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is　in　this　manner　originally　distributed　among　some　of　its

different　members。　Wages；　profit；　and　rent；　are　the　three

original　sources　of　all　revenue　as　well　as　of　all　exchangeable

value。　All　other　revenue　is　ultimately　derived　from　some　one　or

other　of　these。

　　　　　Whoever　derives　his　revenue　from　a　fund　which　is　his　own；

must　draw　it　either　from　his　labour；　from　his　stock；　or　from　his

land。　The　revenue　derived　from　labour　is　called　wages。　That

derived　from　stock；　by　the　person　who　manages　or　employes　it；　is

called　profit。　That　derived　from　it　by　the　person　who　does　not

employ　it　himself；　but　lends　it　to　another；　is　called　the

interest　or　the　use　of　money。　It　is　the　compensation　which　the

borrower　pays　to　the　lender；　for　the　profit　which　he　has　an

opportunity　of　making　by　the　use　of　the　money。　Part　of　that

profit　naturally　belongs　to　the　borrower；　who　runs　the　risk　and

takes　the　trouble　of　employing　it；　and　part　to　the　lender；　who

affords　him　the　opportunity　of　making　this　profit。　The　interest

of　money　is　always　a　derivative　revenue；　which；　if　it　is　not　paid

from　the　profit　which　is　made　by　the　use　of　the　money；　must　be

paid　from　some　other　source　of　revenue；　unless　perhaps　the

borrower　is　a　spendthrift；　who　contracts　a　second　debt　in　order

to　pay　the　interest　of　the　first。　The　revenue　which　proceeds

altogether　from　land；　is　called　rent；　and　belongs　to　the

landlord。　The　revenue　of　the　farmer　is　derived　partly　from　his

labour；　and　partly　from　his　stock。　To　him；　land　is　only　the

instrument　which　enables　him　to　earn　the　wages　of　this　labour；

and　to　make　the　profits　of　this　stock。　All　taxes；　and　an　the

revenue　which　is　founded　upon　them；　all　salaries；　pensions；　and

annuities　of　every　kind；　are　ultimately　derived　from　some　one　or

other　of　those　three　original　sources　of　revenue；　and　are　paid

either　immediately　or　mediately　from　the　wages　of　labour；　the

profits　of　stock；　or　the　rent　of　land。

　　　　　When　those　three　different　sorts　of　revenue　belong　to

different　persons；　they　are　readily　distinguished；　but　when　they

belong　to　the　same　they　are　sometimes　confounded　with　one

another；　at　least　in　common　language。

　　　　　A　gentleman　who　farms　a　part　of　his　own　estate；　after　paying

the　expense　of　cultivation；　should　gain　both　the　rent　of　the

landlord　and　the　profit　of　the　farmer。　He　is　apt　to　denominate；

however；　his　whole　gain；　profit；　and　thus　confounds　rent　with

profit；　at　least　in　common　language。　The　greater　part　of　our

North　American　and　West　Indian　planters　are　in　this　situation。

They　farm；　the　greater　part　of　them；　their　own　estates；　and

accordingly　we　seldom　hear　of　the　rent　of　a　plantation；　but

frequently　of　its　profit。

　　　　　Common　farmers　seldom　employ　any　overseer　to　direct　the

general　operations　of　the　farm。　They　generally；　too；　work　a　good

deal　with　their　own　hands；　as　ploughmen；　harrowers；　etc。　What

remains　of　the　crop　after　paying　the　rent；　therefore；　should　not

only　replace　to　them　their　stock　employed　in　cultivation；

together　with　its　ordinary　profits；　but　pay　them　the　wages　which

are　due　to　them；　both　as　labourers　and　overseers。　Whatever

remains；　however；　after　paying　the　rent　and　keeping　up　the　stock；

is　called　profit。　But　wages　evidently　make　a　part　of　it。　The

farmer；　by　saving　these　wages；　must　necessarily　gain　them。　Wages；

therefore；　are　in　this　case　confounded　with　profit。

　　　　　An　independent　manufacturer；　who　has　stock　enough　both　to

purchase　materials；　and　to　maintain　himself　till　he　can　carry　his

work　to　market；　should　gain　both　the　wages　of　a　journeyman　who

works　under　a　master；　and　the　profit　which　that　master　makes　by

the　sale　of　the　journeyman's　work。　His　whole　gains；　however；　are

commonly　called　profit；　and　wages　are；　in　this　case　too；

confounded　with　profit。

　　　　　A　gardener　who　cultivates　his　own　garden　with　his　own　hands；

unites　in　his　own　person　the　three　different　characters　of

landlord；　farmer；　and　labourer。　His　produce；　therefore；　should

pay　him　the　rent　of　the　first；　the　profit　of　the　second；　and　the

wages　of　the　third。　The　whole；　however；　is　commonly　considered　as

the　earnings　of　his　labour。　Both　rent　and　profit　are；　in　this

case；　confounded　with　wages。

　　　　　As　in　a　civilised　country　there　are　but　few　commodities　of

which　the　exchangeable　value　arises　from　labour　only；　rent　and

profit　contributing　largely　to　that　of　the　far　greater　part　of

them；　so　the　annual　produce　of　its　labour　will　always　be

sufficient　to　purchase　or　command　a　much　greater　quantity　of

labour　than　what　employed　in　raising；　preparing；　and　bringing

that　produce　to　market。　If　the　society　were　annually　to　employ

all　the　labour　which　it　can　annually　purchase；　as　the　quantity　of

labour　would　increase　greatly　every　year；　so　the　produce　of　every

succeeding　year　would　be　of　vastly　greater　value　than　that　of　the

foregoing。　But　there　is　no　country　in　which　the　whole　annual

produce　is　employed　in　maintaining　the　industrious。　The　idle

everywhere　consume　a　great　part　of　it；　and　according　to　the

different　proportions　in　which　it　is　annually　divided　between

those　two　different　orders　of　people；　its　ordinary　or　average

value　must　either　annually　increase；　or　diminish；　or　continue　the

same　from　one　year　to　another。　　　



　　　　　　　　　　　　　　　　　　　　　　　　　　　　　CHAPTER　VII



　　　　　　　　　　　Of　the　Natural　and　Market　Price　of　Commodities　



　　　　　THERE　is　in　every　society　or　neighbourhood　an　ordinary　or

average　rate　both　of　wages　and　profit　in　every　different

employment　of　labour　and　stock。　This　rate　is　naturally　regulated；

as　I　shall　show　hereafter；　partly　by　the　general　circumstances　of

the　society；　their　riches　or　poverty；　their　advancing；

stationary；　or　declining　condition；　and　partly　by　the　particular

nature　of　each　employment。

　　　　　There　is　likewise　in　every　society　or　neighbourhood　an

ordinary　or　average　rate　of　rent；　which　is　regulated　too；　as　I

shall　show　hereafter；　partly　by　the　general　circumstances　of　the

society　or　neighbourhood　in　which　the　land　is　situated；　and

partly　by　the　natural　or　improved　fertility　of　the　land。

　　　　　These　ordinary　or　average　rates　may　be　called　the　natural

rates　of　wages；　profit；　and　rent；　at　the　time　and　place　in　which

they　commonly　prevail。

　　　　　When　the　price　of　any　commodity　is　neither　more　nor　less

than　what　is　sufficient　to　pay　the　rent　of　the　land；　the　wages　of

the　labour；　and　the　profits　of　the　stock　employed　in　raising；

preparing；　and　bringing　it　to　market；　according　to　their　natural

rates；　the　commodity　is　then　sold　for　what　may　be　called　its

natural　price。

　　　　　The　commodity　is　then　sold　precisely　for　what　it　is　worth；

or　for　what　it　really　costs　the　person　who　brings　it　to　market；

for　though　in　common　language　what　is　called　the　prime　cost　of

any　commodity　does　not　comprehend　the　profit　of　the　person　who　is

to　sell　it　again；　yet　if　he　sell　it　at　a　price　which　does　not

allow　him　the　ordinary　rate　of　profit　in　his　neighbourhood；　he　is

evidently　a　loser　by　the　trade；　since　by　employing　his　stock　in

some　other　way　he　might　have　made　that　profit。　His　profit；

besides；　is　his　revenue；　the　proper　fund　of　his　subsistence。　As；

while　he　is　preparing　and　bringing　the　goods　to　market；　he

advances　to　his　workmen　their　wages；　or　their　subsistence；　so　he

advances　to　himself；　in　the　same　manner；　his　own　subsistence；

which　is　generally　suitable　to　the　profit　which　he　may　reasonably

expect　from　the　sale　of　his　goods。　Unless　they　yield　him　this

profit；　therefore；　they　do　not　repay　him　what　they　may　very

properly　be　said　to　have　really　cost　him。

　　　　　Though　the　price；　therefore；　which　leaves　him　this　profit　is

not　always　the　lowest　at　which　a　dealer　may　sometimes　sell　his

goods；　it　is　the　lowest　at　which　he　is　likely　to　sell　them　for

any　considerable　time；　at　least　where　there　is　perfect　liberty；

or　where　he　may　change　his　trade　as　often　as　he　pleases。

　　　　　The　actual　price　at　which　any　commodity　is　commonly　sold　is

called　its　market　price。　It　may　either　be　above；　or　below；　or

exactly　the　same　with　its　natural　price。

　　　　　The　market　price　of　every　particular　commodity　is　regulated

by　the　proportion　between　the　quantity　which　is　actually　brought

to　market；　and　the　demand　of　those　who　are　willing　to　pay　the

natural　price　of　the　commodity；　or　the　whole　value　of　the　rent；

labour；　and　profit；　which　must　be　paid　in　order　to　bring　it

thither。　Such　people　may　be　called　the　effectual　demanders；　and

their　demand　the　effectual　demand；　since　it　may　be　sufficient　to

effectuate　the　bringing　of　the　commodity　to　market。　It　is

different　from　the　absolute　demand。　A　very　poor　man　may　be　said

in　some　sense　to　have　a　demand　for　a　coach　and　six；　he　might　like

to　have　it；　but　his　demand　is　not　an　effectual　demand；　as　the

commodity　can　never　be　brought　to　market　in　order　to　satisfy　it。

　　　　　When　the　quantity　of　any　commodity　which　is　brought　to

market　falls　short　of　the　effectual　demand；　all　those　who　are

willing　to　pay　the　whole　value