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supposed annual importation of gold and silver； there must be a
certain period at which the annual consumption of those metals
will be equal to that annual importation。 Their consumption must
increase as their mass increases； or rather in a much greater
proportion。 As their mass increases； their value diminishes。 They
are more used and less cared for； and their consumption
consequently increases in a greater proportion than their mass。
After a certain period； therefore； the annual consumption of
those metals must； in this manner； become equal to their annual
importation； provided that importation is not continually
increasing； which； in the present times； is not supposed to be
the case。
If； when the annual consumption has become equal to the
annual importation； the annual importation should gradually
diminish； the annual consumption may； for some time； exceed the
annual importation。 The mass of those metals may gradually and
insensibly diminish； and their value gradually and insensibly
rise； till the annual importation become again stationary； the
annual consumption will gradually and insensibly accommodate
itself to what that annual importation can maintain。
GROUNDS OF THE SUSPICION THAT THE VALUE OF SILVER STILL
CONTINUES TO DECREASE
The increase of the wealth of Europe； and the popular notion
that； as the quantity of the precious metals naturally increases
with the increase of wealth so their value diminishes as their
quantity increases； may； perhaps； dispose many people to believe
that their value still continues to fall in the European market；
and the still gradually increasing price of many parts of the
rude produce of land may confirm them still further in this
opinion。
That that increase in the quantity of the precious metals；
which arises in any country from the increase of wealth； has no
tendency to diminish their value； I have endeavoured to show
already。 Gold and silver naturally resort to a rich country； for
the same reason that all sorts of luxuries and curiosities resort
to it； not because they are cheaper there than in poorer
countries； but because they are dearer； or because a better price
is given for them。 It is the superiority of price which attracts
them； and as soon as that superiority ceases； they necessarily
cease to go thither。
If you except corn and such other vegetables as are raised
altogether by human industry； that all other sorts of rude
produce； cattle； poultry； game of all kinds； the useful fossils
and minerals of the earth； etc。； naturally grow dearer as the
society advances in wealth and improvement； I have endeavoured to
show already。 Though such commodities； therefore； come to
exchange for a greater quantity of silver than before； it will
not from thence follow that silver has become really cheaper； or
will purchase less labour than before； but that such commodities
have become really dearer； or will purchase more labour than
before。 It is not their nominal price only； but their real price
which rises in the progress of improvement。 The rise of their
nominal price is the effect； not of any degradation of the value
of silver； but of the rise in their real price。
DIFFERENT EFFECTS OF THE PROGRESS OF IMPROVEMENT UPON THREE
DIFFERENT SORTS OF RUDE PRODUCE
These different sorts of rude produce may be divided into
three classes。 The first comprehends those which it is scarce in
the power of human industry to multiply at all。 The second； those
which it can multiply in proportion to the demand。 The third；
those in which the efficacy of industry is either limited or
uncertain。 In the progress of wealth and improvement； the real
price of the first may rise to any degree of extravagance； and
seems not to be limited by any certain boundary。 That of the
second； though it may rise greatly； has； however； a certain
boundary beyond which it cannot well pass for any considerable
time together。 That of the third； though its natural tendency is
to rise in the progress of improvement； yet in the same degree of
improvement it may sometimes happen even to fall； sometimes to
continue the same； and sometimes to rise more or less； according
as different accidents render the efforts of human industry； in
multiplying this sort of rude produce； more or less successful。
FIRST SORT
The first sort of rude produce of which the price rises in
the progress of improvement is that which it is scarce in the
power of human industry to multiply at all。 It consists in those
things which nature produces only in certain quantities； and
which； being of a very perishable nature； it is impossible to
accumulate together the produce of many different seasons。 Such
are the greater part of rare and singular birds and fishes； many
different sorts of game； almost all wild…fowl； all birds of
passage in particular； as well as many other things。 When wealth
and the luxury which accompanies it increase； the demand for
these is likely to increase with them； and no effort of human
industry may be able to increase the supply much beyond what it
was before this increase of the demand。 The quantity of such
commodities； therefore； remaining the same； or nearly the same；
while the competition to purchase them is continually increasing；
their price may rise to any degree of extravagance； and seems not
to be limited by any certain boundary。 If woodcocks should become
so fashionable as to sell for twenty guineas apiece； no effort of
human industry could increase the number of those brought to
market much beyond what it is at present。 The high price paid by
the Romans； in the time of their greatest grandeur； for rare
birds and fishes； may in this manner easily be accounted for。
These prices were not the effects of the low value of silver in
those times； but of the high value of such rarities and
curiosities as human industry could not multiply at pleasure。 The
real value of silver was higher at Rome； for some time before and
after the fall of the republic； than it is through the greater
part of Europe at present。 Three sestertii； equal to about
sixpence sterling； was the price which the republic paid for the
modius or peck of the tithe wheat of Sicily。 This price； however；
was probably below the average market price； the obligation to
deliver their wheat at this rate being considered as a tax upon
the Sicilian farmers。 When the Romans； therefore； had occasion to
order more corn than the tithe of wheat amounted to； they were
bound by capitulation to pay for the surplus at the rate of four
sestertii； or eightpence sterling； the peck； and this had
probably been reckoned the moderate and reasonable； that is； the
ordinary or average contract price of those times； it is equal to
about one…and…twenty shillings the quarter。 Eight…and…twenty
shillings the quarter was； before the late years of scarcity； the
ordinary contract price of English wheat； which in quality is
inferior to the Sicilian； and generally sells for a lower price
in the European market。 The value of silver； therefore； in those
ancient times； must have been to its value in the present as
three to four inversely； that is； three ounces of silver would
then have purchased the same quantity of labour and commodities
which four ounces will do at present。 When we read in Pliny；
therefore； that Seius bought a white nightingale； as a present
for the Empress Agrippina； at a price of six thousand sestertii；
equal to about fifty pounds of our present money； and that
Asinius Celer purchased a surmullet at the price of eight
thousand sestertii； equal to about sixty…six pounds thirteen
shillings and fourpence of our present money； the extravagance of
those prices； how much soever it may surprise us； is apt；
notwithstanding； to appear to us about one…third less than it
really was。 Their real price； the quantity of labour and
subsistence which was given away for them； was about one…third
more than their nominal price is apt to express to us in the
present times。 Seius gave for the nightingale the command of a
quantity of labour and subsistence equal to what L66 13s。 4d。
would purchase in the present times； and Asinius Celer gave for
the surmullet the command of a quantity equal to what L88 9 1/2d。
would purchase。 What occasioned the extravagance of those high
prices was； not so much the abundance of silver as the abundance
of labour and subsistence of which those Romans had the disposal
beyond what was necessary for their own use。 The quantity of
silver of which they had the disposal was a good deal less than
what the command of the same quantity of labour and subsistence
would have procured to them in the present times。
SECOND SORT
The second sort of rude procedure of which the price rises
in the progress of improvement is that which human industry can
multip