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the　same　footing　with　bankrupts　or　people　of　doubtful　credit　in

better　regulated　countries。　The　uncertainty　of　recovering　his

money　makes　the　lender　exact　the　same　usurious　interest　which　is

usually　required　from　bankrupts。　Among　the　barbarous　nations　who

overran　the　western　provinces　of　the　Roman　empire；　the

performance　of　contracts　was　left　for　many　ages　to　the　faith　of

the　contracting　parties。　The　courts　of　justice　of　their　kings

seldom　intermeddled　in　it。　The　high　rate　of　interest　which　took

place　in　those　ancient　times　may　perhaps　be　partly　accounted　for

from　this　cause。

　　　　　When　the　law　prohibits　interest　altogether；　it　does　not

prevent　it。　Many　people　must　borrow；　and　nobody　will　lend　without

such　a　consideration　for　the　use　of　their　money　as　is　suitable

not　only　to　what　can　be　made　by　the　use　of　it；　but　to　the

difficulty　and　danger　of　evading　the　law。　The　high　rate　of

interest　among　all　Mahometan　nations　is　accounted　for　by　Mr。

Montesquieu；　not　from　their　poverty；　but　partly　from　this；　and

partly　from　the　difficulty　of　recovering　the　money。

　　　　　The　lowest　ordinary　rate　of　profit　must　always　be　something

more　than　what　is　sufficient　to　compensate　the　occasional　losses

to　which　every　employment　of　stock　is　exposed。　It　is　this　surplus

only　which　is　neat　or　clear　profit。　What　is　called　gross　profit

comprehends　frequently；　not　only　this　surplus；　but　what　is

retained　for　compensating　such　extraordinary　losses。　The　interest

which　the　borrower　can　afford　to　pay　is　in　proportion　to　the

clear　profit　only。

　　　　　The　lowest　ordinary　rate　of　interest　must；　in　the　same

manner；　be　something　more　than　sufficient　to　compensate　the

occasional　losses　to　which　lending；　even　with　tolerable　prudence；

is　exposed。　Were　it　not　more；　charity　or　friendship　could　be　the

only　motive　for　lending。

　　　　　In　a　country　which　had　acquired　its　full　complement　of

riches；　where　in　every　particular　branch　of　business　there　was

the　greatest　quantity　of　stock　that　could　be　employed　in　it；　as

the　ordinary　rate　of　clear　profit　would　be　very　small；　so　the

usual　market　rate　of　interest　which　could　be　afforded　out　of　it

would　be　so　low　as　to　render　it　impossible　for　any　but　the　very

wealthiest　people　to　live　upon　the　interest　of　their　money。　All

people　of　small　or　middling　fortunes　would　be　obliged　to

superintend　themselves　the　employment　of　their　own　stocks。　It

would　be　necessary　that　almost　every　man　should　be　a　man　of

business；　or　engage　in　some　sort　of　trade。　The　province　of

Holland　seems　to　be　approaching　near　to　this　state。　It　is　there

unfashionable　not　to　be　a　man　of　business。　Necessity　makes　it

usual　for　almost　every　man　to　be　so；　and　custom　everywhere

regulates　fashion。　As　it　is　ridiculous　not　to　dress；　so　is　it；　in

some　measure；　not　to　be　employed；　like　other　people。　As　a　man　of

a　civil　profession　seems　awkward　in　a　camp　or　a　garrison；　and　is

even　in　some　danger　of　being　despised　there；　so　does　an　idle　man

among　men　of　business。

　　　　　The　highest　ordinary　rate　of　profit　may　be　such　as；　in　the

price　of　the　greater　part　of　commodities；　eats　up　the　whole　of

what　should　go　to　the　rent　of　the　land；　and　leaves　only　what　is

sufficient　to　pay　the　labour　of　preparing　and　bringing　them　to

market；　according　to　the　lowest　rate　at　which　labour　can　anywhere

be　paid；　the　bare　subsistence　of　the　labourer。　The　workman　must

always　have　been　fed　in　some　way　or　other　while　he　was　about　the

work；　but　the　landlord　may　not　always　have　been　paid。　The　profits

of　the　trade　which　the　servants　of　the　East　India　Company　carry

on　in　Bengal　may　not　perhaps　be　very　far　from　this　rate。

　　　　　The　proportion　which　the　usual　market　rate　of　interest　ought

to　bear　to　the　ordinary　rate　of　clear　profit；　necessarily　varies

as　profit　rises　or　falls。　Double　interest　is　in　Great　Britain

reckoned　what　the　merchants　call　a　good；　moderate；　reasonable

profit；　terms　which　I　apprehend　mean　no　more　than　a　common　and

usual　profit。　In　a　country　where　the　ordinary　rate　of　clear

profit　is　eight　or　ten　per　cent；　it　may　be　reasonable　that　one

half　of　it　should　go　to　interest；　wherever　business　is　carried　on

with　borrowed　money。　The　stock　is　at　the　risk　of　the　borrower；

who；　as　it　were；　insures　it　to　the　lender；　and　four　or　five　per

cent　may；　in　the　greater　part　of　trades；　be　both　a　sufficient

profit　upon　the　risk　of　this　insurance；　and　a　sufficient

recompense　for　the　trouble　of　employing　the　stock。　But　the

proportion　between　interest　and　clear　profit　might　not　be　the

same　in　countries　where　the　ordinary　rate　of　profit　was　either　a

good　deal　lower；　or　a　good　deal　higher。　If　it　were　a　good　deal

lower；　one　half　of　it　perhaps　could　not　be　afforded　for　interest；

and　more　might　be　afforded　if　it　were　a　good　deal　higher。

　　　　　In　countries　which　are　fast　advancing　to　riches；　the　low

rate　of　profit　may；　in　the　price　of　many　commodities；　compensate

the　high　wages　of　labour；　and　enable　those　countries　to　sell　as

cheap　as　their　less　thriving　neighbours；　among　whom　the　wages　of

labour　may　be　lower。

　　　　　In　reality　high　profits　tend　much　more　to　raise　the　price　of

work　than　high　wages。　If　in　the　linen　manufacture；　for　example；

the　wages　of　the　different　working　people；　the　flax…dressers；　the

spinners；　the　weavers；　etc。；　should；　all　of　them；　be　advanced

twopence　a　day；　it　would　be　necessary　to　heighten　the　price　of　a

piece　of　linen　only　by　a　number　of　twopences　equal　to　the　number

of　people　that　had　been　employed　about　it；　multiplied　by　the

number　of　days　during　which　they　had　been　so　employed。　That　part

of　the　price　of　the　commodity　which　resolved　itself　into　wages

would；　through　all　the　different　stages　of　the　manufacture；　rise

only　in　arithmetical　proportion　to　this　rise　of　wages。　But　if　the

profits　of　all　the　different　employers　of　those　working　people

should　be　raised　five　per　cent；　that　part　of　the　price　of　the

commodity　which　resolved　itself　into　profit　would；　through　all

the　different　stages　of　the　manufacture；　rise　in　geometrical

proportion　to　this　rise　of　profit。　The　employer　of　the

flaxdressers　would　in　selling　his　flax　require　an　additional　five

per　cent　upon　the　whole　value　of　the　materials　and　wages　which　he

advanced　to　his　workmen。　The　employer　of　the　spinners　would

require　an　additional　five　per　cent　both　upon　the　advanced　price

of　the　flax　and　upon　the　wages　of　the　spinners。　And　the　employer

of　the　weavers　would　require　a　like　five　per　cent　both　upon　the

advanced　price　of　the　linen　yarn　and　upon　the　wages　of　the

weavers。　In　raising　the　price　of　commodities　the　rise　of　wages

operates　in　the　same　manner　as　simple　interest　does　in　the

accumulation　of　debt。　The　rise　of　profit　operates　like　compound

interest。　Our　merchants　and　master…manufacturers　complain　much　of

the　bad　effects　of　high　wages　in　raising　the　price；　and　thereby

lessening　the　sale　of　their　goods　both　at　home　and　abroad。　They

say　nothing　concerning　the　bad　effects　of　high　profits。　They　are

silent　with　regard　to　the　pernicious　effects　of　their　own　gains。

They　complain　only　of　those　of　other　people。　　



　　　　　　　　　　　　　　　　　　　　　　　　　　　　　CHAPTER　X



Of　Wages　and　Profit　in　the　different　Employments　of　Labour　and

Stock　



　　　　　THE　whole　of　the　advantages　and　disadvantages　of　the

different　employments　of　labour　and　stock　must；　in　the　same

neighbourhood；　be　either　perfectly　equal　or　continually　tending

to　equality。　If　in　the　same　neighbourhood；　there　was　any

employment　evidently　either　more　or　less　advantageous　than　the

rest；　so　many　people　would　crowd　into　it　in　the　one　case；　and　so

many　would　desert　it　in　the　other；　that　its　advantages　would　soon

return　to　the　level　of　other　employments。　This　at　least　would　be

the　case　in　a　society　where　things　were　left　to　follow　their

natural　course；　where　there　was　perfect　liberty；　and　where　every

man　was　perfectly　free　both　to　choose　what　occupation　he　thought

proper；　and　to　change　it　as　often　as　he　thought　proper。　Every

man's　interest　would　prompt　him　to　seek　the　advantageous；　and　to

shun　the　disadvantageous　employment。

　　　　　Pecuniary　wages　and　profit；　indeed；　are　everywhere　in　Europe

extremely　different　according　to　the　different　employments　of

labour　and　stock。　But　this　difference　arises　partly　from　certain

circumstances　in　the　employments　themselves；　which；　either

really；　or　at　least　in　the　imaginations　of　men；　make　up　for　a

small　pecuniary　gain　in　some；　and　counterbalance　a　great　one　in

others；　and　partly　from　the　policy　of　Europe；　which　nowhere

leaves　things　at　perfect　liberty。

　　　　　The　particular　consideration　of　those　circumstances　and　of

that　policy　will　divide　this　chapter　into　two　parts。　

　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　PART　1　　　Inequalities　arising

from　the　Nature　of　the　Employments　themselves　

　　　　　THE　five　following　are　the　principal　circumstances　which；　so

far　as　I　have　been　able　to　observe；　make　up　for　a　small　pecuniary

gain　in　some　employments；　and　counterbalance　a　great　one　in

others：　first；　the　agreeableness　or　disagreeableness　of　the

employments　themselves；　secondly；　the　easiness　and　cheapness；　or

the　difficulty　and　expense　of　learning　them；　thirdly；　the

constancy　or　inconstancy　of　employment　in　them；　fourthly；　the

small　or　great　trust　which　must　be　reposed　in　those　who　exercise

them；　and；　fifthly；　the　probability　or　improbability　of　success

in　them。

　　　　　First；　the　wages　of　labour　vary　with　the　ease　or　hardship；

the　cleanliness　or　dirtiness；　the　honourableness　or

dishonourableness　of　the　employment。　Thus　in　most　places；　take

the　year　round；　a　journeyman　tailor　earns　less　than　a　journeyman

weaver。　His　work　is　much　easier。　A　journeyman　weaver　earns　less

than　a　journeyman　smith。　His　work　is　not　always　easier；　but　it　is

much　cleanlier。　A　journeyman　blacksmith；　though　an　artificer；

seldom　earns　so　much　in　twelve　hours　as　a　collier；　who　is　only　a

labourer；　does　in　eight。　His　work　is　not　quite　so　dirty；　is　less

dangerous；　and　is　carried　o