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obviously inadequate to account for the actual differences in the
price of grain； observable in countries at no great distance from
each other； and at nearly the same distance from the mines。
I entirely agree with him； that it is of great use to inquire
into the causes of high price； as； from the result of such
inquiry； it may turn out； that the very circumstance of which we
complain； may be the necessary consequence and the most certain
sign of increasing wealth and prosperity。 But； of all inquiries
of this kind； none surely can be so important； or so generally
interesting； as an inquiry into the causes which affect the price
of corn； and which occasion the differences in this price； so
observable in different countries。
I have no hesitation in stating that； independently of
irregularities in the currency of a country；（13*） and other
temporary and accidental circumstances； the cause of the high
comparative money price of corn is its high comparative real
price； or the greater quantity of capital and labour which must
be employed to produce it： and that the reason why the real price
of corn is higher and continually rising in countries which are
already rich； and still advancing in prosperity and population；
is to be found in the necessity of resorting constantly to poorer
land … to machines which require a greater expenditure to work
them … and which consequently occasion each fresh addition to the
raw produce of the country to be purchased at a greater cost … in
short； it is to be found in the important truth that corn； in a
progressive country； is sold at the price necessary to yield the
actual supply； and that； as this supply becomes more and more
difficult； the price rises in proportion。（14*）
The price of corn； as determined by these causes； will of
course be greatly modified by other circumstances； by direct and
indirect taxation； by improvements in the modes of cultivation；
by the saving of labour on the land； and particularly by the
importations of foreign corn。 The latter cause； indeed； may do
away； in a considerable degree； the usual effects of great wealth
on the price of corn； and this wealth will then show itself in a
different form。
Let us suppose seven or eight large countries not very
distant from each other； and not very differently situated with
regard to the mines。 Let us suppose further； that neither their
soils nor their skill in agriculture are essentially unlike； that
their currencies are in a natural state； their taxes nothing； and
that every trade is free； except the trade in corn。 Let us now
suppose one of them very greatly to increase in capital and
manufacturing skill above the rest； and to become in consequence
much more rich and populous。 I should say； that this great
comparative increase of riches could not possibly take place；
without a great comparative advance in the price of raw produce；
and that such advance of price would； under the circumstances
supposed； be the natural sign and absolutely necessary
consequence； of the increased wealth and population of the
country in question。
Let us now suppose the same countries to have the most
perfect freedom of intercourse in corn； and the expenses of
freight； etc。 to be quite inconsiderable。 And let us still
suppose one of them to increase very greatly above the rest； in
manufacturing capital and skill； in wealth and population。 I
should then say； that as the importation of corn would prevent
any great difference in the price of raw produce； it would
prevent any great difference in the quantity of capital laid out
upon the land； and the quantity of corn obtained from it； that；
consequently； the great increase of wealth could not take place
without a great dependence on the other nations for corn； and
that this dependence； under the circumstances supposed； would be
the natural sign； and absolutely necessary consequence of the
increased wealth and population of the country in question。
These I consider as the two alternatives necessarily
belonging to a great comparative increase of wealth； and the
supposition here made will； with proper restrictions； apply to
the state of Europe。
In Europe； the expenses attending the carriage of corn are
often considerable。 They form a natural barrier to importation；
and even the country which habitually depends upon foreign corn；
must have the price of its raw produce considerably higher than
the general level。 Practically； also； the prices of raw produce；
in the different countries of Europe； will be variously modified
by very different soils； very different degrees of taxation； and
very different degrees of improvement in the science of
agriculture。 Heavy taxation； and a poor soil； may occasion a high
comparative price of raw produce； or a considerable dependence on
other countries； without great wealth and population； while great
improvements in agriculture and a good soil may keep the price of
produce low； and the country independent of foreign corn； in
spite of considerable wealth。 But the principles laid down are
the general principles on the subject； and in applying them to
any particular case； the particular circumstances of such case
must always be taken into consideration。
With regard to improvements in agriculture； which in similar
soils is the great cause which retards the advance of price
compared with the advance of produce； although they are sometimes
very powerful； they are rarely found sufficient to balance the
necessity of applying to poorer land； or inferior machines。 In
this respect； raw produce is essentially different from
manufactures。
The real price of manufactures； the quantity of labour and
capital necessary to produce a given quantity of them； is almost
constantly diminishing； while the quantity of labour and capital；
necessary to procure the last addition that has been made to the
raw produce of a rich and advancing country； is almost constantly
increasing。 We see in consequence； that in spite of continued
improvements in agriculture； the money price of corn is ceteris
paribus the highest in the richest countries； while in spite of
this high price of corn； and consequent high price of labour； the
money price of manufactures still continues lower than in poorer
countries。
I cannot then agree with Adam Smith； in thinking that the low
value of gold and silver is no proof of the wealth and
flourishing state of the country； where it takes place。 Nothing
of course can be inferred from it； taken absolutely； except the
abundance of the mines； but taken relatively； or in comparison
with the state of other countries； much may be inferred from it。
If we are to measure the value of the precious metals in
different countries； and at different periods in the same
country； by the price of corn and labour； which appears to me to
be the nearest practical approximation that can be adopted （and
in fact corn is the measure used by Adam