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considered as a public calamity； ought to be regarded as the
necessary forerunner and attendant of the greatest of all public
advantages。
This rise； too； in the nominal or money…price of all those
different sorts of rude produce has been the effect； not of any
degradation in the value of silver； but of a rise in their real
price。 They have become worth； not only a greater quantity of
silver； but a greater quantity of labour and subsistence than
before。 As it costs a greater quantity of labour and subsistence
to bring them to market； so when they are brought thither； they
represent or are equivalent to a greater quantity。
THIRD SORT
The third and last sort of rude produce； of which the price
naturally rises in the progress of improvement； is that in which
the efficacy of human industry； in augmenting the quantity； is
either limited or uncertain。 Though the real price of this sort
of rude produce； therefore； naturally tends to rise in the
progress of improvement； yet； according as different accidents
happen to render the efforts of human industry more or less
successful in augmenting the quantity； it may happen sometimes
even to fall； sometimes to continue the same in very different
periods of improvement； and sometimes to rise more or less in the
same period。
There are some sorts of rude produce which nature has
rendered a kind of appendages to other sorts； so that the
quantity of the one which any country can afford； is necessarily
limited by that of the other。 The quantity of wool or of raw
hides； for example； which any country can afford is necessarily
limited by the number of great and small cattle that are kept in
it。 The state of its improvement； and the nature of its
agriculture； again necessarily determine this number。
The same causes which； in the progress of improvement；
gradually raise the price of butcher's meat； should have the same
effect； it may be thought； upon the prices of wool and raw hides；
and raise them； too； nearly in the same proportion。 It probably
would be so if； in the rude beginnings of improvement； the market
for the latter commodities was confined within as narrow bounds
as that for the former。 But the extent of their respective
markets is commonly extremely different。
The market for butcher's meat is almost everywhere confined
to the country which produces it。 Ireland； and some part of
British America indeed； carry on a considerable trade in salt
provisions； but they are； I believe； the only countries in the
commercial world which do so； or which export to other countries
any considerable part of their butcher's meat。
The market for wool and raw hides； on the contrary； is in
the rude beginnings of improvement very seldom confined to the
country which produces them。 They can easily be transported to
distant countries； wool without any preparation； and raw hides
with very little： and as they are the materials of many
manufactures； the industry of other countries may occasion a
demand for them； though that of the country which produces them
might not occasion any。
In countries ill cultivated； and therefore but thinly
inhabited； the price of the wool and the hide bears always a much
greater proportion to that of the whole beast than in countries
where； improvement and population being further advanced； there
is more demand for butcher's meat。 Mr。 Hume observes that in the
Saxon times the fleece was estimated at two…fifths of the value
of the whole sheep； and that this was much above the proportion
of its present estimation。 In some provinces of Spain； I have
been assured； the sheep is frequently killed merely for the sake
of the fleece and the tallow。 The carcase is often left to rot
upon the ground； or to be devoured by beasts and birds of prey。
If this sometimes happens even in Spain； it happens almost
constantly in Chili； at Buenos Ayres； and in many other parts of
Spanish America； where the horned cattle are almost constantly
killed merely for the sake of the hide and the tallow。 This； too；
used to happen almost constantly in Hispaniola； while it was
infested by the Buccaneers； and before the settlement；
improvement； and populousness of the French plantations （which
now extend round the coast of almost the whole western half of
the island） had given some value to the cattle of the Spaniards；
who still continue to possess； not only the eastern part of the
coast； but the whole inland and mountainous part of the country。
Though in the progress of improvement and population the
price of the whole beast necessarily rises； yet the price of the
carcase is likely to be much more affected by this rise than that
of the wool and the hide。 The market for the carcase； being in
the rude state of society confined always to the country which
produces it； must necessarily be extended in proportion to the
improvement and population of that country。 But the market for
the wool and the hides even of a barbarous country often
extending to the whole commercial world； it can very seldom be
enlarged in the same proportion。 The state of the whole
commercial world can seldom be much affected by the improvement
of any particular country； and the market for such commodities
may remain the same or very nearly the same after such
improvements as before。 It should； however； in the natural course
of things rather upon the whole be somewhat extended in
consequence of them。 If the manufactures； especially； of which
those commodities are the materials should ever come to flourish
in the country； the market； though it might not be much enlarged；
would at least be brought much nearer to the place of growth than
before； and the price of those materials might at least be
increased by what had usually been the expense of transporting
them to distant countries。 Though it might not rise therefore in
the same proportion as that of butcher's meat； it ought naturally
to rise somewhat； and it ought certainly not to fall。
In England； however； notwithstanding the flourishing state
of its woollen manufacture； the price of English wool has fallen
very considerably since the time of Edward III。 There are many
authentic records which demonstrate that during the reign of that
prince （towards the middle of the fourteenth century； or about
1339） what was reckoned the moderate and reasonable price of the
tod； or twenty…eight pounds of English wool； was not less than
ten shillings of the money of those times； containing at the rate
of twentypence the ounce； six ounces of silver Tower weight；
equal to about thirty shillings of our present money。 In the
present times； one…and…twenty shillings the tod may be reckoned a
good price for very good English wool。 The money…price of wool；
therefore； in the time of Edward III； was to its money…price in
the present times as ten to seven。 The superiority of its real
price was still greater。 At the rate of six shil