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passage in particular； as well as many other things。 When wealth
and the luxury which accompanies it increase； the demand for
these is likely to increase with them； and no effort of human
industry may be able to increase the supply much beyond what it
was before this increase of the demand。 The quantity of such
commodities； therefore； remaining the same； or nearly the same；
while the competition to purchase them is continually increasing；
their price may rise to any degree of extravagance； and seems not
to be limited by any certain boundary。 If woodcocks should become
so fashionable as to sell for twenty guineas apiece； no effort of
human industry could increase the number of those brought to
market much beyond what it is at present。 The high price paid by
the Romans； in the time of their greatest grandeur； for rare
birds and fishes； may in this manner easily be accounted for。
These prices were not the effects of the low value of silver in
those times； but of the high value of such rarities and
curiosities as human industry could not multiply at pleasure。 The
real value of silver was higher at Rome； for some time before and
after the fall of the republic； than it is through the greater
part of Europe at present。 Three sestertii； equal to about
sixpence sterling； was the price which the republic paid for the
modius or peck of the tithe wheat of Sicily。 This price； however；
was probably below the average market price； the obligation to
deliver their wheat at this rate being considered as a tax upon
the Sicilian farmers。 When the Romans； therefore； had occasion to
order more corn than the tithe of wheat amounted to； they were
bound by capitulation to pay for the surplus at the rate of four
sestertii； or eightpence sterling； the peck； and this had
probably been reckoned the moderate and reasonable； that is； the
ordinary or average contract price of those times； it is equal to
about one…and…twenty shillings the quarter。 Eight…and…twenty
shillings the quarter was； before the late years of scarcity； the
ordinary contract price of English wheat； which in quality is
inferior to the Sicilian； and generally sells for a lower price
in the European market。 The value of silver； therefore； in those
ancient times； must have been to its value in the present as
three to four inversely； that is； three ounces of silver would
then have purchased the same quantity of labour and commodities
which four ounces will do at present。 When we read in Pliny；
therefore； that Seius bought a white nightingale； as a present
for the Empress Agrippina； at a price of six thousand sestertii；
equal to about fifty pounds of our present money； and that
Asinius Celer purchased a surmullet at the price of eight
thousand sestertii； equal to about sixty…six pounds thirteen
shillings and fourpence of our present money； the extravagance of
those prices； how much soever it may surprise us； is apt；
notwithstanding； to appear to us about one…third less than it
really was。 Their real price； the quantity of labour and
subsistence which was given away for them； was about one…third
more than their nominal price is apt to express to us in the
present times。 Seius gave for the nightingale the command of a
quantity of labour and subsistence equal to what L66 13s。 4d。
would purchase in the present times； and Asinius Celer gave for
the surmullet the command of a quantity equal to what L88 9 1/2d。
would purchase。 What occasioned the extravagance of those high
prices was； not so much the abundance of silver as the abundance
of labour and subsistence of which those Romans had the disposal
beyond what was necessary for their own use。 The quantity of
silver of which they had the disposal was a good deal less than
what the command of the same quantity of labour and subsistence
would have procured to them in the present times。
SECOND SORT
The second sort of rude procedure of which the price rises
in the progress of improvement is that which human industry can
multiply in proportion to the demand。 It consists in those useful
plants and animals which； in uncultivated countries； nature
produces with such profuse abundance that they are of little or
no value； and which； as cultivation advances are therefore forced
to give place to some more profitable produce。 During a long
period in the progress of improvement； the quantity of these is
continually diminishing； while at the same time the demand for
them is continually increasing。 Their real value； therefore； the
real quantity of labour which they will purchase or command；
gradually rises； till at last it gets so high as to render them
as profitable a produce as anything else which human industry can
raise upon the most fertile and best cultivated land。 When it has
got so high it cannot well go higher。 If it did； more land and
more industry would soon be employed to increase their quantity。
When the price of cattle； for example； rises so high that it
is as profitable to cultivate land in order to raise food for
them as in order to raise food for man； it cannot well go higher。
If it did； more corn land would soon be turned into pasture。 The
extension of tillage； by diminishing the quantity of wild
pasture； diminishes the quantity of butcher's meat which the
country naturally produces without labour or cultivation； and by
increasing the number of those who have either corn； or； what
comes to the same thing； the price of corn； to give in exchange
for it； increases the demand。 The price of butcher's meat；
therefore； and consequently of cattle； must gradually rise till
it gets so high that it becomes as profitable to employ the most
fertile and best cultivated lands in raising food for them as in
raising corn。 But it must always be late in the progress of
improvement before tillage can be so far extended as to raise the
price of cattle to this height； and till it has got to this
height； if the country is advancing at all； their price must be
continually rising。 There are； perhaps； some parts of Europe in
which the price of cattle has not yet got to this height。 It had
not got to this height in any part of Scotland before the union。
Had the Scotch cattle been always confined to the market of
Scotland； in a country in which the quantity of land which can be
applied to no other purpose but the feeding of cattle is so great
in proportion to what can be applied to other purposes； it is
scarce possible； perhaps； that their price could ever have risen
so high as to render it profitable to cultivate land for the sake
of feeding them。 In England； the price of cattle； it has already
been observed； seems； in the neighbourhood of London； to have got
to this height about the beginning of the last century； but it
was much later probably before it got to it through the greater
part of the remoter counties； in some of which； perhaps； it may
scarce yet have got to it。 Of all the different substances；
however； whi