An Inquiry Into the Nature and Causes of the Wealth of NationsSmith, Adam
General
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 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 these 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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