1000000030

,O IVil, Ihe real value of Ihe eommodilY, aod the profit

upoo

~Iieo~tioo.

The firU Ihiog 10 be koown of aoy maoufa<'lure,

wheo it comes to be fold, is, how much of it a perfilO can

perform in a day,

werk, a monlh, aeeording tO the

oltu re of Ihe work , which

m~y

rrquil'e more or lers

rime to b, iog it 10 pcrfe<'lioo. 1nmaking fueh enimaICs,

regard is tO he had only to

Wh~l,

ul'0n ao a\'crage, a

workman of Ihe eouotry in geoe,,1may perform, ",ith–

out fuppofiog him the beUor the worUio his

profe~oo,

or haviog ,oy peculiar advantage or dif:,dvaotage as to the

place "he,e he works.

Henee the reafoo why fi'me people thrive by their io–

duary,

~od

othm OOt

why fome maoufa<'lures flourilh

ooe place, ano oot io aoother.

11. The fecono thiog to be konwo, is the .alue of the

workOl~n's

fubr,Ueoce, aod necelfaryexpeoce, both for

fupplyiog' his I'erfooal waots, aod providiog the ioUru·

meots beloogiog to his profeflioo, whieh mun be takeo

upoo ao average as dbove; except IVheo the oalUre of the

work requires Ihe prefeoce

01'

Ihe workman io Ihe

pl~ce

of coofumplioo : for although fome mde"

~nd

Rlmol! cve

ry Olaoufa<'lure, may he carried on io plaees "

dillaoce,

aod therefore may fJII uoder one geoeral regulatioo

prices; yet others thereare which, by Iheir oature, re–

qui re the prefeoee of the wo, kmao io the place of con–

fumptioo; and io Ih" cafe the prices muH be rcgulated

by ci, cumnaoees relative tOevery particulu pl,cc.

][1. The Ihird and lan

thin~

tO be knowo, is rhe va–

lue of the mm rials. Ihat is, Ihe r,rll maner e'l1plnyed

by the workman; and if the obje<'l of his iodunry be the

manufa<'lure of

~nother,

the fame proeers of ioquiry

mun be gone through with regard to the fiell, as with

reg,rd tOthe feeond: aoo Ihus the 01011complex maou–

(a<'l¿Jres may be

lan reduced to the grealen r,OlpliciIY.

Th& three artides beiog koowo, the price of manu–

fa<'lure is dmrmined.

caooot be 10lVer than Ihe a-

0I0uot of all the time, Ihat is, than the real value ;

whmver it is higher, is the maoufaéturer's profit. T his

will ever be io proportion to o. maod, aod lherefore will

Ouau3le aecordiog lO circumnaoees.

Heoee appem lhe neeeflily of a gru t demaod, io or–

der lOpromnte flouriOling manufa<'lu res.

lhe eXlenr,ve dealiogs of m"rhants, aod lheir con–

Ihot appliealioo to the Oudy of the balaoee of work

~od

demand, all lhe aboye eircumOaoees are kno",o lOthem,

aod are made known tO the indunrious, who ,egulate

their li\'ing aod e peoee 'aeeordiog lOlheir eerlain profit.

Emplny a \YO' kman in a eouotry \Yhere there is tiule

trade or ioduO,y, he proportions his priee always lO lhe

urgeney of yOllr ",aot, or you,

e~pacity

10 pay; bUl fel–

dom to Iris owo labour. Employ anothe, io a eountry

of l..de, he will OOt impofe uron you, uolers perhaps

ou be a Oraoger, whieh fuppofes your being ignoraot of

lhe

Y~lue;

but emplny lhe fame \Yorkmao io a work not

ufual io Ihe eouolry, cnnfequeotly nOl demanded, con ·

fequentlv nol

re~ulntrd

as tOlhe value, he will propor–

tion his prire as 'o lhe firO fuppofilioo.

Vie m,y therefore coodude f,om \Vhat has ue-n

f.id

thu io

counrry wlwre mdr h¡s bern eilaulilhed, ma–

nuf,aures muO lIou"lh. from lhe ready fale, lhe

regul~-

V OL.

11. No. 39.

teel priee Of work, anel lhe cerlaio pror,t refuhing frllm

induflry. Lct us next ioquire ioto the

coor~quellees

fueh a filualion.

How

IOl'cigl/

Trndc

OpCI/! lo

nl/

illllllj/rio/IJ

PropJe,

nl/ll Ibc Co/(frq /lCI/CC!

o/ il lo

tbe lIIercbmll!

1ubo

Jet it

01/

}001.

T H

firO

eoofe~lIeoce

of the

fitu~tioo

deferiurel io lhe

preeediog feaiun is, Ihat waols are c.fily fupl'liell, for

the adequate v. lue uf lhe thing wanleO.

The neXl eonfequenee is, Ihe opeoiog of (oreigo trade

uode, its two denominations Of pat1i\'eaoo .ai\'e. Strao–

gers and people or diOant eouotries, rlndlOg lhe dini–

cuhy of h.ving their \Vao,! fllpplicd at hOlllc, aod lhe

eafe of having lhemCurplied from lhis eountry. illlmedi–

alel yhave reeourfe 10 il. This is pafli ve trude. Thea<'li\'e

is when01' rchaol' , \Vho Irave exc.:uted this pbo

' 1

h,'me

with ruecefs, hegio

tranCpon

th~

I"hour of thm eouo–

trymeo iOlO olher rrgioos, whieh . ilher produce, '" .rre

capable Of producinr. lud, anides of cunfumplioo, prope,

to be manllfa<

'lur.rI

, as . rc lllolI demanded at hume; aol!

confequcndy ",i ll meet IVilh Ihe ,e.diefl f:11., and fc'eI,

the largefl profilS.

Here then is Ihe openiog of foreigo t,ade, uncler il!

two dennmioa,i"ns of aaive ano paflive.

What theo are Ihe eonfequene.., Of lhis ne\V cOlllmere-.

to ou, merehanrs, who have leCl Iheir home. io qucll of

gain. aboard 1

T he lira i" that, m i.iog io any oew eountry. thcy

fiod Ihcu,(elves in Ihe fame filudlion. Wilh regard to the

inhahitaolS, as Ihe workOlJo ill the eOllnll y (lf 00 trade

wilh

reg~rd

lO lhofe \Vho eOlplOl'ed him ; lhat is, they

propllrtioo lhe priee Of lheir goods lO the

e,~erncfs

aeqlliring, or lhe eapacity or payiog, in the iohabilanls,

but neve r tOtheir re.d value.

The firn profils then, upoo this trade, ollln be very

coofiderable

aod Ihe demaod from fueh a enuotrv wiil

h~f/¡ .or

'/IYIU,

grral

final/.

aeeording to lhe (I'"it,

not lhe rcal "'ann of lhe people: for lhefe io

~II

eOlln–

tries mllll firll be fupplied by lhe inhabitaol! thcmfelves,

b.fore Ihey cufe to

I~bour.

lhe people of this nOl-trading eOllntry be abund.III·'

Iyfllroilhed \Vilh eommooilies ufeful tO Ihe mdm, lhey

will eafily par! \Vith lhcm. at fi rO, ¡or the inlb IImenlSOf

luxury aod eafe

but lhe greal profit Of the lIadm ",ill

iofenr,bly inmafe lhe d.maod for the pro<lu<'lions tlf IlIti,

0~\V eorrefpon.~~ots

this IVill have the erTe<'l Of produ–

clng a compellllon belweeo lhemfelves, and thereby of

thr?wiog the

d~maod

00 their fideo This is perpetually

a o,fadvaolage

traflie: the mon uopol,lheJ nalioos in

lhe wocld quickly pereci.e the erTe<'ls of it; aod are

taught 10 profil by the difeovery, io fpite Of the adurcfs

of thofe who are Ihe moO expert io eommere .

The trJdm will lherefore be very food of falling upoo

el'ery metl,od and cootrivaoce to iofpire this peorle witlr

a tafie Of rcfioement and delicacy. Abundaote Of fine

prtf. nlS, cnofifliog of every infirumeOl of luxllry and fu .

rerflull)', Ihe ben

~dapted

to the gcnills of the peo!,l.

\ViII h' given 10 the prioee oou lellltog men alllon' Ihem'

Workntcn will mo be employed at home tO

lI~dy th~

3 N

t. (le