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be the nearest practical approximation that can be adopted （and
in fact corn is the measure used by Adam Smith himself）； it
appears to me to follow； that in countries which have a frequent
commercial intercourse with each other； which are nearly at the
same distance from the mines； and are not essentially different
in soil； there is no more certain sign； or more necessary
consequence of superiority of wealth； than the low value of the
precious metals； or the high price of raw produce。（15*）
It is of importance to ascertain this point； that we may not
complain of one of the most certain proofs of the prosperous
condition of a country。
It is not of course meant to be asserted； that the high price
of raw produce is； separately taken； advantageous to the
consumer； but that it is the necessary concomitant of superior
and increasing wealth； and that one of them cannot be had without
the other。（16*）
With regard to the labouring classes of society； whose
interests as consumers may be supposed to be most nearly
concerned； it is a very short…sighted view of the subject； which
contemplates； with alarm； the high price of corn as certainly
injurious to them。 The essentials to their well being are their
own prudential habits； and the increasing demand for labour。 And
I do not scruple distinctly to affirm； that under similar habits；
and a similar demand for labour； the high price of corn； when it
has had time to produce its natural effects； so far from being a
disadvantage to them； is a positive and unquestionable advantage。
To supply the same demand for labour； the necessary price of
production must be paid； and they must be able to command the
same quantities of the necessaries of life； whether they are high
or low in price。（17*） But if they are able to command the same
quantity of necessaries； and receive a money price for their
labour； proportioned to their advanced price； there is no doubt
that； with regard to all the objects of convenience and comfort；
which do not rise in proportion to corn （and there are many such
consumed by the poor）； their condition will be most decidedly
improved。
The reader will observe in what manner I have guarded the
proposition。 I am well aware； and indeed have myself stated in
another place； that the price of provisions often rises； without
a proportionate rise of labour： but this cannot possibly happen
for any length of time； if the demand for labour continues
increasing at the same rate； and the habits of the labourer are
not altered； either with regard to prudence； or the quantity of
work which he is disposed to perform。
The peculiar evil to be apprehended is； that the high money
price of labour may diminish the demand for it； and that it has
this tendency will be readily allowed； particularly as it tends
to increase the prices of exportable commodities。 But repeated
experience has shown us that such tendencies are continually
counterbalanced； and more than counterbalanced by other
circumstances。 And we have witnessed； in our own country； a
greater and more rapid extension of foreign commerce； than
perhaps was ever known； under the apparent disadvantage of a very
great increase in the price of corn and labour； compared with the
prices of surrounding countries。
On the other hand； instances everywhere abound of a very low
money price of labour； totally failing to produce an increasing
demand for it。 And among the labouring classes of different
countries； none certainly are so wretched as those； where the
demand for labour； and the population are stationary； and yet the
prices of provisions extremely low； compared with manufactures
and foreign commodities。 However low they may be； it is certain；
that under such circumstances； no more will fall to the share of
the labourer than is necessary just to maintain the actual
population； and his condition will be depressed； not only by the
stationary demand for labour； but by the additional evil of being
able to command but a small portion of manufactures or foreign
commodities； with the little surplus which he may possess。 If；
for instance； under a stationary population； we suppose； that in
average families two thirds of the wages estimated in corn are
spent in necessary provisions； it will make a great difference in
the condition of the poor； whether the remaining one third will
command few or many conveniencies and comforts； and almost
invariably； the higher is the price of corn； the more indulgences
will a given surplus purchase。
The high or low price of provisions； therefore； in any
country is evidently a most uncertain criterion of the state of
the poor in that country。 Their condition obviously depends upon
other more powerful causes； and it is probably true； that it is
as frequently good。 or perhaps more frequently so； in countries
where corn is high； than where it is low。
At the same time it should be observed； that the high price
of corn； occasioned by the difficulty of procuring it； may be
considered as the ultimate check to the indefinite progress of a
country in wealth and population。 And； although the actual
progress of countries be subject to great variations in their
rate of movement； both from external and internal causes； and it
would be rash to say that a state which is well peopled and
proceeding rather slowly at present； may not proceed rapidly
forty years hence； yet it must be owned； that the chances of a
future rapid progress are diminished by the high prices of corn
and labour； compared with other countries。
It is； therefore； of great importance； that these prices
should be increased as little as possible artificially； that is；
by taxation。 But every tax which falls upon agricultural capital
tends to check the application of such capital； to the bringing
of fresh land under cultivation； and the improvement of the old。
It was shown； in a former part of this inquiry； that before such
application of capital could take place； the price of produce；
compared with the instruments of production； must rise
sufficiently to pay the farmer。 But； if the increasing
difficulties to be overcome are aggravated by taxation； it is
necessary； that before the proposed improvements are undertaken；
the price should rise sufficiently； not only to pay the farmer；
but also the government。 And every tax； which falls on
agricultural capital； either prevents a proposed improvement； or
causes it to be purchased at a higher price。
When new leases are let； these taxes are generally thrown off
upon the landlord。 The farmer so makes his bargain； or ought so
to make it； as to leave himself； after every expense has been
paid； the average profits of agricultural stock in the actual
circumstances of the country； whatever they may be； and in
whatever manner they may have been affected by taxes；
particularly by so general a one as the property tax。 The farmer；
therefore； by paying a less rent to his landlord