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extraordinary encouragement given to the industry of the towns。
The stock accumulated in them comes in time to be so great that
it can no longer be employed with the ancient profit in that
species of industry which is peculiar to them。 That industry has
its limits like every other； and the increase of stock； by
increasing the competition； necessarily reduces the profit。 The
lowering of profit in the town forces out stock to the country；
where； by creating a new demand for country labour； it
necessarily raises its wages。 It then spreads itself； if I may
say so； over the face of the land； and by being employed in
agriculture is in part restored to the country； at the expense of
which； in a great measure； it had originally been accumulated in
the town。 That everywhere in Europe the greatest improvements of
the country have been owing to such overflowings of the stock
originally accumulated in the towns； I shall endeavour to show
hereafter； and at the same time to demonstrate that； though some
countries have by this course attained to a considerable degree
of opulence； it is in itself necessarily slow； uncertain； liable
to be disturbed and interrupted by innumerable accidents； and in
every respect contrary to the order of nature and of reason。 The
interests； prejudices； laws and customs； which have given
occasion to it； I shall endeavour to explain as fully and
distinctly as I can in the third and fourth books of this
Inquiry。
People of the same trade seldom meet together； even for
merriment and diversion； but the conversation ends in a
conspiracy against the public； or in some contrivance to raise
prices。 It is impossible indeed to prevent such meetings； by any
law which either could be executed； or would be consistent with
liberty and justice。 But though the law cannot hinder people of
the same trade from sometimes assembling together； it ought to do
nothing to facilitate such assemblies； much less to render them
necessary。
A regulation which obliges all those of the same trade in a
particular town to enter their names and places of abode in a
public register； facilitates such assemblies。 It connects
individuals who might never otherwise be known to one another；
and gives every man of the trade a direction where to find every
other man of it。
A regulation which enables those of the same trade to tax
themselves in order to provide for their poor； their sick； their
widows and orphans； by giving them a common interest to manage；
renders such assemblies necessary。
An incorporation not only renders them necessary； but makes
the act of the majority binding upon the whole。 In a free trade
an effectual combination cannot be established but by the
unanimous consent of every single trader； and it cannot last
longer than every single trader continues of the same mind。 The
majority of a corporation can enact a bye…law with proper
penalties； which will limit the competition more effectually and
more durably than any voluntary combination whatever。
The pretence that corporations are necessary for the better
government of the trade is without any foundation。 The real and
effectual discipline which is exercised over a workman is not
that of his corporation； but that of his customers。 It is the
fear of losing their employment which restrains his frauds and
corrects his negligence。 An exclusive corporation necessarily
weakens the force of this discipline。 A particular set of workmen
must then be employed； let them behave well or ill。 It is upon
this account that in many large incorporated towns no tolerable
workmen are to be found； even in some of the most necessary
trades。 If you would have your work tolerably executed； it must
be done in the suburbs； where the workmen； having no exclusive
privilege； have nothing but their character to depend upon； and
you must then smuggle it into the town as well as you can。
It is in this manner that the policy of Europe； by
restraining the competition in some employments to a smaller
number than would otherwise be disposed to enter into them；
occasions a very important inequality in the whole of the
advantages and disadvantages of the different employments of
labour and stock。
Secondly； the policy of Europe； by increasing the
competition in some employments beyond what it naturally would
be； occasions another inequality of an opposite kind in the whole
of the advantages and disadvantages of the different employments
of labour and stock。
It has been considered as of so much importance that a
proper number of young people should be educated for certain
professions； that sometimes the public and sometimes the piety of
private founders have established many pensions； scholarships；
exhibitions； bursaries； etc。； for this purpose； which draw many
more people into those trades than could otherwise pretend to
follow them。 In all Christian countries； I believe； the education
of the greater part of churchmen is paid for in this manner。 Very
few of them are educated altogether at their own expense。 The
long； tedious； and expensive education； therefore； of those who
are； will not always procure them a suitable reward； the church
being crowded with people who； in order to get employment； are
willing to accept of a much smaller recompense than what such an
education would otherwise have entitled them to； and in this
manner the competition of the poor takes away the reward of the
rich。 It would be indecent； no doubt； to compare either a curate
or a chaplain with a journeyman in any common trade。 The pay of a
curate or chaplain； however； may very properly be considered as
of the same nature with the wages of a journeyman。 They are； all
three； paid for their work according to the contract which they
may happen to make with their respective superiors。 Till after
the middle of the fourteenth century； five merks； containing
about as much silver as ten pounds of our present money； was in
England the usual pay of a curate or a stipendiary parish priest；
as we find it regulated by the decrees of several different
national councils。 At the same period fourpence a day； containing
the same quantity of silver as a shilling of our present money；
was declared to be the pay of a master mason； and threepence a
day； equal to ninepence of our present money； that of a
journeyman mason。 The wages of both these labourers； therefore；
supposing them to have been constantly employed； were much
superior to those of the curate。 The wages of the master mason；
supposing him to have been without employment one third of the
year； would have fully equalled them。 By the 12th of Queen Anne；
c。 12； it is declared； 〃That whereas for want of sufficient
maintenance and encouragement to curates； the cures have in
several places been meanly supplied； the bishop is； therefore；
empowered to appoint by writing under his band and seal a
sufficient certain stipend or allowance； not exceeding fif