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do it exactly。 The subsistence of the labourer； or the real price
of labour； as I shall endeavour to show hereafter； is very
different upon different occasions； more liberal in a society
advancing to opulence than in one that is standing still； and in
one that is standing still than in one that is going backwards。
Every other commodity； however； will at any particular time
purchase a greater or smaller quantity of labour in proportion to
the quantity of subsistence which it can purchase at that time。 A
rent therefore reserved in corn is liable only to the variations
in the quantity of labour which a certain quantity of corn can
purchase。 But a rent reserved in any other commodity is liable
not only to the variations in the quantity of labour which any
particular quantity of corn can purchase； but to the variations
in the quantity of corn which can be purchased by any particular
quantity of that commodity。
Though the real value of a corn rent； it is to be observed；
however； varies much less from century to century than that of a
money rent； it varies much more from year to year。 The money
price of labour； as I shall endeavour to show hereafter； does not
fluctuate from year to year with the money price of corn； but
seems to be everywhere accommodated； not to the temporary or
occasional； but to the average or ordinary price of that
necessary of life。 The average or ordinary price of corn again is
regulated； as I shall likewise endeavour to show hereafter； by
the value of silver； by the richness or barrenness of the mines
which supply the market with that metal； or by the quantity of
labour which must be employed； and consequently of corn which
must be consumed； in order to bring any particular quantity of
silver from the mine to the market。 But the value of silver；
though it sometimes varies greatly from century to century；
seldom varies much from year to year； but frequently continues
the same； or very nearly the same； for half a century or a
century together。 The ordinary or average money price of corn；
therefore； may； during so long a period； continue the same or
very nearly the same too； and along with it the money price of
labour； provided； at least； the society continues； in other
respects； in the same or nearly in the same condition。 In the
meantime the temporary and occasional price of corn may
frequently be double； one year； of what it had been the year
before； or fluctuate； for example； from five and twenty to fifty
shillings the quarter。 But when corn is at the latter price； not
only the nominal； but the real value of a corn rent will be
double of what it is when at the former； or will command double
the quantity either of labour or of the greater part of other
commodities； the money price of labour； and along with it that of
most other things； continuing the same during all these
fluctuations。
Labour； therefore； it appears evidently； is the only
universal； as well as the only accurate measure of value； or the
only standard by which we can compare the values of different
commodities at all times； and at all places。 We cannot estimate；
it is allowed； the real value of different commodities from
century to century by the quantities of silver which were given
for them。 We cannot estimate it from year to year by the
quantities of corn。 By the quantities of labour we can； with the
greatest accuracy； estimate it both from century to century and
from year to year。 From century to century； corn is a better
measure than silver； because； from century to century； equal
quantities of corn will command the same quantity of labour more
nearly than equal quantities of silver。 From year to year； on the
contrary； silver is a better measure than corn； because equal
quantities of it will more nearly command the same quantity of
labour。
But though in establishing perpetual rents； or even in
letting very long leases； it may be of use to distinguish between
real and nominal price； it is of none in buying and selling； the
more common and ordinary transactions of human life。
At the same time and place the real and the nominal price of
all commodities are exactly in proportion to one another。 The
more or less money you get for any commodity； in the London
market for example； the more or less labour it will at that time
and place enable you to purchase or command。 At the same time and
place； therefore； money is the exact measure of the real
exchangeable value of all commodities。 It is so； however； at the
same time and place only。
Though at distant places； there is no regular proportion
between the real and the money price of commodities； yet the
merchant who carries goods from the one to the other has nothing
to consider but their money price； or the difference between the
quantity of silver for which he buys them； and that for which he
is likely to sell them。 Half an ounce of silver at Canton in
China may command a greater quantity both of labour and of the
necessaries and conveniences of life than an ounce at London。 A
commodity； therefore； which sells for half an ounce of silver at
Canton may there be really dearer； of more real importance to the
man who possesses it there； than a commodity which sells for an
ounce at London is to the man who possesses it at London。 If a
London merchant； however； can buy at Canton for half an ounce of
silver； a commodity which he can afterwards sell at London for an
ounce； he gains a hundred per cent by the bargain； just as much
as if an ounce of silver was at London exactly of the same value
as at Canton。 It is of no importance to him that half an ounce of
silver at Canton would have given him the command of more labour
and of a greater quantity of the necessaries and conveniences of
life than an ounce can do at London。 An ounce at London will
always give him the command of double the quantity of all these
which half an ounce could have done there； and this is precisely
what he wants。
As it is the nominal or money price of goods； therefore；
which finally determines the prudence or imprudence of all
purchases and sales； and thereby regulates almost the whole
business of common life in which price is concerned； we cannot
wonder that it should have been so much more attended to than the
real price。
In such a work as this； however； it may sometimes be of use
to compare the different real values of a particular commodity at
different times and places； or the different degrees of power
over the labour of other people which it may； upon different
occasions； have given to those who possessed it。 We must in this
case compare； not so much the different quantities of silver for
which it was commonly sold； as the different quantities of labour
which those different quantities of silver could have purchased。
But the current prices of labour at distant times and places can
scarce ever be known with any degree of exactness。 Those of corn；
though they hav