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certain in money is not in the least affected by them either in
its rate or in its value。 A rent which consists either in a
certain proportion or in a certain quantity of the rude produce；
is no doubt affected in its yearly value by all the occasional
and temporary fluctuations in the market price of that rude
produce； but it is seldom affected by them in its yearly rate。 In
settling the terms of the lease； the landlord and farmer
endeavour； according to their best judgment； to adjust that rate；
not to the temporary and occasional； but to the average and
ordinary price of the produce。
Such fluctuations affect both the value and the rate either
of wages or of profit； according as the market happens to be
either overstocked or understocked with commodities or with
labour； with work done； or with work to be done。 A public
mourning raises the price of black cloth （with which the market
is almost always understocked upon such occasions）； and augments
the profits of the merchants who possess any considerable
quantity of it。 It has no effect upon the wages of the weavers。
The market is understocked with commodities； not with labour；
with work done； not with work to be done。 It raises the wages of
journeymen tailors。 The market is here understocked with labour。
There is an effectual demand for more labour； for more work to be
done than can be had。 It sinks the price of coloured silks and
cloths； and thereby reduces the profits of the merchants who have
any considerable quantity of them upon hand。 It sinks； too； the
wages of the workmen employed in preparing such commodities； for
which all demand is stopped for six months； perhaps for a
twelvemonth。 The market is here over…stocked both with
commodities and with labour。
But though the market price of every particular commodity is
in this manner continually gravitating； if one may say so；
towards the natural price； yet sometimes particular accidents；
sometimes natural causes； and sometimes particular regulations of
police； may； in many commodities； keep up the market price； for a
long time together； a good deal above the natural price。
When by an increase in the effectual demand； the market
price of some particular commodity happens to rise a good deal
above the natural price； those who employ their stocks in
supplying that market are generally careful to conceal this
change。 If it was commonly known； their great profit would tempt
so many new rivals to employ their stocks in the same way that；
the effectual demand being fully supplied； the market price would
soon be reduced to the natural price； and perhaps for some time
even below it。 If the market is at a great distance from the
residence of those who supply it； they may sometimes be able to
keep the secret for several years together； and may so long enjoy
their extraordinary profits without any new rivals。 Secrets of
this kind； however； it must be acknowledged； can seldom be long
kept； and the extraordinary profit can last very little longer
than they are kept。
Secrets in manufactures are capable of being longer kept
than secrets in trade。 A dyer who has found the means of
producing a particular colour with materials which cost only half
the price of those commonly made use of； may； with good
management； enjoy the advantage of his discovery as long as he
lives； and even leave it as a legacy to his posterity。 His
extraordinary gains arise from the high price which is paid for
his private labour。 They properly consist in the high wages of
that labour。 But as they are repeated upon every part of his
stock； and as their whole amount bears； upon that account； a
regular proportion to it； they are commonly considered as
extraordinary profits of stock。
Such enhancements of the market price are evidently the
effects of particular accidents； of which； however； the operation
may sometimes last for many years together。
Some natural productions require such a singularity of soil
and situation that all the land in a great country； which is fit
for producing them； may not be sufficient to supply the effectual
demand。 The whole quantity brought to market； therefore； may be
disposed of to those who are willing to give more than what is
sufficient to pay the rent of the land which produced them；
together with the wages of the labour； and the profits of the
stock which were employed in preparing and bringing them to
market； according to their natural rates。 Such commodities may
continue for whole centuries together to be sold at this high
price； and that part of it which resolves itself into the rent of
land is in this case the part which is generally paid above its
natural rate。 The rent of the land which affords such singular
and esteemed productions； like the rent of some vineyards in
France of a peculiarly happy soil and situation； bears no regular
proportion to the rent of other equally fertile and equally
well…cultivated land in its neighbourhood。 The wages of the
labour and the profits of the stock employed in bringing such
commodities to market； on the contrary； are seldom out of their
natural proportion to those of the other employments of labour
and stock in their neighbourhood。
Such enhancements of the market price are evidently the
effect of natural causes which may hinder the effectual demand
from ever being fully supplied； and which may continue；
therefore； to operate for ever。
A monopoly granted either to an individual or to a trading
company has the same effect as a secret in trade or manufactures。
The monopolists； by keeping the market constantly understocked；
by never fully supplying the effectual demand； sell their
commodities much above the natural price； and raise their
emoluments； whether they consist in wages or profit； greatly
above their natural rate。
The price of monopoly is upon every occasion the highest
which can be got。 The natural price； or the price of free
competition； on the contrary； is the lowest which can be taken；
not upon every occasion； indeed； but for any considerable time
together。 The one is upon every occasion the highest which can be
squeezed out of the buyers； or which； it is supposed； they will
consent to give： the other is the lowest which the sellers can
commonly afford to take； and at the same time continue their
business。
The exclusive privileges of corporations； statutes of
apprenticeship； and all those laws which restrain； in particular
employments； the competition to a smaller number than might
otherwise go into them； have the same tendency； though in a less
degree。 They are a sort of enlarged monopolies； and may
frequently； for ages together； and in whole classes of
employments； keep up the market price of particular commodities
above the natural price； and maintain both the wages of the
labour and the profits of the stock employed about them somewhat
above their natural rate。
Such enhancements of the mar