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is　of　very　little　importance　to　the　real　wealth　and　prosperity　of

the　world；　to　the　real　value　of　the　annual　produce　of　the　land

and　labour　of　mankind。　Its　nominal　value；　the　quantity　of　gold

and　silver　by　which　this　annual　produce　could　be　expressed　or

represented；　would；　no　doubt；　be　very　different；　but　its　real

value；　the　real　quantity　of　labour　which　it　could　purchase　or

command；　would　be　precisely　the　same。　A　shilling　might　in　the　one

case　represent　no　more　labour　than　a　penny　does　at　present；　and　a

penny　in　the　other　might　represent　as　much　as　a　shilling　does

now。　But　in　the　one　case　he　who　had　a　shilling　in　his　pocket

would　be　no　richer　than　he　who　has　a　penny　at　present；　and　in　the

other　he　who　had　a　penny　would　be　just　as　rich　as　he　who　has　a

shilling　now。　The　cheapness　and　abundance　of　gold　and　silver

plate　would　be　the　sole　advantage　which　the　world　could　derive

from　the　one　event；　and　the　dearness　and　scarcity　of　those

trifling　superfluities　the　only　inconveniency　it　could　suffer

from　the　other。　

　　　　　CONCLUSION　OF　THE　DIGRESSION　CONCERNING　THE　VARIATIONS　IN

　　　　　　　　　　　　　　　　　　　　THE　VALUE　OF　SILVER　

　　　　　The　greater　part　of　the　writers　who　have　collected　the　money

prices　of　things　in　ancient　times　seem　to　have　considered　the　low

money…price　of　corn；　and　of　goods　in　general；　or；　in　other　words；

the　high　value　of　gold　and　silver；　as　a　proof；　not　only　of　the

scarcity　of　those　metals；　but　of　the　poverty　and　barbarism　of　the

country　at　the　time　when　it　took　place。　This　notion　is　connected

with　the　system　of　political　economy　which　represents　national

wealth　as　consisting　in　the　abundance；　and　national　poverty　in

the　scarcity　of　gold　and　silver；　a　system　which　I　shall　endeavour

to　explain　and　examine　at　great　length　in　the　fourth　book　of　this

inquiry。　I　shall　only　observe　at　present　that　the　high　value　of

the　precious　metals　can　be　no　proof　of　the　poverty　or　barbarism

of　any　particular　country　at　the　time　when　it　took　place。　It　is　a

proof　only　of　the　barrenness　of　the　mines　which　happened　at　that

time　to　supply　the　commercial　world。　A　poor　country；　as　it　cannot

afford　to　buy　more；　so　it　can　as　little　afford　to　pay　dearer　for

gold　and　silver　than　a　rich　one；　and　the　value　of　those　metals；

therefore；　is　not　likely　to　be　higher　in　the　former　than　in　the

latter。　In　China；　a　country　much　richer　than　any　part　of　Europe；

the　value　of　the　precious　metals　is　much　higher　than　in　any　part

of　Europe。　As　the　wealth　of　Europe；　indeed；　has　increased　greatly

since　the　discovery　of　the　mines　of　America；　so　the　value　of　gold

and　silver　has　gradually　diminished。　This　diminution　of　their

value；　however；　has　not　been　owing　to　the　increase　of　the　real

wealth　of　Europe；　of　the　annual　produce　of　its　land　and　labour；

but　to　the　accidental　discovery　of　more　abundant　mines　than　any

that　were　known　before。　The　increase　of　the　quantity　of　gold　and

silver　in　Europe；　and　the　increase　of　its　manufactures　and

agriculture；　are　two　events　which；　though　they　have　happened

nearly　about　the　same　time；　yet　have　arisen　from　very　different

causes；　and　have　scarce　any　natural　connection　with　one　another。

The　one　has　arisen　from　a　mere　accident；　in　which　neither

prudence　nor　policy　either　had　or　could　have　any　share。　The　other

from　the　fall　of　the　feudal　system；　and　from　the　establishment　of

a　government　which　afforded　to　industry　the　only　encouragement

which　it　requires；　some　tolerable　security　that　it　shall　enjoy

the　fruits　of　its　own　labour。　Poland；　where　the　feudal　system

still　continues　to　take　place；　is　at　this　day　as　beggarly　a

country　as　it　was　before　the　discovery　of　America。　The　money

price　of　corn；　however；　has　risen；　the　real　value　of　the　precious

metals　has　fallen　in　Poland；　in　the　same　manner　as　in　other　parts

of　Europe。　Their　quantity；　therefore；　must　have　increased　there

as　in　other　places；　and　nearly　in　the　same　proportion　to　the

annual　produce　of　its　land　and　labour。　This　increase　of　the

quantity　of　those　metals；　however；　has　not；　it　seems；　increased

that　annual　produce；　has　neither　improved　the　manufactures　and

agriculture　of　the　country；　nor　mended　the　circumstances　of　its

inhabitants。　Spain　and　Portugal；　the　countries　which　possess　the

mines；　are；　after　Poland；　perhaps；　the　two　most　beggarly

countries　in　Europe。　The　value　of　the　precious　metals；　however；

must　be　lower　in　Spain　and　Portugal　than　in　any　other　part　of

Europe；　as　they　come　from　those　countries　to　all　other　parts　of

Europe；　loaded；　not　only　with　a　freight　and　an　insurance；　but

with　the　expense　of　smuggling；　their　exportation　being　either

prohibited；　or　subjected　to　a　duty。　In　proportion　to　the　annual

produce　of　the　land　and　labour；　therefore；　their　quantity　must　be

greater　in　those　countries　than　in　any　other　part　of　Europe。

Those　countries；　however；　are　poorer　than　the　greater　part　of

Europe。　Though　the　feudal　system　has　been　abolished　in　Spain　and

Portugal；　it　has　not　been　succeeded　by　a　much　better。

　　　　　As　the　low　value　of　gold　and　silver；　therefore；　is　no　proof

of　the　wealth　and　flourishing　state　of　the　country　where　it　takes

place；　so　neither　is　their　high　value；　or　the　low　money　price

either　of　goods　in　general；　or　of　corn　in　particular；　any　proof

of　its　poverty　and　barbarism。

　　　　　But　though　the　low　money　price　either　of　goods　in　general；

or　of　corn　in　particular；　be　no　proof　of　the　poverty　or　barbarism

of　the　times；　the　low　money　price　of　some　particular　sorts　of

goods；　such　as　cattle；　poultry；　game　of　all　kinds；　etc。；　in

proportion　to　that　of　corn；　is　a　most　decisive　one。　It　clearly

demonstrates；　first；　their　great　abundance　in　proportion　to　that

of　corn；　and　consequently　the　great　extent　of　the　land　which　they

occupied　in　proportion　to　what　was　occupied　by　corn；　and；

secondly；　the　low　value　of　this　land　in　proportion　to　that　of

corn　land；　and　consequently　the　uncultivated　and　unimproved　state

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