to a greater
ntensty of demand for t, or the power and w to purchase t by
the sacrfce of a greater uantty of abour.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 1 3
mght be ta en nto cutvaton. And at every step
of ths nd t s cear, that the rent of and must rse.
t may be ad down, therefore, as an ncontrover-
tbe truth, that as a naton reaches any consderabe
degree of weath, and any consderabe funess of po-
puaton, the separaton of rents, as a nd of f ture
upon ands of a certan uaty, s a aw as nvarabe
as the acton of the prncpe of gravty and that
rents are nether a mere nomna vaue, nor a vaue
unnecessary and n|urousy transferred from one set
of peope to another but a most mportant part of the
whoe vaue of the annua produce, necessary resut-
ng from ts contnued ncrease, and paced by the aws
of nature on the and, by whomsoever possessed, whe-
ther by few or many, whether by the andord, the
crown, or the actua cutvator.
Ths then s the mode n whch rent woud separate
tsef from profts and wages, n anatura state of thngs,
the east nterrupted by bad government, or any nd
of unnecessary monopoy but n the dfferent states n
whch man nd have ved, t s but too we nown
that bad governments and unnecessay monopoes
have been fre uent and t s certan that they w
essentay modfy ths natura progress, and often oc-
cason a premature formaton of rent.
n most of the great eastern monarches, the sove-
regn has been consdered n the ght of the owner
of the so. Ths premature monopoy of the and
|oned wth the two propertes of the so, and of ts
products frst notced, has enabed the government to
cam, at a very eary perod, a certan porton of the
produce of a cutvated and and under whatever
name ths may be ta en, t s essentay rent. t s
an e cess both of the uantty, and of the vaue of what
s produced above the costs of cutvaton.
Ths vew of the sub|ect ncudes a the dfferent nds of
rent referred to by Mr. |ones, n hs ate vauabe account of the
state of rents, and the varous modes of payng abour n dfferent
parts of the word. hether the abourer s pad n money, n
produce, or by a porton of and whch he s to wor hmsef wth
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
1 4 T T LA D. . .
ut n most of these monarches there was a great
e tent of ferte terrtory the natura surpus of the
so was very consderabe and whe the cams upon
t were moderate, the remander was suffcent to afford
such profts and wages as woud aow of a great n-
crease of popuaton.
t s obvous, however, that t s n the power of a
soveregn who s owner of the so n a very rch ter-
rtory to obtan, at an eary stage of mprovement, an
e cessve rent. e mght, amost from the frst, de-
mand a that was not necessary to aow of a moderate
ncrease of the cutvators, whch, f ther s were
not defcent, woud afford hm a arger proporton of
the whoe produce n the shape of a ta or rent, than
coud probaby be obtaned at any more advanced
perod of socety but then of course ony the most
ferte ands of the country coud be cutvated and
profts, wages and popuaton woud come to a prema-
ture stop.
t s not to be e pected that soveregns shoud push
ther rghts over the so to such an e treme e tent,
as t woud be e uay contrary to ther own nterest,
and to that of ther sub|ects but there s reason to
beeve that n parts of nda, and n many other south-
ern and eastern countres, and probaby even n hna,
the progress of ta aton on the and, founded upon the
soveregn s rght to the so, together wth other cus-
tomary payments out of the raw produce, have forc-
by and prematurey owered the profts of capta,
and the wages of abour on the and, and have thrown
great obstaces n the way of progressve cutvaton
and popuaton n atter tmes, whe much good and
has remaned waste. Ths w aways be the case,
a part of hs abour, whe he gves the other part to hs ord, the
foundaton of rent s e acty the same, dependng aways upon the
vaue of the e cess of what the whoe of the ord s and produces,
above that whch under the actua crcumstances s receved by
the cutvators, and the amount of rent whch can be receved from
a gven e tent of and w rse accordng to a the dfferent de-
grees of fertty above that whch w ony support the actua
cutvators.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 1
when, owng to an unnecessary monopoy, a greater
porton of the surpus produce s ta en n the shape of
rent or ta es, than woud have been separated by the
natura fa of profts and wages occasoned by the n-
crease of capta and popuaton. ut whatever may
be the nature of the monopoy of and, whether ne-
cessary or artfca, t w be observed that the power
of payng a rent or ta es on the and, s competey
mted by ts fertty and those who are dsposed
to underrate the mportance of the two frst causes of
rent whch have stated, shoud oo at the varous
dstrbutons of the produce n nd whch ta e pace
n many parts of nda, where, when once the mono-
poy has enabed the soveregn to cam a the pro-
duce whch remans above what s re ured for the
cutvaton of the so, hs resources obvousy depend
upon the surpus of necessares whch the and yeds,
and the power of these necessares to command a-
bour.
t may be thought, perhaps, that rent coud not be
forcby and prematurey separated from profts and
wages so as unnaturay to reduce the two atter, be-
cause capta and abour woud ut the and f more
coud be made of them esewhere but t shoud be
recoected, that the actua cutvators of the so n
these countres are generay n a very ow and de-
graded condton that very tte capta s empoyed
by them, and scarcey any whch they can remove and
empoy n another busness that the surpus produce
possessed by the government soon rases up a popu-
aton to be empoyed by t, so as to eep down the
prce of abour n other departments to the eve of
the prce n agrcuture and that the sma demand
for the products of manufacturng and commerca n-
dustry, owng to the poverty of the great mass of
socety, affords no room for the empoyment of a arge
capta, wth hgh profts n manufactures and com-
merce.
n account of these causes whch tend to ower
profts, and the dffcuty of coectng money, together
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
1 6 T T LA D. . 111.
wth the rs of endng t whch tends to rase nterest,
have ong been of opnon, that though the rate of n-
terest n dfferent countres s amost the ony crteron
from whch a |udgment can be formed of the rate of
profts yet that n such countres as nda and hna,
and ndeed n most of the eastern and southern regons
of the gobe, t s a crteron sub|ect to the greatest
uncertanty. n hna, the ega nterest of money s
sad to be three per cent, per month. ut t s m-
possbe to suppose, when we consder the state of
hna, so far as t s nown to us, that capta em-
poyed on the and can yed profts to ths amount
or, ndeed, that t can be empoyed n any steady and
we- nown trade wth such a return.
n the same way e traordnary accounts have been
gven of the hgh rate of nterest n nda but the
state of the actua cutvators competey contradcts
the supposton, that, ndependenty of ther abour,
the profts upon ther stoc s so consderabe and
the ate reducton of the government paper to s per
cent, fuy proves that, n common and peaceabe
tmes, the returns of capta, whch can be depended
upon n other sorts of busness, are by no means so
great as to warrant the borrowng at a very hgh rate
of nterest.
t s probabe that, wth the e cepton of occasona
specuatons, the money whch s borrowed at the hgh
rates of nterest notced n hna and nda, s bor-
rowed n both countres, rather wth a vew to e pen-
dture, the payment of debts, or some pressng neces-
sty, than wth a vew to reguar profts.
ome of the causes, whch have been notced as
tendng prematurey and rreguary to rase rents and
ower profts n the countres of the east, operated
wthout doubt to a certan e tent n the eary stages
of socety n urope. At one perod most of the and
was cutvated by saves and on the metayer system
whch succeeded, the dvson of the crop was so ar-
Pena ode, taunton, p. 1 8. The mar et-rate of nterest
at anton s sad, however, to be ony from tweve to eghteen
per cent. d. note .
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. .| T T LA D. 1 7
ranged as to aow the cutvator but tte more than
a scanty subsstence. n ths state of thngs the rate
of profts on the and coud have but tte to do wth
the genera rate of profts. The peasant coud not.
wthout the greatest dffcuty, reaze money and
change hs professon and t s ute certan that no
one who had accumuated a capta n manufactures
and commerce, woud empoy t n cutvatng the ands
of others as a metayer. There woud thus be tte or
no nterchange of capta between trade and agrcu-
ture, and the profts n each mght n conse uence be
very une ua.
t s probabe however, as n the case of hna and
nda above mentoned, that profts woud not be e -
cessvey hgh. Ths woud depend ndeed many
upon the suppy of capta n manufactures and com-
merce f capta were scarce, compared wth the de-
mand for the products of these nds of ndustry, pro-
fts woud certany be hgh and a that can be sad
safey s, that we cannot nfer that they were very hgh,
from the very hgh rates of nterest occasonay men-
toned.
ent then has been traced to the same common na-
ture wth that genera surpus from the and, whch
s the resut of certan uates of the so and ts pro-
duce and t has been found to commence ts separa-
ton from profts and wages, as soon as they begn to
fa from the scarcty of ferte and whether occasoned
by the natura progress of a country towards weath
and popuaton, or by any premature and unnecessary
monopoy of the so.
ecton . f the auses whch tend to rase ents
n the ordnary Progress of cvsed and mproved
ocetes.
n tracng more partcuary the aws whch govern
the rse and fa of rents, the man causes whch prac-
tcay tend to ncrease the dfference between the prce
of the produce, and the e penses of cutvaton n-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
1 8 T T LA D. . .
eudng ordnary profts, re ure to be more specfcay
enumerated. The prncpa of these seem to be four:
1st, uch an accumuaton of capta compared wth
the means of empoyng t, as w ower the profts of
stoc 2dy, such an ncrease of popuaton as w
ower the corn wages of abour 3dy, such agrcu-
tura mprovements, or such ncrease of e ertons as
w dmnsh the number of abourers necessary to
produce a gven effect and 4thy, such an ncrease
n the prce of agrcutura produce, from ncreased
demand, as, whe t probaby rases the money prce
of abour, or occasons a fa n the vaue of money, s
nevertheess, accompaned by a dmnuton ether tem-
porary or permanent, of the money outgongs of the far-
mer, compared wth hs money returns.
f capta ncreases n some departments, and the
addtona uantty cannot be empoyed wth the same
profts as before, t w not reman de, but w see
empoyment ether n the same or n other departments
of ndustry, athough wth nferor returns, and ths
w tend to push t upon ess ferte sos.
n the same manner, f popuaton ncreases faster
than the funds for the mantenance of abour, the a-
bourers must content themseves wth a smaer uan-
tty of necessares. The vaue of produce w conse-
uenty rse the same uantty of corn w set more
abour n moton, and and may be cutvated whch
coud not have been cutvated before.
These two frst causes sometmes act so as to coun-
terbaance one another. An ncrease of capta tends
to rase the wages of abour, and a fa of wages tends
to rase the profts of stoc but these are ony tem-
porary effects. n the natura and reguar progress
of a country towards ts fu compement of capta and
popuaton, the rate of profts and the corn wages of
abour permanenty fa together. Practcay ths s
often effected by a rse n the money prce of corn,
accompaned by a rse, but not a proportonate rse, n
the money wages of abour. The greater rse n the
money prce of corn as compared wth abour, s more
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 1 9
than counterbaanced to the cutvator by the dm-
nshed uantty of produce obtaned by the same agr-
cutura capta and the profts of a other captasts
are dmnshed, by havng to pay out of the same mo-
ney returns hgher money wages whe the command
of the abourer over the necessares of fe s of course
contracted by the nade uate rse of the prce of a-
bour as compared wth that of corn.
ut ths e act and reguar rse n the money prce
of corn and abour s not necessary to the fa of pro-
fts. Profts and corn wages may fa, and rent be
separated, under any varatons of the vaue of money.
A that s necessary to the most reguar and perma-
nent fa of profts, s, that an ncreased proporton of
the produce obtaned by a gven uantty of abour
shoud be absorbed n payng that abour. n the con-
tnued progress of cutvaton, ths s generay effected
by a dmnuton of the produce, obtaned by the same
abour wthout a proportonate dmnuton of the uan-
tty absorbed by abour, whch eaves ess for profts,
at the same tme that the corn wages of the abourer
are dmnshed. ut t s obvous that f a smaer
uantty of produce be suffcent to remunerate both
the captast and the abourer, the outgongs neces
sary to cutvaton w be dmnshed, rents w tend
to rse on a the od ands, and poorer ands may be
cutvated wth advantage.
The thrd cause enumerated as tendng to rase rents
by owerng the e penses of cutvaton compared wth
the prce of the produce s, such agrcutura mprove-
Mr. cardo has observed (p. 499, 3rd edt.) n reference to the
second cause whch have here stated, as tendng to rase rents,
that no fa of wages can rase rents for t w nether dmnsh
the porton, nor the vaue of the porton of the produce whch w
be aotted to the farmer and abourer together. And yet n
reaty there s no other rse n the vaue of corn, but that whch
s accompaned by a fa n the corn wages of abour. The fact
s, that the vaue aotted to the farmer and abourer together,
measured n abour, or money of a f ed vaue, s very far from
remanng the same. A hs cacuatons are but upon the
fundamenta error of omttng the consderaton of profts n est-
matng the vaue of wages, and thus ma ng the vaue of abour
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
160 T T LA D. . .
ments, or such ncrease of e ertons, as w dmnsh
the number of abourers necessary to produce a gven
effect.
n mprovng and ndustrous countres, not defcent
n stmuants, ths s a cause of great effcacy. f the
mprovements ntroduced were of such a nature as
consderaby to dmnsh the costs of producton, wth-
out ncreasng n any degree the uantty of produce,
then, as t s ute certan that no ateraton woud
ta e pace n the prce of corn, the e travagant pro-
fts of the farmers woud soon be reduced by the com-
petton of captas from manufactures and commerce
and as the whoe arena for the empoyment of capta
woud rather have been dmnshed than ncreased,
profts on the and as we as esewhere woud soon
be at ther former eve, and the ncreased surpus from
the dmnshed e penses of cutvaton woud go to
ncrease the rents of the andords.
ut f these mprovements, as must aways be the
case, woud factate the cutvaton of new and, and
the better cutvaton of the od wth the same capta,
more corn woud certany be brought to mar et. Ths
woud ower ts prce but the fa woud be of short
duraton. The operaton of that mportant cause no-
tced n the eary part of ths chapter, whch dstn-
gushes the surpus produce of the and from a others,
namey, the power of the necessares of fe, when pro-
pery dstrbuted, to create ther own demand, or n
other words the tendency of popuaton to press aganst
the means of subsstence, woud soon restore the prces
rse, nstead of ma ng t constant. The vaue obtaned by a gven
uantty of abour, or the vaue aotted to the farmer and abourer
together, must aways fa wth the fa of profts. f t does not n
Mr. cardo s money, t s precsey because hs money s so con-
structed as to vary wth the artce t measures. The hgh corn
wages of Amerca w fnay go to rent, not to profts. f abourers
were permanenty to receve the vaue of haf a bushe of wheat a
day, none but the rchest ands coud pay the e pense of wor ng
them. An ncrease of popuaton, and a fa of very hgh corn
wages are absoutey necessary to the cutvaton of poor and.
ow then can t be sad that a fa of wages s not one of the causes
of a rse of rents
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 161
of com and abour, and reduce the profts of stoc to
ther former eve, whe n the mean tme every step
n the cutvaton of poorer ands factated by these
mprovements, and ther appcaton to a the ands
of a better uaty before cutvated, woud unversay
have rased rents: and thus, under an mprovng sys-
tem of cutvaton, rents mght contnue rsng wthout
any rse n the vaue of corn, or any fa n the corn
wages of abour, or n the genera rate of profts.
The very great mprovements n agrcuture whch
have ta en pace n ths country are ceary demon-
strated by the profts of stoc havng been as hgh n
1813 as they were neary a hundred years before,
when the and supported but tte more than haf
the popuaton. And the power of the necessares of
fe, when propery dstrbuted, to create ther own
demand s fuy proved by the papabe fact, that the
e changeabe vaue of corn n the command of abour
and other commodtes was for many years before that
perod, undmnshed, notwthstandng the many and
great mprovements whch had been successvey n-
troduced nto cutvaton, both by the use of better
mpements, and by a more s fu system of manag-
ng the and. n fact, the ncrease of produce had
gone amost whoy to the ncrease of rents and the
payment of ta es, tthes, and poor s rates.
t may be added that, when n partcuar dstrcts,
mprovements are ntroduced whch tend to dmnsh
the costs of producton, the advantages derved from
them go mmedatey, upon the renewa of eases, to
the andords, as the profts of stoc must necessary be
reguated by competton, accordng to the genera
average of the whoe country. Thus the very great
agrcutura mprovements whch have ta en pace n
some parts of cotand, the north of ngand, and
orfo , have rased, n a very e traordnary manner,
the rents of those dstrcts, and eft profts where they
were.
t must be aowed then, that facty of producton
M
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
162 T T LA D. . .
n necessares, un e facty of producton n a
other commodtes, s rarey or never attended wth a
permanent fa of ther vaue. They arc the ony com-
modtes of whch t can be sad that ther permanent
command of abour has a constant tendency to eep
pace wth the ncrease of ther uantty. And con-
se uenty, n the actua state of thngs, a savngs n
the cost of producng them w permanenty ncrease
the surpus whch goes to rent.
The fourth cause whch tends to rase rents, s such
an ncrease n the money prce of agrcutura produce
from ncreased demand, as whe t rases the money
prce of abour, or owers the vaue of money, s ac-
companed by a comparatve dmnuton, ether tem-
porary or permanent, n the money outgongs of the
farmer, f
have aready adverted to a rse n the money
prce of raw produce, whch may ta e pace n con-
se uence of a reguar ncrease of capta and popua-
ton, and a reguar fa of profts and corn wages.
ut ths sort of rse s confned wthn narrow mts,
an has tte share n those great varatons n the
prce of corn, whch are most fre uenty the sub|ect
of observaton. The nd of ncreased prce, the ef-
fects of whch wsh now more partcuary to con-
sder, s a rse of prce from ncreased demand, term-
natng n a dmnshed vaue of the precous metas.
f a great and contnued demand shoud arse among
surroundng natons for the raw produce of a part-
cuar country, the prce of ths produce woud of
course rse consderaby and the e penses of cut-
Propey spea ng, facty of producton n necessares can
ony be temporary where there are gradatons of and as far as
barrenness, e cept when capta s prevented from ncreasng by
the want of power or w to save, arsng from bad government.
t may then be permanent. ut though corn w, n that case,
cost but tte abour, the abour whch t w command, or ts
vaue, w be comparatvey hgh.
t Ths cause s party ncuded n the precedng ones but as
t fre uenty occurs, and has a dfferent orgn, t s worth whe
to consder t separatey, and trace ts practca operaton.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 1G3
vaton rsng ony sowy and graduay to the same
proporton, the prce of produce mght for a ong
tme eep so much a head as to gve a prodgous
stmuus to mprovement, and encourage the empoy-
ment of much capta n brngng fresh and under
cutvaton, and renderng the od much more pro-
ductve. f however the demand contnued, the prce
of abour woud utmatey rse to ts former eve,
compared wth corn a decded fa n the vaue of
money supported by the abundant e portaton of raw
produce mght generay ta e pace, n whch case
abour woud become e tremey productve n the pur-
chase of a foregn commodtes, and rents mght rse
wthout a fa of profts or wages.
The state of money prces, and the rapd progress
of cutvaton n the Unted tates of Amerca, tend
strongy to ustrate the case here supposed. The
prce of wheat n the eastern states has been often
neary as hgh as n rance and anders and owng
to the contnued demand for hands, the money prce
of day-abour has been at tmes neary doube what
t s n ngand. ut ths hgh prce of corn and
abour has gven great factes to ther farmers and
abourers n the purchase of cothng and a sorts of
foregn necessares and convenences. And t s cer-
Accordng to Pt n s tatstca ew of the Unted tates,
(p. 112, 2nd ed.) the average prce of the bushe of wheat for
eeven years, from 1806 to 1816 ncusve, at the prncpa paces
of e portaton, was rather above 1 doars, or 4 shngs per
uarter and, accordng to earon s etches, common abour
was above a doar a day.
The state of thngs n 1821 was essentay dfferent, and shews
how much the vaue of money n any country depends upon the
demand and suppy of produce. orn and abour, t s sad,
had faen at that tme one haf. The former hgh prces were
no doubt n part owng to paper, but before the war wth n-
gand, for seven years out of the eeven referred to, sver and
paper were at par, and durng ths perod wheat at the ports of
the astern tates was above 0 shngs a uarter. A rse n
the prce of corn, and other sorts of raw produce n an e portng
country wth penty of good and, enabes t to purchase money
wth a smaer uantty of abour, whch s ey to render t
cheap, or to ma e the money prce of abour hgh.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
164 T T LA D. T . .
tan that f the money prces of corn and abour had
been both ower, yet had mantaned the same pro-
porton to each other, and of the same uaty coud
not have been cutvated wth the same advantage,
nor coud e ua rents have been obtaned wth the
same rate of profts and the same corn wages of
abour.
ffects of a smar nd too pace n our own
country from a smar demand for corn durng the
twenty years from 1793 to the end of 1813, though
the demand was not occasoned n the same way.
or some tme before the war, whch commenced n
1793, we had been n the habt of mportng a cer-
tan uantty of foregn gran to suppy our habtua
consumpton. The war naturay ncreased the e -
pense of ths suppy by ncreasng the e pense of
freght, nsurance, c. and, |oned to some bad sea-
sons and the subse uent decrees of the rench govern-
ment, rased the prce, at whch wheat coud be m-
ported, n the uantty wanted to suppy the demand,
n a very e traordnary manner.
Ths great rse n the prce of mported corn,
athough the mport bore but a sma proporton to
what was grown at home, necessary rased n the
same proporton the whoe mass, and gave the same
sort of stmuus to domestc agrcuture as woud have
ta en pace from a great demand for our corn n
foregn countres. n the mean tme, the scarcty of
hands, occasoned by an e tendng war, an ncreasng
commerce, and the necessty of rasng more food,
|oned to the ever ready nventon of an ngenous
peope when strongy stmuated, ntroduced so much
savng of manua abour nto every department of n-
dustry, that the new and nferor and ta en nto cut-
Durng the perod auded to, corn rose far beyond what was
necessary to defray the ncreased e pense of freght, nsurance,
c., occasoned by the war. The cause of the rse was there-
fore, ndependent of the ncreased cost of mportaton. t doubt-
ess orgnated n the profuse e pendture of the state, and the
ncreased actvty of commerca and manufacturng ndustry at
the tme. d.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 16
vaton, to suppy the pressng wants of the socety, was
wor ed at a ess e pense of abour than rcher sos
had been some years before. et st the prce of
gran necessary ept up as ong as the most trfng
uantty of foregn gran, whch coud ony be ob-
taned at a very hgh prce, was wanted n order to
suppy the e stng demand. th ths hgh prce,
whch at one tme rose to neary trebe n paper and
above doube n buon, compared wth the prces
before the war, t was ute mpossbe that the
money prce of abour shoud not rse neary n propor-
ton, and wth t, of course, as profts had not faen,
a the commodtes nto whch abour had entered.
e had thus a genera rse n the prces of abour
and commodtes, or a fa n the vaue of the precous
metas, compared wth other countres, whch our
ncreasng foregn commerce and abundance of e -
portabe commodtes enabed us to sustan, and ths
s one of the sgna nstances n whch the vaue of
money arsng from ncdenta causes entrey over-
whemed and obscured the effects arsng from the
necessary cause. Profts nstead of fang rose and
the vaue of money ought therefore to have rsen, and
the money prce of abour to have faen but the
secondary causes arsng from the demand for corn
and abour, and the ncreasng money vaue of our
e ported commodtes ute overcame the natura
effects of the rse of profts, and occasoned a very
decded fa, not ony n the vaue of our currency
but n the vaue of our buon compared wth abour.
That the ast and ta en nto cutvaton n 1813 dd
not re ure more abour to wor t than the ast and
mproved n the year 1790, s proved by the ac now-
edged fact, that the rate of nterest and profts was
hgher n the ater perod than the earer, whe the
corn wages of abour were neary the same. ut
st the profts were not so much hgher as not to
have rendered the nterva e tremey favourabe to
the rse of rents. Ths rse, durng the nterva n
ueston, was the theme of unversa remar and
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
166 T T LA D. c. .
though a severe chec , from a combnaton of crcum-
stances, has snce occurred yet the great dranngs
and permanent mprovements, whch were the effects
of so powerfu an encouragement to agrcuture, have
acted e the creaton of fresh and, and have n-
creased the rea weath and popuaton of the country,
wthout ncreasng the abour and dffcuty of rasng
a gven uantty of gran.
t s obvous then that a fa n the vaue of the
precous metas, commencng wth a rse n the prce
of corn, has a strong tendency, whe t s gong on,
to encourage the cutvaton of fresh and and the
formaton of ncreased rents.
A smar effect woud be produced n a country
whch contnued to feed ts own peope, by a great
and ncreasng demand for ts manufactures. These
manufactures, f from such a demand the money
vaue of ther amount n foregn countres was greaty
to ncrease, woud brng bac a great ncrease of
money vaue n return, whch ncrease coud not fa
to ncrease the money prce of abour and raw pro-
duce. The demand for agrcutura as we as manu-
factured produce woud thus be augmented and a
consderabe stmuus, though not perhaps to the same
e tent as n the ast case, woud be gven to every
nd of mprovement on the and.
Ths resut generay ta es pace from the ntro-
ducton of mproved machnery, and a more |udcous
dvson of abour n manufactures. t amost aways
happens n ths case, not ony that the uantty of
manufactures s very greaty ncreased, but that the
vaue of the whoe mass s augmented, from the great
e tenson of the demand for them both abroad and at
home, occasoned by ther cheapness. e see, n
conse uence, that n a rch manufacturng and com-
merca countres, the vaue of manufactured and
commerca products bears a very hgh proporton to
the ncreased raw products whereas, n compara-
Accordng to the cacuatons of Mr. o uhoun, the vaue
of our trade, foregn and domestc, and of our manufactures, e -
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 167
tvey poor countres, wth few manufactures and tte
foregn commerce, the vaue of ther raw produce,
though sma compared wth ther e tent of terrtory,
consttutes amost the whoe of ther weath.
n those cases where the stmuus to agrcuture
orgnates n a prosperous state of commerce and
manufactures, t sometmes happens that the frst step
towards a rse of prces s an advance n the money
wages of commerca and manufacturng abour. Ths
w naturay have an mmedate effect upon the
prce of corn, and an advance n the prce of agrcu-
tura abour w foow. t s not, however, neces-
sary, even n those cases, that abour shoud rse frst.
f, for nstance, the popuaton were ncreasng as
fast as the mercante and manufacturng capta, the
ony effect mght be an ncreasng number of wor -
men empoyed at the same money wages, whch woud
occason a rse n the prce of corn before any rse
had ta en pace n the wages of abour.
e are supposng, however, now, that the prce
of abour does utmatey rse neary to ts former
eve compared wth corn, that both are consderaby
hgher, and that money has suffered a decded change
of vaue. et n the progress of ths change, the
other outgongs, besdes abour, n whch capta s
e pended, can never a rse at the same tme, or even
fnay n the same proporton. A perod of some
contnuance can scarcey fa to occur when the df-
ference between the prce of produce and the cost of
producton s so ncreased as to gve a great stmuus
to agrcuture and as the ncreased capta, whch
s empoyed n conse uence of the opportunty of
ma ng great temporary profts, can sedom be en-
trey removed from the and, a part of the advantage
so derved s permanent together wth the whoe of
that whch may be occasoned by a greater perma-
cusve of raw materas, s neary e ua to the gross vaue derved
from the and. n no other arge country probaby s ths the
case. Treatse on the eath, Power, and esources of the
rtsh mpre, p. 96.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
168 T T LA D. . 1 T.
nent rse n the prce of corn than n some of the ma-
teras of the farmer s capta.
t s ac nowedged that, when a fa ta es pace n
the vaue of money, ta ed commodtes w not rse n
the same proporton wth others and, on the suppo-
ston of such fa beng pecuar to a partcuar coun-
try, the same must un uestonaby be sad of a the
varous commodtes whch are ether whoy or n part
mported from abroad, many of whch enter nto the
capta of the farmer. e woud, therefore, derve an
ncreased power from the ncreased money prce of
corn compared wth those artces. A fa n the vaue
of money cannot ndeed be pecuar to one country
wthout the possesson of pecuar advantages n e -
portaton but wth these advantages, whch we now
are very fre uenty possessed, and are often ncreased
by stmuants, such a fa, whether arsng generay
from an ncreased suppy from the mnes, or partay
from a demand for corn and abour n a partcuar
country, can scarcey fa to encourage the outay of
more capta n agrcuture, to ncrease the power of
cutvatng poorer ands, and to advance rents.
n spea ng, however, of the advantages sometmes
derved from a fa n the vaue of money, t shoud
aways be recoected, that f t goes to a greater e -
tent than can be permanenty mantaned an event
very ey to ta e pace, t w surey be foowed by
a retrograde movement, whch, though t may not undo
a the effects of the prevous encouragement gven to
producton, n reference to the genera weath of the
country, w be fet by a the partes concerned, and-
ords, captasts, and abourers, as so panfu a reverse
that they may we wsh that they had not been sub-
|ected to the stmuus. t, however, t s proper to
consder the effects of such a stmuus durng the tme
t asts.
henever then, by the operaton of the four causes
above mentoned, the dfference between the prce of
produce and the cost of the nstruments of producton
ncreases, the rents of and w rse.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 169
t s, however, not necessary that a these four causes
shoud operate at the same tme t s ony necessary
that the dfference here mentoned shoud ncrease.
f, for nstance, the prce of produce were to rse,
whe the money wages of abour and the prce of the
other branches of capta dd not rse n proporton,
and at the same tme mproved modes of agrcuture
were comng nto genera use, t s evdent that ths
dfference mght be ncreased, athough the profts of
agrcutura stoc were not ony undmnshed, but
were to rse decdedy hgher.
f the great addtona uantty of capta empoyed
upon the and n ths country durng the twenty years,
from 1793 to 1813, by far the greater part s sup-
posed to have been generated on the so, and not to
have been brought from commerce or manufactures.
And t was un uestonaby the hgh profts of agrcu-
tura stoc , occasoned by mprovements n the modes
of agrcuture, and by the constant rse of prces, fo-
owed ony sowy by a proportonate rse n the ma-
teras of the farmer s capta, that afforded the means
of so rapd and so advantageous an accumuaton.
n ths case, cutvaton was e tended, and rents
rose, athough one of the nstruments of producton,
capta, was dearer.
n the same manner a fa of profts, and mprove-
ments n agrcuture, or even the atter separatey,
mght rase rents, notwthstandng a rse of corn
wages.
t s further evdent, that no fresh and can be ta en
nto cutvaton t rents have rsen, or woud aow of
a rse upon what s aready cutvated.
Land of an nferor uaty re ures a greater ad-
vance of abour and capta to ma e t yed a gven
produce and f the actua prce of ths produce be
not such as fuy to compensate the cost of produc-
Ths woud n fact be a fa n the corn wages of abour,
though t mght be made up to the abourer by the comparatve
cheapness of some other artces, and more constant empoyment
for a the members of hs famv.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
170 T T LA D. . 111.
ton, ncudng profts, the and must reman uncut-
vated. t matters not, whether ths compensaton s
effected by an ncrease n the money prce of raw pro-
duce, wthout a proportonate ncrease n the money
prce of the nstruments of producton or by a de-
crease n the prce of the nstruments of producton,
wthout a proportonate decrease n the prce of pro-
duce. hat s absoutey necessary s, a greater re-
atve cheapness of the nstruments of producton, to
ma e up for the uantty of them re ured to obtan a
gven produce from poor and.
ut whenever, by the operaton of one or more of
the causes before mentoned, the nstruments of pro-
ducton become reatvey cheaper, and the dfference
between the prce of produce and the e penses of cu-
tvaton ncreases, rents naturay rse. t foows
therefore as a drect and necessary conse uence, that
t can never answer to ta e fresh and of a poorer
uaty nto cutvaton t rents have rsen, or woud
aow of a rse, on what s aready cutvated.
t s e uay true, that wthout the same tendency
to a rse of rents, t cannot answer to ay out fresh
capta n the mprovement of od and at east upon
the supposton, that each farm s aready furnshed
wth as much capta as can be ad out to advantage,
accordng to the actua rate of profts.
t s ony necessary to state ths proposton to ma e
ts truth appear. t certany may happen, (and
fear t happens very fre uenty) that farmers are not
provded wth a the capta whch coud be em-
poyed upon ther farms at the actua rate of agrcu-
tura profts. ut supposng they are so provded, t
mpes dstncty, that more coud not be apped
wthout oss, t, by the operaton of one or more of
the causes above enumerated, rents had tended to rse.
t appears then, t|at the power of e tendng cut-
ents may be sad to have a tendency to rse, when more
capta s ready to be ad out upon the od and, but cannot be
ad out wthout dmnshed returns. hen profts fa n manu-
factures and commerce from the dmnshed prce of goods, cap-
tasts w be ready to gve hgher rents for od farms.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 171

vaton and ncreasng produce, both by the cutvaton

of fresh and and the mprovement of the od, depends
entrey upon the e stence of such prces, compared
wth the e pense of producton, as woud rase rents
n the actua state of cutvaton.
ut though cutvaton cannot be e tended and the
produce of a country ncreased, e cept n such a state
of thngs as woud aow of a rse of rents yet t s
of mportance to remar , that ths rse of rents w
not necessary be n proporton to the e tenson of
cutvaton or to the ncrease of produce.
A sght rse n the vaue of corn may aow of the
empoyment of a consderabe uantty of addtona
capta and when ether new and s ta en nto cu-
tvaton, or the od mproved, the ncrease of produce
s often greater than the ncrease of rents. e fre-
uenty see n conse uence, that, n the progress of a
country towards a hgh state of cutvaton, the uan-
tty of capta empoyed upon the and, and the uan-
tty of produce yeded by t, bears an ncreasng pro-
porton to the amount of rents, uness counterbaanced
by e traordnary mprovements n the modes of cut-
vaton.f
n the eary state of cutvaton upon the Metayer
system, wth sma captas, the proporton of the pro-
duce whch went to the andord was generay one
haf. ven n the Unted tates, where profts and
Ths, t must be recoected, s upon the supposton above
adverted to, that the farmer has had the means and the w to
empoy a the capta, both f ed and crcuatng, whch can be
apped at the actua rate of profts.
t To the honour of cotch cutvators t shoud be observed,
that they have apped ther captas so very s fuy and econo-
mcay, that at the same tme that they have prodgousy n-
creased the produce, they have ncreased the andord s propor-
ton of t. The dfference between the andord s share of the
produce n cotand and n ngart s ute e traordnary
greater than can be accounted for by the absence of tthes and
poor s-rates. t must be referred therefore to superor s and eco-
nomy, and mprovements n cutvaton. ee r |ohn ncar s
vauabe Account of the usbandry of cotand and the Genera
eport, pubshed n 1813 and 14 wor s repete wth the most
usefu and nterestng nformaton on agrcutura sub|ects.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
172 T T LA D. . t.
com wages have been such as woud aow of a arge
transfer to the andords, produce seems to have n-
creased faster than rents. And accordng to the re-
turns made to the board of agrcuture n 1813, the
average proporton whch rent bears to the vaue of
the whoe produce seems to be tte more than one-
ffth whereas formery, when there was more and
n pasture, ess capta empoyed, and ess produce
obtaned, the proporton amounted to one-fourth, one-
thrd, or even two-ffths-f t, however, the nume-
rca dfference between the prce of produce and the
e penses of cutvaton ncreases wth the progress of
y mprovement and though the andord may have a
ess share of the whoe produce, yet ths ess share
from the great ncrease of the produce, owng to the
converson of natura pastures nto arabe and, w
command more abour, and conse uenty be of greater
vaue to hm. f the produce of and be represented
by the number s , and the andord has one-fourth of
t, hs share w be represented by one and a haf. f
the produce of and be as ten, and the andord has
ee vdence before the ouse of Lords, gven by Arthur
oung, n the eport respectng the corn aws, 1814, p. 66.
, t n that state of thngs where and s n great abundance, and
rents very ow, the capta, and partcuary the f ed capta em-
poyed, s generay very nconsderabe. Mr. cardo, n us-
tratng hs doctrne of rent, has supposed a capta of 3000 em-
poyed wth ow corn wages to obtan a produce worth 720,
before the commencement of rent. ut ths s so drecty con-
trary to the rea state of thngs before rent has commenced, as to
destroy a |ust ustraton. n the present advanced state of cu-
tvaton under a arge mass of rents, a capta of 1000 s cons-
dered as ade uate to obtan the above vaue of produce. t was
the very dsproportonate amount of capta, wth the ow corn
wages assumed, whch enabed Mr. cardo to contempate an
e traordnary rse of rents, occasoned e cusvey by a transfer
from profts. Ths apparent resut was further asssted by the
adopton of a money as h|g measure of vaue, whch, (as have
aready shown, p. 124-12. ) must necessary vary wth the com-
modty whch t was to measure. hen a abour, a raw pro-
ducts, and many manufactured products had rsen n hs money, he
st supposed hs money to reman of the same vaue, whereas t had
n fact faen n vaue from the fa of profts, wthout whch fa the
appearances he contempates coud not possby ta e pace.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 173
/
one-ffth of t, hs share w be represented by two.
n the atter case, therefore, though the proporton of
the andord s share to the whoe produce s greaty
dmnshed, the vaue of hs rent, ndependent of no-
mna prce, w be ncreased n the proporton of
from three to four.
e see then that a progressve rse of rents seems
to be necessary connected wth the progressve cu-
tvaton of new and, and the progressve mprovement
of the od : and that ths rse s the natura and ne-
cessary conse uence of the operaton of four causes,
whch are the most certan ndcatons of ncreasng
prosperty and weath namey, the accumuaton of
capta, the ncrease of popuaton, mprovements n
agrcuture, and a rsng mar et prce of raw produce,
occasoned ether by a great demand for t n foregn
countres, or by the e tenson of commerce and manu-
factures.
ecton . f the auses whch tend to
ower ents.
The causes whch ead to a fa of rents are, as may
be e pected, e acty of an opposte descrpton to those
whch ead to a rse: namey, dmnshed capta, d-
mnshed popuaton, an operose system of cutvaton,
and a fang prce of raw produce from defcency of
demand. They are amost aways ndcatons of po-
verty and decne, and are necessary connected wth
the throwng of nferor and out of cutvaton, and the
contnued deteroraton of the and of a superor ua-
ty.
The necessary effects of a dmnshed capta and
dmnshed popuaton n owerng rents, are too ob-
vous to re ure e panaton nor s t ess cear that
an operose and bad system of cutvaton mght pre-
vent the formaton of rents, even on ferte and, by
chec ng the progress of popuaton and demand be-
yond what coud be supped from the very rchest
The ony practca e cepton s n the case of mportng fo-
regn corn, the effects of whch w be consdered more partcu-
ary n the ne t secton, and a subse uent part of ths chapter.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
174 T T LA D. . .
uates of so. w ony therefore advert to the
fourth cause here notced.
e have seen that a rse n the prce of corn, ter-
mnatng n a dmnshed vaue of the precous metas,
woud gve a consderabe stmuus to cutvaton for
a certan tme, and some factes permanenty, and
mght occason a consderabe and permanent rse of
rents. And ths case was e empfed by what hap-
pened n ths country durng the perod from 1794 to
1814.
t may be stated n e manner, that a fa n the
prce of corn termnatng n a rse n the vaue of
money, must, upon the same prncpes, tend to throw
and out of cutvaton and ower rents. And ths may
be e empfed by what happened n ths country at
the concuson of the war. The fa n the prce of corn
at that perod necessary dsabed the cutvators from
empoyng the same uantty of abour on ther and.
Many abourers, therefore, were unavodaby thrown
out of empoyment and, as the and coud not be cu-
tvated n the same way, wthout the same number of
hands, some of the worst sos were no onger wor ed,
much agrcutura capta was destroyed, and rents
unversay fe whe ths great faure n the power
of purchasng, among a those who ether rented or
possessed and, naturay occasoned a genera stagna-
ton n a other trades. ut the fa n the money
prce of abour from the competton of the abourers,
and the poverty of the cutvators together wth the
fa of rents, from the want of power to pay the for-
mer rents, woud tend to restore the former reatons
of produce, wages, and rents to each other, though
Ths s an nstance of the ncdenta causes of the hgh or ow
vaue of money prevang over the necessary cause |ust n an op-
poste drecton to that notced n the ast secton. Profts un-
uestonaby fe after the war, and the vaue of money ought to
have faen, and the money prce of abour to have rsen but the
rse n the vaue of money, owng to the sac ness of the crcua-
ton, the wthdrawng of much paper, and the comparatve want
of demand for corn and abour, combned wth the dmnshed
money vaue of our e ported commodtes, ute overcame the na-
tura effects of the fa of profts, and occasoned a decded rse
n the vaue of money.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 17
they woud a be ower n prce than they were before.
The and whch had been thrown out of tage mght
then agan be cutvated wth advantage but n the
progress from the ower to the hgher vaue of mone ,
a perod woud have eapsed of dmnshed produce,
dmnshed capta, and dmnshed rents. The coun-
try woud recommence a progressve movement from
an mpovershed state and, owng to a fa n the vaue
of corn greater than n ta ed commodtes, n foregn
commodtes, and n others whch form a part of the
capta of the farmer and of the necessares and con-
venences of the abourer, the permanent dffcutes of
cutvaton woud be great compared wth the natura
fertty of the worst so actuay n tage.
t has appeared that, n the progress of cutvaton
and of ncreasng rents, t s not necessary that a the
causes whch tend to advance rents shoud operate at
the same tme and that the dfference between the
prce of produce and the e pense of cutvaton mght
ncrease, athough ether the profts of stoc or the
wages of abour mght be hgher, nstead of ower.
n the same manner, when the produce of a coun-
try s decnng from a dmnuton of demand, and rents
n conse uence fang, t s not necessary that a the
causes whch tend to ower rents shoud be n acton.
n the natura progress of such a decne, the profts
of stoc must be ow because t s specfcay the
want of ade uate returns whch occasons ths decne.
After some capta has been destroyed, money wages
w fa but the ow prce of raw produce may more
than counterbaance the ow money wages of abour,
and prevent the proftabe cutvaton of and where
much capta s re ured.
t has appeared aso, that n the progress of cut-
vaton, and of ncreasng rents, f not accompaned by
very decded agrcutura mprovements, rent, though
greater n postve amount, often bears a ess proporton
to the uantty of capta empoyed upon the and, and
the uantty of produce derved from t. Accordng
to the same prncpe, when produce dmnshes and
rents fa, though the amount of rent w be ess, the
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
176 T T LA D. . .
proporton whch t bears to capta and produce may
be greater. And as, n the former case, the dmnshed
proporton of rent was owng to the necessty of yeary
ta ng fresh and, consstng of rough pasture and
wood, nto cutvaton, and proceedng n the mprove-
ment of od and, when t woud return ony the com-
mon profts of stoc , wth tte or no rent so, n the
atter case, the hgher proporton of rent s owng to the
dscouragement of a great e pendture n agrcuture,
and the necessty of empoyng the reduced capta of
the country n the e cusve cutvaton of the rchest
ands, and eavng the remander to yed what rent
can be got for them n natura pasture, whch, though
sma, w bear a arge proporton to the abour and
other capta empoyed. n proporton, therefore, as
the reatve state of prces s such as to occason a
progressve fa of rents, more and more and w be
graduay thrown out of cutvaton, the remander w
be worse cutvated, and the dmnuton of produce
w generay proceed st faster than the dmnuton
of rents.
f the doctrne here ad down respectng the aws
whch govern the rse and fa of rents be near the
truth, the doctrne whch mantans that, f the pro-
duce of agrcuture were sod at such a prce as to
yed ess neat surpus, agrcuture woud be e uay
productve to the genera stoc , must be very far from
the truth. And f, under the mpresson that the or-
dnary e cess of the prce of raw produce above the
costs of producton whch occasons rent on the great
mass of and s as n|urous to the consumer as t s
advantageous to the andord, a rch and mproved na-
ton were determned by aw to ower the prce of ts
produce, t no surpus n the shape of rent any where
remaned, t woud nevtaby throw not ony a the
poor and, but a e cept the very best and, out of
cutvaton, and probaby reduce ts produce and po-
puaton to ess than one-tenth of ther former amount.
t shoud be recoected, however, that both the resuts here
contempated w be essentay affected by ta es whch fa on
the and.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T f LA D. 17
ecton . n the Dependance of the actua uan-
tty of Produce obtaned from the Land, upon the
e stng Prces of Produce, and e stng ents,
under the same Agrcutura and the same
aue of Money.
rom the precedng account of the progress of rent,
t foows that the actua amount of the natura rent
of and n the actua state of agrcutura s , s, wth
ve ry tte drawbac , necessary to the actua produce
and that the prce of corn n every progressve coun-
try, must be |ust about e ua to the cost of produc-
ton on and of the poorest uaty actuay n use,
wth the addton of the rent t woud yed n ts na-
tura state or to the cost of rasng addtona pro-
duce on od and, whch addtona produce yeds
ony the usua returns of agrcutura capta wth no
rent.
t s ute obvous that under the e stng vaue of
money, the prce cannot be ess or such and woud
not be cutvated, nor such capta empoyed. or
can t ever much e ceed ths prce, because t w
aways answer to the andord to contnue ettng
poorer and poorer ands, as ong as he can get any
thng more than they w pay n ther natura state
The reader w be aware from what was sad n the ast
chapter, that, though n spea ng of the reaton between the prce
of the produce and ts money cost at any gven tme, money s
aways a correct measure yet that n spea ng of the prce of the
produce wthout such reference, t s necessary that the e stng
vaue of money shoud be e pressed, or understood and trust
that the reader w aow of the atter, when the meanng s cear
from the conte t. As measure the vaue of money by abour,
the prce of the produce under the e stng vaue of money s e -
acty e uvaent to the e presson vaue of the produce. n
reaty t may be sad, that n the natura and ordnary state of
thngs, t s the actua vaue of the produce, or ts actua power
of commandng abour, whch s necessary to the suppy of the
actua produce. n these cases t mght be better at once to use
the term vaue nstead of prce but fear t woud not yet be so
ready understood.

G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
178 T T LA D. . .
and because t w aways answer to any farmer who
can command capta, to ay t out on hs and, f the
addtona produce resutng from t w fuy repay
the profts of hs capta, athough t yeds nothng to
hs andord.
t foows then, that corn, n a cutvated and m-
provng country, s sod neary at ts necessary prce,
that s, at the prce necessary to obtan the actua
amount of produce f no rents were pad athough
by far the argest part s sod at a prce much above
that whch s neccessary to ts producton wthout
rent, owng to ths part beng produced at ess e -
pense, whe ts prce remans undmnshed.
The dfference between the prce of corn and the
prce of manufactures, wth regard to natura or ne-
cessary prce, s ths that f the prce of any manu-
facture were essentay depressed, the whoe manu-
facture woud be entrey destroyed whereas, f the
prce of corn-were e uay depressed, the uantty of
t ony woud be dmnshed. There woud be some
machnery n the country st capabe of sendng the
commodty to mar et at the reduced prce.
The earth has been sometmes compared to a vast
machne, presented by nature to man for the produc-
ton of food and raw materas but, to ma e the re-
sembance more |ust, as far as they admt of compa-
rson, we shoud consder the so as a present to man
of a great number of machnes, a susceptbe of con-
tnued mprovement by the appcaton of capta to
them, but yet of very dfferent orgna uates and
powers.
Ths great ne uaty n the powers of the ma-
chnery empoyed n obtanng raw produce, forms
the most rema abe feature whch dstngushes the
machnery of the and from the machnery empoyed
n manufactures.
hen a machne n manufactures s nvented, whch
w produce more fnshed wor wth ess e pendture
than before, f there be no patent, or as soon as the
patent has e pred, a suffcent number of such ma-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 179
chnes may be made to suppy the whoe demand,
and to supersede entrey the use of a the od ma-
chnery. The natura conse uence s, that the prce
s reduced to the prce of producton from the best
machnery, and f the prce were to be depressed
ower, the whoe of the commodty woud be wth-
drawn from the mar et.
The machnes whch produce corn and raw mate-
ras, on the contrary, are the gfts of nature, not the
wor s of man and we fnd, by e perence, that these
gfts have very dfferent uates and powers. The
most ferte and best stuated ands of a country, those
whch, e the best machnery n manufactures, yed
the greatest products wth the east e pendture, are
never found suffcent, owng to the second man cause
of rent before stated, to suppy the effectua demand of
an ncreasng popuaton. The prce of raw produce,
therefore, naturay ncreases t t answers to pay
the cost of rasng t wth nferor machnes, and by a
more e pensve process and, as there cannot be two
prces for corn of the same uaty, a the other ma-
chnes, the wor ng of whch re ures ess e pend-
ture compared wth the produce, must yed rents n
proporton to ther goodness.
very e tensve country may thus be consdered as
possessng a gradaton of machnes for the produc-
ton of corn and raw materas, ncudng n ths gra-
daton not ony a the varous uates of poor and,
of whch every arge terrtory has generay an abun-
dance, but the nferor machnery whch may be sad
to be empoyed when good and s further and fur-
ther forced for addtona produce. As the prce of
raw produce contnues to rse, these nferor machnes
are successvey caed nto acton and as the prce
of raw produce contnues to fa, they are successvey
thrown out of acton. The ustraton here used serves
to show at once the necessty of the e stng prce of
corn to the e stng produce, n the actua state of most
of the countres wth whch we are ac uanted, and the
dfferent effect whch woud attend a great reducton
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
180 T T LA D. . .
n the prce of any partcuar manufacture, and a great
reducton n the prce of raw produce.
e must not, however, draw too arge nferences
from ths gradaton of machnery on the and. t s
what actuay e sts n amost a countres, and ac-
counts very ceary for the orgn and progress of rent,
whe and st remans n consderabe penty. ut
such a gradaton s not strcty necessary, ether to
the orgna formaton, or the subse uent reguar rse
of rents. A that s necessary to produce these ef-
fects, s, the e stence of the two frst causes of rent
formery mentoned, wth the addton of mted ter-
rtory, or a scarcty of ferte and.
hatever may be the uates of any commodty,
t s we nown that t can have no e changeabe
vaue, f t e sts n a great e cess above the wants of
those who are to use t. ut such are the uates
of the necessares of fe that, n a mted terrtory,
and under ordnary crcumstances, they cannot f pro-
pery dstrbuted be permanenty n e cess and f
a the and of ths country were precsey e ua n
uaty, and a as rch, as the best, there cannot be
the sghtest doubt, that after the whoe of the and
had been ta en nto cutvaton, both the profts of
stoc , and the rea wages of abour, woud go on d-
mnshng t profts had been reduced to what was
necessary to eep up the actua capta, and the wages
to what was necessary to eep up the actua popua-
ton, whe the rents woud be hgh, |ust n propor-
ton to the fertty of the so natura or ac ured, and
the mass of rents very much greater than at present.
or woud the effect be essentay dfferent, f the
capta whch coud be empoyed wth advantage
upon such ferte so were e tremey mted, so that
no further outay were re ured for t than what was
wanted for poughng and sowng. t there can
be no doubt that capta and popuaton mght go on
ncreasng n other empoyments, t both the profts
of capta and the wages of abour had so faen as to
come neary to a stand, and rents had reached the
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 181
mts prescrbed by the powers of the so, and the
habts of the peope.
n these cases t s obvous that the rents are not
reguated by the gradatons of the so, or the df-
ferent products of capta on the same and and that
t s an ncorrect nference from the theory of rent to
concude wth Mr. cardo, that t s ony because
and s of dfferent uates wth respect to ts pro-
ductve powers, and because n the progress of popu-
aton, and of an nferor uaty, or ess advantage-
ousy stuated, s caed nto cutvaton, that rent s
ever pad for the use of t.
There s another nference whch has been drawn
from the theory of rent, whch nvoves an error of
much greater mportance, and shoud therefore be
very carefuy guarded aganst.
n the progress of cutvaton, as poorer and poorer
and s ta en nto tage, wthout mprovements n
agrcuture, the rate of profts must be mted n
amount by the powers of the so ast cutvated, as
w be shewn more fuy n a subse uent chapter.
t has been nferred from ths, that when and s suc-
cessvey thrown out of cutvaton, the rate of profts
w be hgh n proporton to the superor natura fer-
tty of the and whch w then be the east ferte
n cutvaton.
f and yeded no rent whatever n ts natura
state, whether t were poor or ferte, then the whoe
produce beng dvded between profts and wages,
and the corn wages of abour beng supposed to
Prncpes of Potca conomy, ch. . p. 4. Ths passage
was ta en from the frst edton. t s atered n the second and
thrd but not suffcenty to ma e t true. n the thrd, (p. 6)
the passage s as foows: t s ony then because and s not
unmted n uantty and unform n uaty, and because n the
progress of popuaton and of an nferor uaty, or ess advan-
tageousy stuated, s caed nto cutvaton, that rent s ever
pad for the use of t. ow t s ute obvous, as stated above,
that f and as ferte as the best were merey mted n uantty,
wthout beng dfferent n uaty, t woud, n the progress of
popuaton, yed atogether a much hgher rent than the same
uantty of and woud wth gradatons of so.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
182 T T LA D. . .
reman neary the same, the nference woud be |ust.
ut the premses are not such as are here supposed.
n a cvzed and approprated country uncutvated
and aways yeds a rent n proporton to ts natura
power of feedng catte or growng wood and of
course, when and has been thrown out of tage,
partcuary f ths has been occasoned by the m-
portaton of cheaper corn from other countres, and
conse uenty wthout a dmnuton of popuaton, the
ast and so thrown out may yed a moderate rent n
pasture, though consderaby ess than before. As
was sad n the precedng secton, rent w dmnsh,
but probaby not so much n proporton ether as the
capta empoyed on the and, or the produce derved
from t. o andord w aow hs and to be cut-
vated by a tage farmer payng tte or no rent,
when by ayng t down to pasture, and savng much
yeary e pendture of capta upon t, he can obtan
a greater rent. onse uenty, as the produce of the
worst ands actuay cutvated can never be whoy
dvded between profts and wages, the state of such
and or ts degree of fertty cannot reguate the rate
of profts upon t.
f to the effect of the cause here notced we add ts
natura conse uence, vz. a rse n the vaue of money,
and a greater fa of corn than of foregn commod-
tes, ta ed commodtes and probaby of abour and
wor ng catte, t s obvous that permanent dffcu-
tes may be thrown n the way of cutvaton, and
that rcher and may not yed superor profts. The
hgher rent pad for the ast and empoyed n tage,
together wth the greater e pense of the materas of
capta compared wth the prce of produce, may
fuy counterbaance, or even more than counterba-
ance, the dfference of natura fertty.
th regard to the capta whch the tenant may
ay out on hs farm n obtanng more produce wth-
out payng addtona rent for t, the rate of ts re-
turns must obvousy conform tsef to the genera
rate of profts determned by other causes. t must
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 183
aways foow, but can never ead or reguate. t s
true that when the prce of corn had setted tsef,
there woud be some corn produced on the od cut-
vated and, the cost of producng whch wthout rent
woud be |ust about e ua to such prce. ut t s
ute certan that f nstead of ayng out so much
addtona capta on the ands n tage, the cap-
tasts coud have obtaned the unted and wthout
rents, the prce of corn woud not have rsen so hgh,
or have re ured so much abour and other capta to
produce the actua uantty and conse uenty the
rents of such ands ceary add to the prce of corn,
and form a part of the costs of producton.
t shoud be added, that n the reguar progress of
a country towards genera cutvaton and mprove-
ment, and n a natura state of thngs, t may fary
be presumed, that f the ast and ta en nto cutva-
ton be rch, capta s scarce, and profts w then
certany be hgh but f and be thrown out of cu-
tvaton on account of means beng found of obtan-
ng corn cheaper esewhere, no such nference s |us-
tfabe. n the contrary, capta may be abundant,
compared wth the demand for corn and commodtes,
n whch case and durng the tme that such abun-
dance asts, whatever may be the state of the and,
profts must be ow. These are a ponts of great
f ractca conse uence whch have been much over-
oo ed. The doctrne of the gradatons of sos s a
most mportant one, but n drawng practca concu-
sons from t, great care shoud be ta en to appy t
correcty.
t w be observed, that the rents pad for what
the and w produce n ts natura state, though
they ma e a dfference n the uestons reatng to
profts and the component parts of prce, do not nva-
date the mportant doctrne that, n countres n ther
usua state wth gradatons of so, corn s sod neary
at ts natura or necessary prce, that s, at the prce
necessary to brng the actua uantty to mar et.
Ths prce must on an average be at the east e ua
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
184 T T LA D. . .
to the costs of ts producton on the worst and ac-
tuay cutvated, together wth the rent of such and
n ts natura state : because, f t fas n any degree
beow ths, the cutvator of such and w not be
abe to pay the andord so hgh a rent as he coud
obtan from the and wthout cutvaton, and conse-
uenty the and w be eft uncutvated, and the
produce w be dmnshed. n progressve coun-
tres, however, ths rent s trfng, and the prce of
corn s tte more than s necessary to pay the wages
of the abour and the profts of the capta re ured
to obtan t. ut n the case of and beng thrown
out of cutvaton under an abundance of capta and
abour, the rent of the worst and cutvated for corn
mght by no means be trfng. t however the
actua prce of the corn under the same vaue of
money woud be necessary to obtan the actua home
suppy, because f the farmers pad no rents, t woud
not answer to them to produce corn whch woud
not yed so proftabe a return as the products of
rough pasture, or and n copse wood, or pantatons.
hope to be e cused for presentng to the reader
n varous forms the doctrne, that corn, n reference
to the uantty actuay produced s sod at neary ts
necessary prce, e manufactures because consder
t as a truth of hgh mportance, whch has been en-
trey overoo ed by the conomsts, by Adam mth,
and by a those wrters who have represented raw
produce as seng aways at a monopoy prce.
ecton . f the onne on between great com-
paratve eath, and a hgh comparatve Prce of
raw Produce.
Adam mth has very ceary e paned n what
manner the progress of weath and mprovement tends
to rase the prce of catte, poutry, the materas of
cothng and odgng, the most usefu mneras, c.
compared wth corn but he has not entered nto the
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 18
e panaton of the natura causes whch tend to de-
termne the prce of corn. e has eft the reader
ndeed to concude, that he consders the prce of corn
as determned ony by the state of the mnes, whch
at the tme suppy the crcuatng medum of the
commerca word. ut ths s a cause, whch,
though t may account for the hgh or ow prce of
corn n reference to the whoe of the commerca
word, cannot account for the dfferences n ts prce,
n dfferent countres, or as compared wth certan
casses of commodtes n the same country.
entrey agree wth Adam mth, that t s of
great use to n ure nto the causes of hgh prce, as
from the resut of such n ures t may turn out, that
the very crcumstance of whch we compan, may be
the necessary conse uence and the most certan sgn
of ncreasng weath and prosperty. ut of a n-
ures of ths nd, none surey can be so mportant,
or so generay nterestng, as an n ury nto the
causes whch affect the prce of corn, and occason
the dfferences n ths prce so observabe n dfferent
countres.
The two prncpa causes of these effects are
1. A dfference n the vaue of the precous metas
n dfferent countres, n whatever way such dfference
may have arsen.
2. A dfference n the eementary cost of producng
a gven uantty of corn.
The prncpa causes of the dfferences n the vaue
of money n dfferent countres have been aready
stated, n the ast secton of the precedng chapter
and t s certan that they occason the greatest por-
ton of that ne uaty n the prce of corn whch s
the most str ng and promnent. More than three-
fourths of the prodgous dfference between the prce
of corn n enga and ngand s occasoned by the
dfference n the vaue of money n the two coun-
tres and far the greater part of the hgh prce of
. . ch. v. p. 3, 6th ed.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
186 T T .A D. . .
corn n ths country, compared wth ts prce n most
of the states of urope, s occasoned n the same way.
f the profts of stoc n anders be neary the same
as n ngand (whch beeve s the case), and the
corn wages of abour rather ower than hgher, t fo-
ows necessary that the eementary cost of producng
corn s neary the same n both countres, and that
the hgher money prce of cor n n ngand s occa-
soned by the ower vaue of money, and not by the
ncreased uantty of abour and other condtons of
suppy re ured to produce corn.
The second cause of the hgh comparatve prce of
corn s the greater eementary cost of ts producton.
f we coud suppose the vaue of money, or the money
wages of standard abour, to be the same n a coun-
tres, then the cause of the hgher money prce of
corn n one country compared wth another, woud
be the greater uantty of abour, and other condtons
of the suppy re ured to produce t and the reason
why the prce of corn woud be hgh and tend to
rse n countres aready rch, and st advancng n
prosperty and popuaton, woud be to be found n
the necessty of resortng to poorer and, wthout pro-
portona mprovements n agrcuture, that s, to ma-
chnes whch woud re ure a greater e pendture to
wor them and whch conse uenty occason each
fresh addton to the raw produce of the country to
be purchased at a greater cost n short t woud be
found n the mportant truth that corn n a progres-
sve country s sod at the prce necessary to yed
the actua suppy, and that as ths suppy becomes
more dffcut the prce must rse n proporton. n
the supposton whch we have made of the vaue of
money beng the same n dfferent countres, the prce
of corn woud rse wthout beng foowed by a rse
n the money prce of abour.
The prces of corn n dfferent countres, as deter-
mned by the two causes above mentoned, must of
course be affected by every crcumstance n each
country that affects ether the vaue of money, or the
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 187
eementary cost of producng corn, such as the pros-
perty of foregn commerce, mprovements n the
modes of cutvaton the savng of abour on the
and, drect and ndrect ta aton and partcuary
the mportatons of foregn corn. The atter cause,
ndeed, may do away, n a consderabe degree, the
usua effects of great weath on the prce of corn
and ths weath w then shew tsef n a dfferent
form.
Let us suppose seven or eght arge countres not
very dstant from each other, and not very dffer-
enty stuated wth regard to the mnes and further,
that nether ther sos nor ther s n agrcu-
ture are essentay un e that there are no ta es
and that every trade s free, e cept the trade n corn.
Let us now suppose one of them very greaty to n-
crease n capta and manufacturng s above the
rest, and to become much more rch and popuous
wthout ncreased s n agrcuture. shoud say,
that ths comparatve ncrease of rches coud not
ta e pace, wthout a comparatve ncrease n the
prces of corn and abour and that such ncrease of
prces woud, under the crcumstances supposed, be
the natura sgn and necessary conse uence, of the
ncreased weath and popuaton of the country n
ueston.
Let us now suppose the same countres to have
the most perfect freedom of ntercourse n corn, and
the e penses of freght, c. to be ute nconsder-
abe : And et us st suppose one of them to ncrease
very greaty above the rest, n manufacturng capta
and s , n weath and popuaton: shoud then
say, that as the mportaton of corn woud prevent
any great dfference n the prces of corn and abour,
t woud prevent any great dfference n the amount
of capta ad out upon the and, and the uantty of
corn obtaned from t that conse uenty, the great
ncrease of weath coud not ta e pace wthout a
great mportaton of corn from other natons and
that ths mportaton, under the crcumstances sup-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
188 T T LA D. c. .
posed, woud be the natura sgn and necessary con-
se uence of the ncreased weath and popuaton of
the country n ueston.
These consder as the two aternatves necessary
beongng to a great comparatve ncrease of weath
and the supposton here made w, wth proper a-
owances, appy to the genera state of urope.
n most countres the e penses attendng the car-
rage of corn are consderabe. They form a natura
barrer to mportaton and even the country, whch
habtuay depends upon foregn corn, must have the
prce of ts food hgher than the genera eve. Prac-
tcay, aso, the prces of raw produce n the dfferent
countres of urope are varousy modfed by df-
ferent sos, dfferent degrees of ta aton, and dfferent
degrees of mprovement n the scence of agrcuture.
ut the prncpes ad down are the genera prnc-
pes on the sub|ect and n appyng them to any
partcuar case, the partcuar crcumstances of such
case must aways be ta en nto the consderaton.
th regard to mprovements n agrcuture, whch
n smar sos s the great cause whch retards the
advance of prce under an ncrease of produce a-
though they are sometmes most powerfu, and of
very consderabe duraton, we now from e perence
that they have not been suffcent to baance the ef-
fects of appyng to poorer and, or nferor machnes.
orn s obtaned wth ess abour n the Unted tates
of Amerca than n any uropean country. n ths
respect, raw produce s essentay dfferent from ma-
nufactures.
The eementary cost of manufactures, or the uan-
tty of abour and other condtons of the suppy
necessary to produce a gven uantty of them, has a
constant tendency to dmnsh whe the uantty of
abour and other condtons of the suppy neces-
sary to procure the ast addton whch has been
made to the raw produce of a rch and advancng
country, has a constant tendency to ncrease.
e see n conse uence, from the combned opera-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 1 9
ton of the two causes, whch have been stated n ths
secton, that n spte of contnued mprovements n
agrcuture, the prce of corn s generay the hghest
n the rchest countres whe notwthstandng the
hgh prces of corn and abour, the prces of many
manufactures st contnue ower than n poorer
countres.
cannot then agree wth Adam mth, n thn ng
that the ow vaue of god and sver s no proof of
the weath and fourshng state of the country where
t ta es pace. othng of course can be nferred
from t, ta en absoutey, as such hgh prce may de-
pend merey upon the abundance of the mnes but
ta en reatvey to other commodtes and n com-
parson wth the state of other countres at no great
dstance, and connected wth each other, much may
be nferred from t. f we are to estmate the vaue
of the precous metas n dfferent countres by the
measure whch he has hmsef proposed, t appears
to me that whether we consder the frst or second
cause whch has been referred to n ths secton, there
are few more certan sgns of weath than the hgh
average prce of raw produce. f the vaue of money
were the same n a countres, then, ndependenty
of mportaton and mprovements n agrcuture, the
weath and popuaton of smar countres, though
not the condton of the abourng casses, woud be
proportoned to the hgh prce of ther corn. And
n the actua state of thngs, wth great dfferences n
the vaue of money, arsng from the ncdenta causes
above notced, as those countres not possessed of
mnes where the money prces of corn and abour are
hgh must have had very fourshng manufactures,
or an abundance of raw products ftted for e porta-
ton, such countres w generay be found ether
rch, or n the way rapdy to become rch.
t s of mportance to ascertan ths pont that we
may not compan of one of the most certan proofs
of the prosperous condton of a country.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
190 T T LA D. . .
ecton . n the causes whch may msead the
Landord n ettng hs Lands, to the hyury both
of hmsef and the ountry.
n the progress of a country towards a hgh state of
mprovement, the postve weath of the andord
ought, upon the prncpes whch have been ad
down, graduay to ncrease athough hs reatve
condton and nfuence n socety w probaby rather
dmnsh, owng to the ncreasng number and weath
of those who ve upon the profts of capta.
The progressve fa, wth few e ceptons, n the
vaue of the precous metas throughout urope the
st greater fa, whch has occurred n the rchest
countres, together wth the ncrease of produce whch
has been obtaned from the so, must a conduce to
ma e the andord e pect an ncrease of rents on the
renewa of hs eases. ut, n re-ettng hs farms,
he s abe to fa nto two errors, whch are amost
e uay pre|udca to hs own nterests, and to those
of hs country.
n the frst pace, he may be nduced, by the m-
medate prospect of an e orbtant rent, offered by
farmers bddng aganst each other, to et hs and to
a tenant wthout suffcent capta to cutvate t n
the best way, and ma e the necessary mprovements
upon t. Ths s undoubtedy a most short-sghted
pocy, the bad effects of whch have been strongy
notced by the most ntegent and-surveyors n the
evdence brought before Parament and have been
partcuary remar abe n reand, where the mpru-
dence of the andords n ths respect, combned per-
haps wth some rea dffcuty n fndng substanta
tenants, has aggravated the dscontents of the coun-
try, and thrown the most serous obstaces n the way
of an mproved system of cutvaton. The conse-
Among these e ceptons, the perod snce the war of the
rench revouton forms an mportant one.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 191
uence of ths error s the certan oss of a that
future source of rent to the andord, and weath to
the country, whch arses from the good farmng of
substanta tenants.
The second error to whch the andord .s abe,
s that of msta ng a mere temporary rse of prces,
for a rse of suffcent duraton to warrant an ncrease
of rents. t fre uenty happens that a scarcty of
one or two years, or an unusua demand arsng from
any other cause, may rase the prce of raw produce
to a heght at whch t cannot be mantaned. And
the farmers, who ta e and under the nfuence of
such prces, w, on the return of a more natura
state of thngs, probaby fa, and eave ther farms
n a runed and e hausted state. These short perods
of hgh prce are of great mportance n generatng
capta upon the and, f the farmers are aowed to
have the advantage of them but f they are grasped
at prematurey by the andord, capta s destroyed
nstead of beng accumuated and both the and-
ord and the country ncur a oss, nstead of ganng
a beneft.
ome deay aso s desrabe n rasng rents, even
when the rse of prces seems as f t woud be per-
manent. n the progress of prces and rents, rent
ought aways to be a tte behnd not ony to afford
the means of ascertanng whether the rse be tempo-
rary or permanent, but even n the atter case, to
gve a tte tme for the accumuaton of capta on
the and, of whch the andhoder s sure to fee the
fu beneft n the end.
There s no |ust reason to beeve, that f, n the
present state of ths country, the andords were to
gve the whoe of ther rents to ther tenants, corn
woud be n any mar ed degree cheaper. f the
vew of the sub|ect, ta en n the precedng n ury,
be correct, the ast addtons made to our home pro-
duce are sod at neary the cost of producton, and
ndependent of agrcutura mprovements the same
uantty coud not be produced from our own so at
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
192 T T LA D. . .
an essentay ess prce, even wthout rent, supposng
the vaue of money to reman the same. The effect
of transferrng a rents to tenants, woud be merey
the turnng them nto andords, and temptng them
to cutvate ther farms under the superntendence of
careess and unnterested baffs, nstead of the vg-
ant eye of a master, who s deterred from careess-
ness by the fear of run, and stmuated to e erton
by the hope of a competence. The most numerous
nstances of successfu ndustry, and we-drected
nowedge, have been found among those who have
pad a far rent for ther ands who have embar ed
the whoe of ther capta n ther underta ng and
who fee t ther duty to watch over t wth unceasng
care, and add to t whenever t s possbe.
ut when ths audabe sprt prevas among a
tenantry, t s of the very utmost mportance to the
progress of rches, and the permanent ncrease of
rents, that there shoud be the power as we as the
w to accumuate and an nterva of advancng
prces, not mmedatey foowed by a proportonate
rse of rents, furnshes the most effectve power of
ths nd. These ntervas of advancng prces, when
not succeeded by retrograde movements, most effec-
tuay contrbute to the progress of natona weath.
And practcay shoud say, that when once a cha-
racter of ndustry and economy has been estabshed,
temporary hgh profts are a more fre uent and power-
fu source of accumuaton than any other cause that
can be named. t s the ony cause whch seems
capabe of accountng for the prodgous accumua-
ton among ndvduas, whch must have ta en pace
n ths country durng the ast war, and whch eft
us wth a greaty ncreased capta, notwthstandng
the vast annua destructon of stoc for so ong a
perod.
Adam mth notces the bad effects of hgh profts on the
habts of the captast. They- may perhaps sometmes occason
e travagance but generay, shoud say, that e travagant ha-
bts were a more fre uent cause of a scarcty of capta and hgh
profts, than hgh profts of e travagant habts.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 193
Among the temporary causes of hgh prce, whch
may sometmes msead the andord, t s necessary
to notce changes n the vaue of the currency from
the ssue of paper. hen they are ey to be of
short duraton, they must be treated by the andord
n the same manner as years of unusua demand. ut
when they contnue so ong as they dd at one tme n
ths country, t s mpossbe for the andord to do
otherwse than reguate hs rent accordngy, and ta e
the chance of beng obged to essen t agan, on the
return of the currency to ts natura state.
th the cautons here notced n ettng farms,
the andord may fary oo forward to a gradua and
permanent ncrease of rents and n genera, not ony
to an ncrease proportoned to the rse n the prce of
produce, but to the ncrease of ts uantty occasoned
by the e tenson of cutvaton, and agrcutura m-
provements.
f n ta ng rents, whch are e uay far for the
andord and tenant, t s found that n successve et-
tngs notwthstandng the ncrease of cutvaton, they
do not rse more than n proporton to the prce of
produce, t w generay be owng to heavy ta a-
ton.
Though t s by no means true, as stated by the
conomsts, that a ta es fa on the neat rents of the
andords, yet t s certany true that they have tte
power of reevng themseves. t s aso true that they
possess a fund more dsposeabe, and better adapted
for ta aton than any other. They are n conse uence
more fre uenty ta ed, both drecty and ndrecty.
And f they pay, as they certany do, many of the
ta es whch fa on the capta of the farmer and the
wages of the abourer, as we as those drecty m-
posed on themseves, they must necessary fee t n
the dmnuton of that porton of the whoe produce,
whch under other crcumstances woud have faen
to ther share.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
194 T T LA D. . .
ecton . n the strct and necessary onnec-
ton of the nterests of the Landord and of the
tate.
t has been stated by Adam mth, that the nterest
of the andhoder s strcty and nseparaby con-
nected wth the genera nterest of the socety : and
that whatever ether promotes or obstructs the one,
necessary promotes or obstructs the other. The
theory of rent, as ad down n the present chapter,
seems strongy to confrm ths statement. f under
any gven natura resources n and, the man causes
whch conduce to the nterest of the andhoder are
ncrease of capta, ncrease of popuaton, mprove-
ments n agrcuture, and an ncreasng demand for
raw produce occasoned by the prosperty of commerce,
t seems scarcey possbe to consder the nterests of
the andord as separated from the genera nterests
of the socety.
et t has been sad by Mr. cardo that, the n-
terest of the andord s aways opposed to that of the
consumer and the manufacturer, that s, to a the
other orders n the state. To ths opnon he has been
ed, very consstenty, by the pecuar vew he has ta en
of rent, whch ma es hm state, that t s for the n-
terest of the andord that the cost attendng the pro-
ducton of corn shoud be ncreased, and that m-
provements n agrcuture tend rather to ower than
to rase rents.
f ths vew of the theory of rent were |ust, and t
were reay true, that the ncome of the andord s
ncreased by ncreasng the dffcuty, and dmnshed
eath of atons, oo . c. . p. 394. 6th edt.
t Mr. cardo n hs 3rd edt. (c. v. p. 399.) aows that
the andord has a remote nterest n mprovements but st
dwes wthout suffcent reason on the nterva of n|ury whch
he sustans.
bd.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . . T T f LA D. 19
by ncreasng the facty of producton, the opnon
woud un uestonaby be we founded. ut f, on
the contrary, the andord s ncome s practcay
found to depend chefy upon natura fertty of so,
mprovements n agrcuture, and nventons to save
abour, we may st thn , wth Adam mth, that
the andord s nterest s not opposed to that of the
country.
t s so obvousy true, as to be hardy worth statng,
that f the and of the greatest fertty were n such
e cessve penty compared wth the popuaton, that
every man mght hep hmsef to as much as he wanted,
there woud be no rents or andords propery so caed.
t w aso be ready aowed, that f n ths or any
other country you coud suppose the so suddeny to
be made so ferte, that a tenth part of the surface,
and a tenth part of the abour now empoyed upon t,
coud more than support the present popuaton, you
woud for some tme consderaby ower rents.
ut t s of no sort of use to dwe upon, and draw
genera nferences from suppostons whch never can
ta e pace.
hat we want to now s, whether, vng as we
do n a mted word, and n countres and dstrcts
st more mted, and under such physca aws re-
atng to the produce of the so and the ncrease of
popuaton as are found by e perence to preva, the
nterests of the andord are generay opposed to those
of the socety. And n ths vew of the sub|ect, the
ueston may be setted by an appea to the most n-
controvertbe prncpes confrmed by the most garng
facts.
hatever fancfu suppostons we may ma e about
sudden mprovements n fertty, nothng of ths nd
whch we have ever seen or heard of n practce, ap-
proaches to what we now of the power of popuaton
to ncrease up to the addtona means of subsstence.
mprovements n agrcuture, however consderabe
they may fnay prove, are aways found to be par-
ta and gradua. And as, where they preva to any e -
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
196 T T LA D. c . ,
tent, there s generay an effectua demand for abour,
the ncrease of popuaton occasoned by the ncreased
facty of procurng food, soon overta es the add-
tona produce. nstead of and beng thrown out of
cutvaton, more and s cutvated, owng to the
cheapness of the nstruments of cutvaton, and under
these crcumstances rents rse nstead of fa. These
resuts appear to me to be so competey confrmed by
e perence, that doubt, f a snge nstance n the
hstory of urope, or any other part of the word, can
be produced, where mprovements n agrcuture have
been practcay found to ower rents.
shoud further say, that not ony have mprove-
ments n agrcuture never owered rents, but that they
have been htherto, and may be e pected to be n fu-
ture, the man source of the ncrease of rents, n amost
a the countres wth whch we are ac uanted.
t s a fundamenta part of the theory whch has
been e paned n ths chapter, that, as most countres
consst of a gradaton of sos, rents rse as cutvaton
s pushed on poorer ands but st the conne on be-
tween rent and fertty subssts n undmnshed force.
The rch ands are those whch yed the mass of rents,
not the poor ones. The poor ands are cutvated, be-
cause the ncreasng capta and popuaton are cang
for more produce, and f there were no poor sos, there
woud st be rents a mted terrtory, however fer-
te, woud soon be peoped and as the demand for
n an artce of the dnburgh evew, on Mr. |ones Theory
of ent, the revewer audes to the error of Mr. cardo n re-
gard to the effects of agrcutura mprovements on the rents of the
andords and says, ad Mr. |ones been the frst to pont out
ths msta e of Mr. cardo, and to rectfy t, he woud have
done some tte servce to the scence. or the |rst rectfca-
ton of the msta e, a reference s made to what had been pubshed
tweve months prevousy to the appearance of Mr. |ones wor ,
n the second edton of Mr. M uoch s Potca conomy.
ow as the revewer was so ready to accuse Mr. |ones of not
nowng what had been done by others, he shoud not hmsef have
been gnorant that the msta e had been rectfed n ths wor ,
not merey tweve months, but neary tweve years before, that s,
n 1820, before Mr. cardo s 3rd edt, came out.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 197
corn ncreased compared wth the suppy, rents woud
rse.
t s evdent then, that dffcuty of producton has
no connecton wth ncrease of rent, e cept as, n the
actua state of most countres, t s the natura conse-
uence of an ncrease of capta and popuaton, and
a fa of profts and corn wages or, n other words,
of an ncrease of weath.
ut after a, the ncrease of rents whch resuts
from an ncrease of prce occasoned soey by the
greater uantty of abour and other condtons of sup-
py, necessary to produce a gven uantty of corn on
fresh and, s very much more mted than has been
supposed and by a reference to most of the countres
wth whch we are ac uanted, t w be seen that,
practcay, mprovements n agrcuture and the sav-
ng of abour on the and, both have been, and may
be e pected n future to be, a very much more power-
fu source of ncreasng rents.
t has aready been shown, that for the very great
ncrease of rents whch has ta en pace n ths coun-
try durng neary the ast hundred years, we are
many ndebted to mprovements n agrcuture, as
profts have rather rsen than faen, and tte or no-
thng has been ta en from the wages of fames, f
we ncude parsh aowances, and the earnngs of
women and chdren. onse uenty these rents must
have been a creaton from the s and capta em-
poyed upon the and, and not a transfer from profts
and wages, as they e sted neary a hundred years
ago.
The pecuar ncrease of rents, whch has ta en
pace n cotand durng the ast haf century, s we
nown to have been occasoned by mprovements n
agrcuture, a greater e pendture n manure, a better
rotaton of crops, and the savng of abour on the and.
n reand, nether the wages of the ndvdua a-
bourer, nor the profts of agrcutura capta, seem as
f they coud admt of any consderabe reducton but
there can be no doubt that a p reat augmentaton of
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
198 T T LA D. . 111.
rents mght be effected by an mproved system of cu-
tvaton, and a prosperous commerce, whch, at the
same tme that t woud sweep nto fourshng ctes
the ders whch are now ony haf empoyed upon the
and, woud occason an ncreasng demand for the
products of agrcuture, whe the rates of profts and
wages mght reman as hgh as before.
mar observatons may be made wth regard to
Poand, and ndeed amost a the countres of u-
rope. There s not one n whch the rea wages of
abour are hgh, and scarcey one n whch the profts
of agrcutura capta are nown to be consderabe.
f no mprovements whatever n agrcuture were to
ta e pace n these countres, and the future ncrease
of ther rents were to depend upon an ncrease of prce
occasoned soey by the ncreased uantty of abour
necessary to produce food, am ncned to thn that
the progress of ther rents woud be very soon stopped.
The present rates of profts and wages are not such as
woud admt of much dmnuton and wthout n-
creased s n cutvaton, and especay the savng
of abour on the and, t s probabe that no sos much
poorer than those whch are at present n use, woud
pay the e pense of cutvaton.
ven the rch countres of nda and outh Ame-
rca are not very dfferenty crcumstanced. rom a
the accounts we have receved of these countres, t
does not appear that agrcutura profts are hgh, and
t s certan that wages n reference to the condton
of the abourer are n genera sma n amount. And
athough rents mght receve some augmentaton from
such profts and wages, yet conceve that ther pos-
sbe ncrease n ths way woud be ute trfng, com-
pared wth what t mght be under an mproved sys-
tem of cutvaton, a prosperous commerce, and an
effectua demand for a greater uantty of raw produce,
even wthout any transfer from the abourer or cut-
vator.
The Unted tates of Amerca seem to be amost
the ony country wth whch we are ac uanted where
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. | .| T T LA D. 199
the present wages of abour and the profts of agr-
cutura stoc are suffcenty hgh to admt of a con-
sderabe transfer to rents wthout mprovements n
agrcuture. And probaby t s ony when the s
and capta of an od and ndustrous country are em-
poyed upon a new, rch, and e tensve terrtory, un-
der a free government, and n a favourabe stuaton
for the e port of raw produce, that ths state of thngs
can ta e pace.
n od states, e perence tes us that the wages of
the ndvdua abourer may be nconsderabe, and
the profts of the cutvator not hgh, whe vast tracts
of good and reman uncutvated. t s obvous, n-
deed, that an operose and gnorant system of cutva-
ton, combned wth such a fauty dstrbuton of pro-
perty as to chec the progress of demand, mght eep
the profts of cutvaton ow, even n countres of the
rchest so. And there s tte doubt, from the very
arge proporton of peope empoyed n agrcuture n
most unmproved terrtores, that ths s a case whch
not nnfre uenty occurs. ut n a nstances of ths
nd, t must be aowed, that the great source of the
future ncrease of rents w be mprovements n agr-
cuture, and the demand occasoned by a prosperous
e terna and nterna commerce, and not the ncrease
of prce occasoned by the addtona uantty of a-
bour re ured to produce a gven uantty of corn.
f, however, n a country whch contnues to grow
neary ts own consumpton of corn, or the same pro-
porton of that consumpton, t appears that every sort
of mprovement whch has ever been nown to ta e
pace n agrcuture, manufactures, or commerce, by
whch a country has been enrched, tends to ncrease
rents, and every thng by whch t s mpovershed,
tends to ower them, t must be aowed that the nte-
f, party from ndoence, and party from the want of demand
for abour, whch s the great parent of ndoence n these coun-
tres, the abourer wor s ony two or three days n the wee , wages,
though they may be ow n reference to the condton of the a-
bourer, may be hgh n reference to the outgongs of the captast.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
200 T T LA D. . ff.
rests of the andord, and those of the state are, under
the crcumstances supposed, nseparabe.
Mr. cardo, as have before ntmated, appears
to ta e ony one smpe and confned vew of the pro-
gress of rent. e consders t as occasoned soey by
the ncrease of prce, arsng from the ncreased dff-
cuty of producton. ut f rents n many countres
may be doubed or trebed by mprovements n agr-
cuture, whe n few countres they coud be rased a
fourth or a ffth, and n some not a tenth, by the n-
crease of prce arsng from the ncreased dffcuty of
producton, must t not be ac nowedged, that such a
vew of rent embraces ony a very sma part of the
sub|ect, and conse uenty hat any genera nferences
from t must be uttery nappcabe to practce
t shoud be further observed, n reference to m-
provements n agrcuture, that the mode n whch
Mr. cardo estmates the ncrease or decrease of rents
s ute pecuar and ths pecuarty n the use of
hs terms tends to separate hs concusons st farther
from truth as enuncated n the accustomed anguage
of potca economy.
n spea ng of the dvson of the whoe produce of
the and and abour of the country between the three
casses of andords, abourers, and captasts, he has
the foowng passage.
t s not by the absoute uantty of produce ob-
taned by ether cass, that we can correcty |udge of
the rate of proft, rent, and wages, but by the uan-
tty of abour re ured to obtan that produce. y
mprovements n machnery and agrcuture the whoe
produce may be doubed but f wages, rent and pro-
fts be aso doubed, they w bear the same propor-
tons to one another as before. ut f wages partoo
not of the whoe of ths ncrease f they, nstead of
Mr. cardo aways seems to assume, that ncreased dffcu-
tes thrown n the way of producton w be overcome by ncreased
prce, and that the same uantty w be produced as woud have
been produced f no ncreased dffcuty had occurred. ut ths
s ute an unwarranted assumpton.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 201
beng doubed, were ony ncreased one haf f rent,
nstead of beng doubed, were ony ncreased three-
fourths, and the remanng ncrease went to proft, t
woud, apprehend, be correct for me to say, that rent
and wages had faen whe profts had rsen. or f
we had an nvarabe standard by whch to measure
the vaue of ths produce, we shoud fnd that a ess
vaue had faen to the cass of abourers and andords,
and a greater to the cass of captasts than had been
gven before.
A tte farther on, havng stated some specfc pro-
portons, he observes, n that case shoud say, that
wages and rent had faen and profts rsen, though, n
conse uence of the abundance of commodtes, the
uantty pad to the abourer and andord woud have
ncreased n the proporton of 2 to 44.
ut, to estmate rent and wages by the proporton
whch they bear to the whoe produce, must, n an
n ury nto the nature and causes of the weath of
natons, ead to perpetua confuson and error. or
what does t re ure us to say e must say that
the rents of the andord have faen and hs nterests
have suffered, when he obtans as rent above three-
fourths more of raw produce than before, and wth that
produce w shorty be abe, accordng to Mr. car-
do s own doctrnes, to command three-fourths more
abour. n appyng ths anguage to our own coun-
try, we must say that rents have faen consderaby
durng the ast forty years, because, though rents have
greaty ncreased n e changeabe vaue, n the com-
mand of money, corn, abour and manufactures, t
appears, by the returns to the oard of Agrcuture,
that they are now ony a ffth of the gross produce,
whereas they were formery a fourth or a thrd.
n reference to the prce of abour, we must say
that t s ow n Amerca, athough we have been h-
therto n the habt of consderng t as very hgh. And
Prncpes of Potca conomy, ch. . p. 49, 3rd edt.
t d. p. 0.
| eports from the Lords on the orn Laws, p. 66.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
202 r T T LA D. . .
we must ca t hgh n weden because, athough
the abourer ony earns ow money wages, and wth
them can obtan but few of the necessares and conve-
nences of fe yet, n the dvson of the whoe pro-
duce of a aborous cutvaton on a poor so, a arger
proporton may go to abour.
nto ths unusua anguage Mr. cardo has been
betrayed by the fundamenta error of adoptng a mea-
sure of vaue, whch vared wth the thng to be mea-
sured.
f, however, we were to use a reay nvarabe mea-
sure, the resut woud be totay dfferent from that
whch he has stated. Let us suppose, for nstance,
that a produce of 110 uarters of corn were dvded
nto 60 uarters for the advances of abour and other
capta, 40 for rent, and 10 for the farmer s profts,
and that subse uenty abour became douby produc-
tve, so that the same uantty of abour and other
capta produced 220 uarters nstead of 110, and were
dvded as supposed by Mr. cardo, that s one haf
more produce awarded to the abourer, three fourths
to rent, and the remander to profts. The resut
woud be as foows :
he the produce was 110 uarters,
The abourers had . . G
The andords . . .40
The captasts . . .10
After the ncrease to 220 uarters,
The abourers woud have . 90
The andords . . .70
The captasts . . .G
ow, f we measure these ncomes n money of an
nvarabe vaue, and wth a vew to smpfy the ca-
t s specfcay ths unusua appcaton of common terms
whch has rendered Mr. cardo s wor so dffcut to be under-
stood by many peope. t re ures ndeed a constant and abo-
rous effort of the mnd to recoect at a tmes what s meant by
hgh and ow rents, and hgh or ow wages. n other respects, t
has aways appeared to me that the stye n whch the wor s
wrtten, s perfecty cear. t s never obscure, but when ether
the vew tsef s erroneous, or terms are used n an unusua sense.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 203
cuaton, suppose that n the frst case each uarter s
worth ,that four men are empoyed for the year n
mmedate abour, and advances e uvaent n vaue
to the wages of two men are made n accumuated a-
bour and profts, that the capta empoyed s there-
fore 60, and that the wages of abour are 10 uar-
ters, or 10 a year, the foowng w be the resuts
on the ncrease of produce.
1. The prce of the uarter w fa from 1 to
13 . Ad. 60 beng the prce of 90 uarters.
2. The prce of the whoe produce w rse from
110 to 146. 13 . Ad., ths sum beng the prce of
220 uarters, at 13 . Ad. a uarter.
3. The money w rse from 40 to 46. 13 . Ad.,
ths sum beng the prce of 70 uarters, at 13 . Ad. a
uarter.
4. The rate of profts w rse from 161 per cent,
to 66 per cent, the dfference beng the advance of
60 uarters wth the return of 70, and of 90 wth the
return of 1 0.
. The corn wages of abour w ncrease from 10
uarters to 1 uarters, 90 uarters nstead of 60 be-
ng dvded among the s abourers but the prce
of the 90 uarters beng the same as that of the 60
uarters, the vaue of the wages pad w reman e -
acty the same.
t w ndeed be perfecty true that the 1 uar-
ters of corn now pad to each abourer can be rased
at a ess e pense of mere abour than the 10 uarters
were before, and t s on ths account specfcay that
Mr. cardo woud say that abour had faen but
he throws ute out of consderaton the prodgous
dfference of profts under whch the wages of the
abourer are produced n the two cases consdered.
ow though t may be sad that when the vaue of
Mr. cardo thought that t woud fa to 10s., because he
supposes the same amount of abour and capta to yed doube
the amount of corn. ut as accordng to hs own supposton,
90 uarters, nstead of 120, w pay the s abourers, t s obv-
ous that the prce of the uarter w ony fa to 13 . Ad.: and the
vaues of the whoe produce, and of the rent vary accordngy.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
0

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
204 T T LA D. . .
commodtes s made up of abour and profts, f pro-
fts be the same, ther reatve vaue w depend e -
cusvey on the abour empoyed, yet t s obvousy
ute mpossbe that ths shoud be the case, when
profts are most essentay dfferent, as n the case
stated.
n the present nstance the dfference s between a
proft of 16 per cent., and 66 per cent. upposng
the 60 uarters whch n the frst case pay the wages
of 6 men to be produced wth a proft of 16 per
cent., the uantty of abour empoyed to produce
them woud be .14. upposng the 90 uarters
whch n the second case pay the wages of the 6
men to be produced wth a proft of 661 per cent.,
the uantty of abour empoyed woud be 3.6. Ths
s no doubt a very great dfference but the very
great dfference n the rate of profts e acty counter-
baances t, and renders the vaue of the abour of 6
men for the year n both cases |ust the same.
The foregong cases shew further how fundamen-
tay erroneous t s to consder the rse of rent, when
measured by an nvarabe standard, as dependng
entrey upon a rse n the prce of corn, whch must
proportonay n|ure the consumer. e have here
an nstance of the fa of the money prce of corn
from 1 a uarter to 13 . Ad., whe the money rent
rses on the frst dvson proposed,, from 40 to
46.13 . Ad ut t s not consstent wth the natu-
ra tendency to accumuaton, and the prncpe of
popuaton, that such profts as 66f per cent., and
such wages as 1 uarters a year, shoud contnue
for any ength of tme and f owng to the rapd
ncrease of capta and popuaton whch, f the pro-
Mr. cardo by hs proposed dvson of the produce has
assumed that the demand s such as to occason the produce to
be so dvded and then the resuts stated w foow. ut n
reaty f the abour on the and were to become at once douby
productve, there woud certany be a gut of corn, and the dv-
son of the produce woud be very dfferent from that whch he
has supposed.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 20
duce were propery dstrbuted, woud un ueston-
aby ta e pace, we were to suppose them graduay
to return to ther former rates, and the money prce
of corn to ts former prce, we shoud fnd that after an
nterva of great prosperty to a casses, and wthout
any subse uent pressure upon the captast, the a-
bourer, or consumer, greater than before the e traor-
dnary mprovement supposed, corn rent on the same
and woud have rsen from 40 uarters to 160 uar-
ters, and money rent from 40 to 160.
ow f we compare ths prodgous ncrease of
rent, occasoned by facty of producton, wth any
ncrease whch coud have ta en pace owng to df-
fcuty of producton, we sha see the great supe-
rorty of the former source of rent over the atter.
The abourng casses coud not probaby admt of
a greater reducton n ther corn wages than from 10
uarters a year to 8 uarters a year, n whch case f
corn were estmated n money of a f ed vaue, the
prce coud not rse hgher than from 1 to 1. .
or s t probabe that profts woud admt of a greater
reducton than from 16y to 6f before accumuaton
woud be neary at a stand. n these suppostons
the dvson of the produce of 110 uarters woud be
as foows:
6 abourers at 8 uarters a year . 48 rs.
Profts upon advances of 48 uarters at
6 per cent. 3t
11
The remander of the 110 uarters, e ua to 8
uarters, w be corn rent and 8 uarters, at
1. ., e ua to 73. 10 ., w be money rent.
t s obvous that f we had set out wth a ower
and more usua rate of profts and corn wages, such
as profts of 10 or 9 per cent, and wages of 9 or 8
uarters, the ncrease of rent woud have been com-
paratvey trfng, and that n those countres where
the wages of abour are at what Mr. cardo has
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
206 T T LA D. . .
caed the natura prce, that s, at such a prce as s
ony suffcent to mantan a statonary popuaton,
no permanent rse n the prce of corn or ncrease of
rent arsng soey from the reducton of profts and
wages s possbe.
The ony doubt whch can e st respectng the
strctest unon between the nterest of the andord,
and that of the state, s n the ueston of mportaton.
And here t s evdent that at a events the andord
cannot be consdered as paced n a more nvdous
stuaton than other producers. o person has ever
doubted that f some foregn natons were to e ce us
n machnery, the ndvdua nterests of the actua
manufacturers of wooen, s , nen, or cotton goods,
n ths country mght be n|ured by foregn compet-
ton and few woud deny that the mportaton of a
arge body of abourers woud tend to reduce wages.
Under the most unfavourabe vew therefore that we
can ta e of the sub|ect, the case of the andord s
not separated from that of other producers.
And f to ths we add that n a state of perfecty
free ntercourse, t s emnenty the nterest of those
who ve upon the rents of and that capta and
popuaton shoud ncrease, whe to those who ve
upon the profts of stoc and the wages of abour, an
ncrease of capta and popuaton s, to say the east
of t, a much more doubtfu beneft, t may be most
safey asserted that the nterest of no other cass n
the state s so neary and necessary connected wth
ts weath, prosperty, and power, as the nterest of the
andowner.
oone Torrens concudes the second edton of hs Treatse
on a ree orn Trade wth the foowng passage: The cass
of and propretors have not any more than the captasts and
abourers an nterest n mposng restrctons on the mportaton
of foregn corn. f ths be so, the dentty of the nterests of
andords and of the state s even more compete than had ven-
tured to e press t.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 207
ecton . Genera emar s on the urpus
Produce of the Land.
t seems rather e traordnary that the very great be-
neft whch socety derves from that surpus produce
of the and whch, n the progress of socety, fas
many to the andord n the shape of rent, shoud not
yet be fuy understood and ac nowedged. have
caed ths surpus a bountfu gft of Provdence, and
am most decdedy of opnon, that t fuy deserves
the appeaton. ut Mr. cardo has the foowng
passage:
othng s more common than to hear of the ad-
vantages whch the and possesses over every other
source of usefu produce, on account of the surpus
whch t yeds n the form of rent. et when and
s most abundant, when most productve and most
ferte, t yeds no rent and t s ony, when ts powers
decay, and ess s yeded n return for abour, that a
share of the orgna produce of the more ferte por-
tons s set apart for rent. t s snguar that ths
uaty n the and, whch shoud have been notced
as an mperfecton, compared wth the natura agents
by whch manufactures are asssted, shoud have been
ponted out as consttutng ts pecuar pre-emnence.
f ar, water, the eastcty of steam, and the pressure
of the atmosphere were of varous uates, f they
coud be approprated, and each uaty e sted ony
n moderate abundance, they, as we as the and,
woud afford a rent, as the successve uates were
brought nto use. th every worse uaty em-
poyed, the vaue of the commodtes n the manufac-
ture of whch they were used woud rse, because
e ua uanttes of abour woud be ess productve.
Man woud do more by the sweat of hs brow, and
nature perform ess, and the and woud be no onger
pre-emnent for ts mted powers.
f the surpus produce whch the and affords n
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
208 T T LA D. . .
the form of rent be an advantage, t s desrabe that
every year the machnery newy constructed shoud be
ess effcent than the od, as that woud undoubtedy
gve a greater e changeabe vaue to the goods manu-
factured, not ony by that machnery, but by a the
other machnery n the ngdom and a rent woud
be pad to a those who possessed the most produc-
tve machnery.
hat has been stated n the ast secton, dstncty
shows how very erroneous ths vew of the sub|ect s
but addtona consderatons press upon us here. n
referrng to a gft of Provdence, we shoud surey
spea of ts vaue n reaton to the aws and const-
tuton of our nature, and of the word n whch we
ve. ut, f any person w ta e the troube to ma e
the cacuaton, he w see that f the necessares of
fe coud be obtaned and dstrbuted wthout mt,
and the number of peope coud be doubed every
twenty-fve years, the popuaton whch mght have
been produced from a snge par snce the hrstan
aera, woud have been suffcent, not ony to f the
earth ute fu of peope, so that four shoud stand
n every s uare yard, but to f a the panets of our
soar system n the same way, and not ony them, but
a the panets revovng round the stars whch are v-
sbe to the na ed eye, supposng each of them to be
a sun, and to have as many panets beongng to t as
our sun has. Under ths aw of popuaton, whch,
e cessve as t may appear when stated n ths way s,
frmy beeve, best suted to the nature and stua-
ton of man, t s ute obvous that some mt to the
producton of food, or some other of the necessares of
fe, must e st. thout a tota change n the con-
sttuton of human nature, and the stuaton of man
on earth, the whoe of the necessares of fe coud not
be furnshed n the same penty as ar, water, the eas-
tcty of steam, and the pressure of the atmosphere.
t s not easy to conceve a more dsastrous present
Prnc. of Pot. con. ch. . p. 63, 3rd edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
s . . T T LA D. 209
one more ey to punge the human race n rreco-
verabe msery, than an unmted facty of produc-
ng food n a mted space. A benevoent reator
then, nowng the wants and necesstes of hs crea-
tures, under the aws to whch he had sub|ected them,
coud not, n mercy, have furnshed the whoe of the
necessares of fe n the same penty as ar and water.
Ths shows at once the reason why the former are -
mted n uantty, and the atter poured out n profu-
son. ut f t be granted, as t must be, that a m-
taton n the power of producng food s obvousy ne-
cessary to man confned to a mted space, then the
vaue of the actua uantty of and whch he has
receved, depends upon the sma uantty of abour
necessary to wor t, compared wth the number of
persons whch t w support or, n other words,
upon that specfc surpus so much under-rated by
Mr. cardo, whch by the aws of nature termnates
n rent.
f manufactured commodtes, by the gradatons of
machnery supposed by Mr. cardo, were to yed a
rent, man, as he observes, woud do more by the sweat
of hs brow and supposng hm st to obtan the
same uantty of commodtes, (whch, however, he
woud not,) the ncrease of hs abour woud be n
proporton to the greatness of the rent so created. ut
the surpus, whch a gven uantty of and yeds n
the shape of rent, s totay dfferent. nstead of beng
a measure of the ncrease of abour, whch s neces-
sary atogether to produce the uantty of corn whch
That s, supposng the gradatons were towards worse ma-
chnery, some of whch t was necessary to use, as n the case of
and, but not otherwse. The reason why manufactures and ne-
cessares w not admt of comparson n regard to rents s, that
necessares, n a mted terrtory, are aways tendng to the same
e changeabe vaue, whether they have cost tte or much abour
but manufactures, f not sub|ected to an artfca monopoy, must
fa n vaue wth the facty of producng them. e cannot
therefore suppose the prce to be gven but f we coud, facty
of producton woud, n both cases, be e uay a measure of re-
ef from abour.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
210 T T LA D. . ,
the and can yed, t s fnay an e act measure of
the reef from abour n the producton of food granted
to hm by a nd Provdence. f ths fna surpus be
sma, the abour of a arge porton of the socety must
be constanty empoyed n procurng, by the sweat of
ther brows, the mere necessares of fe, and socety
must be most scanty provded wth convenences,
u ures, and esure whe, f ths surpus be arge,
manufactures, foregn u ures, arts, etters, and esure
may abound.
t s a tte snguar, that Mr. cardo, who has, n
genera, ept hs attenton so steady f ed on per-
manent and fna resuts, as even to defne the natura
prce of abour to be that prce whch woud man-
tan a statonary popuaton, athough such a prce
cannot generay occur under moderatey good go-
vernments, and n an ordnary state of thngs, for
hundreds of years, has aways, n treatng of rent,
adopted an opposte course, and referred amost en-
trey to temporary effects.
t s obvousy wth ths sort of reference, that he
has ob|ected to Adam mth for sayng that, n rce
countres a greater share of the produce woud beong
to the andord than n corn countres, and that rents
n ths country woud rse, f potatoes were to become
the favourte vegetabe food of the common peope,
nstead of corn. Mr. cardo coud not but aow,
ndeed he has aowed, that rents woud be fnay
hgher n both cases. ut he mmedatey supposes
that ths change s put n e ecuton at once, and re-
fers to the temporary resut of and beng thrown out
of cutvaton. ven on ths supposton however, a
the ands whch had been thrown up, woud be cu-
tvated agan n a very much ess tme, than t woud
ta e to reduce the prce of abour, n a natura state
of thngs, to the mantenance ony of a statonary po-
puaton. And therefore, wth a vew to permanent
and fna resuts, whch are the resuts whch Mr. -
eath of atons, o. . boo . p. . pp. 248 2 0. 6th ed.
t Prnc. of Pot. con. ch. v. p. 398. 3rd edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 211
cardo has prncpay consdered throughout hs wor ,
he ought to have aowed the truth of Adam mth s
statements.
ut, n pont of fact, there s every probabty that
not even a temporary fa of rent woud ta e pace.
o naton ever has changed or ever w change the
nature of ts food a at once. The process, both n
reference to the new system of cutvaton to be adop-
ted, and the new tastes to be generated, must neces-
sary be very sow. n the greater porton of urope,
t s probabe, that a change from corn to rce coud
never ta e pace and where t coud, t woud re-
ure such great preparatons for rrgaton, as to gve
ampe tme for an ncrease of popuaton fuy e ua
to the ncreased uantty of food produced. n those
countres where rce s actuay grown, the rents are
nown to be very hgh. Dr. uchanan, n hs vaua-
be traves through the Mysore, says, that n the wa-
tered ands beow the Ghats, the government was n
the habt of ta ng two-thrds of the crop. Ths s
an amount of rent whch probaby no ands cutvated
n corn can ever yed and n those parts of nda and
other countres, where an actua change has ta en
pace from the cutvaton of corn to the cutvaton
of rce, have tte doubt that rents have not ony
fnay rsen very consderaby, but have rsen even
durng the progress of the change.
th regard to potatoes, we have very near to us
on opportunty of studyng the effects of ther becom-
ng the vegetabe food of the great mass of a peope.
The popuaton of reand has ncreased faster durng
the ast hundred years, than that of any other country
n urope and under ts actua government, ths
fact cannot be ratonay accounted for, but from the
ntroducton and gradua e tenson of the use of the
potatoe . am persuaded, that had t not been for the
potatoe, the popuaton of reand woud not have
much more than doubed, nstead of much more than
o. . p. 21-2.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
212 T T LA D. . .
uadruped, durng the ast century. Ths ncrease
of popuaton has prevented ands from beng thrown
out of cutvaton, or gven greater vaue to natura
pasture, at the same tme that t has occasoned a great
fa n the comparatve money wages of abour. Ths
fa, e perence tes us, has not been accompaned by
a proportonate rse of profts, and the conse uence s
a consderabe rse of rents. The wheat, oats, and cat-
te of reand are sod to ngand, and bear ngsh
money prces, whe they are cutvated and tended by
abour pad at haf the money prce a state of thngs
whch must greaty ncrease ether the revenue de-
rved from profts, or the revenue derved from rents
and practca nformaton assures us, that t s the at-
ter whch has derved the greatest beneft from t.
Athough, therefore, t must ead to great errors, not
to dstngush very decdedy the temporary rates of
wages from ther fna rates, t woud ead to no such
error to consder the temporary effects of the changes
of food whch have been referred to, as of the same
nd wth ther fna effects, that s, as tendng aways
to rase rents. And f we ma e our comparsons wth
any toerabe farness, that s, f we compare coun-
tres under smar crcumstances, wth respect to e -
tent, and the uantty of capta empoyed upon the
so, whch s obvousy the ony far mode of com-
parng them, we sha fnd that rent w be n pro-
porton to the natura and ac ured fertty of the
and.
f the natura fertty of ths sand had been doube
what t s, and the peope had been e uay ndustr-
ous and enterprsng, the country woud, accordng to
a |ust theory, have been at ths tme douby rch and
popuous, and the rents of and much more than doube
what they are now. n the other hand, f the so of
the sand had possessed ony haf ts present fert-
ty, a sma porton of t ony, as stated on a former
occason, woud have admtted of corn cutvaton,
the weath and popuaton of the country woud have
been ute nconsderabe, and rents not neary one haf
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 213
of what they are now. ut f, under smar crcum-
stances, rent and fertty go together, t s no |ust ar-
gument aganst ther natura conne on to say that
rent s hgher n ngand, where a great mass of
capta has been empoyed upon the and, than n
the more ferte country of outh Amerca, where,
on the same e tent of terrtory, not a twenteth part
has been empoyed, and the popuaton s e tremey
scanty.
The fertty of the and, ether natura or ac ured,
may be sad to be the ony source of permanenty
hgh natona returns for capta. f a country were
e cusvey manufacturng and commerca, and were
to purchase a ts corn at the mar et prces of u-
rope, t s absoutey mpossbe that the natona re-
turns for ts capta shoud for any great ength of tme
be hgh. n the earer perods of hstory, ndeed, when
arge masses of capta were e tremey rare, and were
confned to very few towns, the sort of monopoy whch
they gave to partcuar nds of commerce and ma-
nufactures tended to eep up profts for a much on-
ger tme and great and brant effects were un-
doubtedy produced by some states whch were amost
e cusvey commerca. ut n modern urope, the
genera abundance of capta, the easy ntercourse be-
tween dfferent natons, and the aws of domestc and
foregn competton prevent the possbty of arge
permanent returns beng receved for any other cap-
tas than those empoyed on the and. o great com-
merca and manufacturng state n modern tmes,
whatever may have been ts s , has yet been nown
permanenty to ma e much hgher profts than the
average of the rest of urope. ut the captas suc-
cessfuy empoyed on moderatey good and, may per-
manenty and wthout fear of nterrupton or chec ,
sometmes yed twenty per cent., sometmes thrty or
forty, and sometmes even ffty or s ty per cent.
A str ng ustraton of the effects of captas em-
poyed on and compared wth others, appeared n the
returns of the property-ta n ths country. The ta -
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
214 T T LA D. . .
abe ncome of the naton derved from the captas
empoyed on and, was such as to yed to the pro-
perty-ta neary 6 mons whe the ncome derved
from the neary e ua captas empoyed n commerce
and manufactures was ony such as to yed two m-
ons. t s probaby true, that a arger proporton
of the ncomes derved from the captas empoyed n
trade and manufactures, escaped the ta , party from
ther subdvson, and party from other causes but
the defcency so occasoned coud n no respect ma e
up for the e traordnary productveness of the captas
empoyed n agrcuture.- And ndeed t s ute ob-
vous that, n comparng two countres together wth
the same captas and the same rate of profts, one of
whch has and on whch to grow ts corn, and the
other s obged to purchase t, that whch has the
and, partcuary f t be ferte, must be much rcher,
more popuous, and have a arger dsposabe ncome
for ta aton.
Another most desrabe beneft beongng to a fer-
te so s, that states so endowed are not obged to
pay so much attenton to that most dstressng and
dsheartenng of a cres to every man of humanty
the cry of the master manufacturers and merchants
for ow wages, to enabe them to fnd a mar et for
ther e ports. f a country can ony be rch by run-
nng a successfu race for ow wages, shoud be ds-
posed to say at once, persh such rches ut, though
a naton whch purchases the man part of ts food
from foregners, s condemned to ths hard aternatve,
t s not so wth the possessors of ferte and. The
pecuar products and manufactures of a country,
though never probaby suffcent to enabe t to m-
The chedue D. ncuded every speces of professons. The
whoe amounted to three mons, of whch the professons were
consdered to be above a mon.
f t must aways be recoected, that the natona profts, or
the ncrease of vaue to the naton obtaned by the captas em-
poyed on the and, must be consdered as ncudng rents as we
as the common agrcutura profts.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 21
port a arge proporton of ts food as we as of ts
convenences and u ures, w generay be suffcent
to gve fu sprt and energy to a ts commerca
deangs, both at home and abroad whe a sma
sacrfce of produce, that s, the not pushng cutva-
ton too far wthout agrcutura mprovements, woud,
wth prudenta habts among the poor, enabe t to
mantan the whoe of a arge popuaton n weath
and penty. Prudenta habts wth regard to mar-
rage carred to a consderabe e tent, among the a-
bourng casses of a country many dependng upon
manufactures and commerce, mght n|ure t. n a
country of ferte and, such habts woud be the great-
est of a concevabe bessngs.
Among the nestmabe advantages whch beong
to that uaty n the and, whch enabes t to yed
a consderabe rent, t s not one of the east, that n
the progress of socety t affords the man securty to
man that neary hs whoe tme, or the tme of neary
the whoe socety, sha not be empoyed n procurng
mere necessares. Mr. cardo seems to thn that
the whoe amount of the revenue derved from profts
mght be dmnshed n the progress of accumuaton
and the probabty fear s, that the abourer w be
Under smar crcumstances, wth respect to agrcutura s ,
c., t s obvous that and of the same degree of barrenness coud
not be cutvated, f by the prevaence of prudenta habts the
abourers were very we pad but to forego the sma ncrease
of produce and popuaton arsng from the cutvaton of such
and, woud, n a arge and ferte terrtory, be a sght and m-
perceptbe sacrfce, whe the happness whch woud resut from
t to the great mass of the popuaton, woud be beyond a prce.
t Prnc. of Pot. con. chap. v. p. 124, 3rd edt.
The truth of ths opnon depends upon the ueston whether
upon ncreasng the capta of a country n a certan proporton,
profts w be dmnshed n a greater proporton. t s probabe
that ths woud be the case f accumuaton were pushed to a very
great e tent, as n the rato assumed n Mr. cardo s nstance,
whch s of course ta en at random. or the purpose merey of
ustraton, am ncned to thn , however, that as one very arge
cass of socety ves upon the profts of stoc , accumuaton woud
cease from the want of power or motve to save, before the gene-
ra ncome derved from capta was actuay dmnshed.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
216 T T LA D. . .
obged to empoy a greater uantty of abour to pro-
cure that porton of hs wages whch must be spent n
necessares. oth these great casses of socety, there-
fore, may be e pected to have ess power of gvng
esure to themseves, or of commandng the abour of
those who admnsterto the en|oyments and nteectua
mprovement of socety, as contradstngushed from
those who admnster to ts necessary wants. ut,
fortunatey for man nd, the neat rents of the and,
under a system of prvate property, can never be dm-
nshed by the progress of cutvaton. hatever pro-
porton they may bear to the whoe produce, the ac-
tua amount must aways go on ncreasng, and w
aways afford a fund for the en|oyments and esure
of the socety, suffcent to eaven and anmate the
whoe mass.
f the ony condton on whch we coud obtan
ands yedng rent were, that they shoud reman wth
the mmedate descendants of the frst possessors,
though the benefts to be derved from the present
woud no doubt be very greaty dmnshed, yet from
ts genera and unavodabe effects on socety, t woud
be most unwse to refuse t as of tte or no vaue.
ut, happy, the beneft s attached to the so, not
to any partcuar propretors. ents are the reward
of present vaour and wsdom, as we as of past
strength and abtes. very day ands are purchased
wth the fruts of ndustry and taents. They afford
the great prze, the otum cum dgntate to every
speces of audabe e erton and, n the progress of
socety, there s every reason to beeve, that, as they
become more vauabe from the ncrease of capta
and popuaton, and the mprovements n agrcuture,
Mr. cardo hmsef was an nstance of what am statng.
e became, by hs taents and ndustry, a consderabe andhoder
and a more honourabe and e ceent man, a man who for the
uates of hs head and heart more entrey deserved what he had
earned, or empoyed t better, coud not pont out n the whoe
crce of andhoders.
t s somewhat snguar that Mr. cardo, a consderabe re-
cever of rents, shoud have so much underrated ther natona
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T T LA D. 217
the benefts whch they yed may be dvded among
a much greater number of persons.
n every pont of vew, then, n whch the sub|ect
can be consdered, that uaty of and whch, by the
aws of our beng, must termnate n rent, appears to
be a boon most mportant to the happness of man nd
and am persuaded, that ts vaue can ony be under-
rated by those who st abour under some msta e,
as to ts nature, and ts effects on socety.
APT .
T AG LA U .
ecton . n the Defnton of the ages of La-
bour, and ther Dependanee upon uppy and De-
mand.
The wages of abour are the remuneraton to the a-
bourer for hs e ertons.
They may be dvded nto nomna and rea.
The nomna wages of abour consst of money for
t s n money that the abourer s generay pad n
cvzed countres.
The rea wages of abour consst of the necessares,
convenences, and u ures of fe, whch the money
wages of the abourer enabe hm to purchase.
t has been shown n the ffth secton of the second
chapter of ths wor , that the average wages of a gven
mportance whe , who never receved, nor e pect to receve
any, shoud probaby be accused of overratng ther mportance.
ur dfferent opnons, under these crcumstances, may serve at
east to show our mutua sncerty, and afford a strong presump-
ton, that to whatever bas our mnds may have been sub|ected n
the doctrnes we have ad down, t has not been that, aganst
whch perhaps t s most dffcut to guard, the nsensbe bas of
stuaton and nterest.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
218 T AG LA U . . .
number of common agrcutura abourers, or what has
been caed standard wages, are aways of the same
vaue, that s, they are aways obtaned n each coun-
try, and at a tmes, at the same eementary cost.
ut t s we nown that the uantty of money, of
corn, or of the necessares and convenences of fe,
whch s awarded to the abourer, s sub|ect to great
varatons, a dependant upon the demand and suppy
of these ob|ects compared wth the demand and sup-
py of abour.
f the socety can purchase a gven uantty of
money by commodtes whch re ure a smaer sacr-
fce of abour, profts, c. to obtan them than s ne-
cessary to purchase or obtan the abour for whch that
money has before been usuay e changed, the money
prce of abour w rse. f ether from the scarcty
of money, or the penty of abour, a greater sacrfce
must be made to obtan the gven uantty of money,
the money prce of abour w fa. And whatever
may be the state of the effectua demand for abour,
t s obvous that the money prce of abour must, on
an average, be so proportoned to the prce of the funds
for ts mantenance, as to effectuate the desred sup-
py. t s as the condton of the suppy, that the
prces of the necessares of fe have so mportant an
nfuence on the prce of abour. A certan porton of
these necessares s re ured to enabe the abourer to
mantan a statonary popuaton, a greater porton to
mantan an ncreasng one and conse uenty, what-
ever may be the prces of the necessares of fe, the
money wages of the abourer must be such as to en-
abe hm to purchase these portons, or the suppy
cannot ta e pace n the uantty re ured.
The corn wages of abour are st more str ngy
determned by the state of the demand and suppy
than money wages, on account of the varatons n the
uantty of corn beng much greater n short perods
t must aways be recoected, that a penty of abour, f that
abour be empoyed, aways tends to ncrease the competton for
money, and rase ts vaue.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T AG LA U . 219
than n the uantty of money. The great varatons
n the prces of corn n dfferent seasons, whe the
money prce of abour remans the same, are unver-
say observed and ac nowedged but the varatons
of a more permanent nd n corn wages are some-
tmes not much ess consderabe. hen the ast
and ta en nto cutvaton n any country s ferte,
and yet wor ed wth some s , there w be a arge
produce to dvde between profts and wages, and t
w depend upon the abundance of ths produce and
the manner n whch t s dvded, but chefy on the
former, whether the average corn wages are hgh or
ow. n the Unted tates of Amerca, for nstance,
the penty and fertty of the and are such as to
enabe the farmers to pay to ther abourers as much
as 18 or 20 uarters of wheat n the year, above
doube the uantty usuay pad n the greatest part
of urope, and yet to retan good profts. ut t s
nown that the abourng casses of a country can
more than eep up ther numbers when pad ony 8
or 9 uarters n the year. The ueston therefore
whether the abourer sha be pad, on an average, 8
or 18 uarters, or any ntermedate uantty, must
depend upon the demand and suppy of corn com-
pared wth the demand and suppy of abour and t
s obvous that the abourer coud not, for many years
together, receve the arger uantty n any country
where corn was not essentay of ow vaue, that s
obtaned wth a sma uantty of abour.
f nstead of corn wages, or wages estmated n the
prme necessary of fe, we consder wages as consst-
ng of the genera necessares and convenences n
whch the money earnngs of the abourng casses
are usuay spent, then f we suppose the agrcutu-
ra abourer to be pad n the frst nstance n corn,
hs wages n necessares and convenences w depend
party upon the uantty of corn whch he earns, and
party upon the vaue of that corn n e change for
the other necessares of whch he stands n need, such
as cothng, housng, frng, soap, candes, eather,
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
220 T AG LA U . . .
c. the one dependng on the varyng suppy of
corn to abour, and the other on the varyng suppy
of corn to the other commodtes wanted. Usuay
wages estmated n genera necessares and conve-
nences are more steady than corn wages because
most of the artces besdes corn, of whch they are
composed, are ess affected by the seasons, and con-
se uenty more reguar n ther suppy than corn
but f these artces are compared drecty wth abour
nstead of corn, the uantty of them whch sha be
gven to the abourer w st depend not ony upon
the varyng powers of abour n ther producton, but
upon that ordnary state of the demand for them com-
pared wth the suppy whch, n any gven condton
of the productve powers of abour, determnes the
proporton of such necessares whch s awarded to
the abourer.
Adam mth s practcay ute correct, when he
says, that, the money prce of abour s necessary
reguated by two crcumstances the demand for a-
bour and the prce of the necessares and conve-
nences of fe. ut t s of great mportance to a
thorough understandng of the sub|ect, to eep con-
stanty under our vew the causes whch determne
the reatve prces of abour and commodtes, and to
see ceary and dstncty the constant and predom-
nant acton of the prncpe of suppy and demand on
both.
n a those cases whch Adam mth has so hap-
py e paned and ustrated, where an apparent
rreguarty ta es pace n the wages of dfferent nds
of abour, t w be found, unversay, that the causes
to whch he |usty attrbutes them, are causes of a
nature to nfuence the suppy of abour n the part-
cuar departments n ueston, and to determne such
wages by the demand compared wth the suppy of
the nd of abour re ured. The fve prncpa cr-
cumstances, whch, accordng to hm, ma e up for a
eath of atons, oo . ch. v. p. 130, 6th edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T AG LA U . 221
sma pecunary gan n some empoyments, and coun-
terbaance a great one n others, namey 1. The
agreeabeness or dsagreeabeness of the empoyments
themseves. 2. The easness and cheapness, or the
dffcuty and e pense of earnng them. 3. The con-
stancy or nconstancy of empoyment n them. 4.
The sma or great trust whch must be reposed n
those who e ercse them and . The probabty or
mprobabty of success n them, are a obvousy
of ths descrpton and n many of the cases stated,
t woud not be easy to account for ther effects on the
prce of the dfferent nds of abour, upon any other
prncpe. ne hardy sees, for nstance, why the
cost of producng a poacher shoud be ess than that
of a common abourer, or the cost of producng a
coa-heaver much greater yet they are pad very
dfferenty. t s not easer to resove the effects on
wages of the sma or great trust whch must be
reposed n a wor man, or, the probabty or mpro-
babty of success n hs trade, nto the uantty of
abour, profts, c. whch has been empoyed to brng
hm nto the mar et. Adam mth satsfactory
shews, that the whoe body of awyers s not remu-
nerated suffcenty to pay the e penses whch the
educaton of the whoe body has cost f and t s ob-
vous that partcuar s , both n trades and profes-
sons, s pad hgh, wth but tte reference to the
abour empoyed n ac urng t, whch, owng to
superor taent, s often ess than that whch s fre-
uenty apped to the ac uston of nferor prof-
cency. ut a these cases are accounted for n the
easest and most natura manner, upon the prncpe
of suppy and demand. uperor artsts are pad
hgh on account of the scanty suppy of such s ,
whether occasoned by unusua abour or uncommon
genus, or both. Lawyers, as a body, are not we
remunerated, because the prevaence of other motves,
eath of atons, . . ch. . part . p. 1 2, 6th edt,
f d. p. 161.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
222 T AG LA U . . .
besdes mere gan, crowds the professon wth cand-
dates, and the suppy s not reguated by the cost of
the educaton and n a those nstances, where ds-
advantages or dffcutes of any nd accompany par-
tcuar empoyments, t s obvous that they must be
pad comparatvey hgh, because f the addtona re-
muneraton were not suffcent to baance such dsad-
vantages, the suppy of abour n these departments
woud be defcent, as, cceters parbus, every person
woud choose to engage n the most agreeabe, the
east dffcut, and the east uncertan occupatons.
The defcency so occasoned, whenever t occurs, w
naturay rase the prce of abour and the advance
of prce, after some tte oscaton, w rest at the
pont where t s |ust suffcent to occason a suppy
suted to the effectua demand.
Adam mth has n genera referred to the prncpe
of suppy and demand n cases of ths nd, but he
has occasonay forgotten t: f one speces of a-
bour, he says, re ures an uncommon degree of
de terty and ngenuty, the esteem whch men have
for such taents w gve a vaue to ther produce,
superor to what woud be due to the tme empoyed
about t. And n another pace, spea ng of hna,
he remar s, That f n such a country, (that s, a
country wth statonary resources,) wages had ever
been more than suffcent to mantan the abourer,
and enabe hm to brng up a famy the competton
of the abourers and the nterest of the masters, woud
soon reduce them to the owest rate whch s conss-
tent wth common humanty. The reader w be
aware, from what has been aready sad, that n the
frst case here notced, t s not smpy the esteem for
the de terty and ngenuty referred to, or a dsn-
terested wsh to reward such s , whch rases the
prce of the commodty, but ther scarcty, and the
conse uent scarcty of the artces produced by them,
compared wth the demand. And n the atter case,
eath of atons, . . ch. v. p. 71, 6th edt.
t d. ch. v. p. 108.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T AG LA U . 223
t s not common humanty whch nterferes to pre-
vent the prce of abour from fang st ower. f
humanty coud have successfuy nterfered, t ought
to have nterfered ong before, and prevented any .
premature mortaty from beng occasoned by bad or
nsuffcent food. ut unfortunatey, common huma-
nty cannot ater the funds for the mantenance of
abour. he these are statonary, and the habts
of the ower casses prompt them to suppy a sta-
tonary popuaton cheapy, the wages of abour w
be scanty but st they cannot fa beow what s
necessary, under the actua habts of the peope, to
eep up a statonary popuaton because, by the sup-
poston, the funds for the mantenance of abour are
statonary, not ncreasng or decnng and conse-
uenty the prncpe of demand and suppy woud
aways nterfere to prevent such wages as woud ether
occason an ncrease or dmnuton of peoped.
ecton . f the auses whch prncpay affect
the abts of the Labourng asses.
The natura prce of abour has been defned by Mr.
cardo to be that prce whch s necessary to enabe
the abourers one wth another to subsst, and to per-
petuate ther race, wthout ether ncrease or dmnu-
ton. Ths prce shoud reay be dsposed to ca
a most unnatura prce because n a natura state of
thngs, that s, wthout unnatura mpedments to the
progress of accumuaton, such a prce coud not per-
manenty occur n any country, t the cutvaton of
the so, or the power of mportaton had been pushed
as far as possbe. ut f ths prce be reay rare,
and, n an ordnary state of thngs, at a great dstance
n pont of tme, t must evdenty ead to great errors
to consder the mar et-prces of abour as ony tem-
porary devatons above and beow that f ed prce, to
whch they w very soon return.
Pot. con. c. v. p. 86, 3rd edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
224 T AG LAU U . . .
The natura or necessary prce of abour n any
country shoud defne to be that prce whch, n the
actua crcumstances of the socety, s necessary to
occason an average suppy of abourers, suffcent to
meet the effectua demand. And the mar et prce
shoud defne to be, the actua prce n the mar et,
whch from temporary causes s sometmes above, and
sometmes beow, what s necessary to suppy ths
demand.
The condton of the abourng casses of socety
must evdenty depend, party upon the rate at whch
the funds for the mantenance of abour and the de-
mand for abour are ncreasng and party, on the
habts of the peope n respect to ther food, cothng,
and odgng.
f the habts of the peope were to reman f ed,
the power of marryng eary, and of supportng a arge
famy, woud depend upon the rate at whch the funds
for the mantenance of abour and the demand for a-
bour were ncreasng. And f these funds were to re-
man f ed, the comforts of the ower casses of so-
cety woud depend upon ther habts, or the amount
of those necessares and convenences, wthout whch
they woud not consent to eep up ther numbers to
the re ured pont.
t rarey happens, however, that ether of them re-
mans f ed for any great ength of tme together.
The rate at whch the funds for the mantenance of
abour ncrease s, we we now, abe, under vary-
ng crcumstances, to great varaton and the habts
of a peope though not so abe, or so necessary
sub|ect to change, can scarcey ever be consdered as
permanent. n genera, ther tendency s to change
together. hen the funds for the mantenance of a-
bour are rapdy ncreasng, and the abourer com-
mands a arge porton of necessares, t s to be e -
e mght wth amost as much proprety defne the natura
rate of profts to be that rate whch woud |ust eep up the cap-
ta wthout ncrease or dmnuton. Ths s n fact the rate to
whch profts are constanty tendng.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T AG LA U . 22
pected that f he has the opportunty of e changng
hs superfuous food for convenences and comforts,
he w ac ure a taste for these convenences, and hs
habts w be formed accordngy. n the other hand,
t generay happens that, when the funds for the
mantenance of abour become neary statonary, such
habts, f they ever have e sted, are found to gve
way and, before the popuaton comes to a stop, the
standard of comfort s essentay owered.
t, however, party from physca, and party
from mora causes, the standard of comfort dffers
essentay n dfferent countres, under the same rate
of ncrease n ther funds for the mantenance of a-
bour. Adam mth, n spea ng of the nferor food
of the peope of cotand, compared wth ther negh-
bours of the same ran n ngand, observes, Ths
dfference n the mode of ther subsstence s not the
cause, but the effect, of the dfference n ther wages,
though, by a strange msapprehenson, have fre-
uenty heard t represented as the cause. t must
be aowed, however, that ths correcton of a common
opnon s ony partay |ust. The effect, n ths case
as n many others, certany becomes n ts turn a
cause and there s no doubt, that f the contnuance
of ow wages for some tme, shoud produce among
the abourers of any country habts of marryng wth
the prospect ony of a mere subsstence, such habts,
by suppyng the uantty of abour re ured at a ow
rate, woud become a constanty operatng cause of
ow wages.
t woud be very desrabe to ascertan what are
the prncpa causes whch determne the dfferent
modes of subsstence among the ower casses of peo-
pe of dfferent countres but the ueston nvoves
so many consderatons, that a satsfactory souton of
t s hardy to be e pected. Much must certany
depend upon the physca causes of cmate and so
but st more perhaps on mora causes, the formaton
eath of at. oo . chap. v. p. 114. 6th edt.

G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
226 T AG LA U . . .
and acton of whch are owng to a varety of crcum-
stances.
rom hgh rea wages, or the power of command-
ng a arge porton of the necessares of fe, two very
dfferent resuts may foow one, that of a rapd n-
crease of popuaton, n whch case the hgh wages
are chefy spent n the mantenance of arge and fre-
uent fames and the other, that of a decded m-
provement n the modes of subsstence, and the con-
venences and comforts en|oyed, wthout a propor-
tonate acceeraton n the rate of ncrease.
n oo ng to these dfferent resuts, the causes of
them w evdenty appear to be the dfferent habts
e stng among the peope of dfferent countres, and
at dfferent tmes. n an n ury nto the causes of
these dfferent habts, we sha generay be abe to
trace those whch, n od countres, produce the frst
resut, to a the crcumstances whch contrbute to
depress the ower casses of the peope, whch ma e
them unabe or unwng to reason from the past to
the future, and ready to ac uesce, for the sa e of pre-
sent gratfcaton, n a very ow standard of comfort
and respectabty and those whch produce the se-
cond resut, to a the crcumstances whch tend to
eevate the character of the ower casses of socety,
whch ma e them act as bengs who oo before and
after, and who conse uenty cannot ac uesce pa-
tenty n the thought of deprvng themseves and
ther chdren of the means of beng respectabe, vr-
tuous, and happy.
Among the crcumstances whch contrbute to the
character frst descrbed, the most effcent w be
found to be despotsm, oppresson, and gnorance :
among those whch contrbute to the atter character,
cv and potca berty, and educaton.
f a the causes whch tend to generate prudenta
n new countres, such as the Unted tates, the funds for the
mantenance of abour are so ampe, and are ncreasng so rapdy,
that for a consderabe tme the prudenta chec to eary mar-
rages may hardy be necessary.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T AG LA U . 227
habts among the ower casses of socety, the most
essenta s un uestonaby cv berty. o peope
can be much accustomed to form pans for the future,
who do not fee assured that ther ndustrous e er-
tons, whe far and honourabe, w be aowed to
have free scope and that the property whch they
ether possess, or may ac ure, w be secured to them
by a nown code of |ust aws mpartay admnstered.
ut t has been found by e perence, that cv berty
cannot be permanenty secured wthout potca -
berty. onse uenty, potca berty becomes a-
most e uay essenta and n addton to ts beng
necessary n ths pont of vew, ts obvous tendency
to teach the ower casses of socety to respect them-
seves by obgng the hgher casses to respect them,
must contrbute greaty to ad a the good effects of
cv berty.
n th regard to educaton, t mght certany be
made genera under a bad form of government, and
mght be very defcent under one n other respects
good but t must be aowed, that the chances, both
wth regard to ts uaty and ts prevaence, are
greaty n favour of the atter. ducaton aone coud
do tte aganst nsecurty of property but t woud
powerfuy assst a the favourabe conse uences to
be e pected from cv and potca berty, whch
coud not ndeed be consdered as compete wthout t.
Accordng as the habts of the peope had been
determned by such unfavourabe or favourabe cr-
cumstances, hgh wages, or a rapd ncrease of the
funds for the mantenance of abour, woud be attended
wth the frst or second of the resuts before des-
crbed or at east by such resuts as woud approach
to the one or the other, accordng to the dfferent de-
grees n whch a the causes whch nfuence habts
of mprovdence or prudence had been effcent.
reand, durng the course of the ast century, may
be produced perhaps as the most mar ed nstance of
the frst resut. n the ntroducton of the potatoe
nto that country, the ower casses of socety were n
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
228 T AG LA U . d. .
such a state of oppresson and gnorance, were so tte
respected by others, and had conse uenty so tte
respect for themseves, that as ong as they coud get
food, and that of the cheapest nd, they were content
to marry under the prospect of every other prvaton.
The abundant funds for the support of abour occa-
soned by the cutvaton of the potatoe n a favour-
abe so, whch often gave the abourer the command
of a uantty of subsstence ute unusua n the
other parts of urope, were spent amost e cusvey
n the mantenance of arge and fre uent fames and
the resut was, a most rapd ncrease of popuaton,
wth tte or no meoraton n the genera condton
and modes of subsstence of the abourng poor.
An nstance somewhat approachng to the second
resut may be found n ngand, n the frst haf of the
ast century. t s we nown, that durng ths perod
the prce of corn fe consderaby, ,whe the prce of
abour s stated to have rsen. Durng the ast forty
years of the 17th century, and the frst twenty of the
18th, the average prce of corn was such as, compared
wth the wages of abour, woud ony enabe the a-
bourer to purchase, wth a day s earnngs, about two-
thrds of a pec of wheat. rom 1720 to 17 0 the
prce of wheat had so faen, whe wages had rsen,
that nstead of two thrds the abourer coud purchase
the whoe of a pec of wheat wth a day s abour.
Ths great ncrease of command over the frst ne-
cessary of fe dd not, however, produce a propor-
tonate ncrease of popuaton. t found the peope of
ths country vng under a good government, and en-
|oyng a the advantages of cv and potca berty
n an unusua degree. The ower casses of peope
had been n the habt of beng respected, both by the
aws and the hgher orders of ther feow ctzens,
and had earned n conse uence to respect themseves.
The resut was, that ther ncreased corn wages,
nstead of occasonng an ncrease of popuaton e -
ee ecton . of ths chapter.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T AG LA U . 229
cusvey, were so e pended as to occason a decded
eevaton n the standard of ther comforts and conve-
nences.
Durng the same perod, the funds for the man-
tenance of abour n cotand do not appear to have
ncreased so fast as those of ngand but snce the
mdde of the ast century, the former country has
perhaps made a more rapd progress than the atter
and the conse uence has been, that from the same
causes, these ncreased resources have not produced,
e cusvey, an ncrease of popuaton, but a great
ateraton for the better n the food, dress, and houses
of the ower casses of socety, n that country.
The genera change from bread of a very nferor
uaty to the best wheaten bread, seems to have been
pecuar to the southern and mdand countes of n-
gand, and may perhaps have been aded by advent-
tous crcumstances.
The mprovng cutvaton of the country after 1720,
together wth the state of the foregn mar ets, as opened
by the bounty, appears to have dmnshed, n some
dstrcts, the usua dfference n the prces of the dffe-
rent nds of gran. Though barey was argey grown
and argey e ported, t dd not fa n prce so much
as wheat. n an average of the twenty years endng
wth 170 , compared wth an average of twenty years
endng wth 174 , the uarter of wheat fe from 1.
16 . 3d. to 1. 9 . 0d. but mat durng the same pe-
rod remaned at the same prce, or, f any thng, ra-
ther rose and as barey s supposed to be not a
cheaper food than wheat, uness t can be purchased
at f of the prce,f such a reatve dfference woud
have a strong tendency to promote the change.
rom the sma uantty of rye e ported, compared
wth wheat and barey, t may be nferred that t dd
not fnd a ready vent n foregn mar ets and ths cr-
den s tate of the Poor. Tabe, vo. . p. 79. n ths
tabe, a deducton s made for for the uarter of mddng wheat
of eght bushes, whch s too much.
t Tracts on the orn Trade, upp. p. 199.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
230 T AG LA U . . .
cumstance, together wth the mprovng state of the
and, dmnshed ts cutvaton and use.
th regard to oats, the prohbtory aws and the
bounty were not so favourabe to them as to the other
grans, and more were mported than e ported. Ths
woud naturay tend to chec ther cutvaton n the
dstrcts whch were capabe of growng the sort of
gran most certan of a mar et whe the Act of hares
. respectng the buyng up of corn to se agan,
threw greater obstaces n the way of the dstrbuton
of oats than of any other gran.
y ths Act, wheat mght be bought up and stored
for future sae when the prce dd not e ceed 48 .
barey, when the prce dd not e ceed 28. . and oats,
when the prce dd not e ceed 13 . Ad. The mted
prces of wheat and barey were consderaby above
ther ordnary and average rates at that perod, and
therefore dd not often nterfere wth ther proper ds-
trbuton but the ordnary prce of oats was supposed
to be about 12 . the uarter, and conse uenty the
mt of 13 . Ad. woud be very fre uenty e ceeded,
and obstaces woud be contnuay thrown n the
way of ther transport from the dstrcts of ther growth
to the dstrcts where they mght be wanted. ut f,
from the causes here descrbed, the abourng casses
of the outh of ngand were party nduced, and
party obged, to adopt wheat as ther man food,
nstead of the cheaper nds of gran, the rse of wages
woud at once be accounted for, consstenty wth the
fa n the prce of wheat an event whch, under an
apparenty sac demand for abour at the tme, has
been consdered as so mprobabe by some wrters,
that the accuracy of the accounts has been doubted.
t s evdenty, however, possbe, ether on the sup-
poston of a vountary determnaton on the part of
the abourng casses to adopt a superor descrpton
of food, or a sort of obgaton to do t, on account of
the ntroducton of a new system of cutvaton adapted
Tracts on the orn Trade, p. 0.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T AG LA U . 231
to a more mproved so: and, n ether case, the ef-
fects observabe from 1720 to 17 0 woud appear
namey, an ncreased power of commandng corn, wth-
out a proportonate ncrease of popuaton. t s pro-
babe that both causes contrbuted ther share to the
change n ueston. hen once the fashon of eatng
wheaten bread had become genera n some countres,
t woud be ey to spread nto others, even at the
e pense of comforts of a dfferent descrpton and n
a cases where partcuar modes of subsstence, from
whatever causes arsng, have been for any tme esta-
bshed, though such modes aways reman suscep-
tbe of change, the change must be a wor of tme
and dffcuty. A country, whch for many years had
prncpay supported ts peasantry on one sort of
gran, must ater ts whoe system of agrcuture be-
fore t can produce another sort n suffcent abun-
dance and the obstnacy wth whch habts are ad-
hered to by a casses of peope, as n some countres
t woud prevent hgh wages from mprovng the
uaty of the food, so n others t woud prevent ow
wages from suddeny deteroratng t and such hgh
or ow wages woud be fet amost e cusvey n the
great stmuus or the great chec whch they woud
gve to popuaton.
ecton . f the auses whch prhcpay n-
fuencc the Demand for Labour, and the ncrease
of the Popuaton.
There s another cause, besdes a change n the ha-
bts of the peope, whch prevents the popuaton of
a country from eepng pace wth the apparent com-
mand of the abourer over the means of subsstence.
t sometmes happens that corn wages are compara-
tvey hgh wthout a proportonate demand for abour.
Ths s the most ey to ta e pace when the prce
of raw produce has faen wthout a fa n the prce
of abour, so as to dsabe the cutvators from empoy-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
232 T AG LA U . . .
ng the same uantty of abour as before. f the
fa be consderabe, and not made up n vaue by n-
crease of uantty, so many abourers w be thrown
out of wor that wages, after a perod of great ds-
tress, w generay be owered n proporton. ut
f the fa be gradua, and party made up n e -
changeabe vaue by ncrease of uantty, the money
wages of abour w not necessary sn and the
resut w be merey a sac demand for abour, not
suffcent perhaps to throw the actua abourers out
of wor , but such as to prevent or dmnsh tas -wor ,
to chec the empoyment of women and chdren, and
to gve but tte encouragement to the rsng genera-
ton of abourers. n ths case the uantty of the
necessares of fe actuay earned by the abourer and
hs famy, may be reay ess than when, owng to a
rse of prces, the day pay of the abourer w com-
mand a smaer uantty of corn. The command of
the abourng casses over the necessares of fe, though
apparenty greater, s reay ess n the former than
n the atter case, and, upon a genera prncpes,
ought to produce ess effect on the ncrease of popu-
aton.
Ths dsagreement between apparent wages and the
progress of popuaton w be further aggravated n
those countres where poor aws are estabshed, and
t has become customary to pay a porton of the a-
bourers wages out of the parsh rates. f, when corn
rses, the farmers and andhoders of a parsh eep
the wages of abour down, and ma e a reguar aow-
ance for chdren, t s obvous that there s no onger
any necessary conne on between the apparent corn
wages of day abour and the rea means whch the
abourng casses possess of mantanng a famy.
hen once the peope are reconced to such a sys-
tem, the progress of popuaton mght be rapd, at a
tme when the rea wages of abour, ndependenty of
parsh assstance, were ony suffcent to support a
wfe and one chd, or even a snge man wthout
ether wfe or chd, because there mght st be both
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T AG LA U . 233
encouragement to marrage, and the means of sup-
portng chdren.
hen the popuaton of a country ncreases faster
than usua for any tme together, the abourng casses
must have the command of a greater uantty of food
than they had before possessed, or at east than they
had before apped to the mantenance of ther fames.
Ths may be obtaned n varous ways by hgher
corn wages, by savng n convenences, by adoptng a
cheaper nd of food, by more tas -wor and the
more genera empoyment of the women and chdren,
or by parsh aowances. ut the actua appcaton
of the greater uantty of food seems to be neces-
sary to the ncrease of popuaton and wherever such
ncrease has ta en pace, some of these causes, by
whch a greater uantty of food s procured, w
aways be n acton, and may generay be traced. /
The hgh wages, both n corn and money, of the
Unted tates, occasoned by the rapd accumuaton
of capta, and the power of seng produce, obtaned
by a comparatvey sma uantty of abour, at uro-
pean prces, are un uestonaby the cause of the very
rapd progress of the Amercan popuaton. A very
great demand for abour has, n ths case, accom-
paned a ow comparatve vaue of produce, a unon
not necessary nor fre uent, but, when t does occur,
cacuated to occason the most rapd ncrease of po-
puaton.
The pecuar ncrease of the popuaton of reand,
compared wth other uropean countres, has ob-
vousy been owng to the adopton of a cheaper food,
whch mght be produced n arge uanttes, and
whch, aded by the otter system of cutvaton, has
t s most fortunate for the country and the abourng casses
of socety, that the b whch passed the ouse of ommons, for
ta ng from ther parents the chdren of those who as ed for re-
ef, and supportng them on pubc funds, dd not pass the ouse
of Lords. uch a aw woud have been the commencement of a
new system of poor aws beyond a comparson worse than the
od.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
234 T AG LA U . . .
|
aowed the ncrease of peope greaty to e ceed the
demand for abour.
The great ncrease of popuaton of ate years n
ngand and cotand has been owng to the power
of the abourng casses to obtan a greater uantty
of food, party by temporary hgh wages n manufac-
tures, party by the ncreased use of potatoes, party
by ncreased tas -wor and the ncreased empoyment
of women and chdren, party by ncreased parsh
aowances to fames, and party by the ncreased
reatve cheapness of manufactures and foregn com-
modtes.
n genera perhaps more of these causes w be
caed nto acton by a rse of prces whch sometmes
owers the command of a day s abour over the neces-
sares of fe, than by a fa of prces whch rases t.
hat s essentay necessary to a rapd ncrease
of popuaton s a great and contnued demand for
abour and ths s proportoned to the rate of n-
crease n the uantty and vaue of those funds,
whether arsng from capta or revenue, whch are
actuay empoyed n the mantenance of abour.
t has been generay consdered, that the demand
for abour s proportoned ony to the crcuatng, not
the f ed capta of a country. ut n reaty the
demand for abour s not proportoned to the ncrease
of capta n any shape nor even, as once thought,
to the ncrease of the e changeabe vaue of the
whoe annua produce. t s proportoned ony, as
above stated, to the rate of ncrease n the uantty
and vaue of those funds whch are actuay empoyed
n the mantenance of abour.
These funds consst prncpay n the necessares
of fe, or n the means of commandng the food,
cothng, odgng, and frng of the abourng casses
of socety. ow t s ute evdent that f the capta
of a socety were drected n the most |udcous and
s fu manner to the producton of these necessares,
and that the neat surpus above what was re ured for
the mantenance of the persons so empoyed, and of
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T AG LA U . 23
ther empoyers, were spent n the mantenance of
mena servants, soders, and saors, a the demand
for abour that the resources of such a country caed
out n the most effectve manner woud admt of,
mght e st, wth tte of that great mass of capta,
whch n most mproved countres s empoyed n
producng u ures and superor convenences. ut
f ths be so, t s obvous that capta, and even the
e changeabe vaue of the whoe produce may n-
crease wthout any ncrease n the demand for abour.
f the crcuatng capta apped to the producton of
u ures and convenences empoyed ony those per-
sons who woud otherwse be mantaned as unpro-
ductve abourers by the surpus of necessares, not
ony no addton s thereby made to the demand for
abour, but f the persons before engaged n persona
servces were dsmssed faster than they coud be em-
poyed n the producton of u ures and superor
convenences a dmnshed demand for abour mght
ta e pace under an ncreasng crcuatng capta.
And f a arge porton of the e changeabe vaue of
the whoe produce of a country cannot be resoved
nto necessares, t s cear that the whoe produce
may ncrease n e changeabe vaue wthout a greater
vaue of the necessares of fe beng actuay em-
poyed n the mantenance of abour.
ut though t s un uestonaby true that wthout
the capta empoyed n u ures and superor conve-
nences the same demand for abour mght e st yet
practcay, f the neat revenue of a country coud
ony be empoyed n the mantenance of mena ser-
vants and soders, there s every reason to thn that
the stmuus to producton n modern states woud be
very greaty dmnshed, and that the cutvaton of
the so woud be carred on wth the same nd of
ndoence and sac ness as n the feuda tmes.
Ths vew of the sub|ect was stated by me above thrty years
ago n the uarto edton of the ssay on Popuaton, p. 421,
and by Mr. cardo n hs 3rd edton, p. 47. .
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
236 T AG LA U . c. .
n the other hand, f the whoe of the surpus pro-
duce beyond what was re ured for the support of
those who were empoyed n the producton of neces-
sares coud be spent n no other way than n the pro-
ducton and purchase of matera u ures and conve-
nences, f no mena servants coud be ept to ta e
care of houses, furnture, carrages, horses, c. t s
ute cear that the demand for matera u ures and
convenences woud very soon abate, and the owners
of and and capta woud have very sender motves
to empoy them n the most productve manner.
t s ceary then the operaton of both stmuants,
under the most favourabe proportons, whch s ey
to gve the most effectve encouragement even to the
producton of necessares. And though t s ute
certan that an ncrease n the vaue of the funds for
the mantenance of abour s not strcty proportoned
to the ncrease n the e changeabe vaue of the whoe
produce estmated n abour yet, n ordnary tmes,
and when no great changes are ta ng pace n the
proporton of persona servces to productve abour,
an ncrease of such e changeabe vaue s generay
foowed by an ncreased demand for abour, snce ts
ordnary and natura effect s to ncrease the vaue of
the funds destned for the mantenance of abour.
henever the ntroducton of f ed capta has for
a tme the effect of dmnshng the demand for a-
bour, t w generay be found that the vaue of the
whoe annua produce s at the same tme dm-
nshed : but n genera the use of f ed capta s fa-
vourabe to the abundance of crcuatng capta and
f the mar et for the products can be proportonay
e tended, the whoe vaue of the capta and revenue
of a state s greaty ncreased by t, as we as the vaue
of the funds for the mantenance of abour, and a
great demand for abour created.
The ncrease n the whoe vaue of cotton products,
snce the ntroducton of the mproved machnery, s
nown to be prodgous and t cannot for a moment
be doubted that both the crcuatng capta and the
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T AG LA U . 237
demand for abour n the cotton busness have very
greaty ncreased durng the ast ffty years. Ths s
ndeed suffcenty proved by the greaty ncreased
popuaton of Manchester, Gasgow, and the other
towns where the cotton manufactures have most fou-
rshed.
A smar ncrease of vaue, though not to the same
e tent, has ta en pace n our hardware, wooen, and
other manufactures, and has been accompaned by an
ncreasng demand for abour, notwthstandng the n-
creasng use of f ed capta.
ven n our agrcuture, f the f ed capta of horses,
whch from the uantty of produce they consume, s
the most dsadvantageous descrpton of f ed capta,
were dsused, t s probabe, that a great part of the
and whch now bears corn woud be thrown out of
cutvaton. Land of a poor uaty woud never
yed suffcent to pay the abour of cutvatng wth
the spade, of brngng manure to dstant feds n bar-
rows, and of carryng the products of the earth to ds-
tant mar ets by the same sort of conveyance. Under
these crcumstances, as there woud be a dmnuton
n the uantty of corn produced, there woud be a
dmnuton n the whoe vaue of the produce and
the vaue of the funds for the mantenance of abour
beng mpared, the demand for abour woud be d-
mnshed n proporton.
n the other hand, f, by the gradua ntroducton
of a greater uantty of f ed capta, we coud cut-
vate and dress our so and carry the produce to mar-
et at a much ess e pense, we mght ncrease our
produce very greaty by the cutvaton of a our
t has atey been stated, that spade cutvaton w yed
both a greater gross produce and a greater neat produce. am
aways ready to bow to we estabshed e perence but f such
e perence appes n the present case, one cannot suffcenty
wonder at the contnued use of poughs and horses n agrcuture.
ven supposng however that the vse of the spade mght, on
some sos, so mprove the and, as to ma e the crop more than
pay the addtona e pense of the abour, ta en separatey
yet, as horses must be ept to carry out dressng to a dstance
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
238 T AG LA U . . .
waste ands and the mprovement of a the and
aready n cutvaton and f the substtuton of ths
f ed capta were to ta e pace n the ony way n
whch we can suppose t practcay to ta e pace,
that s, graduay, there s no reason to doubt that the
vaue of raw produce woud eep up neary to ts
former eve and ts greaty ncreased uantty, com-
bned wth the greater proporton of the peope whch
mght be empoyed n manufactures and commerce,
whe t woud occason a very great ncrease n the
e changeabe vaue of the genera produce, woud n-
crease at the same tme the vaue of the funds des-
tned for the mantenance of abour, and thus cause a
great demand for abour and a great addton to the
popuaton.
There s no occason therefore to fear that the
ntroducton of f ed capta, as t s ey to ta e
pace n practce, w dmnsh the effectve demand
for abour ndeed t s to ths source that we are to
oo for the man cause of ts future ncrease. At the
same tme, t s certany true, as w be more fuy
stated n a subse uent part of ths wor , that f the
substtuton of f ed capta were to ta e pace much
faster than an ade uate mar et coud be found for the
more abundant suppes derved from t and for the
new products of the abour that had been thrown out
of empoyment, a sac demand for abour and ds-
tress among the abourng casses of socety woud be
unversay fet. ut n ths case, the whoe produce
woud fa n vaue, owng to a temporary e cess of
suppy compared wth the demand.
n the formaton of the vaue of the whoe funds
and to convey the produce of the so to mar et, t coud hardy
answer to the cutvator to empoy men n dggng hs feds, whe
hs horses were standng de n hs stabes. As far as e perence
has yet gone, shoud certany say, that t s commerce, prce
and s , whch w cutvate the wastes of arge and poor terr-
tores not the spade.
o nference whatever n regard to the cutvaton of a arge
country can be drawn from what may be done on a few acres n
the mmedate neghbourhood of houses and manure.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . f T AG LA U . 239
specfcay destned for the mantenance of abour,
(the rate of the ncrease of whch reguates the de-
mand for abour,) a part depends upon the vaue of a
gven porton of such funds, and a part upon ther
amount n nd, or n other words, a part depends upon
ther prce, and a part upon ther uantty. That part
whch depends merey upon prce s n ts nature ess
durabe and ess effectve than that whch depends
upon uantty. An ncrease of prce wth tte or
no ncrease of uantty, has obvous mts, and must
be foowed very soon n most cases by a neary pro-
portonate ncrease of money wages whe the com-
mand of these ncreased money wages over the neces- /
sares of fe gong on dmnshng, the popuaton
must come to a stop, and no further rse of prces can
occason an effectve demand for abour.
n the other hand, f the uantty of produce be
ncreased so fast that the vaue of the whoe dmnshes
from e cessve suppy, t may not command so much
abour ths year as t dd n the ast, and for a tme
there w be a very sac demand for wor men.
These are the two e tremes, the one arsng from
ncreased vaue wthout ncreased uantty and the
other from ncreased uantty wthout ncreased vaue.
t s obvous that the ob|ect whch t s most de- 1. /
srabe to attan s the unon of the two. There s
somewhere a happy mean, where, under the actua re-
sources of a country, both the ncrease of weath and
the demand for abour may be a ma mum. A taste
for convenences and comforts not ony tends to create
a more steady demand for abour, than a taste for
persona servces but by cheapenng manufactures
and the products of foregn commerce, ncudng many
of the necessares of the abourng casses, t actuay
enarges the mts of the effectua demand for abour,
and renders t for a onger tme effectve.
An ncrease n the uantty of the funds for the
mantenance of abour, wth steady prces, or even
sghty fang, may occason a consderabe demand
for abour but n the actua state of thngs, and n
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
240 T AG LA U . . .
the way n whch the precous metas are actuay ds-
trbuted, some ncrease of prces generay accompa-
nes the most effectve demand for produce and popu-
aton. t s ths ncrease both of uantty and prce
whch most surey ncreases the vaue of the funds
for the mantenance of abour, creates the greatest de-
mand for abourers, e ctes the greatest uantty of
ndustry, and generay occasons the greatest ncrease
of popuaton.
ecton . A evew of the orn ages of La-
bour from the egn of dward .
ome wrters of great abty have been of opnon
that rsng prces, occasoned by an nfu of buon,
are very unfavourabe to the abourng casses of so-
cety and certany there are some perods of our
hstory whch seem strongy to countenance ths op-
non : but am ncned to thn , that f these perods,
and the crcumstances connected wth them, be e -
amned wth more attenton, the concuson whch has
been drawn from them w not appear so certan as
has been generay magned. t w be found that,
n the nstances n ueston, other causes were n opera-
ton to whch the effect referred to mght more |usty
be attrbuted.
The perod of our hstory more partcuary notced
s the 16th century, from the end of the regn of
enry . to the end of the regn of zabeth. Du-
rng ths perod t s an un uestonabe fact that the
corn wages of abour fe n an e traordnary degree,
and towards the atter end of the century they woud
not command much above one-thrd of the uantty of
wheat whch they dd at the begnnng of t.
r . M. den has notced the prce of wheat n
nneteen out of the twenty-four years of enry . s
regn, and n some of the years two or three tmes.
tate of the Poor, vo. . p. .
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T AG LA U . 241
educng the severa notces n the same year frst to
an average, and then ta ng the average of the nne-
teen prces, t comes to 6s. 3d. the uarter, rather ess
than 9 d. the bushe, and 2 d. the pec .
y a statute passed n 149 to reguate wages, the
prce of common day abour seems to have been Ad.
or A d. wthout det. A abourers and artfcers, not
specfcay mentoned, are put down at Ad. but n
another part of the statute, even a woman abourer (
suppose n hay tme) s set down at Ad. and a carter
at d .
At the prce of wheat |ust stated, f the wages of
the abourer were Ad. he woud be abe to purchase,
by a day s abour, a pec and three uarters of wheat,
wthn haf a farthng f hs wages were A d. he
woud be abe to purchase haf a bushe, wthn a
farthng.
The notces of the prce of day abour n the sub-
se uent years are e tremey scanty. There are none
n the regns of enry ., dward, and Mary.
The frst that occurs s n 1 7 , and the prce men-
toned s 8 /.f Ta ng an average of the fve preced-
ng years n whch the prces of wheat are notced,
ncudng 1 7 , havng prevousy averaged the se-
vera prces n the same year, as before, t appears
that the prce of the uarter of wheat was 1/. 2 . 2d.
whch s 2 . 9 d. the bushe, and 8 d. the pec . At
ths prce, a day s abour woud purchase a pec of
corn, wthn a farthng, or of a pec .
Ths s a dmnuton of neary a haf n the corn wages
of abour but at the end of the century, the dmnu-
ton was st greater.
The ne t notce of the prce of abour, wth the e -
cepton of the reguatons of the |ustces n some of the
more northern countes, whch can hardy be ta en as
a far crteron for the south, s n 1601, when t s
mentoned as 0d. Ta ng an average from the nd-
sor tabe of fve years, whch ncudes, however, one
tate of the Poor, vo. . p. .
f bd. vo. . p. .

G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
242 T AG LA U . c . .
e cessvey dear year, and subtractng |. to reduce t to
nchester measure, t appears that the prce of the
uarter was 2/. 2 . d. whch s . 3d. the bushe, and
1 . 3d., the pec . A day s abour woud at ths prce
purchase ess than of a pec .
Ths s un uestonaby a prodgous fa n the corn
wages of abour. ut t s of great mportance to n-
ure whether the rate from whch they fe was not
as e traordnary as the rate to whch they sun and
here thn we sha fnd that the wages the most df-
fcut to be accounted for are the hgh corn wages of
the 1 th, rather than the ow corn wages of the 16th
century.
f we revert to the mdde of the 14th century, at
the tme when the frst genera statute was passed to
reguate wages, the condton of the abourer w ap-
pear to be very nferor to what t was durng the
greatest part of the 1 th century. Ths fact may be
estabshed on une ceptonabe evdence. tatutes or
reguatons to f the prce of abour, though they do
not aways succeed n ther mmedate ob|ect, (whch
s generay the un|ust one, of preventng t from
rsng,) may be consdered as undenabe testmones
of what the prces of abour had been not ong pre-
vous to the tme of ther passng. o egsature n
the most gnorant age coud ever be so rash as arb-
trary to f the prces of abour wthout reference to
some past e perence. onse uenty, though the
prces n such statutes cannot be depended upon wth
regard to the future, they appear to be ute concu-
sve wth regard to the past. n the present case, n-
deed, t s e pressy observed, that servants shoud be
contented wth such veres and wages as they re-
The year 1 97 seems to have been an e traordnary dear
one, and ought not to be ncuded n so short an average. f an
average were ta en of the fve years begnnng wth 1 98, the a-
bourer woud appear to earn about f of a pec and, on an ave-
rage of ten years, from the same perod, he woud earn about of
a pec . Durng the fve years from 1 94 to 1 98 ncusve, the
prce of wheat seems to have been unusuay hgh from unfavour-
abe seasons.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
s . . T AG LA U . 243
ceved n the 20th year of the ng s regn, and two
or three years before.
rom ths statute, whch was enacted n 13 0, the
2 th of the ng, for the most un|ust and mpotc
purpose of preventng the prce of abour from rsng
after the great pestence, we may nfer that the prce
of day abour had been about d. or 2d. ommon
agrcutura abour, ndeed, s not specfcay men-
toned but the servants of artfcers are apponted to
ta e d., common carpenters 2d., and a reaper, the
frst wee n August, aso 2d., a wthout det from
whch we may concude that the wages of common
day abour must have been as often d. as 2d. f
r . M. den has coected notces of the prces
of wheat n s teen out of the twenty-fve years of
dward . prevous to the tme of the passng of the
statute. Ta ng an average as before, the prce of
wheat appears to have been about . Ad. the uarter,
whch s 8d. the bushe, and 2d. the pec .
At ths prce of wheat, f the abourer earned d.
a day, he coud ony purchase by a day s abour | of a
pec of wheat f he earned 2d. he coud purchase
|ust a pec . n the former case, he woud earn
ess than haf of the corn earned by the abourer of
enry . and n the atter case, very tte more
than haf.
ut n the subse uent perod of dward . s regn,
the abourer appears to have been much worse off.
The statute of abourers was renewed, and, t s sad,
enforced very rgdy, notwthstandng a consderabe
rse n the prce of corn. | n an average of the thr-
teen years out of twenty-s , n whch the prces of
wheat are notced, the uarter s about 11 . 9d. whch
s about 1 . the bushe, and A d. the pec .
At ths prce, f the money wages of abour had not
rsen, the condton of the abourer woud have been
very mserabe. e woud not have been abe to pur-
den s tate of the Poor, vo. . p. 32. bd. p. 33.
t bd, p. 36. 42.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
244 T AG LA U . . .
chase so much as haf-a-pec of wheat by a day s a-
bour, about a fourth part of what he coud subse-
uenty command n the regn of enry . t s
scarcey possbe, however, to conceve that the money
wages of abour shoud not have rsen n some degree,
notwthstandng the statute and ts renewa but even
f they rose one haf, they woud not have neary ept
pace wth the prce of corn, whch more than doubed
and durng the ast twenty-fve years of the regn of
dward . the earnngs of the abourer n corn were
probaby ute as ow as durng the ast twenty-fve
years of zabeth.
n the regns of chard . and enry . the
prce of wheat seems to have faen neary to what t
was n the frst haf of the regn of dward . rom
1377 to 1398 ncusve, t was about s. d. the uar-
ter and from 1399 to 1411, about 6s. d t s
dffcut to ascertan how much the money wages of
abour had advanced but f they had rsen so as to
enabe the abourer to support hmsef, through the
ast twenty-s years of the regn of dward . and
had not sun agan, n conse uence of the subse uent
fa, whch s probabe, the abourer, durng these
regns, must have been we pad.
Durng the regn of enry . and the frst part of
enry . to the passng of the statutes n 1444, the
prce of the uarter of wheat was about 8s. 8 /.f Ths
woud be 1 . d. the bushe, and 3 d. the pec . or
the greater part of these thrty-two years, the wages
of day abour seem to have been about 3d. They dd
not probaby rse to what they were apponted to be
n 1444, that s Ad. or A d., t the ten dear years pre-
cedng the statute, durng whch, the average prce of
the uarter was 10 . 8d. n an average of the whoe
perod of thrty-two years, the wages of day abour ap-
pear to have purchased about a pec of corn, rather
ess perhaps, than more, n reference to the greater
porton of the perod.
den s tate of the Poor, vo. . p. v. et se .
den s tate of the Poor, Tabe of Prces, vo. .
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T AG LA U . 24
rom 1444 to the end of the century, the average
money prce of wheat was about 6 . whe the wages
of day abour contnued at Ad. or Ad At the at-
ter of these prces of abour, wages woud purchase
e acty two pec s of wheat, or haf a bushe, and at
the former prce of haf a bushe.
rom the passng of the frst statute of abourers
n 13 0 to the end of the 1 th century, a perod of
1 0 years, successve changes had been ta ng pace
n the uantty of meta contaned n the same nom-
na sum so that the pound of sver, whch n the
mdde of the regn of dward . was coned nto
1/. 2 . d. was, n the regn of enry ., coned nto
1/. s.6d.
ne shoud naturay have e pected, that ths de-
precaton of the con woud have shown tsef frst,
and most conspcuousy, n some e portabe commo-
dty, such as corn, rather than abour and so t pro-
baby woud, as t dd afterwards n the regn of
zabeth, f wheat had not at the same tme been
cheap n the rest of urope, partcuary n rance.
n fact, however, ths great fa n the ntrnsc vaue
of the con was n no respect made up by the sght
rse n the nomna prce of wheat whch occurred n
the course of that perod. Ths rse was ony from
about . Ad. to 6s. or 6 . 3d. onse uenty a very
consderabe fa had reay ta en pace n the buon
prce of wheat.
ut the nomna prce of abour, nstead of rsng
n the same sght degree as wheat, rose from d. or
2d. to Ad. or Ad., a rse much more than suffcent to
cover the deteroraton of the con so that the buon
prce of abour rose consderaby, durng the tme that
the buon prce of wheat fe. t s snguar, that
Adam mth, n hs Dgresson concernng the vaue
of sver durng the four ast centures, shoud not
Mr. aam, n hs vauabe or on the Mdde Ages, has
overoo ed the dstncton between the regns of dward . and
enry . wth regard to the state of the abourngcasses. The two
perods appear to have been essentay dfferent n ths respect.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
246 T AG LA U . . .
have notced ths crcumstance. f he had been aware
of ths rse n the buon prce of abour, hs prnc-
pes, whch ed hm to consder corn as a good mea-
sure of vaue, merey because t s the best measure of
abour, shoud have ed hm to a very dfferent con-
cuson from that whch he has stated. eferrng to
abour whch, t has been shown n ths wor , s the
true standard measure of vaue, and n fact, s the
standard whch Adam mth hmsef proposes, t ap-
pears that the vaue of sver from the mdde of the
14th to the end of the 1 th century, when the effect
contempated was the greatest, nstead of rsng to
neary doube n vaue, fe n the proporton of from
about 3 to 2.
t was durng the favourabe part of ths perod
that r |ohn ortes ue wrote hs wor on Absoute
and Lmted Monarchy, and contrasted the prosperous
and happy condton of the peasantry of ngand wth
the mserabe state of the peasantry of rance.f
ut t s not suffcent to show that the condton
of the ower casses of peope n ngand durng the
ast haf of the 1 th century, was much superor to
what t was ether n the precedng century, or sub-
se uenty durng the deprecaton of money occasoned
by the dscovery of the Amercan mnes. To prove
that t was pecuar, we must compare t wth the cond-
ton of the peope after the deprecaton had ceased.
Accordng to Adam mth, the effects of the ds-
The nomna prce of abour rose from about d. or 2d. to Ad.
or 4 d. f we combne these proportons of 3 to 8, and 4 to 9 to-
gether, and correct the resut by the dmnuton of the uantty
of meta contaned n the same nomna sum n the atter perod,
whch was n the proportons of 11. 17 . 6d. to 1/. 2s. 6d., or of
to 3, t w appear that the buon prce of abour rose neary n
the proporton of from 2 to 3, and conse uenty that the vaue of
sver fe neary n the proportons of from 3 to 2.
t The rse n the buon prce of abour, whe the buon prce
of cor n was fang , proved not ony, that the ngsh abourer
coud command a greater uantty of corn than usua, but that
at the same tme there was a great demand for abour, and a
who were wng to wor mght be empoyed, two events whch do
not aways go together, but whch when they do, are most favour-
abe to the abourng casses.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T AG LA U . 247
covery of the Amercan mnes seemed to be at an end
about 1638 or 40. n 16 1 the wages of day-abour,
as estabshed by the |ustces n sse at the hems-
ford uarter-sessons, were for the summer haf year,
harvest e cepted, 1 . 2d. Ths s a consderabe rse
n the money prce of abour from the tme of za-
beth but we sha fnd that t s hardy proportonate
to the rse of the prce of wheat. f we ta e an ave-
rage of the fve years precedng 16 1, the perod to
whch the reguaton woud probaby for the most
part refer t appears that the prce of the uarter of
wheat n the ndsor mar et, deductng to reduce
t to nchester measure, was 3/. 4 . 7d. the uarter,
whch woud be about 8 . the bushe, and 2 . the
pec . At ths prce of wheat, wth wages at 14rf. the
abourer woud ony earn A of a pec , haf a pec ,
and Tv
n 1661, soon after the accesson of hares .,
wages were agan reguated by the |ustces n sse ,
at the aster essons, and the prce of common day-
abour durng the summer haf year, wth the e cep-
ton of harvest tme, was contnued at 1Ad.
f we ta e an average of the prce of wheat for the
fve years precedng 1661, as before, t appears that
the uarter was 21. 9s. 3d. Ths s 6 . 2d. the bushe,
and 8d. the pec . At ths rate the abourer woud
earn about of a pec . t s true that the averages of
the prces of corn here ta en refer to dear tmes but
the wages were apponted |ust at these tmes : and n
the reguatons of 16 1 t s e pressy stated, that they
are apponted, havng a speca regard and consde-
raton to the prces at ths tme of a nds of vctuas
and appare, both nen and wooen, and a other ne-
cessary charges wherewth artfcers, abourers and
servants have been more grevousy charged wth than
n tmes past. |
As the reguaton passed n Apr, the year 16 1 s not n-
cuded n the average.
f ncycopaeda rt. upp. Arte. orn Laws, where a tabe s
gven wth the | deducted.
| den s tate of the Poor, vo. . p. 98.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
248 T AG LA U . c . .
f we ta e an average of the twenty years from
1646 to 166 ncusve, we sha fnd that the prce
of wheat was rather above than beow that of the
fve years precedng 1661. The average prce of
the uarter of wheat durng these twenty years was
2. 10 . d whch s 6s. 3d. the bushe, and neary
19d. the pec . At ths prce, wth wages at 4d.
the abourer for these twenty years woud hardy be
abe to earn so much as f of a pec .
After 166 the prce of corn fe, but money wages
seem to have faen at the same tme.
n 1682 wages at ury n uffo were apponted
to be 6d. n summer, and od. n wnter wth det, and
doube wthout. Ths ma es the summer wages 1 .
and accordng to the prce of wheat n the precedng
fve years, the abourer who earned a shng a day,
coud hardy command so much as f of a pec of
wheat.
The average prce of the uarter of wheat from
166 to 1700 was about 2. 2s. 6d. f we suppose
the wages of abour durng ths perod to have been
about s. the earnngs of the abourer woud be about
of a pec of wheat. ut there s reason to thn
that the average money wages were not so hgh as 1 .
n the reguatons of the |ustces at arwc n
168 ,f common abourers were aowed to ta e ony
8d. a day for the summer haf year. r George
huc burgh puts down ony 7d. for the perod from
167 to 1720 | and Arthur oung estmates the
average prce of abour durng the whoe of the 17th
century at 10 /. f on these grounds we were to
estmate the wages of abour from 166 to the end
of the century at 10d. t woud appear that the earn-
ngs of the abourer, n the 17th century, after the
deprecaton of money had ceased, were ony suffcent
to purchase T of a pec of wheat. Ta ng however
ndsor Tabe, deductng .
t den s tate of the Poor, vo. . p. 104.
: Phosoph. Trans, for 1798. Part . p. 176.
Annas of Agrcuture, o. 270, p. 88.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T AG LA U . 249
the more favourabe supposton of 1 . a day as the
earnngs of the abourer, they woud purchase, as be-
fore stated, about of a pec .
Durng the frst twenty years of the 18th century,
the prce of corn fe, but not much and t may be
doubted whether the prce of abour rose.
n 172 , a few years ater than the perod auded
to, the wages of abour were setted by the |ustces
at Manchester. The best husbandry abourer, from
the mdde of March t the mdde of eptember,
was not to ta e more than 1 . a day wthout meat
and drn but common abourers, and hedgers,
dtchers, paers, thrashers, or other tas -wor , ony
d. Mr. owett, as uoted by r . den, states
the prce of day-abour, so ate as 1737, at ony d.
a day and r . den, wrtng n 1796, observes,
that from varous nformaton he had coected n df-
ferent parts of ngand, he had reason to thn that
the wages of abour had doubed durng the ast
s ty years, whch coud hardy be true, uness wages
n the eary part of the century had been ower than s.
The average prce of wheat for the frst twenty
years of the century was rather ess than 2. and f
the wages of abour were ony d. or 0d., the
abourer woud earn consderaby ess than of a
pec . f the wages were s. he woud earn y of a
pec .
rom 1720 to 17 corn fe and contnued ow,
whe the wages of abour seem to have been about
s. Durng these thrty-fve years the prce of wheat
was about 33 . the uarter, or a tte above 1 . the
pec , and the abourer therefore, on an average of
thrty-fve years together, woud be abe to earn about
a pec of wheat.
rom ths tme corn began graduay to rse, whe
wages do not appear to have rsen n the same pro-
porton. The frst authentc accounts that we have
of the prce of abour, after corn had begun to rse,
o. . p. 38 .
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
2 0 T AG LA U . c. .
s n the e tensve Agrcutura Tours of Arthur
oung, whch too pace n 1767, 1768 and 1770.
The genera resut of the prce of abour from these
tours, on the mean rate of the whoe year, was 7 . A d.
a wee . Ta ng an average of the fve years, from
1766 to 1770 ncusve, the prce of the uarter of
wheat was 2. 7 . 8d. or neary 48 .f whch woud
be 6 . the bushe, and s.6d. the pec . At these
prces of abour and wheat, the abourer woud earn
very neary f of a pec .
n 1810 and 1811, accounts from thrty-seven coun-
tes, whch, accordng to Arthur oung, were ute
satsfactory, ma e the wages of day-abour for the
mean rate of the year 14 . 6f .| a wee , or neary
2 . 6d. a day. The prce of wheat for fve years end-
ng wth 1810 was 92 . endng wth 1811, 96 .
The prces both of abour and wheat appear to have
doubed and the abourer, n 1810 and 1811, coud
earn |ust about the same uantty of wheat as he
coud about forty years before, that s f of a pec .
The ntermedate perods must necessary have been
sub|ect to sght varatons, owng to the uncertanty
of the seasons, and an occasona advance n the prce
of corn, not mmedatey foowed by an ncreased
prce of abour but, n genera, the average must
have been neary the same, and sedom probaby for
many years together dffered much from of a pec .
nce the accounts gven by Arthur oung, there
has been no genera cacuaton, that am ac uanted
wth, of the average money wages of agrcutura a-
bour, over dstrcts suffcenty e tensve to represent
Annas of Agrcuture, o. 271, p. 21 .
t Deductng from the prces n the ndsor Tabe. Arthur
oung deducts another 9th for the uaty but ths s certany
too much, n reference to the genera average of the ngdom to
whch the atest tabes appy. have therefore preferred ad-
herng a aong to the ndsor prces and the reader w ma e
what aowances he thn s ft for the uaty, whch, accordng to
Mr. ose, s not much above the average.
t Annas of Agrcuture, o. 271, p. 21 and 216.
ndsor Tabe, upp. to ncycopaeda rt. Art. orn Laws.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T AG LA U . 2 1
the whoe. There are great dfferences n the prces
of abour n dfferent countes, and even n dfferent
parshes not very dstant from each other. ut from
the numerous statements n the Agrcutura eport,
and what have heard from other uarters, shoud
thn that, ma ng aowance for the dfference be-
tween god and paper durng the hgh prces, the fa
n the money prce of standard abour has not been
ess than between 20 and 2 per cent. As however
the fa n the prce of wheat has been much greater,
t foows, that the abourer who s fuy empoyed
can now earn more wheat than he coud at any perod
of the hgh prces. Accordng to the cacuatons
|ust referred to, when wheat on an average of years
endng wth 1811 was 12 . a bushe, and 3 . a pec ,
the abourer wth hs haf crown a day coud ony
earn of a pec whereas now f he carns ony 20d.
a day, and wheat s 2 . a uarter, or 6 . 6d. a bushe,
he can purchase a whoe pec , and have a hafpenny
remanng. f hs wages were 2 . a day he coud
purchase neary a pec and a uarter. f the prce
of the uarter of wheat, nstead of 2 . were 48 . the
uarter, whch s hgher than t has been for some
tme attery, the abourer earnng 12 . a wee or 2 .
a day coud purchase a pec and -|, and earnng ony
20d. a day coud purchase a pec and , whch s a
n many cases the apparent fa has been n the proporton
of 1 to 10, and even greater. n the orth dng of or -
shre wages of the same descrpton are sad to have faen from
3s. 6d. to 2s. and 2s. 3d. (Agrcutura eport, Merry, p. 112.)
n hropshre from 2s. Ad. to s. 6d. ( hte, p. 24.) n orth-
amptonshre, Lecestershre, and ottnghamshre, from 1 s. and
18s. to 10s. snce 1824. ( uc y, p. 398.) n cotand, harvest
wages from 2s. 6d. and 2s. to s. 6d. and s., and from 1 s. and
12s. to 10s. and 8s. 6d. ( ver, pp. 128 and 126.) Generay
n the Lowands the prncpa porton of the wages of abour s
pad n nd, and the money vaue of that porton must therefore
fa wth the fa n the prce of corn. The part pad n money
has faen, but not n proporton. n a prvate account whch
receved some years ago from the stewartry of rcudbrght,
where the wages were a pad n money, t appears that from
1811 to 1822 the fa of summer wages was from d. to d.,
and of wnter wages from d. to s.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
2 2 T AG LA U . d. .
greater uantty than the abourer has been abe to
command snce 1 7 , when the prce of abour s
frst stated n the regn of zabeth.
t s certany true therefore that for some tme,
neary perhaps ever snce the war, the fuy empoyed
abourers have been abe, n spte of the corn aws, to
purchase a more than usua uantty of wheat. The
specfc ev of the present tmes n regard to agrcu-
tura abourers s, that from the ow prce of corn as
compared wth the prce of abour and the other out-
gongs of the farmer, he s unabe to farm wth sprt,
and the conse uence s that a consderabe number of
men are unempoyed e cept by the parsh. othng
can shew more ceary that a brs demand for a-
bourers depends upon an ncrease of the funds for
ther mantenance, w/Mowf a proportonate fa n ther
vaue.
ecton . n the oncusons to be drawn from
the precedng evew of the Prces of orn and
Labour durng the |ve ast entures.
rom ths revew of the prces of corn and abour,
durng neary the fve ast centures, we may draw
some mportant nferences.
n the frst pace, thn t appears that the great
fa n the corn wages of abour whch too pace n
the 16th century, must have been occasoned many
by the great and unusua eevaton whch they had
prevousy attaned, and not by the dscovery of the
Amercan mnes and the conse uent fa n the vaue
of money. hen we compare the corn wages of a-
bour durng the ast haf of the 1 th century, wth
what they were both before and subse uenty, t ap-
pears that whatever may have been the cause of these
hgh wages, they were evdenty pecuar, and coud
not therefore be permanent. Ths ndeed s evdent,
not ony by comparng them wth prevous and sub-
se uent perods, but by consderng ther postve
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T AG f LA U . 2 3
amount. arnngs of the vaue of neary two pec s
or haf a bushe of wheat a day woud aow of the
earest marrages, and the mantenance of the argest
fames. They are neary the same as the earnngs
of the abourer n the Unted tates. n such a
country as ngand was, even at that tme, such wages
coud ony be occasoned by temporary causes. Among
these we must rec on, a genera mprovement n the
system of cutvaton after the aboton of vanage,
whch ncreased the penty of corn and the com-
paratvey rapd progress of commerce and manufac-
tures, whch occasoned a great demand for abour
whe, owng to the wars n rance, the cv wars
between the ouses of or and Lancaster, and above
a perhaps the sow change of habts among a peope
atey emancpated, ths ncrease of produce and de-
mand had not yet been foowed by a proportonate
effect on the popuaton.
ertan t s that corn was very cheap both n
rance and ngand and abour n ths country
coud not possby have rsen and ept hgh for so
ong a perod as between s ty and seventy years, un-
ess some pecuar cause or causes had restraned the
suppy of popuaton, compared wth the suppy of
corn and the demand for abour.
t s wth the fact however of the very hgh wages
of abour n the 1 th century rather than wth the
causes of t, that we are chefy concerned at present,
t s a very curous fact, that the buon prce of corn con-
tnued unusuay ow n rance from 1444 to 1 10. (Garner s
chesse des atons, vo. . p. 184.) |ust durng the same perod
that t was ow n ngand. Adam mth s ncned to attrbute
ths fa and ow prce to a defcency n the suppy of the mnes,
compared wth the demand ( . . ch. .) but ths souton n
no respect accounts for the rse of the buon prce of abour n
ngand, at the tme that the buon prce of corn was fang.
othng can account for ths fact, but a reatve penty of corn
compared wth abour a state of thngs whch has tte to do
wth the mnes. The ow prces n rance were probaby con-
nected wth the aboton of vanage, and an e tended cutva-
ton n the regn of hares . and hs mmedate successors,
after the ravages of the ngsh were at an end.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
2 4 T AG LA U . . .
and of the fact there can be no doubt but f the fact
be aowed, t foows, that such wages must have
very greaty faen durng the course of the foowng
century, f the mnes of Amerca had not been dsco-
vered.
hat effect the deprecaton of money mght have
had n aggravatng that ncreasng poverty of the a-
bourng casses of socety, whch, wth or wthout such
a deprecaton, woud nevtaby have faen upon
them, t s not easy to say. ut from the st ower
wages whch prevaed n the 17th century after the
deprecaton had ceased, and from what has happened
of ate years (whch sha be more fuy notced pre-
senty) shoud not be dsposed to consder a genera
rse n the prce of corn, occasoned by an ateraton
n the vaue of money, and not by bad seasons, as
ey to affect the abourng casses pre|udcay for
more than a few years. t, however, t s ute cer-
tan that the condton of the abourng casses was
growng much worse durng the tme that the depre-
caton of money from the dscovery of the Amercan
mnes was ta ng pace and whatever may have been
the cause, as the peope woud aways be comparng
ther stuaton wth what t had been, n ther own
recoecton and that of ther fathers, t woud nevt-
aby e cte great compants and, after t had grown
comparatvey very bad, as n the atter end of the
regn of zabeth, t was ey to ead to those mea-
sures reatng to the poor, whch mar ed that perod
of our hstory.
Another nference whch we may draw from the
revew s, that durng the course of neary 00 years,
the earnngs of a day s abour n ths country have
probaby been more fre uenty beow than above a
pec of wheat that a pec of wheat may be cons-
dered as somethng e a mdde pont, or a pont ra-
ther above the mdde, about whch the corn wages of
abour, varyng accordng to the demand and suppy,
have oscated and that the popuaton of a country
may ncrease wth some rapdty, whe the wages of
abour are even under ths pont.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T AG LA U . 2
The wages of day abour n rance durng the two
ast centures, are sad to have been pretty unformy
about the 20th part of a septer of wheat, whch
woud be a tte above | of a pec but |ust before
the revouton, at the tme of Arthur oung s tour n
rance, they were ony about of a pec . or some
tme subse uenty to the revouton, they appear to
have rsen so as to command more than a pec .
A thrd nference whch we may draw from ths
revew s, that the seasons have a very consderabe
nfuence on the prce of corn, not ony for two or
three years occasonay, but for ffteen or twenty years
together, and sometmes much onger. These perods
of unfavourabe seasons seem to supersede a the other
causes whch may be supposed to have the greatest
nfuence upon prces. An nstance of ths occurs after
the great pestence n the tme of dward . ne
shoud naturay have thought that the uantty of
good and beng abundant, compared wth the popu-
aton, corn woud have been very cheap. t was,
however, on the contrary, dear durng the twenty-fve
subse uent years, a fact whch cannot be accounted
for but from unfavourabe seasons.
Another nstance of the same nd had occurred n
the regn of dward ., durng the whoe of whch,
the average prce of wheat was more than doube what
t had been durng the greatest part of the regn of
dward ., and the frst haf of the regn of dward
. evdenty owng to unfavourabe seasons.
A thrd nstance occurs durng the cv wars of the
17th century. o far from thn ng that cv wars
have a necessary tendency to ma e corn dear, am
dsposed to agree wth r . den, n attrbutng a
part of the hgh prce of abour and the cheapness of
corn n the 1 th century, to the crcumstance of a
greater destructon of men than of cutvaton havng
been occasoned n the cv wars of the ouses of
or and Lancaster. ut n the cv wars of the 17th
century, no such cheapness of corn too pace. n
eath of atons, b. . c. . p. 313.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
2 6 T AG LA U . . .
the contrary, n the perod from 1646 to 166 the
prce of corn was hgher both n rance and ngand
than t had ever been nown for twenty years together,
ether before or snce, e cusve of the prces n ths
country durng the war of the rench evouton.
or shorter perods, these unfavourabe seasons are of
fre uent recurrence, and must essentay affect the
condton of the abourer durng ten or fve years. t
depends upon ther contnuance and other concomtant
crcumstances, whether they rase money wages, or
eave them as they were.
The perods of the owest corn wages have been,
when a consderabe rse n the prce of corn has ta en
pace under crcumstances not favourabe to a propor-
tonate rse n the prce of abour. Ths s the most
ey to happen n unfavourabe seasons, when t
woud be mpossbe for the prce of abour to rse n
proporton to the prce of corn. t may aso happen
when a fa s ta ng pace n the vaue of money, f
any prevous causes have gven an e traordnary st-
muus to the progress of popuaton. n ths case,
though the funds for the mantenance of abour may
be ncreasng fast, the popuaton may be ncreasng
faster, and the money wages of abour w not rse n
proporton to the prce of corn. To ths cause am
strongy dsposed to attrbute the nade uate rse of
the money wages of abour durng the regns of enry
., Mary, dward ., and zabeth. The state
of thngs n the eary part of the 16th century must
have gven a powerfu stmuus to popuaton and
consderng the e traordnary hgh corn wages at ths
perod, and that they coud ony fa very graduay,
the stmuus must have contnued to operate wth con-
sderabe force durng the greatest part of the century.
n fact, depopuaton was oudy companed of at the
end of the 1 th and begnnng of the 16th centures,
and a redundancy of popuaton was ac nowedged at
the end of the 16th. And t was ths change n the
state of the popuaton, and not the dscovery of the
Amercan mnes, whch occasoned so mar ed a fa
n the corn wages of abour.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T AG LA U . 2 7
f the dscovery of the Amercan mnes had found
the abourng casses of the peope earnng ony the
same wages whch they appear to have earned n the
atter haf of the regn of dward ., and f the same
ncrease of capta and produce had ta en pace dur-
ng the 16th century, as reay dd ta e pace, there
s every probabty that the money wages of abour
woud have ncreased as much as the money prce of
corn. ndeed when an ncrease of currency s accom-
paned, as t fre uenty s, by a rapd ncrease of ca-
pta, there s one reason, why, n the natura state of
thngs, the prce of abour shoud fee t more than
other commodtes. The encouragement gven to po-
puaton by such ncrease of resources, coud not ap-
pear wth any consderabe effect n the mar et under
s teen or eghteen years and before that tme the
demand compared wth the suppy of abour mght be
greater than the demand compared wth the suppy of
most other commodtes.
t s on ths account, that n the fa n the vaue of
money whch too pace from 1793 to 1814, and whch
was un uestonaby accompaned by a great ncrease
of capta, and a great demand for abour, there s
strong reason to beeve, that f the prce of abour had
not been ept down by artfca means, t woud have
rsen hgher n proporton than the average prce of
corn. Accordng to the ast authentc accounts whch
had been obtaned of the prce of abour, prevous to
1814, t appears by the statements of Arthur oung,
|that on an average of the returns of thrty-seven coun-
tes n 1810 and 1811, the wee y wages of day abour
were 14 . 6d., a prce, whch, compared wth the
wages of 1767, 1768 and 1770,f s e ua to the rse
n the prce of wheat durng the same perod. ow
t s nown that n many countes and dstrcts n the
The ncrease of the funds for the mantenance of abour woud
however have some effect soon, by dmnshng mortaty, both
among those rsng to the age of puberty, and the fu grown a-
bourers.
t Annas of Agrcuture, o. 271. pp. 21 and 216.
s
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
2 8 T AG LA U . . .
southern parts of ngand, wages n 1810 and 1811
were unnaturay ept down to 12 ., 10 ., 9 . and even
7s. 6d. by the banefu system of reguary mantanng
the chdren of the poor out of the rates t may there-
fore fary be concuded that f ths system had not
prevaed over a arge part of ngand, the money
wages of abour woud have rsen hgher than n pro-
porton to the prce of wheat.
Ths concuson s st further confrmed by what
happened n cotand and some parts of the north of
ngand. n these dstrcts, a accounts agree that
the rse of money wages was n fact greater than the
rse of corn, and that the condton of the abourer t
1814 was decdedy mproved, even n spte of the
ta es, many of whch certany bore heavy on the
convenences and comforts of the abourer, though
they affected but tte hs command over strct neces-
sares.
n consderng the corn wages of abour n the course
of ths revew, t has not been possbe aways to ma e
a dstncton between the effects of a fa n the prce
of corn, and a rse n the money prce of abour. n
merey comparng the two ob|ects wth each other,
the resut s precsey smar but ther effects on the
demand for abour and the encouragement to popua-
ton are sometmes dssmar, as have before nt-
mated. A great demand for abour s perfecty conss-
tent wth a fa n the prce of raw produce, because,
notwthstandng ths fa, the whoe vaue of the funds
for the mantenance of abour may st be ncreasng
but t sometmes happens that a fa n the prce of raw
produce s accompaned by a dmnshed power on the
part of the farmer to empoy abour and n ths case the
demand for abour and the encouragement to popua-
ton w not be n proporton to the corn wages of a-
bour.
f the abourer commands a pec nstead of of a
pec of wheat a day, n conse uence of a rse of money
wages, a the abourers who are wng and abe to
wor may be empoyed, and probaby aso ther wves
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T AG LA U . 2 9
and chdren but f he s abe to command ths ad-
dtona uantty of wheat on account of a fa n the
prce of corn whch dmnshes the vaue of the far-
mers returns, the advantage s more apparent than
rea, and though the prce of abour may not nom-
nay fa for some tme, yet as the demand for abour
may be statonary, f not retrograde, ts current prce
w not be a crteron of what mght be earned by the
unted abours of a arge famy, or the ncreased e -
ertons of the head of t n tas -wor .
t s certan, therefore, that the same current corn
wages w, under dfferent crcumstances, have a df-
ferent effect, both on the demand for abour, and the
genera condton of the abourng casses.f
t shoud be observed, that n estmatng the corn
wages of abour have unformy ta en wheat, the
dearest gran. have ta en one gran to the e cuson
of other necessares, n order to avod compcatng
the sub|ect and have chosen wheat because t s the
man food of the greatest part of the popuaton n
ngand. ut t s evdent that at those perods, or
n those countres, n whch the man food of the peope
does not consst of wheat, the wheat wages whch can
be earned by a famy w not form a |ust crteron of
the encouragement gven to popuaton. Athough
the wheat wages mght be very une ua at two dffe-
rent perods, or n two dfferent countres, yet f n
one case an nferor gran were habtuay consumed,
the encouragement to the popuaton mght be the
same. The rsh abourer cannot command the sup-
port of so arge a famy upon wheat as the ngsh
abourer, but he can command n genera the support
of a arger famy upon the food on whch he s ac-
customed to ve and conse uenty, popuaton has
ncreased much faster durng the ast century n re-
and than n ngand.
Under a ordnary crcumstances, more abour may be set
n moton, before any ncrease of popuaton has ta en pace.
t Ths s fre uenty notced n the Agrcutura eport.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
260 T AG LA U . . .
t appears then, that n order to form a |ust est-
mate of the demand for abour, the encouragement to
popuaton, and the condton of the abourer, we must
frst consder the ncrease of the funds specfcay
destned for the mantenance of abour, nstead ether
of the ncrease of weath, the ncrease of capta, or
the ncrease n the e changeabe vaue of the whoe
produce.
econdy, n estmatng these funds we must con-
sder ther whoe vaue, not merey ther whoe uan-
tty, and ma e a proper aowance for those other
parts of the wages of abour whch do not consst of
corn.
And thrdy, n estmatng the amount of food and
necessares earned by the abourng casses, whch
amount prncpay affects ther condton, we must
ma e a carefu dstncton between the earnngs of a
whoe famy, when empoyment s dffcut to be
found, and ther earnngs when there s a demand for
vmore wor to be done than there are hands to do t.
t s further of the utmost mportance aways to
bear n mnd that a great command over the neces-
sares and convenences of fe may be effected n two
ways, ether by a rapd ncrease n the uantty and
vaue, of the funds destned for the mantenance of
abour, or by the prudenta habts of the abourng
casses and that as the former mode of mprovng
ther condton s nether n the power of the poor to
carry nto effect themseves, nor can n the nature of
thngs be permanent, the great resource of the a-
bourng casses for ther happness must be n those
prudenta habts whch, f propery e ercsed, are
capabe of securng to them a far proporton of the
necessares and convenences of fe, from the earest
stage of socety to the atest.
have sad nothng of the rse or fa of wages ac-
cordng to the anguage adopted by Mr. cardo.
uch wages, namey proportonate wages, ony deter-
mne, or rather are determned by, the rate of profts,
and w be consdered n the ne t chapter. They
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T AG LA U . 2G1
have often tte to do wth the condton of the a-
bourer, as, n reference to the proporton of the pro-
duce whch he obtans, hs wages are. ow n the
Unted tates of Amerca, and hgh n countres where
he may be starvng. f ndeed wages as we as
profts were estmated by proportons, t woud be
perfecty true, as stated by Mr. cardo, that they
coud not both rse or fa together. f wages rose,
profts must fa, and f wages fe, profts must rse.
Ths s the necessary conse uence of the anguage
adopted. ut Mr. cardo, beeve, was the frst
who used the term wages n ths sense. Profts, n-
deed, and nterest, had aways been, and must aways
be estmated by proportons but wages had aways
been, and aways shoud be estmated by uantty,
ether by the uantty of money whch the abourer
earns, or by the uantty of the necessares and con-
venences of fe, whch that money enabes hm to
purchase and n reference to a perod of any cons-
derabe ength, by the atter, and not by the former.
Let t be remembered then, that ths s the usua
sense aff ed to the term, wages, e cept when the word
proportonate s added for some partcuar purpose.
And conse uenty, accordng to the ordnary and
most correct anguage of socety, we fre uenty see
hgh profts and hgh wages, ow profts and ow
wages gong together n usng whch e pressons,
hgh and ow, as apped to profts, aways refer to
ther rate or proporton, and as apped to wages, to
ther uantty or amount.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
262
APT .
T P T AP TAL.
ecton . f the ature of Profts, and the Mode
n whch they are estmated.
t has been usua n spea ng of that porton of the
natona revenue whch goes to the captast n return
for the empoyment of hs capta, to ca t by the
name of the profts of stoc . ut stoc s not so
approprate an e presson n ths case as capta.
toc s a more genera term, and may be defned to
be, a the matera possessons of a country, or a ts
actua weath, whatever may be ts destnaton, whe
capta s that partcuar part of these possessons, or
of ths accumuated weath, whch s destned to be
empoyed wth a vew to proft n the producton and
dstrbuton of future weath. They are often, how-
ever, used ndscrmnatey, and perhaps no great
error may arse from t but t may be usefu to reco-
ect, that a stoc s not, propery spea ng, capta,
though a capta s stoc and conse uenty that
capta may ncrease by an ateraton n the proporton
of that part of the whoe stoc whch s empoyed
productvey, whe the whoe uantty of the stoc ,
or the weath of a country may reman at frst the same.
The profts of capta consst of the dfference be-
tween the vaue of a commodty produced, and the
vaue of the advances necessary to produce t, and
these advances consst of accumuatons generay made
up of wages, rents, ta es, nterest, and profts.
The rate of profts s the proporton whch the df-
ference between the vaue of the commodty produced,
and the vaue of the advances necessary to produce
t, bears to the vaue of the advances. hen the
vaue of the product s great compared wth the vaue
of the advances, the e cess beng consderabe, the
rate of profts w be hgh. hen the vaue of the
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P T AP TAL. 2G3
product e ceeds but tte the vaue of the advances,
the dfference bengsma, the rate of profts w be ow.
The varyng rates of proft, therefore, obvousy
depend upon the causes whch ater the proportons
between the vaue of the advances necessary to pro-
ducton, and the vaue of the product obtaned.
Profts, as we a now, are practcay estmated by
the money prces of the products compared wth the
money prces of the advances and as money for the
short perods durng whch mercante transactons ast,
s unversay consdered as measurng vaue and not
uantty, t foows, that profts, as t has been stated,
are aways practcay estmated by the vaues of the
products compared wth the vaues of the advances,
and not by ther reatve uanttes. t woud be
mpossbe ndeed to compare them as to uantty,
because the advances necessary to produce commod-
tes, are never a of the same nd as the commodtes
produced and when they are not the same, ther
uanttes do not admt of a comparson. e cannot
compare shoes or coth wth corn or abour n regard
to uantty.
t s of so much mportance to be fuy aware of
the necessty of estmatng both the advances and the
returns of the captast n vaue and not n uantty,
that t may be worth whe to ustrate the dfference
n the resuts of the two modes of proceedng.
f a the artces obtaned by human ndustry,
there s not one n whch so great a part of the ad-
vances s dentca wth the produce as n the cut-
vaton of corn. Let us consder what practcay ta es
pace n the producton of ths most mportant com-
modty.
The farmer practcay pays hs abourers n money.
Let us suppose that ths money, wth the other money
outgongs amounts to 200, that n the year n whch
the advance s made t w purchase 100 uarters of
wheat, the prce of wheat beng 2 a uarter, and
that the rate of profts s 20 per cent, n whch case
the return must be 120 uarters, or 20 per cent, n
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
264 T P T AP TAL. . .
uantty. ow f n the ne t year there shoud be a
scanty crop, yedng ony 100 uarters nstead of
120, then n reference to uantty there w be abso-
utey no e cess n the returns, as compared wth the
outgongs, and the captast woud have actuay
nothng to ve upon. ut woud he reay be so
desttute ar from t. e mght perhaps be better
off, nstead of worse of than usua. Profts, as have
before stated, are aways practcay estmated by
vaue, not uantty and the rea ueston s about the
prce of the produce compared wth the prce of the
advances, and not the e cess of the returns n wheat
above the advances n wheat. Most happy for socety
such s the nature of thngs, that a dmnuton n the
uantty of an artce, other crcumstances beng the
same, rases ts prce and the dmnuton of one
s th n the suppy of corn woud probaby rase t
consderaby more than one ffth. Ta ng the rse,
however, ony at one ffth, ts vaue n money woud
be 48 . the uarter, and the sae of 831 uarters woud
repace the capta e pended, and eave 20 per cent,
proft to the captast, that s, woud eave as great
a proft to the captast when the product n wheat
was ony e ua to the advances n wheat, as when the
product n wheat was 20 per cent, greater.
n the other hand, f the cutvatoradvanced capta
of the vaue of 200 n rather a scarce year, when the
prce of wheat was 48 . the uarter, the advances n
wheat woud be represented by 834 uarters, and f
after harvest the produce were 120 uarters, n an
estmate by uantty he woud appear to gan 4 per
cent. but as hs gans woud reay be estmated by
vaue not uantty, and the prce of wheat woud have
faen from 48 . to 40 ., t woud ta e a hundred uar-
ters of corn to repace the 200 advanced, and the
produce beng 120 uarters, profts woud be ony 20
per cent, nstead of 4 per cent.
t appears, therefore, that f the profts of the cu-
tvator were estmated by uantty they mght vary
between nothng and 4 per cent, at the very tme
when estmated by prce or vaue, as they aways are
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P T AP TAL. 26
practcay, the cutvator was n each year ma ng a
reguar proft of 20 per cent.
n the above cases, have supposed the prce of
the whoe produce, and the rate of profts to reman
the same but f the prce of the whoe produce de-
termned by the state of the suppy compared wth
the demand, ceased to be to the prces of the advances
n the proporton of 120 to 100, profts woud ether
rse or fa. f the prce of the whoe produce shoud
advance, that s, f the whoe produce, whether con-
sstng of 100 uarters or 120 uarters, shoud se
for 260 nstead of 240, t s obvous that a smaer
proporton of the whoe vaue woud be suffcent to
repace the 200 advanced, and profts woud be 30
per cent., nstead of 20 per cent.
n the other hand, f the prce of the whoe pro-
duce, whether great or sma, were to fa, owng to
the state of the suppy compared wth the demand,
and nstead of seng for 240, were to se for 220,
a arger proporton of the whoe produce woud be
necessary to repace the capta of the 200 advanced,
and profts woud fa from 20 per cent., to 10 per cent.
t may be sad, perhaps, that these varatons n the
uantty of produce are ony temporary, and that t s
the average e cess whch s referred to, and not the
varatons of that e cess occasoned by the seasons.
t may be observed n answer, that, as t s unversay
aowed that the prces of the farmer s whoe crop ne-
ver rses n proporton to ts abundance, and never
fas n proporton to ts defcency, t s certan, that
the average e cess of vaue woud not be the same as
the average e cess of produce.
orn, on account of ts beng the man support of
t happens not very unfre uenty, that the rse n the prce
of agrcutura produce greaty e ceeds ths. Mr. Too e n hs
Detas of the gh and Low Prces, supposes that, owng to a
rse n the prce of wheat from about 48s. a uarter to 7 s. n
179 and 1796, Ah a rse of other agrcutura produce neary
n proporton, the farmers and andords, after an aowance made
for every probabe deducton, must have dvded between them a
net addtona proft of 12 to 14 mons per annum, and a st
greater proft n 1800 and 1801, pp. 303 and 30 , 2nd edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
266 T P T AP TAL. . .
the abourer, s the ony ob|ect n the producton of
whch a comparson may be nsttuted between the
uantty advanced and the uantty produced yet
even here we have found that the cause whch deter-
mnes profts s ther reatve vaues, and not ther re-
atve uanttes.
n manufacturng and mercante empoyments,
there s no approach towards a possbty of comparng
the advances wth the products n regard to uan-
tty. owever, the powers of producton n manu-
factures may ncrease, a neary proportonate fa n
the vaue of the produce determned by the state
of the demand and suppy prevents any permanent
change n the dvson of produce, and conse uenty,
eaves the captast n a short tme wth the same or
neary the same rate of profts. The wor man re-
ceves a arger uantty of what he produces, but the
same vaue and hs condton w be beneftted,
chefy n proporton to the utty of the artce to hm
as a consumer. Ths s e uay true n regard to mer-
cante products, cheapened by facty of transport, or
the dscovery of more abundant sources of foregn
suppy.
t s cear therefore, that profts are nvaraby mea-
sured by vaue, and never by uantty.
ow, t has been shown n the second chapter of
ths wor , that the vaues of any commodtes, or of
the mass of commodtes are aways determned by
the state of the suppy compared wth the demand
and that ther vaues may be measured by the uan-
tty of standard abour whch they w command. t
s aso obvous from what has been sad, that durng
the short perods whch usuay ntervene between the
advances of capta and the returns of produce, they
may both be estmated correcty n money. n the
empoyment of capta therefore, n any busness, the
advances, whether ncreasng or dmnshng n vaue,
may be nown and measured beforehand, whe the
vaue of the product, and the proporton of that vaue
whch goes to repace the advances remans to be as-
certaned when the produce s sod.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P T AP TAL. 267
The varyng rate of profts therefore, n the produc-
ton of every commodty depends upon the e cess of
ts vaue when sod above the nown vaue of the ad-
vances, determned n a cases by the state of the sup-
py and the demand.
Ths s a unversa proposton, e uay appcabe
whether profts are affected by temporary or by more
permanent causes, whether the productve powers of
abour are great or sma, ncreasng, statonary, or
dmnshng.
And t w be found, that ths proposton s essen-
tay the same as the proposton whch states, that
profts depend upon the proporton of the vaue of the
whoe produce, whch goes to pay the wages of the
abour empoyed to obtan t.
The truth of ths proposton s ute obvous n
the cases where ony mmedate abour and the pro-
fts upon t are concerned. f a hundred pounds be
e pended n mmedate abour, and the returns come
n at the end of the year, and se for 110, 120, or
130, t s evdent that n each case the profts w
be determned by the proporton of the vaue of the
whoe produce whch s re ured to pay the abour
empoyed.
f the vaue of the produce n the mar et be 110,
the proporton re ured to pay the abourers w be
tt of the vaue of the produce, and profts w be ten
per cent. f the vaue of the produce be 120, the
proporton re ured to pay the abour empoyed w
be tt, and profts w be twenty per cent. f the
vaue of the produce be 130, the proporton re-
ured to pay the abour advanced w be 4- , and
profts w be thrty per cent.
ut t w be as ed, how are we to compare the
vaue of the produce wth the abour re ured to ob-
tan t, when the advances of the captast do not
consst of abour aone.
n cases of ths nd, the foowng very smpe mode
Ths, though rather dfferenty worded, s Mr. cardo s pro-
poston, but he has apped t ncorrecty, as w be seen n a
subse uent secton.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
208 T P T AP TAL. . .
of proceedng presents tsef. t w be aowed that
the captast generay e pects an e ua proft upon a
the parts of the capta whch he advances. Let us
suppose that a certan porton of the vaue of hs ad-
vances, one-fourth for nstance, conssts of the wages
of mmedate abour, and three-fourths consst of ac-
cumuated abour and profts, wth any addtons whch
may arse from rents, ta es, or other outgongs. n
ths case one-fourth of the vaue of the produce ob-
taned repaces wth ts proportonate proft that part
of hs capta whch has been empoyed n the pay-
ment of mmedate abour and the other three-fourths
repace wth the remanng proft a hs other ad-
vances: and thus t w be strcty true that the
profts of the captast w vary wth the varyng
vaue of ths one-fourth of the produce compared
wth the uantty of abour empoyed or, n other
words, that profts depend on the proporton of the
vaue of the produce whch goes to pay the abour
whch has been empoyed.
As an nstance et us suppose that a farmer em-
poys n the cutvaton of a certan porton of and
2000, 1 00 of whch he e pends n seed, eep of
horses, wear and tear of hs f ed capta, nterest
upon hs f ed and crcuatng captas, rent, tthes,
ta es, c. and 00 upon mmedate abour and
that the returns obtaned at the end of the year are
worth 2400. t s obvous that the vaue re ured
to repace the advances beng 2000 the farmers
profts w be 400, or twenty per cent. And t s
e uay obvous that f we too one-fourth of the vaue
of the produce, namey 600, and compared t wth
the amount pad n the wages of mmedate abour,
the resut woud shew e acty the same rate of profts.
There s no case however compcated whch may
not be easy soved n a smar manner.
hen t s sad that profts depend upon the dv-
son of the produce between the abourer and the
captast, t s not of course meant to e cude the
abourers and captasts who have furnshed those
arge portons of the advances whch do not consst
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P T AP TAL. 269
of the wages of mmedate abour and we must
ether trace accuratey the proportons of accumuated
abour and accumuated profts n these advances,
whch t s not aways easy to do, or adopt the mode
above suggested, whch gves at once the proporton
of the produce whch goes to pay the wages of the
mmedate abour empoyed. The resut s e acty
the same as f we had measured the whoe advances
n standard abour, and had estmated the rate of
profts by the e cess of the vaue of the produce above
what was re ured to pay the wages of that uantty
of abour.
The reader w be aware that f we rec on the
vaue of the f ed capta empoyed as a part of the
advances, we must rec on the remanng vaue of such
capta at the end of the year as a part of the annua
returns. thout a correcton of ths nd t woud
appear that n those departments of ndustry n whch
the greatest uantty of f ed capta had been ap-
ped, the vaue of the capta compared wth the vaue
of the produce had been the greatest, from whch t
woud seem to foow that the rate of profts had been
the owest but though the captast naturay con-
sders the whoe of what he empoys n producton as
capta advanced yet n reaty hs annua advances
consst ony of hs crcuatng capta, the wear and
tear of hs f ed capta wth the nterest upon t, and
the nterest of that part of hs crcuatng capta
whch conssts of the money empoyed n ma ng hs
annua payments as they are caed for.
The foowng s a statement n the frst eport of
the actory ommssoners, (page 34) n whch ano-
ther cass of advances under the head of contngences
s added:
apta sun n budng and machnery 10,000
oatng capta 7,000
00 nterest at per cent, on 10,000 f ed capta.
3 0 Dtto on foatng capta.
1 0 ents, ta es, and rates.
6 0 n ng und of 6 per cent, for wear and tear of the
f ed capta.
1,0 0
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
270 T P T AP TAL. . .
1,6 0
1,100 ontngences, carrage, coa, o, c.
2,7 0
2,600 ages and saares.
,3 0
pun 363,000 bs. Twst, aue 16,000.
aw cotton re ured about 400,000 at 6d.
ua to 10,000
penses ,3 0
1 ,3 0 aue when sod, 16,000.
Proft 6 0 or about 4.2 on the advance of 1 ,3 0.
The wages of the operatves or of the mmedate
abour empoyed n the producton of the twst, form
about one-s th of the advances, and the comparson of
these advances wth one-s th of the vaue of the pro-
duce w ceary ndcate the rate of proft upon the
whoe of the advances.
n drawng the partcuar attenton of the reader
to the profts, whch may be sad to beong to the m-
medate abour empoyed n any producton, t s by
no means ntended to propose a better mode of ascer-
tanng profts than the ordnary one of comparng the
annua money advances, wth the annua money re-
turns. The ob|ect s to show, that the two modes
aways accord, (e cept n the rare case of a change n
the prce of abour or ateraton n the vaue of money
durng the nterva whch eapses between the ad-
vances and returns) and whether we ta e the most
smpe case, where the advances consst of mmedate
abour aone, or the most compe one, where but a
sma part ony of the advances conssts of mme-
date abour, t w aways be found true that profts
vary accordng to the proporton of the vaue of the
whoe produce whch goes to pay the wages of the
abour empoyed to obtan t.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P T AP TAL. 271
ecton . f the mtng Prncpe of Profts.
t has been stated n the precedng secton, that the
varyng rate of profts depends upon the causes whch
ater the proporton between the vaue of the advances
necessary to producton, and the vaue of the produce
obtaned.
The two man causes whch affect these propor-
tons, are, the productveness, or unproductveness of
the ast captas empoyed upon the and, by whch a
smaer, or a greater proporton of the vaue of the
produce s capabe of supportng the abourers em-
poyed. Ths may be caed the mtng prncpe of
profts. And, secondy, the varyng vaue of the pro-
duce of the same uantty of abour occasoned by
the accdenta or ordnary state of the demand and
suppy, by whch a greater or smaer proporton of
that produce fas to the share of the abourers em-
poyed. Ths may be caed the reguatng prncpe
of profts, ths second cause s constanty modfyng
the frst, but t w be desrabe to consder them se-
paratey.
f then we suppose the frst cause to operate sngy,
and the corn wages of the ndvdua abourer to be
aways the same, the whoe s n agrcuture re-
maned unchanged, and there were no ta es nor any
means of obtanng corn from foregn countres, the
rate of profts must reguary fa, as the socety ad-
vanced, and as t became necessary to resort to n-
feror machnes whch re ured more abour to put n
acton.
t woud sgnfy tte, n ths case, whether the
ast and ta en nto cutvaton for food had yeded a
rent n ts uncutvated state. t s certan that the
andord woud not aow t to be cutvated, uness he
coud, at the east, obtan the same rent for t as be-
fore. Ths must be consdered as an absoute cond-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
272 T P T AP TAL. . .
ton on the worst ands ta en nto cutvaton n an
mproved country. After ths payment was made, the
remander of the produce woud be dvded amost en-
trey between the captasts and the abourers, and
t s evdent that f the number of abourers necessary
to obtan a gven produce were contnuay ncreasng,
and the corn wages of each abourer remaned the
same, the porton destned to the payment of abour
woud be contnuay encroachng upon the porton
destned to the payment of profts and the rate of
profts woud of course contnue reguary dmnshng
t, from the want of power or w to save, the pro-
gress of accumuaton had ceased.
n ths case, and supposng an e ua demand for
a the parts of the same produce, t s obvous that
the profts of capta n agrcuture woud be n pro-
porton to the fertty of the ast and ta en nto cu-
tvaton, or to the amount of the produce obtaned by
a gven uantty of abour. And as profts n the
same country tend to an e uaty, the genera rate of
profts woud foow the same course.
ut a moment s consderaton w shew us, that
the supposton here made of a constant unformty n
the corn wages of abour s not ony contrary to the
actua state of thngs, but nvoves a contradcton.
The progress of popuaton s amost e cusvey
reguated by the uantty of the necessares of fe
actuay awarded to the abourer and f from the
frst he had no more than suffcent to eep up the
actua popuaton, the abourng casses coud not n-
t s necessary to uafy the poston n ths way, because,
wth regard to the man products of agrcuture, t mght easy
happen that a the parts were not of the same vaue. f a farmer
cutvated hs ands by means of domestcs vng n hs house
whom he found n food and cothng, hs advances mght aways
be neary the same n uantty and of the same hgh vaue n use
but n the case of a gut from the shuttng up of an accustomed
mar et, or a season of unusu abundance, a part of the crop mght
be of no vaue ether n use or e change, and hs profts coud by
no means be determned, by the e cess of the uantty produced,
above the advances necessary to produce t, as before shewn,
page 264.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. .| T P T AP TAL. 273
crease, nor woud there be any occason for the pro-
gressve cutvaton of poorer and. n the other
hand, f the corn wages of abour were such as to
admt of and encourage a consderabe ncrease of
popuaton, and yet were aways to reman the same,
t woud nvove the contradcton of a contnued n-
crease of popuaton at the same rate after the accu-
muaton of capta, and the means of supportng such
an ncrease had entrey ceased.
e cannot then ma e the supposton of a natura
and constant rate of corn wages. And f we cannot
f the wages of abour estmated n necessares, they
must evdenty vary wth the progress of the funds
destned for the mantenance of abour, compared wth
the suppy of abour.
e may, however, f we pease, suppose a unform
progress of capta and popuaton, by whch s not
meant n the present case the same rate of progress
permanenty, whch s mpossbe but a unform pro-
gress towards the greatest practcabe amount, wthout
temporary acceeratons or retardatons. And before
we proceed to the actua state of thngs, t may be
curous to consder n what manner profts woud be
affected under these crcumstances.
At the commencement of the cutvaton of a ferte
country by cvzed coonsts, and whe rch and was
n great penty, a sma porton ony of the vaue of
the produce woud be pad n the form of rent. The
productveness of abour beng great, f neary the
whoe were dvded between wages and profts, the
abourers mght obtan a arge uantty of produce,
whe a suffcent proporton of the whoe mght be
eft to yed arge profts, and wages and profts woud
both be hgh at the same tme.
As the socety contnued to ncrease, f the terrtory
were mted, or the so of dfferent uates, t s
ute obvous that the productve powers of abour as
The reader w recoect that wages aways refer to uantty,
uness otherwse partcuary e pressed, and profts to proporton.
T
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
274 T P T AP TAL. c. .
apped to the cutvaton of and must graduay d-
mnsh and as a gven uantty of abour woud yed
a smaer and smaer return, there woud evdenty
be a ess and ess produce to be dvded between abour
and profts.
f, as the powers of abour dmnshed, the physca
wants of the abourer were aso to dmnsh n the
same proporton, then the same share of the whoe
produce mght be eft to the captast, and the rate
of profts woud not necessary fa. ut the physca
wants of the abourer reman aways the same and
though n the progress of socety, from the ncreasng
scarcty of provsons compared wth abour, these
wants are n genera ess fuy supped, and the corn
wages of abour graduay fa yet t s cear that
there s a mt, and probaby at no great dstance,
whch cannot be passed. The command of a certan
uantty of food s absoutey necessary to the abourer
n order to support hmsef, and such a famy as w
mantan merey a statonary popuaton. onse uent-
y, f poorer ands whch re ured more abour were
successvey ta en nto cutvaton, t woud not be
possbe for the corn wages of each ndvdua abourer
to be dmnshed n proporton to the dmnshed pro-
duce a greater proporton of the whoe woud neces-
sary go to pay the wages of abour and the rate of
profts woud contnue reguary fang t the accu-
muaton of capta had ceased.
uch woud be the necessary course of profts and
wages n the progressve accumuaton of capta, as
apped to the progressve cutvaton of new and ess
ferte and, or the further mprovement of what had
before been cutvated and on the supposton here
made, the rates both of profts and of corn wages woud
be hghest at frst, and woud reguary and graduay
dmnsh together, t they both came to a stand at
the same perod, and the demand for an ncrease of
produce ceased to be effectve.
n the mean tme, t w be as ed, what becomes
of the profts of capta empoyed n manufactures and
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. r. T P T AP TAL. 27
commerce, a speces of ndustry not e that empoyed
upon the and, where the productve powers of abour
necessary dmnsh but where these powers not ony
do not necessary dmnsh, but very often greaty n-
crease
n the cutvaton of and, the cause of the necessary
dmnuton of profts s the dmnuton n the uantty
of produce obtaned by the same uantty of abour.
n manufactures and commerce, t s the fa n the
e changeabe vaue of the same amount of produce.
The abour re ured to produce corn, has a constant
tendency to ncrease from nevtabe physca causes,
whe the abour re ured to produce manufactures
and artces of commerce sometmes greaty dmnshes,
sometmes remans statonary, and at a events n-
creases much sower than the abour re ured to pro-
duce corn. hen, therefore, profts fa n agrcuture
t becomes obvousy more advantageous to empoy
capta n manufactures and commerce than on the
and and capta w n conse uence be so empoyed
t a fa has ta en pace n manufactures and com-
merca products from ther comparatve abundance.
ut t has been shown that the vaue of the same
uantty of abour w aways reman the same and
t s evdent, that f the products fa n vaue, whe
the uantty of the abour, or the vaue of the capta
re ured to produce them, reman the same, profts
must fa. t s farther evdent, that ths fa must
necessary go on, t profts n manufactures and com-
merce have been reduced neary to a eve wth those
n agrcuture. And thus t appears that n the pro-
gress of mprovement, as poorer and poorer and s
ta en nto cutvaton, the genera rate of profts must
be mted by the powers of the so ast cutvated.
f the ast and ta en nto cutvaton w ony yed
a certan e cess of vaue above the owest vaue of the
capta necessary to produce t, t s obvous that pro-
fts, generay, cannot possby be hgher than ths
e cess w aow. n the ascendng scae, ths s a
barrer whch cannot be passed. ut mtaton s
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
276 T P T AP TAL. . .
essentay dfferent from reguaton. n the descend-
ng scae, whe the and s st ferte profts may be
ower n any degree. There s here no controng
necessty whch determnes the rate of profts and
beow the hghest mt whch the actua state of the
and w aow, ampe scope s eft for the operaton
of the reguatng prncpe.
ecton . f the reguatng Prncpe of
Profts.
The second cause whch affects profts, s the varyng
vaue of the produce of the same uantty of abour
on the same vaue of capta, determned by the state
of the demand and suppy. Ths may be caed the
reguatng prncpe of profts, as wthn the e treme
mts prescrbed by the state of the and, a the va-
ratons of profts, whether temporary or durabe, are
reguated by t.
uch varatons n the vaue of produce are occa-
soned prncpay by the abundance or scantness of
capta, ncudng the funds for the mantenance of
abour, as compared wth the abour whch t em-
poys.
Ths s obvousy a cause whch, by awardng a
greater or a smaer proporton of the produce to the
abourer, must have a powerfu nfuence on profts
and f consderabe varatons were to ta e pace n
the suppes of capta and produce and the suppes
of abour, n a rch and une hausted so, the same
effects mght be produced on profts as by the opera-
ton of the frst cause, and n a much shorter tme.
n order to see more ceary the powerfu effects of
the second cause on profts, et us consder t for a
moment as operatng aone and suppose, that whe
the capta and produce of a country contnued n-
creasng, ts popuaton were chec ed and ept short
of the demand for t, by some mracuous nfuence.
Under these crcumstances, a gradaton woud ta e
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P T AP TAL. 277
pace n the proporton whch capta and produce
woud bear to abour, and we shoud see n conse-
uence a smar gradaton ta e pace n the rate of
profts.
As capta and produce ncreased faster than a-
bour, the profts of capta woud fa, and f a pro-
gressve ncrease of capta and produce were to ta e
pace, whe the popuaton, by some hdden cause,
were prevented from eepng pace wth t, notwth-
standng the fertty of the so and the penty of
food, then profts woud be graduay reduced, unt,
by successve reductons, the power and w to accu-
muate had ceased to operate and ths state of thngs
mght ta e pace rapdy, f a great proporton of
those who were engaged n persona servces were
rapdy converted by savng nto productve abourers.
Profts n ths case woud e perence the same nd
of progressve dmnuton as they woud by the pro-
gressve accumuaton of capta n the present state
of thngs but rent and wages woud be very df-
ferenty affected. rom what has before been stated
on the sub|ect of rent, the amount of t n such a
country coud not be great. Accordng to the sup-
poston, the progress of the popuaton s retarded,
and the number of abourers s mted, whe and of
consderabe fertty remans uncutvated. The de-
mand for ferte and therefore, compared wth the
suppy, woud be comparatvey nconsderabe and
n reference to the whoe of the natona produce, the
porton whch woud consst of rent woud depend
many upon the gradatons of more ferte and whch
had been cutvated before the popuaton had come
to a stop, and upon the vaue of the produce to be
derved from the and that was not cutvated.
th regard to wages they woud contnue pro-
gressvey to rse, n necessares, convenences, and
u ures, so as to pace the abourer n a condton
contnuay and n a respects mprovng, as ong as
capta contnued to ncrease.
n short, of the three great portons nto whch the
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
278 T P T AP TAL. . .
mass of produce s dvded, rent, profts, and wages,
the two frst woud be ow, because both the suppy
of and and the suppy of capta woud be abundant
compared wth the demand whe the wages of a-
bour woud be very hgh, because the funds for the
mantenance of abour woud be n great abundance
compared wth the suppy of abourers and thus the
vaue of each woud be reguated by the great prn-
cpe of demand and suppy.
f, nstead of supposng the popuaton to be chec ed
by some pecuar nfuence, we ma e the more natu-
ra supposton of a mted terrtory, wth a the and
of neary e ua uaty, and of such great fertty as
to admt of very tte capta beng ad out upon t,
the effects upon the profts of capta woud be |ust
the same as n the ast nstance, though they woud
be very dfferent on rents and wages. After a the
and had been cutvated, and no more capta coud
be empoyed on t, there cannot be a doubt that rents
woud be e tremey hgh and profts and wages very
ow. The competton of ncreasng capta n manu-
factures and commerce woud reduce the rate of pro-
fts, whe the prncpe of popuaton woud contnue
to augment the number of the abourng casses, t
ther corn wages were so ow as to chec ther further
ncrease. t s probabe that, owng to the assumed
fertty of a the so and the great proporton of
persons whch mght be empoyed n manufactures
and commerce, the e ports woud be great and the
vaue of money very ow. The money prce of corn
and money wages woud perhaps be as hgh as f the
cost of the whoe produce n abour had been doube
or trebe food woud then be a strct monopoy
rents woud rse to an e traordnary heght wthout
any assstance from poor ands, and the gradatons of
so and profts mght fa to the pont ony |ust suf-
fcent to eep up the actua capta wthout any add-
tona abour beng necessary to procure the food of
the abourer.
The effects whch woud obvousy resut from the
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P T AP TAL. 279
two suppostons |ust made, ceary shew that the n-
creasng uantty of abour re ured for the successve
cutvaton of poorer and s not theoretcay neces-
sary to a fa of profts from the hghest rate to the
owest.
The former of these two suppostons further shews
the great power possessed by the abourng casses of
socety, f they chose to e ercse t. The compara-
tve chec to popuaton, whch was consdered as
occasoned by some mracuous nfuence, mght n
reaty be effected by the prudence of the poor and
t woud un uestonaby be foowed by the resut
descrbed. t may naturay appear hard to the a-
bourng casses that, of the vast mass of productons
obtaned from the and, the capta, and the abour of
the country, so sma a uantty shoud fa to the
share of each ndvdua. ut the uantty s at pre-
sent determned, and must aways n future be deter-
mned, by the nevtabe aws of suppy and demand.
f the mar et were comparatvey understoc ed wth
abour, the andords and captasts woud be obged
to gve a arger uantty of produce to each wor man.
ut wth an abundant suppy of abour, such a uan-
tty, for a permanence, s an absoute mpossbty.
The rch have nether the power, nor can t be e -
pected that they shoud a have the w, to eep the
mar et understoc ed wth abour. et every effort
to ameorate the ot of the poor generay, that has
not ths tendency, s perfecty fute and chdsh. t
s ute obvous therefore, that the nowedge and
prudence of the poor themseves, are absoutey the
ony means by whch any genera and permanent m-
provement n ther condton can be effected. They
are reay the arbters of ther own destny and what
others can do for them, s e the dust of the baance
compared wth what they can do for themseves.
These truths are so mportant to the happness of the
great mass of socety, that every opportunty shoud
be ta en of repeatng them.
ut, ndependent of any pecuar efforts of pru-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
280 T P T AP TAL. c . .
dence on the part of the abourng casses, t appears
from e perence that whe the productve powers of
abour reman neary the same, the suppes of abour
and the suppes of capta and produce do not aways
eep pace wth each other. Practcay, they are
often separated at some dstance, and for a consder-
abe perod and sometmes popuaton ncreases
faster than capta and produce, and at other tmes ca-
pta and produce ncrease faster than popuaton.
t s obvous, for nstance, that from the very na-
ture of popuaton, and the tme re ured to brng fu-
grown abourers nto the mar et, a sudden ncrease
of capta and produce cannot effect a proportonate
suppy of abour n ess than s teen or eghteen years.
n the other hand, when capta and produce are
neary statonary from the want of w to accumuate,
t s we nown that popuaton n genera s apt to
ncrease faster than the produce whch s to support
t, t the wages of abour are reduced to that stan-
dard whch, wth the actua habts of the country,
are no more than suffcent to mantan a statonary
popuaton.
These perods, n whch popuaton and produce
do not eep pace wth each other, are evdenty of suf-
fcent e tent, essentay to ater the proporton whch
goes to pay the wages of abour and conse uenty,
to nfuence essentay the rate of profts.
o entrey, ndeed, does the rate of profts depend
on the dvson of the produce, occasoned by the state
of the suppy and the demand, that n comparng two
countres together, the rate of profts w sometmes
be found the owest n that country, n whch the pro-
ductveness of abour on the and s the greatest.
n Poand, and some other parts of urope, where
capta s scarce, profts are sad to be hgher than n
Amerca yet t s probabe that the ast and ta en
nto cutvaton n Amerca s much rcher than the
ast and ta en nto cutvaton n Poand. ut n
Amerca the abourer earns perhaps the vaue of egh-
teen or twenty uarters of wheat n the year n Po-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P T AP TAL. 281
and ony the vaue of eght or nne uarters of rye.
Ths dfference n the dvson of the produce, must
ma e a great dfference n the rate of profts yet the
causes whch determne ths dvson, far from beng
of so temporary a nature that they may be safey over-
oo ed, mght operate most powerfuy for a great
ength of tme. uch s the e tent of Amerca, that
the corn wages of ts abour may not essentay fa
for a ong term of years and the effects of a scanty
but statonary capta on an overfowng but statonary
popuaton mght ast for ever.
n dweng thus upon the powerfu effects whch
must nevtaby be produced by the proporton whch
capta and produce bear to abour, and upon the ne-
cessty of gvng ade uate weght to the prncpe of
demand and suppy, or competton, n every e pana-
ton of the crcumstances whch determne profts, t s
not meant to underrate the mportance of that cause
whch depends upon the dmnshng productveness
of abour on the ast and ta en nto cutvaton.
Ths cause s ndeed of such a nature, that, f ts ac-
ton goes on, t must fnay overwhem every other.
et, st an attempt to estmate the rate of profts n
any country for ten or twenty years together by a re-
ference to ths cause aone, woud ead to the greatest
practca errors.
The vaue of the government ong annutes has a
natura and constant tendency to dmnsh as they ap-
proach towards the term for whch they were granted
yet t s we nown, that out of the comparatvey
short term of 90 years, so arge a proporton as twenty,
has sometmes eapsed not ony wthout any dmnu-
ton, but wth an actua ncrease of ther vaue. hen,
however, they approach near to the term at whch
they e pre, they must necessary so dmnsh n va-
ue on ths account aone, that no demand arsng from
penty of money coud possby eep up ther prce.
n the same manner, when cutvaton s pushed to ts
e treme practca mts, that s, when the abour of a
man upon the ast and ta en nto cutvaton w
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
282 T P T AP TAL. . .
scarcey do more than support such a famy as s ne-
cessary to mantan a statonary popuaton, t s ev-
dent that no other cause or causes can prevent profts
from sn ng to the owest rate re ured to mantan
the actua capta. ut though ths prncpe s fnay
of the very greatest power, yet ts progress s e tremey
sow and gradua and whe t s proceedng wth
scarcey perceptbe steps to ts fna destnaton, the
second cause s producng effects whch entrey over-
come t, and often for twenty or thrty, or even 100
years together, ma e the rate of profts ta e a course
absoutey dfferent from what t ought to be accord-
ng to the frst cause.
ecton . f Profts as affected by the auses
practcay n operaton.
e come now to the consderaton of the varous
causes whch may nfuence profts n the actua state
of thngs, partcuary n ths country. And here t s
evdent that we sha have n operaton both the causes
aready stated, wth others whch dsturb and modfy
them.
n the progressve cutvaton of poor and, occa-
soned by the ncrease of capta and popuaton, pro-
fts as far as they depend upon natura fertty, w
reguary fa but f at the same tme mprovements
n agrcuture are ta ng pace, they may certany be
such as, for a consderabe perod, not ony to prevent
profts from fang, but to aow of a rse. To what
e tent, and for what ength of tme, ths crcumstance
mght nterrupt the progressve fa of profts occa-
soned by the necessty of ta ng poorer and nto cu-
tvaton, wthout such mprovements, t s not easy to
say but, as t s certan that n an e tensve terr-
tory, consstng of sos not very dfferent n ther na-
tura powers of producton, the fa of profts arsng
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P T AP TAL. 283
from ths cause woud be sow, t s probabe that for
a consderabe e tent of tme agrcutura mprove-
ments, ncudng of course the mproved mpements
and machnery used n cutvaton, as we as an m-
proved system of croppng and managng the and,
mght more than baance t.
A second crcumstance whch woud contrbute to
the same effect s, an ncrease of persona e erton
among the abourng casses. Ths e erton s e -
tremey dfferent n dfferent countres, and at dfferent
tmes n the same country. A day s abour of a
ndoo, or a outh-Amercan ndan, w not admt
of a comparson wth that of an ngshman and t has
even been sad, that though the money prce of day-
abour n reand s tte more than the haf of what
t s n ngand, yet that rsh abour s not reay
cheaper than ngsh, athough t s we nown that
rsh abourers when n ths country, wth good e -
ampes and ade uate wages to stmuate them, w
wor as hard as ther ngsh companons.
Ths atter crcumstance aone ceary shows how
dfferent may be the persona e ertons of the abour-
ng casses n the same country at dfferent tmes and
how dfferent therefore may be the products of a gven
number of days abour, as the socety proceeds from
the ndoence of the savage to the actvty of the c-
vzed state. Ths actvty ndeed, wthn certan
mts, appears amost aways to come forward when
t s most caed for, that s, when there s much wor
to be done wthout a fu suppy of persons to do t.
The persona e ertons of the outh Amercan ndan,
the ndoo, the Posh boor, and the rsh agrcu-
tura abourer, may be very dfferent ndeed 00 years
hence.
A thrd crcumstance whch has a consderabe ef-
fect on profts, and not unfre uenty occurs, s, the
une ua rse of some parts of the farmer s capta, when
the prce of corn s rased by an ncreased demand.
Under such a rse, (whch f t contnues s generay
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
284 T P T AP TAL. . .
accompaned by an advanced prce of standard abour,
or a fa n the vaueof money,) the prces of many home
commodtes w be consderaby modfed for some
tme, by the une ua pressure of ta aton, and the
une ua rse n the prces of foregn commodtes, and
of the commodtes wor ed up at home from foregn
materas. The rse of corn and abour at home w
not proportonay rase the prce of such products and
as far as these products together wth ta es, form a
part of the farmer s capta, a smaer proporton of the
produce, owng to ts ncreased vaue, w repace t.
Ths remar s appcabe to eather, tmber, soap, can-
des, cottons, wooens, c. c., a of whch enter
more or ess nto the captas of the farmer, or the
wages of the abourer, and are a nfuenced n ther
prces more or ess by mportaton.
A fourth crcumstance, whch favours a rse of pro-
fts s a fa n the prces of some mportant manufac-
tures, as compared wth corn, owng to mprovements
n machnery. Ths state of thngs aways aows of
some dmnuton n the corn wages of abour wthout
a proportonate dmnuton of the comforts of the a-
bourer : and f the money prce of the farmer s pro-
duce ncreases wthout a proportonate ncrease n the
prce of abour, and n the materas of whch hs ad-
vances consst, hs profts must necessary rse.
t appears then, that practcay, and n the actua
state of thngs, the physca necessty of a fa of pro-
fts n agrcuture arsng from the ncreasng uantty
of abour re ured to produce the same uantty of
food, may be so counteracted and overcome, for a
consderabe tme by other causes, as to eave very
great pay to the nfuence of the compettons of
capta.
The facts whch support ths concuson are nu-
merous and ncontrovertbe. t maybe sad, ndeed,
wth truth that the dfferent rates of profts durng
perods of peace and war, whch are observed to ta e
pace n a countres, are chefy attrbutabe to the
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P T AP TAL. 28
abundance or scarcty of capta and produce com-
pared wth the demand, and not to the varyng pro-
ductveness of abour on the and. To the nstances
of ths nd whch have before been stated may be
added the foowng one, whch s so remar aby
strong as to be aone amost decsve of the ueston,
and havng happened n our own country, s com-
petey open to the most mnute e amnaton.
rom the accesson of George . n 1727 to the
commencement of the war n 1793, the nterest of
money was tte more than 3 per cent. The pubc
securtes whch had been reduced to 4 per cent, rose
consderaby after the reducton. Accordng to ha-
mers, the natura rate of nterest ran steady at 3 per
cent. and t appears by a speech of r |ohn ar-
nard s that the 3 per cent, stoc s sod at a premum
upon hange. n 17 0, after the termnaton of the
war, the 4 per cent, stoc s were reduced to 3 , for
seven years, and from that tme to 3 per cent, perma-
nenty.f
cudng then the nterva of war, we have here a
perod of twenty-two years, durng whch the genera
rate of nterest was between 34 and 3 per cent.
The temporary varatons n the vaue of govern-
ment securtes w not certany at a tmes be a cor-
rect crteron of the rate of profts or even of the rate
of nterest but when they reman neary steady for
some tme together, they must be consdered as a far
appro maton to a correct measure of nterest and
when the pubc credtors of a government consent to
a great fa n the nterest whch they had before re-
ceved, rather than be pad off, t s a most decsve
proof of a great dffcuty n the means of empoyng
capta proftaby, and conse uenty a most decsve
proof of a ow rate of profts.
After an nterva of neary seventy years from the
stmate of the strength of Great rtan, ch. v. p. 11 .
t bd. ch. v. p. 120.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
28G T P T AP TAL. . .
commencement of the perod here notced, and forty
years from the end of t, durng whch a great accu-
muaton of capta had ta en pace, and an unusua
uantty of new and had been brought nto cutva-
ton, we fnd a perod of twenty years succeed n whch
the average mar et rate of nterest was rather above
than beow per cent. and we have certany every
reason to thn , from the e traordnary rapdty wth
whch capta was recovered, after t had been de-
stroyed, that the rate of profts n genera was ute n
proporton to ths hgh rate of nterest.
The dffcuty of borrowng on mortgage durng a
consderabe part of the tme s perfecty we nown
and though the pressure of the pubc debt mght na-
turay be supposed to create some aarm, and ncne
the owners of dsposabe funds to gve a preference to
anded securty yet t appears from the surveys of
Arthur oung, that the number of years purchase
gven for and, was n 1811, 29, and forty years be-
fore, 32 or 324, the most decsve proof that can
we be magned of an ncrease n the profts of ca-
pta empoyed upon and.
The nature of these facts, and the state of thngs
under whch they too pace, (n the one case, n a
state of peace wth a sac demand for capta and
produce, and n the other, a state of war wth an un-
usua demand for both,) obvousy and ceary pont
to the reatve redundancy or defcency of capta and
produce as ther cause. And the ueston whch now
remans to be consdered, s, whether the crcum-
stances whch have been stated n ths secton are
suffcent to account theoretcay for such a free ope-
raton of ths prncpe, notwthstandng the progres-
Annas of Agrcuture, o. 270, pp. 96, and 97, and o. 271,
p. 21 . Mr. oung e presses consderabe surprse at these re-
suts, and does not seem to be suffcenty aware, that the number
of years purchase gven for and has nothng to do wth prces, but
e presses the abundance or scarcty of moveabe capta compared
wth the means of empoyng t.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P T AP TAL. 287
sve accumuaton of capta, and the progressve cu-
tvaton of fresh and, as to aow of ow profts at an
earer perod of ths progress and hgher profts at a
ater perod. At a events, the facts must be ac-
counted for, as they are so broad and garng, and
others of the same nd are n reaty of such fre uent
recurrence, that they must be consdered as at once
decsve aganst any theory of profts whch s ncon-
sstent wth them.
n the frst perod of the two whch have been no-
tced t s nown that the prce of corn had faen, and
that the wages of abour had not ony not faen n
proporton, but had been consdered by some author-
tes as havng rsen. Adam mth states the fa of
corn and the rse of abour durng the frst s ty-four
years of the ast century as a sort of estabshed fact
but Arthur oung, n hs very usefu n ures nto
the prces of corn and abour pubshed n hs Annas
of Agrcuture, seems to thn that the fact s not we
authentcated, and s nconsstent wth the apparenty
sac demand for abour and produce, and compara-
tvey sow progress of popuaton, whch too pace
durng the perod n ueston.f Aowng, however,
even a statonary prce of abour, wth a fang prce
of corn, not arsng from mprovements, and the fa of
agrcutura profts s at once accounted for. uch a
state of prces mght aone be much more than suf-
fcent to counteract the effects arsng from the cr-
cumstance of pretty good and beng yet uncutvated.
hen we add, that the other outgongs beongng to
the farmers capta, such as eather, ron, tmber, c.
c., are supposed to have rsen whe the prce of hs
man produce was fang, we can be at no oss to
account for a ow rate of agrcutura profts, notwth-
standng the une hausted state of the country. And
as to the ow rate of mercante and manufacturng
eath of atons, oo . ch. . p. 309, 313, 6th edt,
t Annas of Agrcuture, o. 270, p. 89.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
288 T P rT of capta. ch. v.
profts, that woud be accounted for at once by the
ncrease of mercante and manufactured products
compared wth the demand for them, and ther con-
se uent dmnshed prces n reaton to abour.
n the subse uent perod, from 1793 to 1813, t s
probabe that a the crcumstances notced n ths
secton concurred to gve room for the operaton of
that prncpe whch depends upon the demand com-
pared wth the suppy of capta.
n the frst pace, there can be no doubt of the m-
provements n agrcuture whch were gong forwards
durng these twenty years, both n reference to the
genera management of the and, and the nstruments
whch are connected wth cutvaton, or whch n any
way tend to factate the brngng of raw produce to
mar et. 2dy, the ncreasng practce of tas -wor
durng these twenty years, together wth the ncreasng
empoyment of women and chdren, un uestonaby
occasoned a great ncrease of persona e erton and
more wor was done by the same number of persons
and fames than before.
f to these two causes of the ncreased productve-
ness of the powers of abour we add a fa n the prces
of manufactures from mproved machnery, and arse
n the prce of corn from ncreased demand, unaccom-
paned by a proportonate rse of most foregn, and
many home commodtes, the effect of ta ng poorer
and nto cutvaton s so ey to be counterbaanced
under such crcumstances, that n the actua state of
many countres, or n ther probabe state for some
centures to come, we may fary ay our account to
such a resut when the occason cas for t.
shoud fee no doubt, for nstance, of an ncrease
n the rate of profts n ths country for twenty years
together, at the begnnng of the twenteth century,
compared wth the twenty years whch are now comng
on provded ths near perod were a perod of pro-
found tran uty and peace and abundant capta,
and the future perod were a perod n whch capta
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P T AP TAL. 289
was scanty n proporton to the demand for t owng
to a war, attended by the crcumstances of an ncreas-
ng trade, and an ncreasng demand for agrcutura
produce smar to those whch were e perenced from
1793 to 1813.
ut f ths be so, and past e perence |ustfes t,
t foows, that n the actua state of thngs n most
countres of the word, and wthn mted perods of
moderate e tent, the rate of profts w practcay
depend more upon the causes whch affect the reatve
abundance or scarcty of capta, and the demand for
produce compared wth the suppy, than on the fer-
tty of the ast and ta en nto cutvaton. And con-
se uenty, to dwe on ths atter pont as the soe,
or even the man cause whch determnes profts,
must ead to the most erroneous concusons. Adam
mth, n statng the cause of the fa of profts, has
omtted ths pont, and n so dong has omtted a
most mportant consderaton but n dweng soey
upon the abundance and competton of capta, he s
practcay much nearer the truth than those who
dwe amost e cusvey on the uaty of the ast
and ta en nto cutvaton.
n ndvdua cases, the ustraton of ths prncpe
s constanty before our eyes. f a capta of a hun-
dred pounds be e pended n producng tweve hun-
dred yards of caco, whch se for 120, profts w
be 20 per cent. n the other hand, f they se for
110, profts w be ony 10 per cent. and whether
they se for 110 or 120 w be determned by the
state of the suppy compared wth the demand. The
money wages of abour and the vaue of money may
reman the same but a dfferent proporton of the
produce s re ured to repace the capta :f n the
t ought to be aowed that Adam mth, n spea ng of the
effects of accumuaton and competton on profts, naturay means
to refer to a mted terrtory, a mted popuaton, and a mted
demand but accumuaton of capta under these crcumstances
nvoves every cause that can affect profts.
f The reader s aware of the correctons to be made for f ed
capta.

G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
290 T P T AP TAL. . .
frst case a thousand yards are re ured, n the second
neary eeven hundred. t s evdent however that
the ncrease n the uantty of produce re ured to
repace the capta s the conse uence not the cause
of the fa of profts. The cause s the fa n the
vaue of the produce of the same uantty of abour,
or the same vaue of capta.
f nstead of supposng that the same uantty of
produce s obtaned by the same vaue of capta, and
ses at varous prces, we suppose that the uantty
produced and the prces at whch t ses are both
varabe, whch s the actua state of thngs, as profts
depend upon proporton not uantty, t w be st
true that profts w be determned by the proporton
of the vaue of the produce whch goes to repace the
capta, whether the uantty remanng for profts be
one hundred yards or four hundred yards, whether
the abour empoyed on the and becomes ess pro-
ductve or more productve.
t w be sad, perhaps, and truy, that the ord-
nary prces of commodtes are not determned by the
accdenta state of the suppy compared wth the de-
mand, but by the ordnary costs of producton but
ordnary profts are one of the necessary condtons of
the contnued suppy of commodtes, and conse-
uenty one of the eements of ther ordnary cost to
the consumer and ths eement s specfcay deter-
mned by the ordnary state of the suppy compared
wth the demand of the produce of the same vaue of
capta. f the outay of 100 for a year w obtan
a produce whch, on an average of ten or tweve
years, ses for 120, the ordnary rate of profts w
be 20 per cent. f at a future tme the produce of
the same vaue of outay ses on an average durng
a smar perod for 1 , the ordnary rate of profts
w be 10 per cent. The proporton of the produce
whch goes to repace the capta w n the atter
case be t nstead of , and t s obvous that ths
ncreased proporton of the same produce whch s
re ured to repace the capta, s specfcay occa-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. .| T P T AP TAL. 291
soned by a fa n the vaue of the produce of the
same capta.
t appears therefore that whether we refer to mme-
date or to ordnary profts, they must aways depend
upon the dfferent vaues of the produce of the same
vaue of capta determned by the state of the suppy,
mmedate or ordnary, compared wth the demand.
And f abour be the measure of vaue whch trust
has been shewn, ths s the same as sayng that profts
are determned by the proporton of the vaue of the
produce whch goes to pay the abour whch has ob-
taned t and t foows as a drect conse uence that
profts never fa but when the vaue of the produce
of the same uantty of abour fas, and never rse
but when the vaue of the produce of the same uan
tty of abour rses.
ecton . emar s on Mr. cardds Theory
of Profts.
Accordng to Mr. cardo profts are reguated by
wages, and are hgh or ow n proporton as wages
are ow or hgh f or as he has e pressed hmsef
more fuy n another part of hs chapter on profts,
n a countres, and at a tmes, profts depend
upon the uantty of abour re uste to provde ne-
cessares for the abourers on that and, or wth that
capta whch yeds no rent.
t s to be observed, that the varous causes whch practcay
affect profts, and whch the author has enumerated n ths sec-
ton, are a reducbe to one or the other of the two grand ds-
tnctons whch are treated of n the two foregong sectons.
or nstance, agrcutura mprovements, or ncreased persona
e ertons on the part of the abourer, whereby a arger produce s
obtaned wth the same amount of abour, ceary beong to what
he has denomnated the mtng prncpe of profts, whst the
varous crcumstances whch affect the vaue of the same uantty
of produce, the abour empoyed beng aso the same, beong to
the reguatng prncpe of profts. d.
f Prncpes of Potca conomy, ch. v. p. 108, 3rd edt.
| d. p. 128.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
292 T P T AP TAL. . .
t s here understood, that there are no other ad-
vances e cept those of wages and, under these cr-
cumstances, the necessares re ured to pay ten a-
bourers must have re ured fewer than ten abourers
to produce them, or there woud have been no pro-
fts. t s further obvous that the profts upon the
produce necessary to pay the wages of ten abourers
must depend upon the dfference between the whoe
produce, and that porton of t whch s re ured to
pay the number of abourers, whether nne, eght,
seven, or any other proporton actuay empoyed to
produce the wages of the whoe ten.
Mr. cardo s proposton therefore w be found
to be essentay the same as f he had sad that pro-
fts are determned by the proporton of the produce
whch goes to pay the wages of the abour whch
obtaned t. And so far ths theory s ute correct.
ut n ts appcaton he combnes wth t two as-
sumptons, whch beng unfounded renders t as a
whoe essentay erroneous. e assumes,
1st. That the commodtes whch have cost n ther
producton the same uantty of abour w on an
average aways be of the same vaue. And
2ndy. That the vaue of the same uantty of a-
bour vares n proporton to the share of the produce
whch goes to pay the abourer and the varyng
vaue of ths abour beng thus ta en out of the sup-
posed constant vaue of the produce obtaned by them,
the remander determnes the rate of profts.
f these assumptons were we founded the theory
woud be correct. ut t has been shewn, n the 4 th
secton of the 2nd chapter, that commodtes whch
have cost n ther producton the same uantty of
abour, or the same vaue of capta, are sub|ect to
great varatons of vaue, owng to the varyng rate
and varyng uantty of profts whch must be added
to the uantty of accumuated and mmedate abour
empoyed upon them, n order to ma e up ther vaue.
Prncpes of Potca conomy, ch. v. p. , 3rd edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . . T P T AP TAL. 203
And t has further been shewn n the 6th secton
of the same chapter that, however varabe may be the
| uantty or proporton of produce awarded to each
abourer, the vaue of that uantty or proporton w
aways be the same.
t s cear then that profts must be reguated upon
a prncpe essentay dfferent from that stated by Mr.
cardo, and that nstead of beng determned by the
varyng vaue of a certan uantty of abour empoyed,
compared wth the gven vaue of the commodty pro-
duced, they w be determned by the varyng vaue
of the commodty produced compared wth the gven
vaue of the certan uantty of abour empoyed.
Ths concuson w appear str ngy obvous, f
we adopt that supposton respectng the mode of
procurng the precous metas whch woud certany
mantan them most strcty of the same vaue, that
s, f we suppose them to be procured by a unform
uantty of unasssted abour wthout any advances
n the shape of capta beyond the necessares of a
snge day. That the precous metas woud n ths
case retan, more competey than n any other, the
same vaue cannot be dened, as the uantty of a-
bour actuay empoyed n ther producton, and the
uantty of abour they woud command woud be the
same. ut n ths case, as was before stated, the money
prce of abour must reman permanenty the same.
e cannot however for a moment magne that ths
mpossbty of a rse or fa n the money prce of
abour coud n any respect mpede or nterrupt the
natura career of profts. The contnued accumua-
ton of capta and ncreasng dffcuty of procurng
subsstence woud un uestonaby ower profts. A
commodtes, n the producton of whch the same
uantty of abour contnued to be empoyed, but
wth the assstance of captas of varous nds and
amount, woud fa n prce, and |ust n proporton to
the degree n whch the prce of the commodty had
before been affected by profts and wth regard to
corn, n the producton of whch more abour woud
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
294 T P T AP TAL. d. .
be necessary, ths artce woud rse n money prce
|ust to that pont whch woud so reduce corn wages
as to retard the progress of popuaton n proporton
to the dmnuton of effectua demand and thus a
the effects upon profts, attrbuted by Mr. cardo to
a rse of money wages, woud ta e pace whe money
wages and the vaue of money remaned precsey the
same. t s obvous that, n ths case, profts can
ony be reguated by the prncpe of competton, or
of demand and suppy, whch woud determne the
degree n whch the prces of commodtes woud
fa and ther prces, compared wth the unform
prce of abour, woud reguate the rate of profts.
f however nstead of supposng god to be obtaned
by mmedate abour aone n the way here stated, we
suppose wth Mr. cardo that t s obtaned by f ed
and crcuatng captas n certan proportons, t w
be found (as we have before ntmated) that the state
of prces and the rse of abour, contempated by hm
n the progress of cutvaton, are owng to a fa n
the vaue of money, and not to a rse n the vaue of
abour.
As a further ustraton of ths pont so essenta
to a |ust theory of profts, et us suppose a country
supped wth god by a mne of ts own, from whch
the same uantty of meta coud aways be obtaned
by the same uantty of abour wth the same vaue
of other capta and further et us suppose, that at a
partcuar perod the accumuaton of capta was n-
creasng faster than the effectua demand for the pro-
duce at ts former prce under these crcumstances,
et us consder what woud be the conse uences on
the prces of commodtes and abour. t s obvous
that a those commodtes whch contnued to be ob-
taned by the same uantty of abour wth the same
vaue of other capta woud fa n vaue from the
abundance of the suppy and god among the rest
becomng more abundant, a dfferent dvson of the
produce woud ta e pace between the abourers and
the captasts a smaer proporton of t woud go
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P T AP TAL. 29
to pay profts, and a arger proporton to pay wages.
Profts therefore woud fa, and the money wages of
abour woud rse. And the ueston s whether the
rse n the money wages of abour ought to be con-
sdered as a rse n the vaue of abour, or a fa n the
vaue of money. Mr. cardo consders t a rse n
the vaue of abour, and has founded a hs cacua-
tons n hs chapters on rent, wages, and profts, on
ths assumpton. f ndeed the vaue of the produce
of the same uantty of abour, or of abour and cap-
ta, were to reman the same, whch s what he sup-
poses, then t woud be ute true that f a arger
proporton of ths produce went to pay the wages of
abour, the vaue of abour woud rse. ut f the
vaue of the produce fas, then the crcumstance of
a arger proporton of the produce gong to pay the
wages of abour by no means mpes that the vaue
of abour has rsen. t ony mpes that the abourer
receves a arger uantty of an artce whch has
faen n vaue. And that n the present case the
artce has faen n vaue may wth certanty be n-
ferred both from the state of the suppy compared
wth the demand, and the eementary costs of ts
producton. t has been assumed that the suppy s
comparatvey more abundant than before, on account
of the ncrease of capta, athough the productve-
ness of abour has remaned the same. Ths must
necessary occason a fa of profts, and ths fa w
be permanent f the same competton of capta con-
tnues. ut f the rate of profts has faen the ee- ,
mentary costs of producton have faen. n ths case,
the condtons of the suppy of a certan uantty of
Mr. cardo often uses the terms uantty of abour, and
uantty of abour and capta, to e press the same thng. Ge-
neray, when on the sub|ect of profts, he means the uantty of
abour and capta, athough t must be aowed that machnery
and materas of dfferent nds cannot be estmated and com-
pared by uantty. The true condensed e pressons n regard to
the advances on whch profts are estmated must be (as t has
appeared) ether the uantty of abour, or the vaue of the
capta. They are e uvaent, and gve the same resuts.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
290 T P MT AP TAL. e. .
god are the advance of the same uantty of abour,
wth the same vaue of other capta, as before, and a
ess remuneraton for profts. onse uenty the ee-
mentary cost of god to the purchaser s ess than be-
fore.
f t be sad, as Mr. cardo says, that a greater
uantty of abour s re ured to produce the corn
whch pays the wages of the abourer, ths may be
conceded but as a proportonate fa of profts s
found to have ta en pace, the dmnuton of the ee-
ment of profts baances the ncrease of the eement
of abour, eavng the vaue of abour the same as
before, whe ts ncreased prce s occasoned by the
fa n the vaue of money. And that the vaue of
money must have faen s further evdent from the
concusons of Mr. cardo hmsef, ute ndepen-
denty of the measure whch have apped to t.
Accordng to hs theory the prces of manufactured
commodtes, whch have not been produced by m-
proved machnery, w, n the progress of cutvaton,
reman neary the same, whe abour and a raw pro-
ducts w rse. f therefore we measure the vaue of
money by ts genera power of purchasng, ts fa s
decdedy estabshed. f a certan mass of ob|ects
t purchases the same uantty as before of a much
arger mass of ob|ects t purchases a smaer uantty.
f then n the system of Mr. cardo commodtes
obtaned by the same uantty of abour appear to be
of the same vaue, t s ony because he has adopted
as hs measure a money, whch from the nature of ts
composton as consstng n part of profts, necessa-
ry vares wth the varatons n the vaues of the
very commodtes whch t s ntended to measure.
ut n reference to the great mtng prncpe,
whch n hs system s the ony one whch reguates
profts, namey the ncreasng dffcuty of procurng
/ food from the so, t merey n fact determnes the
Ths baance necessary ta es pace, as we have sad, n the
eementary cost of the varyng wages of a gven number of men,
whch aways remans the same.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P T AP TAL. 297
range of possbe profts how hgh they may by pos-
sbty rse, and how ow they may by possbty fa.
t s ndeed aways ready to act and, f not overcome
by countervang factes, w necessary ower the
rate of profts on the and, from whch t w be e -
tended to a other departments of ndustry. ut even
then t aways operates accordng to the aws of de-
mand and suppy and competton.
The specfc reason why profts must fa as the
and becomes more and more e hausted s, that from
the ntrnsc nature of necessares, and of the so
from whch they are procured, the demand for them
and ther prce cannot possby go on ncreasng
n proporton to the e pense of producng them.
Though the vaue of a gven uantty of produce
rses on account of the ncreased uantty of abour
re ured to obtan t, yet the vaue of the dmnshed
produce of the same uantty of abour, or ts eff-
cency n settng fresh abourers to wor necessary
fas from the state of the demand and suppy. The
boundary to the further vaue of and effectua demand
for corn, es cear and dstnct before us. Puttng
mportaton out of the ueston, t s precsey when
the produce of the ast and ta en nto cutvaton
w but |ust repace the capta and support the
popuaton empoyed n cutvatng t. Profts must
then be at ther owest theoretca mt. n ther
progress towards ths pont the contnued accumua-
ton of capta w aways have a tendency to ower
them and at no one perod can they ever be hgher
than the state of the and, under a the crcumstances,
w admt.
They may be much ower, however, as was before
stated, from an abundant suppy of capta compared
wth the demand for produce, whe the so s st
rch. Practcay they are very rarey so hgh as the
actua state of the and combned wth the smaest
possbe uantty of food awarded to the abourer
woud admt of and very rarey so ow as not to
aow the means of further accumuaton.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
298 T P T AP TAL. . .
hat woud be the effects upon the profts of stoc
of any gven ncrease of capta, or even of any gven
ncrease of the abour necessary to produce a certan
uantty of corn, t woud be ute mpossbe to say
before hand. n the case of a mere ncrease of cap-
ta, however arge, t has appeared that crcumstances
mght occur to prevent any fa of profts for a great
ength of tme. And, even n the case of an ncrease
n the uantty of abour necessary to produce corn,
t woud depend entrey upon the prncpes of de-
mand and suppy and competton, whether the n-
crease n the prce of corn woud be such as to throw
amost the whoe of the ncreased dffcuty of pro-
ducton upon the abourer, or upon the captast, or
agan such as to dvde the oss more e uay between
them, whch s what generay happens.
o theory of profts therefore can approach towards
correctness, whch attempts to get rd of the prncpe
of demand and suppy and competton.
t has sometmes been sad that profts depend entrey upon
the productveness of abour. f by productveness of abour be
meant what the words usuay mean, and what they certany
ought to mean, namey the uantty of produce obtaned by a
gven uantty of abour, every day s e perence shews that the
statement s ute unfounded. f the words be ntended to mean
productveness of vaue then no doubt profts depend upon the
productveness of abour. Ths truth s nvoved n the very def-
nton of profts, namey the e cess of the vaue of the produce
above the vaue of the advances, or of a gven uantty of abour
advanced. t s e acty what has been here ncucated, but the
usua and correct meanng of terms must not be changed on par-
tcuar occasons.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
299
APT .
T D T T T ALT A D ALU .
t has been |usty stated by Adam mth that a man
s rch or poor accordng to the degree n whch he
can afford to en|oy the necessares, convenences, and
u ures of human fe. And t foows from ths de-
fnton that, f the bounty of nature furnshed a the
necessares, convenences and u ures of fe to every
nhabtant of a country n the fuest measure of pro-
porton to hs wshes, such a country woud be n
the hghest degree weathy, wthout possessng any
thng whch woud have e changeabe vaue, or coud
command a snge hour s abour.
n ths state of thngs, undoubtedy, weath has
nothng to do wth e changeabe vaue. ut as ths
s not the actua state of thngs, nor ey to be so at
any future tme as the bounty of nature furnshes
but few of the necessares, convenences and u ures
of fe to man wthout the ad of hs own e ertons
and as the great practca stmuus to e erton s the
desre to possess what can ony be possessed by means
of some abour or sacrfce, t w be found that, n
the rea state n whch man s paced on earth, weath
and e changeabe vaue, though st by no means
the same, are n many ponts neary connected.
n consderng the dfferent uanttes of the same
commodty whch, under dfferent crcumstances, have
the same e changeabe vaue, the dstncton s ndeed
perfecty obvous. toc ngs do not ose haf ther
power of contrbutng to the comfort and convenence
of the wearer, because by mproved machnery they
can be made at haf the prce, or ther e changeabe
vaue be reduced one haf. t w be ready aowed
that the man who has two pars of stoc ngs of the
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
300 T D T T T . -
same uaty nstead of one par, possesses, as far as
stoc ngs are concerned, a doube porton of the con-
venences of fe.
et even n ths case he s not n a respects
douby rch. f, ndeed, he means to use them hm-
sef, he may have twce as much weath, though ths
has been dened by some wrters, but f he means to
e change them for other commodtes, he certany
has not as one par of stoc ngs, under certan cr-
cumstances, may command more abour and other
commodtes than two or even three pars after very
great mprovements have been made n the machnery
used n producng them. n a cases however of
ths descrpton, the nature of the dfference between
weath and vaue s suffcenty mar ed.
ut when we come to compare ob|ects of dfferent
nds, there s no other way of estmatng the degree
of weath whch the possesson and en|oyment of
them confer on the owner, than by the estmaton n
whch they are respectvey hed, evnced by ther res-
pectve e changeabe vaues. f one man has a cer-
tan uantty of tobacco, and another a certan uan-
tty of musn, we can ony determne whch of the two
s the rcher by ascertanng ther respectve command
of abour, money, or some other thrd commodty n
the mar et. And even f one country e ports corn,
and mports ace and cambrcs, notwthstandng that
corn has a more mar ed and defnte vaue n use than
any other commodty, the estmate must be formed e -
acty n the same way. Lu ures are a part of weath
as we as necessares. The country woud not have
receved ace and cambrcs n e change for ts corn
uness ts weath, or ts necessares, convenences and
u ures ta en together, had been ncreased by such
e change and ths ncrease of weath cannot possby
be measured n any other way than by the ncrease of
vaue so occasoned, founded upon the crcumstance
that the commodtes receved are more wanted and
hed n hgher estmaton than those whch were sent
away.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . ALT A D ALU . 301
The weath of a country, however, t w be aowed,
does not aways ncrease n proporton to the ncrease
of vaue because an ncrease of vaue may sometmes
ta e pace under an actua dmnuton of commod-
tes but nether does t ncrease n proporton to the
mere uantty of what comes under the denomnaton
of weath, because the varous artces of whch ths
uantty s composed may not be so proportoned to
the wants and powers of the socety as to gve them
ther proper vaue. The most usefu commodty, n
respect of ts uates, f t be absoutey n e cess,
not ony oses ts e changeabe vaue, but ts power
of suppyng the wants of the socety to the e tent of
ts uantty, and part of t therefore oses ts uaty
of weath. f the roads and canas of ngand were
suddeny bro en up and destroyed, so as to prevent
a passage and nterchange of goods, there woud at
frst be no dmnuton of commodtes, but there woud
be mmedatey a most aarmng dmnuton both of
vaue and weath. A great uantty of goods woud
at once ose ther vaue by becomng uttery useess
and though others woud rse n partcuar paces,
yet from the want of power to purchase n those ds-
trcts, the rse woud by no means compensate for the
fa. The whoe e changeabe vaue of the produce
estmated n abour, or money, woud be greaty dm-
nshed and t s ute obvous that the weath of the
socety woud be most essentay mpared that s,
ts wants woud not be n any degree so we supped
as before.
t appears then that the weath of a country de-
pends party upon the uantty of produce obtaned
by ts abour, and party upon such an adaptaton of
ths uantty to the wants and powers of the e stng
popuaton as s cacuated to gve t vaue. othng
can be more certan than that t s not determned by
ether of them aone.
ut where weath and vaue are perhaps the most
neary connected, s n the necessty of the atter to
the producton of the former. n the actua state of
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
302 T D T T T . .
tngs, no consderabe uantty of weath can be
obtaned e cept by consderabe e ertons and un-
ess the vaue whch an ndvdua or the socety
paces on the ob|ect, when obtaned, fuy compensates
the sacrfce whch has been made to obtan t, such
weath w not be produced n future. f abour
aone be concerned n ts producton, as n shrmpng,
n the coecton of hurts and wd strawberres, and
some other e ertons of mere manua abour, t s ob-
vous that ths weath w not be coected, nor w
be used to suppy any of the wants of the socety,
uness ts vaue when coected w, at the east, com-
mand as much abour as the coecton of t has cost.
f the nature of the ob|ect to be obtaned re ures
advances n the shape of capta, as n the vast ma-
|orty of nstances, then by whomsoever ths capta s
furnshed, whether by the abourers themseves or by
others, the commodty w not be produced, uness
the estmaton n whch t s hed by the socety or
ts ntrnsc vaue n e change be such, as not ony to
repace a the advances of abour and other artces
whch have been made for ts attanment, but ewse
to pay the usua profts upon those advances or, n
other words, to command an addtona uantty of a-
bour, e ua to those profts.
t s obvousy therefore the vaue set upon com-
modtes, t s the sacrfce of abour or of abours
worth whch peope are wng to ma e n order to ob-
tan them, that n the actua state of thngs may be
sad to be amost the soe cause of the e stence of
weath and ths vaue s founded on the wants of
man nd, and the adaptaton of partcuar commod-
tes to suppy these wants, ndependenty of the ac-
tua uantty of abour whch these commodtes may
have cost n ther coecton or producton. t s ths
vaue whch s not ony the great stmuus to the pro-
ducton of a nds of weath, but the great regu-
ator of the forms and reatve uanttes n whch t
sha e st. o speces of weath can be brought to
mar et for a contnuance, uness some part of the so-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . ALT A D ALU . 303
cety sets a vaue upon t e ua to ts natura or ne-
cessary prce, and s both abe and wng to ma e a
sacrfce to ths e tent n order to obtan t. A ta
w entrey put an end to the producton of a com-
modty, f no one of the socety s dsposed to vaue t
at a prce e ua to the new condtons of ts suppy.
And on the other hand, commodtes w be contnu-
ay ncreased n uantty so ong as the demands of
those, who are abe and wng to gve a vaue for
them e ua to ths prce, contnue to ncrease.
n short, the mar et prces of commodtes are the
mmedate causes of a the great movements of so-
cety n the producton of weath, and these mar et
prces (when the reaton of money to abour s nown,)
aways e press ceary and une uvocay the e -
changeabe vaues of commodtes arsng from ntrnsc
causes at the tme and pace n whch they are e -
changed, and dffer ony from the natura and necessary
prces, as the actua state of the demand and suppy,
wth regard to any partcuar artce, may dffer from
ts ordnary and average state.
Mr. cardo was, beeve, the frst wrter of note,
who too pans to ma e a mar ed dstncton between
weath and vaue and n ths, he appears to me to
have rendered an un uestonabe servce to the scence
of potca economy : but owng to the pecuar vew
whch he too of e changeabe vaue as dependng
e cusvey upon the uantty of abour actuay em-
poyed n producton, he has made the dstncton
much broader than t reay s.
f the great measure of the e changeabe vaue of
a commodty were what he has represented t to be,
vaue woud depend e cusvey upon dffcuty of
producton, and ts power of measurng weath woud
be e tremey mperfect: whe, f the great measure of
the vaue of a commodty s, as have endeavoured
to shew, the uantty of abour whch t w command,
such a measure w be found to be very much more
comprehensve, and to ma e much nearer approaches
to a measure of weath. t may ndeed safey be sad
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
304 T D T T T . .
that though weath and vaue rarey go on together at
an even pace yet that when a |ust vew s ta en of the
mass of vaue n any country, a the genera causes of a
permanent nature whch are most effectve n the pro-
ducton of weath w be found aso the most effectve
n the producton of vaue and n reference to the whoe
produce of a country, uantty sedom fas to ncrease
vaue, e cept n those temporary cases of a genera gut,
n whch t must be aowed that even the weath of a
country s far from beng proportoned to the ncreased
uantty of the commodtes t has produced.
t woud certany be desrabe to be abe to form
some estmate of the weath of dfferent natons wth
a vew to the comparson of them wth each other.
An attempt to do ths by estmatng the uantty of
ther respectve produce wthout reference to ts vaue
woud be perfecty fute, as t s obvous, that no-
thng coud be nferred by comparng the uantty of
wne n rance wth the uantty of taow n ussa,
or the uantty of tn n ngand wth the uantty
of raw cotton n the Unted tates.
n the other hand, f we were to ta e as our mea-
sure of weath, that measure of vaue whch s deter-
mned by the uantty of mmedate and accumuated
abour, actuay wor ed up n commodtes, we shoud
be but tte better off, as a the weath derved from
superor fertty of so, pecuar products, and the
great mass of profts arsng from f ed and crcuatng
captas woud at once be eft out n the computaton.
ut the case woud be very dfferent, f we were to
ta e as a rough measure of the weath of a country
the uantty of the standard abour of that country
whch ts whoe produce woud command, or e change
for. Ths measure woud embrace a the advan-
tages derved by dfferent countres from ther pe-
cuar products, the superor fertty of ther so
ether natura or ac ured, and the mass of ther pro-
fts occasoned ether by the genera rate of profts, or
by the amount of ther f ed and crcuatng captas,
c. The uantty of standard abour whch the whoe
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . ALT A D ALU . 30
yeary produce woud e change for, accordng to the
actua money prces of abour and commodtes at the
tme mght be consdered as an appro matng est-
mate of the gross annua revenue of the country, whe
the e cess of ths vaue above the mmedate and ac-
cumuated abour advanced n producng t, woud be
an appro matng estmate of what has sometmes been
caed ts neat revenue, or the mass of rents, profts
and ta es derved from these advances.
Dfferent countres tred n ths way by the vaue
of ther produce, woud n genera answer very neary
to the estmates whch woud be formed of ther rea-
tve weath, by the most carefu and ntegent prac-
tca observatons.
An agrcutura country, wth a bad so and the
great mass of the popuaton empoyed on the and
woud be unversay consdered as poor and tred
by the test proposed the vaue of ts produce woud
n the frst pace appear to be sma compared wth ts
e tent of terrtory and secondy, the uantty of
standard abour whch t woud command woud not
much e ceed the uantty of abour empoyed n pro-
ducton.
A country amost entrey agrcutura, yet posses-
sng a rch so woud appear to have a greater gross
revenue, and a greater popuaton on the same e tent
of terrtory than the country before descrbed and
further, t woud be observed to possess a great body
of weathy anded propretors mantanng numerous
mena servants, and retaners whe the soveregn
woud probaby be rch and powerfu, as the state
woud certany have the means of eepng up a arge
mtary force n proporton to ts sze. t woud be
dstngushed by the comparatve arge amount of ts
neat produce, and the great e cess of the uantty of
standard abour, whch ts produce woud command,
compared wth the uantty whch had been actuay
empoyed n obtanng that produce.
ountres amost e cusvey manufacturng and
commerca, are generay sma n e tent, and woud

G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
300 T D T T T . .
generay be observed to possess a arge amount of
produce and popuaton n a comparatvey sma
compass but that appearance of weath and neat pro-
duce whch shews tsef n esure, woud be but tte
seen and the test proposed woud e acty show ths
resut. y ths test the weath of the country woud
appear to be very great compared wth ts e tent of
terrtory : but t woud appear at the same tme that
the uantty of standard abour whch the vaue of
the produce woud command, woud not so much e -
ceed the uantty of abour whch t had actuay em-
poyed, as n the second case comsdered.
f, as a fourth case, we suppose a arge country wth
a very rch so we cutvated, and at the same tme
hghy commerca and manufacturng, such a country
woud to the eye of every observer e hbt a the
concevabe appearances of weath, arge anded for-
tunes, arge mercante and manufacturng fortunes,
consderabe esure, great pubc estabshments, a
great pubc revenue, c. c. and tred by the test pro-
posed, t woud undoubtedy measure very rch. n
account of the sma sze of those states whch depend
amost entrey on commerce and manufactures, and
consst chefy of towns, t s probabe that t woud
not contan so great a produce and popuaton n so
sma a compass as states smar to those of oand,
amburgh and ence, but t woud be rcher com-
pared wth the popuaton. f, owng to the fertty of
ts so and the s wth whch t was wor ed, a sma
proporton of the peope were empoyed upon t, and
the tastes of the socety were such as to encourage
matera convenences and u ures rather than mena
servce, the great mass of these ob|ects combned wth
the raw produce, partcuary under the empoyment
of much f ed capta and mproved machnery, mght
be of unusuay hgh vaue compared wth the po-
puaton. t s ndeed concevabe that under such
crcumstances the vaue of the whoe produce mght
be such as to command the abour of 3 or 4 tmes
the number of fames n the country actuay engaged
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . ALT A D ALU . 307
n productve abour, estmated accordng to the usua
earnngs of agrcutura fames at the tme.
t w be ready understood that the abour whch
commodtes w command or purchase, s used en-
trey as a measure, and has tte more reaton to the
actua uantty of abour empoyed n the country,
than a thousand feet n ength has to the number of
foot rues e stng n the town where the ength may
be measured.
ether s t ntended to be stated that a measure
of vaue can measure satsfactory a the varatons
n weath. There are some ponts where t must be
aowed to fa. n the frst pace t does not e press
correcty the weath of the abourng casses of so-
cety, whch s a very mportant defcency. econdy,
as t does not notce the reatve vaue of the precous
metas, t does not e press the superor power whch
the abour of one country may possess n commandng
the abour and weath of another. Thrdy, t does
not suffcenty mar the degree of weath n u ures
and convenences derved from s and machnery.
hether wth a vew to the frst of these crcum-
stances, t mght be usefu n an estmate of weath,
to ta e a mean between corn and abour, nstead of
the measure of vaue-abour and wth a vew to the
second and n some degree to the thrd, to refer n
part to foregn abour nstead of domestc abour e -
cusvey, may be fary a sub|ect of consderaton.|
Perhaps by so dong, facty and smpcty mght be
ost, wthout ganng a suffcent advantage n pont
of accuracy. ut whether a measure of vaue can
be made a measure of weath or not, t must be
The estmate here made must of course be ute con|ectura
but f the so were very ferte, and a arge part of the vaue of
the mercante and manufacturng products of the profts of f ed
capta, the con|ecture s probaby not beyond the truth. n
ngand at present the vaue of the annua produce woud purchase
the abour of doube the number of fames actuay e stng n
the country, f pad at the prce of common agrcutura abour.
f Ths s what dd n my former edton of ths wor .
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
308 D T T T ALT A D ALU .
aowed that no appro maton towards a measure of
weath can be formed wthout a reference to vaue,
and that when a |ust vew of vaue s ta en, t s found
to have so ntmate a connecton wth weath, n many
ponts, that the measure of t, wthout further modf-
caton, may be practcay of use, n enabng us to
form a |udgment of the weath of dfferent natons
whch we may wsh to compare wth each other
and we sha be tte abe to be ed nto any essen-
ta error by the use of ths measure, as we now
beforehand the ponts n whch ts accuracy s the
most ey to fa, and are conse uenty enabed to
ma e proper aowances.
n comparng the weath of the Unted tates of Amerca ,.
wth amost any other country, we shoud underrate her weath,
uness we made an aowance both for the arge uantty of corn
awarded to the abourer and the hgh money prce of abour, or
ow vaue of money, whch enabes the Amercan abourer to
command so much foregn produce.
n comparng ngand wth the countres on the contnent an
aowance for the ower vaue of money woud be suffcent.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
.
APT .
T P G ALT .
ecton . tatement of the partcuar b|ect
of n ury.
There s scarcey any n ury more curous, or, from
ts mportance, more worthy of attenton, than that
whch traces the causes whch practcay chec the
progress of weath n dfferent countres, and stop t,
or ma e t proceed very sowy, whe the power of
producton remans comparatvey undmnshed, or at
east woud furnsh the means of a great and abun-
dant ncrease of produce and popuaton.
n a former wor endeavoured to trace the
causes whch practcay eep down the popuaton
of a country to the eve of ts actua suppes. t s
now my ob|ect to shew what are the causes whch
chefy nfuence these suppes, or ca the powers of
producton forth nto the shape of ncreasng weath.
Among the prmary and most mportant causes
whch nfuence the weath of natons, must un ues-
tonaby be paced, those whch come under the head
of potcs and moras. ecurty of property, wthout
a certan degree of whch, there can be no encourage-
ment to ndvdua ndustry, depends many upon the
potca consttuton of a country, the e ceence of
ts aws and the manner n whch they are admns-
ssay on the Prncpe of Popuaton.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
310 T P G ALT . . .
tered. And those habts whch are the most favour-
abe to reguar e ertons as we as to genera recttude
of character, and are conse uenty most favourabe
to the producton and mantenance of weath, depend
chefy upon the same causes, combned wth mora
and regous nstructon. t s not however my n-
tenton at present to enter fuy nto these causes,
mportant and effectve as they are but to confne
mysef chefy to the more mmedate and pro mate
causes of ncreasng weath, whether they may have
ther orgn n these potca and mora sources, or n
any others more specfcay and drecty wthn the
provnce of potca economy.
t s obvousy true that there are many countres,
not essentay dfferent ether n the degree of secu-
rty whch they afford to property, or n the mora
and regous nstructon receved by the peope, whch
yet, wth neary e ua natura capabtes, ma e a
very dfferent progress n weath. t s the prncpa
ob|ect of the present n ury to e pan ths and to
furnsh some souton of certan phenomena fre uenty
obtruded upon our attenton, whenever we ta e a
vew of the dfferent states of urope, or of the word
namey, countres wth great powers of producton
comparatvey poor, and countres wth sma powers
of producton comparatvey rch.
f the actua rches of a country not sub|ect to
repeated voences and a fre uent destructon of pro-
duce, be not after a certan perod n some degree
proportoned to ts power of producng rches, ths
defcency must have arsen from the want of an ade-
uate stmuus to contnued producton. The prac-
tca ueston then for our consderaton s, what are
the most mmedate and effectve stmuants to the
contnued creaton and progress of weath.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 311
ecton . f the ncrease of Popuaton cons-
dered as a tmuus to the contnued ncrease of
eath.
Manv wrters have been of opnon that an ncrease
of popuaton s the soe stmuus necessary to the
ncrease of weath, because popuaton, beng the great
source of consumpton, must n ther opnon neces-
sary eep up the demand for an ncrease of pro-
duce, whch w naturay be foowed by a contnued
ncrease of suppy.
That a contnued ncrease of popuaton s a power-
fu and necessary eement of ncreasng demand, w
be most ready aowed but that the ncrease of
popuaton aone, or, more propery spea ng, the
pressure of the popuaton hard aganst the mts of
subsstence, does not furnsh an effectve stmuus to
the contnued ncrease of weath, s not ony evdent
n theory, but s confrmed by unversa e perence.
f want aone, or the desre of the abourng casses
to possess the necessares and convenences of fe,
were a suffcent stmuus to producton, there s no
state n urope, or n the word, whch woud have
found any other practca mt to ts weath than ts
power to produce and the earth woud probaby
before ths perod have contaned, at the very east,
ten tmes as many nhabtants as are supported on ts
surface at present.
ut those who are ac uanted wth the nature of
effectua demand, w be fuy aware that, where the
rght of prvate property s estabshed, and the wants
of socety are supped by ndustry and barter, the
desre of any ndvdua to possess the necessares,
convenences and u ures of fe, however ntense,
w ava nothng- towards ther producton, f there
be no where a recproca demand for somethng whch
he possesses. A man whose ony possesson s hs
abour has, or has not, an effectve demand for pro-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
312 T P G ALT . c . r.
duce accordng as hs abour s, or s not, n demand
by those who have the dsposa of produce. And no
productve abour can ever be n demand wth a vew
to proft uness the produce when obtaned s of greater
vaue than the abour whch obtaned t. o fresh
hands can be empoyed n any sort of ndustry merey
n conse uence of the demand for ts produce occa-
soned by the persons empoyed. o farmer w
ta e the troube of superntendng the abour of ten
addtona men merey because hs whoe produce
w then se n the mar et at an advanced prce |ust
e ua to what he had pad hs addtona abourers.
There must be somethng n the prevous state of the
demand and suppy of the commodty n ueston, or
n ts prce, antecedent to and ndependent of the
demand occasoned by the new abourers, n order to
warrant the empoyment of an addtona number of
peope n ts producton.
t w be sad perhaps that the ncrease of popu-
aton w ower wages, and, by thus dmnshng
the costs of producton, w ncrease the profts of
the captasts and the encouragement to produce.
ome temporary effect of ths nd may no doubt
ta e pace, but t s evdenty very strcty mted.
The fa of rea wages cannot go on beyond a certan
pont wthout not ony stoppng the progress of the
popuaton but ma ng t even retrograde and before
ths pont s reached, the ncrease of produce occa-
soned by the abour of the addtona number of
persons w have so owered ts vaue, and reduced
profts, as to determne the captast to empoy ess
abour. Though the producers of necessares mght
certany be abe n ths case to obtan the funds re-
ured for the support of a greater number of a-
bourers yet f the effectua demand for necessares
were fuy supped, and an ade uate taste for unpro-
ductve consumpton, or persona servces had not
been estabshed, no motve of nterest coud nduce
the producers to ma e an effectua demand for ths
greater number of abourers.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 313
t s obvous then n theory that an ncrease of
popuaton, when an addtona uantty of abour s
not re ured, w soon be chec ed by want of m-
p|oymeU, and the scanty support of those empoyed,
ana w not furnsh the re ured stmuus to an n-
crease of weath proportoned to the power of pro-
ducton.
ut, f any doubts shoud reman wth respect to
the theory on the sub|ect, they w surey be dss-
pated by a reference to e perence. t s scarcey
possbe to cast our eyes on any naton of the word
wthout seeng a str ng confrmaton of what has
been advanced. Amost unversay, the actua weath
of a the states wth whch we are ac uanted s
very far short of ther powers of producton and
among those states, the sowest progress n weath s
often made where the stmuus arsng from popua-
ton aone s the greatest, that s, where the popua-
ton presses the hardest aganst the actua mts of
subsstence. t s ute evdent that the ony far
way, ndeed the ony way, by whch we can |udge
of the practca effect of popuaton aone as a stmu-
us to weath, s to refer to those countres where,
from the e cess of popuaton above the funds apped
to the mantenance of abour, the stmuus of want s
the greatest. And f n these countres, whch st
have great powers of producton, the progress of
weath s very sow, we have certany a the ev-
dence whch e perence can possby gve us, that
popuaton aone cannot create an effectve demand
for weath.
To suppose a great and contnued ncrease of po-
puaton s to beg the ueston. e may as we
suppose at once an ncrease of weath because such
an ncrease of popuaton cannot ta e pace wthout
a proportonate or neary proportonate ncrease of
weath. The ueston reay s, whether encourage-
ments to popuaton, or even the natura tendency of
popuaton to ncrease beyond the funds destned for
ts mantenance, w, or w not, aone furnsh an
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
314 T P G ALT . . .
ade uate stmuus to the ncrease of weath. And
ths ueston, pan, Portuga, Poand, ungary,
Tur ey, and many other countres n urope, toge-
ther wth neary the whoe of Asa and Afrca, and
the greatest part of Amerca, dstncty answer n the
negatve.
ecton . f Accumuaton, or the avng from
evenue to add to apta, consdered as a tmuus
to the ncrease of eath.
Those who re|ect mere popuaton as an ade uate
stmuus to the ncrease of weath, are generay ds-
posed to ma e every thng depend upon accumua-
ton. t s certany true that no permanent and con-
tnued ncrease of weath can ta e pace wthout a
contnued ncrease of capta and cannot agree wth
Lord Lauderdae n thn ng that ths ncrease can be
effected n any other way than by savng from the stoc
whch mght have been destned for mmedate con-
sumpton, and addng t to that whch s to yed a
proft or n other words, by the converson of revenue
nto capta.
ut we have yet to n ure what s the state of
thngs whch generay dsposes a naton to accumu-
ate and further, what s the state of thngs whch
tends to ma e that accumuaton the most effectve,
and ead to a further and contnued ncrease of capta
and weath.
t s undoubtedy possbe by parsmony to devote
at once a much arger share than usua of the produce
of any country to the mantenance of productve a-
ee Lord Lauderdae s hapter on Parsmony, n hs n ury
nto the ature and rgn of Pubc eath, ch. v, p. 198, 2d
edt. Lord Lauderdae appears to have gone as much too far n
deprecatng accumuaton, as some other wrters n recommendng
t. Ths tendency to e tremes s one of the great sources of
error n potca economy, where so much depends upon propor -
tons.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 31

bour and suppose ths to be done, t s ute true

that the abourers so empoyed are consumers as we
as those engaged n persona servces, and that as far as
the abourers are concerned, there woud be no dm-
nuton of consumpton or demand. utot has aready
been shewn that the consumpton and demand occa-
soned by the wor men empoyed n productve abour
can never aone furnsh a motve to the accumuaton
and empoyment of capta and wth regard to the
captasts themseves, together wth the andords and
other rch persons, they have, by the supposton,
agreed to be parsmonous, and by deprvng them-
seves of ther usua convenences and u ures to save
from ther revenue and add to ther capta. Under
these crcumstances, t s mpossbe that the ncreased
cp|antty of commodtes, obtaned by the ncreased
number of productve abourers, shoud fnd pur-
chasers, wthout such a fa of prce as woud pro-
baby sn ther vaue beow that of the outay, or, at
east, so reduce profts as very greaty to dmnsh
both the power and the w to save.
t has been thought by some very abe wrters, that
athough there may easy be a gut of partcuar com-
modtes, there cannot possby be a gut of commod-
tes n genera because, accordng to ther vew of
the sub|ect, commodtes beng aways e changed for
commodtes, one haf w furnsh a mar et for the
other haf, and producton beng thus the soe source
of demand, an e cess n the suppy of one artce
merey proves a defcency n the suppy of some other,
and a genera e cess s mpossbe. M. ay, n hs
dstngushed wor on potca economy, has ndeed
gone so far as to state that the consumpton of a com-
modty by ta ng t out of the mar et dmnshes de-
mand, and the producton of a commodty porporton-
aby ncreases t.
Ths doctrne, however, as generay apped, ap-
pears to me to be uttery unfounded, and competey
to contradct the great prncpes whch reguate sup-
py and demand.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
316 T P G ALT . c . .
t s by no means true, as a matter of fact, that
commodtes are aways e changed for commodtes.
An mmense mass of commodtes s e changed d-
recty, ether for productve abour, or persona ser-
vces : and t s ute obvous, that ths mass of com-
modtes, compared wth the abour wth whch t s
to be e changed, may fa n vaue from a gut |ust as
any one commodty fas n vaue from an e cess of
suppy, compared ether wth abour or money.
n the case supposed there woud evdenty be an
unusua uantty of commodtes of a nds n the
mar et, owng to those -who had been before engaged
n persona servces havng been converted, by the ac-
cumuaton of capta, nto productve abourers whe
the number of abourers atogether beng the same,
and the power and w to purchase for consumpton
among andords and captasts beng by supposton
dmnshed, commodtes woud necessary fa n va-
ue compared wth abour, so as very greaty to ower
profts, and to chec for a tme further producton.
ut ths s precsey what s meant by the term gut,
whch, n ths case, s evdenty genera not parta.
M. ay, Mr. M, and Mr. cardo, the prncpa
authors of these new doctrnes, appear to me to have
faen nto some fundamenta errors n the vew whch
they have ta en-of ths sub|ect.
n the frst pace, they have consdered commod-
tes as f they were so many mathematca fgures, or
arthmetca characters, the reatons of whch were to
Mr. M, n a repy to Mr. pence, pubshed n 1808, has
ad down very broady the doctrne that commodtes are ony
purchased by commodtes, and that one haf of them must aways
furnsh a mar et for the other haf. The same doctrne appears
to be adopted n ts fuest e tent by the author of an abe and
usefu artce on the orn Laws, n the suppement to the ncy-
copaeda rtannca, whch has been referred to a prevous chapter.
These wrters do not seem to be aware of what s un uestonaby
true, that demand s aways determned by vaue, and suppy by
uantty. Two bushes of wheat are doube the uantty of one
n regard to suppy but n numerous cases, two bushes w not
ma e so great a demand as one bushe.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 317
be compared, nstead of artces of consumpton, whch
must of course be referred to the numbers and wants
of the consumers.
f commodtes were ony to be compared and e -
changed wth each other, then ndeed t woud be true
that, f they were a ncreased n ther proper propor-
tons to any e tent, they woud contnue to bear among
themseves the same reatve vaue but, f we com-
pare them, as we certany ought to do, wth the
means of producng the r|, and wth the numbers and
.wants of the consumers, then a great ncrease of pro-
duce wth comparatvey statonary numbers or wth
wants dmnshed by parsmony, must necessary oc-
cason a great fa of vaue estmated n abour, so
that the same produce, though, t mght have cost the
same uantty of abour as before, woud no onger
command the same uantty and both the power of
accumuaton and the motve to accumuate woud be
strongy chec ed.
t s asserted that effectua demand s nothng more
than the offerng of one commodty n e change for
another whch has cost the same uantty of abour.
ut s ths a that s necessary to effectua demand
Though each commodty may have cost the same
uantty of abour n ts producton, and they maybe
e acty e uvaent to each other n e change, yet why
may not both be so pentfu as not to command more
abour, than they have cost, that s, to yed no proft,
and n ths case, woud the demand for them be ef-
fectua oud t be such as to encourage ther con-
tnued producton Un uestonaby not. Ther re-
aton to each other may not have changed but
ther reaton to the wants of the socety, and ther re-
aton to abour, may have e perenced a most mpor-
tant change.
The varatons whch ta e pace n the genera rate of profts
beng common to a commodtes, w not of course affect ther
reatve vaues that s, whether commodtes unversay rse to
a hgher prce, or sn to a ower one, or even fa beow ther
cost, they w contnue to bear the same proporton to each other
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
318 T P G ALT . . .
t w be ready aowed that a new commodty
thrown nto the mar et, whch, n proporton to the
abour empoyed upon t, s of hgher e changeabe
vaue than usua, s precsey cacuated to ncrease
demand because t mpes, not a mere ncrease of
uantty, but an ncrease of vaue owng to a better
adaptaton of the produce to the tastes, wants and con-
sumpton of the socety. ut to fabrcate or procure
commodtes of ths nd s the grand dffcuty and
they certany do not naturay and necessary foow
an accumuaton of capta and ncrease of commod-
tes, most partcuary when such accumuaton and
ncrease have been occasoned by economy of con-
sumpton, or a dscouragement to the ndugence of
those tastes and wants, whch are the very eements
of demand and of vaue.
Mr. cardo, though he mantans as a genera po-
ston that capta cannot be redundant, s obged to
ma e the foowng concesson. e says, There |s
ony one case, and that w be temporary, n wbth
the accumuaton of capta wth a ow prce ofood
as they dd before. ut no one woud ever thn of sayng, that
the demand for them (n the ordnary sense of the word) was the
same n both cases. hen, therefore, Mr. M e pans the
e uaty of demand and suppy to consst n ths that goods
whch have been produced by a certan uantty of abour, e -
change for goods whch have been produced by an e ua uantty
of abour, ( ements of Pot. con. 3rd edt. p. 239.) he uses
the term demand n a sense ute dfferent from that whch s
usuay meant by t. The demand and suppy, as he understands
them, may be e ua to each other, when, owng to a genera sac -
ness of trade, the mass of goods are seng at a prce very much
beow ther ordnary costs of producton or when, n conse uence
of unusua brs ness, they are seng very much above ther costs
that s, when, accordng to Adam mth, and to the accustomed
anguage of socety, the suppy woud be sad, ether greaty to
e ceed the demand, or to fa consderaby short of t.
Throughout the chapter from whch the foregong passage s
ta en, Mr. M uses the term demand, as f t were synonymous
wth e tent of consumpton. y an ncrease or dmnuton of the
demand, he means to refer smpy to the greater or ess uantty of
goods bought or sod. hat s Usuay meant by t, s, the rse or
fa n the vaue of any gven uantty of them.
An error, not to the same e tent, but somewhat smar n nd,
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 319
may be attended wth a fa of profts and that s,
when the funds for the mantenance of abour ncrease
much more rapdy than popuaton wages w then
be hgh and profts ow. f every man were to forego
the use of u ures and be ntent ony on accumua-
ton, a uantty of necessares mght be produced for
whch there coud not be any mmedate consumpton.
f commodtes so mted n number, there mght un-
doubtedy be an unversa gut and conse uenty
there mght nether be demand for an addtona uan-
tty of such commodtes, nor profts on the empoy-
ment of more capta. f men ceased to consume, they
woud cease to produce. Mr. cardo then adds,
Ths admsson does not mpugn the genera prn-
cpe. n ths ast remar can by no means agree
wth hm. t appears to me most competey to mpugn
the genera prncpe. ven f we suppose wth
Mr. cardo, what s not true, that an ncrease of po-
puaton woud certany remedy the ev yet as from
the nature of a popuaton, an ncrease of abourers
cannot be brought nto the mar et, n conse uence of
pervades the wrtngs of o. Torrens. e represents effectua
and proftabe demand as consstng n the power of e changng
commodtes for a greater uantty of the ngredents of capta
than have been e pended n ther producton. ( ssay on eath,
p. 360.) Ths vew of demand, though nearer to the truth than
the foregong one, s nevertheess ncorrect. The chef ngre-
dents of capta, and fre uenty by far the argest, are food and
cothng and ths o. Torrens admts, snce he represents the
costs of producton, as consstng n the advance of a gven num-
ber of uarters of corn and suts of cothng. ow, athough a
man shoud se hs commodty for more corn and cothng than
t has cost hm, he may, notwthstandng, fnd hmsef n ths pre-
dcament, that, the corn and cothng when obtaned, may not,
owng to a change n ther reaton to abour, command the ser-
vces of the same number of men as were empoyed n the pro-
ducton of the commodty for whch they have been e changed
n whch case the apparent proft woud be greaty reduced, or
mght even dsappear atogether. t s then n van for us to
measure the demand for a commodty by the uantty of any
other commodty whch can be had n e change for t, snce we
must at ast resort to abour as the ony standard of the rea
vaue of every thng, and of the effectua demand- for t. d.
Prnc. of Pot. con. ch. . p. 343, 3rd edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
320 T P G ALT . . .
a partcuar demand, t after the apse of s teen or
eghteen years, and the converson of revenue nto
capta by savng, may ta e pace much more ra-
pdy a country s aways abe to an ncrease n the
uantty of the funds for the mantenance of abour
faster than the ncrease of popuaton. ut f, when-
ever ths occurs, there may be an unversa gut of
commodtes, how can t be mantaned, as a genera
poston, that capta s never redundant and that
because commodtes may retan the same reatve va-
ues, a gut can ony be parta, not genera
Another fundamenta error nto whch the wrters
above-mentoned and ther foowers appear to have
faen s, the not ta ng nto consderaton the nfuence
of so genera and mportant a prncpe n human na-
ture as ndoence or ove of ease.
t has been supposed that, f a certan number of
farmers and a certan number of manufacturers had
been e changng ther surpus food and cothng wth
each other, and ther powers ff producton were sud-
deny so ncreased that both partes coud, wth the
same abour, produce u ures n addton to what they
had before obtaned, there coud be no ort of dffcuty
wth regard to demand, as part of the u ures whch
the farmer produced woud be e changed aganst part
of the u ures produced by the manufacturer and
the ony resut woud be, the happy one ot both par-
tes beng better supped and havng mo e en|oy-
ments.
ut n ths ntercourse of mutua gratfcatons, two
thngs are ta en for granted, whch are the very |onts
n dspute. t s ta en for granted that u ures are
aways preferred to ndoence, and that an ade uate
proporton of the profts of each party s consumed s
revenue. hat woud be the effect of a desre t r
save under such crcumstances, sha be consdered
presenty. The effect of a preference of ndoence to
u ures woud evdenty be to occason a want of de-
dnburgh evew, o. L . p. 471.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 321
mand for the returns of the ncreased powers of pro-
ducton supposed, and to throw abourers out of em-
poyment. The cutvator, beng now enabed to ob-
tan the necessares and convenences to whch he had
been accustomed, wth ess to and troube, and hs
tastes for rbands, ace and vevet not beng fuy
formed, mght be very ey to nduge hmsef n n-
doence, and empoy ess abour on the and whe
the manufacturer, fndng hs vevets rather heavy of
sae, woud be ed to dscontnue ther manufacture,
and to fa amost necessary nto the same ndoent
system as the farmer. That an effcent taste for
u ures and convenences, that s, such a taste as w
propery stmuate ndustry, nstead of beng ready to
appear at the moment t s re ured, s a pant of sow
growth, the hstory of human socety suffcenty shows
and that t s a most mportant error to ta e for granted,
that man nd w produce and consume a that they
have the power to produce and consume, and w never
prefer ndoence to the rewards of ndustry, w suf-
fcenty appear from a sght revew of some of the
natons wth whch we are ac uanted. ut sha
have occason for a revew of ths nd n the ne t
secton and to ths refer the reader.
t has been sad, that t s specfcay the def-
cency of producton on the part of the ndoent, whch
occasons the want of demand for the products of the
ndustrous and that, f the de were made to pro-
duce, the surpus woud dsappear. ut ths remar
s evdenty besde the ueston. The rea ueston
s, whether under the actua habts and tastes of the
socety, any number of persons who mght be ncned
to save and produce, f they suted ther produce to
Ths answer of the author w hardy be thought satsfactory.
or f the aegaton set up be a true one, t certany fas wthn
||A the mts of the ueston. The proper answer s, that t s not
a true one. f the de were to produce, t coud ony be by means
of a arger accumuaton, that s, of the converson of more revenue
nto capta. ut ths, though t mght ma e some ateraton n
the channes of demand, coud not possby ncrease the sum
tota of the demand. d.

--
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
322 T P G ALT . c . .
these habts and tastes, woud be secure of fndng
such a demand for a they coud brng nto the mar-
et as to prevent the possbty of what s caed a
gut, or a great fa of profts n a arge mass of com-
modtes. hat mght happen under dfferent tastes
and habts s entrey a dfferent ueston.
t has aso been sad, that there s never an nds-
poston to consume, that the ndsposton s to pro-
duce. et, what s the dsposton of those master
manufacturers, and merchants who produce very
argey and consume sparngy s ther w to pur-
chase commodtes for ther consumpton proportoned
to ther power Does not the use whch they ma e
of ther capta ceary show that ther w s to pro-
duce, not to consume and n fact, f there were not
n every country some who were ndsposed to con-
sume to the vaue of what they produced, how coud
the natona capta ever be ncreased
A thrd very serous error of the wrters above re-
ferred to, and practcay the most mportant of the
three, conssts n supposng that accumuaton ensures
demand or that the consumpton of the abourers em-
poyed by those whose ob|ect s to save, w create
such an effectua demand for commodtes as to en-
courage a contnued ncrease of produce.
Mr. cardo observes, that f 10,000 were gven
to a man havng 100,000 per annum, he woud not
oc t up n a chest, but woud ether ncrease hs
e penses by 10,000, empoy t hmsef productvey,
or end t to some other person for that purpose n
ether case demand woud be ncreased, athough t
woud be for dfferent ob|ects. f he ncreased hs
e penses, hs effectua demand mght probaby be for
budngs, furnture, or some such en|oyment. f he
empoyed hs 10,000 productvey, hs effectua de-
mand woud be for food, cothng, and raw materas,
whch mght set new abourers to wor . ut st t
woud be demand.
Prn. of Pot. con. ch. . p. 361, 2nd edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 323
Upon ths prncpe t s supposed that f the rcher
porton of socety were to forego ther accustomed con-
venences and u ures wth a vew to accumuaton,
the ony effect woud be a drecton of neary the whoe
capta of the country to the producton of necessares,
whch woud ead to a great ncrease of cutvaton
and popuaton. ut ths s precsey the case n
whch Mr. cardo dstncty aows that there mght
be a unversa gut for there woud undoubtedy be
more necessares produced than woud be suffcent
for the e stng demand. Ths state of thngs coud
not, however, contnue snce, owng to the fa whch
woud ta e pace, cutvaton woud be chec ed, and
accumuaton be arrested n ts progress.
t s therefore obvous that wthout an e pendture
whch w encourage commerce, manufactures, and
persona servces, the possessors of and woud have
no suffcent stmuus to cutvate we and a country
such as our own, whch had been rch and popuous,
woud, wth too parsmonous habts, nfaby be-
come poor and comparatvey unpeoped.
Ths reasonng w obvousy appy to the case
notced before. he the farmers were dsposed
to consume the u ures produced by the manufac-
turers, and the manufacturers those produced by the
farmers, a woud go on smoothy but f ether
one or both of the partes were dsposed to save
argey, wth a vew of betterng ther condton, and
provdng for ther fames n future, the state of
thngs woud be very dfferent. The farmer, nstead
of ndugng hmsef n rbands, ace, and vevets,
woud be dsposed to be satsfed wth more smpe
cothng, but by ths economy he woud dsabe the
manufacturer from purchasng the same amount of
hs produce and for the returns of so much abour
empoyed upon the and, and a greaty ncreased n
Productve power, there woud evdenty be no mar et,
he manufacturer, n e manner, nstead of ndug-
dnburgh evew, o. v. p. 471.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
324 T P G ALT . c . .
ng hmsef n sugar, grapes, and tobacco, mght be
dsposed to save wth a vew to the future, but woud
be totay unabe to do so, owng to the parsmony of
the farmers and the want of demand for manufac-
tures.
An accumuaton, to a certan e tent, of common
food and common cothng mght ta e pace on both
sdes but the amount must necessary be e tremey
confned. t woud be no sort of use to the farmer to
go on cutvatng hs and wth a vew merey to gve
food and cothng to hs abourers. e woud be
dong nothng ether for hmsef or famy, f he nether
consumed the surpus of what they produced hmsef,
nor coud reaze t n a shape that mght be transmt-
ted to hs descendants. f he were a tenant, such ad-
dtona care and abour woud be entrey thrown
away and f he were a andord, and were deter-
mned, wthout reference to mar ets, to cutvate hs
estate n such a way as to ma e t yed the greatest
neat surpus wth a vew to the future, t s ute cer-
Theoretca wrters n Potca conomy, from the fear of
appearng to attach too much mportance to money, have perhaps
been too apt to throw t out of ther consderaton n ther reason-
ngs. t s an abstract truth that we want commodtes, not
money. ut, n reaty, no commodty for whch t s possbe
to se our goods at once, can be an ade uate substtute for a cr-
cuatng medum, and enabe us n the same manner to provde
for chdren, to purchase an estate, or to command abour and
f(revsons a year or two hence. A crcuatng medum s abso-
utey necessary to any consderabe savng and even the manu-
facturer woud get on but sowy, f he were obged to accumu-
ate n nd a the wages of hs wor men. e cannot therefore
be surprsed at hs wantng money rather than other goods and,
n cvzed countres, we may be ute sure that f the farmer or
manufacturer cannot se hs products so as to gve hm a pro6t
estmated n money, hs ndustry w mmedatey sac en. The
crcuatng medum bears so mportant a part n the dstrbuton
of weath, and the encouragement of ndustry, that t s hardy
ever safe to set t asde n our reasonngs, and a attempts at
ustraton, by supposng advances of a certan uantty of corn
and cothng, nstead of a certan uantty pf money, whch every
year practcay represents a varabe uantty of corn, cannot
fa to ead us wrong.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 32
tan that the arge porton of ths surpus whch was
not re ured ether for hs home consumpton, or to
purchase cothng for hmsef and hs abourers, woud
be absoutey wasted. f he dd not choose to use t
n the purchase of u ures or the mantenance of per-
sona servces, t mght as we be thrown nto the sea.
To save t, that s to use t n empoyng more a-
bourers upon the and, woud be to mpoversh both
hmsef and hs famy, and render t mpossbe at a
future tme to obtan a arge dsposeabe produce from
hs and, wthout retracng hs steps and dsmssng
haf hs abourers, who mght starve when ther abour
was no onger wanted.
t woud be st more useess to the manufacturers
to go on producng cothng beyond what was wanted
by the agrcutursts and themseves. Ther numbers
ndeed woud entrey depend upon the demands of
the agrcutursts, as they woud have no means of
purchasng subsstence, but n proporton as there was
a recproca want of ther manufactures. The popu-
aton re ured to provde smpe cothng for such a
socety wth the assstance of good machnery woud
be nconsderabe, and woud absorb but a sma por-
ton of the proper surpus of rch and we cutvated
and. There woud evdenty therefore be a genera
want of demand, both for produce and popuaton
and whe t s ute certan that an ade uate passon
for consumpton may fuy eep up the proper pro-
porton between suppy and demand, whatever may
be the powers of producton, t appears to be ute as
certan that an nordnate passon for accumuaton
must nevtaby ead to a suppy of commodtes be-
yond what the structure and habts of such a socety
w permt to be proftaby consumed.
ut f ths be so, surey t s a most mportant error
, The reader must aready now, that do not share n the
apprehensons of Mr. wen about the permanent effects of ma-
chnery. ut am decdedy of opnon, that on ths pont he has
the best of the argument wth those who thn that accumuaton
ensures effectua c rmand.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
326 T P G ALT . . 1.
to coupe the passon for e pendture and the passon
for accumuaton together, as f they were of the same
nature and to consder the demand for the food and
cothng of the abourer, who s to be empoyed pro-
ductvey, as securng such a genera demand for com-
modtes and such a rate of profts for the capta em-
poyed n producng them, as w ade uatey ca
forth the powers of the so, and the ngenuty of man
n procurng the greatest uantty both of raw and
manufactured produce.
f, n the process of savng, a that was ost by the
captast was ganed by the abourer, the chec to
the progress of weath woud be but temporary, as
stated by Mr. cardo and the conse uences need
not be apprehended. ut f the converson of reve-
nue nto capta pushed beyond a certan pont must,
by dmnshng the effectua demand for produce,
throw the abourng casses out of empoyment, t s
obvous that the adopton of parsmonous habts be-
yond a certan pont, may be accompaned by the
most dstressng effects at frst, and by a mar ed de-
presson of weath and popuaton afterwards.
t s not, of course, meant to be stated that pars-
mony, or even a temporary dmnuton of consump-
ton, s not often n the hghest degree usefu, and
sometmes absoutey necessary to the progress of
weath. A state may certany be runed by e tra-
vagance and a dmnuton of the actua e pendture
may not ony be necessary on ths account, but when
the capta of a country s defcent, compared wth
the demand for ts products, a temporary economy of
consumpton s re ured, n order to provde that sup-
py of capta whch can aone furnsh the means of
an ncreased consumpton n future. A that s con-
tended for s, that no naton can possby grow rch
by an accumuaton of capta, arsng from a perma-
nent dmnuton of consumpton because such accu-
Parsmony, or the converson of revenue nto capta, may
ta e pace wthout any dmnuton of consumpton, f the revenue
ncreases frst.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 327
muaton beng beyond what s wanted n order to
suppy the effectua demand for produce, a part of t
woud very soon ose both ts use and ts vaue, and
cease to possess the character of weath.
The aws whch reguate the rate of profts and the
progress of capta, bear a very str ng and snguar
resembance to the aws whch reguate the rate of
wages and the progress of popuaton.
Mr. cardo has very ceary shewn that the rate
of profts must dmnsh, and the progress of accumu-
aton be fnay stopped, under the most favourabe
crcumstances, by the ncreasng dffcuty of procu-
rng the food of the abourer. , n e manner, en-
deavoured to shew n my ssay on the Prncpe of
Popuaton that, under crcumstances the most favour-
abe to cutvaton whch coud possby be supposed
to operate n the actua state of the earth, the rea
wages of the abourer woud graduay become more
scanty, and the progress of popuaton be fnay stop-
ped by the ncreasng dffcuty of procurng the means
of subsstence.
ut Mr. cardo has not been satsfed wth prov-
ng the poston |ust stated. e has not been satsfed
wth shewng that the dffcuty of procurng the food
of the abourer s the ony absoutey necessary cause
of the fa of profts, n whch am ready fuy and
entrey to agree wth hm: but he has gone on to
say, that there s no other cause of the fa of profts
n the actua state of thngs that has any degree of
permanence. n ths atter statement he appears to
me to have faen nto precsey the same nd of
error as shoud have faen nto, f, after havng
shewn that the unrestrcted power of popuaton was
beyond comparson greater than the power of the
earth to produce food under the most favourabe cr-
cumstances possbe, had aowed that popuaton
coud not be redundant uness the powers of the earth
y ths e presson mean such a degree of permanence as
to be caed the ordnary rate of profts.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
328 T P G ALT . c . r.
to eep up wth the progress of popuaton had been
tred to the uttermost. ut a aong sad, that
popuaton mght be redundant, and greaty redun-
dant, compared wth the demand for t and the actua
means of supportng t, athough t mght most pro-
pery be consdered as defcent, and greaty defcent,
compared wth the e tent of terrtory, and the powers
of such terrtory to produce addtona means of sub-
sstence that, n such cases, notwthstandng the ac-
nowedged defcency of popuaton, and the obvous
desrabeness of havng t greaty ncreased, t was
useess and foosh drecty to encourage the brth of
more chdren, as the effect of s|ch encouragement,
wthout a demand for abour and the means of payng
t propery, coud ony be ncreased msery and mor-
taty wth tte or no fna ncrease of popuaton.
ow the same nd of reasonng ought, thn ,
to be apped to the rate of profts and the progress
of capta. uy ac nowedgng that there s hardy
a country n the four uarters of the gobe where
capta s not defcent, and n most of them very
greaty defcent, compared wth the terrtory and
even the number of peope and fuy aowng at the
same tme the e treme desrabeness of an ncrease of
capta, shoud say that, where the state of the de-
mand for commodtes was such as to afford much
ess than ordnary profts to the producer, and the
captasts were at a oss where and how to empoy
ther captas to advantage, the savng from revenue
to add st more to these captas woud ony tend
prematurey to dmnsh the motve to accumuaton,
and st further to dstress the captasts, wth tte
ncrease of a whoesome and effectve capta.
hat s wanted n both these cases, pror to the
ncrease of capta and popuaton, s an effectua de-
mand for commodtes, that s, a demand by those
who are abe and wng to pay an ade uate prce for
them and though hgh profts are not foowed by
an ncrease of capta, so certany as hgh wages are
by an ncrease of popuaton, yet t w be found
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 329
that they are so foowed more generay than they
appear to be, because, n many countres, profts
are often thought to be hgh, owng to the hgh
nterest of money, when they are reay ow and
because, unversay, rs n empoyng capta has
precsey the same effect n dmnshng the mo-
tve to accumuate and the reward of accumuaton,
as ow profts. At the same tme t w be aowed
that determned e travagance, and a determned n-
dsposton to save, may eep profts permanenty
hgh. The most powerfu stmuants may, under
pecuar crcumstances, be ressted yet st t w
not cease to be true that the natura and egtmate
encouragement to the ncrease of capta s that n-
crease of the power and w to save whch s hed
out by certan and steady profts and under crcum-
stances n any degree smar, such ncrease of power
and w to save must amost aways be accompaned
by a proportonate ncrease of capta.
ne of the most str ng nstances of the truth of
ths remar , and a further proof of a snguar resem-
bance n the aws that reguate the ncrease of capta
and of popuaton, s to be found n the rapdty wth
whch the oss of capta s recovered durng a war
whch does not nterrupt commerce. The oans to
government convert capta nto revenue, and ncrease
demand at the same tme that they at frst dmnsh
the means of suppy. The necessary conse uence
must be an ncrease of profts. Ths naturay n-
creases both the power and the reward of accumua-
ton and f ony the same habts of savng preva
among the captasts as before, the recovery of the
ost stoc must be rapd, |ust for the same nd of
apta s wthdrawn ony from those empoyments where t
can best be spared. t s hardy ever wthdrawn from agrcuture.
othng s more common, as have stated n the hapter on ent,
than ncreased profts, not ony wthout any capta beng wth-
drawn from the and, but under a contnua addton to t. Mr.
cardo s assumpton of constant prces woud ma e t absoutey
mpossbe to account theoretcay for thngs as they are. f
capta were consdered as not wthn the pae of demand and
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
330 T P G ALT . . .
reason that the recovery of popuaton s so rapd
after some great mortaty.
t s now fuy ac nowedged that t woud be a
gross error n the atter case, to magne that, wthout
the prevous dmnuton of the popuaton, the same
rate of ncrease woud st have ta en pace be-
cause t s precsey the hgh wages occasoned by the
demand for abour, whch produce the effect of so
rapd an ncrease of popuaton. n the same prn-
cpe t appears to me as gross an error to suppose that,
wthout the prevous oss of capta and an ncreased
demand for produce occasoned by the e pendture n
ueston, capta shoud be as rapdy accumuated
because t s precsey the hgh profts of stoc occa-
soned by the demand for commodtes, and the con-
se uent demand for the means of producng them,
whch at once gve the power and the w to accu-
muate.
Though t may be aowed therefore that the aws
whch reguate the ncrease of capta are not ute
so dstnct as those whch reguate the ncrease of
popuaton, yet they are certany |ust of the same
nd and t s e uay van, wth a vew to the per-
manent ncrease of weath, to contnue convertng re-
venue nto capta, when there s no ade uate demand
for the products of such capta, as to contnue en-
couragng marrage and the brth of chdren wthout
a demand for abour and an ncrease of the funds for
ts mantenance.
suppy, the very famar event of the rapd recovery of capta
woud be ute ne pcabe. The amount of capta empoyed
on the and durng the revoutonary war, was prodgousy n-
creased owng to the great ncrease of profts and athough many
merchants and manufacturers were occasonay sub|ected to great
osses, yet the hgh rate of profts generay seemed more than to
baance them and there cannot be a doubt of the ncrease both
of mercante and manufacturng captas.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 331
ecton . f the ertty of the o, cons-
dered as a tmuus to the contnued ncrease of
eath.
n spea ng of the fertty of the so as not affordng
wth certanty an ade uate stmuus to the contnued
ncrease of weath, t must aways be recoected
that a ferte so gves at once the greatest natura
capabty of weath that a country can possby pos-
sess. hen the defcent weath of such a country
s mentoned, t s not ntended to spea postvey,
but comparatvey, that s wth reference to ts na-
tura capabtes and so understood, the proposton
w be abe to few or no e ceptons. Perhaps, n-
deed, t may be sad that no nstance has occurred,
n modern tmes, of a arge and very ferte country
havng made fu use of ts natura resources whe
there have been many nstances of sma and unferte
states havng accumuated wthn ther narrow mts,
by means of foregn commerce, an amount of weath
very greaty e ceedng what coud be e pected from
ther physca capabtes.
f a sma body of peope were possessed of a rch
and e tensve nand terrtory, dvded nto arge por-
tons, and not favouraby stuated wth respect to
mar ets, a very ong perod mght eapse before the
state became weathy and popuous, notwthstandng
the fertty of the so and the conse uent facty of
producton. The nature of such a so woud ma e
t yed a proft or rent to the owner n ts uncutvated
state. e woud set a vaue therefore upon hs pro-
perty, as a source of proft as we as of power and
amusement and though t was capabe of yedng
much more raw produce than he and hs mmedate
dependents coud consume, he woud by no means be
dsposed to aow others to seze on t, and dvde t
at ther peasure. e woud probaby et out cons-
derabe portons of t for sma rents. ut the tenants
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
332 T P G ALT . . .
of these portons, f there were no foregn vent for the
raw produce, and the commodtes whch contrbute
to the convenences and u ures of fe were but tte
nown, woud have but sma nctement to ca forth
the resources of hs and, and gve encouragement to
a rapd ncrease of popuaton. y empoyng ten
fames he mght perhaps, owng to the rchness of
the so, obtan food for ffty but he woud fnd no
proportonate mar et for ths addtona food, and
woud be soon sensbe that he had wasted hs tme
and attenton n superntendng the abour of so many
persons. e woud be dsposed therefore to empoy
a smaer number or f, from motves of humanty,
or any other reason, he was nduced to eep more
than were necessary for the suppy of the mar et,
upon the supposton of ther beng toeraby ndus-
trous, he woud be ute ndfferent to ther ndustry,
and hs abourers woud naturay ac ure the most
ndoent habts. uch habts woud probaby be
generated both n the masters and servants by such
crcumstances, and when generated, a consderabe
tme and consderabe stmuants are necessary to get
rd of them.
t has been sad, that those who have food and
necessares at ther dsposa w not be ong n want
of wor men, who w put them n possesson of some
of the ob|ects most usefu and desrabe to them.
ut ths appears to be drecty contradcted by e -
perence. f the estabshment, e tenson, and refne-
ment of domestc manufactures were so easy a matter,
our ancestors woud not have remaned for many
hundred years so supped wth them, and been
obged to e pend the man part of ther raw produce
n the support of de retaners. They mght be very
ready, when they had the opportunty, to e change
ther surpus raw produce for the foregn commodtes
wth whch they were ac uanted, and whch they
had earnt to estmate. ut t woud be a very dffe-
cardo s Prnc. of Pot. con. ch. . p. 342, 3rd edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 333
rent thng, and very suted to ther habts and de-
gree of nformaton, to empoy ther power of com-
mandng abour n settng up manufactures on ther
own estates. Though the and mght be rch, t
mght not sut the producton of the materas most
wanted and the necessary machnery, the necessary
s n usng t, and the necessary ntegence and
actvty of superntendance, woud a unavodaby be
defcent at frst, and under the crcumstances sup-
posed, must be of very sow growth so that after
those ruder and more ndspensabe artces were
supped, whch are aways wanted and produced n
an eary stage of socety, t s natura enough that a
great ord shoud prefer dstngushng hmsef by a
few spendd foregn commodtes, f he coud get
them, and a great number of retaners, than by a arge
uantty of cumsy manufactures, whch nvoved
great troube of superntendance.
t s certany true, however, ta ng as an nstance
an ndvdua wor man, and supposng hm to possess
a gven degree of ndustry and s , that the ess
tme he s empoyed n procurng food, the more tme
w he be abe to devote to the procurng of conve-
nences and u ures but to appy ths truth to whoe
natons, and to nfer that the greater s the facty of
procurng food, the more abundanty w the peope
be supped wth convenences and u ures woud be
one among the many rash and fase concusons whch
are often made n the appcaton of a proposton
wthout due attenton to a the parts of the premses
on whch t rests. n the present case, a depends
upon the supposton of a gven degree of ndustry
and s , and the encouragement to empoy them.
ut f, after the necessares of fe were obtaned, the
wor man shoud consder ndoence as a greater u -
ury than those whch he was ey to procure by
further abour, the proposton woud at once cease to
be true. And as a matter of fact, confrmed by a
the accounts we have of natons, n the dfferent stages
of ther progress, t must be aowed that ths choce
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
334 T P G ALT . . .
seems to be very genera n the eary perods of socety,
and by no means uncommon n the most mproved
states.
ew ndeed and scanty woud be the porton of
convenences and u ures found n socety, f those
who are the man nstruments of ther producton had
no stronger motves for ther e ertons than the desre
of en|oyng them. t s the want of necessares whch
many stmuates the abourng casses to produce
u ures and were ths stmuus removed or greaty
wea ened, so that the necessares of fe coud be ob-
taned wth very Ltte abour, nstead of more tme
beng devoted to the producton of convenences, there
s every reason to thn that ess tme woud be so
devoted.
At an eary perod of cutvaton, when ony rch
sos are wor ed, as the uantty of corn s the great-
est, compared wth the uantty of abour re ured to
produce t, we mght e pect to fnd a sma porton
of the popuaton engaged n agrcuture, and a arge
porton engaged n admnsterng to the other wants
of the socety. And there can be tte doubt that
ths s the state of thngs whch we reay shoud see,
were t true, that f the means of mantanng abour
be found, there can be no dffcuty n ma ng t pro-
duce ob|ects of ade uate vaue or that when food
can be obtaned wth facty, more tme w be de-
voted to the producton of convenences and u ures.
ut n e amnng the state of unmproved countres,
what do we reay see amost nvaraby, a much
arger proporton of the whoe peope empoyed on
the and than n those countres where the ncrease of
popuaton has occasoned the necessty of resortng to
poor sos and ess tme nstead of more tme devoted
to the producton of convenences and u ures.
f the great anded natons of urope, and ndeed
of the word, ngand, wth hardy an e cepton, s
supposed to have pushed ts cutvaton the farthest
and though the natura uates of ts whoe so by
no means stand very hgh n the scae of comparatve
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 33
rchness, there s a smaer proporton of the peope
empoyed n agrcuture, and a greater proporton em-
poyed n the producton of convenences and u ures,
or vng on moned ncomes, than n any other agr-
cutura country of the word. Accordng to a ca-
cuaton of usmch, n whch he enumerates the df-
ferent proportons of peope n dfferent states, who ve
n towns, and are not empoyed n agrcuture, the
hghest s that of three to seven, or three vng n
towns to seven n the country whereas n ngand
the proporton of those engaged n manufactures and
commerce, and other empoyments not connected wth
the and, compared wth those engaged n agrcuture
s as much as three to two.f
Ths s a very e traordnary fact, and affords a
str ng proof how very dangerous t s, n potca
economy, to draw concusons from the physca ua-
ty of the materas whch are acted upon, wthout
reference to the mora as we as the physca uates
of the agents.
t s undoubtedy a physca uaty of very rch
and, f wor ed by peope possessng a gven degree
of ndustry and s , to yed a arge uantty of pro-
duce, compared wth the number of hands empoyed
but, f the facty of producton whch rch and gves
has the effect, under certan crcumstances, of pre-
ventng the growth of ndustry and s , the and may
become practcay ess productve, compared wth the
number of persons empoyed upon t, than f t were
not dstngushed for ts rchness.
Upon the same prncpe, the man who can procure
the necessary food for hs famy, by two days abour
n the wee , has the physca power of wor ng much
onger to procure convenences and u ures, than the
man who must empoy four days n procurng food
usmch, vo. . p. 60. ssay on Popuaton, vo. . p.
4 9. edt. th. n foregn states very few persons ve n the
country who are not engaged n agrcuture but t s not so n
ngand.
t Popuaton Abstracts, 1811.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
336 T P G ALT . . .
but f the facty of gettng food creates habts of n-
doence, ths ndoence may ma e hm prefer the u -
ury of dong tte or nothng, to the u ury of pos-
sessng convenences and comforts and n ths case,
he may devote ess tme to the wor ng for conven-
ences and comforts, and be more scanty provded
wth them than f he had been obged to empoy more
ndustry n procurng food.
Among the crowd of countres whch tend more or
ess to ustrate and confrm by ther present state
the truth of these postons, none perhaps w do t
more str ngy than the pansh domnons n Ame-
rca, of whch M. umbodt has gven so vauabe an
account.
pea ng of the dfferent pants whch are cut-
vated n ew pan, he says of the banana, |e doute
u e ste une autre pante sur e gobe u, sur un
s pett espace de terran, pusse produre une masse
de substance nourrssante auss consd rabe. e
cacuates n another pace more partcuary, that
dans un pays mnemment ferte un dem hectare,
ou un arpent ga cutv en bananes de a grande
esp ce, peut nourrr pus de cn uantes ndvdus,
tands u en urope e m me arpent ne donnerat par
an, en supposant e hut me gran, ue 76 o-
grammes de farne de froment, uantt u n est pas
suffsante pour a subsstance de deu ndvdus : auss
ren ne frappe pus urop en r cemment arrv dans
a zone torrde ue e tr me pettesse des terrans
cutv s autour d une cabane u renferme une fame
nombreuse d ndg nes. f
t appears further, that the banana s cutvated
wth a very trfng uantty of abour, and se per-
p tue sans ue homme y mette d autre son ue de
couper es tges dont e frut a m r, et de donner
a terre une ou deu fos par an un ger abeur en
pochant autour des racnes.
ssa Pot ue sur a ouvee spagne, tom. . 1. v. c. ne.
p. 28.
t d. p. 36. t d. p. 28.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 337
hat mmense powers of producton are here des-
crbed hat resources for unbounded weath, f
effectvey caed nto acton et what s the actua
state of thngs n ths ferte regon. M. umbodt
says, n entend souvent r p ter dans es coones
spagnoes, ue es habtans de a r gon chaude
(terra caente) ne pourront sortr de tat d apathe
dans e ue s sont pong s depus des s ces, ue
ors u une cedue royae ordonnera a destructon des
bananers. Le rem de est voent et ceu u e
proposent avec tant de chaeur ne d poent g n rae-
ment pas pus d actvt ue e bas-peupe u s veu-
ent forcer au trava en augmentant a masse de ses
besons. faut esp rer ue ndustre fera des pro-
gr s parm es Me cans sans u on empoe des
moyens de destructon. n consd rant d aeurs a
fact avec a uee homme se nourrt dans un c-
mat o crossent es bananers, on ne dot pas s ton-
ner ue dans a r gon e unoctae du nouveau con-
tnent a cvsaton at commenc dans es montagnes,
sur un so mons ferte, sous un ce mons favorabe
au d veoppement des tres organs s o e beson
m me r vee ndustre.
Au ped de a ord re dans es va es humdes
des ntendances de era- ruz, de aadod, ou de
Guadaa ara, un homme u empoye seuement deu
|ours de a semane un trava peu p nbe peut
fournr de a subsstance une fame ent re.
t appears then, that the e treme fertty of these
countres, nstead of affordng an ade uate stmuus to
a rapd ncrease of weath and popuaton, has pro-
duced, under the actua crcumstances n whch they
have been paced, a degree of ndoence whch has
ept them poor and thny peoped after the apse of
ages. Though the abourng casses have such ampe
tme to wor for convenences and comforts, they are
amost desttute of them. And, even n the necessary
artce of food, ther ndoence and mprovdence pre-.
umbodt s ouvee spagne, torn. . 1. v. c. . p. 38.
z
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
338 T P G ALT . . .
vent them from adoptng those measures whch woud
secure them aganst the effects of unfavourabe sea-
sons. M. umbodt states that famnes are common
to amost a the e unocta regons and observes
that, sous a zone torrde, o une man benfasante
sembe avor r pandu e germe de abondance, homme
nsoucant et phegmat ue prouve p rod uement
un man ue de nourrture ue ndustre des peupes
cutv s ogne des r gons es pus st res du
ord.
t s possbe, however, that the heat of the cmate
n these ower regons of ew pan, and an nferor
degree of heathness compared wth the hgher re-
gons, though by no means such as to precude a fu
popuaton, may have asssted n eepng them poor
and thny peoped. ut when we ascend the or-
deras, to cmates whch seem to be the fnest n the
word, the scene whch presents tsef s not essentay
dfferent.
The chef food of the ower casses of the nhab-
tants on the eevated pans of the orderas, s
maze and maze, though not so productve, com-
pared wth the abour empoyed upon t, as the ba-
nana, e ceeds very greaty n productveness the grans
of urope, and even of the Unted tates. um-
bodt states, that La f condt du thao, ou ma s
Me can, est au-de de tout ce ue on peut ma-
gner en urope. La pante, favors e par de fortes
chaeurs et par beaucoup d humdt , a uert une
hauteur de deu tros m tres. Dans es bees
panes u s tendent depus an |uan de o
uretaro, par e empe, dans es terres de a grande
m tare de speranza, un fan gue de ma s en pro-
dut ue uefos hut cents des terrens fertes en
donnent, ann e commune, tros uatre cents. Dans
es envrons de aadod on regarde comme mau-
vase une r cote u ne donne ue 130 ou 1 0 fos
a semence. L o e so est e pus st re, on compte
d. torn. . 1. . c. v. p. 3 8.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 339
encore so ante ou uatre-vngt grans. n crot u en
genera e produt du ma s peut tre vau dans a
r gon e unoctae du royaume de a ouvee s-
pagne cent cn uante pour un.
Ths great fertty produces, as mght be e pected,
ts natura effect of ma ng the mantenance of a fa-
my n ordnary tmes e tremey easy.
n the town of Me co tsef, where provsons are
very consderaby dearer than n the country, on ac-
count of the badness of the roads, and the e pense of
carrage, the very dregs of the peope are, accordng
to umbodt, abe to earn ther mantenance by ony
one or two days abour n the wee .-| Les rues de
Me co fourment de vngt trent me maheureu
( aragates Guachnangos), dont a pupart passent
a nut a bee toe, et s tendent e |our au soe,
e corps tout nu enveopp dans une couverture de
fanee. ette e du peupe, ndens et Mets, pr -
sentent beaucoup d anaoge avec es Lazarons de
apes. Paresseu , nsoucans, sobres comme eu ,
es Guachnangos n ont cependant aucune f roct
dans e caract re s ne demandent |amas aum ne :
s s travaent un ou deu |ours par semane, s gag-
nent ce u eur faut pour acheter du pu ue, ou de
ces canards u couvrent es agunes Me canes, et
ue on r tt dans eur propre grasse.
ut ths pcture of poverty s not confned to the
dregs of the nhabtants of a arge town. Les n-
dens Me cans, en es consd rant en masse, pr sen-
tent e tabeau d une grande ms re. e gu s dans
es terres es mons fertes ndoens par caract re, et
pus encore par sute de eur stuaton pot ue, es
natfs ne vvent u au |our e |our.
th these habts they are tte ey to ma e
provson aganst the occasona faures n the crops
of maze, to whch these crops are pecuary abe
ssa Pot ue sur a ouvee spagne, torn. . 1. v. c. .
p. 6.
t ouvee spagne, torn. . 1. . c. v. p. 37.
| Tom . 1. . c. v. p. 4 29.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
340 T P G ALT . . .
and conse uenty, when such faures ta e pace, they
are e posed to e treme dstress. pea ng generay
of the mmedate obstaces to the progress of popua-
ton n ew pan, umbodt seems to consder fa-
mne and the dseases whch t produces, as the most
crue and destructve of a. Les ndens Am r-
cans, (he says) comme es habtans de ndostan,
sont accoutum s se contenter de a mondre uantt
d amens u e ge e beson de a ve s augmentent
en nombre sans ue accrossement des moyens de
subsstance sot proportone cette augmentaton de
popuaton. ndoens par caract re, et surtout cause
de a poston dans a uee s se trouvent sous un
beau cmat, sur un so g n raement ferte, es nd-
g nes ne cutvent en ma s, en pommes de terre, et en
froment ue ce u eur faut pour eur propre nour-
rture, ou tout au pus ce ue re uert a consomma-
ton des ves et cee des mnes es pus vosnes.
And further on, he says, e man ue de proporton
u e ste entre es progr s de a popuaton et ac-
crossement de a uantt d amens produte par a
cuture, renouvee e spectace affgeant de a famne
cha ue fos u une grande s cheresse ou ue ue autre
cause ocae a g t a r cote du ma s.
These accounts str ngy shew the ndoence and
mprovdence whch preva among the peope. uch
habts must necessary act as formdabe obstaces n
the way of a rapd ncrease of weath and popuaton.
here they have been once fuy estabshed, they are
not ey to change, e cept graduay and sowy
under a course of powerfu and effectve stmuants.
And whe the e treme ne uaty of anded property
contnues, and no suffcent vent s found for the raw
produce n foregn commerce, these stmuants w be
furnshed very sowy and nade uatey.
That the ndoence of the natves s greaty aggra-
vated by ther potca stuaton, cannot for a moment
be doubted but that, n spte of ths stuaton, t
ouvee spagne, torn. . v. . c. v. pp. 3 et 3 6.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 311
yeds n a great measure to the usua e ctements s
suffcenty proved by the rapd cutvaton whch ta es
pace n the neghbourhood of a new mne, where an
anmated and effectve demand s created for abour
and produce. entot e beson revee ndustre
on commence a abourer e so dans es ravns, et sur
es pentes des montagnes vosnes, par tout ou e roc
est couvert de terreau : des fermes s etabssent dans
e vosnage de a mne : a cherte des vvres, e pr
consderabe au ue a concurrence des acheteurs
mantent tous es produts de agrcuture, dedom-
magent e cutvateur des prvatons au - uees e -
pose a ve penbe des montagnes.
hen these are the effects of a reay brs demand
for produce and abour, we cannot be at a oss for the
man cause of the sow cutvaton whch has ta en
pace over the greatest part of the country. cept
n the neghbourhood of the mnes and near the great
towns, the effectve demand for produce s not such
as to nduce the great propretors to brng ther m-
mense tracts of and propery nto cutvaton : and the
popuaton, whch, as we have seen, presses hard at
tmes aganst the mts of subsstence, evdenty e -
ceeds n genera the demand for abour, or the num-
ber of persons whch the country can empoy wth
reguarty and constancy n the actua state of ts
agrcuture and manufactures.
n the mdst of an abundance of ferte and, t
appears that the natves are often very scanty sup-
ped wth t. They woud gady utvate portons
of the e tensve dstrcts hed by the great propretors,
and coud not fa of thus dervng an ampe subsst-
ence for themseves and fames but n the actua
state of the demand for produce n many parts of the
country, and n the actua state of the gnorance and
ndoence of the natves, such tenants mght not be
abe to pay a rent e ua to what the and woud yed
n ts uncutvated state, andn ths case they woud
ouvee spagne, torn. . v. v. c. . p. 12.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
342 T P G ALT . . .
sedom be aowed to ntrude upon such domans and
thus ands whch mght be made capabe of support-
ng thousands of peope, may be eft to support a few
hundreds of catte.
pea ng of a part of the ntendency of era ruz,
umbodt says, Au|ourd hu des espaces de pu-
seurs eues carrees sont occupes par deu ou tros
cabanes, autour des uees errent des bceufs a dem-
sauvages. Un pett nombre de fames pussantes,
et u vvent sur e pateau centra, possedent a pus
grande parte du ttora des ntendances de era ruz,
et de an Lus Potos. Aucune o agrare ne force
ces rches propretares de vendre eurs ma|orats, s s
persstent a. ne pas vouor defrcher eu -memes des
terres mmenses u en dependent.
Among propretors of ths descrpton, caprce and
ndoence mght often prevent many from cutvatng
ther ands. Generay,however, t mght be e pected,
that these tendences woud yed, at east n a cons-
derabe degree, to the more steady nfuence of sef-
nterest. ut a vcous dvson of terrtory prevents
the motve of nterest from operatng so strongy as t
ought to do n the e tenson of cutvaton. thout
suffcent foregn commerce to gve vaue to the raw
produce of the and and before the genera ntro-
ducton of manufactures had opened channes for do-
mestc ndustry, the demand of the great propretors
for abour woud be very soon supped and beyond
ths, the abourng casses woud have nothng to gve
them for the use of ther ands. Though the and-
hoders mght have ampe power to support an e -
tended popuaton on ther estates, the very sender
ncrease of en|oyments, f any, whch they mght de-
rve from t, woud rarey be suffcent to overcome
ther natura ndoence, or overbaance the possbe
nconvenences or troube that mght attend the pro-
ceedng. f that encouragement to the ncrease of
popuaton, whch arses from the dvson and sub-
ouvee spagne, torn . 1. . c. v. p. 342.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 343
dvson of and as new fames are brought nto be-
ng, the country s deprved by the orgna state of
property, and the feuda customs and habts whch t
necessary tends to generate. And under these cr-
cumstances, f a comparatve defcency of commerce
and manufactures, whch great ne uaty of property
tends rather to perpetuate than to correct, prevents the
growth of that demand for abour and produce, whch
can aone remedy the dscouragement to popuaton
occasoned by ths ne uaty, t s obvous that pa-
nsh Amerca may reman for ages thny peoped and
poor, compared wth her natura resources.
And so, n fact, she has remaned. or though the
ncrease of popuaton and weath has been consde-
rabe, partcuary of ate years, snce the trade wth
the mother-country has been more open, yet atogether
t has been far short of what t woud have been, even
under a pansh government, f the rches of the so
had been caed forth by a better dvson of anded
property, or a greater and more constant demand for
raw produce.
umbodt observes that Les personnes u ont
r f ch s reusement sur a rchesse du so Me can
savent ue, par e moyen d une cuture pus sogn e,
et sans supposer des travau e traordnares pour
rrgaton des champs, a porton de terran d |
d frch pourrot fournr de a subsstance pour une
popuaton hut d fos pus nombreuse. e then
adds, very |usty, es panes fertes d Atasco,
de houa et de Pueba ne produsent pas des r cotes
pus abondantes, a cause prncpae dot tre cherch e
dans e man ue des consommateurs, et dans es en-
traves ue es n gat s du so opposent au commerce
nt reur des grans, surtout eur transport vers es
c tes u sont bagn es par a mer des Antes. n
the actua state of these dstrcts, the man and m-
medate cause whch retards ther cutvaton s n-
deed the want of consumers, that s, the want of
Tom. . . v. c. . p. 89.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
344 T P G ALT . . .
power to se the produce at such a prce as w at
once encourage good cutvaton, and enabe the far-
mers to gve the andords somethng that they want,
for the use of ther and. And nothng s so ey
to prevent ths prce from beng obtaned, as any ob-
staces natura or artfca to nterna and e terna
commerce.
That the sow progress of ew pan n weath and
popuaton, compared wth ts prodgous resources,
has been more owng to want of demand than want of
capta, may fary be nferred from the actua state
of ts capta, whch, accordng to umbodt, s rather
redundant than defcent. pea ng of the cutvaton
of sugar, whch he thn s mght be successfuy car-
red on n ew pan, he says, La ouvee s-
pagne, outre Tavantage de sa popuaton, en a encore
un autre tres mportant, ceu d une masse enorme de
captau amoncees chez es propretares des mnes
ou entre es mans de negocans u se sont retres du
commerce.
Atogether the state of ew pan, as descrbed by
umbodt, ceary shews
1st. That the power of supportng abour may e st
to a much greater e tent than the w.
2dy. That the tme empoyed n wor ng for con-
venences and u ures s not aways great n pro-
porton as the tme empoyed n wor ng for food s
sma.
3dy. That the defcent weath of a ferte country
may be more owng to want of demand than want of
capta.
And, n genera, that fertty of so aone s not
an ade uate stmuus to the contnued ncrease of
weath.
t s not necessary, however, to go so far as the
pansh domnons n Amerca, to ustrate these pro-
postons. The state of the mother-country tsef, and
of most of the countres of urope, woud furnsh the
Tom. . . v. c. . p. 178.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 34
same concusons. e need not ndeed go farther
than reand to see a confrmaton of them to a very
consderabe e tent.
The cutvaton of the potatoe, and ts adopton as
the genera food of the ower casses of the peope n
reand, has rendered the and and abour necessary
to mantan a famy, unusuay sma, compared wth
most of the countres of urope. The conse uence
of ths facty of producton, unaccompaned by such
a tran of fortunate crcumstances as woud gve t fu
effect n the ncrease of weath, s a state of thngs re-
sembng, n many respects, countres ess advanced
n cvzaton and mprovement.
The promnent feature of reand s, the power
whch t possesses and actuay e ercses, of support-
ng a much greater popuaton than t can empoy,
and the natura and necessary effect of ths state of
thngs, s the very genera prevaence of habts of n-
doence. The anded propretors and prncpa tenants
beng possessed of food and necessares, or at east of
the ready means of procurng them, have found wor -
men n abundance at ther command but these wor -
men not fndng suffcent empoyment n the farms on
whch they had setted, have rarey been abe to put
ther andords n possesson of the ob|ects most use-
fu and most desrabe to them. ometmes,ndeed,
from the competton for and occasoned by an over-
fowng popuaton, very hgh rents have been gven
for sma portons of ground ft for the growth of po-
tatoes but as the power of payng such rents must
depend, n a consderabe degree, upon the power of
gettng wor , the number of fames upon an estate,
who can pay hgh money rents, must have an obvous
mt. Ths mt, there s reason to beeve, has been
often found n the nabty of the rsh cotter to pay
the rent whch he had contracted for and t s gene-
ray understood that the most ntegent rsh and-
ords, nfuenced both by motves of humanty and n-
terest, are now endeavourng to chec the progress of
that redundant popuaton upon ther estates, whch,
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
34G T P G ALT . c . .
whe t generates an e cessve degree of poverty and
msery as we as ndoence, sedom ma es up to the
empoyer, n the owness of wages, for the addtona
number of hands whch he s obged to hre, or ca
upon for ther apponted servce n abour. e s
now generay aware that a smaer number of more
ndustrous abourers woud enabe hm to rase a ar-
ger produce for the consumpton of towns and manu-
facturers, and at the same tme that they woud thus
contrbute more argey to the genera weath of the
country, woud be n a more happy condton them-
seves, and enabe hm to derve a arger and more
certan rent from hs estates.
The ndoence of the country-abourers n reand
has been unversay remar ed. And whether ths
arses from there beng reay tte for them to do n
the actua state of thngs, or from a natura tendency
to deness, not to be overcome by ordnary stmu-
ants t s e uay true that the arge porton of tme
of whch they have the command, beyond what s
empoyed n provdng themseves wth necessares,
does not certany produce the effect of ma ng them
abound n convenences and u ures. The poor coth-
ng and worse odgng of the rsh peasant are as we
nown as the spare tme whch t mght be e pected
woud be the means of furnshng hm ampy wth a
nds of convenences.
n defence, however, of the rsh peasant, t may be
truy sad, that n the state or socety n whch he has
been paced, he has not had a far tra he has not
been sub|ected to the ordnary stmuants whch pro-
duce ndustrous habts. n amost every part of the
sand, partcuary n the south and west, the popu-
n appyng abour as a rough measure of weath, or n mea-
surng vaue n reand we must remember, as before ntmated,
that we must ta e the prce of the abour whch s actuay, and
wth average constancy engaged, and not the prce at whch t
may be occasonay offered by a haf empoyed popuaton. The
cauton whch Adam mth has gven about the abour of cotters,
aready referred to n ths wor , must be partcuary attended
to.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 347
aton of the country dstrcts s greater than the ac-
tua busness to be done on the and can empoy. f
the peope, therefore, were ever so ndustrousy n-
cned, t s not possbe for them a to get reguar
empoyment n the occupatons whch beong to the
so. n the more hy parts of the country whch
are devoted chefy to pasture, ths mpossbty s
more partcuary str ng. A sma farm among the
erry mountans may support perhaps a arge famy,
among whom are a number of grown-up sons but the
busness to be done upon the farm s a mere trfe.
The greatest part of t fas to the share of the women.
hat remans for the men cannot occupy them for a
number of hours e ua to a snge day n the wee
and the conse uence s, they are generay seen o-
terng about, as f tme was absoutey of no vaue to
them.
They mght, one shoud suppose, wth a ths e-
sure, empoy themseves n budng better houses, or
at east n mprovng them, and eepng them neat
and cean. ut wth regard to the frst, some dff-
cutes may occur n procurng materas and wth
regard to the second, t appears from e perence, that
the ob|ect s ether not understood, or not consdered
as worth the troube t woud cost.
They mght aso, one shoud suppose, grow or pur-
chase the raw materas of cothng, and wor them
up at home and ths n fact s reay done to a cer-
tan e tent. Most of the nen and woen they wear,
s prepared by themseves. ut the raw materas,
when not of home growth, cannot be purchased wth-
out great dffcuty, on account of the ow money
prces of abour and n preparng them for wear, the
temptatons to ndoence w generay be too power-
fu for human wea ness, when the ueston s merey
about a wor whch may be deferred or negected,
wth no other effect than that of beng obged to wear
od cothes a tte onger, where t can be done cer-
tany wthout any voaton of the customs of the
country.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
348 T P G ALT . . .
f the rsh peasant coud fnd such a mar et for the
resut of hs n-door occupatons as woud gve hm
constant empoyment at a far money prce, hs habts
mght soon change but t may be doubted whether
any arge body of peope n any country ever ac ured
reguar and ndustrous habts, where they were un-
abe to get reguar and constant wor , and when, to
eep themseves constanty and benefcay empoyed,
t was necessary to e ercse a great degree of prov-
dence, energy, and sef-command.
t may be sad, perhaps, that t s capta aone
whch s wanted n reand, and that f ths want were
supped, a her peope mght be easy empoyed.
That one of the greatest wants of reand s capta
w be ready aowed but conceve t woud be
a very great msta e to suppose that the mportaton
of a arge uantty of capta, f t coud be effected,
woud at once accompsh the ob|ect re ured, and
create a uantty of weath proportoned to the abour
whch seems ready to be empoyed n ts producton.
The amount of capta whch coud be ad out n
reand n preparng goods for foregn sae, must
evdenty depend upon the state of foregn mar ets
and the amount that coud be empoyed n domestc
manufactures, must as evdenty depend upon the
domestc demand. An attempt to force a foregn
mar et by means of capta, must necessary occason
a premature fa of profts, and mght, after great
osses, be ute neffectua and wth regard to the
domestc demand, whe the habts of the great mass
of the peope are such as they are at present, t must
be ute nade uate to ta e off the products of any
consderabe mass of new capta. n a country,
where the necessary food s obtaned wth so tte a-
bour, and the popuaton s st e ua or neary e ua
to the produce, t s perhaps mpossbe that the tme
not devoted to the producton of food shoud create a
proportonate uantty of weath, wthout a very de-
cded taste for convenences and u ures among the
ower casses of socety, and such a power of pur-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 340
chasng as woud occason an effectve demand for
them. ut t s we nown, that the taste of the
rsh peasant for artces of ths descrpton s yet to
be formed. s wants are few, and these wants he
s n the habt of suppyng prncpay at home.
wng to the cheapness of the potatoe, whch forms
the prncpa food of the ower casses of the peope,
hs money wages are ow and the porton whch re-
mans, after provdng absoute necessares, w go
but a very tte way n the purchase of convenences.
A these crcumstances are most unfavourabe to the
ncrease of weath derved from manufactures destned
for home consumpton. ut the tastes and habts of
a arge body of pe6pe are e tremey sow n chang-
ng and n the mean tme the appcaton of capta
n arger uanttes than was suted to the progress of
the change, woud certany fa to yed such profts
as woud encourage ts contnued accumuaton and
appcaton n the same way. n genera t may be
sad that demand s ute as necessary to the ncrease
of capta as the ncrease of capta s to demand.
They mutuay act upon and encourage each other,
and nether of them can proceed wth vgour f the
other be eft far behnd.
n the actua state of reand, am ncned to
beeve, that the chec whch the progress of her
manufactures has receved, has been as much owng
to a want of demand as a want of capta. er pe-
cuar dstress upon the termnaton of the ate war
had un uestonaby ths orgn, whatever mght have
been the subse uent destructon of capta. And
the great chec s to her manufactures formery were the
un|ust and mpotc restrctons mposed by ngand
whch prevented, or crcumscrbed the demand for
them.
There s ndeed n reand a fata defcency n one
of the greatest sources of prosperty, the perfect secu-
rty of property and t ths defect s remeded, t s
not easy to so pronounce upon the degree n whch the
redundant capta of ngand woud fow nto reand
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
3 0 T P G ALT . . |.

wth the best effect. uch a change coud not fa

to produce a great ncrease n the effectua demand
for capta, as we as ts suppy but n the actua
state of thngs, there s reason to thn that advances
of capta have sometmes been made wth tte bene-
fca resut. A certan defnte assstance n part-
cuar estabshments, or n factatng the commun-
catons between one part of the country and another,
may be gven by government wth advantage but
any thng approachng to a forced suppy of ca-
pta wth a vew to the genera empoyment of the
peope n the e tenson of cutvaton, woud nfa-
by create an unnatura demand for abour whch coud
not be mantaned, woud tend to parayse ndvdua
efforts, and termnate n ncreased poverty and dstress
among the abourng casses.
The state of reand n respect to the tme and
abour necessary to the producton of her food s such,
that her capabtes for manufacturng and commer-
ca weath are prodgous. f under a state of thngs
where a nds of property were secure an mproved
system of agrcuture were to rase the food and raw
materas re ured for the popuaton wth the sma-
est uantty of abour necessary to do t n the best
manner, and the remander of the peope, nstead of
oterng about upon the and, were engaged n ma-
nufactures and commerce carred on n great and
fourshng towns, reand woud be beyond compa-
rson rcher than ngand. Ths s what s wanted
to gve fu scope to her great natura resources and
to attan ths state of thngs an mmense capta s
undoubtedy re ured but t can ony be empoyed
to advantage as t s graduay caed for and a pre-
mature suppy of t woud be much ess benefca and
ess permanent n ts effects, than such a change n
the tastes and habts of the ower casses of peope,
such an ateraton n the mode of payng ther abour
and such an mprovement n the structure of the
There s nothng so favourabe to effectua demand as a arge
proporton of the mdde casses of socety.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 3 1
whoe socety as woud gve both the ower and md-
de casses a greater w and power to purchase do-
mestc manufactures and foregn commodtes.
The state of reand then may be sad to ead to
neary the same concusons as that of ew pan,
and to shew
That the power of empoyng abour on the part
of andhoders may often e st to a much greater e -
tent than the w
That the necessty on the part of abourers of em-
poyng ony a sma porton of tme n producng
food does not aways occason the empoyment of a
greater porton of tme n procurng convenences and
u ures
That the defcency of weath n a ferte country
may be more owng to want of demand than to want
of capta
And, n genera, that the fertty of the so aone
s not an ade uate stmuus to the permanent ncrease
of weath.
ecton . f nventons to save Labour, cons-
dered as a tmuus to the contnued ncrease of
eath.
nventons to save abour sedom ta e pace to any
consderabe e tent, e cept when there s a decded
demand for them. They are the natura conse uence of
mprovement and cvzaton, and, n ther more per-
fect forms, generay come n ad of the fang powers
of producton on the and. The fertty of the so,
beng a gft of nature, e sts whether t s wanted or
not and must often therefore e ceed for many hun-
dred years the power of fuy usng t. nventons,
whch substtute machnery for manua e ertons,
beng the resut of the ngenuty of man, and caed
forth by hs wants, w, as mght be e pected, sedom
e ceed those wants.
ut the same aw appes to both. They both
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
3 2 T P G ALT . . .
come under the head of factes of producton and
n both cases a fu use cannot he made of ths fac-
ty, uness the power of suppy whch t furnshes be
accompaned by an ade uate e tenson of the mar et.
hen a machne s nvented, whch, by savng
abour, w brng goods nto the mar et at a much
cheaper rate than before, the most usua effect s
such an e tenson of the demand for the commodty,
by ts beng brought wthn the power of a much
greater number of purchasers, that the vaue of the
whoe mass of goods made by the new machnery
greaty e ceeds ther former vaue and, notwthstand-
ng the savng of abour, more hands, nstead of fewer,
are re ured n the manufacture.
Ths effect has been very str ngy e empfed n
the cotton machnery of ths country. The consump-
ton of cotton goods has been so greaty e tended
both at home and abroad, on account of ther cheap-
ness, that the vaue of the whoe of the cotton goods
and twst now made e ceeds, beyond comparson, ther
former vaue whe the rapdy ncreasng popuaton
of the towns of Manchester, Gasgow, c. durng the
ast thrty years, ampy testfes that, wth a few tem-
porary e ceptons, the demand for the abour con-
cerned n the cotton manufactures, n spte of the
machnery used, has been ncreasng very greaty.
hen the ntroducton of machnery has ths effect,
t s not easy to apprecate ts enrchng power, or ts
tendency to ncrease both the vaue and uantty of
domestc and foregn commodtes.
hen however the commodty to whch machnery
s apped s not of such a nature that ts consumpton
can e tend wth ts cheapness, the ncrease of weath
derved from t s nether so great nor so certan.
t however t may be hghy benefca but the
e tent of ths beneft depends upon crcumstances.
onsderng the manner n whch have e pressed mysef
here, t appears to me not a tte e traordnary that shoud
sometmes have been cassed wth Mr. smond as an enemy to
machnery. f the reader w drect hs attenton to what have
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 3 3
Let us suppose a number of captasts n the habt
of empoyng 20,000 each for abour, n a manufac-
ture of mted consumpton, and that machnes were
ntroduced whch, by the savng of abour, woud
enabe them to suppy the actua demand for the
commodty wth captas of ten thousand pounds
each n the purchase of abour, nstead of twenty.
There woud, n ths case, be a certan number often
thousand pounds, and the men empoyed by these
captas, thrown out of empoyment. n the other
hand, there woud be a porton of revenue set free for
the purchase of fresh commodtes and ths demand
woud undoubtedy be of the greatest advantage n
encouragng the empoyment of the vacant captas
n other drectons. At the same tme t must be re-
coected that ths demand woud not be a new one,
and, even when fuy supped, coud ony repace the
dmnuton of capta and profts n one department,
occasoned by the empoyment of so many ten thou-
sands, nstead of twenty thousands. ut n wth-
drawng capta, a part of whch must necessary be
f ed, from one empoyment and pacng t n another,
there s amost aways a consderabe oss. The use-
essness of the od f ed capta woud be at once a
oss of revenue to the amount of the former nterest
and profts upon t. ven f the whoe of the re
mander coud be mmedatey empoyed, t woud
probaby be ess n vaue : and on the whoe, uness
more mena servants were used, many persons woud
be thrown out of wor and thus the power of the
whoe capta and revenue to command the same
uantty of abour woud evdenty depend upon the
contngency of the vacant captas beng wthdrawn
undmnshed from ther od occupatons, and fndng
sad, thn he must aow that t s hardy possbe to say more
wth truth. To mantan that the same e tent of beneft w
resut n a cases, and that there never can be the east dffcuty
n fndng new empoyments for capta at the same profts, does
appear to me, own, an asserton e uay contradcted by a
|ust theory, and unversa e perence.
A A
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
3 4 T P ALT . . .
mmedatey e uvaent empoyment n others. ut
ths assumed facty of fndng mmedate empoyment
for fresh capta n new occupatons wth undmnshed
profts, appears to me to be contradcted by genera
e perence and the supposton here made must be
aowed to present a case essentay dstnct from that
where, as n most of our great manufactures, the e -
tenson of demand, owng to the cheapness occasoned
by machnery, has greaty ncreased the whoe vaue
as we as the whoe uantty of the produce.
f, n order to try the prncpe, we were to push t
farther, and to suppose that, wthout any e tenson of
the foregn mar et for our goods, we coud by means
of machnery obtan a the commodtes at present
obtaned at home, wth one thrd of the abour now
apped, s t n any degree probabe that the mass of
vacant captas coud be advantageousy empoyed, or
that the mass of abourers thrown out of wor coud
fnd the means of commandng an ade uate share of
the natona produce f there were other foregn
trades whch, by means of the capta and abour
thrown out of empoyment, mght be greaty e tended,
the case woud be at once ute atered, and the re-
turns of such trades mght furnsh stmuants suff-
cent to eep up the vaue of the natona ncome.
ut, f ony an ncrease of domestc commodtes coud
be obtaned, there s every reason to fear that the e -
ertons of ndustry woud sac en. The peasant, who
mght be nduced to abour an addtona number of
hours for tea or tobacco, mght prefer ndoence to a
new coat. The tenant or sma owner of and, who
coud obtan the common convenences and u ures
of fe at one thrd of ther former prce, mght not
abour so hard to procure the same amount of surpus
produce from the and. And the trader or merchant,
who woud contnue n hs busness n order to be abe
to drn and gve hs guests caret and champagne,
mght thn an addton of homey commodtes by no
means worth the troube of so much constant atten-
ton.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 3
t has been sad that, when there s an ncome
ready for the demand, t s mpossbe that there shoud
be any dffcuty n the empoyment of abour and
capta to suppy t, as the owner of such an ncome,
rather than not spend t, woud purchase a tabe or
char that had cost the abour of a hundred men for
a year. Ths may be true, n cases of f ed moned
revenues, obtaned by nhertance, or wth tte or no
troube. e we now that some of the oman no-
bes, who obtaned ther mmense weath chefy by
the e pedtous mode of punder, sometmes gave the
most enormous prces for fanced u ures. A feather
w wegh down a scae when there s nothng n the
opposte one. ut where the amount of the revenues
of a country depend, n a consderabe degree, upon
the e erton of abour, actvty and attenton, there
must be somethng n the commodtes to be obtaned
suffcenty desrabe to baance ths e erton, or the
e erton w cease. And e perence ampy shews,
by the number of persons who day eave off bus-
ness, when they mght certany have contnued to m-
prove ther fortunes, that most men pace some mts,
however varabe, to the uantty of convenences and
u ures whch they w abour for and that very
few ndeed woud attend a countng-house s or eght
hours a day, n order to purchase commodtes whch
have no other mert than the uantty of abour whch
has been empoyed upon them.
t however t s true that, when a great revenue
has once been created n a country, n the shape of a
arge mass of rents, profts and wages, a consderabe
resstance w be made to any essenta fa n ts
vaue. t s a very |ust remar of ume, that when
the affars of a socety are brought to ths stuaton
that s, when, by means of foregn trade, t has ac-
ured the tastes necessary to gve vaue to a great
uantty of abour not empoyed upon actua neces-
sares, t may ose most of ths trade, and yet contnue
ssays, vo. . p. 293.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
3 6 T P G ALT . . .
great and powerfu, on account of the e traordnary
efforts whch woud be made by the spare capta and
ngenuty of the country to refne home manufactures,
n order to suppy the tastes aready formed, and the
ncomes aready created. ut f we were to aow
that the revenue of such a naton mght, n ths way,
by possbty be mantaned, there s tte chance of
ts ncreasng and t s amost certan that t woud
not have reached the same amount, wthout the mar-
et occasoned by foregn commerce.
f ths thn we sha be convnced, f, n our
own country, we oo at the uantty of goods whch
we e port chefy n conse uence of our machnery,
and consder the nature of the returns obtaned for
them. n the accounts of the year ended the th of
|anuary, 1818, t appears that the e ports of three
artces aone n whch machnery s used cottons,
wooen and hardware, ncudng stee goods, c. are
vaued at above 29 mons. And among the most
promnent artces of the mports of the same year, we
fnd coffee, ndgo, sugar, tea, s s, tobacco, wnes,
and cotton-woo, amountng n vaue atogether to
above 18 mons out of thrty ow woud as
how we shoud have obtaned these vauabe mports,
f the foregn mar ets for our cottons, wooens, and
hardware had not been e tended wth the use of ma-
chnery And further, where we coud have found
substtutes at home for such mports, whch woud
have been ey to have produced the same effects,
n stmuatng the cutvaton of the and, the accu-
muaton of capta, and the ncrease of popuaton
And when to these consderatons we add the fortunes
whch have been made n these manufactures, the
mar et for whch has been contnuay e tendng, and
contnuay re urng more capta and more peope
to be empoyed n them and contrast wth ths state
of thngs the constant necessty of oo ng out for new
modes of empoyng the same capta and the same
peope, a porton of whch woud be thrown out of
ther od occupatons by every new nventon we
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 3 7
must be convnced that the state of ths country woud
have been totay dfferent from what t s, and that t
woud not certany have ac ured the same revenue
n rents, profts and wages, f the same ngenuty had
been e ercsed n the nventon of machnery, wthout
the same e tenson of the mar et for the commodtes
produced.
t may |usty be doubted, whether, at the present
moment, upon the supposton of our foregn nter-
course beng nterrupted, we shoud be ey to fnd
effcent substtutes for teas, coffee, sugar, wnes, s s,
ndgo, cottons, c. so as to eep up the vaue of our
present revenue but t cannot we be doubted, that
f, from the tme of dward the rst, and settng out
wth the actua dvson of anded property whch then
prevaed, the foregn vent for our commodtes had
remaned statonary, our revenue from the and aone
woud not have approached to what t s at present,
and st ess, the revenue from trade and manufac-
tures.
ven under the actua dvson of the anded pro-
perty n urope, whch s very much better than t
was 00 years ago, most of the states of whch t s
composed woud be comparatvey unpeoped, f t
were not for trade and manufactures. thout the
e ctements arsng from the resuts of ths sort of n-
dustry, no suffcent motves coud be presented to
great andhoders ether to dvde ther estates by sae,
or to ta e care that they were we cutvated.
Accordng to Adam mth, the most mportant
manufactures of the northern and western parts of
urope were estabshed ether n mtaton of foregn
artces, the tastes for whch had been aready formed
by a prevous foregn trade, or by the gradua refne-
ment of domestc commodtes t they were ft for
e portaton. n the frst case, the very orgn of the
manufacture s made to depend upon a prevous e -
tenson of mar et, and the mportaton of foregn ar-
eath of atons, o. . . . oh. . p. 11 . 6th edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
3 8 T P G ALT . . .
tdes, and n the second case, the man ob|ect and
use of refnng the domestc commodtes n an nand
country, appears to be the fttng them for an e tensve
mar et, wthout whch the oca advantages en|oyed
woud be n a great measure ost.
n carryng on the ate war, we were powerfuy
asssted by our steam-engnes, whch enabed us to
command a prodgous uantty of foregn produce
and foregn abour. ut how woud ther effcacy
have been wea ened f we coud not have e ported
our cottons, coths and hardware
f the mnes of Amerca coud be successfuy
wor ed by machnery, and the ng of pan s ta
coud be ncreased at w, so as to ma e the most of
ths advantage, what a vast revenue mght they not
be made to afford hm ut t s obvous that the
effects of such machnery woud sn nto nsgnfcance,
f the mar et for the precous metas were confned to
the ad|acent countres, and the prncpa effect of t
was to throw capta and abour out of empoyment.
n the actua state of thngs n ths country, the
popuaton and weath of Manchester, Gasgow, Leeds,
c. have been greaty ncreasng because, on ac-
count of the e tendng demand for ther goods, more
peope have been contnuay re ured to wor them
up but f a much smaer number of peope had been
re ured, on account of a savng of abour from ma-
chnery, wthout an ade uate e tenson of the mar et,
t s obvous that these towns woud have been poorer,
and more thny peoped. To what e tent the spare
capta and abour thrown out of empoyment n one
dstrct woud have enrched others, t s mpossbe
to say and on ths sub|ect any asserton may be
made, as we cannot be set rght by an appea to facts.
ut woud as , whether there are any grounds n
the sghtest degree pausbe for sayng, that not ony
the capta spared at any tme from these manufactures
woud be preserved and empoyed esewhere but that
t woud be empoyed as proftaby, and create as much
e changeabe vaue n other paces as t woud have
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 3 9
done n Manchester and Gasgow, wth an e tendng
mar et n short, are there any pausbe grounds
whatever for statng that, f the twenty mons worth
of cottons whch we now e port, were entrey stopped,
ether by successfu foregn competton or postve
prohbtons, we shoud have no dffcuty n fndng
empoyment for our capta and abour e uay ad-
vantageous to ndvduas n pont of proft, and e uay
enrchng to the country wth respect to the e change-
abe vaue of ts revenue
Un uestonaby any country s entted to consume
a that t produces, however great n uantty and
every man n heath has the power of appyng hs
mnd and body to productve abour for ten or tweve
hours of the day. ut these are dry assertons, whch
do not necessary nvove any practca conse uences
reatng to the ncrease of weath. f we coud not
e port our cottons, t s ute certan that, though we
mght have the power, we shoud not have the w,
to consume them a ourseves at such prces as woud
pay the producers. The uantty produced therefore
woud be very greaty dmnshed and the man-
tenance of our natona weath and revenue woud
depend upon the crcumstance whether the capta
thrown out of the cotton trade coud be so apped as
to produce commodtes whch woud be estmated as
hghy and consumed as eagery as the foregn goods
before mported. There s no magc n foregn mar-
ets. The fna demand and consumpton must a-
ways be at home and f goods coud be produced at
home, whch woud e cte peope to wor as many
hours n the day, woud communcate the same en-
|oyments, and create a consumpton of the same va-
ue, foregn mar ets woud be useess. e now
however from e perence, that very few countres are
capabe of producng commodtes of the same eff-
cacy, n ths respect, as those whch may be obtaned
by a trade to varous cmates and sos. thout
such a trade, and wth a great ncrease n the power
of producton, there s no nconsderabe danger that
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
360 T P G ALT . . .
ndustry, consumpton, and e changeabe vaue woud
dmnsh and ths danger woud most un uestonaby
be reazed f the cheapness of domestc commodtes
occasoned by machnery, were to ead to ncreased
savng rather than to ncreased e pendture.
ut t s nown that factes of producton have
the strongest tendency to open mar ets, both at home
and abroad. n the actua state of thngs therefore,
there are great advantages to be oo ed forward to,
and tte reason to apprehend any permanent ev
from the ncrease of machnery. The presumpton
aways s, that t w ead to a great e tenson both
of weath and vaue. ut st we must aow that
the pre-emnent advantages derved from the substtu-
ton of machnery for manua abour, depend upon the
e tenson of the mar et for the commodtes produced,
and the ncreased stmuus gven to consumpton
and that, wthout ths e tenson of mar et and ncrease
of consumpton, they must be n a consderabe degree
dmnshed. L e the fertty of and, the nventon
of good machnery confers a prodgous power of pro-
ducton. ut nether of these great powers can be
caed fuy nto acton, f the stuaton and crcum-
stances, or the habts and tastes of the socety prevent
the openng of a suffcent mar et, and an ade uate
ncrease of consumpton.
The three great causes most favourabe to produc-
ton are, accumuaton of capta, fertty of so, and
nventons to save abour. They a act n the same
drecton and as they a tend to factate suppy,
wthout reference to demand, t s not probabe that
they shoud ether separatey or con|onty afford
an ade uate stmuus to the contnued ncrease of
weath.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 361
ecton . f the ecessty of a Unon of the
Powers of Producton wth the Means of Dstr-
buton, n order to ensure a contnued ncrease of
eath.
e have seen that the powers of producton, to what-
ever e tent they may e st, are not aone suffcent to
secure the creaton of a proportonate degree of weath.
omethng ese seems to be necessary n order to ca
these powers fuy nto acton. Ths s an effectua
and unchec ed demand for a that s produced. And
what appears to contrbute most to the attanment of
ths ob|ect, s, such a dstrbuton of produce, and such
an adaptaton of ths produce to the wants of those
who are to consume t, as constanty to ncrease the
e changeabe vaue of the whoe mass. n a former
secton, reatng to the dstncton between weath and
vaue, t was observed, that where weath and vaue
are perhaps most neary connected, s n the genera
necessty of the atter as a stmuus to the producton
of the former. Uness the estmaton n whch an ob-
|ect s hed, or the vaue whch an ndvdua, or the
socety paces on t when obtaned, ade uatey com-
pensates the sacrfce whch has been made to obtan
t, such weath w not be produced n future.
n ndvdua cases, the power of producng part-
cuar commodtes s caed nto acton, n proporton
to the ntensty of effectua demand for them and
the greatest stmuus to ther ncrease, ndependent of
mproved factes of producton, s a hgh mar et
prce, or an ncrease of ther e changeabe vaue, be-
fore a greater vaue of capta has been empoyed
upon them.
n the same manner, the greatest stmuus to the
contnued producton of commodtes, ta en atoge-
ther, s an ncrease n the e changeabe vaue of the
whoe mass, before a greater vaue of capta has been
empoyed upon them.
t has been stated n a precedng secton, that f a
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
362 T P G ALT . c . .
the roads and canas of the country were bro en up,
and the means of dstrbutng ts produce were essen-
tay mpeded, the whoe vaue of the produce woud
greaty fa ndeed, t s obvous that f t were so
dstrbuted as not to be suted to the wants, tastes,
and powers of the actua popuaton n dfferent stua-
tons, ts vaue mght sn to such a degree as to be
comparatvey ute nconsderabe. Upon the same
prncpe, f the means of dstrbutngthe produce of the
country were st further factated, and f the adap-
taton of t to the wants and powers of the consumers
were more compete than at present, and better ftted
to nspre new tastes, there can be no doubt that a
great ncrease n the vaue of the whoe produce
woud foow frst, n the shape of ncreased profts,
and then of ncreased uantty, wthout a propor-
tonate fa of vaue.
ut to ustrate the power of dstrbuton n n-
creasng the mass of e changeabe vaue, we need
ony refer to e perence. efore the ntroducton of
good roads and of canas n ngand, the prces of
produce n many country dstrcts were e tremey ow
compared wth the same nd of produce n the Lon-
don mar ets. After the means of dstrbuton were
factated, the prce of country produce n the coun-
try, and of some sorts of London produce n London,
whch were sent nto the country n e change for t,
rose and rose n a greater degree than the country
produce fe n the London mar ets, or the London
produce fe n the country mar ets and conse uenty
the vaue of the whoe produce, or the suppy of
London and the country together, was ncreased and
whe encouragement was thus gven to the empoy-
ment of a greater uantty of capta by the e ten-
son of demand, the temporary rse of profts, occa-
soned by ths e tenson, woud greaty contrbute to
furnsh the addtona capta and produce re ured.
t has never, beeve, occurred, that the better ds-
trbuton of the commodtes of a country occasoned
by mproved factes of communcaton has faed
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 363
to ncrease the vaue as we as the uantty of the
whoe produce.
n estmatng an ncrease n the vaue of the whoe
produce, buon, our most common measure of vaue,
mght, n genera, and for short perods, be safey re-
ferred to and though abstractedy consdered, weath
s neary ndependent of money yet n the actua
state of the reatons of the dfferent countres of the
word wth each other, t rarey happens that any
great ncrease or decrease n the buon vaue of a
the commodtes of a country ta es pace, wthout an
ncrease or decrease of demand for commodtes, com-
pared wth the suppy of them.
t happens however, undoubtedy that n reference
to perods of some ength, the vaue of buon aters,
not ony generay, but n partcuar countres and
t s not meant to be sad that a country cannot be
stmuated to an ncrease of weath after a fa has
ta en pace n the money-prce of a ts commodtes.
hen, therefore, there s any doubt, n regard to a
change n the vaue of money we must refer to that
standard, the utty and comparatve correctness of
whch have endeavoured to estabsh and n refe-
rence to whch Adam mth hmsef, says, Labour, be
t remembered, and not any partcuar commodty or set
of commodtes, s the rea measure of the vaue both
of sver and of a other commodtes.
Genera weath, e partcuar portons of t, w
aways foow effectua demand. henever there s
a great demand for commodtes, that s, whenever
the whoe mass w command a greater uantty of
standard abour than before, wthout any greater vaue
of capta havng been re ured to produce them,
there s the same nd of reason for e pectng a ge-
nera ncrease of commodtes, as there s for e pect-
ng an ncrease of partcuar commodtes when ther
mar et-prces rse wthout a correspondng rse n
ther money-cost of producton. And on the other
oo . ch. .
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
364 T P G ALT . . 1.
hand, whenever the produce of a country estmated n
the abour whch t w command fas n vaue,
whe the same vaue of advances s contnued, the
power and w to set abourers to wor w be d-
mnshed and the ncrease of produce must, for a
tme, be chec ed.
Mr. cardo, n hs chapter on aue and ches,
has stated that a certan uantty of cothes and
provsons w mantan and empoy the same number
of men, and w therefore procure the same uantty
of wor to be done, whether they be produced by the
abour of a hundred or of tvvo hundred men but
they w be of twce the vaue, f two hundred have
been empoyed n ther producton. ut, even
ta ng hs own pecuar estmate of vaue, ths state-
ment woud never be true. The cothes and prov-
sons whch had cost ony one hundred days abour
woud never, but n the most unnatura state of thngs,
be abe to procure the same uantty of wor to be
done as f they had cost two hundred days abour.
To suppose t, s to suppose that profts are at cent,
per cent., and that the prce of abour, estmated n
necessares, s the same at a tmes and n a coun-
tres, and does not depend upon the penty or scarcty
of necessares compared wth abour, a supposton
contradcted by unversa e perence. ne uarters
of wheat w perhaps command a year s abour n
ngand but eghteen uarters w hardy procure
the same uantty of wor to be done n Amerca.
And the great varety of corn wages n dfferent coun-
tres at the same tme, and n the same country at df-
ferent tmes shows most ceary that t s not the
uantty of necessares, but ther vaue whch deter-
mnes ther effcency n settng abourers to wor ,
and that whatever ncreases ther vaue w at the
same tme ncrease ther effcency, and whatever d-
mnshes ther vaue w dmnsh t.
or s the remar ess appcabe to those artces
Pnc. of Pot. con. ch. . p. 349.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 36
whch are denomnated u ures, than t s to the
necessares of fe, for athough such commodtes do
not n nd form any part of the funds whch are des-
tned for the mantenance of ordnary abour, yet an
ncrease n ther vaue gves to those who produce them
a greater command over those funds, whch form the
most stmuus to an ncrease of ther uantty. n
every case, therefore, a contnued ncrease n the vaue
of the whoe produce estmated n abour seems to be
necessary to a contnued and unchec ed ncrease of
weath because wthout such an ncrease of vaue t
s obvous that no fresh abour can be set n moton.
And n order to support ths vaue t s necessary that
an effectve dstrbuton of the produce shoud ta e
pace, and a due proporton be mantaned between
the ob|ects to be consumed and the number, wants,
and powers of the consumers, or, n other words, be-
tween the suppy of commodtes and the demand for
them.
t has aready been shown that the vaue of the
whoe produce cannot be mantaned n the case of a
rapd accumuaton of capta occasoned by an ac-
tua and contnued dmnuton n the e pendture and
consumpton of the hgher casses of socety n the
form of revenue. et t w be most ready aowed
that the savng from revenue to add to capta s an
absoutey necessary step n the progress of weath.
ow then s ths savng to ta e pace wthout pro-
ducng the dmnuton of vaue apprehended
t may ta e pace, and practcay amost aways
does ta e pace, n conse uence of a prevous ncrease
n the vaue of the natona revenue, n whch case a
savng may be effected, not ony wthout any dmnu-
ton of demand and consumpton, but under an actua
ncrease of demand, consumpton and vaue durng
every part of the process. And t s n fact ths pre-
vous ncrease n the vaue of the natona revenue
whch both gves the great stmuus to accumuaton,
ect. . of ths chapter.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
366 T P G ALT . . .
and ma es that accumuaton effectve n the con-
tnued producton of weath.
M. smond, n hs ate wor , spea ng of the -
mts of accumuaton, observes, n ne fat |amas
apres tout u echanger a totate de a producton de
annee contre a totate de a producton de annee
precedente. f ths were reay the case, t woud
be dffcut to say how the vaue of the natona pro-
duce coud ever be ncreased. ut n fact a great
ncrease of productons may mmedatey fnd an ade-
uate mar et, and e perence conse uenty a great
ncrease of e changeabe vaue, f they are so we
dstrbuted and so we adapted to the tastes and
wants of the socety as to e cte the desre of ma ng
an ade uate sacrfce n order to procure and consume
them. n fact, such an ncrease of vaue aways reay
ta es pace on occason of an ncreased foregn demand
for commodtes and un uestonaby a smar n-
crease of vaue woud ta e pace n the case of such
ouveau Prncpesd conome Pot ue, torn, . p. 120.
agree wth M. smond n some of hs prncpes respectng con-
sumpton and demand but do not thn that the vew whch he
ta es of the formaton of natona revenue, on whch a ncrease
of consumpton and demand depends, s |ust and can by no
means go wth hm n the fears whch he e presses about ma-
chnery, and st ess n the opnon whch he hods respectng the
necessty of a fre uent nterference on the part of government to
protect ndvduas, and casses, from the conse uences of compe-
tton. th regard to popuaton, he has msunderstood my
wor more than coud have e pected from so abe and dstn-
gushed a wrter. e says, that my reasonng s competey so-
phstca, because have compared the vrtua ncrease of popu-
aton wth the postve ncrease of food. ut surey have com-
pared the vrtua ncrease of popuaton wth the vrtua ncrease
of food and the postve ncrease of popuaton wth the pos-
tve ncrease of food and the greater part of my boo s ta en
up wth the atter comparson. Practcay M. smond goes
much farther than do n hs apprehensons of a redundant po-
puaton, and proposes to repress t by a sorts of strange means.
never have recommended, nor ever sha, any other means than
those of e panng to the abourng casses the manner n whch
ther nterests are affected, by too great an ncrease of ther num-
bers, and of removng or wea enng the postve aws whch tend
to dscourage habts of prudence and foresght.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 367
a producton and dstrbuton of domestc commodtes
as better to sut the tastes and desres of the domestc
consumers.
The fortune of a country, though necessary made
more sow, s made n the same way as the fortunes of
ndvduas n trade are generay made, by savngs,
certany but by savngs whch are furnshed from
ncreased gans, and by no means nvove a dmnshed
e pendture on ob|ects of u ury and en|oyment.
Many a merchant has made a arge fortune a-
though, durng the ac uston of ths fortune, there
was perhaps hardy a snge year n whch he dd not
rather ncrease than dmnsh hs e pendture n ob-
|ects of u ury, en|oyment, and beraty. The amount
of capta n ths country s mmense, and t certany
receved very great addtons durng the ast forty
years but on oo ng bac , few traces are to be
found of a dmnshed e pendture n the shape of re-
venue. f some such traces however are to be found,
they w be found n e act conformty to the theory
here ad down they w be found durng a perod,
when, from partcuar crcumstances, the vaue of the
natona produce was not mantaned, and there was
n conse uence a dmnuton of the power of e pen-
dture, and a comparatve chec to the producton of
weath.
Perhaps t w be sad, that to ay so much stress
on dstrbuton, and to measure the ncrease of de-
mand by the ncrease of the e changeabe vaue of the
whoe produce, s to e at the gross revenue at the
e pense of the neat revenue of a country, and to fa-
vour that system of cutvaton and manufacturng
whch empoys on each ob|ect the greatest number of
hands. ut have aready shewn that the savng of
abour, and the ncrease of s , both n agrcutura
and manufacturng ndustry, by enabng a country
to push ts cutvaton over poorer ands, wthout d-
mnuton of profts, and to e tend far and wde the
mar ets for ts manufactures, must tend to ncrease
the e changeabe vaue of the whoe and there can-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
368 T P G ALT . . .
not be a doubt that n ths country they must have
been the man sources of that rapd and astonshng
ncrease n the vaue of the natona weath, whch
has ta en pace durng the ast thrty or forty years.
To dwe therefore many on the gross revenue of
a country rather than on ts neat revenue s n no re-
spect to under-rate the prodgous advantage derved
from s and machnery, but merey to gve that m-
portance to the vaue of the whoe produce to whch
t s so |usty entted. o descrpton of natona
weath, whch refers ony to neat revenue, can ever
be n any degree satsfactory. The economsts de-
stroyed the practca utty of ther wor s by refer-
rng e cusvey to the neat produce of the and.
And the wrters who ma e weath consst of rents and
profts, to the e cuson of wages, commt an error
e acty of the same nd though ess n degree.
Those who ve upon the wages of abour, ncudng
of course those engaged n persona servces, receve
and e pend much the greatest part of the annua pro-
duce, pay a very consderabe sum n ta es for the
mantenance of the government, and form by far the
argest porton of ts physca force. Under the pre-
vaence of habts of prudence, the whoe of ths vast
mass mght be neary as happy as the ndvduas of
the other two casses, and probaby a greater number
of them, though not a greater proporton of them,
happer. n every pont of vew therefore, both n
reference to that part of the annua produce whch fas
to ther share, and the means of heath and happness
whch t may be presumed to communcate, those who
ve on the wages of abour must be consdered as the
most mportant porton of the socety and any def-
nton of weath whch shoud nvove such a dmnu-
ton of ther numbers, as to re ure for the suppy of
the whoe popuaton a smaer annua produce, must
necessary be erroneous.
n the rst hapter of ths or , havng defned
weath to be the matera ob|ects whch are neces-
sary, usefu, and agreeabe to man nd, stated as a
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . . 369
conse uence that a country was rch or poor accord-
ng to the abundance or scantness n whch these ob-
|ects were supped, compared wth the e tent of ter-
rtory. t w be ready aowed that ths defnton
does not ncude the ueston of what may be caed
the amount of dsposabe produce, or the fund for
ta aton t s nevertheess a much more correct def-
nton of the weath of a country than any that shoud
refer to ths dsposabe part aone n the sense under-
stood, ether by the rench economsts, who confne
t to neat rent, or by Mr. cardo who confnes t to
rents and profts. hat shoud we say of the weath
of ths country, f t were possbe that ts rents and
profts coud reman the same, whe ts popuaton
and produce were reduced two-thrds ertany t
woud be much poorer accordng to the above defn-
ton and surey there are not many that woud dssent
from such a concuson.
That t woud be desrabe, n a defnton of na-
tona weath, to ncude the consderaton of dspo-
sabe produce, as we as of actua uantty and vaue,
cannot be doubted but such a defnton seems to be
n ts nature mpossbe, because n each ndvdua
case t must depend upon opnon, what ncrease of
dsposabe produce shoud be accounted e uvaent
to a gven dmnuton of gross produce.
e must content ourseves therefore wth referrng
generay to the amount and vaue of natona pro-
duce and t may be subse uenty stated as a sepa-
rate, though very mportant consderaton, that par-
tcuar countres, wth the same amount and vaue of
produce, have a arger or smaer proporton of that
produce dsposabe. n ths respect, no doubt, a
country wth a ferte terrtory w have a prodgous
advantage over those whose weath depends amost en-
trey on manufactures. th the same popuaton,
the same rate of profts and wages, and the same
amount and vaue of produce, the anded naton woud
have a much arger porton of ts weath dsposabe,
or n other words, a arger proporton of ts popuaton

G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
370 T P G ALT . . .
mght en|oy esure, or be engaged n persona servces
wthout pre|udce to ts weath.
ortunatey, t happens but sedom that we have to
determne the amount of advantage or dsadvantage
occasoned by the ncrease of the neat, at the e pense
of the gross revenue. The nterest of ndvdua ca-
ptasts unformy prompts them to the savng of a-
bour, n whatever busness they are engaged and
both theory and e perence combne to shew that
ther successfu efforts n ths drecton, by ncreasng
the powers of producton, afford the means of ncreas-
ng, n the greatest practcabe degree, the amount
and vaue of the gross produce, provded aways that
such a dstrbuton and consumpton of the ncreased
suppy of commodtes ta es pace as constanty to n-
crease ther e changeabe vaue.
The reader w be aware, from what has been sad
n ths secton, that n dweng on the mportance of
dstrbuton as a man cause of the mmedate progress
of weath, by no means confne the terms to that
process whch n reference to commodtes n ordnary
use, prevents cottons whch are not wanted from beng
rom what has been here sad, the reader w see that can
by no means agree wth Mr. cardo, n hs chapter n Gross and
et evenue. shoud not hestate a moment n sayng, that a
country wth a neat revenue from rents and profts, consstng of
food and cothng for fve mons of men, woud be decdedy
rcher and more powerfu, f such neat revenue were obtaned
from seven mons of men, rather than fve, supposng them to
be e uay we supported. The whoe produce woud be greater
and the addtona two mons of abourers woud some of them
un uestonaby have a part of ther wages dsposabe. agree,
however, wth Mr. cardo, n approvng a savng of abour
and nventons n machnery but t s because thn that
ther tendency s to ncrease the gross produce and to ma e room
for a arger popuaton and a arger capta. f the savng of a-
bour were to be accompaned by the effects stated n Mr. -
cardo s nstance, shoud agree wth M. smond and Mr. wen
n deprecatng t as a great msfortune.
Mr. cardo, n hs ast edton, aows n a note that he has
perhaps e pressed hmsef too strongy on ths sub|ect, and that
the abourer may have some porton of the net produce of the
country but he has not atered the te t.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 371
brought nto the mar et, nstead of wooens whch
are wanted. The perseverng producton of cottons,
when very much arger profts mght be made by
producng wooens s too gross an error not to be soon
corrected n any country, and east of a n such a
country as ths. The dstrbuton, whch mean, s
not so ready accompshed. t s that whch effects
the best adaptaton of the suppes of produce, both
n uantty and uaty, to the actua tastes and wants
of the consumers, and creates new tastes and wants
by means of greater factes of ntercourse. uch
a dstrbuton by new commodtes from foregn coun-
tres, by the growth of arge towns n agrcuture,
nvovng, by the ncrease of the mdde casses of
socety, a gradua mprovement n the structure of
the socety, s of sow and dffcut accompshment.
To ncrease ndeed, the proporton of the demand to
the suppy wthout a dmnuton of the produce s no
easy tas . e may now, that the openng of new
channes of trade, and the e tenson of mar ets both
at home and abroad w gve us what we want but
these are ob|ects whch t s rarey n the power of a
peope or a government to accompsh at w.
n genera, an ncrease of produce and an ncrease
of vaue go on together and ths s that natura and
heathy state of thngs, whch s most favourabe to
the progress of weath. An ncrease n the uantty of
produce depends chefy upon the power of producton,
and an ncrease n the vaue of produce upon ts dstr-
buton. Producton and dstrbuton are the two grand
eements of weath, whch, combned n ther due
proportons, are capabe of carryng the rches and
popuaton of the earth n no great ength of tme to
the utmost mts of ts possbe resources but whch
ta en separatey, or combned n undue proportons,
produce ony, after the apse of many thousand years,
the scanty rches and scanty popuaton, whch are at
present scattered over the face of the gobe.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
372 T P G ALT . . T.
ecton . f t e Dstrbuton occasoned by the
Dvson of anded Property consdered as the
Means of ncreasng the e changeabe aue of the
whoe Produce.
The causes most favourabe to that ncrease of vaue
whch depends upon dstrbuton are, 1st, the dvson
of anded property 2dy, nterna and e terna com-
merce 3dy, the mantenance of an ade uate propor-
ton of the socety empoyed n persona servces, or
otherwse entted to ma e a demand for matera pro- .
ducts wthout contrbutng drecty to ther suppy
n the frst settement and coonzaton of new coun-
tres, an easy dvson and subdvson of the and s
a pont of the very hghest mportance. thout a
facty of obtanng and n sma portons by those
who have accumuated sma captas, and of new
propretors settng upon the so, as new fames
branch off from the parent stoc s, no ade uate effect
can be gven to the prncpe of popuaton. Ths
facty of settng upon the so, as the popuaton n-
creases, s st more mperousy necessary n nand
countres, whch are not favouraby stuated for e -
terna and nterna commerce. ountres of ths de-
scrpton, f, from the aws and customs reatng to
anded property, great dffcutes are thrown n the
way of ts dstrbuton, may reman for ages very
scanty peoped, n spte of the prncpe of popua-
ton whe the easy dvson and subdvson of the
and as new fames arse to be provded for, mght,
wth comparatvey tte commerce, furnsh an effectve
demand for popuaton, and create a produce whch
woud have no nconsderabe vaue n e change.
uch a country woud probaby have a sma neat
produce compared wth ts gross produce t woud
aso be greaty defcent n the amount of ts manu-
factures and mercante products yet st ts actua
produce and popuaton mght be respectabe and
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 373
for the ncrease of e changeabe vaue whch had
produced these effects, t woud be many ndebted
to that dstrbuton of the produce whch had arsen
from the easy dvson of and.
The rapd ncrease of the Unted tates of Ame-
rca, ta en as a whoe, has undoubtedy been aded
very greaty by foregn commerce, and by the power
of seng raw produce, obtaned wth tte abour, for
uropean commodtes of a nd whch, f made at
home, woud have cost much abour. ut the cut-
vaton of a great part of the nteror terrtory has de-
pended essentay upon the easy dvson of anded
property. The facty wth whch even common
wor men, f they were ndustrous and economca for
some years, coud become new setters and sma pro-
pretors of and, has gven prodgous effect to that
hgh money prce of abour, whch coud not have
ta en pace wthout foregn commerce: and together
they have occasoned yeary that e traordnary n-
crease of e changeabe vaue, whch has so dstn-
gushed the progress of the estabshments n orth
Amerca, compared wth any others wth whch we
are ac uanted.
ver amost a urope a most une ua and vcous
dvson of anded property was estabshed by con-
uest on the brea ng up of the estern oman
mpre, and subse uenty durng the feuda tmes.
n some states the aws, whch protected and per-
petuated ths dvson, have been greaty wea ened,
and by the ads of commerce and manufactures have
been rendered comparatvey neffcent. ut n others
these aws st reman n great force, and throw very
great obstaces n the way of ncreasng weath and
popuaton. A very arge propretor, surrounded by
very poor peasants, presents a dstrbuton of property
most unfavourabe to effectua demand.
Adam mth has we descrbed the sac nd of
cutvaton whch was ey to ta e pace, and dd n
fact ta e pace, among the great propretors of the
mdde ages. ut not ony were they bad cutvators
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
374 T P G ALT . . .
and mprovers and for a tme perhaps defcent n a
proper taste for manufactured products yet, even f
they had possessed these tastes n the degree found
to preva at present, ther nconsderabe numbers
woud have prevented ther demand from producng
any mportant mass of such weath. e hear of
great spendour among prnces and nobes n every
perod of hstory. The dffcuty was not so much to
nspre the rch wth a ove of fnery, as to brea
down ther mmense propertes, and to create a greater
number of demanders n the mdde ran s of fe who
were abe and wng to purchase the resuts of pro-
ductve abour. Ths, t s obvous, coud ony be
effected very graduay. That the ncreasng ove of
fnery asssted consderaby n accompshng ths ob-
|ect s hghy probabe but these tastes aone, unac-
companed by a better dstrbuton of property n
other respects, woud have been ute neffcent. The
possessor of numerous estates, after he had furnshed
hs manson or caste spenddy, and provded hm-
sef wth handsome cothes and handsome carrages,
woud not change them a every two months, merey
because he had the power of dong t. nstead of
ndugng n such useess and troubesome changes,
he woud be more ey to eep a number of servants
and de dependants, to ta e ower rents wth a vew
of havng a greater command over hs tenants, and
perhaps to sacrfce the produce of a consderabe
porton of hs and n order to encourage more game,
and to nduge, wth more effect and ess nterrupton,
n the peasures of the chase. Thrty or forty pro-
pretors, wth ncomes answerng to between one thou-
sand and fve thousand a year, woud create a much
more effectua demand for the necessares, conve-
nences, and u ures of fe, than a snge propretor
possessng a hundred thousand a year.
t s physcay possbe ndeed for a naton, wth a
comparatvey sma body of very rch propretors, and
a arge body of very poor wor men, to push both the
produce of the and and of manufactures to the greatest
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . . T P G ALT .
37
e tent, that the resources and ngenuty of the coun-
try woud admt. ut, n order to do ths, we must
suppose a passon among the rch for the consump-
ton of manufactures, and the resuts of productve
abour, much more e cessve than has ever been wt-
nessed n human socety. And the conse uence s,
that no nstance has ever been nown of a country
whch has pushed ts natura resources to a great
e tent, wth a sma proportonate body of persons of
property, however rch and u urous they mght be.
Practcay t has aways been found that the e ces-
sve weath of the few s n no respect e uvaent,
wth regard to effectua demand, to the more mode-
rate weath of the many. A arge body of manu-
facturers and merchants can ony fnd a mar et for
ther commodtes among a numerous cass of consu-
mers beow the ran of the great propretors of
and. And e perence shews us that manufacturng
weath s at once the conse uence of a better dstrbu-
ton of property, and the cause of further mprove-
ments n such dstrbuton, by the ncrease n the pro-
porton of the mdde casses of socety, whch the
growth of manufacturng and mercante capta can- |
not fa to create.
ut though t be true that the dvson of anded
property, and the dffuson of manufacturng and mer-
cante capta to a certan e tent, are of the utmost
mportance to the ncrease of weath yet t s e uay
true that, beyond a certan e tent, they woud mpede
the progress of weath as much as they had before
acceerated t. There s a certan eevaton at whch
the pro|ecte w go the farthest: but f t be drec-
ted ether hgher or ower, t w fa short. th a
comparatvey sma proporton of rch propretors,
who woud prefer mena servants, retaners and ter-
rtora nfuence to an e cessve uantty of manu-
factured and mercante products, the power among
captasts of suppyng the resuts of productve a-
bour woud be much greater than the w to consume
them, and the progress of weath woud be chec ed
/
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
676 T P G ALT . . .
by the want of effectua demand. th an e ces-
sve proporton of sma propretors both of and and
of capta, a great mprovements on the and, a
great enterprzes n commerce and manufactures, and
most of the wonders descrbed by Adam mth, as re-
sutng from the dvson of abour, woud be at an
end and the progress of weath woud be chec ed by
a faure n the powers of suppy.
t w be found, beeve, true that a the great
resuts n potca economy, respectng weath, de-
pend upon proportons f and t s from overoo ng
ths most mportant truth, that so many errors have
prevaed n the predcton of conse uences that na-
tons have sometmes been enrched when t was e -
pected that they woud be mpovershed, and mpo-
vershed when t was e pected that they woud be
enrched and that such contradctory opnons have
occasonay prevaed respectng the most effectve
encouragements to the ncrease of weath. ut there
s no part of the whoe sub|ect, where the effcacy of
proportons n the producton of weath s so str ngy
e empfed, as n the dvson of anded and other
property and where t s so very obvous that a d-
vson to a certan e tent must be benefca, and be-
yond a certan e tent pre|udca to the ncrease of
weath.
n the effects of a great sub-dvson of property,
a fearfu e perment s now ma ng n rance. The
aw of successon n that country aows but a sma
t s perhaps |ust possbe to conceve a passon for mena
servce, whch woud stmuate andords to cutvate ands n the
best way, n order to support the greatest uantty of such atten-
dants. Ths woud be the same thng as the passon for popua-
ton adverted to n a former secton. uch a passon, to the e -
tent here supposed, may be possbe but scarcey any suppos-
ton can be ess probabe.
t t s not, however, n potca economy aone that so much
depends upon proportons, but throughout the whoe range of
nature and art.
Ths was str ngy ustrated n the predctons, durng the
ate war, of the abundant weath whch woud be the mmedate
resut of a peace.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 377
v
porton of a father s property to be dsposed of by
w, and the rest s e uay dvded among a the
chdren wthout dstncton of age or se .
Ths aw has not yet prevaed ong enough to
shew what ts effects are ey to be on the natona
weath and prosperty. f the state of property n
rance appears at present to be favourabe to ndus-
try and demand, no nference can thence be drawn
that t w be favourabe n future. t s unversay
aowed that a dvson of property to a certan e tent
s e tremey desrabe and so many traces yet re-
man amost a over urope of the vast anded pos-
sessons whch have descended from the feuda tmes,
that there are not many states n whch such a aw
as that of rance mght not be of use, wth a vew to
weath, for a certan number of years. ut f such a
aw were to contnue permanenty to reguate the de-
scent of property n rance f no modes of evadng
t shoud be nvented, and f ts effects shoud not be
wea ened by the operaton of an e traordnary degree
of prudence n marrage, whch prudence such a aw
woud certany tend to dscourage, there s every
reason to beeve that the country, at the end of a
century, w be ute as remar abe for ts e traord-
nary poverty and dstress, as for ts unusua e uaty
of property. The owners of the mnute dvsons of
anded property w be, as they aways are, pecu-
ary wthout resource, and must persh n great
numbers n every scarcty. ery few w be rch
e cept those who receve saares from the govern-
ment.
n ths state of thngs, wth tte or none of the
natura nfuence of property to chec at once the
power of the crown and the voence of the peope, t
s not possbe to conceve that such a m ed govern-
ment as rance has now estabshed can be man-
taned. or can thn that a state of thngs, n
whch there woud be so much poverty, coud be fa-
vourabe to the e stence and duraton of a repubc.
And when, n addton to ths, we consder how e -
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
378 T P G ALT . c . .
tremey dffcut t s, under any crcumstances, to
estabsh a we-consttuted repubc, and how dread-
fuy the chances are aganst ts contnuance, as the
e perence of a hstory shews t s not too much to
say, that no we-grounded hope coud be entertaned
of the permanent prevaence of such a form of go-
vernment.
ut the state of property above descrbed woud
be the very so for a mtary despotsm. f the go-
vernment dd not adopt the astern mode of cons-
derng tsef as soe terrtora propretor, t mght at
east ta e a hnt from the conomsts, and decare t-
sef co-propretor wth the andords, and from ths
source, (whch mght st be a ferte one, though the
andords, on account of ther numbers, mght be
poor,) together wth a few other ta es, the army mght
easy be made the rchest part of the socety and
t woud then possess an overwhemng nfuence,
whch, n such a state of thngs, nothng coud op-
pose. The despot mght now and then be changed,
as under the oman emperors, by the Praetoran
guards but the despotsm woud certany rest upon
very sod foundatons.
t s hardy necessary to enter nto the ueston,
whether the weath of the rtsh empre woud be
essentay ncreased by that dvson of anded pro-
perty whch woud be occasoned by the aboton of
the aw of prmogenture, and the power of enta,
wthout any nterference wth testamentary dspos-
tons. t s generay ac nowedged that the coun-
try, n ts actua state and under ts actua aws, pre-
sents a pcture of greater weath, especay when
compared wth ts natura resources, than any arge
terrtora state of modern tmes. y the natura e -
tncton of some great fames, and the natura m-
prudence of some others, but, above a, by the e -
traordnary growth of manufactures and commerce,
the mmense anded propertes whch formery pre-
vaed a over the country have been n a great de-
gree bro en down, notwthstandng the aw of prno-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 379
genture. And the few whch reman may perhaps
be of use n furnshng motves to the merchant
and master-manufacturer, to contnue the e ercse of
ther s and powers t they have ac ured arge
captas, and are abe to contend n weath wth the
great andords. f, from the aboton of the aw of
prmogenture, the anded fortunes were a very n-
consderabe, t s not probabe that there woud be
many arge captas among merchants and, n ths
case, much productve power woud un uestonaby
be ost.
ut however ths may be, t s certan, that a very
arge body of what may be caed the mdde casses
of socety has been estabshed n ths country whe
the aw of prmogenture, by forcng the younger sons
of the nobty and great anded propretors nto the
hgher dvsons of these casses, has, for a practca
purposes, annhated the dstnctons founded on ran
and brth, and opened the farest arena for the con-
tests of persona mert n a the avenues to weath
and honours. t s probabe that the obgaton ge-
neray mposed upon younger sons to be the founders
of ther own fortunes, has nfused a greater degree of
energy and actvty nto professona and commerca
e ertons than woud have ta en pace f property n
and had been more e uay dvded. Atogether, the
country possesses a very arge cass of effectve de-
manders, who derve ther power of purchasng from
the varous professons, from commerce, from manu-
factures, from whoesae and reta trade, from saa-
res of dfferent nds, and from the nterest of pubc
and prvate debts and these demanders are ey,
perhaps, to ac ure tastes more favourabe to the en-
couragement of weath than the owners of sma pro-
pertes on the and.
Under these crcumstances, whch, to the e tent n
whch they preva, t must be aowed are amost pe-
cuar to ths country, t mght be rash to concude
that the naton woud be rcher f the aw of prmo-
genture were aboshed. ut even f we were abe
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
380 T P G ALT . c . .
to determne the ueston n the affrmatve, t woud
by no means determne the pocy of such a change.
n a cases of ths nd there are hgher consdera-
tons to be attended to than those whch reate to mere
weath.
t s an hstorca truth whch cannot for a moment
be dsputed, that the frst formaton, and subse uent
preservaton and mprovement, of our present const-
tuton, and of the bertes and prveges whch have
so ong dstngushed ngshmen, are many due to
a anded arstocracy. And we are certany not yet
warranted by any e perence to concude that wth-
out an arstocracy, whch cannot certany be sup-
ported n an effectve state but by the aw of prmo-
genture, the consttuton so estabshed can be n
future mantaned. f then we set a vaue upon the
rtsh onsttuton f we thn that, whatever may
be ts theoretca mperfectons, t has practcay gven
a better government, and more berty to a greater
mass of peope for a onger tme than any whch hs-
tory records, t woud be most unwse to venture upon
any such change as woud rs the whoe structure,
and throw us upon a wde sea of e perment, where
the chances are so dreadfuy aganst our attanng the
ob|ect of our search.
Ths was wrtten n 1820. mperous crcumstances have
snce brought on a reform of a more sudden and e tensve nature
than prudence woud have perhaps suggested, f the tme and
the crcumstances coud have been commanded. et t must be a-
owed, that a whch has been done, s to brng the practca wor -
ng of the consttuton nearer to ts theory. And there s every
reason to beeve, that a great ma|orty of the mdde casses of
socety, among whom the eectve franchse has been prncpay
e tended, must soon see that ther own nterests, and the nterests
and happness of those who are dependent upon them, w be
most essentay n|ured by any proceedngs whch tend to encou-
rage turbuence and sha e the securty of property. f they be-
come ade uatey sensbe of ths most un uestonabe truth, and
act accordngy, there s no doubt that the remova of those un-
sghty bots, of those handes, whch, wth a far show of reason,
mght at any tme be ad hod of to e cte dscontents and to
str up the peope, w pace the rtsh onsttuton upon a
much broader and more sod base than ever.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 381
t s not perhaps easy to say to what e tent the
aboton of the aw of prmogenture and entas woud
dvde the anded property of ths country. f the
power of testamentary be uest were eft untouched, t
s possbe that past habts mght st eep many
estates together for a tme but the probabtes are,
that by degrees a consderabe subdvson of and
woud ta e pace and f there were few estates of
above a thousand a year, the mercante casses woud
ether be nduced to moderate ther e ertons n the
ac uston of weath, from the absence of the motve of
competton wth the andords, as stated above or,
f the merchants and manufacturers were st to ac-
ure great weath, e cted ether by a competton
wth each other or by potca ambton, they woud
be the ony persons who coud possess great nfuence
n the state and the government of the country woud
fa amost whoy nto ther hands. n nether case,
probaby, coud our present consttuton be man-
taned. n the frst, where the property of ndvduas
woud be so nconsderabe, and so e ua, the tenden-
ces woud be ether to democracy or mtary des-
potsm, wth the chances greaty n favour of the at-
ter. And n the second case, whatever mght be the
form of government, the merchants and manufacturers
woud have the greatest nfuence n ts councs and
t s |usty observed by Adam mth, that the nterests
of these casses do not aways prepare them to gve
the most sautary advce.
Athough therefore t be true that a better dstrbu-
ton of anded property mght e st than that whch
actuay prevas n ths country at present and a-
though t be aso true, that to ma e t better, the ds-
trbuton shoud be more e ua yet t may by no
means be wse to abosh the aw of prmogenture,
whch woud be ey to ead to a subdvson of and
greater probaby than woud be favourabe even to
the weath of the country and greater certany than
woud be consstent wth those hgher nterests, whch
reate to the protecton of a peope e uay from the
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
382 T P G ALT . c. .
tyranny of despotc ruers, and the fury of a despotc
mob.
ut, whatever conduct the wsdom and pocy of a
egsature may dctate respectng the aws of succes-
son, the prncpe w st be true, that the dvson
of anded property s one of the great means of the
dstrbuton of weath, whch tends to eep up and
ncrease ts e changeabe vaue, and to encourage
further producton and that the dstrbuton so occa-
soned w, as t e tends, contnue to produce a more
favourabe effect on weath, t t meets ts antagonst
prncpe, and begns to nterfere wth the power of
producton. Ths w ta e pace sooner or ater, ac-
cordng to crcumstances, dependng chefy upon the
actvty of foregn and domestc commerce, and the
mass of effectve demanders besdes the andords.
f the demand be great, ndependenty of the and, a
sght dmnuton n the power of producton may turn
the scae and any change whch s unfavourabe to
accumuaton, enterprze, and the dvson of abour,
w be unfavourabe to the progress of weath. ut
f the country be stuated for foregn commerce,
and ts tastes, habts, and nterna communcatons be
such as not to encourage an actve home trade, no-
thng can occason an ade uate demand for produce,
but an easy subdvson of anded property and wth-
out such a subdvson, a country wth great natura
resources mght sumber for ages wth an uncutvated
so, and a scanty yet starvng popuaton.
ecton . f the Dstrbuton occasoned by
ommerce, nterna and e terna, consdered as the
Means of ncreasng the e changeabe aue of
Produce.
The second man cause favourabe to that ncrease of
e changeabe vaue, whch depends upon dstrbuton,
s nterna and e terna commerce.
very e change whch ta es pace n a country,
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 383
effects a dstrbuton of ts produce better adapted to
the wants of the socety. t s wth regard to both
partes concerned, an e change of what s wanted ess
for what s wanted more, and must therefore rase the
vaue of both the products. f two dstrcts, one of
whch possessed a rch copper mne, and the other a
rch tn mne, had aways been separated by an m-
passabe rver or mountan, there can be no doubt
that on the openng of a communcaton, a greater de-
mand woud ta e pace, and a greater prce be gven
both for tn and copper and ths greater prce of
both metas, though t mght ony be temporary,
woud aone go a great way towards furnshng the
addtona capta wanted to suppy the addtona de-
mand and the captas of both dstrcts, and the pro-
ducts of both mnes, woud be ncreased both n uan-
tty and vaue to a degree whch coud not have ta en
pace wthout ths new dstrbuton of the produce, or
some event e uvaent to t.
The rench conomsts, n ther endeavours to
prove the unproductve nature of trade, aways n-
ssted that the effect of t was merey to e uaze
prces, whch were n some paces too hgh and n
others too ow, but n ther amount the same as they
woud be after the e change had ta en pace. Ths
poston must be consdered as unfounded, and capa-
be of beng contradcted by ncontrovertbe facts.
The ncrease of prce at frst, from the e tenson of
the mar et, s un uestonabe. And when to ths we
add the effect occasoned by the demand for further
produce, and the means thus afforded of rapd accu-
muaton for the suppy of ths demand, t s mpos-
sbe to doubt for a moment the drect tendency of a
nterna trade to ncrease both the uantty and vaue
of the natona produce.
f ndeed t dd not tend to ncrease the vaue of
the natona produce, t woud not be carred on. t
s out of ths ncrease that the merchants concerned
are pad and f some London goods are not more va-
ued n Gasgow than n London, and some Gasgow
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
384 T P G ALT . . ,
goods more vaued n London than n Gasgow, the
merchants who e change the artces n whch these
towns trade, woud nether be dong themseves any
good, nor any one ese. t s a mere fute process to
e change one set of commodtes for another, f the
partes, after ths new dstrbuton of goods has ta en
pace, are not better oft than they were before. The
gvng one artce for another has nothng to do wth
effectua demand, uness the commodty receved so
far e ceeds n vaue the abour empoyed on the com-
modty parted wth, as to yed ade uate profts to the
captasts concerned, and to gve them both the power
and the w to set fresh abour to wor n the same
trade.
t has been sad that the ndustry of a country s
measured by the e tent of ts capta, and that the
manner n whch ths capta s empoyed, though t
may ma e some dfference to the en|oyment of the n-
habtants, ma es very tte n the vaue of the na-
tona revenue. Ths woud be true on one suppos-
ton, and on one supposton ony namey that the n-
habtants coud be persuaded to estmate ther confned
productons |ust as hghy, to be as eager to obtan and
consume them, and as wng to wor hard for them,
and to ma e great sacrfces for them, as for the commo-
dtes whch they obtan from a dstance. ut are we
at berty to ma e such a supposton t s specfcay
to overcome the want of eagerness to purchase domestc
commodtes that the merchant e changes them for
others more n re uest. oud we but so ater the wants
and tastes of the peope of Gasgow as to ma e them
estmate as hghy the profuson of cotton goods whch
they produce, as any artces whch they coud re-
ceve n return for them under a prosperous trade, we
shoud hear no more of ther dstresses. t may be
aowed that the uantty of productve ndustry man-
taned n a country s neary proportoned to the uan-
tty of capta empoyed but the vaue of the revenue
w be greater or ess, accordng to the mar et prces
of the commodtes produced. These mar et prces
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 38
must obvousy depend upon the nterchange of goods
and conse uenty the vaue of the revenue, and the
power and w to ncrease t, must depend upon that
dstrbuton of commodtes whch best adapts them
to the wants and tastes of the socety.
The whoe produce of a naton may be sad to have
a mar et prce n money and abour. hen ths
mar et prce s hgh, that s, when the prces of com-
modtes rse so as to command a greater e cess of
abour above what they had cost n producton than
before, whe the same capta and number of peope
had been empoyed upon them, t s evdent that more
fresh abour w be set n moton every year, and the
ncrease of weath w be certan and rapd. n the
other hand, when the mar et prces of commodtes
are such as to be abe to command very tte more a-
bour than the producton of them has cost, t s as ev-
dent that the natona weath w proceed very sowy,
or perhaps be ute statonary.
n the dstrbuton of commodtes, the crcuatng
medum of every country bears a most mportant part
and, as ntmated before n a note, we are much
more ey to obscure our reasonngs than to render
them cearer, by throwng t out of our consderaton.
t s not easy ndeed, wthout reference to a crcu-
atng medum, to ascertan whether the commodtes
of a country are so dstrbuted as to gve them ther
proper vaue.
t may be sad, perhaps, that f the funds for the
mantenance of abour are at any tme n unusua
abundance, t may fary be presumed that they w
be abe to command a more than usua uantty of a-
bour. ut they certany w not be abe to com-
mand more abour, nor even so much, f the dstrbu-
ton of them be defectve and n a country whch
has a crcuatng medum, the specfc proof of the
dstrbuton beng defectve s, that the whoe pro-
duce does not e change for so arge an amount of
crcuatng medum as before, and that conse uenty
c c
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
386 T P G ALT . . .
the producers have been obged to se at a great d-
mnuton of money profts, or a postve money oss.
rom the harvest of 181 to the harvest of 1816,
there cannot be a doubt that the funds for the man-
tenance of abour n ths country were unusuay
abundant. orn was partcuary pentfu, and no
other necessares were defcent yet t s an ac now-
edged fact, that great numbers were thrown out of
empoyment, party from the want of power, and
party from the want of w to empoy the same
uantty of abour as before. ow s ths fact to be
accounted for t woud certany not be easy to
e pan t wthout referrng to a crcuatng medum.
ut the moment we refer to a crcuatng medum,
the theory of the fact observed becomes perfecty
cear. t s ac nowedged that there was a fa n
the money vaue of the raw produce, to the amount
of neary one thrd. ut f the farmer sod hs pro-
duce for ony two thrds of the prce at whch he had
before sod t, whe the money prce of abour had
not faen, t s evdent that he woud be ute unabe
to command the same uantty of abour, and to em-
poy the same uantty of capta on hs farm as he
dd the year before. And when afterwards a great fa
of money prces too pace n amost a manufactured
products, occasoned n a consderabe degree by ths
prevous fa of raw produce, t s as evdent that f
the prce of abour had not faen, or not n propor-
ton, so arge a uantty of produce woud be re ured
to pay the abourer, that the manufacturers woud be
unabe to empoy the same number of wor men as be-
fore. n the mdst of the penty of necessares, these
two mportant casses of socety woud reay have ther
power of empoyng abour dmnshed, whe a those
who possessed f ed ncomes woud have ther power of
empoyng abour ncreased, wth very tte chance of
an ncrease of w to e tend ther demand n propor-
ton and the genera resut woud resembe the effects
of that parta dstrbuton of products whch woud
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. r. T P G ALT . 387
arse from the nterrupton of accustomed communca-
tons. The same uantty of commodtes mght be
produced for a short tme but the dstrbuton not
beng such as to proporton the suppy n each uarter
to the demand, the whoe woud fa n e changeabe
vaue, and a decded chec to producton woud be e -
perenced n reference to the whoe country. t fo-
ows, that the abourng casses of socety may be
thrown out of wor n the mdst of an abundance of
necessares, f these necessares are not n the hands
of those who are at the same tme both abe and w-
ng to empoy an ade uate uantty of abour.
As ong as ths fa n the money prce of produce
contnues to dmnsh the power of commandng a-
bour, a dscouragement to producton must obvousy
contnue and f, after abour has ad|usted tsef to
the new eve of prces, the permanent dstrbuton
of the produce and the permanent tastes and habts
of the peope shoud not be favourabe to an ade uate
degree of effectua consumpton, the cearest prnc-
pes of potca economy shew that the profts of
stoc mght be ower for any ength of tme than
the state of the and rendered necessary and that
the retarded rate of producton mght be as perma-
nent as the fauty dstrbuton of the produce and
the unfavourabe tastes and habts whch had occa-
soned t.
t s scarcey possbe for any essenta changes to
ta e pace n the vaue of the crcuatng medum of
a country wthout occasonng an ateraton n the
dstrbuton of ts produce. The mprudent use of
paper money must be aowed to be the prncpa
cause of these changes. ut even wthout a paper
currency, or wth one aways mantanng the same
vaue as buon, every country s abe to changes
n the vaue of ts produce, compared wth ts money
and as such changes must have a great effect on the
dstrbuton of produce, party temporary and party
permanent, a determnaton to reason on these sub-
|ects, wthout ta ng nto account the effects of so
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
388 T P G ALT . c . .
powerfu an agent, woud be purposey to shut our
eyes to the truth. eferrng therefore utmatey to
the command over abour as the best practca mea-
sure of the vaue of the whoe produce, t w be
usefu to refer prevousy to ts buon vaue, n
order to ascertan whether the dstrbuton of the
produce s such as to enabe t t command abour
n proporton to the ncrease of ts uantty. f the
buon vaue of a country s products so ncreases as
to command yeary an ncreased uantty of abour
wthout a fa of profts, we may fee pretty we as-
sured that t s proceedng wthout chec n weath
and prosperty. ut, f there s merey an ncrease
of commodtes, t s mpossbe to say, wthout fur-
ther n ury, that they may not be so dstrbuted as
to retard, nstead of promote, the further progress of
natona weath.
t has been fuy stated and aowed, that a perod
of comparatve stagnaton must fnay arrve n every
country from the dffcuty of procurng subsstence.
ut a defcency of effectua demand has often occa-
soned a smar stagnaton at an eary perod of a na-
ton s progress. o country wth a very confned
mar et, nterna as we as e terna, has ever been
abe to accumuate a arge capta, because such a
mar et prevents the formaton of those wants and
tastes, and that desre to consume, whch are abso-
utey necessary to eep up the mar et prces of com-
modtes, and prevent the fa of profts. The dstr-
buton of commodtes occasoned by nterna trade s
the frst step towards any consderabe ncrease of
weath and capta and f no e changes coud have
ta en pace n ths country, at a greater dstance than
fve mes, t s probabe that not a ffth part of our
present capta coud have been empoyed before the
effectve encouragement to accumuaton and the
further progress of weath had neary ceased.
The motves whch urge ndvduas to engage n
foregn commerce are precsey the same as those
whch ead to the nterchange of goods between the
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 389
more dstant parts of the same country, namey, a
desre to ncrease or eep up the mar et prces of
the oca products and the ncrease of profts thus
made by the ndvdua, or the preventon of that fa
of profts whch woud have ta en pace f the capta
had been empoyed at home, must be consdered as a
comparatve ncrease n the vaue of the natona
produce.
Mr. cardo begns hs hapter on oregn Trade
by statng that o e tenson of foregn trade w
mmedatey ncrease the amount of vaue n a coun-
try athough t w very powerfuy contrbute to n-
crease the mass of commodtes, and therefore the
sum of en|oyments. Ths statement s ute con-
sstent wth hs pecuar vew of vaue, as dependng
soey upon the abour whch a commodty has cost.
owever abundant may be the returns of the mer-
chant, or however greaty they may e ceed hs e ports
n vaue accordng to the common acceptaton of the
term, t s certan that the abour empoyed n pro-
curng these e ports w at frst reman the same.
ut, as t s so garng and undenabe a fact that the
returns from an unusuay favourabe trade w e -
change for an unusua uantty of money, abour and
domestc commodtes as ths ncreased power of
commandng money, abour and commodtes s n
reaty what s meant by the merchant when he ta s
of the e tenson of the foregn mar et and a favour-
abe trade, and as t s nown that such a state of
thngs often asts a suffcent tme to produce the
most mportant resuts, t must be aowed that the
statement s ute ncorrect.
Undoubtedy, as Mr. cardo observes, the nte-
rest of the merchant s no way affected by mportng
ffty ppes of wne nstead of twenty-fve, f the ffty
ppes be not of greater vaue. Profts, as have
shown, are aways estmated by vaue, not by uan-
tty. The specfc ob|ect whch the merchant has n
vew when he engages n foregn commerce, s to ob-
tan returns for hs capta of greater vaue than f he
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
390 T P G ALT . . .
had empoyed t at home and n a cases of a fa-
vourabe foregn trade from e tendng mar ets, ths
s specfcay what he obtans.
ut Mr. cardo thn s that vaue cannot ncrease
n one department of produce wthout ts beng dm-
nshed n some other. Ths agan may be true accord-
ng to hs vew of vaue, but s uttery unfounded ac-
cordng to that more enarged vew of e changeabe
vaue whch s estabshed and confrmed by e per-
ence. f any foregn power were to send to a part-
cuar merchant commodtes of a new descrpton
whch woud se n the London mar et for ffty
thousand pounds, the weath of such merchant woud
be ncreased to that e tent and who, woud as ,
woud be the poorer for t t s no doubt true that
the purchasers of these commodtes may be obged
to forego the use of some of the artces whch they
had before been n the habt of buyng, f and so far n
some uarters demand may be dmnshed but, to
counterbaance ths dmnuton, the enrched mer-
chant w become a purchaser of addtona goods to
the amount perhaps of the whoe ffty thousand
pounds, and thus prevent any genera fa n the
vaue of the natve produce consumed n the country,
whe the vaue of the foregn produce so consumed
has ncreased to the amount of the whoe of the new
produce mported. see no dfference between a
present from abroad, and the unusua profts of a new
foregn trade, n ther effects upon the weath of a
state. They are e uay cacuated to ncrease the
t appears to me that f the two frst sentences n Mr. -
cardo s hapter on oregn Trade were we founded, there
woud be no ntercourse between natons.
t Ths, however, w not necessary happen. The greater
temptaton offered to consumpton may nduce some persons to
spend what they otherwse woud have saved, and n many cases
the weath of the country, nstead of sufferng by ths change,
w gan by t. The ncreased consumpton, as far as t goes,
w occason an ncrease of mar et prces and profts, and ths
ncrease of profts w soon restore the capta whch for a short
tme had been dverted from ts destned offce.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. M. T P G ALT . 391
weath of the communty, by an ncrease both of the
uantty and vaue of the produce obtaned.
t may perhaps be thought that the money vaue of
the whoe produce cannot be ncreased wthout an
mportaton of money. ut, n fact, a successfu
e tenson of foregn trade s e acty that state of
thngs whch most drecty eads to the mportaton
of buon. or what s t that the merchant e -
porter specfcay consders as a successfu e tenson
of foregn commerce n deang wth cvzed natons
Undoubtedy, the power of seng hs e ports abroad
for a greater vaue than usua, estmated n buon
and of course, f the goods whch he woud mport
The mportaton of buon s not necessary to a rse of prces
for, there s no necessary connecton between a gven uantty of
money and a gven scae of prces. f a certan uantty of
money be e changed for a certan uantty of goods, ther prce
s of course represented by that money but f the money s e -
changed for one haf ony of the goods at a tme, the whoe uan-
tty of goods w be worth twce the money and f the money
be e changed for one thrd the goods at a tme, ther tota prce
w be e ua to three tmes the amount of the money. The
uantty of goods, and the uantty of money may therefore re-
man the same, and prces may rse or fa notwthstandng.
Ths s fuy e empfed by what occurs when there s a de-
fcency or an e cess of any one commodty whch s of very
e tensve consumpton. Ta e corn as an nstance. The tota
money vaue of a scanty crop s nown to be much more, and
the tota money vaue of a super-abundant crop much ess, than
that of an ordnary crop, whe the prces of other thngs re-
man the same. n ths case, t s obvous, that the prce of the
whoe produce, agrcutura and manufactured together, (or ts
vaue estmated n money) w be ether greater or ess than or-
dnary, even though there sha be no greater or ess uantty of
money n crcuaton. And ths s very easy e paned. Those
who have to pay dearer or cheaper for ther corn, have no doubt
ess or more to spend on other thngs. ut, to counterbaance
ths, the farmers means of purchasng other thngs are ncreased
or dmnshed n the very same proporton. f have a commo-
dty, whch, from beng n great re uest, rses fron 10 to 20,
the purchaser must forego hs demand for other thngs to the e -
tent of 20 nstead of 10 but my demand for other thngs s
ncreased from 10 to 20. A ths may ta e pace, and ndeed
s constanty ta ng pace, wthout a shng beng added to the
crcuaton. d.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
392 T P G ALT . . .
n return w not se at home so much hgher
as to warrant ther mportaton, a part of the re-
turns w fnay be mported n money. ut f
on the whoe trade ony such an amount be mported
as sha bear the same proporton to the returns n
goods as the whoe of the currency of the country
does to the whoe of ts produce, t s obvous that
no dffcuty whatever can occur n the crcuaton of
the commodtes of the country at ther former prces,
wth the snge e cepton of those artces wth whch
the foregn goods mght drecty enter nto compet-
ton, whch n ths case woud never be suffcent to
prevent a genera ncrease of vaue n the whoe
produce.
most dstncty therefore dffer from Mr. cardo
n the concuson mped n the foowng passage.
n a cases the demand for foregn and home com-
modtes together, as far as regards vaue, s mted
by the revenue and capta of the country. f one
ncreases, the other must dmnsh. t appears to
me that n amost every case of successfu foregn
trade, t s a matter of un uestonabe fact that the
demand for foregn and home commodtes ta en to-
gether decdedy ncreases and that the ncrease n
the vaue of foregn produce does not occason a pro-
portonate dmnuton n the vaue of home produce.
woud st however aow that the demand for
foregn and home commodtes together s mted by
the vaue of the revenue and capta of the country
but, accordng to my vew of the sub|ect, the natona
revenue, whch conssts of the sum of rents, profts,
and wages, s at once decdedy ncreased by the n-
creased profts of the foregn merchant, wthout a
proportonate dmnuton of revenue n any other
uarter whereas Mr. cardo s evdenty of op-
non that, though the abundance of commodtes s
ncreased, the revenue of the country, as far as re-
gards vaue, remans the same.
Prc. of Pot. con. ch. v. p. 138, 2nd edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 393
t w ready be aowed that an ncrease n the
uantty of commodtes s one of the most desrabe
effects of foregn commerce but wsh partcuary
to press on the attenton of the reader that n amost
a cases, another most mportant effect accompanes
t, namey, an ncrease n the amount of e change-
abe vaue. And that ths atter effect s so necessary,
n order to create a contnued stmuus to productve
ndustry, and eep up an abundant suppy of commod-
tes, that n the few cases n whch t does not ta e
pace, a stagnaton n the demand for abour s mme-
datey perceptbe, /and the progress of weath s
chec ed. An e tenson of foregn commerce, accord-
ng to the vew whch Mr. cardo ta es of t, woud,
n my opnon, pace us fre uenty n the stuaton n
whch ths country was n the eary part of 1816, when
a sudden abundance and cheapness of corn and other
commodtes, from a great suppy meetng a defcent
demand, so dmnshed the vaue of the ncome of the
country, that t coud no onger command the same
uantty of abour at the same prce the conse uence
of whch was that, n the mdst of penty, thousands
were thrown out of empoyment a most panfu but
amost unavodabe premnary to a fa n the money
wages of abour, whch t s obvous coud aone enabe
the genera ncome of the country to empoy the same
number of abourers as before, and, after a perod of
severe chec to the ncrease of weath, to recommence
a progressve movement.
Mr. cardo aways seems to thn that t s ute
the same to the abourer, whether he s abe to com-
mand more of the necessares of fe by a rse n the
money prce of abour, or by a fa n the money prce
of provsons but these two events, though appa-
renty smar n ther effects, may be, and n genera
are, most essentay dfferent. An ncrease n the mo-
ney wages of abour, generay mpes such a dstrbu-
ton of the actua weath as to gve t an ncreasng va-
ue, to ensure fu empoyment to a the abourng
casses, and to create a demand for further produce, and
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
394 T P G ALT . . .
for the capta whch s to obtan t. n short, t s the
nfabe sgn of heath and prosperty. hereas a
genera fa n the money prce of necessares often
arses from so defectve a dstrbuton of the produce
of the country, that the genera amount of ts vaue
cannot be ept up n whch case, under the most
favourabe crcumstances, a temporary perod of want
of empoyment and dstress s unavodabe and n
many cases, (as may be too fre uenty observed n sur-
veyng the dfferent countres of the gobe,) ths fa n
the money prce of necessares s the accompanment
of a permanent want of empoyment and the most
ab|ect poverty, n conse uence of a retrograde and
permanenty dmnshed weath.
The reader w be fuy aware that a great fa n
the prce of partcuar commodtes, ether from m-
proved machnery or foregn commerce, s perfecty
compatbe wth a contnued and great ncrease, not
ony n the e changeabe vaue of the whoe produce
of the country, but even n the e changeabe vaue of
the whoe produce of these partcuar artces them-
seves. t has been aready stated that the whoe
vaue of the cottons produced n ths country has been
prodgousy ncreased, notwthstandng the great fa
n ther prce. The same may be sad of teas, sugars,
and many other artces, athough when they were
frst mported, ther prces were greaty hgher than
at present and there can be tte doubt, that f we
were to attempt to ma e our own wnes by means of
hot-houses, they woud atogether be worth much ess
money, and woud gve encouragement to much ess
ndustry that at present.
The causes of an ncrease n the effectua demand
for partcuar commodtes are of very easy e pana-
ton but t has been consdered, and wth reason, as
not very easy to e pan the cause of that genera
brs ness of demand whch s sometmes so very sen-
sby fet throughout a whoe country, and s so
str ngy contrasted wth the feeng whch gves rse
to the e presson of trade beng unversay very dead.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 39
As the specfc and mmedate cause of ths genera
ncrease of effectve demand, shoud decdedy pont
to such a dstrbuton of the produce, and such an
adaptaton of t to the wants and tastes of the socety
as w gve the money prce for whch t ses an n-
creased command of abour before more abour has
been empoyed on ts producton and am ncned
to thn that, f ths test be apped to a the str ng
cases that have occurred, t w rarey or never be
found to fa.
t cannot for a moment be doubted, for nstance,
that the annua ncrease of the produce of the Unted
tates of Amerca, estmated ether n buon or n
abour, has been greater than that of any country we
are ac uanted wth, and that ths has been greaty
owng to ther foregn commerce, whch, notwthstand-
ng ther facty of producton, has gven a vaue to
ther corn and raw produce neary e ua to what they
bear n many of the countres of urope, and has con-
se uenty gven to them a power of commandng the
produce and abour of other countres whch s ute
e traordnary when compared wth the uantty of a-
bour whch they have empoyed. t can as tte be
doubted that n ths country, from 1793 to 1814, the
whoe e changeabe vaue of the produce, estmated
ether n abour, or n buon, was greaty augmented
every year. n ths ncrease of vaue, as we as of
rches, the e tenson of our foregn commerce has been
consdered, amost wthout a dssentent opnon, as a
most powerfu agent and certany t 181 , no ap-
pearances seemed to ndcate, that the ncreasng vaue
of our mports had the sghtest tendency to dmnsh
the vaue of our domestc produce. They both n-
creased, together, and ncreased greaty, estmated
ether n buon or abour.
ut whe n every country to whch t seems pos-
sbe to refer, an ncrease of vaue w be found to
accompany ncreasng prosperty and rches, beeve
that no snge nstance can be produced of a coun-
try engaged n a successfu commerce, and e hbt-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
396 T P G ALT . . .
ng an ncreasng penty of commodtes, where the
vaue of the whoe produce estmated n abour, was
retrograde or even statonary. And of the two ways
n whch capta may be accumuated, as stated by
Mr. cardo n hs chapter on oregn ommerce,
namey ncrease of revenue from ncreased profts, or
a dmnshed e pendture arsng from cheap com-
modtes, t w be found that the atter never has
been, nor ever w be, e perenced as an effectve
stmuus to the permanent and contnued producton
of ncreasng weath.
t s the natura tendency of foregn trade, (as of
a sorts of e changes by whch a dstrbuton s ef-
fected better suted to the wants of socety,) mme-
datey to ncrease the vaue of that part of the na-
tona revenue whch conssts of profts, wthout a
proportonate dmnuton esewhere. t s precsey
ths mmedate ncrease of natona ncome arsng
from the e change of what s of ess vaue n the
country, for what s of more vaue, that furnshes both
the power and w to empoy more abour, and occa-
sons the anmated demand for abour, produce and
capta, whch s a str ng and amost unversa accom-
panment of successfu foregn commerce whereas,
a mere abundance of commodtes fang very greaty
n vaue compared wth abour, though t may be
caed an actua ncrease of weath, woud obvousy
at frst dmnsh the power of empoyng the same
number of wor men, and a temporary gut and ge-
nera defcency of demand coud not fa to ensue n
abour, n produce, and n capta, attended wth the
usua dstress whch a gut must necessary occason.
Mr. cardo aways vews foregn trade n the ght
of means of obtanng cheaper commodtes. ut ths
s ony oo ng to one haf of ts advantages, and am
strongy dsposed to thn , not the arger haf. n
our own commerce at east, ths part of the trade s
comparatvey nconsderabe. The great mass ofour
Prnc. of Po. con. ch. v. p. 132, 2d edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 397
mports conssts of artces as to whch there can be
no nd of ueston about ther comparatve cheap-
ness, as rased abroad or at home. f we coud not
mport from foregn countres our s , cotton and n-
dgo, our tea, sugar, coffee and tobacco, our port,
sherry, caret and champagne, our amonds, rasns,
oranges and emons, our varous spces and our va-
rous drugs, wth many other artces pecuar to fo-
regn cmates, t s ute certan that we shoud
not have them at a. To estmate the advantage
derved from ther mportaton by ther cheapness,
compared wth the uantty of abour and other ad-
vances whch they woud have cost, f we had at-
tempted to rase them at home, woud be perfecty
preposterous. n reaty, no such attempt woud
have been thought of. f we coud by possbty
have made fne caret at ten pounds a botte, few or
hone woud have drun t and the actua uantty
of abour and other advances empoyed n obtanng
these foregn commodtes s at present beyond com-
parson greater than t woud have been f we had not
mported them.
e must evdenty therefore estmate the advan-,
tage whch we derve from such a trade upon a very
dfferent prncpe. Ths s the smpe and obvous
one often adverted to as the foundaton of every act
of barter, whether foregn or domestc, namey, the
ncreased vaue whch resuts from e changng what
s wanted ess for what s wanted more. After we
had, by our e ports of home commodtes, obtaned n
return a the foregn artces above-mentoned, we
mght be very much puzzed to say whether we
had ncreased or decreased the uantty of our com-
modtes, but we shoud fee ute certan that the
new dstrbuton of produce whch had ta en pace,
by gvng us commodtes much better suted to our
wants and tastes than those whch had been sent
away, had decdedy ncreased the e changeabe va-
ue of our possessons, our means of en|oyment, and
our weath.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
398 T P G ALT . c . T.
Ta ng therefore a very dfferent vew of the ef-
fects of foregn commerce on e changeabe vaue
from Mr. cardo, shoud brng forward the e -
tenson of mar ets as beng, n ts genera tendency,
pre-emnenty favourabe to that ncrease of vaue
and weath whch arses from dstrbuton.
ecton . f the Dstrbuton occasoned by
persona servces, and unproductve onsumers,
consdered as the Means of ncreasng the e -
changeabe aue of the whoe Produce.
The thrd man cause whch tends to eep up and
ncrease the vaue of produce by favourng ts dstr-
buton s the empoyment of ndvduas n persona
servces, or the mantenance of an ade uate propor-
ton of consumers not drecty productve of matera
ob|ects.
t has been aready shewn that, under a rapd
accumuaton of capta, or n other words, a rapd
converson of persons engaged n persona servces
nto productve abourers, the demand, compared
wth the suppy of matera products, woud prema-
turey fa, and the motve to further accumuaton be
chec ed, before t was chec ed.by the e hauston of
the and. t foows that, wthout supposng the
productve casses to consume much more than they
are found to do by e perence, partcuary when
they are rapdy savng from revenue to add to ther
captas, t s necessary that a ountry wth great
powers of producton shoud possess a body of con-
sumers who are not themseves engaged n produc-
ton.
n the fertty of the so, n the powers of man to
appy machnery as a substtute for abour, and n
the motves to e erton under a system of prvate
roperty, the aws of nature have provded for the
esure or persona servces of a certan porton of
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 399
socety and f ths benefcent offer be not accepted
by an ade uate number of ndvduas, not ony w
a postve good, whch mght have been so attaned,
be ost, but the rest of the socety, so far from beng
benefted by such sef-dena, w be decdedy n-
|ured by t.
hat the proporton s between the productve
abourers and those engaged n persona servces,
whch affords the greatest encouragement to the con-
tnued ncrease of weath, t has before been sad that
the resources of potca economy are une ua to de-
termne. t must depend upon a great varety of
crcumstances, partcuary upon the fertty of the
so and the progress of nventon n machnery. A
ferte so and an ngenous peope can not ony sup-
port wthout n|ury a consderabe proporton of con-
sumers not drecty productve of matera weath, but
may absoutey re ure such a body of demanders, n
order to gve effect to the powers of producton.
he, wth a poor so and a peope of tte nge-
nuty, an attempt to support such a body woud
throw and out of cutvaton, and ead nfaby to
mpovershment and run.
Another cause, whch ma es t mpossbe to say
what proporton of consumers drecty productve to
those not drecty productve s most favourabe to the
ncrease of weath, s the dfference n the degree of
consumpton whch may preva among the producers
themseves.
Perhaps t w be sad that there can be no occa-
son for unproductve consumers, f a consumpton
suffcent to eep up the vaue of the produce ta es
pace among those who are engaged n producton.
th regard to the captasts who are so engaged,
they have certany the power of consumng ther
profts, or the revenue whch they ma e by the em-
poyment of ther captas and f they were to con-
sume t, wth the e cepton of what coud be benef-
cay added to ther captas, so as to provde n the
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
400 T P G ALT . . .
best way both for an ncreased producton and n-
creased consumpton, there mght be tte occason
for unproductve consumers. ut such consumpton
s not consstent wth the actua habts of the gene-
raty of captasts. The great ob|ect of ther ves s
to save a fortune, both because t s ther duty to
ma e a provson for ther fames, and because they
cannot spend an ncome wth so much comfort to
themseves, whe they are obged perhaps to attend
a countng-house for seven or eght hours a day.
t has been ad down as a sort of a om among
some wrters that the wants of man nd may be con-
sdered as at a tmes commensurate wth ther
powers but ths poston s not aways true, even
n those cases where a fortune comes wthout troube
and n reference to the great mass of captasts, t s
competey contradcted by e perence. Amost a
merchants and manufacturers save, n prosperous
tmes, much more rapdy than t woud be possbe
for the natona capta to ncrease, so as to eep up
the vaue of the produce. ut f ths be true of them
as a body, ta en one wth another, t s ute obvous
that, wth ther actua habts, they coud not afford an
ade uate mar et to each other by e changng ther
severa products.
There must therefore be a consderabe cass of
persons who have both the w and power to con-
sume more matera weath than they produce, or the
mercante casses coud not contnue proftaby to
produce so much more than they consume. n ths
cass the andords no doubt stand pre-emnent but
f they were not asssted by the great mass of ndv-
duas engaged n persona servces, whom they man-
tan, ther own consumpton woud of tsef be nsuf-
fcent to eep up and ncrease the vaue of the
produce, and enabe the ncrease of ts uantty more
than to counterbaance the fa of ts prce. or coud
the captasts n that case contnue wth effect the
same habts of savng. The defcency n the vaue
of what they produced woud necessary ma e them
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 401
ether consume more, or produce ess and when the
mere peasure of present e pendture, wthout the
accompanments of an mproved oca stuaton and
an advance n ran , s put n opposton to the con-
tnued abour of attendng to busness durng the
greatest part of the day, the probabty s that a
consderabe body of them w be nduced to prefer
the atter aternatve, and produce ess. ut f, n
order to baance the demand and suppy, a perma-
nent dmnuton of producton ta es pace, rather
than an ncrease of effectve consumpton, the whoe
of the natona weath, whch conssts of what s pro-
duced and consumed, w be decdedy dmnshed.
Mr. cardo fre uenty spea s, as f savng were
an end nstead of a means. et even wth regard to
ndvduas, where ths vew of the sub|ect s nearest
the truth, t must be aowed that the fna ob|ect n
savng s e pendture and en|oyment. ut, n re-
ference to natona weath, t can never be consdered
ether mmedatey or permanenty n any other ght
than as a means. f however commodtes are a-
ready so pentfu that an ade uate porton of them
s not proftaby consumed, to save capta can ony
be st further to ncrease the penty of commodtes,
and st further to ower aready ow profts, whch
can be comparatvey of tte use.
atona savng, therefore, consdered as the means
of ncreased producton, s confned wthn much nar-
rower mts than ndvdua savng. he some n-
dvduas contnue to spend, other ndvduas may
contnue to save to a very great e tent but the na-
tona savng, n reference to the whoe mass of pro-
ducers and consumers, must necessary be mted by
the amount whch can be advantageousy empoyed n
suppyng the demand for produce and to create
ths demand, there must be an ade uate and effectve
consumpton ether among the producers themseves,
or other casses of consumers.
Adam mth has observed that the desre of food
s mted n every man by the narrow capacty of the
D D
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
402 T P G ALT . . .
human stomach but the desre of the convenences
and ornaments of budng, dress, e upage, and
househod furnture, seems to have no mt or cer-
tan boundary. That t has no certan boundary s
un uestonaby true that t has no mt must be a-
owed to be too strong an e presson, when we con-
sder how t w be practcay mted by the coun-
tervang u ury of ndoence, or by the genera
desre of man nd to better ther condton, and ma e
a provson for a famy a prncpe whch, as Adam
mth hmsef states, s on the whoe stronger than
the prncpe whch prompts to e pense. ut surey
t s a garng msappcaton of ths statement n any
sense n whch t can be reasonaby understood, to
say, that there s no mt to the savng and empoy-
ment of capta e cept the dffcuty of procurng
food. t s to found a doctrne upon the unmted
desre of man nd to consume then to suppose ths
desre mted n order to save capta, and thus com-
petey ater the premses, and yet st to mantan
that the doctrne s true. Let a suffcent consump-
ton aways ta e pace, whether by the producers or
others, to eep up and ncrease the e changeabe
vaue of the whoe produce and am perfecty ready
to aow that, to the empoyment of a natona capta,
ncreasng ony at such a rate, there s no other mt
than that whch bounds the power of mantanng
popuaton. ut t appears to me perfecty cear n
theory, and unversay confrmed by e perence, that
the empoyment of capta may, and n fact often
does, fnd a mt, ong before there s any rea dff-
cuty n procurng the means of subsstence and
that both capta and popuaton may be at the same
tme, and for a perod of consderabe ength, redun-
dant, compared wth the effectua demand for pro-
duce.
f the wants of man nd n genera, t may be
further observed, that t s a parta and narrow vew
eath of atons, vo. . b. . ch. . p. 19, 6th edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 403
of the sub|ect, to consder ony the propensty to
spend what s actuay possessed. t forms but a
very sma part of the ueston to determne that f a
man has a hundred thousand a year, he w not de-
cne the offer of ten thousand more or to ay down
generay that man nd are never dsposed to refuse
the means of ncreased power and en|oyment. The
man part of the ueston respectng the wants of
man nd, reates to ther power of cang forth the
e ertons necessary to ac ure the means of e pend-
ture. t s un uestonaby true that weath produces
wants but t s a st more mportant truth, that
wants produce weath. ach cause acts and re-acts
upon the other, but the order, both of precedence
and of mportance, s wth the wants whch stmuate
to ndustry and wth regard to these, t appears
that, nstead of beng aways ready to second the
physca powers of man, they re ure for ther deve-
opement a appances and means to boot. The
greatest of a dffcutes n convertng uncvzed
and thny peoped countres nto cvzed and popu-
ous ones, s to nspre them wth the wants best
cacuated to e cte ther e ertons n the producton
of weath. ne of the greatest benefts whch foregn
commerce confers, and the reason why t has aways
appeared an amost necessary ngredent n the pro-
gress of weath, s, ts tendency to nspre new wants,
to form new tastes, and to furnsh fresh motves for
ndustry. ven cvzed and mproved countres
cannot afford to ose any of these motves. t s not
the most peasant empoyment to spend eght hours
a day n a countng-house. or w t be submtted
to after the common necessares and convenences of
fe are attaned, uness ade uate motves are pre-
sented to the mnd of the man of busness. Among
these motves s undoubtedy the desre of advancng
hs ran , and contendng wth the andords n the
en|oyment of esure, as we as of foregn and domes-
tc u ures.
ut the desre to reaze a fortune as a permanent
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
404 T P G ALT . . .
provson for a famy s perhaps the most genera
motve for the contnued e ertons of those whose
ncomes depend upon ther own persona s and
efforts. hatever may be sad of the vrtue of par-
smony or savng, as a pubc duty, there cannot be a
doubt that t s, n numberess cases, a most sacred
and bndng prvate duty and were ths egtmate
and praseworthy motve to perseverng ndustry n
any degree wea ened, t s mpossbe that the weath
and prosperty of the country shoud not most mate-
ray suffer. ut f, from the want of other effectve
consumers, the captasts were obged to consume
a that coud not be advantageousy added to the
natona capta, under such crcumstances the motves
whch support them n ther day tas s must essen-
tay be wea ened, and the same powers of produc-
ton woud not be caed forth.
t has appeared then that, n the ordnary state of
socety, the master producers and captasts, though
they may have the power, have not the w, to con-
sume n the shape of revenue to the necessary e tent.
And wth regard to ther wor men, t must be a-
owed that, f they possessed the w, they have not
the power. t s ndeed most mportant to observe
that no power of consumpton on the part of the
abourng casses can ever, accordng to the common
motves whch nfuence man nd, aone furnsh an
encouragement to the empoyment of capta. | o
one w ever empoy capta merey for the sa e of
the demand occasoned by those who wor for hm.
Uness they produce an e cess of vaue above what
they consume, whch he ether wants hmsef n nd,
or whch he can advantageousy e change for some-
thng whch he desres, ether for present or future
use, t s ute obvous that hs capta w not be
empoyed n mantanng them. hen ndeed ths
further vaue s created and affords a suffcent e -
ctement to the savng and empoyment of capta,
then certany the power of consumpton possessed
by the wor men w greaty add to -the whoe na-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 40
tona demand, and ma e room for the empoyment
of a much greater capta.
t s most desrabe that the abourng casses
shoud be we pad, for a much more mportant
reason than any that can reate to weath namey,
the happness of the great mass of socety. ut as
a great ncrease of consumpton among the wor ng
casses must greaty ncrease the cost of producton,
t must ower profts, and dmnsh or destroy the
motve to accumuate, before agrcuture, manufac-
tures, and commerce have reached any consderabe
degree of prosperty. f each abourer were actu-
ay to consume doube the uantty of corn whch
he does at present, such a demand, nstead of gv-
ng a stmuus to weath, woud un uestonaby
throw a great uantty of and out of cutvaton,
and greaty dmnsh both nterna and e terna com-
merce.
t may be thought perhaps that the andords
coud not fa to suppy any defcency of demand
and consumpton among the producers, and that be-
tween them there woud be tte chance of any ap-
proach towards redundancy of capta. hat mght
be the resut of the most favourabe dstrbuton of
anded property t s not easy to say from e perence
but e perence certany tes us that, under the ds-
trbuton of and whch actuay ta es pace n most
of the countres n urope, the demands of the and-
ords, added to those of the producers, have not a-
ways been found suffcent to prevent any dffcuty
n the empoyment of capta. n the nstance auded
to n a former chapter, whch occurred n ths coun-
try n the mdde of ast century, there must have
been a consderabe dffcuty n fndng empoyment
for capta, or the natona credtors woud rather
The demand created by the productve abourer hmsef can
never be an ade uate demand, because t does not go to the fu
e tent of what he produces. f t dd, there woud be no proft,
conse uenty no motve to empoy hm. The very e stence of a
proft upon any commodty presupposes a demand e teror to
that of the abour whch has produced t. d.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
406 T P G ALT . . .
have been pad off than have submtted to a reducton
of nterest from 4 per cent, to 3|, and afterwards to
3. And that ths fa n the rate of nterest and pro-
fts arose from a redundancy of capta and a want of
demand for produce, rather than from the dffcuty
of producton on the and, s fuy evnced by the ow
prce of corn at the tme, and the very dfferent state
of nterest and profts whch has occurred snce.
A smar nstance too pace n tay n 168 ,
when, upon the Popes reducng the nterest of hs
debts from 4 to 3 per cent., the vaue of the prncpa
rose afterwards to 112 and yet the Pope s terrtores
have at no tme been so cutvated as to occason
such a ow rate of nterest and profts from the dff-
cuty of procurng the food of the abourer. Under
a more favourabe dstrbuton of property, there can-
not be a doubt that such a demand for produce,
agrcutura, manufacturng, and mercante, mght
have been created, as to have prevented for many
many years the nterest of money from fang beow
3 per cent. n both these cases, the demands of the
andords were added to those of the productve
casses.
ut f the master-producers, from the audabe
desre they fee of betterng ther condton, and
provdng for a famy, do not consume ther revenue
suffcenty to gve an ade uate stmuus to the n-
crease of weath f the wor ng producers, by n-
creasng ther consumpton, supposng them to have
the means of so dong, woud mpede the growth of
weath more by dmnshng the power of produc-
ton, than they coud encourage t by ncreasng the
demand for produce and f the e pendture of the
andords, n addton to the e pendture of the two
precedng casses, be found nsuffcent to eep up
and ncrease the vaue of that whch s produced,
where are we to oo for the consumpton re ured but
among the unproductve abourers of Adam mth
T very socety must have a body of persons engaged
n persona servces of varous nds as every so-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 407
cety, besdes the mena servants re ured, must have
statesmen to govern t, soders to defend t, |udges
and awyers to admnster |ustce and protect the
rghts of ndvduas, physcans and surgeons to cure
dseases and hea wounds, and a body of cergy to n-
struct the gnorant, and admnster the consoatons of
regon. o cvzed state has ever been nown to
e st wthout a certan porton of a these casses of
socety n addton to those who are drecty empoyed
n producton. To a certan e tent therefore they
appear to be absoutey necessary. ut t s perhaps
one of the most mportant practca uestons that can
possby be brought under our vew, whether, how-
ever necessary and desrabe they may be, they must
be consdered as detractng so much from the mate-
ra products of a country, and ts power of support-
ng an e tended popuaton or whether they furnsh
fresh motves to producton, and tend to push the
weath of a country farther than t woud go wthout
them.
The souton of ths ueston evdenty depends,
frst, upon the souton of the man practca ueston,
whether the capta of a country can or cannot be re-
dundant that s, whether the motve to accumuate
may be chec ed or destroyed by the want of effectve
demand ong before t s chec ed by the dffcuty of
procurng the subsstence of the abourer. And se-
condy, whether, aowng the possbty of such a re-
dundance, there s suffcent reason to beeve that,
under the actua habts of man nd, t s a probabe
occurrence.
n the hapter on Profts, but more partcuary n
the Thrd ecton of the present hapter, where
have consdered the effect of accumuaton as a st-
muus to the ncrease of weath, trust that the frst
of these uestons has been satsfactory answered.
And n the present ecton t has been shewn that
the actua habts and practce of the productve
casses, n the most mproved socetes, do not ead
them to consume as revenue so arge a proporton of
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
408 T P G ALT . . .
what they produce, even though asssted by the and-
ords, as to prevent ther fndng fre uent dffcutes
n the empoyment of ther captas. e may con-
cude therefore, wth tte danger of error, that such
a body of persons as 1 have descrbed s not ony ne-
cessary to the government, protecton, heath, and n-
structon of a country, but s aso necessary to ca
forth those e ertons whch are re ured to gve fu
pay to ts physca resources /
th respect to those persons who are not em-
poyed n the producton or dstrbuton of matera
ob|ects, t s obvous that such as are pad vountary
by ndvduas, w be the most ey to be usefu n
e ctng ndustry, and the east ey to be pre|ud-
ca by nterferng wth the costs of producton. t
may be presumed that a person w not ta e a mena
servant, uness he can afford to pay hm and that he
s as ey to be e cted to ndustry by the prospect
of ths ndugence, as by the prospect of buyng
rbands and aces.
t s aso very mportant to observe, that meda
servants are absoutey necessary to ma e the resour-
ces of the hgher and mdde casses of socety eff-
cent n the demand for matera products. o per-
sons possessng ncomes above fve hundred pounds a
year, woud be ncned to have such houses, furn-
ture, cothes, carrages and horses, and such eatabes
and drn abes n ther houses as they have at pre-
sent, f they were obged to sweep ther own rooms,
brush and wash ther own furnture and cothes, cean
ther own carrages and horses, and had none but
themseves to ma e a demand for eatabes and drn -
abes. And t s farther to be remar ed, that a per-
sona servces pad vountary, whether of a mena
or nteectua nd, are essentay dstnct from the
abour necessary to producton. They are pad from
revenue, not from capta. They have no tendency
to ncrease cost and ower profts. n the contrary,
whe they eave the cost of producton, as far as re-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 409
gards the uanttes of abour re ured to obtan any
partcuar commodtes the same as before, they n-
crease profts by occasonng a more brs demand for
matera products, as compared wth the suppy of
them.
et to shew how fre uenty the doctrne of pro-
portons meets us at every turn, and how much the
weath of natons depends upon the reaton of parts,
rather than on any postve rue respectng the ad-
vantages of productve abour as compared wth per-
sona servces, t may be worth whe to remnd the
reader that, though the empoyment of a number of
persons n mena servce, varyng wth the neat re-
venue of the socety, s n every respect desrabe,
there coud hardy be a taste more unfavourabe to
the progress of weath than a strong preference of me-
na servce and accommodated foowers to matera
products. e may, however, safey trust to the n-
cnatons of ndvduas n ths respect and t w
be aowed generay, that there s tte dffcuty n
reference to those casses whch are supported voun-
tary, though there may be much wth regard to those
whch must be supported by ta aton.
th regard to these atter casses, such as states-
men, soders, saors, and those who ve upon the n-
terest of a natona debt, t cannot be dened that
they contrbute powerfuy to dstrbuton and de-
mand they fre uenty occason a dvson of property
more favourabe to the progress of weath than woud
otherwse have ta en pace they ensure that effec-
tve consumpton whch s necessary to gve the pro-
per stmuus to producton and the desre to pay a
ta , and yet en|oy the same means of gratfcaton,
must often operate to e cte the e ertons of ndustry
ute as effectuay as the desre to pay a awyer or
physcan. et to counterbaance these advantages,
whch so far are un uestonabe, t must be ac now-
edged that n|udcous ta aton mght stop the n-
crease of weath at amost any perod of ts progress,
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
410 T P G ALT . . .
eary or ate and that the most |udcous ta aton
mght utmatey be so heavy as to cog a the chan-
nes of foregn and domestc trade, and amost pre-
vent the possbty of accumuaton.
The effect therefore on natona weath of those
casses of unproductve consumers whch are supported
by ta aton, must be very varous n dfferent coun-
tres, and must depend entrey upon the powers of
producton, and upon the manner n whch the ta es
are rased n each country. As great powers of pro-
ducton are nether ey to be caed nto acton, or,
when once n acton, ept n actvty wthout a great
effectve consumpton, fee very tte doubt that n-
stances have practcay occurred of natona weath
beng decdedy stmuated by the consumpton of
those who have been supported by ta es. et ta a-
ton s a stmuus so abe n every way to abuse, and
t s so absoutey necessary for the genera nterests
of socety to consder prvate property as sacred, that
no one woud thn of trustng to any government the
means of ma ng a dfferent dstrbuton of weath,
wth a vew to the genera good. ut when, ether
from necessty or error, a dfferent dstrbuton has
ta en pace, and the ev, as far as t regards prvate
property, has actuay been commtted, t may not be
/wse to attempt, at the e pense of a great temporary
sacrfce, a sudden return to the former dstrbuton,
wthout very fuy consderng whether, f t were ef-
fected, t woud be reay advantageous that s, whe-
ther, n the actua crcumstances of the country, wtu-
The effect of obgng a cutvator of a certan porton of rch
and to mantan two men and two horses for the state, mght n
some cases ony nduce hm to cutvate more, and create more
weath than he otherwse woud have done, whe t mght eave
hm personay as rch as before, and the naton rcher but f the
same obgaton were to be mposed on the cutvator of an e ua
uantty of poor and, the property mght be rendered at once not
worth wor ng, and the deserton of t woud be the natura con-
se uence. An ndscrmnate and heavy ta on gross produce
mght mmedatey scatter desoaton over a country, capabe,
under a better system, of producng consderabe weath.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 411
reference to ts powers of producton, more woud not
be ost by the want of effectua demand than ganed
by the dmnuton of ta aton.
f there coud be no sort of dffcuty n fndng pro-
ftabe empoyment for any amount of capta, pro-
vded abour were suffcenty abundant, the way to
natona weath, though t mght not aways be easy,
woud be ute straght, and our ony ob|ect need be
to save from revenue, and repress unproductve con-
sumers. ut, f t has appeared that the greatest
powers of producton are rendered comparatvey use-
ess wthout effectua consumpton, and that a proper
dstrbuton of the produce s as necessary to the con-
tnued ncrease of weath as the means of producng
t, t foows that, n cases of ths nd, the ueston
depends upon proportons and t woud be the heght
of rashness to determne, under a crcumstances, that
the sudden dmnuton of a natona debt and the re-
mova of ta aton must necessary tend to ncrease the
natona weath, and provde empoyment for the a-
bourng casses.
am very far, however, from beng nsensbe to the
evs of a great natona debt. Though, n many res-
pects, t may be a usefu nstrument of dstrbuton, t
must be aowed to be a very cumbersome and very
dangerous nstrument. n the frst pace, the revenue
necessary to pay the nterest of such a debt can ony
be rased by ta aton and, as ths ta aton, f pushed
to any consderabe e tent, can hardy fa of nter-
ferng wth the powers of producton, there s aways
danger of mparng one eement of weath, whe we
are mprovng another. A second mportant ob|ec-
ton to a arge natona debt, s the feeng whch pre-
vas so very generay among a those not mme-
datey concerned n t, and conse uenty among the
great mass of the popuaton, that they woud be m-
y effectua consumpton s meant, a consumpton by those
who are abe and wng to pay such a prce for produce, as w
effect the contnuaton of ts suppy wthout a fa of profts not
re ured by the state of the and.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
412 T P G ALT . . .
medatey and greaty reeved by ts e tncton and,
whether ths mpresson be we founded or not, t
cannot e st wthout renderng the nterest pad for t
n some degree nsecure, and e posng a country to
the rs of a great convuson of property, partcuary
as t prevents any economy of e pendture whch s
practcabe, from affordng such a reef from ta a-
ton, as w te upon the feengs of the peope. A
thrd ob|ecton to such a debt s, that t greaty ag-
gravates the evs arsng from changes n the vaue
of money. hen the currency fas n vaue, the an-
nutants, as owners of f ed ncomes, are most un|usty
deprved of ther proper share of the natona pro-
duce when the currency rses n vaue, the pressure
of the ta aton necessary to pay the nterests of the
debt, may become suddeny so heavy as greaty to
dstress the productve casses and ths nd of
sudden pressure must very much enhance the nse-
curty of property vested n pubc funds.
n these and other accounts t woud be desrabe
graduay to dmnsh the debt, and more especay to
dscourage the growth of t n future, even though t
were aowed that ts past effects had been favourabe
to weath, and that the advantageous dstrbuton of
produce whch t had occasoned, had, under the ac-
tua crcumstances, more than counterbaanced the
obstructons whch t mght have gven to commerce.
n the whoe t may be observed, that the specfc
use of a body of unproductve consumers, s to gve
n a country wth a arge pubc debt, there s no duty whch
ought to be hed more sacred on the part of the admnstrators of
the government than to prevent any varatons of the currency be-
yond those whch necessary beong to the varyng vaue of the
precous metas. am fuy aware of the temporary advantages
whch may be derved from a fa n the vaue of money and
perhaps t. may be true that a part of the dstress durng the ast
year, though beeve but a sma part, was occasoned by the
measure atey adopted, for the restoraton of the currency to ts
|ust vaue. ut some such measure was ndspensaby necessary
and Mr. cardo deserves the than s of hs country for havng
suggested one whch has rendered the transton more easy than
coud reasonaby have been e pected. Ths was wrtten n 1820.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 413
encouragement to weath by mantanng such a ba-
ance between produce and consumpton as w gve
the greatest e changeabe vaue to the resuts of the
natona ndustry. f such consumers were to pre-
domnate, the comparatvey sma uantty of mate-
ra products brought to mar et woud eep down the
vaue of the whoe produce, from the defcency of
uantty. f, on the other hand, the productve casses
were n e cess, the vaue of the whoe produce woud
fa from e cess of suppy. There s therefore a cer-
tan proporton between the two whch w yed the
greatest vaue, and command for a contnuance the
greatest uantty of abour and we may safey con-
cude that, among the causes necessary to that dstr-
buton, whch tends to eep up and ncrease the e -
changeabe vaue of the whoe produce, we must
pace the mantenance of a certan body of consumers
who are not themseves engaged n the mmedate
producton of matera ob|ects. Ths body, consdered
as a stmuus to weath, shoud vary n dfferent coun-
tres, and at dfferent tmes, accordng to the powers of
producton and the most favourabe resut evdenty
depends upon ther numbers beng best suted to the
natura resources of the so, and the s , and ac-
ured tastes of the peope.
ecton . Appcaton of some of the precedng
Prncpes tothe Dstresses of the Labourng asses
snce 181 , wth Genera bservatons.
t has been sad that the dstresses of the abourng
casses snce 181 are owng to a defcent capta,
whch s evdenty unabe to empoy a that are n
want of wor .
That the capta of the country does not bear an
ade uate proporton to the popuaton that the ca-
pta and revenue together do not bear so great a pro-
porton as they dd before 181 and that such a ds-
proporton w at once account for very great dstress
among the abourng casses, am most ready to a-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
414 T P G ALT . . ,
ow. ut t s a very dfferent thng to aow that the
capta s defcent compared wth the popuaton and
to aow that t s defcent compared wth the demand
for t, and the demand for the commodtes procured
by t. The two cases are very fre uenty confounded,
because they both produce dstress among the abour-
ng casses but they are essentay dstnct. They
are attended wth some very dfferent symptoms, and
re ure to be treated n a very dfferent manner.
f one fourth of the capta of a country were
suddeny destroyed, or entrey transferred to a df-
ferent part of the word, wthout any other cause
occurrng of a dmnshed demand for commodtes,
ths scantness of capta woud certany occason
great nconvenence to consumers, and great dstress
among the wor ng casses but t woud be attended
wth great advantages to the remanng captasts.
ommodtes, n genera, woud be scarce, and bear
a hgh prce on account of the defcency n the
means of producng them. othng woud be so
easy as to fnd a proftabe empoyment for capta
but t woud by no means be easy to fnd capta for
the number of empoyments n whch t was defcent
and conse uenty the rate of profts woud be very
hgh. n ths state of thngs there woud be an
mmedate and pressng demand for capta, on ac-
count of there beng an mmedate and pressng
demand for commodtes and the obvous remedy
woud be, the suppy of the demand n the ony way
n whch t coud ta e pace, namey, by savng from
revenue to add to capta. Ths suppy of capta
woud, as have before stated, ta e pace |ust upon
the same prncpe as a suppy of popuaton woud
t s a contradcton n terms, to say that abour s redun-
dant compared wth capta, and that capta s at the same tme
redundant compared wth abour: but t s no contradcton n
terms to say that both abourers and capta may be redundant,
compared wth the means of empoyng them proftaby. have
never mantaned the former poston, though have been charged
wth so dong but the atter has been so fuy estabshed by e -
perence, that am surprzed at the pertnacty wth whch theo-
retca wrters contnue to refuse ther assent to t.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 41
foow a great destructon of peope on the suppos-
ton of there beng an mmedate and pressng want
of abour evnced by the hgh rea wages gven to
the abourer.
n the other hand, f the capta of the country
were dmnshed by the faure of demand n some
arge branches of trade, whch had before been very
prosperous, and absorbed a great uantty of stoc
or even f, whe capta were suddeny destroyed, the
revenue of the andords was dmnshed n a greater
proporton owng to pecuar crcumstances, the state of
thngs, wth the e cepton of the dstresses of the poor,
woud be amost e acty reversed. The remanng
captasts woud be n no respect benefted by events
whch had dmnshed demand n a st greater propor-
ton than they had dmnshed the suppy. ommod-
tes woud be every where cheap. apta woud
be see ng empoyment, but woud not easy fnd t
and the profts of stoc woud be ow. There woud
be no pressng and mmedate demand for capta,
because there woud be no pressng and mmedate
demand for commodtes and, under these crcum-
stances, the savng from revenue to add to capta,
nstead of affordng the remedy re ured, woud ony
aggravate the dstresses of the captasts, and f the
stream of capta whch was fowng out of the
country. The dstresses of the captasts woud be
aggravated, |ust upon the same prncpe as the
dstresses of the abourng casses woud be aggra-
vated f they were encouraged to marry and n-
crease, after a consderabe destructon of peope,
athough accompaned by a st greater destructon
of capta whch had ept the wages of abour very
ow. There mght certany be a great defcency of
popuaton, compared wth the terrtory and powers
of the country, and t mght be very desrabe that t
shoud be greater but f the wages of abour were
st ow, notwthstandng the dmnuton of peope,
to encourage the brth of more chdren woud be
to encourage msery and mortaty rather than popu-
aton.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
416 T P G ALT . . .
ow woud as , to whch of these two suppo-
stons does the present state of ths country bear
the nearest resembance urey to the atter.
That a great oss of capta has atey been sus-
taned, s un uestonabe. Durng neary the whoe
of the war, owng to the unon of great powers of
producton wth a great effectua consumpton and
demand, the prodgous destructon of capta by the
government was much more than recovered. To
doubt ths woud be to shut our eyes to the compara-
tve state of the country n 1792 and 1813. The
two ast years of the war were, however, years of
e traordnary e pense, and beng foowed mme-
datey by a perod mar ed by a very unusua stag-
naton of effectua demand, the destructon of capta
whch too pace n those years was not probaby
recovered. ut ths stagnaton tsef was much more
dsastrous n ts effects upon the natona capta, and
st more upon the natona revenue, than any pre-
vous destructon of stoc . t commenced certany
wth the e traordnary fa n the vaue of the raw
produce of the and, to the amount, t has been sup-
posed, of neary one thrd. hen ths fa had
dmnshed the captas of the farmers, and st more
the revenues both of andords and farmers, and of
a those who were otherwse connected wth the
and, ther power of purchasng manufactures and
foregn products was of necessty greaty dmnshed.
The faure of home demand fed the warehouses of
the manufacturers wth unsod goods, whch urged
them to e port more argey at a rs s. ut ths
e cessve e portaton gutted a the foregn mar ets,
and prevented the merchants from recevng ade uate
returns whe, from the dmnuton of the home
revenues, aggravated by a sudden and e traordnary
contracton of the currency, even the comparatvey
scanty returns obtaned from abroad found a very
nsuffcent domestc demand, and the profts and
conse uent e pendture of merchants and manufac-
Ths was wrtten n 1820.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 417
turers were proportonaby owered. he these
unfavourabe changes were ta ng pace n rents and
profts, the powerfu stmuus whch had been gven
to popuaton by the contnued demand for abour
durng the war, occasoned the pourng n of fresh
suppes of abour, whch, aded by the dsbanded
soders and saors, and the faure of demand arsng
from the osses of the farmers and merchants, reduced
generay both wages and profts, and eft the country
wth a greaty dmnshed capta and revenue
not merey n proporton to the ateraton of the
vaue of the currency, but n reference to the buon
vaue of ts produce, and the command of ths buon
vaue over abour, at the prce at whch t was actuay
empoyed. or the four or fve years snce the war,
on account of the change n the dstrbuton of the
natona produce, and the want of effectua consump-
ton and demand occasoned by t, a chec has been
gven to the rate of producton, and the popuaton,
under ts former mpuse, has ncreased, not ony
faster than the demand for abour, but faster than
the actua produce yet ths produce, though de-
fcent, compared wth the popuaton, s redundant,
compared wth the effectua demand for t and the
revenue whch s to purchase t. Though abour s
cheap, there s nether the power nor the w to
empoy t a because not ony has the capta of
the country dmnshed, compared wth the number
of abourers, but, owng to the dmnshed revenues
of the country, the commodtes whch those abour-
ers woud produce are not n such re uest as to
ensure toerabe profts to the reduced capta.
ut when profts are ow and uncertan, when
captasts are ute at a oss where they can safey
empoy ther captas, and when on these accounts
capta s fowng out of the country n short, when
a the evdence whch the nature of the sub|ect
admts, dstncty proves that there s no effectve
demand for capta at home, s t not contrary to the
genera prncpes of potca economy, s t n t a

G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
418 T P G ALT . c. .
van and frutess opposton to that frst, greatest,
and most unversa of a ts prncpes, the prncpe
of suppy and demand, to recommend savng, and
the converson of more revenue nto capta s t
not |ust the same sort of thng as to recommend
marrage when peope are starvng and emgratng
am fuy aware that the ow profts of stoc , and
the dffcuty of fndng empoyment for t, whch 1
consder as an une uvoca proof that the mmedate
want of the country s not capta, has been attrbuted
to other causes but to whatever causes they may be
attrbuted, an ncrease n the proporton of capta to
revenue must aggravate them. th regard to these
causes, such as the cutvaton of our poor sos, our
restrctons upon commerce, and our weght of ta -
aton, fnd t very dffcut to admt a theory of our
dstresses so nconsstent wth the theory of our com-
paratve prosperty. he the greatest uantty of
our poor ands were n cutvaton whe there were
more than usua restrctons upon our commerce, and
very tte corn was mported and whe ta aton
was at ts heght, the country confessedy ncreased
n weath wth a rapdty never nown before. nce
some of our poorest ands have been thrown out of cu-
tvaton snce the peace has removed many of the
restrctons upon our commerce, and, notwthstandng
our corn aws, we have mported a great uantty of
corn and snce seventeen mons of ta es have been
ta en off from the peope, we have e perenced the
greatest degree of dstress, both among captasts
and abourers.
am very far ndeed from meanng to nfer from
these str ng facts that restrctons upon commerce
and heavy ta aton are benefca to a country. ut
the facts certany show that, whatever may be the
future effect of the causes above auded to n chec -
ng the progress of our weath, we must oo ese-
where for the mmedate sources of our present
dstresses. ow far our artfca system, and par-
tcuary the changes n the vaue of our currency
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 4 9
operatng upon a arge natona debt, may have
aggravated the evs we have e perenced, t woud
be e tremey dffcut to say. ut fee perfecty
convnced that a very consderabe porton of these
evs mght be e perenced by a naton wthout poor
and n cutvaton, wthout ta es, and wthout any
fresh restrctons on trade.
f a arge country, of consderabe fertty, and
suffcent nand communcatons, were surrounded
by an mpassabe wa, we a agree that t mght be
toeraby rch, though not so rch as f t en|oyed the
beneft of foregn commerce. ow, supposng such
a country graduay to nduge n a consderabe con-
sumpton, to ca forth and empoy a great uantty
of ngenuty n producton, and to save ony yeary
that porton of ts revenue whch t coud most ad-
vantageousy add to ts capta, e pendng the rest n
consumabe commodtes and persona servces, t
mght evdenty, under such a baance of produce
and consumpton, be ncreasng n weath and popu-
aton wth consderabe rapdty. ut f, upon the
prncpe ad down by M. ay, that the consump-
ton of a commodty s a dmnuton of demand, the
socety were greaty and generay to sac en ther
consumpton, and add to ther captas, there cannot
be the east doubt, on the prncpe of demand and
suppy, that the profts of captasts woud soon be
greaty reduced, though there were no poor and n
cutvaton and the popuaton woud be thrown out
of wor and woud be starvng, athough wthout a
snge ta , or any restrctons on trade.
The state of urope and Amerca may perhaps be
sad, n some ponts, to resembe the case here .sup-
posed and the stagnaton whch has been so gene-
ray fet and companed of snce the war, appears
to me ne pcabe upon the prncpes of those who
thn that the power of producton s the ony ee-
ment of weath, and, who conse uenty nfer that f
the means of producton be ncreased, weath w
certany ncrease n proporton. ow t s un ues-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
420 T P G ALT . . .
tonabe that the means of producton were ncreased
by the cessaton of war, and that more peope and
more capta were ready to be empoyed n produc-
tve abour but notwthstandng ths obvous ncrease
n the means of producton, we hear every where of
dffcutes and dstresses, nstead of ease and penty.
n the Unted tates of Amerca n partcuar, a
country of e traordnary physca resources, the dff-
cutes whch have been e perenced are very str ng,
and such certany as coud hardy have been e -
pected. These dffcutes, at east, cannot be at-
trbuted to the cutvaton of poor and, restrctons
upon commerce, and e cess of ta aton. Atogether
the state of the commerca word, snce the war,
ceary shows that somethng ese s necessary to the
contnued ncrease of weath besdes an ncrease n
the means of producng.
That the transton from war to peace, of whch so
much has been sad, s a man cause of the effects
observed, w be ready aowed, but not as the
operaton s usuay e paned. t s generay sad
that there has not been tme to transfer capta from
the empoyments where t s redundant to those where
t s defcent, and thus to restore the proper e u-
brum. ut such a transfer coud hardy re ure so
much tme as has now eapsed snce the war and
woud as , where are the under-stoc ed empoyments,
whch, accordng to ths theory, ought to be nume-
rous, and fuy capabe of absorbng a the redundant
capta whch s confessedy guttng the mar ets of
urope n so many dfferent branches of trade t
s we nown by the owners of foatng capta, that
none such are now to be found and f the transton
n ueston s to account for what has happened, t
must have produced some other effects besdes that
whch arses from the dffcuty of movng capta.
Ths conceve to be a dmnuton of the demand
compared wth the suppy of produce. The neces-
sary changes n the channes of trade woud be
effected n a year or two but the genera dmnuton
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 421
of demand, compared wth the suppy occasoned by
the transton from such a war to a peace, may ast
for a very consderabe tme. The returned ta es,
and the e cess of ndvdua gans above e pendture,
whch were so argey used as revenue durng the
war, are now n part, and probaby n no nconsder-
abe part, saved. cannot doubt, for nstance, that
n our own country very many persons have ta en
the opportunty of savng a part of ther returned
property-ta , partcuary those who have ony fe-
ncomes, and who, contrary to the prncpes of |ust
ta aton, had been assessed at the same rate wth
those whose ncomes were derved from reazed pro-
perty. Ths savng s ute natura and proper, and
forms no |ust argument aganst the remova of the
ta but st t contrbutes to e pan the cause of
the dmnshed demand for commodtes, compared
wth ther suppy snce the war. f some of the
prncpa governments concerned spent the ta es
whch they rased n a manner to create a greater and
more certan demand for abour and commodtes,
partcuary the former, than the present owners of
them, and f ths dfference of e pendture be of a
nature to ast for some tme, we cannot be surprsed
at the duraton of the effects arsng from the tran-
ston from war to peace.
The changes, however, whch have ta en pace so
generay must have operated very dfferenty upon
the dfferent countres of the commerca word, ac-
cordng to the dfferent crcumstances n whch they
were paced and t w be found generay, as the
prncpes whch have been ad down woud ead us
to e pect, that those states whch have suffered the
most by the war have suffered the east by the peace.
n the countres where a great pressure has faen
upon moderate or scanty powers of producton, t s
hardy possbe to suppose that ther weath shoud
not have been stopped n ts progress durng the
war, or perhaps rendered postvey retrograde.
uch countres must have found reef from a state of
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
422 T P G ALT . . .
thngs, whch now aows them to. accumuate capta,
wthout whch no state can permanenty ncrease n
weath. ut n those countres, where the pressure
of the war found great powers of producton, and
seemed to create greater where accumuaton, n-
stead of beng chec ed, was acceerated, and where
the vast consumpton of commodtes was foowed
by suppes whch occasoned a more rapd ncrease
of weath than before, the effect of peace woud be
very dfferent. n such countres t s natura to
suppose that a great dmnuton of the demand com-
pared wth the suppy, woud decdedy chec the
progress of weath, and occason very genera and
severe dstress, both to captasts and the abourng
casses. ngand and Amerca come the nearest to
the countres of ths atter descrpton. They suffered
the east by the war, or rather were enrched by t,
and they are now sufferng the most by the peace.
t s certany a very unfortunate crcumstance that
any perod shoud ever have occurred n whch peace
shoud appear to have been, n so mar ed a manner,
connected wth dstress but t shoud aways be re-
coected that t was owng to the very pecuar cr-
cumstances attendng the ate war that the contrast
has been so str ng. n the Amercan and former
wars t was very dfferent and, f the same e ertons
had been attempted, wthout the same powers of
supportng them, that s, wthout the command of
the greatest part of the commerce of the word, and
a more rapd and successfu progress n the use of
machnery than was ever before nown, we mght
have been n a state to have fet the greatest reef at
the cessaton of hosttes. hen ume and Adam
mth prophesed that a tte ncrease of natona
debt beyond the then amount of t, woud probaby
occason ban ruptcy the man cause of ther error
was the very natura one, of not beng abe to see the
vast ncrease of productve power to whch the naton
woud subse uenty attan. An e pendture, whch
woud have absoutey crushed the country n 1770.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 423
mght be tte more than what was necessary to ca
forth ts prodgous powers of producton n 1816.
ut |ust n proporton to ths power of producton,
and to the facty wth whch a vast consumpton
coud be supped, consstenty wth a rapd accumu-
aton of capta, woud be the dstress fet by cap-
tasts and abourers upon any great and sudden
dmnuton of e pendture.
n ths account there s reason to doubt the pocy
of rasng the suppes of a ong and e pensve war
wthn the year, a pocy whch has been recom-
mended by very abe wrters. f the country were
poor, such a system of ta aton mght competey
eep down ts efforts. t mght every year postvey
dmnsh ts capta, and render t every year more
runous to furnsh the same suppes t the country
woud be obged to submt to ts enemes from the
absoute nabty of contnung to oppose them wth
effect. n the other hand, f the country were rch,
and had great powers of producton, whch were
ey to be st further caed forth by the stmuus
of a great effectve consumpton, t mght be abe to
pay the heavy ta es mposed upon t, out of ts reve-
nue, and yet fnd the means of ade uate accumua-
ton but f ths process were to ast for any tme,
and the habts of the peope were accommodated to
ths scae of pubc and prvate e pendture, t s
scarcey possbe to doubt that, at the end of the
war, when so arge a mass of ta es woud at once be
restored to the payers of them, the |ust baance of
produce and consumpton woud be competey de-
stroyed, and a perod woud ensue, onger or shorter,
accordng to crcumstances, n whch a very great
stagnaton woud be fet n every branch of productve
ndustry, attended by ts usua concomtant genera
dstress. The ev occasoned by mposng a ta s
very rarey compensated by the ta ng t off. e
shoud constanty eep n mnd that the tendency to
e pendture n ndvduas has most formdabe anta-
gonsts n the ove of ndoence, and n the desre of
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
424 T P G f ALT . . .
savng, n order to better ther condton and provde
for a famy and that a theores founded upon the
assumpton that man nd aways produce and con-
sume as much as they have the power to produce and
consume, are founded upon a want of nowedge of
the human character and of the motves by whch t
s usuay nfuenced.
t w be sad, perhaps, that as the capta of the
country compared wth ts popuaton has been d-
mnshed snce the war, party by the unrecovered
destructon whch t sustaned durng the ast two
years of the contest, and st more by the sudden
want of demand whch occurred on ts termnaton
how s the ost capta ever to be recovered, e cept
by accumuaton ow t s perfecty true that the
recovery and ncrease of our capta can ta e pace
n no other way than by accumuaton. ut n
oo ng to ths most desrabe ob|ect, t s absoutey
necessary that we shoud sten to the dctates
of those great genera aws whch sedom fa to
drect us n the rght course. f popuaton were
ever so defcent n a state compared wth ts terr-
tory, yet, f the wages of abour st contnued
very scanty, and the peope were emgratng, the
great genera aws of demand and suppy woud n-
struct us that some prevous change n the state of
thngs was necessary, before we ought to wsh for an
ncreased proporton of marrages, whch n fact, un-
der the actua crcumstances, woud not accompsh
the ob|ect amed at. n the same manner, f a porton
of our capta be destroyed, and yet the profts of the
remander are ow, and accompaned wth fre uent
osses, and a tendency to emgrate, surey the great
genera aws of demand and suppy cannot more
ceary shew us that somethng ese s wanted before
we can accumuate wth effect.
hat s now wanted n ths country s an ncreased
natona revenue, an ncrease n the e changeabe
vaue of the whoe produce estmated n buon, and
n the command of ths buon over abour. hen
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 42
vc have attaned ths, whch can ony be attaned
by ncreased and steady profts, we may then begn
agan to accumuate, and our accumuaton w then
be effectua. ut f, nstead of savng from ncreased
profts, we save from dmnshed e pendture f, at
the very tme that the suppy of commodtes com-
pared wth the demand for them, ceary admonshes
us that the proporton of capta to revenue s aready
too great, we go on savng from our revenue to add
st further to our capta, a genera prncpes con-
cur n shewng that we must of necessty be aggra-
vatng nstead of aevatng our dstresses.
ut how, t w be as ed, are we to obtan ths
ncrease of revenue hat steps are we to ta e n
order to rase the e changeabe vaue of the whoe
produce, and prepare the way for the future savng
whch s ac nowedged to be necessary These
uestons have endeavoured to answer n the atter
ectons of ths very ong hapter n the mmedate
auses of the Progress of eath, where t has ap-
peared that a unon of the means of dstrbuton wth
the powers of producton s absoutey necessary to
create an ade uate stmuus to the contnued ncrease
of weath and that the three causes, whch, by fa-
vourng dstrbuton, tend most to eep up and n-
crease the e changeabe vaue of the whoe produce,
are, the dvson of anded property, the e tenson of
domestc and foregn trade, and the mantenance of
such a proporton of unproductve consumers as s
best adapted to the powers of producton.
The menton of these causes s aone suffcent to
shew that they are much ess wthn our mmedate
controu than the common process of accumuaton.
f t were true that, n order to empoy a that are
out of wor , and to create at the same tme a suff-
cent mar et for what they produce, t s ony neces-
sary that a tte more shoud be saved from the reve-
nue and added to the capta of the country, am
fuy persuaded that ths speces of charty woud not
want contrbutors, and that a change woud soon be
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
42G T P G ALT . . .
wrought n the condton of the abourng casses.
ut when we now, both from theory and e perence,
that ths proceedng w not afford the reef sought
for, and are referred to an ncrease n the e change-
abe vaue of the whoe produce as the ony cause
whch can restore a heathy and effectve demand for
abour, t must be aowed that we may be at a oss
wth respect to the frst steps whch t woud be ad-
vsabe to ta e, n order to accompsh what we wsh.
t, however, t s of the utmost mportance to
now the mmedate ob|ect whch ought to be amed
at that f we can do but tte actuay to forward t,
we may not, from gnorance, do much to retard t.
th regard to the frst man cause whch 1 have
mentoned, as tendng to ncrease the e changeabe
vaue of the natona produce, namey the dvson of
anded property, have gven my reasons for thn -
ng that, n the actua and pecuar state of ths country,
the aboton of the aw of prmogenture woud pro-
duce more ev than good and there s no other way n
whch a dfferent dvson of and coud be effected,
consstenty wth an ade uate respect for the great
fundamenta aw of property, on whch a progress
n cvzaton, mprovement, and weath, must ever
depend. ut f the dstrbuton of weath to a cer-
tan e tent be one of the man causes of ts ncrease,
whe t s unadvsabe drecty to nterfere wth the
present dvson of and n ths country, t may |usty
become a ueston, whether the evs attendant on
the natona debt are not more than counterbaanced
by the dstrbuton of property and ncrease of the
mdde casses of socety, whch t must necessary
create and whether by savng, n order to pay t off,
we are not submttng to a panfu sacrfce, whch, f
t attans ts ob|ect, whatever other good t may effect,
w eave us wth a much ess favourabe dstrbuton
of weath y greaty reducng the natona debt, f
we are abe to accompsh t, we may pace ourseves
perhaps n a more safe poston, and ths no doubt s
a most mportant consderaton but grevousy w
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 427
those be dsapponted who thn that, ether by
greaty reducng or at once destroyng t, we can en-
rch ourseves, and empoy a our abourng casses.
th regard to the second man cause of an n-
crease n the e changeabe vaue of the whoe pro-
duce namey, the e tenson of domestc and foregn
trade, t s we nown that we can by no means com-
mand ether of these at peasure, but we may do much
to mpede both. e cannot ndeed reasonaby attr-
bute-any sudden defcency of trade to causes whch
have been of ong duraton yet there can be tte
doubt that our commerce has been much mpared by
unnecessary restrants, and that much beneft mght
be derved from the remova of them. he t s ne-
cessary to rase a arge sum by ta aton for the e -
penses of the government and the payment of the n-
terest of the natona debt, t woud by no means be
advsabe to negect so far and frutfu a resource as
the customs. n reguatng these ta es, t s aso na-
tura that those foregn commodtes shoud be ta ed
the hghest, whch are ether of the same nd as the
natve commodtes whch have been ta ed, or such
as, for speca reasons of heath, happness, or safety,
t s desrabe to grow argey at home. ut there
seems to be no reason for the absoute prohbton of
any commodtes whatever and there s tte doubt
that, upon ths prncpe, a much greater freedom
mght be gven to foregn commerce, at the same tme
that a greater revenue mght be derved from the
customs. have aready stated, n more paces than
one, why, under a the crcumstances of the case,
thn t desrabe that we shoud permanenty grow
neary our own consumpton of corn. ut see no
suffcent cause why we shoud permanenty prefer
the wnes of Portuga and the s s of London to the
wnes and s s of rance. or the same reason that
more rtsh capta and abour s even now empoyed
n purchasng caret than woud be empoyed n at-
temptng to ma e t at home, we mght fary e pect
that, n the case of an e tended trade wth rance,
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
428 T P G ALT . . .
more rtsh capta woud be empoyed n purchas-
ng the wnes and s s of rance, than s now em-
poyed n purchasng the wnes of Portuga and
ma ng the s s of ptafeds and Derby.
At the same tme t shoud be remar ed that, n
oo ng forward to changes of ths nd, t s aways
ncumbent upon us, partcuary n the actua stua-
ton of our peope, to attend to the wse cauton sug-
gested by Adam mth. uy convnced of the be-
nefts of unrestraned trade, he observes, that, The
case n whch t may sometmes be a matter of de-
beraton how far, and n what manner, t s proper to
restore the free mportaton of foregn goods, after t
has been for some tme nterrupted, s, when part-
cuar manufactures, by means of hgh dutes and pro-
hbtons upon a foregn goods whch can come nto
competton wth them, have been so far e tended as
to empoy a great muttude of hands. umanty
may n ths case re ure that the freedom of trade
shoud be restored ony by sow gradatons, and wth
a good dea of reserve and crcumspecton. ere
these hgh dutes and prohbtons ta en away a at
once, cheaper foregn goods of the same nd mght
be poured so fast nto the home mar et as to deprve
a at once many thousands of ther ordnary empoy-
ment and means of subsstence. The cauton here
gven by Adam mth certany appes n a very
mar ed manner to the s trade and, however des-
rabe t may be (and t s so most un uestonaby)
to open the trade wth rance, a sudden and ncau-
tous admsson of a arge uantty of rench s s
woud tend to aggravate, nstead of to reeve the
present dstresses of our wor ng casses.
n a cases where, under pecuar crcumstances,
the dstress of the country woud be aggravated by
the openng of certan trades, whch had before been
sub|ect to restrctons, the e changeabe vaue of the
whoe produce estmated n abour, woud for a tme
eath of atons, oo v. ch. v. p. 202, 6th edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 429
be dmnshed. ut, n genera, as have endea-
voured to shew n the 8th ecton of ths hapter,
the natura and permanent tendency of a e tenson
of trade both domestc and foregn, s to ncrease the
e changeabe vaue of the whoe produce. Ths s
more especay the case when, nstead of changng
the channes of commerce, we are abe to ma e arge
and dstnct addtons to them. The good s then un-
aoyed by parta and temporary ev. Ths better
dstrbuton of the produce of the country, ths better
adaptaton of t to the wants and tastes of the consu-
mers, w at once gve t a greater mar et vaue, and
at once ncrease the natona revenue, the rate of
steady profts, and the wages of abour.
th regard to the thrd cause of an ncrease n the
e changeabe vaue of the whoe produce, the man-
tenance of unproductve consumers though many
have no power to be of use n ths respect, others may
do somethng and t must certany be advantageous
that the truth, whatever t may be, reatng to the
effects of unproductve consumers, shoud be fuy
nown, that we may not am at what w obstruct the
progress of weath, and camour at what s cacuated
to advance t. hatever t may be thought advsa-
be to do respectng the dmnuton of unproductve
consumers, wth a vew to the pacng ourseves n a
safer poston, we sha be ed to proceed wth more
deberaton, f we are not hurred on by the mpres-
son that, by ths dmnuton, we are affordng mme-
date reef to the abourng casses.
t s aso of mportance to now that, n our endea-
vours to assst the wor ng casses n a perod e the
present, t s desrabe to empoy them n those nds
of abour, the resuts of whch do not come for sae
nto the mar et, such as roads and pubc wor s.
The ob|ecton to empoyng a arge sum n ths
way, rased by ta es, woud not be ts tendency to d-
mnsh the capta empoyed n productve abour
because ths, to a certan e tent, s e acty what s
wanted but t mght, perhaps, have the effect of
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
430 T P G ALT . . .
conceang too much the faure of the natona demand
for abour, and prevent the popuaton from graduay
accommodatng tsef to a reduced demand. Ths how-
ever mght be, n a consderabe degree, corrected by
the wages gven. And atogether shoud say, that
the empoyment of the poor n roads and pubc
wor s, and a tendency among andords and persons
of property to bud, to mprove and beautfy ther
grounds, and to empoy wor men and mena ser-
vants, are the means most wthn our power and most
drecty cacuated to remedy the evs arsng from
that dsturbance n the baance of produce and con-
sumpton, whch has been occasoned by the sudden
converson of soders, saors, and varous other
casses whch the war empoyed, nto productve a-
bourers.
f by the operaton of these three causes, ether se-
paratey or con|onty, we can ma e the suppy and
demand bear a more advantageous proporton to each
other, so as to ncrease the e changeabe vaue of the
whoe produce, the rate of profts may then perma-
nenty rse as hgh as the uaty of the so n cut-
vaton combned wth the actua s of the cutva-
tors w aow, whch s far from beng the case at
present. And as soon as the captasts can begn to
save from steady and mprovng profts, nstead of
from dmnshed e pendture, that s, as soon as the
natona revenue, estmated n buon, and n the
command of ths buon over abour, begns yeary
and steady to ncrease, we may then begn safey
and effectvey to recover our ost capta by the usua
process of savng a porton of our ncreased revenue
to add to t.
t s, beeve, the opnon of many persons, part-
cuary among the mercante casses, that nothng
woud so soon and so effectvey ncrease the revenue
and consumpton of the country as a free ssue of
paper. ut n hodng ths opnon, they have ms-
ta en the nature of the great advantage whch the
natona weath may sometmes un uestonaby derve
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 481
from a fa n the vaue of the currency. The specfc
effect of ths fa s to ta e away property from those
who have f ed ncomes, and gve a greater command
over the produce of the country to those who buy and
se. hen the state of the natona e pendture s
such that there s a dffcuty of suppyng t, then
whatever tends to throw a greater proporton of the
produce nto the hands of captasts, as t must n-
crease the power of producton, must be |ust cacu-
ated to suppy what s wanted. And, though the
contnuaton of the act of restrcton beyond the
mmedate necessty of the case, can hardy be con-
sdered n any other ght than that as an act of
postve n|ustce towards the possessors of f ed n-
comes yet there s tte doubt that the fa n
the vaue of money, and the facty of credt whch
t occasoned, actng n the way descrbed, must have
contrbuted greaty to that rapd recovery of vast ca-
pta destroyed, whch, n the same degree, never
probaby occurred n the hstory of any naton before.
ut, f we were now to ma e smar ssues of paper,
the effect woud be very dfferent. Perhaps a sudden
ncrease of currency and a new facty of borrowng
mght under any crcumstances, gve a temporary
stmuus to trade, but t woud ony be temporary.
thout a arge e pendture on the part of the govern-
ment, and a fre uent converson of capta nto re-
venue, the great powers of producton ac ured by the
captasts, operatng upon the dmnshed power of
purchasng possessed by the owners of f ed ncomes,
coud not fa to occason a st greater gut of com-
modtes than s fet at present and e perence has
suffcenty shewn us, that paper cannot support prces
under such crcumstances. n the hstory of our paper
transactons, t w be found that the abundance or
scantness of currency has generay foowed and ag-
gravated hgh or ow prces, but sedom or never ed
them and t s of the utmost mportance to recoect
that, at the end of the war, the prces faed before the
contracton of the currency began. t was, n fact, the
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
432 T P G ALT . . .
faure of the prces of agrcutura produce, whch de-
stroyed the country ban s, and shewed us the fra
foundatons on whch the e cess of our paper-currency
rested. Ths sudden contracton no doubt aggravated
very greaty the dstresses of the merchants and of the
country and for ths very reason we shoud use our
utmost endeavours to avod such an event n future
not, however, by van efforts to eep up prces by
forcbe ssues of paper, n defance at once of the
aws of |ustce and the great prncpes of suppy and
demand, but by the ony effectua way, that of steady
mantanng our paper of the same vaue wth the con
whch t professes to represent, and sub|ectng t to no
other fuctuatons than those whch beong to the pre-
cous metas.
n reference to the man doctrne ncucated n the
atter part of ths wor , namey, that the progress of
weath depends upon proportons t w be ob|ected,
perhaps, that t necessary opens the way to dffer-
ences of opnon reatng to these proportons, and
thus throws a nd of uncertanty over the scence of
potca economy whch was not supposed to beong
to t. f, however, the doctrne shoud be found,
upon suffcent e amnaton, to be true f t ade-
uatey accounts for thngs as they are, and e pans
consstenty why fre uent msta es have been made
respectng the future, t w be aowed that such
ob|ectors are answered. e cannot ma e a scence
more certan by our wshes or opnons but we may
obvousy ma e t much more uncertan n ts app-
caton, by beevng t to be what t s not.
Though we cannot, however, ay down a certan
rue for growng rch, and say that a naton w n-
crease n weath |ust n the degree n whch t saves
from ts revenue, and adds to ts capta: yet even n
the most uncertan parts of the scence, even n those
parts whch reate to the proportons of producton
and effectve consumpton, we are not eft wthout
gudes and f we attend to the great aws of demand
and suppy, they w generay drect us nto the
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 433
rght course. t s |usty observed by Mr. cardo
that the farmer and manufacturer can no more ve
wthout proft than the abourer wthout wages. Ther
motve for accumuaton w dmnsh wth every dm-
nuton of proft, and w cease atogether when ther
profts are so ow as not to afford them an ade uate
compensaton for ther troube, and the rs whch they
must necessary encounter n empoyng ther capta
productvey. Mr. cardo appes ths passage to
the fna and necessary fa of profts occasoned by
the state of the and. woud appy t at a tmes,
throughout a the varabe perods whch ntervene
between the frst stage of cutvaton and the ast.
henever capta ncreases too fast, the motve to ac-
cumuaton dmnshes, and there w be a natura
tendency to spend more and save ess. hen profts
rse, the motve to accumuaton w ncrease, and
there w be a tendency to spend a smaer propor-
ton of the gans, and to save a greater. These ten-
dences, operatng on ndvduas, drect them towards
the |ust mean, whch they woud more fre uenty at-
tan f they were not nterrupted by bad aws or un-
wse e hortatons. f every man who saves from hs
ncome s necessary a frend to hs country, t foows
that a those who spend ther ncomes, though they
may not be absoute enemes, e the spendthrft,
must be consdered as fang n the duty of beneftng
ther country, and empoyng the abourng casses,
when t s n ther power and ths cannot be an
agreeabe refecton to those whose scae of e pend-
ture n ther houses, furnture, carrages and tabe,
woud certany admt of great retrenchment, wth
but tte sacrfce of rea comfort. ut f, n reaty,
savng s a natona beneft, or a natona dsadvan-
tage, accordng to the crcumstances of the perod
and, f these crcumstances are best decared by the
rate of profts, surey t s a case n whch ndvdua
nterest needs no e traneous assstance.
Prnc. of Pot. con. ch. v. p. 127.

G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
434 T P G ALT . .
avng, as have before sad, s, n numerous n-
stances, a most sacred prvate duty. ow far a |ust
sense of ths duty, together wth the desre of better-
ng our condton so strongy mpanted n the human
breast, may sometmes, and n some states of socety,
occason a greater tendency to parsmony than s con-
sstent wth the most effectve encouragement to the
growth of pubc weath, t s dffcut to say but
whether ths tendency, f et aone, be ever too great
or not, no one coud thn of nterferng wth t, even
n ts caprces. There s no reason, however, for
gvng an addtona sancton to t, by cang t a
pubc duty. The mar et for natona capta w
be supped, e other mar ets, wthout the ad of
patrotsm. And n eavng the whoe ueston of
savng to the unnfuenced operaton of ndvdua n-
terest and ndvdua feengs, we sha best conform
to that great prncpe of potca economy ad down
by Adam mth, whch teaches us a genera ma m,
abe to very few e ceptons, that the weath of na-
tons s best secured by aowng every person, as
ong as he adheres to the rues of |ustce, to pursue
hs own nterest n hs own way.
t t must be aowed that ths very doctrne, and
the man doctrnes of the foregong wor , a tend to
shew, as was stated n the ntroducton, that the
scence of potca ecomony bears a nearer resem-
bance to the scences of moras and potcs, than to
the scence of mathematcs. ut ths truth, though
t detracts from ts certanty, does not detract from
ts mportance. he the scence of potca eco-
nomy nvoves some of the uestons whch have the
nearest connecton wth the we-beng of socety, t
must aways be a sub|ect of the hghest nterest. The
study of t s cacuated to be of great practca use,
and to prevent much postve ev. And f ts prn-
cpes be carefuy founded on an e perence suff-
centy e tended, we have good reason to beeve,
from what they have aready done, that, when pro-
pery apped, they w rarey dsappont our |ust
e pectatons.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 43
There s another ob|ecton whch w probaby be
made to the doctrnes of the atter part of ths wor ,
whch am more an ous to guard aganst. f the
prncpes whch have ad down be true, t w
certany foow that the sudden remova of ta es w
often be attended wth very dfferent effects, partcu-
ary to the abourng casses of socety, from those
whch have been generay e pected. And an n-
ference may perhaps be drawn from ths concuson
n favour of ta aton. ut the |ust nference from t
s, that ta es shoud never be mposed, nor to a
greater amount, than the necessty of the case |ust-
fes, and partcuary that every effort shoud be made,
consstenty wth natona honour and securty to pre-
vent a scae of e pendture so great that t cannot
proceed wthout run, and cannot be stopped wthout
dstress.
ven f t be aowed that the e ctement of a pro-
dgous pubc e pendture, and of the ta aton ne-
cessary to support t, operatng upon e traordnary
powers of producton, mght, under pecuar crcum-
stances, ncrease the weath of a country n a greater
degree than t otherwse woud have ncreased yet,
as the greatest powers of producton must fnay be
overcome by e cessve borrowng, and as ncreased
msery among the abourng casses must be the con-
se uence, whether we go on or attempt to return, t
woud surey have been much better for the socety
f such weath had never e sted. t s e the un-
natura strength occasoned by some voent stmuant,
whch, f not absoutey necessary, shoud be by a
means avoded, on account of the e hauston whch s
sure to foow t.
n the ssay on Popuaton have observed, that
n the whoe compass of human events, doubt f
there be a more frutfu source of msery, or one more
nvaraby productve of dsastrous conse uences, than
a sudden start of popuaton from two or three years
of penty, whch must necessary be repressed by the
frst return of scarcty, or even of average crops.
o. . p. 170. 4th edt.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
436 T P G ALT . . .
The great demand for abour whch too pace durng
the war must have had an effect precsey of a smar
nd, ony aggravated by duraton and as ths s a
state of thngs whch cannot n ts nature contnue,
t s obvousy the duty of a governments, f they
have any regard for the happness of ther sub|ects,
to avod a wars and e cessve e pendture as far as
t s possbe but f war be unavodabe, so to regu-
ate the necessary e pendture as to occason the east
pressure upon the peope durng the contest, and the
-east convuson n the state of the demand at the ter-
mnaton of t. e may have good reason to ament
that such ta aton and consumpton shoud ever have
ta en pace, and that so great an mpetus, whch
coud ony be temporary, shoud have been gven to
the weath and popuaton of the country but t s a
very dfferent ueston, what s the best remedy now
that the ev has been ncurred f the popuaton
had made a start durng a few years of penty, we
shoud surey ma e great efforts to prevent, by m-
portaton, the msery whch woud be occasoned by
the sudden return of average crops. f the human
body had been sub|ected to a very powerfu stmuus,
we shoud surey be cautous not to remove t too
suddeny. And, f the country had been unfortu-
natey sub|ected to the e ctement of a ong contnu-
ance of e cessve e pendture, t surey must be
aganst a anaogy and a genera prncpes, to oo
for the mmedate remedy of t n a great and sudden
contracton of consumpton.
There s every reason to beeve that the wor ng
casses of socety woud be severey n|ured by attan-
ng the ob|ect whch they seem so ardenty to wsh for.
To those who ve upon f ed ncomes, the reef from
ta aton s a great and unm ed good to the mer-
cante and tradng casses t s sometmes a good and
sometmes an ev, accordng to crcumstances but
to the wor ng casses, no ta ng off of ta es, nor any
degree of cheapness of corn, can compensate a want
of demand for abour. f the genera demand for a-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
. . T P G ALT . 437
bour fa, partcuary f the faure be sudden, the
abourng casses w be wretched n the mdst of
cheapness f the demand for abour be consderabe,
they w be comparatvey rch n the mdst of dear-
ness.
To state these facts s not to favour ta es but to
gve one of the strongest reasons aganst them namey,
that they are not ony a great ev on ther frst m-
poston, but that the attempt to get rd of them after-
wards, s often attended wth fresh sufferng. They
are e those n|udcous reguatons of the mercan-
te system notced by Adam mth, whch, though
ac nowedged to be perncous, cannot be removed
wthout producng a greater ev for an nterva of
consderabe ength.
Theoretca wrters are too apt, n ther cacua-
tons, to overoo these ntervas but eght or ten
years, recurrng not unfre uenty, are serous spaces
n human fe. They amount to a serous sum of
happness or msery, accordng as they are prosperous
or adverse, and eave the country n a very dfferent
state at ther termnaton. n prosperous tmes the
mercante casses often reaze fortunes, whch go far
towards securng them aganst the future but un-
fortunatey the wor ng casses, though they share n
the genera prosperty, do not share n t so argey as
n the genera adversty. They may suffer the greatest
dstress n a perod of ow wages, but cannot be ade-
uatey compensated by a perod of hgh wages. To
them fuctuatons must aways brng more ev than
good and, wth a vew to the happness of the great
mass of socety, t shoud be our ob|ect, as far as
possbe, to mantan peace, and an e uabe e pen-
dture.
hen there s no demand for abour, however ow the prce
of food may be, the abourng casses can ony obtan t by
charty.
T D.
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
D .
Accumuaton of capta, nfuence
of, n rasng rents, 1 8 accumua-
ton, or the savng from revenue to
add to capta, consdered as a stmu-
us to the ncrease of weath, 314
330.
Agrcuture, nfuence of mprovements
n, on rasng rents, 1 9, 160 and
of an ncrease n the prce of agrcu-
tura produce, 161 173 mprove-
ments n agrcuture, a practca
source of the ncrease of rents, 196,
197 probabe effects of dsusng
horses n agrcuture, 237 observa-
tons on spade-cutvaton, h. note.
the dstrbuton occasoned by the
dvson of anded property, cons-
dered as a means of ncreasng the
e changeabe vaue of the whoe pro-
duce, 372 382 state of agrcuture
durng the mdde ages, 373.
Amerca, the Unted tates of, amost
the ony country where rents may be
ncreased wthout agrcutura m-
provements, 198, 199 ther rapd
ncrease accounted for, 373 causes
of the dstresses n those states snce
181 , 413 422.
an paper, the vaue gven to t, by
mtng ts uantty, shews that the
cost of producng god ony nfu-
ences ts prce as t nfuences ts sup-
py, 73.
rtsh mpre, prosperous state of,
378 ts causes, d. 379, 380.
uchanan, (Mr.), erroneous vews of,
on the nature of rent, 138 140. 147.
uon : an ncrease n the e change-
abe vaue of the whoe produce, es-
tmated n buon, and n the com-
mand of ths buon over foregn and
domestc abour, absoutey neces-
sary to e trcate the country from ts
dstresses, 424, 427 436.
uon ueston, the controversy upon
t, an e empfcaton of the error of
a precptate attempt at smpfca-
ton, the buon report was more
free from ths eror than any boo
that has yet appeared, h. note.
apta, absoute necessty of, to farm-
ers, 191, 192 fertty of and the
ony source of permanenty hgh re-
turns for capta, 213 str ng us-
traton of the effects of captas em-
poyed on and compared wth others,
. 214 the use of f ed capta, n
genera favourabe to the abundance
of crcuatng capta, 236, 237 the
profts of capta, what, 262 how
they are affected by the ncreasng
dffcuty of procurng the means of
subsstence, 263 276 aso by the
proporton whch capta bears to a-
hour, 276 282 ana by causes prac-
tcay n operaton, 282 286 def-
cent capta the cause of the ds-
tresses of the abourng casses, snce
181 , 386, 387 ths cause further
consdered and eucdated, 413, et
set). n|udcous pocy of recom-
mendng the converson of more re-
venue nto capta, when profts are
ow and uncertan and when, n con-
se uence of captasts not nowng
where they can safey empoy ther
captas, capta s fowng out of the
country, 417, 418.
hna, hgh rate of nterest n, and ts
cause, 1 6.
rcuatng medum of a country,
change n the vaue of, aters the ds-
trbuton of ts produces, 387, 388.
v berty produces prudenta habts
n the ower casses of socety, 227.
omfort, standard of, varous n dffer-
ent countres, 22 .
ommerce, nterna and e terna, con-
sdered as a means of ncreasng the
e changeabe vaue of produce, 382
398.
ommodtes, prces of, depend upon
the causes whch ca forth, or render
unnecessary, a great or ntense de-
mand, 63 the prces of commodtes,
how nfuenced by suppy and de-
mand, 62 69 aso by the cost of
producton, 69 77 natura and ne-
cessary prces of commodtes, what,
78, 79 the prces of commodtes
further nfuenced by the abour
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
440
D .
whch they have cos , 80 100 and
by the abour whch they w com-
mand, 101, 116 a mere e change
of commodtes useess, 384 the ac-
tua vaue of them how to be est-
mated, 363.
onsumers (unproductve), dffcuty of
ascertanng what proporton of to
the productve casses, s most fa-
vouabe to the ncrease of weath,
399 the dstrbuton occasoned by
them consdered as a means of n-
creasng the e changeabe vaue of
the whoe produce, 400, 413.
onsumpton : baance of the annua
consumpton and producton accord-
y as t s favourabe or unfavourabe,
occasons the prosperty or decay of
every naton, 41.
om, on the vaue of, 129 131 rse n
the prce of, rases rents, 161, 162
fa n ts prce, termnatng n ater-
ng the vaue of the precous metas,
owers rent, 174 on the dependence
of the actua uantty obtaned from
and, upon the e stng rents and the
e stng prces, 177 184 dfference
between the prce of corn and that of
manufactures, wth regard to natura
or necessary prce, 178 the prce of
corn, how nfuenced by a dfference
n the vaue of the precous metas,
18 aud by the hgh comparatve
cost of producton, 186 189 corn
woud not be cheaper or more pent-
fu, f andords were to gve the
whoe of ther rents to ther tenants,
191, 192 nfuence of the mporta-
ton of corn, on the connecton of the
nterests of the andord, and of the
state mportng t, 207 216 nfu-
ence of the cost of producng corn
on the wages of abour, 218, 219
prces of wheat n the 1 th and 16th
centures, 243 24 n the 17th
century, 247, 248 n the 18th cen-
tury, 249 and n the former part of
the 19th century, 2 0, 2 1 genera
observatons on the prces of corn
durng the ast fve centures, 2 2
261 partcuary as affected by the
seasons, 2 2 2 6.
ost of producton consdered as t
affects e changeabe vaue, 69 72
the true way of vewng the costs of
producton, n ther effects upon
prces, s, as the necessary condtons
of the suppy of the ob|ects wanted,
74 these condtons stated, 74, 7 ,
76 the hgh comparatve cost of
producton, now far a cause of the
hgh comparatve prce of com, 186
189.
otton manufactures of Great rtan,
causes of the ncreased demand for,
3 2,3 3.
utvaton, n what manner the hgh
comparatve cost of, affects the prce
of corn, 186 189.
utvator, on the necessary separaton
of the profts of, from the rent and,
149 1 7.
urrency, changes n, from the ssue
of paper a temporary cause of hgh
(nce that may msead andords n
ettng ther and to ther own n|ury,
and to the n|ury of the country, 193.
Demand and suppy, these terms con-
sdered, 61,62 the reaton between
them, how to be ascertaned, 62
demand and suppy, consdered as a
measure of vaue, 63 69 the prnc-
pe of demand and suppy determnes
both natura prces and mar et prces,
70 73 nfuence of demand and
suppy, on the wages of abour, 217
223 effectve demand w command
genera weath, 364.
Dstresses of the abourng casses snce
181 , caused by defcency or oss of
capta, 386, 387, 413-424 the re-
medes for these dstresses are, frst,
an ncreased natona revenue, 424
whch can be obtaned ony by an
unon of the means of dstrbuton
wth the powers of producton, 42 ,
426, 361 371 and secondy, an
ncrease n the e changeabe vaue of
the whoe produce, estmated n bu-
on and n the command of ths bu-
on over foregn and domestc abour,
42 , 427 436.
Dstrbuton, a unon of the means of,
wth the powers of ntroducton ne-
cessary n order to ensure a cont-
nued ncrease of weath, 361 371
of the dstrbuton occasoned by the
dvson of anded property, cons-
dered as a means of ncreasng the
e changeabe vaue of the whoe pro-
duce, 372 382 the dstrbuton oc-
casoned by commerce, nterna and
e terna, consdered as a means of
ncreasng the e changeabe vaue of
produce, 382 397 the dstrbuton
occasoned by unproductve consu-
mers, consdered as the means of n-
creasng the vaue of the whoe pro-
duce, 393 413.
conomsts, strctures on the dfferences
between, and Adam mth, 2, 3 the
comparatve merts of ther systems
and of that of Adam mth, depend
chefy on ther dfferent defntons
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
D .
441
of weath, 22 whch term the co-
nomsts have confned wthn too nar-
row mts, 23 the opnon of the
conomsts, that the term productve
abour shoud be confned e cusvey
to abour empoyed upon and, con-
sdered and shewn to be erroneous,
34, 3 erroneous vews of the eco-
nomsts, respectng the unproductve
nature of trade, 383,384. ee Po-
tca conomy,
ducaton, nfuence of, on the cond-
ton of the abourng casses, 227.
ngand, popuaton of, why not n-
creased n the same proporton as that
of reand, durng the same perod,
228, 2 9 rates of wages there, n
the 1 th and 16th centures, wth re-
mar s thereon, 241, 242 especay
n the 16th century, 2 2,2 3 prces
of wheat there, n the 1 th and 16th
centures, 243,244 n the 17th cen-
tury, 248 n the 18th century, 249
and n the former part of the 19th
century, 2 0.
change, of vaue n, 0 nomna
vaue n e change, defned, 60 rea
vaue n e change, b. of demand
and suppy, as they affect e change-
abe vaue, 61 69 cost of produc-
ton, as t affects e changeabe vaue,
69 79 of the abour whch a com-
modty has cost, consdered as a mea-
sure of e changeabe vaue, 80 of
the abour whch a commodty w
command, consdered as a measure
of rea vaue n e change, 111 122
the e changeabe vaue of a commo-
dty ceases, where such commodty e -
sts n a great e cess above the wants
of those who use t,180,181 the ds-
trbuton occasoned by the dvson
of anded property, consdered as a
means of nc easng the e changeabe
vaue of the whoe produce, 372
382 the dstrbuton occasoned by
commerce consdered as a means of
ncreasng such e changeabe vaue,
382 397 an ncrease n the e -
changeabe vaue of the whoe pro-
duce, necessary to remove the e st-
ng dstresses of ths country, 42 ,
427 36.
ceptons. ee Lmtatons.
ports ( rtsh), amount of, n conse-
uence of machnery, 3 6.
ertty of and, the ony source of,
r rmanenty hgh returns for capta,
13, 214 other advantages resut-
ng from a ferte so, 214 216 fer-
tty of so, consdered as a stmuus
to the contnued ncrease of weath,
331 3 1.
ortune, the desre of reazng one, a
sacred duty n prvate fe, 403, 404.
rance, rates of wages of abour n, for
the ast two centures, 2 succes-
son to property there, how reguated,
377 consderatons on ts probabe
resuts, 377 380.
Gamer (M.), refutaton of the opnons
of, that performers on musca nstru-
ments are unproductve abourers,
whe the nstruments themseves are
consdered rches, 46 and that the
servants of Government are unpro-
ductve abourers, 47.
Generazaton, precptate, one of the
causes of error, 4.
God. ee Meta (precous).
abts, nfuence of, on the condton
of the abourng casses, 224 231.
mportaton of corn, how t affects the -
prce of that commodty, 187, 188
ts nfuence on the connecton of the
nterests of the andord and of the
state mportng corn, 206.
mprovements n agrcuture, nfuence
of, on rent, 161, 162 aman source
of the ncrease of rents, 196., 197
the Unted tates of Amerca, amost
the ony country where rents may
be ncreased wthout agrcutura m-
provements, 198, 199.
nnovaton n scence, ndsposton to,
ts use and evs, 12, 13.
ntensty of demand, the meanng of
ths e presson, 66, note.
nterest, rate of, n hna, 1 6 cause
of the hgh rate of, there and n n-
da, ft. rate of n ngand, durng
the regn of George ., 28 reduc-
ton of t, accounted for, 406 and
aso the reducton of nterest n tay,
n 168 , t.
nterference. ee on-nterference.
reand, state of wages of abour, and
of profts of stoc n, cannot be re-
duced, and why, 197 cause of the
ncrease of ts popuaton, 211 227,
2 9 the power of supportng abour
e sts there, to a greater e tent than
the w, 34 , 346 the character of
the rsh peasantry vndcated, 346
the defcency of weath n ths coun-
try, owng more to a want of demand
than of capta, 348 3 0 prodgous
capabtes of reand for manufac-
turng and commerca weath, 3 0,
3 1.
Labour, dvded nto productve and
unproductve, 3 Adam mth s de-
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
442
D .
fnton of productve abour cons-
dered, 36, 37 a cassfcaton of the
dfferent nds of abour necessary,
and why, 37 39 the dstncton of
the conomsts consdered, 39, 40
rea nature of productve abour
stated, 42, 49 e amnaton of Adam
mth s defnton of unproductve
abour, 43, 46 the abour reazed
upon matera products s the ony
abour susceptbe of accumuaton
and defnte vauaton, 46 the a-
bour, whch a communty has cost,
consdered as a measure of e change-
abe vaue, 83 the abour whch a
commodty w command, consdered
as a measure of rea vaue n e -
change, 93 111 the wages of a-
bour dependent on suppy and de-
mand, 217 223 the natura and
mar et prces of abour defned, 223,
224 abour scarce and of very hgh
vaue n the Unted tates, 10 the
causes whch prncpay nfuence
the demand for abour, 231 240
revew of the com wages of abour
from the regn of dward ., and
effect of a fa n the vaue of money
on the demand for abour, 240 2 2
the effectve demand for abour not
ey to be affected by the ntroduc-
ton of f ed capta, 237, 238 how
far the profts of capta are affected
by the proporton whch capta bears
to abour, 276 282 nventons to
save abour consdered as a stmuus
to the contnued ncrease of weath,
3 1 360.
Labourer, the wages of, to be necessa
ry separated from the rent of and
148 1 7 nfuence of the rate, at
whch the resources of the country
and the demand for abour are n-
creasng, upon the condton of the
abourng casses, 224 nfuence of
the habts of the peope n respect to
ther food, cothng, and odgng, on
ther condton, 22 229 effect of
a fa n the vaue of money, on the
condton of the abourer, 240 2 2
dfference between the earnngs of
abourers n Poand and n Amerca,
280 abourers are stmuated by the
want of necessares to produce u u-
res, 334 defcent capta, the cause
of the dstresses of abourers, snce
181 , 386, 387 further eucdaton
of ths sub|ect, 413 424 remedes
for these dstresses: frst, an n-
creased natona revenue, 424 ths
to be obtaned ony by an unon of
the means of dstrbuton wth the
powers of producton, 42 ,426,361
371 secondu, an ncrease n the e -
changeabe vaue of the whoe pro-
duce, estmated n buon, and n
the command of ths buon over fo-
regn and domestc abour, 42 , 426
436.
Land, rent of, defned, 136 ts nature
and causes nvestgated, 137,etse .
n what manner the fertty of and
gves a power of yedng rent, 143
148 on the necessary separaton of
the rent of and from the profts of
the cutvator, and the wages of the
abourer, 148 1 7 causes of the
rse of rents of and n the ordnary
progress of socety, 1 7 173 and
of the fa of them, 173 176 on the
dependence of the actua uantty of
produce obtaned from the and, upon
the e stng rents and the e stng
prces, 177 184 genera remar s on
the surpus produce of and, 207,
212 fertty of and, the ony source
of permanenty hgh returns for cap-
ta, 213 str ng ustratons of the
effects of captas empoyed on and
compared wth others, 213, 214
other advantages resutng from the
fertty of and, 214 217 ts fert-
ty consdered as a stmuus to the
contnued ncrease of weath, 331
3 1 the dstrbuton occasoned by
the dvson of anded property, con-
sdered as a means of ncreasng the
e changeabe vaue of the whoe
produce, 372 382. ee aso ent.
Landord, postve weath of, ought to
ncrease graduay, n the progress of
a country towards a hgh rate of m-
provement, 190 nvestgaton of the
causes whch may msead hm n
ettng hs ands, to the n|ury of hm-
sef and of the country, 190 193
on the strct and necessary connecton
of the nterests of the andord and of
the state, n a country whch supports
ts own popuaton, 194 206.
Lauderdae (Lord), defnton of weath
by, 23 remar s on t, h.
Lmtatons and e ceptons, why re|ected
by some scentfc wrters on potca
economy, 6 the necessty of them
ustrated n the doctrnes ad down
by Adam mth, respectngfrugaty,
and savng, 6, 7 and n the rues
whch reate to the dvson of and,
7 refutaton of the opnon of some
potca economsts, that though e -
ceptons may e st to the genera
rues of potca economy, yet they
need not be notced, 10 12.
Machnery, nfuence of, on the prces
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
D . 443
of commodtes, 179, 180 machnes
to save abour, consdered as a st-
muus to the contnued ncrease of
weath, 3 1 361.
Maze, e traordnary productveness of,
n ew pan, 338, 339.
Manufactures, dfference between the
natura or necessary prce of, and that
of corn, 178 effect of machnery on
ther prces, 179, 180.
Mar ets, the openng of, promoted by
factes of producton, 360 mar et
prces, how reguated, 78.
Measures of vaue, genera observatons
on, 1 60 demand and suppy,
consdered as a measure of e change-
abe vaue, 61 69 cost and suppy,
consdered as such a measure, 69
83 aso the abour whch a commo-
dty has cost, 83 88 and the abour
whch a commodty w command,
97 of money, when unform n va-
ue, consdered as a measure of va-
ue. 122 13 .
Metas, the precous, when unform n
ther cost, consdered as a measure
of vaue, 124, 13 how a dfference
n ther vaue, n dfferent countres,
and under dfferent crcumstances,
affects the prce of corn, 18 error
of Adam mth s opnon, that the
ow vaue of god and sver s no
proof of the weath and fourshng
state of the country where t ta es
pace, 189.
Me co, or ew pan, e traordnary
fertty of, 336 ndoence of ts n-
habtants, 337, 340, 341 causes of
ts thn popuaton, 338 e traord-
nary productveness of the Me can
maze, b. poverty of the Me cans,
339 obstaces to the progress of po-
uaton n ths country, b. want
emand, the chef cause of the sow
progress of ew pan n weath and
popuaton, compared wth ts prod-
gous resources, 341.
Money, when unform n ts cost, con-
sdered as a measure of vaue, 122
13 . The effect of a fa n the vaue
of money, on the demand for abour
and the condton of the abourer,
240 2 2.
atona Debt, evs of a great one,
411 reasons why t shoud be sowy
reduced, but not annhated, 412.
ew pan. ec Me co.
ewton, hs admrabe rue, not to ad-
mt more causes than are necessary
to the souton of the phenomena we
are consderng, .
on-nterference, the prncpe of ne-
cessary mted n practce ,ft s(, by
some dutes connected wth potca
economy, whch t s unversay ac-
nowedged beong to the soveregn,
14 secondy, by the amost unversa
prevaence of bad reguatons, whch
re ure to be amended or removed,
1 and thrdy, by the necessty of
ta aton, b. the proprety of nter-
ferng but tte does not supersede
n any degree the use of the most e -
tensve professona nowedge, 16.
ats, unfavourabe operaton of proh-
btory aws, and of bounty on the
growth of, 230.
Persona servces, the same whch Adam
mth terms unproductve weath, 3 .
Potca economy, mportance and na-
ture of the scence of, 1,2 strctures
on the dfferences between the econo-
msts and Adam mth, 2, 3, 4
causes of the dfferences n opnon
among the prncpa wrters on pot-
ca economy, 4 -16 motves and de-
sgn of the present wor , 16 19.
Popuaton: progress of popuaton a-
most e cusvey reguated by the
uantty of the necessares of fe, ac-
tuay awarded to the abourer, 272
nfuence of the ncrease of, on rents,
1 8, 1 9 cause of the ncrease of
the popuaton of reand, 211, 227
why the popuaton of ngand dd
not ncrease n proporton to that of
reand, durng the same perod, 228,
2 9 causes of the ncrease of popu-
aton n cotand, 229 of the causes
whch prncpay nfuence the n-
crease of popuaton, 231 240 the
ncrease of popuaton, consdered as
a stmuus to the contnued ncrease
of weath, 311 314 the thn po-
puaton of some parts of ew pan
accounted for, 338 obstaces to the
progress of popuaton n that coun-
try, 339, 340.
Potatoes, the cuture of, n reand, a
cause of the ncreased popuaton of
that sand, 211,227.
Prces of commodtes, how nfuenced
by demand and suppy, 62 69 by
the cost of producton, 69 83 by the
abour, whch a commodty has actu-
ay cost, 83 93 and by the abour
whch t w command, 97 prces of
commodtes, how nfuenced by mo-
ney, when unform n ts vaue, 122
13 natura ornecessaryprce, what,
77, 78 the causes of the ordnary
e cess of the prce of raw produce
above the costs of producton, 140
148 the dependence of the actua
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
444
D .
uantty of produce obtaned from
the and upon the e stng prces of
produceande stngrents, 177 184
a temporary rse of prces, not suff-
cent to warrant an ncrease of rent,
191 rent ought aways to be a tte
behnd prces, b. the natura prce
of abour what, 223 and what the
mar et prce, b., 224 prces of
wheat n the 1 th and 16th centures,
243, 244, 24 n the 17th century,
247, 248 n the 18th century, 249
and n the former part of the 19th
century, 2 0 genera observatons
on the prces of corn durng the ast
fve centures, 2 2 261 partcuary
as affected by the seasons, 2 , 2 6.
Prmogenture, rght of, ought not to be
aboshed n ths country, and why,
379, 382.
Produce (agrcutura) nfuence of the
ncrease of prce n, on rasng rents,
162, 163 and aso n dmnshng
them, 17 , 176 on the dependence
of the actua uantty of produce ob-
taned from the and upon the e st-
ng rents and e stng prces, 177
184 the connecton between great
comparatve weath, and a hgh com-
faratve prce of raw produce, 184
89 of the dstrbuton occasoned by
the dvson of anded property, con-
sdered as the means of ncreasng
the e changeabe vaue of the whoe
produce, 372 382 of the dstrbu-
ton occasoned by commerce, con-
sdered as the means of ncreasng
the e changeabe vaue of produce,
382 398 the dstrbuton occa-
soned by unproductve consumers,
consdered as a means of ncreasng
the e changeabe vaue of the whoe
produce, 398 413 an ncrease n
the e changeabe vaue of the whoe
froduce, necessary to e trcate the
abourng casses of ths country from
ther present dstresses, 424, 427
436.
Producton, cost of, consdered as t
affects e changeabe vaue, 69 72
s subordnate to the reaton of the
suppy to the demand, 72, 73 the
true way of consderng the cost of
producton, 74 83 n what respects
the hgh comparatve cost of produc-
ton s a cause of the hgh compara-
tve prce of corn, 179 184 the vaue
of the whoe produce of a country
how to be estmated, 23 , 236 fac-
tes of producton promote the open-
ng of mar ets, 360 an unon of the
powers of producton wth the means
of dstrbuton, necessary, n order to
ensure a contnued ncrease of weath,
361 371 and to remove the present
dstresses of the abourng casses,
42 427.
Productve abour, defned, 34 e am-
naton of Adam mth s defnton of
t, 3 41 defnton by the rench
economsts, 43.
Profts of the cutvator, on the neces-
sary separaton of, from the rent of
and, 148 1 7 refutaton of the
error, that when and s successvey
thrown out of cutvaton, the rate of
profts w be hgh n proporton to
the superor natura fertty of the
and, whch w then be east ferte
n cutvaton, 182 184.
Profts of capta defned, 262 n what
manner they are affected by the n-
creasng dffcuty of procurng the
means of subsstence, 263 270 of
the mtng prncpe of profts, 271
276 n what manner profts are af-
fected by the proporton whch cap-
ta bears to abour, 276 282 and by
the causes practcay n operaton,
282 291 remar s on Mr. cardo s
theory of profts, 291 298.
Property, successon to, how reguated
n rance, 376, 377. ee Land,
eath.
Proportons, mportance of consderng,
n formng great resuts on potca
economy, 376.
Propostons. The chef propostons
on whch economsts dffer, 3.
uaty of and, how far a prmary
cause of the hgh prce of raw pro-
duce, 140 142.
ent of and defned, 136 ts nature
and causes, 136 148 on the neces-
sary separaton of rent from the pro-
fts of the cutvator, and the wages
of the abourer, 148 1 7 what
causes tend to rase rents n the ord-
nary progress of socety, 1 7 173
what causes tend to ower the rents,
173 176 on the dependence of the
actua uantty of produce obtaned
from the and, upon the e stng rent3
and the e stng prces, 177 184
prospect of e orbtant rent, from a
competton of farmers, n what res-
pect a cause of n|ury to andords
and to the country, 190 cautons to
them n rasng ther rents, 191 193
mprovements n agrcuture, a man
source of the rse of rents, 196 198.
esources of a country cannot be a-
tered by humanty, 222, 223.
evenue, savng from, to add to th
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
D .
44
capta, consdered as a stmuus to
the ncrease of weath, 314 330 an
ncreased natona revenue wanted to
e trcate ths country from ts present
dstresses, 424 an unon of the
means of dstrbuton wth the powers
of producton s absoutey necessary
for ths purpose, 361 371,42 427.
cardo (Ar.), character of hs prnc-
pes of potca economy, 18, 202
note observatons on hs opnon
on the nfuence of demand and sup-
py on prces, 68,69 hs proposton,
that a rse n the prce of abour
owers the prce of a arge cass of
commodtes, proved to be true, 88
90 hs opnon consdered on the
nfuence of fertty of and on the
ncrease of rents, 144, 14 , 1 0 hs
theory of rent controverted, 194,19 ,
200 20 strctures on hs noton of
the surpus of and, 207 211 hs
defnton of the natura prce of a-
bour erroneous, 223 remar s on hs
theory of profts, 291 298 and nn
hs theory of accumuaton, or savng
from revenue to add to capta, con-
sdered as a stmuus to the ncrease
of weath.318, 323, 326, 327 330
correcton of hs statement as to the
effect of the powers of producton on
the ncrease of weath, 364 hs po-
ston controverted that savng s an
end nstead of a means, 401.
ches denned, 299, 300.
avng, natona and ndvdua, cons-
dered, 401, 404.
ay ( .), erroneous vews of the na-
ture of rent, 137.
cotand, ncrease of rents n, account-
ed for, 197 causes of ts ncreased
popuaton, 229.
easons, nfuence of, on the prce of
corn, 2 , 2 6.
mpfcaton and generazaton, pre-
cptate attempts at, are the prncpa
causes of the dfferences of opnon
among scentfc wrters on potca
economy, 4 ths eads them unw-
ngy to admt the operaton of more
than one cause n the producton of
effects observed, and aso to re|ect
mtatons and e ceptons, whch
nevertheess are necessary, 6- 8 as
we as to be unwng to brng ther
theores to the test of e perence, 8
12.
smond (M.), erroneous vews of, on
the nature of rent, 138,147 correc-
ton of hs sentments on the mts of
accumuaton, 366, 367.
mth (Adam), remar s on hs system
of potca economy, 2, 3 ht state-
ment that captas are ncreased by
parsmony, that every fruga man
s a pubc benefactor, and that the
ncrease of weath depends upon the
baance of produce above consump-
ton, e amned, 6, 7 remar s on
hs defnton of weath, 33 e am-
naton of hs defnton of produc-
tve abour, 34 41 |andof unproduc-
tve abour, 47 49 hs defnton of
natura prce consdered, 77,78 hs
erroneous defnton of monopoy, 138,
139 msta e n hs opnon that the
ow vaue of god and sver s no
proof of the weath and fourshng
state of the country where t ta es
pace, 189.
o, uaty of, how far a prmary cause
of the hgh prce of raw produce, 140
142.
pade-cutvaton, observatons on, 237,
note.
tate, nterests of, strcty and necessa-
ry connected wth those of the and-
ord, 194 206.
toc defned, 262.
ubsstence, the ncreasng dffcuty of
procurng the means of, bow t affects
profts, 262 270.
uppes, mpocy of rasng wthn the
year, 423, 424. ee Demand and
uppy.
urpus produce of and, genera re-
mar s on, 207 217.
Ta aton, heavy, whether benefca to
a country or not, consdered, 418,
419 mpocy of rasng suppes on
ta es, wthn the year, 423, 424
effect of ta aton, 436, 437 evs of
ta es, 437.
Theory, f nconsstent wth e perence,
shoud be re|ected, 8.
Transton from war to peace, effects of
420 422.
Unproductve abour, Adam mth s de-
fnton of, consdered, and ts rea
nature stated, 41 49 unproductve
abourers must necessary be n so-
cety, 406,407 souton of the ues-
ton, whether they must be consdered
as detractng so much from the ma-
tera products of a country, and ts
power of supportng an e tended pro-
ducton orwhether they furnsh fresh
motves to producton, and tend to
push the weath of a country farther
than t woud go wthout them, 407
413.
aue, dfferent sorts of, 0, 60 of
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
446 D .
vaue n use, ft. vaue n e change,
0 measures of vaue, 1 60 of
demand and suppy, as they affect e
changeabe vaues, 61 69 cost of
producton, consdered, as t a feets
e changeabe vaue, 69 80 of
the abour whch a commodty has
cost, consdered as a measure of e -
changeabe vaue,83 93 the abour
whch a commodty w command,
consdered as a measure of rea vaue
n e change, 93 111 money, when
unform n ts cost, consdered as a
measure of rea vaue, n e change,
122 13 the vaue of the whoe
funds specfcay destned for the
mantenance of abour, how to be est-
mated, 238,239 effecto asd 4rre
vaue of money, on the demand for a_-
uTTaTrd h ont e trfth a our-
er,24 2 2t rrre dstncton between
vaue and weath, stated, 299 308
the dstrbuton occasoned by the d-
vson of anded property, consdered
as the means of ncreasng the e -
changeabe vaue of the whoe pro-
duce, 372 382 the dstrbuton oc-
casoned by commerce, consdered as
the means of ncreasng the e -
changeabe vaue of produce, 382
398 the dstrbuton occasoned
by unproductve consumers, cons-
dered as a means of ncreasng the
e changeabe vaue of the whoe pro-
duce, 398 413 an ncrease n the
e changeabe vaue of the whoe pro-
duce, absoutey necessary to e tr-
cate ths country from ts present ds-
tresses, 424, 42 , 427, 436.
ages of abour defned, 217 on the
necessary separaton of the wages of
the abourer from the rent of and,
148 1 7 ustratons of the de-
pendence of the wages of abour on
demand and suppy, 217 223 n-
fuence of hgh wages on popuaton,
233 revew of the corn wages of
abour from the regn of dward .,
240 2 2 rates of wages n the 1 th
and 16th centures, wth remar s
thereon, 241 especay on the hgh
rate of wages n the 16th century,
2 2, 2 3 rates of wages n rance,
durng the ast two centures, 2
are not permanenty owered by the
ncrease of popuaton, 312, 313.
eath, ts defnton and source, a sub-
|ect of dspute among the economsts,
2 the weath of a partcuar naton
s ncreased by the ncreasng weath
and prosperty of surroundng states,
10 weath defned, 21 observatons
on the dfferent defntons gven of t
by potca economsts, 22, 23 es-
pecay that by Lord Lauderdae,
23 and Adam mth, 24 suscep-
tbty of accumuaton, essenta to
our usua conceptons of weath, 4
on the connecton between great
comparatve weath and a hgh com-
paratve prce of raw produce, 184
189 the dstncton between vaue
and weath stated, 299 308 the
ncrease of popuaton consdered as
a stmuus to the contnued ncrease
of weath, 311 314 of accumua-
ton, or the savng of revenue to add
to a capta consdered as a stmuus
to the ncrease of weath, 314 330
the fertty of the so consdered as
a stmuus to the contnued ncrease
of weath, 331 3 1 nventons to
save abour consdered as a stmuus
to the contnued ncrease of weath,
3 1 360 of the necessty of the
unon of the powers of producton
wth the means of dstrbuton, n or-
der to ensure a contnued ncrease of
weath, 361 371.
heat, prces of, n the 1 th and 16th
centures, 243, 244 n the 17th
century, 248 n the 18th century,
249 and n the former part of the
19th century, 2 0 genera obser-
vatons on the prces of wheat durng
the ast fve centures, 2 2, et st .
partcuary on the nfuence of the
season on those prces, 2 , 2 6.
. httngham, Too s ourt, hancery Lane.

G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
32101 068776093
(.
|..-

A .

-
. tfr
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g

e
G
e
n
e
r
a
t
e
d

f
o
r

|
u
n
s
h
a
n
g

L

a
n
g

(
U
n

v
e
r
s

t
y

o
f

M
a
s
s
a
c
h
u
s
e
t
t
s

A
m
h
e
r
s
t
)

o
n

2
0
1
4
-
0
4
-
1
4

2
0
:
1
1

G
M
T


/


h
t
t
p
:
/
/
h
d

.
h
a
n
d

e
.
n
e
t
/
2
0
2
7
/
n
|
p
.
3
2
1
0
1
0
6
8
7
7
6
0
9
3
P
u
b

c

D
o
m
a

n
,

G
o
o
g

e
-
d

z
e
d


/


h
t
t
p
:
/
/
w
w
w
.
h
a
t
h

t
r
u
s
t
.
o
r
g
/
a
c
c
e
s
s
_
u
s
e
#
p
d
-
g
o
o
g