wealbk01-第7章

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power；　or　to　the　quantity　either　of　other　men's　labour；　or；　what

is　the　same　thing；　of　the　produce　of　other　men's　labour；　which　it

enables　him　to　purchase　or　command。　The　exchangeable　value　of

everything　must　always　be　precisely　equal　to　the　extent　of　this

power　which　it　conveys　to　its　owner。

　　　　　But　though　labour　be　the　real　measure　of　the　exchangeable

value　of　all　commodities；　it　is　not　that　by　which　their　value　is

commonly　estimated。　It　is　of　difficult　to　ascertain　the

proportion　between　two　different　quantities　of　labour。　The　time

spent　in　two　different　sorts　of　work　will　not　always　alone

determine　this　proportion。　The　different　degrees　of　hardship

endured；　and　of　ingenuity　exercised；　must　likewise　be　taken　into

account。　There　may　be　more　labour　in　an　hour's　hard　work　than　in

two　hours'　easy　business；　or　in　an　hour's　application　to　a　trade

which　it　cost　ten　years'　labour　to　learn；　than　in　a　month's

industry　at　an　ordinary　and　obvious　employment。　But　it　is　not

easy　to　find　any　accurate　measure　either　of　hardship　or

ingenuity。　In　exchanging；　indeed；　the　different　productions　of

different　sorts　of　labour　for　one　another；　some　allowance　is

commonly　made　for　both。　It　is　adjusted；　however；　not　by　any

accurate　measure；　but　by　the　higgling　and　bargaining　of　the

market；　according　to　that　sort　of　rough　equality　which；　though

not　exact；　is　sufficient　for　carrying　on　the　business　of　common

life。

　　　　　Every　commodity；　besides；　is　more　frequently　exchanged　for；

and　thereby　compared　with；　other　commodities　than　with　labour。　It

is　more　natural；　therefore；　to　estimate　its　exchangeable　value　by

the　quantity　of　some　other　commodity　than　by　that　of　the　labour

which　it　can　purchase。　The　greater　part　of　people；　too；

understand　better　what　is　meant　by　a　quantity　of　a　particular

commodity　than　by　a　quantity　of　labour。　The　one　is　a　plain

palpable　object；　the　other　an　abstract　notion；　which；　though　it

can　be　made　sufficiently　intelligible；　is　not　altogether　so

natural　and　obvious。

　　　　　But　when　barter　ceases；　and　money　has　become　the　common

instrument　of　commerce；　every　particular　commodity　is　more

frequently　exchanged　for　money　than　for　any　other　commodity。　The

butcher　seldom　carries　his　beef　or　his　mutton　to　the　baker；　or

the　brewer；　in　order　to　exchange　them　for　bread　or　for　beer；　but

he　carries　them　to　the　market；　where　he　exchanges　them　for　money；

and　afterwards　exchanges　that　money　for　bread　and　for　beer。　The

quantity　of　money　which　he　gets　for　them　regulates；　too；　the

quantity　of　bread　and　beer　which　he　can　afterwards　purchase。　It

is　more　natural　and　obvious　to　him；　therefore；　to　estimate　their

value　by　the　quantity　of　money；　the　commodity　for　which　he

immediately　exchanges　them；　than　by　that　of　bread　and　beer；　the

commodities　for　which　he　can　exchange　them　only　by　the

intervention　of　another　commodity；　and　rather　to　say　that　his

butcher's　meat　is　worth　threepence　or　fourpence　a　pound；　than

that　it　is　worth　three　or　four　pounds　of　bread；　or　three　or　four

quarts　of　small　beer。　Hence　it　comes　to　pass　that　the

exchangeable　value　of　every　commodity　is　more　frequently

estimated　by　the　quantity　of　money；　than　by　the　quantity　either

of　labour　or　of　any　other　commodity　which　can　be　had　in　exchange

for　it。

　　　　　Gold　and　silver；　however；　like　every　other　commodity；　vary

in　their　value；　are　sometimes　cheaper　and　sometimes　dearer；

sometimes　of　easier　and　sometimes　of　more　difficult　purchase。　The

quantity　of　labour　which　any　particular　quantity　of　them　can

purchase　or　command；　or　the　quantity　of　other　goods　which　it　will

exchange　for；　depends　always　upon　the　fertility　or　barrenness　of

the　mines　which　happen　to　be　known　about　the　time　when　such

exchanges　are　made。　The　discovery　of　the　abundant　mines　of

America　reduced；　in　the　sixteenth　century；　the　value　of　gold　and

silver　in　Europe　to　about　a　third　of　what　it　had　been　before。　As

it　costs　less　labour　to　bring　those　metals　from　the　mine　to　the

market；　so　when　they　were　brought　thither　they　could　purchase　or

command　less　labour；　and　this　revolution　in　their　value；　though

perhaps　the　greatest；　is　by　no　means　the　only　one　of　which

history　gives　some　account。　But　as　a　measure　of　quantity；　such　as

the　natural　foot；　fathom；　or　handful；　which　is　continually

varying　in　its　own　quantity；　can　never　be　an　accurate　measure　of

the　quantity　of　other　things；　so　a　commodity　which　is　itself

continually　varying　in　its　own　value；　can　never　be　an　accurate

measure　of　the　value　of　other　commodities。　Equal　quantities　of

labour；　at　all　times　and　places；　may　be　said　to　be　of　equal　value

to　the　labourer。　In　his　ordinary　state　of　health；　strength　and

spirits；　in　the　ordinary　degree　of　his　skill　and　dexterity；　he

must　always　laydown　the　same　portion　of　his　ease；　his　liberty；

and　his　happiness。　The　price　which　he　pays　must　always　be　the

same；　whatever　may　be　the　quantity　of　goods　which　he　receives　in

return　for　it。　Of　these；　indeed；　it　may　sometimes　purchase　a

greater　and　sometimes　a　smaller　quantity；　but　it　is　their　value

which　varies；　not　that　of　the　labour　which　purchases　them。　At　all

times　and　places　that　is　dear　which　it　is　difficult　to　come　at；

or　which　it　costs　much　labour　to　acquire；　and　that　cheap　which　is

to　be　had　easily；　or　with　very　little　labour。　Labour　alone；

therefore；　never　varying　in　its　own　value；　is　alone　the　ultimate

and　real　standard　by　which　the　value　of　all　commodities　can　at

all　times　and　places　be　estimated　and　compared。　It　is　their　real

price；　money　is　their　nominal　price　only。

　　　　　But　though　equal　quantities　of　labour　are　always　of　equal

value　to　the　labourer；　yet　to　the　person　who　employs　him　they

appear　sometimes　to　be　of　greater　and　sometimes　of　smaller　value。

He　purchases　them　sometimes　with　a　greater　and　sometimes　with　a

smaller　quantity　of　goods；　and　to　him　the　price　of　labour　seems

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；　i