按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！
increases not only the value of the lands upon which the
improvement is bestowed； but contributes likewise to increase
that of many other lands by creating a new demand for their
produce。 That abundance of food； of which； in consequence of the
improvement of land； many people have the disposal beyond what
they themselves can consume； is the great cause of the demand
both for the precious metals and the precious stone； as well as
for every other conveniency and ornament of dress； lodging；
household furniture； and equipage。 Food not only constitutes the
principal part of the riches of the world； but it is the
abundance of food which gives the principal part of their value
to many other sorts of riches。 The poor inhabitants of Cuba and
St。 Domingo； when they were first discovered by the Spaniards；
used to wear little bits of gold as ornaments in their hair and
other parts of their dress。 They seemed to value them as we would
do any little pebbles of somewhat more than ordinary beauty； and
to consider them as just worth the picking up； but not worth the
refusing to anybody who asked them。 They gave them to their new
guests at the first request； without seeming to think that they
had made them any very valuable present。 They were astonished to
observe the rage of the Spaniards to obtain them； and had no
notion that there could anywhere be a country in which many
people had the disposal of so great a superfluity of food； so
scanty always among themselves； that for a very small quantity of
those glittering baubles they would willingly give as much as
might maintain a whole family for many years。 Could they have
been made to understand this； the passion of the Spaniards would
not have surprised them。
PART 3 Of the Variations in the
Proportion between the respective Values
of that Sort of Produce which always affords Rent； and of
that
which sometimes does and sometimes does not afford Rent
THE increasing abundance of food； in consequence of
increasing improvement and cultivation； must necessarily increase
the demand for every part of the produce of land which is not
food； and which can be applied either to use or to ornament。 In
the whole progress of improvement； it might therefore be
expected； there should be only one variation in the comparative
values of those two different sorts of produce。 The value of that
sort which sometimes does and sometimes does not afford rent；
should constantly rise in proportion to that which always affords
some rent。 As art and industry advance； the materials of clothing
and lodging； the useful fossils and minerals of the earth； the
precious metals and the precious stones should gradually come to
be more and more in demand； should gradually exchange for a
greater and a greater quantity of food； or in other words； should
gradually become dearer and dearer。 This accordingly has been the
case with most of these things upon most occasions； and would
have been the case with all of them upon all occasions； if
particular accidents had not upon some occasions increased the
supply of some of them in a still greater proportion than the
demand。
The value of a free…stone quarry； for example； will
necessarily increase with the increasing improvement and
population of the country round about it； especially if it should
be the only one in the neighbourhood。 But the value of a silver
mine； even though there should not be another within a thousand
miles of it； will not necessarily increase with the improvement
of the country in which it is situated。 The market for the
produce of a freestone quarry can seldom extend more than a few
miles round about it； and the demand must generally be in
proportion to the improvement and population of that small
district。 But the market for the produce of a silver mine may
extend over the whole known world。 Unless the world in general；
therefore； be advancing in improvement and population； the demand
for silver might not be at all increased by the improvement even
of a large country in the neighbourhood of the mine。 Even though
the world in general were improving； yet if； in the course of its
improvement； new mines should be discovered； much more fertile
than any which had been known before； though the demand for
silver would necessarily increase； yet the supply might increase
in so much a greater proportion that the real price of that metal
might gradually fall； that is； any given quantity； a pound weight
of it； for example； might gradually purchase or command a smaller
and a smaller quantity of labour； or exchange for a smaller and a
smaller quantity of corn； the principal part of the subsistence
of the labourer。
The great market for silver is the commercial and civilised
part of the world。
If by the general progress of improvement the demand of this
market should increase； while at the same time the supply did not
increase in the same proportion； the value of silver would
gradually rise in proportion to that of corn。 Any given quantity
of silver would exchange for a greater and a greater quantity of
corn； or； in other words； the average money price of corn would
gradually become cheaper and cheaper。
If； on the contrary； the supply by some accident should
increase for many years together in a greater proportion than the
demand； that metal would gradually become cheaper and cheaper；
or； in other words； the average money price of corn would； in
spite of all improvements； gradually become dearer and dearer。
But if； on the other hand； the supply of the metal should
increase nearly in the same proportion as the demand； it would
continue to purchase or exchange for nearly the same quantity of
corn； and the average money price of corn would； in spite of all
improvements； continue very nearly the same。
These three seem to exhaust all the possible combinations of
events which can happen in the progress of improvement； and
during the course of the four centuries preceding the present； if
we may judge by what has happened both in France and Great
Britain； each of those three different combinations seem to have
taken place in the European market； and nearly in the same order；
too； in which I have here set them down。
DIGRESSIONS CONCERNING THE VARIATIONS IN THE VALUE OF SILVER
DURING THE COURSE OF THE FOUR LAST CENTURIES
FIRST PERIOD
In 1350； and for some time before； the average price of the
quarter of wheat in England seems not to have been estimated
lower than four ounces of silver； Tower weight； equal to about
twenty shillings of our present money。 From this price it seems
to have fallen gradually to two ounces of silver； equal to about
ten shillings of our present money； the price at which we find it
estimated in the beginning of the sixteenth century； and at which
it seems to have continued to be estimated till about 1570。