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mint　price　of　gold）　certainly　does　not　contain；　even　in　our

present　excellent　gold　coin；　more　than　an　ounce　of　standard　gold；

and　it　may　be　thought；　therefore；　should　not　purchase　more

standard　bullion。　But　gold　in　coin　is　more　convenient　than　gold

in　bullion；　and　though；　in　England；　the　coinage　is　free；　yet　the

gold　which　is　carried　in　bullion　to　the　mint　can　seldom　be

returned　in　coin　to　the　owner　till　after　a　delay　of　several

weeks。　In　the　present　hurry　of　the　mint；　it　could　not　be　returned

till　after　a　delay　of　several　months。　This　delay　is　equivalent　to

a　small　duty；　and　renders　gold　in　coin　somewhat　more　valuable

than　an　equal　quantity　of　gold　in　bullion。　If　in　the　English　coin

silver　was　rated　according　to　it　proper　proportion　to　gold；　the

price　of　silver　bullion　would　probably　fall　below　the　mint　price

even　without　any　reformation　of　the　silver　coin；　the　value　even

of　the　present　worn　and　defaced　silver　coin　being　regulated　by

the　value　of　the　excellent　gold　coin　for　which　it　can　be　changed。

　　　　　A　small　seignorage　or　duty　upon　the　coinage　of　both　gold　and

silver　would　probably　increase　still　more　the　superiority　of

those　metals　in　coin　above　an　equal　quantity　of　either　of　them　in

bullion。　The　coinage　would　in　this　case　increase　the　value　of　the

metal　coined　in　proportion　to　the　extent　of　this　small　duty；　for

the　same　reason　that　the　fashion　increases　the　value　of　plate　in

proportion　to　the　price　of　that　fashion。　The　superiority　of　coin

above　bullion　would　prevent　the　melting　down　of　the　coin；　and

would　discourage　its　exportation。　If　upon　any　public　exigency　it

should　become　necessary　to　export　the　coin；　the　greater　part　of

it　would　soon　return　again　of　its　own　accord。　Abroad　it　could

sell　only　for　its　weight　in　bullion。　At　home　it　would　buy　more

than　that　weight。　There　would　be　a　profit；　therefore；　in　bringing

it　home　again。　In　France　a　seignorage　of　about　eight　per　cent　is

imposed　upon　the　coinage；　and　the　French　coin；　when　exported；　is

said　to　return　home　again　of　its　own　accord。

　　　　　The　occasional　fluctuations　in　the　market　price　of　gold　and

silver　bullion　arise　from　the　same　causes　as　the　like

fluctuations　in　that　of　all　other　commodities。　The　frequent　loss

of　those　metals　from　various　accidents　by　sea　and　by　land；　the

continual　waste　of　them　in　gilding　and　plating；　in　lace　and

embroidery；　in　the　wear　and　tear　of　coin；　and　in　that　of　plate；

require；　in　all　countries　which　possess　no　mines　of　their　own；　a

continual　importation；　in　order　to　repair　this　loss　and　this

waste。　The　merchant　importers；　like　all　other　merchants；　we　may

believe；　endeavour；　as　well　as　they　can；　to　suit　their　occasional

importations　to　what；　they　judge；　is　likely　to　be　the　immediate

demand。　With　all　their　attention；　however；　they　sometimes　overdo

the　business；　and　sometimes　underdo　it。　When　they　import　more

bullion　than　is　wanted；　rather　than　incur　the　risk　and　trouble　of

exporting　it　again；　they　are　sometimes　willing　to　sell　a　part　of

it　for　something　less　than　the　ordinary　or　average　price。　When；

on　the　other　hand；　they　import　less　than　is　wanted；　they　get

something　more　than　this　price。　But　when；　under　all　those

occasional　fluctuations；　the　market　price　either　of　gold　or

silver　bullion　continues　for　several　years　together　steadily　and

constantly；　either　more　or　less　above；　or　more　or　less　below　the

mint　price；　we　may　be　assured　that　this　steady　and　constant；

either　superiority　or　inferiority　of　price；　is　the　effect　of

something　in　the　state　of　the　coin；　which；　at　that　time；　renders

a　certain　quantity　of　coin　either　of　more　value　or　of　less　value

than　the　precise　quantity　of　bullion　which　it　ought　to　contain。

The　constancy　and　steadiness　of　the　effect　supposes　a

proportionable　constancy　and　steadiness　in　the　cause。

　　　　　The　money　of　any　particular　country　is；　at　any　particular

time　and　place；　more　or　less　an　accurate　measure　of　value

according　as　the　current　coin　is　more　or　less　exactly　agreeable

to　its　standard；　or　contains　more　or　less　exactly　the　precise

quantity　of　pure　gold　or　pure　silver　which　it　ought　to　contain。

If　in　England；　for　example；　forty…four　guineas　and　a　half

contained　exactly　a　pound　weight　of　standard　gold；　or　eleven

ounces　of　fine　gold　and　one　ounce　of　alloy；　the　gold　coin　of

England　would　be　as　accurate　a　measure　of　the　actual　value　of

goods　at　any　particular　time　and　place　as　the　nature　of　the　thing

would　admit。　But　if；　by　rubbing　and　wearing；　forty…four　guineas

and　a　half　generally　contain　less　than　a　pound　weight　of　standard

gold；　the　diminution；　however；　being　greater　in　some　pieces　than

in　others；　the　measure　of　value　comes　to　be　liable　to　the　same

sort　of　uncertainty　to　which　all　other　weights　and　measures　are

commonly　exposed。　As　it　rarely　happens　that　these　are　exactly

agreeable　to　their　standard；　the　merchant　adjusts　the　price　of

his　goods；　as　well　as　he　can；　not　to　what　those　weights　and

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　prop