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quantity of those metals； however； has not； it seems； increased
that annual produce； has neither improved the manufactures and
agriculture of the country； nor mended the circumstances of its
inhabitants。 Spain and Portugal； the countries which possess the
mines； are； after Poland； perhaps； the two most beggarly
countries in Europe。 The value of the precious metals； however；
must be lower in Spain and Portugal than in any other part of
Europe； as they come from those countries to all other parts of
Europe； loaded； not only with a freight and an insurance； but
with the expense of smuggling； their exportation being either
prohibited； or subjected to a duty。 In proportion to the annual
produce of the land and labour； therefore； their quantity must be
greater in those countries than in any other part of Europe。
Those countries； however； are poorer than the greater part of
Europe。 Though the feudal system has been abolished in Spain and
Portugal； it has not been succeeded by a much better。
As the low value of gold and silver； therefore； is no proof
of the wealth and flourishing state of the country where it takes
place； so neither is their high value； or the low money price
either of goods in general； or of corn in particular； any proof
of its poverty and barbarism。
But though the low money price either of goods in general；
or of corn in particular； be no proof of the poverty or barbarism
of the times； the low money price of some particular sorts of
goods； such as cattle； poultry； game of all kinds； etc。； in
proportion to that of corn； is a most decisive one。 It clearly
demonstrates； first； their great abundance in proportion to that
of corn； and consequently the great extent of the land which they
occupied in proportion to what was occupied by corn； and；
secondly； the low value of this land in proportion to that of
corn land； and consequently the uncultivated and unimproved state
of the far greater part of the lands of the country。 It clearly
demonstrates that the stock and population of the country did not
bear the same proportion to the extent of its territory which
they commonly do in civilised countries； and that society was at
that time； and in that country； but in its infancy。 From the high
or low money price either of goods in general； or of corn in
particular； we can infer only that the mines which at that time
happened to supply the commercial world with gold and silver were
fertile or barren； not that the country was rich or poor。 But
from the high or low money price of some sorts of goods in
proportion to that of others； we can infer； with a degree of
probability that approaches almost to certainty； that it was rich
or poor； that the greater part of its lands were improved or
unimproved； and that it was either in a more or less barbarous
state； or in a more or less civilised one。
Any rise in the money price of goods which proceeded
altogether from the degradation of the value of silver would
affect all sorts of goods equally； and raise their price
universally a third； or a fourth； or a fifth part higher；
according as silver happened to lose a third； or a fourth； or a
fifth part of its former value。 But the rise in the price of
provisions； which has been the subject of so much reasoning and
conversation； does not affect all sorts of provisions equally。
Taking the course of the present century at an average； the price
of corn； it is acknowledged； even by those who account for this
rise by the degradation of the value of silver； has risen much
less than that of some other sorts of provisions。 The rise in the
price of those other sorts of provisions； therefore； cannot be
owing altogether to the degradation of the value of silver。 Some
other causes must be taken into the account； and those which have
been above assigned will； perhaps； without having recourse to the
supposed degradation of the value of silver； sufficiently explain
this rise in those particular sorts of provisions of which the
price has actually risen in proportion to that of corn。
As to the price of corn itself； it has； during the
sixty…four first years of the present century； and before the
late extraordinary course of bad seasons； been somewhat lower
than it was during the sixty…four last years of the preceding
century。 This fact is attested； not only by the accounts of
Windsor market； but by the public fiars of all the different
counties of Scotland； and by the accounts of several different
markets in France； which have been collected with great diligence
and fidelity by Mr。 Messance and by Mr。 Dupre de St。 Maur。 The
evidence is more complete than could well have been expected in a
matter which is naturally so very difficult to be ascertained。
As to the high price of corn during these last ten or twelve
years； it can be sufficiently accounted for from the badness of
the seasons； without supposing any degradation in the value of
silver。 The opinion； therefore； that silver is continually
sinking in its value； seems not to be founded upon any good
observations； either upon the prices of corn； or upon those of
other provisions。
The same quantity of silver； it may； perhaps； be said； will
in the present times； even according to the account which has
been here given； purchase a much smaller quantity of several
sorts of provisions than it would have done during some part of
the last century； and to ascertain whether this change be owing
to a rise in the value of those goods； or to a fall in the value
of silver； is only to establish a vain and useless distinction；
which can be of no sort of service to the man who has only a
certain quantity of silver to go to market with； or a certain
fixed revenue in money。 I certainly do not pretend that the
knowledge of this distinction will enable him to buy cheaper。 It
may not； however； upon that account be altogether useless。
It may be of some use to the public by affording an easy
proof of the prosperous condition of the country。 If the rise in
the price of some sorts of provisions be owing altogether to a
fall in the value of silver； it is owing to a circumstance from
which nothing can be inferred but the fertility of the American
mines。 The real wealth of the country； the annual produce of its
land and labour； may； notwithstanding this circumstance； be
either gradually declining； as in Portugal and Poland； or
gradually advancing； as in most other parts of Europe。 But if
this rise in the price of some sorts of provisions be owing to a
rise in the real value of the land which produces them； to its
increased fertility； or； in consequence of more extended
improvement and good cultivation； to its having been rendered fit
for producing corn； it is owing to a circumstance which indicates
in the clearest manner the prosperous and advancing state of the
country。 The land constitutes by far the greatest； the most
important； and the most durable part of the wealth of every