wealbk01-第10章

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to　vary　like　that　of　all　other　things。　It　appears　to　him　dear　in

the　one　case；　and　cheap　in　the　other。　In　reality；　however；　it　is

the　goods　which　are　cheap　in　the　one　case；　and　dear　in　the　other。

　　　　　In　this　popular　sense；　therefore；　labour；　like　commodities；

may　be　said　to　have　a　real　and　a　nominal　price。　Its　real　price

may　be　said　to　consist　in　the　quantity　of　the　necessaries　and

conveniences　of　life　which　are　given　for　it；　its　nominal　price；

in　the　quantity　of　money。　The　labourer　is　rich　or　poor；　is　well

or　ill　rewarded；　in　proportion　to　the　real；　not　to　the　nominal

price　of　his　labour。

　　　　　The　distinction　between　the　real　and　the　nominal　price　of

commodities　and　labour　is　not　a　matter　of　mere　speculation；　but

may　sometimes　be　of　considerable　use　in　practice。　The　same　real

price　is　always　of　the　same　value；　but　on　account　of　the

variations　in　the　value　of　gold　and　silver；　the　same　nominal

price　is　sometimes　of　very　different　values。　When　a　landed

estate；　therefore；　is　sold　with　a　reservation　of　a　perpetual

rent；　if　it　is　intended　that　this　rent　should　always　be　of　the

same　value；　it　is　of　importance　to　the　family　in　whose　favour　it

is　reserved　that　it　should　not　consist　in　a　particular　sum　of

money。　Its　value　would　in　this　case　be　liable　to　variations　of

two　different　kinds；　first；　to　those　which　arise　from　the

different　quantities　of　gold　and　silver　which　are　contained　at

different　times　in　coin　of　the　same　denomination；　and；　secondly；

to　those　which　arise　from　the　different　values　of　equal

quantities　of　gold　and　silver　at　different　times。

　　　　　Princes　and　sovereign　states　have　frequently　fancied　that

they　had　a　temporary　interest　to　diminish　the　quantity　of　pure

metal　contained　in　their　coins；　but　they　seldom　have　fancied　that

they　had　any　to　augment　it。　The　quantity　of　metal　contained　in

the　coins；　I　believe　of　all　nations；　has；　accordingly；　been

almost　continually　diminishing；　and　hardly　ever　augmenting。　Such

variations；　therefore；　tend　almost　always　to　diminish　the　value

of　a　money　rent。

　　　　　The　discovery　of　the　mines　of　America　diminished　the　value

of　gold　and　silver　in　Europe。　This　diminution；　it　is　commonly

supposed；　though　I　apprehend　without　any　certain　proof；　is　still

going　on　gradually；　and　is　likely　to　continue　to　do　so　for　a　long

time。　Upon　this　supposition；　therefore；　such　variations　are　more

likely　to　diminish　than　to　augment　the　value　of　a　money　rent；

even　though　it　should　be　stipulated　to　be　paid；　not　in　such　a

quantity　of　coined　money　of　such　a　denomination　（in　so　many

pounds　sterling；　for　example）；　but　in　so　many　ounces　either　of

pure　silver；　or　of　silver　of　a　certain　standard。

　　　　　The　rents　which　have　been　reserved　in　corn　have　preserved

their　value　much　better　than　those　which　have　been　reserved　in

money；　even　where　the　denomination　of　the　coin　has　not　been

altered。　By　the　18th　of　Elizabeth　it　was　enacted　that　a　third　of

the　rent　of　all　college　leases　should　be　reserved　in　corn；　to　be

paid；　either　in　kind；　or　according　to　the　current　prices　at　the

nearest　public　market。　The　money　arising　from　this　corn　rent；

though　originally　but　a　third　of　the　whole；　is　in　the　present

times；　according　to　Dr。　Blackstone；　commonly　near　double　of　what

arises　from　the　other　two…thirds。　The　old　money　rents　of　colleges

must；　according　to　this　account；　have　sunk　almost　to　a　fourth

part　of　their　ancient　value；　or　are　worth　little　more　than　a

fourth　part　of　the　corn　which　they　were　formerly　worth。　But　since

the　reign　of　Philip　and　Mary　the　denomination　of　the　English　coin

has　undergone　little　or　no　alteration；　and　the　same　number　of

pounds；　shillings　and　pence　have　contained　very　nearly　the　same

quantity　of　pure　silver。　This　degradation；　therefore；　in　the

value　of　the　money　rents　of　colleges；　has　arisen　altogether　from

the　degradation　in　the　value　of　silver。

　　　　　When　the　degradation　in　the　value　of　silver　is　combined　with

the　diminution　of　the　quantity　of　it　contained　in　the　coin　of　the

same　denomination；　the　loss　is　frequently　still　greater。　In

Scotland；　where　the　denomination　of　the　coin　has　undergone　much

greater　alterations　than　it　ever　did　in　England；　and　in　France；

where　it　has　undergone　still　greater　than　it　ever　did　in

Scotland；　some　ancient　rents；　originally　of　considerable　value；

have　in　this　manner　been　reduced　almost　to　nothing。

　　　　　Equal　quantities　of　labour　will　at　distant　times　be

purchased　more　nearly　with　equal　quantities　of　corn；　the

subsistence　of　the　labourer；　than　with　equal　quantities　of　gold

and　silver；　or　perhaps　of　any　other　commodity。　Equal　quantities

of　corn；　therefore；　will；　at　distant　times；　be　more　nearly　of　the

same　real　value；　or　enable　the　possessor　to　purchase　or　command

more　nearly　the　same　quantity　of　the　labour　of　other　people。　They

will　do　this；　I　say；　more　nearly　than　equal　quantities　of　almost

any　other　commodity；　for　even　equal　quantities　of　corn　will　not

do　it　exactly。　The　subsistence　of　the　labourer；　or　the　real　price

of　labour；　as　I　shall　endeavour　to　show　hereafter；　is　very

different　upon　different　occasions；　more　liberal　in　a　society

advancing　to　opulence　than　in　one　that　is　standing　still；　and　in

one　that　is　standing　still　than　in　one　that　is　going　backwards。

Every　other　commodity；　however；　will　at　any　particular　time

purchase　a　greater　or　smaller　quantity　of　labour　in　proportion　to

the　quantity　of　subsistence　which　it　can　purchase　at　that　time。　A

rent　therefore　reserved　in　corn　is　liable　only　to　the　variations

in　the　quantity　of　labour　which　a　certain　quantity　of　corn　can

purchase。　But　a　rent　reserved　in　any　other　commodity　is　liable

not　only　to　the　variations　in　the　quantity　of　labour　which　any

particular　quantity　of　corn　can　purchase；　but　to　the　variations

in　the　quantity　of　corn　which　can　be　purchased　by　any　particular

quantity　of　that　commodity。

　　　　　Though　the　real　value　of　a　corn　rent；　it　is　to　be　observed；

however；　varies　much　less　from　century　to　century　than　that　of　a

money　rent；　it　varies　much　more　from　year　to　year。　The　money

price　of　labour；　as　I　shall　endeavour　to　show　hereafter；　does　not

fluctuate　from　year　to　year　with　the　money　price　of　corn；　but

seems　to　be　everywhere　accommodated；　not　to　the　temporary　or

occasional；　but　to　the　average　or　ordinary　price　of　that

necessary　of　life。　The　average　or　ordinary　price　of　corn　again　is

regulated；　as　I　shall　likewise　endeavour　to　show　hereafter；　by

the　value　of　silver；　by　the　richness　or　barrenness　of　the　mines

which　supply　the　market　with　that　metal；　or　by　the　quantity　of

labour　which　must　be　employed；　and　consequently　of　corn　which

must　be　consumed；　in　order　to　bring　any　particular　quantity　of

silver　from　the　mine　to　the　market。　But　the　value　of　silver；

though　it　sometimes　varies　greatly　from　century　to　century；

seldom　varies　much　from　year　to　year；　but　frequently　continues

the　same；　or　very　nearly　the　same；　for　half　a　century　or　a

century　together。　The　ordinary　or　average　money　price　of　corn；

therefore；　may；　during　so　long　a　period；　continue　the　same　or

very　nearly　the　same　too；　and　along　with　it　the　money　price　of

labour；　provided；　at　least；　the　society　continues；　in　other

respects；　in　the　same　or　nearly　in　the　same　condition。　In　the

meantime　the　temporary　and　occasional　price　of　corn　may

frequently　be　double；　one　year；　of　what　it　had　been　the　year

before；　or　fluctuate；　for　example；　from　five　and　twenty　to　fifty

shillings　the　quarter。　But　when　corn　is　at　the　latter　price；　not

only　the　nominal；　but　the　real　value　of　a　corn　rent　will　be

double　of　what　it　is　when　at　the　former；　or　will　command　double

the　quantity　either　of　labour　or　of　the　greater　part　of　other

commodities；　the　money　price　of　labour；　and　along　with　it　that　of

most　other　things；　continuing　the　same　during　all　these

fluctuations。

　　　　　Labour；　therefore；　it　appears　evidently；　is　the　only

universal；　as　well　as　the　only　accurate　measure　of　value；　or　the

only　standard　by　which　we　ca