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I.

BOOK inftrument of husbandry, fuch as a labouring horfe, is itself made up of the fame three parts; the rent of the land upon which he is reared, the labour of tending and rearing him, and the profits of the farmer who advances both the rent of this land, and the wages of this labour. Though the price of the corn, therefore, may pay the price as well as the maintenance of the horfe, the whole price ftill refolves itself either immediately or ultimately into the fame three parts of rent, labour, and profit.

In the price of flour or meal, we must add to the price of the corn, the profits of the miller, and the wages of his fervants; in the price of bread, the profits of the baker, and the wages of his fervants; and in the price of both, the labour of transporting the corn from the house of the farmer to that of the miller, and from that of the miller to that of the baker, together with the profits of thofe who advance the wages of that labour.

The price of flax refolves itself into the fame three parts as that of corn. In the price of linen we must add to this price the wages of the flax-dreffer, of the fpinner, of the weaver, of the bleacher, &c. together with the profits of their respective employers.

As any particular commodity comes to be more manufactured, that part of the price which refolves itself into wages and profit, comes to be greater in proportion to that which refolves itself into rent. In the progress of the manufacture, not only the number of profits increase,

but

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but every fubfequent profit is greater than the CHA P. foregoing; because the capital from which it is derived muft always be greater. The capital which employs the weavers, for example, muft be greater than that which employs the fpinners; because it not only replaces that capital with its profits, but pays, befides, the wages of the weavers; and the profits must always bear fome proportion to the capital.

In the most improved focieties, however, there are always a few commodities of which the price refolves itself into two parts only, the wages of labour, and the profits of ftock; and a ftill fmaller number, in which it confifts altogether in the wages of labour. In the price of fea-fith, for example, one part pays the labour of the fishermen, and the other the profits of the capital employed in the fishery. Rent very feldom makes any part of it, though it does fometimes, as I fhall fhew hereafter. It is otherwise, at least through the greater part of Europe, in river fisheries. A falmon fishery pays a rent, and rent, though it cannot well be called the rent of land, makes a part of the price of a falmon as well as wages and profit. In fome parts of Scotland a few poor people make a trade of gathering, along the fea-fhore, thofe little variegated ftones commonly known by the name of Scotch Pebbles. The price which is paid to them by the ftone-cutter is altogether the wages of their labour; neither rent nor profit make any part of it.

BOOK

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But the whole price of any commodity must ftill finally refolve itself into fome one or other, or all of thofe three parts; as whatever part of it remains after paying the rent of the land, and the price of the whole labour employed in raifing, manufacturing, and bringing it to market, muft neceffarily be profit to fomebody.

As the price or exchangeable value of every particular commodity, taken separately, refolves itfelf into fome one or other, or all of thofe three parts; fo that of all the commodities which compofe the whole annual produce of the labour of every country, taken complexly, muft refolve itfelf into the fame three parts, and be parcelled out among different inhabitants of the country, either as the wages of their labour, the profits of their ftock, or the rent of their land. The whole of what is annually either collected or produced by the labour of every fociety, or what comes to the fame thing, the whole price of it, is in this manner originally distributed among fome of its different members. Wages, profit, and rent, are the three original fources of all revenue as well as of all exchangeable value. All other revenue is ultimately derived from fome one or other of thefe.

Whoever derives his revenue from a fund which is his own, muft draw it either from his labour, from his ftock, or from his land. The revenue derived from labour is called wages. That derived from ftock, by the perfon who manages or employs it, is called profit. That derived from it by the perfon who does not em

ploy

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ploy it himself, but lends it to another, is called CHA P. the intereft or the ufe of money. It is the compenfation which the borrower pays to the lender, for the profit which he has an opportunity of making by the ufe 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 intereft 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 fome other fource of revenue, unless perhaps the borrower is a spendthrift, who contracts a fecond debt in order to pay the intereft of the firft. 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 ftock. To him, land is only the inftrument which enables him to earn the wages of this labour, and to make the profits of this ftock. All taxes, and all the revenue which is founded upon them, all falaries, penfions, and annuities of every kind, are ultimately derived from fome one or other of thofe three original fources of revenue, and are paid either immediately or mediately from the wages of labour, the profits of flock, or the rent of land.

When thofe three different forts of revenue. belong to different perfons, they are readily dif tinguished; but when they belong to the fame

BOOK they are fometimes confounded with one another, at least in common language.

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A gentleman who farms a part of his own eftate, after paying the expence of cultivation, fhould 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 fituation. They farm, the greater part of them, their own eftates, and accordingly we feldom hear of the rent of a plantation, but frequently of its profit.

Common farmers feldom employ any overfeer to direct the general operations of the farm. They generally too work a good deal with their own hands, as ploughmen, harrowers, &c. What remains of the crop after paying the rent, therefore, fhould 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 overfeers. 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 faving thefe wages, muft neceffarily gain them. Wages, therefore, are in this cafe 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,

fhould

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