nd advancing country, is almost constantly increasing. We see in
consequence, that in spite of continued improvements in agriculture,
the money price of corn is ceteris paribus the highest in the richest
countries, while in spite of this high price of corn, and consequent
high price of labour, the money price of manufactures still continues
lower than in poorer countries.

I cannot then agree with Adam Smith, in thinking that the low value of
gold and silver is no proof of the wealth and flourishing state of the
country, where it takes place. Nothing of course can be inferred from
it, taken absolutely, except the abundance of the mines; but taken
relatively, or in comparison with the state of other countries, much
may be inferred from it. If we are to measure the value of the precious
metals in different countries, and at different periods in the same
country, by the price of corn and labour, which appears to me to be the
nearest practical approximation that can be adopted [and in fact corn
is the measure used by Adam Smith himself], it appears to me to follow,
that in countries which have a frequent commercial intercourse with each
other, which are nearly at the same distance from the mines, and are not
essentially different in soil; there is no more certain sign, or more
necessary consequence of superiority of wealth, than the low value of
the precious metals, or the high price of raw produce. [15]

It is of importance to ascertain this point; that we may not complain of
one of the most certain proofs of the prosperous condition of a country.

It is not of course meant to be asserted, that the high price of raw
produce is, separately taken, advantageous to the consumer; but that it
is the necessary concomitant of superior and increasing wealth, and that
one of them cannot be had without the other. [16]

With regard to the labouring classes of society, whose interests as
consumers may be supposed to be most nearly concerned, it is a very
short-sighted view of the subject, which contemplates, with alarm, the
high price of corn as certainly injurious to them. The essentials to
their well being are their own prudential habits, and the increasing
demand for labour. And I do not scruple distinctly to affirm, that under
similar habits, and a similar demand for labour, the high price of corn,
when it has had time to produce its natural effects, so far from being
a disadvantage to them, is a positive and unquestionable advan