An Inquiry into the Nature and Causes of the Wealth of NationsSmith, Adam
History
An Inquiry into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
But the relative values of those two different species of food, bread and
butcher’s meat, are very different in the different periods of
agriculture. In its rude beginnings, the unimproved wilds, which then
occupy the far greater part of the country, are all abandoned to cattle.
There is more butcher’s meat than bread; and bread, therefore, is the food
for which there is the greatest competition, and which consequently brings
the greatest price. At Buenos Ayres, we are told by Ulloa, four reals,
one-and-twenty pence halfpenny sterling, was, forty or fifty years ago,
the ordinary price of an ox, chosen from a herd of two or three hundred.
He says nothing of the price of bread, probably because he found nothing
remarkable about it. An ox there, he says, costs little more than the
labour of catching him. But corn can nowhere be raised without a great
deal of labour; and in a country which lies upon the river Plate, at that
time the direct road from Europe to the silver mines of Potosi, the
money-price of labour could be very cheap. It is otherwise when
cultivation is extended over the greater part of the country. There is
then more bread than butcher’s meat. The competition changes its
direction, and the price of butcher’s meat becomes greater than the price
of bread.
By the extension, besides, of cultivation, the unimproved wilds become
insufficient to supply the demand for butcher’s meat. A great part of the
cultivated lands must be employed in rearing and fattening cattle; of
which the price, therefore, must be sufficient to pay, not only the labour
necessary for tending them, but the rent which the landlord, and the
profit which the farmer, could have drawn from such land employed in
tillage. The cattle bred upon the most uncultivated moors, when brought to
the same market, are, in proportion to their weight or goodness, sold at
the same price as those which are reared upon the most improved land. The
proprietors of those moors profit by it, and raise the rent of their land
in proportion to the price of their cattle. It is not more than a century
ago, that in many parts of the Highlands of Scotland, butcher’s meat was
as cheap or cheaper than even bread made of oatmeal. The Union opened the
market of England to the Highland cattle. Their ordinary price, at
present, is about three times greater than at the beginning of the
century, and the rents of many Highland estates have been tripled and
quadrupled in the same time. In almost every part of Great Britain, a
pound of the best butcher’s meat is, in the present times, generally worth
more than two pounds of the best white bread; and in plentiful years it is
sometimes worth three or four pounds.
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