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when the annual produce of its labour becomes gradually greater
and greater； a greater quantity of coin becomes necessary in
order to circulate a greater quantity of commodities； and the
people； as they can afford it； as they have more commodities to
give for it； will naturally purchase a greater and a greater
quantity of plate。 The quantity of their coin will increase from
necessity； the quantity of their plate from vanity and
ostentation； or from the same reason that the quantity of fine
statues； pictures； and of every other luxury and curiosity； is
likely to increase among them。 But as statuaries and painters are
not likely to be worse rewarded in times of wealth and prosperity
than in times of poverty and depression； so gold and silver are
not likely to be worse paid for。
The price of gold and silver； when the accidental discovery
of more abundant mines does not keep it down； as it naturally
rises with the wealth of every country； so； whatever be the state
of the mines； it is at all times naturally higher in a rich than
in a poor country。 Gold and silver； like all other commodities；
naturally seek the market where the best price is given for them；
and the best price is commonly given for every thing in the
country which can best afford it。 Labour； it must be remembered；
is the ultimate price which is paid for everything； and in
countries where labour is equally well regarded； the money price
of labour will be in proportion to that of the subsistence of the
labourer。 But gold and silver will naturally exchange for a
greater quantity of subsistence in a rich than in a poor country；
in a country which abounds with subsistence than in one which is
but indifferently supplied with it。 If the two countries are at a
great distance； the difference may be very great； because though
the metals naturally fly from the worse to the better market； yet
it may be difficult to transport them in such quantities as to
bring their price nearly to a level in both。 If the countries are
near； the difference will be smaller； and may sometimes be scarce
perceptible； because in this case the transportation will be
easy。 China is a much richer country than any part of Europe； and
the difference between the price of subsistence in China and in
Europe is very great。 Rice in China is much cheaper than wheat is
anywhere in Europe。 England is a much richer country than
Scotland； but the difference between the money…price of corn in
those two countries is much smaller； and is but just perceptible。
In proportion to the quantity or measure； Scotch corn generally
appears to be a good deal cheaper than English； but in proportion
to its quality； it is certainly somewhat dearer。 Scotland
receives almost every year very large supplies from England； and
every commodity must commonly be somewhat dearer in the country
to which it is brought than in that from which it comes。 English
corn； therefore； must be dearer in Scotland than in England； and
yet in proportion to its quality； or to the quantity and goodness
of the flour or meal which can be made from it； it cannot
commonly be sold higher there than the Scotch corn which comes to
market in competition with it。
The difference between the money price of labour in China
and in Europe is still greater than that between the money price
of subsistence； because the real recompense of labour is higher
in Europe than in China； the greater part of Europe being in an
improving state； while China seems to be standing still。 The
money price of labour is lower in Scotland than in England
because the real recompense of labour is much lower； Scotland；
though advancing to greater wealth； advancing much more slowly
than England。 The frequency of emigration from Scotland； and the
rarity of it from England； sufficiently prove that the demand for
labour is very different in the two countries。 The proportion
between the real recompense of labour in different countries； it
must be remembered； is naturally regulated not by their actual
wealth or poverty； but by their advancing； stationary； or
declining condition。
Gold and silver； as they are naturally of the greatest value
among the richest； so they are naturally of the least value among
the poorest nations。 Among savages； the poorest of all nations；
they are of scarce any value。
In great towns corn is always dearer than in remote parts of
the country。 This； however； is the effect； not of the real
cheapness of silver； but of the real dearness of corn。 It does
not cost less labour to bring silver to the great town than to
the remote parts of the country； but it costs a great deal more
to bring corn。
In some very rich and commercial countries； such as Holland
and the territory of Genoa； corn is dear for the same reason that
it is dear in great towns。 They do not produce enough to maintain
their inhabitants。 They are rich in the industry and skill of
their artificers and manufacturers； in every sort of machinery
which can facilitate and abridge labour； in shipping； and in all
the other instruments and means of carriage and commerce： but
they are poor in corn； which； as it must be brought to them from
distant countries； must； by an addition to its price； pay for the
carriage from those countries。 It does not cost less labour to
bring silver to Amsterdam than to Dantzic； but it costs a great
deal more to bring corn。 The real cost of silver must be nearly
the same in both places； but that of corn must be very different。
Diminish the real opulence either of Holland or of the territory
of Genoa； while the number of their inhabitants remains the same：
diminish their power of supplying themselves from distant
countries； and the price of corn； instead of sinking with that
diminution in the quantity of their silver； which must
necessarily accompany this declension either as its cause or as
its effect； will rise to the price of a famine。 When we are in
want of necessaries we must part with all superfluities； of which
the value； as it rises in times of opulence and prosperity； so it
sinks in times of poverty and distress。 It is otherwise with
necessaries。 Their real price； the quantity of labour which they
can purchase or command； rises in times of poverty and distress；
and sinks in times of opulence and prosperity； which are always
times of great abundance； for they could not otherwise be times
of opulence and prosperity。 Corn is a necessary； silver is only a
superfluity。
Whatever； therefore； may have been the increase in the
quantity of the precious metals； which； during the period between
the middle of the fourteenth and that of the sixteenth century；
arose from the increase of wealth and improvement； it could have
no tendency to diminish their value either in Great Britain or in
any other part of Europe。 If those who have collected the prices
of things in ancient times； therefore； had； during this period；
no reason to infer the diminution o