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
Any rise in the money price of goods which proceeded altogether from the
degradation of the value of silver, would affect all sorts of goods
equally, and raise their price universally, a third, or a fourth, or a
fifth part higher, according as silver happened to lose a third, or a
fourth, or a fifth part of its former value. But the rise in the price
of provisions, which has been the subject of so much reasoning and
conversation, does not affect all sorts of provisions equally. Taking
the course of the present century at an average, the price of corn, it
is acknowledged, even by those who account for this rise by the
degradation of the value of silver, has risen much less than that of
some other sorts of provisions. The rise in the price of those other
sorts of provisions, therefore, cannot be owing altogether to the
degradation of the value of silver. Some other causes must be taken into
the account; and those which have been above assigned, will, perhaps,
without having recourse to the supposed degradation of the value of
silver, sufficiently explain this rise in those particular sorts of
provisions, of which the price has actually risen in proportion to that
of corn.
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 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.
Public-domain text, read in full here on John Shaqi.
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