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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

greater dexterity; and of a more proper division and distribution

of work; all of which are the natural effects of improvement; a

much smaller quantity of labour becomes requisite for executing

any particular piece of work; and though; in consequence of the

flourishing circumstances of the society; the real price of

labour should rise very considerably; yet the great diminution of

the quantity will generally much more than compensate the

greatest rise which can happen in the price。

     There are; indeed; a few manufactures in which the necessary

rise in the real price of the rude materials will more than

compensate all the advantages which improvement can introduce

into the execution of the work。 In carpenters' and joiners' work;

and in the coarser sort of cabinet work; the necessary rise in

the real price of barren timber; in consequence of the

improvement of land; will more than compensate all the advantages

which can be derived from the best machinery; the greatest

dexterity; and the most proper division and distribution of work。

     But in all cases in which the real price of the rude

materials either does not rise at all; or does not rise very

much; that of the manufactured commodity sinks very considerably。

     This diminution of price has; in the course of the present

and preceding century; been most remarkable in those manufactures

of which the materials are the coarser metals。 A better movement

of a watch; that about the middle of the last century could have

been bought for twenty pounds; may now perhaps be had for twenty

shillings。 In the work of cutiers and locksmiths; in all the toys

which are made of the coarser metals; and in all those goods

which are commonly known by the name of Birmingham and Sheffield

ware; there has been; during the same period; a very great

reduction of price; though not altogether so great as in

watch…work。 It has; however; been sufficient to astonish the

workmen of every other part of Europe; who in many cases

acknowledge that they can produce no work of equal goodness for

double; or even for triple the price。 There are perhaps no

manufactures in which the division of labour can be carried

further; or in which the machinery employed admits of a greater

variety of improvements; than those of which the materials are

the coarser metals。

     In the clothing manufacture there has; during the same

period; been no such sensible reduction of price。 The price of

superfine cloth; I have been assured; on the contrary; has;

within these five…and…twenty or thirty years; risen somewhat in

proportion to its quality; owing; it was said; to a considerable

rise in the price of the material; which consists altogether of

Spanish wool。 That of the Yorkshire cloth; which is made

altogether of English wool; is said indeed; during the course of

the present century; to have fallen a good deal in proportion to

its quality。 Quality; however; is so very disputable a matter

that I look upon all information of this kind as somewhat

uncertain。 In the clothing manufacture; the division of labour is

nearly the same now as it was a century ago; and the machinery

employed is not very different。 There may; however; have been

some small improvements in both; which may have occasioned some

reduction of price。

     But the reduction will appear much more sensible and

undeniable if we compare the price of this manufacture in the

present times with what it was in a much remoter period; towards

the end of the fifteenth century; when the labour was probably

much less subdivided; and the machinery employed much more

imperfect; than it is at present。

     In 1487; being the 4th of Henry VII; it was enacted that

〃whosoever shall sell by retail a broad yard of the finest

scarlet grained; or of other grained cloth of the finest making;

above sixteen shillings; shall forfeit forty shillings for every

yard so sold。〃 Sixteen shillings; therefore; containing about the

same quantity of silver as four…and…twenty shillings of our

present money; was; at that time; reckoned not an unreasonable

price for a yard of the finest cloth; and as this is a sumptuary

law; such cloth; it is probable; had usually been sold somewhat

dearer。 A guinea may be reckoned the highest price in the present

times。 Even though the quality of the cloths; therefore; should

be supposed equal; and that of the present times is most probably

much superior; yet; even upon this supposition; the money price

of the finest cloth appears to have been considerably reduced

since the end of the fifteenth century。 But its real price has

been much more reduced。 Six shillings and eightpence was then;

and long afterwards; reckoned the average price of a quarter of

wheat。 Sixteen shillings; therefore; was the price of two

quarters and more than three bushels of wheat。 Valuing a quarter

of wheat in the present times at eight…and…twenty 

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