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
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 Dupré 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.
Public-domain text, read in full here on John Shaqi.
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