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bring their price nearly to a level in both。 If the countries are
near； the difference will be smaller； and may sometimes be scarce
perceptible； because in this case the transportation will be
easy。 China is a much richer country than any part of Europe； and
the difference between the price of subsistence in China and in
Europe is very great。 Rice in China is much cheaper than wheat is
anywhere in Europe。 England is a much richer country than
Scotland； but the difference between the money…price of corn in
those two countries is much smaller； and is but just perceptible。
In proportion to the quantity or measure； Scotch corn generally
appears to be a good deal cheaper than English； but in proportion
to its quality； it is certainly somewhat dearer。 Scotland
receives almost every year very large supplies from England； and
every commodity must commonly be somewhat dearer in the country
to which it is brought than in that from which it comes。 English
corn； therefore； must be dearer in Scotland than in England； and
yet in proportion to its quality； or to the quantity and goodness
of the flour or meal which can be made from it； it cannot
commonly be sold higher there than the Scotch corn which comes to
market in competition with it。
The difference between the money price of labour in China
and in Europe is still greater than that between the money price
of subsistence； because the real recompense of labour is higher
in Europe than in China； the greater part of Europe being in an
improving state； while China seems to be standing still。 The
money price of labour is lower in Scotland than in England
because the real recompense of labour is much lower； Scotland；
though advancing to greater wealth； advancing much more slowly
than England。 The frequency of emigration from Scotland； and the
rarity of it from England； sufficiently prove that the demand for
labour is very different in the two countries。 The proportion
between the real recompense of labour in different countries； it
must be remembered； is naturally regulated not by their actual
wealth or poverty； but by their advancing； stationary； or
declining condition。
Gold and silver； as they are naturally of the greatest value
among the richest； so they are naturally of the least value among
the poorest nations。 Among savages； the poorest of all nations；
they are of scarce any value。
In great towns corn is always dearer than in remote parts of
the country。 This； however； is the effect； not of the real
cheapness of silver； but of the real dearness of corn。 It does
not cost less labour to bring silver to the great town than to
the remote parts of the country； but it costs a great deal more
to bring corn。
In some very rich and commercial countries； such as Holland
and the territory of Genoa； corn is dear for the same reason that
it is dear in great towns。 They do not produce enough to maintain
their inhabitants。 They are rich in the industry and skill of
their artificers and manufacturers； in every sort of machinery
which can facilitate and abridge labour； in shipping； and in all
the other instruments and means of carriage and commerce： but
they are poor in corn； which； as it must be brought to them from
distant countries； must； by an addition to its price； pay for the
carriage from those countries。 It does not cost less labour to
bring silver to Amsterdam than to Dantzic； but it costs a great
deal more to bring corn。 The real cost of silver must be nearly
the same in both places； but that of corn must be very different。
Diminish the real opulence either of Holland or of the territory
of Genoa； while the number of their inhabitants remains the same：
diminish their power of supplying themselves from distant
countries； and the price of corn； instead of sinking with that
diminution in the quantity of their silver； which must
necessarily accompany this declension either as its cause or as
its effect； will rise to the price of a famine。 When we are in
want of necessaries we must part with all superfluities； of which
the value； as it rises in times of opulence and prosperity； so it
sinks in times of poverty and distress。 It is otherwise with
necessaries。 Their real price； the quantity of labour which they
can purchase or command； rises in times of poverty and distress；
and sinks in times of opulence and prosperity； which are always
times of great abundance； for they could not otherwise be times
of opulence and prosperity。 Corn is a necessary； silver is only a
superfluity。
Whatever； therefore； may have been the increase in the
quantity of the precious metals； which； during the period between
the middle of the fourteenth and that of the sixteenth century；
arose from the increase of wealth and improvement； it could have
no tendency to diminish their value either in Great Britain or in
any other part of Europe。 If those who have collected the prices
of things in ancient times； therefore； had； during this period；
no reason to infer the diminution of the value of silver； from
any observations which they had made upon the prices either of
corn or of other commodities； they had still less reason to infer
it from any supposed increase of wealth and improvement。
SECOND PERIOD
But how various soever may have been the opinions of the
learned concerning the progress of the value of silver during
this first period； they are unanimous concerning it during the
second。
From about 1570 to about 1640； during a period of about
seventy years； the variation in the proportion between the value
of silver and that of corn held a quite opposite course。 Silver
sunk in its real value； or would exchange for a smaller quantity
of labour than before； and corn rose in its nominal price； and
instead of being commonly sold for about two ounces of silver the
quarter； or about ten shillings of our present money； came to be
sold for six and eight ounces of silver the quarter； or about
thirty and forty shillings of our present money。
The discovery of the abundant mines of America seems to have
been the sole cause of this diminution in the value of silver in
proportion to that of corn。 It is accounted for accordingly in
the same manner by everybody； and there never has been any
dispute either about the fact or about the cause of it。 The
greater part of Europe was； during this period； advancing in
industry and improvement； and the demand for silver must
consequently have been increasing。 But the increase of the supply
had； it seems； so far exceeded that of the demand； that the value
of that metal sunk considerably。 The discovery of the mines of
America； it is to be observed； does not seem to have had any very
sensible effect upon the prices of things in England till after
1570； though even the mines of Potosi had been discovered more
than twenty years before。
From 1595 to 1620； both inclusive； the average price of the
quarter of nine bushels of the best wheat at Windsor market
appears； from the accounts of Eton College； to have been L2 1s。 6
3/4d。 From which sum； neglecting the fraction； and deducting a
ninth； or 4s。 7 13d。； the price of the quarter of eight bushels
comes out to have been L1 16s。 10 2/3d。 And from this sum；
neglecting likewise the fraction； and deducting a ninth； or 4s。
1d。； for the difference between the price of the best wheat and
that of the middle wheat； the price of the middle wheat comes out
to have been about L1 12s。 9d。； or about six ounces and one…third
of an ounce of silver。
From 1621 to 1636； both inclusive； the average price of the
same measure of the best wheat at the same market appears； from
the same accounts； to have been L2 10s。； from which making the
like deductions as in the foregoing case； the average price of
the quarter of eight bushels of middle wheat comes out to have
been L1 19s。 6d。； or about seven ounces and two…thirds of an
ounce of silver。
THIRD PERIOD
Between 1630 and 1640； or about 1636； the effect of the
discovery of the mines of America in reducing the value of silver
appears to have been completed； and the value of that metal seems
never to have sunk lower in proportion to that of corn than it
was about that time。 It seems to have risen somewhat in the
course of the present century； and it had probably begun to do so
even some time before the end of the last。
From 1637 to 1700； both inclusive； being the sixty…four last
years of the last century； the average price of the quarter of
nine bushels of the best wheat at Windsor market appears； from
the same accounts； to have been L2 11s。 O 13d。； which is only 1s
O 13d。 dearer than it had been during the sixteen years before。
But in the course of these sixty…four years there happened two
events which must have produced a much greater scarcity of corn
than what the course of the seasons would otherwise have