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peace　was；　by　the　statute　of　Edward　VI；　necessary　in　order　to

grant　this　licence。　But　even　this　restraint　was　afterwards

thought　insufficient；　and　by　a　statute　of　Elizabeth　the　privilege

of　granting　it　was　confined　to　the　quarter…sessions。

　　　　　The　ancient　policy　of　Europe　endeavoured　in　this　manner　to

regulate　agriculture；　the　great　trade　of　the　country；　by　maxims

quite　different　from　those　which　it　established　with　regard　to

manufactures；　the　great　trade　of　the　towns。　By　leaving　the　farmer

no　other　customers　but　either　the　consumers　or　their　immediate

factors；　the　kidders　and　carriers　of　corn；　it　endeavoured　to

force　him　to　exercise　the　trade；　not　only　of　a　farmer；　but　of　a

corn　merchant　or　corn　retailer。　On　the　contrary；　it　in　many　cases

prohibited　the　manufacturer　from　exercising　the　trade　of　a

shopkeeper；　or　from　selling　his　own　goods　by　retail。　It　meant　by

the　one　law　to　promote　the　general　interest　of　the　country；　or　to

render　corn　cheap；　without；　perhaps；　its　being　well　understood

how　this　was　to　be　done。　By　the　other　it　meant　to　promote　that　of

a　particular　order　of　men；　the　shopkeepers；　who　would　be　so　much

undersold　by　the　manufacturer；　it　was　supposed；　that　their　trade

would　be　ruined　if　he　was　allowed　to　retail　at　all。

　　　　　The　manufacturer；　however；　though　he　had　been　allowed　to

keep　a　shop；　and　to　sell　his　own　goods　by　retail；　could　not　have

undersold　the　common　shopkeeper。　Whatever　part　of　his　capital　he

might　have　placed　in　his　shop；　he　must　have　withdrawn　it　from　his

manufacture。　In　order　to　carry　on　his　business　on　a　level　with

that　of　other　people；　as　he　must　have　had　the　profit　of　a

manufacturer　on　the　one　part；　so　he　must　have　had　that　of　a

shopkeeper　upon　the　other。　Let　us　suppose；　for　example；　that　in

the　particular　town　where　he　lived；　ten　per　cent　was　the　ordinary

profit　both　of　manufacturing　and　shopkeeping　stock；　he　must　in

this　case　have　charged　upon　every　piece　of　his　own　goods　which　he

sold　in　his　shop；　a　profit　of　twenty　per　cent。　When　he　carried

them　from　his　workhouse　to　his　shop；　he　must　have　valued　them　at

the　price　for　which　he　could　have　sold　them　to　a　dealer　or

shopkeeper；　who　would　have　bought　them　by　wholesale。　If　he　valued

them　lower；　he　lost　a　part　of　the　profit　of　his　manufacturing

capital。　When　again　he　sold　them　from　his　shop；　unless　he　got　the

same　price　at　which　a　shopkeeper　would　have　sold　them；　he　lost　a

part　of　the　profit　of　his　shopkeeping　capital。　Though　he　might

appear；　therefore；　to　make　a　double　profit　upon　the　same　piece　of

goods；　yet　as　these　goods　made　successively　a　part　of　two

distinct　capitals；　he　made　but　a　single　profit　upon　the　whole

capital　employed　about　them；　and　if　he　made　less　than　his　profit；

he　was　a　loser；　or　did　not　employ　his　whole　capital　with　the　same

advantage　as　the　greater　part　of　his　neighbours。

　　　　　What　the　manufacturer　was　prohibited　to　do；　the　farmer　was

in　some　measure　enjoined　to　do；　to　divide　his　capital　between　two

different　employments；　to　keep　one　part　of　it　in　his　granaries

and　stack　yard；　for　supplying　the　occasional　demands　of　the

market；　and　to　employ　the　other　in　the　cultivation　of　his　land。

But　as　he　could　not　afford　to　employ　the　latter　for　less　than　the

ordinary　profits　of　farming　stock；　so　he　could　as　little　afford

to　employ　the　former　for　less　than　the　ordinary　profits　of

mercantile　stock。　Whether　the　stock　which　really　carried　on　the

business　of　the　corn　merchant　belonged　to　the　person　who　was

called　a　farmer；　or　to　the　person　who　was　called　a　corn　merchant；

an　equal　profit　was　in　both　cases　requisite　in　order　to　indemnify

its　owner　for　employing　it　in　this　manner；　in　order　to　put　his

business　upon　a　level　with　other　trades；　and　in　order　to　hinder

him　from　having　an　interest　to　change　it　as　soon　as　possible　for

some　other。　The　farmer；　therefore；　who　was　thus　forced　to

exercise　the　trade　of　a　corn　merchant；　could　not　afford　to　sell

his　corn　cheaper　than　any　other　corn　merchant　would　have　been

obliged　to　do　in　the　case　of　a　free　competition。

　　　　　The　dealer　who　can　employ　his　whole　stock　in　one　single

branch　of　business　has　an　advantage　of　the　same　kind　with　the

workman　who　can　employ　his　whole　labour　in　one　single　operation。

As　the　latter　acquires　a　dexterity　which　enables　him；　with　the

same　two　hands；　to　perform　a　much　greater　quantity　of　work；　so

the　former　acquires　so　easy　and　ready　a　method　of　transacting　his

business；　of　buying　and　disposing　of　his　goods；　that　with　the

same　capital　he　can　transact　a　much　greater　quantity　of　business。

As　the　one　can　commonly　afford　his　work　a　good　deal　cheaper；　so

the　other　can　commonly　afford　his　goods　somewhat　cheaper　than　if

his　stock　and　attention　were　both　employed　about　a　greater

variety　of　objects。　The　greater　part　of　manufacturers　could　not

afford　to　retail　their　own　goods　so　cheap　as　a　vigilant　and

active　shopkeeper；　whose　sole　business　it　was　to　buy　them　at

wholesale　and　to　retail　them　again。　The　greater　part　of　farmers

could　still　less　afford　to　retail　their　own　corn；　to　supply　the

inhabitants　of　a　town；　at　perhaps　four　or　five　miles　distance

from　the　greater　part　of　them；　so　cheap　as　a　vigilant　and　active

corn　merchant；　whose　sole　business　it　was　to　purchase　corn　by

wholesale；　to　collect　it　into　a　great　magazine；　and　to　retail　it

again。

　　　　　The　law　which　prohibited　the　manufacturer　from　exercising

the　trade　of　a　shopkeeper　endeavoured　to　force　this　division　in

the　employment　of　stock　to　go　on　faster　than　it　might　otherwise

have　done。　The　law　which　obliged　the　farmer　to　exercise　the　trade

of　a　corn　merchant　endeavoured　to　hinder　it　from　going　on　so

fast。　Both　laws　were　evident　violations　of　natural　liberty；　and

therefore　unjust；　and　they　were　both；　too；　as　impolitic　as　they

were　unjust。　It　is　the　interest　of　every　society　that　things　of

this　kind　should　never　either　be　forced　or　obstructed。　The　man

who　employs　either　his　labour　or　his　stock　in　a　greater　variety

of　ways　than　his　situation　renders　necessary　can　never　hurt　his

neighbour　by　underselling　him。　He　may　hurt　himself；　and　he

generally　does　so。　Jack　of　all　trades　will　never　be　rich；　says

the　proverb。　But　the　law　ought　always　to　trust　people　with　the

care　of　their　own　interest；　as　in　their　local　situations　they

must　generally　be　able　to　judge　better　of　it　than　the　legislator

can　do。　The　law；　however；　which　obliged　the　farmer　to　exercise

the　trade　of　a　corn　merchant　was　by　far　the　most　pernicious　of

the　two。

　　　　　It　obstructed　not　only　that　division　in　the　employment　of

stock　which　is　so　advantageous　to　every　society；　but　it

obstructed　likewise　the　improvement　and　cultivation　of　the　land。

By　obliging　the　farmer　to　carry　on　two　trades　instead　of　one；　it

forced　him　to　divide　his　capital　into　two　parts；　of　which　one

only　could　be　employed　in　cultivation。　But　if　he　had　been　at

liberty　to　sell　his　whole　crop　to　a　corn　merchant　as　fast　as　he

could　thresh　it　out；　his　whole　capital　might　have　returned

immediately　to　the　land；　and　have　been　employed　in　buying　more

cattle；　and　hiring　more　servants；　in　order　to　improve　and

cultivate　it　better。　But　by　being　obliged　to　sell　his　corn　by

retail；　he　was　obliged　to　keep　a　great　part　of　his　capital　in　his

granaries　and　stack　yard　through　the　year；　and　could　not；

therefore；　cultivate　so　well　as　with　the　same　capital　he　might

otherwise　have　done。　This　law；　therefore；　necessarily　obstructed

the　improvement　of　the　land；　and；　instead　of　tending　to　render

corn　cheaper；　must　have　tended　to　render　it　scarcer；　and

therefore　dearer；　than　it　would　otherwise　have　been。

　　　　　After　the　business　of　the　farmer；　that　of　the　corn　merchant

is　in　reality　the　trade　which；　if　properly　protected　and

encouraged；　would　contribute　the　most　to　the　raising　of　corn。　It

would　support　the　trade　of　the　farmer　in　the　same　manner　as　the

trade　of　the　wholesale　dealer　supports　that　of　the　manufacturer。

　　　　　The　wholesale　dealer；　by　affording　a　ready　market　to　the

manufacturer；　by　taking　his　goods　off　his　hand　as　fast　as　he　can

make　their　price　to　him　before　he　has　made　them；　enables　him　to

keep　his　whole　capital；　and　sometimes　even　more　than　his　whole

capital；　constantly　employed　in　manufacturing；　and　consequently

to　manufacture　a　much　greater　quantity　of　goods　than　if　he　was

obliged　to　dispose　of　them　himself　to　the　immediate　consumers；　or

even　to　the　retailers。　As　the　capital　of　the　wholesale　merchant；

too；　is　generally　sufficient　to　replace　that　of　many

manufacturers；　this　intercourse　between　him　and　them　interests

the　owner　of　a　large　capital　to　support　the　owners　of　a　great

number　of　small　ones；　and　to　assist　them　in　those　losses　and

misfortunes　which　might　otherwise　prove　ruinous　to　them。

　　　　　An　intercourse　of　the　same　kind　universally　established

between　the　farmers　and　the　corn　merchants　would　be　attended　with

effects　equally　beneficial　to　the　farmers。　They　would　be　enabled

to　keep　their　whole　capitals；　and　even　more　than　their　whole

capitals；　constantly　employed　in　cultivation。　In　case　of　any　of

those　accidents；　to　which　no　trade　is　more　liable