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
The price of wood, again, varies with the state of agriculture, nearly
in the same manner, and exactly for the same reason, as the price of
cattle. In its rude beginnings, the greater part of every country is
covered with wood, which is then a mere incumbrance, of no value to the
landlord, who would gladly give it to any body for the cutting. As
agriculture advances, the woods are partly cleared by the progress of
tillage, and partly go to decay in consequence of the increased number
of cattle. These, though they do not increase in the same proportion as
corn, which is altogether the acquisition of human industry, yet
multiply under the care and protection of men, who store up in the
season of plenty what may maintain them in that of scarcity; who,
through the whole year, furnish them with a greater quantity of food
than uncultivated nature provides for them; and who, by destroying and
extirpating their enemies, secure them in the free enjoyment of all that
she provides. Numerous herds of cattle, when allowed to wander through
the woods, though they do not destroy the old trees, hinder any young
ones from coming up; so that, in the course of a century or two, the
whole forest goes to ruin. The scarcity of wood then raises its price.
It affords a good rent; and the landlord sometimes finds that he can
scarce employ his best lands more advantageously than in growing barren
timber, of which the greatness of the profit often compensates the
lateness of the returns. This seems, in the present times, to be nearly
the state of things in several parts of Great Britain, where the profit
of planting is found to be equal to that of either corn or pasture. The
advantage which the landlord derives from planting can nowhere exceed,
at least for any considerable time, the rent which these could afford
him; and in an inland country, which is highly cultivated, it will
frequently not fall much short of this rent. Upon the sea-coast of a
well-improved country, indeed, if coals can conveniently be had for
fuel, it may sometimes be cheaper to bring barren timber for building
from less cultivated foreign countries than to raise it at home. In the
new town of Edinburgh, built within these few years, there is not,
perhaps, a single stick of Scotch timber.
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