wealbk01-第14章

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measures　ought　to　be；　but　to　what；　upon　an　average；　he　finds　by

experience　they　actually　are。　In　consequence　of　a　like　disorder

in　the　coin；　the　price　of　goods　comes；　in　the　same　manner；　to　be

adjusted；　not　to　the　quantity　of　pure　gold　or　silver　which　the

corn　ought　to　contain；　but　to　that　which；　upon　an　average；　it　is

found　by　experience；　it　actually　does　contain。

　　　　　By　the　money…price　of　goods；　it　is　to　be　observed；　I

understand　always　the　quantity　of　pure　gold　or　silver　for　which

they　are　sold；　without　any　regard　to　the　denomination　of　the

coin。　Six　shillings　and　eightpence；　for　example；　in　the　time　of

Edward　I；　I　consider　as　the　same　money…price　with　a　pound

sterling　in　the　present　times；　because　it　contained；　as　nearly　as

we　can　judge；　the　same　quantity　of　pure　silver。　　



　　　　　　　　　　　　　　　　　　　　　　　　　　　　　CHAPTER　VI



　　　　　　　　　Of　the　Component　Parts　of　the　Price　of　Commodities　



　　　　　IN　that　early　and　rude　state　of　society　which　precedes　both

the　accumulation　of　stock　and　the　appropriation　of　land；　the

proportion　between　the　quantities　of　labour　necessary　for

acquiring　different　objects　seems　to　be　the　only　circumstance

which　can　afford　any　rule　for　exchanging　them　for　one　another。　If

among　a　nation　of　hunters；　for　example；　it　usually　costs　twice

the　labour　to　kill　a　beaver　which　it　does　to　kill　a　deer；　one

beaver　should　naturally　exchange　for　or　be　worth　two　deer。　It　is

natural　that　what　is　usually　the　produce　of　two　days'　or　two

hours'　labour；　should　be　worth　double　of　what　is　usually　the

produce　of　one　day's　or　one　hour's　labour。

　　　　　If　the　one　species　of　labour　should　be　more　severe　than　the

other；　some　allowance　will　naturally　be　made　for　this　superior

hardship；　and　the　produce　of　one　hour's　labour　in　the　one　way　may

frequently　exchange　for　that　of　two　hours'　labour　in　the　other。

　　　　　Or　if　the　one　species　of　labour　requires　an　uncommon　degree

of　dexterity　and　ingenuity；　the　esteem　which　men　have　for　such

talents　will　naturally　give　a　value　to　their　produce；　superior　to

what　would　be　due　to　the　time　employed　about　it。　Such　talents　can

seldom　be　acquired　but　in　consequence　of　long　application；　and

the　superior　value　of　their　produce　may　frequently　be　no　more

than　a　reasonable　compensation　for　the　time　and　labour　which　must

be　spent　in　acquiring　them。　In　the　advanced　state　of　society；

allowances　of　this　kind；　for　superior　hardship　and　superior

skill；　are　commonly　made　in　the　wages　of　labour；　and　something　of

the　same　kind　must　probably　have　taken　place　in　its　earliest　and

rudest　period。

　　　　　In　this　state　of　things；　the　whole　produce　of　labour　belongs

to　the　labourer；　and　the　quantity　of　labour　commonly　employed　in

acquiring　or　producing　any　commodity　is　the　only　circumstance

which　can　regulate　the　quantity　exchange　for　which　it　ought

commonly　to　purchase；　command；　or　exchange　for。

　　　　　As　soon　as　stock　has　accumulated　in　the　hands　of　particular

persons；　some　of　them　will　naturally　employ　it　in　setting　to　work

industrious　people；　whom　they　will　supply　with　materials　and

subsistence；　in　order　to　make　a　profit　by　the　sale　of　their　work；

or　by　what　their　labour　adds　to　the　value　of　the　materials。　In

exchanging　the　complete　manufacture　either　for　money；　for　labour；

or　for　other　goods；　over　and　above　what　may　be　sufficient　to　pay

the　price　of　the　materials；　and　the　wages　of　the　workmen；

something　must　be　given　for　the　profits　of　the　undertaker　of　the

work　who　hazards　his　stock　in　this　adventure。　The　value　which　the

workmen　add　to　the　materials；　therefore；　resolves　itself　in　this

ease　into　two　parts；　of　which　the　one　pays　their　wages；　the　other

the　profits　of　their　employer　upon　the　whole　stock　of　materials

and　wages　which　he　advanced。　He　could　have　no　interest　to　employ

them；　unless　he　expected　from　the　sale　of　their　work　something

more　than　what　was　sufficient　to　replace　his　stock　to　him；　and　he

could　have　no　interest　to　employ　a　great　stock　rather　than　a

small　one；　unless　his　profits　were　to　bear　some　proportion　to　the

extent　of　his　stock。

　　　　　The　profits　of　stock；　it　may　perhaps　be　thought　are　only　a

different　name　for　the　wages　of　a　particular　sort　of　labour；　the

labour　of　inspection　and　direction。　They　are；　however；　altogether

different；　are　regulated　by　quite　different　principles；　and　bear

no　proportion　to　the　quantity；　the　hardship；　or　the　ingenuity　of

this　supposed　labour　of　inspection　and　direction。　They　are

regulated　altogether　by　the　value　of　the　stock　employed；　and　are

greater　or　smaller　in　proportion　to　the　extent　of　this　stock。　Let

us　suppose；　for　example；　that　in　some　particular　place；　where　the

common　annual　profits　of　manufacturing　stock　are　ten　per　cent；

there　are　two　different　manufactures；　in　each　of　which　twenty

workmen　are　employed　at　the　rate　of　fifteen　pounds　a　year　each；

or　at　the　expense　of　three　hundred　a　year　in　each　manufactory。

Let　us　suppose；　too；　that　the　coarse　materials　annually　wrought

up　in　the　one　cost　only　seven　hundred　pounds；　while　the　finer

materials　in　the　other　cost　seven　thousand。　The　capital　annually

employed　in　the　one　will　in　this　case　amount　only　to　one　thousand

pounds；　whereas　that　employed　in　the　other　will　amount　to　seven

thousand　three　hundred　pounds。　At　the　rate　of　ten　per　cent；

therefore；　the　undertaker　of　the　one　will　expect　a　yearly　profit

of　about　one　hundred　pounds　only；　while　that　of　the　other　will

expect　about　seven　hundred　and　thirty　pounds。　But　though　their

profits　are　so　very　different；　their　labour　of　inspection　and

direction　may　be　either　altogether　or　very　nearly　the　same。　In

many　great　works　almost　the　whole　labour　of　this　kind　is

committed　to　some　principal　clerk。　His　wages　properly　express　the

value　of　this　labour　of　inspection　and　direction。　Though　in

settling　them　some　regard　is　had　commonly；　not　only　to　his　labour

and　skill；　but　to　the　trust　which　is　reposed　in　him；　yet　they

never　bear　any　regular　proportion　to　the　capital　of　which　he

oversees　the　management；　and　the　owner　of　this　capital；　though　he

is　thus　discharged　of　almost　all　labour；　still　expects　that　his

profits　should　bear　a　regular　proportion　to　his　capital。　In　the

price　of　commodities；　therefore；　the　profits　of　stock　constitute

a　component　part　altogether　different　from　the　wages　of　labour；

and　regulated　by　quite　different　principles。

　　　　　In　this　state　of　things；　the　whole　produce　of　labour　does

not　always　belong　to　the　labourer。　He　must　in　most　cases　share　it

with　the　owner　of　the　stock　which　employs　him。　Neither　is　the

quantity　of　labour　commonly　employed　in　acquiring　or　producing

any　commodity；　the　only　circumstance　which　can　regulate　the

quantity　which　it　ought　commonly　to　purchase；　command；　or

exchange　for。　An　additional　quantity；　it　is　evident；　must　be　due

for　the　profits　of　the　stock　which　advanced　the　wages　and

furnished　the　materials　of　that　labour。

　　　　　As　soon　as　the　land　of　any　country　has　all　become　private

property；　the　landlords；　like　all　other　men；　love　to　reap　where

they　never　sowed；　and　demand　a　rent　even　for　its　natural　produce。

The　wood　of　the　forest；　the　grass　of　the　field；　and　all　the

natural　fruits　of　the　earth；　which；　when　land　was　in　common；　cost

the　labourer　only　the　trouble　of　gathering　them；　come；　even　to

him；　to　have　an　additional　price　fixed　upon　them。　He　must　then

pay　for　the　licence　to　gather　them；　and　must　give　up　to　the

landlord　a　portion　of　what　his　labour　either　collects　or

produces。　This　portion；　or；　what　comes　to　the　same　thing；　the

price　of　this　portion；　constitutes　the　rent　of　land；　and　in　the

price　of　the　greater　part　of　commodities　makes　a　third　component

part。

　　　　　The　real　value　of　all　the　different　component　parts　of

price；　it　must　be　observed；　is　measured　by　the　quantity　of　labour

which　they　can；　each　of　them；　purchase　or　command。　Labour

measures　the　value　not　only　of　that　part　of　price　which　resolves

itself　into　labour；　but　of　that　which　resolves　itself　into　rent；