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shillings the quarter was�察�before the late years of scarcity�察�the

ordinary contract price of English wheat�察�which in quality is

inferior to the Sicilian�察�and generally sells for a lower price

in the European market。 The value of silver�察�therefore�察�in those

ancient times�察�must have been to its value in the present as

three to four inversely�察�that is�察�three ounces of silver would

then have purchased the same quantity of labour and commodities

which four ounces will do at present。 When we read in Pliny��

therefore�察�that Seius bought a white nightingale�察�as a present

for the Empress Agrippina�察�at a price of six thousand sestertii��

equal to about fifty pounds of our present money�察�and that

Asinius Celer purchased a surmullet at the price of eight

thousand sestertii�察�equal to about sixty´six pounds thirteen

shillings and fourpence of our present money�察�the extravagance of

those prices�察�how much soever it may surprise us�察�is apt��

notwithstanding�察�to appear to us about one´third less than it

really was。 Their real price�察�the quantity of labour and

subsistence which was given away for them�察�was about one´third

more than their nominal price is apt to express to us in the

present times。 Seius gave for the nightingale the command of a

quantity of labour and subsistence equal to what L66 13s。 4d。

would purchase in the present times�察�and Asinius Celer gave for

the surmullet the command of a quantity equal to what L88 9 1/2d。

would purchase。 What occasioned the extravagance of those high

prices was�察�not so much the abundance of silver as the abundance

of labour and subsistence of which those Romans had the disposal

beyond what was necessary for their own use。 The quantity of

silver of which they had the disposal was a good deal less than

what the command of the same quantity of labour and subsistence

would have procured to them in the present times。 

                         SECOND SORT 

     The second sort of rude procedure of which the price rises

in the progress of improvement is that which human industry can

multiply in proportion to the demand。 It consists in those useful

plants and animals which�察�in uncultivated countries�察�nature

produces with such profuse abundance that they are of little or

no value�察�and which�察�as cultivation advances are therefore forced

to give place to some more profitable produce。 During a long

period in the progress of improvement�察�the quantity of these is

continually diminishing�察�while at the same time the demand for

them is continually increasing。 Their real value�察�therefore�察�the

real quantity of labour which they will purchase or command��

gradually rises�察�till at last it gets so high as to render them

as profitable a produce as anything else which human industry can

raise upon the most fertile and best cultivated land。 When it has

got so high it cannot well go higher。 If it did�察�more land and

more industry would soon be employed to increase their quantity。

     When the price of cattle�察�for example�察�rises so high that it

is as profitable to cultivate land in order to raise food for

them as in order to raise food for man�察�it cannot well go higher。

If it did�察�more corn land would soon be turned into pasture。 The

extension of tillage�察�by diminishing the quantity of wild

pasture�察�diminishes the quantity of butcher's meat which the

country naturally produces without labour or cultivation�察�and by

increasing the number of those who have either corn�察�or�察�what

comes to the same thing�察�the price of corn�察�to give in exchange

for it�察�increases the demand。 The price of butcher's meat��

therefore�察�and consequently of cattle�察�must gradually rise till

it gets so high that it becomes as profitable to employ the most

fertile and best cultivated lands in raising food for them as in

raising corn。 But it must always be late in the progress of

improvement before tillage can be so far extended as to raise the

price of cattle to this height�察�and till it has got to this

height�察�if the country is advancing at all�察�their price must be

continually rising。 There are�察�perhaps�察�some parts of Europe in

which the price of cattle has not yet got to this height。 It had

not got to this height in any part of Scotland before the union。

Had the Scotch cattle been always confined to the market of

Scotland�察�in a country in which the quantity of land which can be

applied to no other purpose but the feeding of cattle is so great

in proportion to what can be applied to other purposes�察�it is

scarce possible�察�perhaps�察�that their price could ever have risen

so high as to render it profitable to cultivate land for the sake

of feeding them。 In England�察�the price of cattle�察�it has already

been observed�察�seems�察�in the neighbourhood of London�察�to have got

to this height about the beginning of the last century�察�but it

was much later probably before it got to it through the greater

part of the remoter counties�察�in some of which�察�perhaps�察�it may

scarce yet have got to it。 Of all the different substances��

however�察�which compose this second sort of rude produce�察�cattle

is�察�perhaps�察�that of which the price�察�in the progress of

improvement�察�first rises to this height。

     Till the price of cattle�察�indeed�察�has got to this height�察�it

seems scarce possible that the greater part�察�even of those lands

which are capable of the highest cultivation�察�can be completely

cultivated。 In all farms too distant from any town to carry

manure from it�察�that is�察�in the far greater part of those of

every extensive country�察�the quantity of well´cultivated land

must be in proportion to the quantity of manure which the farm

itself produces�察�and this again must be in proportion to the

stock of cattle which are maintained upon it。 The land is manured

either by pasturing the cattle upon it�察�or by feeding them in the

stable�察�and from thence carrying out their dung to it。 But unless

the price of the cattle be sufficient to pay both the rent and

profit of cultivated land�察�the farmer cannot afford to pasture

them upon it�察�and he can still less afford to feed them in the

stable。 It is with the produce of improved and cultivated land

only that cattle can be fed in the stable�察�because to collect the

scanty and scattered produce of waste and unimproved lands would

require too much labour and be too expensive。 If the price of

cattle�察�therefore�察�is not sufficient to pay for the produce of

improved and cultivated land�察�when they are allowed to pasture

it�察�that price will be still less sufficient to pay for that

produce when it must be collected with a good deal of additional

labour�察�and brought into the stable to them。 In these

circumstances�察�therefore�察�no more cattle can�察�with profit�察�be fed

in the stable than what are necessary for tillage。 But these can

never afford manure enough for keeping constantly in good

condition all the lands which they are capable of cultivating。

What they afford being insufficient for the whole farm will

naturally be reserved for the lands to which it can be most

advantageously or conveniently applied�察�the most fertile�察�or

those�察�perhaps�察�in the neighbourhood of the farmyard。 These��

therefore�察�will be kept constantly in good condition and fit for

tillage。 The rest will�察�the greater part of them�察�be allowed to

lie waste�察�producing scarce anything but some miserable pasture��

just sufficient to keep alive a few straggling�察�half´starved

cattle�察�the farm�察�though much understocked in proportion to what

would be necessary for its complete cultivation�察�being very

frequently overstocked in proportion to its actual produce。 A

portion of this waste land�察�however�察�after having been pastured

in this wretched manner for six or seven years together�察�may be

ploughed up�察�when it will yield�察�perhaps�察�a poor crop or two of

bad oats�察�or of some other coarse grain�察�and then�察�being entirely

exhausted�察�it must be rested and pastured again as before and

another portion ploughed up to be in the same manner exhausted

and rested again in 

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