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it costs less labour to bring those metals from the mine to the
market； so when they were brought thither they could purchase or
command less labour； and this revolution in their value； though
perhaps the greatest； is by no means the only one of which
history gives some account。 But as a measure of quantity； such as
the natural foot； fathom； or handful； which is continually
varying in its own quantity； can never be an accurate measure of
the quantity of other things； so a commodity which is itself
continually varying in its own value； can never be an accurate
measure of the value of other commodities。 Equal quantities of
labour； at all times and places； may be said to be of equal value
to the labourer。 In his ordinary state of health； strength and
spirits； in the ordinary degree of his skill and dexterity； he
must always laydown the same portion of his ease； his liberty；
and his happiness。 The price which he pays must always be the
same； whatever may be the quantity of goods which he receives in
return for it。 Of these； indeed； it may sometimes purchase a
greater and sometimes a smaller quantity； but it is their value
which varies； not that of the labour which purchases them。 At all
times and places that is dear which it is difficult to come at；
or which it costs much labour to acquire； and that cheap which is
to be had easily； or with very little labour。 Labour alone；
therefore； never varying in its own value； is alone the ultimate
and real standard by which the value of all commodities can at
all times and places be estimated and compared。 It is their real
price； money is their nominal price only。
But though equal quantities of labour are always of equal
value to the labourer； yet to the person who employs him they
appear sometimes to be of greater and sometimes of smaller value。
He purchases them sometimes with a greater and sometimes with a
smaller quantity of goods； and to him the price of labour seems
to vary like that of all other things。 It appears to him dear in
the one case； and cheap in the other。 In reality； however； it is
the goods which are cheap in the one case； and dear in the other。
In this popular sense； therefore； labour； like commodities；
may be said to have a real and a nominal price。 Its real price
may be said to consist in the quantity of the necessaries and
conveniences of life which are given for it； its nominal price；
in the quantity of money。 The labourer is rich or poor； is well
or ill rewarded； in proportion to the real； not to the nominal
price of his labour。
The distinction between the real and the nominal price of
commodities and labour is not a matter of mere speculation； but
may sometimes be of considerable use in practice。 The same real
price is always of the same value； but on account of the
variations in the value of gold and silver； the same nominal
price is sometimes of very different values。 When a landed
estate； therefore； is sold with a reservation of a perpetual
rent； if it is intended that this rent should always be of the
same value； it is of importance to the family in whose favour it
is reserved that it should not consist in a particular sum of
money。 Its value would in this case be liable to variations of
two different kinds； first； to those which arise from the
different quantities of gold and silver which are contained at
different times in coin of the same denomination； and； secondly；
to those which arise from the different values of equal
quantities of gold and silver at different times。
Princes and sovereign states have frequently fancied that
they had a temporary interest to diminish the quantity of pure
metal contained in their coins； but they seldom have fancied that
they had any to augment it。 The quantity of metal contained in
the coins； I believe of all nations； has； accordingly； been
almost continually diminishing； and hardly ever augmenting。 Such
variations； therefore； tend almost always to diminish the value
of a money rent。
The discovery of the mines of America diminished the value
of gold and silver in Europe。 This diminution； it is commonly
supposed； though I apprehend without any certain proof； is still
going on gradually； and is likely to continue to do so for a long
time。 Upon this supposition； therefore； such variations are more
likely to diminish than to augment the value of a money rent；
even though it should be stipulated to be paid； not in such a
quantity of coined money of such a denomination （in so many
pounds sterling； for example）； but in so many ounces either of
pure silver； or of silver of a certain standard。
The rents which have been reserved in corn have preserved
their value much better than those which have been reserved in
money； even where the denomination of the coin has not been
altered。 By the 18th of Elizabeth it was enacted that a third of
the rent of all college leases should be reserved in corn； to be
paid； either in kind； or according to the current prices at the
nearest public market。 The money arising from this corn rent；
though originally but a third of the whole； is in the present
times； according to Dr。 Blackstone； commonly near double of what
arises from the other two…thirds。 The old money rents of colleges
must； according to this account； have sunk almost to a fourth
part of their ancient value； or are worth little more than a
fourth part of the corn which they were formerly worth。 But since
the reign of Philip and Mary the denomination of the English coin
has undergone little or no alteration； and the same number of
pounds； shillings and pence have contained very nearly the same
quantity of pure silver。 This degradation； therefore； in the
value of the money rents of colleges； has arisen altogether from
the degradation in the value of silver。
When the degradation in the value of silver is combined with
the diminution of the quantity of it contained in the coin of the
same denomination； the loss is frequently still greater。 In
Scotland； where the denomination of the coin has undergone much
greater alterations than it ever did in England； and in France；
where it has undergone still greater than it ever did in
Scotland； some ancient rents； originally of considerable value；
have in this manner been reduced almost to nothing。
Equal quantities of labour will at distant times be
purchased more nearly with equal quantities of corn； the
subsistence of the labourer； than with equal quantities of gold
and silver； or perhaps of any other commodity。 Equal quantities
of corn； therefore； will； at distant times； be more nearly of the
same real value； or enable the possessor to purchase or command
more nearly the same quantity of the labour of other people。 They
will do this； I say； more nearly than equal quantities of almost
any other commodity； for even equal quantities of corn will not
do it exactly。 The subsistence of the labourer； or the real price
of labour； as I shall end