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of the far greater part of the lands of the country。 It clearly
demonstrates that the stock and population of the country did not
bear the same proportion to the extent of its territory which
they commonly do in civilised countries； and that society was at
that time； and in that country； but in its infancy。 From the high
or low money price either of goods in general； or of corn in
particular； we can infer only that the mines which at that time
happened to supply the commercial world with gold and silver were
fertile or barren； not that the country was rich or poor。 But
from the high or low money price of some sorts of goods in
proportion to that of others； we can infer； with a degree of
probability that approaches almost to certainty； that it was rich
or poor； that the greater part of its lands were improved or
unimproved； and that it was either in a more or less barbarous
state； or in a more or less civilised one。
Any rise in the money price of goods which proceeded
altogether from the degradation of the value of silver would
affect all sorts of goods equally； and raise their price
universally a third； or a fourth； or a fifth part higher；
according as silver happened to lose a third； or a fourth； or a
fifth part of its former value。 But the rise in the price of
provisions； which has been the subject of so much reasoning and
conversation； does not affect all sorts of provisions equally。
Taking the course of the present century at an average； the price
of corn； it is acknowledged； even by those who account for this
rise by the degradation of the value of silver； has risen much
less than that of some other sorts of provisions。 The rise in the
price of those other sorts of provisions； therefore； cannot be
owing altogether to the degradation of the value of silver。 Some
other causes must be taken into the account； and those which have
been above assigned will； perhaps； without having recourse to the
supposed degradation of the value of silver； sufficiently explain
this rise in those particular sorts of provisions of which the
price has actually risen in proportion to that of corn。
As to the price of corn itself； it has； during the
sixty…four first years of the present century； and before the
late extraordinary course of bad seasons； been somewhat lower
than it was during the sixty…four last years of the preceding
century。 This fact is attested； not only by the accounts of
Windsor market； but by the public fiars of all the different
counties of Scotland； and by the accounts of several different
markets in France； which have been collected with great diligence
and fidelity by Mr。 Messance and by Mr。 Dupre de St。 Maur。 The
evidence is more complete than could well have been expected in a
matter which is naturally so very difficult to be ascertained。
As to the high price of corn during these last ten or twelve
years； it can be sufficiently accounted for from the badness of
the seasons； without supposing any degradation in the value of
silver。 The opinion； therefore； that silver is continually
sinking in its value； seems not to be founded upon any good
observations； either upon the prices of corn； or upon those of
other provisions。
The same quantity of silver； it may； perhaps； be said； will
in the present times； even according to the account which has
been here given； purchase a much smaller quantity of several
sorts of provisions than it would have done during some part of
the last century； and to ascertain whether this change be owing
to a rise in the value of those goods； or to a fall in the value
of silver； is only to establish a vain and useless distinction；
which can be of no sort of service to the man who has only a
certain quantity of silver to go to market with； or a certain
fixed revenue in money。 I certainly do not pretend that the
knowledge of this distinction will enable him to buy cheaper。 It
may not； however； upon that account be altogether useless。
It may be of some use to the public by affording an easy
proof of the prosperous condition of the country。 If the rise in
the price of some sorts of provisions be owing altogether to a
fall in the value of silver； it is owing to a circumstance from
which nothing can be inferred but the fertility of the American
mines。 The real wealth of the country； the annual produce of its
land and labour； may； notwithstanding this circumstance； be
either gradually declining； as in Portugal and Poland； or
gradually advancing； as in most other parts of Europe。 But if
this rise in the price of some sorts of provisions be owing to a
rise in the real value of the land which produces them； to its
increased fertility； or； in consequence of more extended
improvement and good cultivation； to its having been rendered fit
for producing corn； it is owing to a circumstance which indicates
in the clearest manner the prosperous and advancing state of the
country。 The land constitutes by far the greatest； the most
important； and the most durable part of the wealth of every
extensive country。 It may surely be of some use； or； at least； it
may give some satisfaction to the public； to have so decisive a
proof of the increasing value of by far the greatest； the most
important； and the most durable part of its wealth。
It may； too； be of some use to the public in regulating the
pecuniary reward of some of its inferior servants。 If this rise
in the price of some sorts of provisions be owing to a fall in
the value of silver； their pecuniary reward； provided it was not
too large before； ought certainly to be augmented in proportion
to the extent of this fall。 If it is not augmented； their real
recompense will evidently be so much diminished。 But if this rise
of price is owing to the increased value； in consequence of the
improved fertility of the land which produces such provisions； it
becomes a much nicer matter to judge either in what proportion
any pecuniary reward ought to be augmented； or whether it ought
to be augmented at all。 The extension of improvement and
cultivation； as it necessarily raises more or less； in proportion
to the price of corn； that of every sort of animal food； so it as
necessarily lowers that of； I believe； every sort of vegetable
food。 It raises the price of animal food； because a great part of
the land which produces it； being rendered fit for producing
corn； must afford to the landlord and farmer the rent and profit
of corn…land。 It lowers the price of vegetable food； because； by
increasing the fertility of the land； it increases its abundance。
The improvements of agriculture； too； introduce many sorts of
vegetable food； which； requiring less land and not more labour
than corn； come much cheaper to market。 Such are potatoes and
maize； or what is called Indian corn； the two most important
improvements which the agriculture of Europe； perhaps； which
Europe itself has received from the great extension of its
commerce and navigation。 Many sorts of vegetable food； besides；
which in the rude state of agriculture are confined to the
kitchen…garden； and raised only by the spade； come in its
improved state to be introduced into common fields； and to be
raised by the plough： such as turnips； carrots； cabbages； etc。 If
in the progress of improvement； therefore； the real price of one
species of food necessarily rises； that of another as necessarily
falls； and it becomes a matter of more nicety to judge how far
the rise in the one may be compensated by the fall in the other。
When the real price of butcher's meat has once got to its height
（which； with regard to every sort； except； perhaps； that of hogs'
flesh； it seems to have done through a great part of England more
than a century ago）； any rise which can afterwards happen in that
of any other sort of animal food cannot much affect the
circumstances of the inferior ranks of people。 The circumstances
of the poor through a great part of England cannot surely be so
much distressed by any rise in the price of poultry； fish；
wild…fowl； or venison； as they must be relieved by the fall in
that of potatoes。
In the present season of scarcity the high price of corn no
doubt distresses the poor。 But in times of moderate plenty； when
corn is at its ordinary or average price； the natural rise in the
price of any other sort of rude produce cannot much affect them。
They suffer more； perhaps； by the artificial rise which has been
occasioned by taxes in the price of some manufactured
commodities； as of salt； soap； leather； candles； malt； beer； and
ale； etc。
EFFECTS OF THE PROGRESS OF IMPROVEMENT UPON THE REAL
PRICE OF MANUFACTURES
It is the natural effect of improvement； however； to
diminish gradually the real price of almost all manufactures。
That of the manufacturing workmanship diminishes； perhaps； in all
of them without exception。 In consequence of better machinery； of
grea