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not long since published works replete with the most useful
and interesting information on agricultural subjects。
12。 See BPP； 1814…5； V； p。 66； evidence before the House of
Lords； given by Arthur Young。
13。 In all our discussions we should endeavour； as well as we
can； to separate that part of high price； which arises from
excess of currency； from that part； which is natural； and arises
from permanent causes。 In the whole course of this argument； it
is particularly necessary to do this。
14。 It will be observed； that l have said in a progressive
country； that is； in a country which requires yearly the
employment of a greater capital on the land； to support an
increasing population。 If there were no question about fresh
capital； or an increase of people； and all the land were good； it
would not then be true that corn must be sold at its necessary
price。 The actual price might be diminished； and if the rents of
land were diminished in proportion。 the cultivation might go on
as before； and the same quantity be produced lt very rarely
happens； however； that all the lands of a country actually
occupied are good； and yield a good net rent。 And in all cases； a
fall of prices must destroy agricultural capital during the
currency of leases； and on their renewal there would not be the
same power of production。
15。 This conclusion may appear to contradict the doctrine of the
level of the precious metals。 And so it does； if by level be
meant level of value estimated in the usual way。 I consider the
doctrine； indeed； as quite unsupported by facts； and the
comparison of the precious metals to water perfectly inaccurate。
The precious metals are always tending to a state of rest； or
such a state of things as to make their movement unnecessary。 But
when this state of rest has been nearly attained； and the
exchanges of all countries are nearly at par； the value of the
precious metals in different countries； estimated in corn and
labour； or the mass of commodities； is very far indeed from being
the same。 To be convinced of this； it is only necessary to look
at England； France； Poland； Russia； and India； when the exchanges
are at par。 That Adam Smith。 who proposes labour as the true
measure of value at all times and in all places； could look
around him； and vet say that the precious metals were always the
highest in value in the richest countries； has always appeared to
me most unlike his usual attention to found his theories on
facts。
16。 Even upon the system of importation； in the actual state and
situation of the countries of Europe； higher prices must
accompany superior and increasing wealth。
17。 We must not be so far deceived by the evidence before
Parliament； relating to the want of connection between the prices
of corn and of labour； as to suppose that they are really
independent of each other。 The price of the necessaries of life
is； in fact； the cost of producing labour。 The supply cannot
proceed； if it be not paid； and though there will always be a
little latitude； owing to some variations of industry and habits；
and the distance of time between the encouragement to population
and the period of the results appearing in the markets： yet it is
a still greater error； to suppose the price of labour unconnected
with the price of corn； than to suppose that the price of corn
immediately and completely regulates it。 Corn and labour rarely
march quite abreast； but there is an obvious limit； beyond which
they cannot be separated。 With regard to the unusual exertions
made by the labouring classes in periods of dearness； which
produce the fall of wages noticed in the evidence； they are most
meritorious in the individuals； and certainly favour the growth
of capital。 But no man of humanity could wish to see them
constant and unremitted。 They are most admirable as a temporary
relief； but if they were constantly in action； effects of a
similar kind would result from them； as from the population of a
country being pushed to the very extreme limits of its food。
There would be no resources in a scarcity。 I own I do not see；
with pleasure； the great extension of the practice of task work。
To work really hard during twelve or fourteen hours in the day；
for any length of time； is too much for a human being。 Some
intervals of ease are necessary to health and happiness： and the
occasional abuse of such intervals is no valid argument against
their use。
18。 I have hinted before； in a note； that profits may； without
impropriety； be called a surplus。 But； whether surplus or not；
they are the most important source of wealth； as they are； beyond
all question； the main source of accumulation。
19。 Adam Smith notices the bad effects of high profits on the
habits of the capitalist。 They may perhaps sometimes occasion
extravagance； but generally； I should say； that extravagant
habits were a more frequent cause of a scarcity of capital and
high profits； than high profits of extravagant habits。
End