reduced　price。
  The　earth　has　been　sometimes　compared　to　a　vast　machine；
  presented　by　nature　to　man　for　the　production　of　food　and　raw
  materials；　but；　to　make　the　resemblance　more　just；　as　far　as　they
  admit　of　comparison；　we　should　consider　the　soil　as　a　present　to
  man　of　a　great　number　of　machines；　all　susceptible　of　continued
  improvement　by　the　application　of　capital　to　them；　but　yet　of
  very　different　original　qualities　and　powers。
  This　great　inequality　in　the　powers　of　the　machinery　employed
  in　procuring　raw　produce；　forms　one　of　the　most　remarkable
  features　which　distinguishes　the　machinery　of　the　land　from　the
  machinery　employed　in　manufactures。
  When　a　machine　in　manufactures　is　invented；　which　will
  produce　more　finished　work　with　less　labour　and　capital　than
  before；　if　there　be　no　patent；　or　as　soon　as　the　patent　is　over；
  a　sufficient　number　of　such　machines　may　be　made　to　supply　the
  whole　demand；　and　to　supersede　entirely　the　use　of　all　the　old
  machinery。　The　natural　consequence　is；　that　the　price　is　reduced
  to　the　price　of　production　from　the　best　machinery；　and　if　the
  price　were　to　be　depressed　lower；　the　whole　of　the　commodity
  would　be　withdrawn　from　the　market。
  The　machines　which　produce　corn　and　raw　materials　on　the
  contrary；　are　the　gifts　of　nature；　not　the　works　of　man；　and　we
  find；　by　experience；　that　these　gifts　have　very　different
  qualities　and　powers。　The　most　fertile　lands　of　a　country；　those
  which；　like　the　best　machinery　in　manufactures；　yield　the
  greatest　products　with　the　least　labour　and　capital；　are　never
  found　sufficient　to　supply　the　effective　demand　of　an　increasing
  population。　The　price　of　raw　produce；　therefore；　naturally　rises
  till　it　becomes　sufficiently　high　to　pay　the　cost　of　raising　it
  with　inferior　machines；　and　by　a　more　expensive　process；　and；　as
  there　cannot　be　two　prices　for　corn　of　the　same　quality；　all　the
  other　machines；　the　working　of　which　requires　less　capital
  compared　with　the　produce；　must　yield　rents　in　proportion　to
  their　goodness。
  Every　extensive　country　may　thus　be　considered　as　possessing
  a　gradation　of　machines　for　the　production　of　corn　and　raw
  materials；　including　in　this　gradation　not　only　all　the　various
  qualities　of　poor　land；　of　which　every　large　territory　has
  generally　an　abundance；　but　the　inferior　machinery　which　may　be
  said　to　be　employed　when　good　land　is　further　and　further　forced
  for　additional　produce。　As　the　price　of　raw　produce　continues　to
  rise；　these　inferior　machines　are　successively　called　into
  action；　and；　as　the　price　of　raw　produce　continues　to　fall；　they
  are　successively　thrown　out　of　action。　The　illustration　here　used
  serves　to　show　at　once　the　necessity　of　the　actual　price　of　corn
  to　the　actual　produce；　and　the　different　effect　which　would
  attend　a　great　reduction　in　the　price　of　any　particular
  manufacture；　and　a　great　reduction　in　the　price　of　raw　produce。
  I　hope　to　be　excused　for　dwelling　a　little；　and　presenting　to
  the　reader　in　various　forms　the　doctrine；　that　corn　in　reference
  to　the　quantity　actually　produced　is　sold　at　its　necessary　price
  like　manufactures；　because　I　consider　it　as　a　truth　of　the
  highest　importance；　which　has　been　entirely　overlooked　by　the
  Economists；　by　Adam　Smith；　and　all　those　writers　who　have
  represented　raw　produce　as　selling　always　at　a　monopoly　price。
  Adam　Smith　has　very　clearly　explained　in　what　manner　the
  progress　of　wealth　and　improvement　tends　to　raise　the　price　of
  cattle；　poultry；　the　materials　of　clothing　and　lodging；　the　most
  useful　minerals；　etc。；　etc。　compared　with　corn；　but　he　has　not
  entered　into　the　explanation　of　the　natural　causes　which　tend　to
  determine　the　price　of　corn。　He　has　left　the　reader；　indeed；　to
  conclude；　that　he　considers　the　price　of　corn　as　determined　only
  by　the　state　of　the　mines　which　at　the　time　supply　the
  circulating　medium　of　the　commercial　world。　But　this　is　a　cause
  obviously　inadequate　to　account　for　the　actual　differences　in　the
  price　of　grain；　observable　in　countries　at　no　great　distance　from
  each　other；　and　at　nearly　the　same　distance　from　the　mines。
  I　entirely　agree　with　him；　that　it　is　of　great　use　to　inquire
  into　the　causes　of　high　price；　as；　from　the　result　of　such
  inquiry；　it　may　turn　out；　that　the　very　circumstance　of　which　we
  complain；　may　be　the　necessary　consequence　and　the　most　certain
  sign　of　increasing　wealth　and　prosperity。　But；　of　all　inquiries
  of　this　kind；　none　surely　can　be　so　important；　or　so　generally
  interesting；　as　an　inquiry　into　the　causes　which　affect　the　price
  of　corn；　and　which　occasion　the　differences　in　this　price；　so
  observable　in　different　countries。
  I　have　no　hesitation　in　stating　that；　independently　of
  irregularities　in　the　currency　of　a　country；（13*）　and　other
  temporary　and　accidental　circumstances；　the　cause　of　the　high
  comparative　money　price　of　corn　is　its　high　comparative　real
  price；　or　the　greater　quantity　of　capital　and　labour　which　must
  be　employed　to　produce　it：　and　that　the　reason　why　the　real　price
  of　corn　is　higher　and　continually　rising　in　countries　which　are
  already　rich；　and　still　advancing　in　prosperity　and　population；
  is　to　be　found　in　the　necessity　of　resorting　constantly　to　poorer
  land　…　to　machines　which　require　a　greater　expenditure　to　work
  them　…　and　which　consequently　occasion　each　fresh　addition　to　the
  raw　produce　of　the　country　to　be　purchased　at　a　greater　cost　…　in
  short；　it　is　to　be　found　in　the　important　truth　that　corn；　in　a
  progressive　country；　is　sold　at　the　price　necessary　to　yield　the
  actual　supply；　and　that；　as　this　supply　becomes　more　and　more
  difficult；　the　price　rises　in　proportion。（14*）
  The　price　of　corn；　as　determined　by　these　causes；　will　of
  course　be　greatly　modified　by　other　circumstances；　by　direct　and
  indirect　taxation；　by　improvements　in　the　modes　of　cultivation；
  by　the　saving　of　labour　on　the　land；　and　particularly　by　the
  importations　of　foreign　corn。　The　latter　cause；　indeed；　may　do
  away；　in　a　considerable　degree；　the　usual　effects　of　great　wealth
  on　the　price　of　corn；　and　this　wealth　will　then　show　itself　in　a
  different　form。
  Let　us　suppose　seven　or　eight　large　countries　not　very
  distant　from　each　other；　and　not　very　differently　situated　with
  regard　to　the　mines。　Let　us　suppose　further；　that　neither　their
  soils　nor　their　skill　in　agriculture　are　essentially　unlike；　that
  their　currencies　are　in　a　natural　state；　their　taxes　nothing；　and
  that　every　trade　is　free；　except　the　trade　in　corn。　Let　us　now
  suppose　one　of　them　very　greatly　to　increase　in　capital　and
  manufacturing　skill　above　the　rest；　and　to　become　in　consequence
  much　more　rich　and　populous。　I　should　say；　that　this　great
  comparative　increase　of　riches　could　not　possibly　take　place；
  without　a　great　comparative　advance　in　the　price　of　raw　produce；
  and　that　such　advance　of　price　would；　under　the　circumstances
  supposed；　be　the　natural　sign　and　absolutely　necessary
  consequence；　of　the　increased　wealth　and　population　of　the
  country　in　question。
  Let　us　now　suppose　the　same　countries　to　have　the　most
  perfect　freedom　of　intercourse　in　corn；　and　the　expenses　of
  freight；　etc。　to　be　quite　inconsiderable。　And　let　us　still
  suppose　one　of　them　to　increase　very　greatly　above　the　rest；　in
  manufacturing　capital　and　skill；　in　wealth　and　population。　I
  should　then　say；　that　as　the　importation　of　corn　would　prevent
  any　great　difference　in　the　price　of　raw　produce；　it　would
  prevent　any　great　difference　in　the　quantity　of　capital　laid　out
  upon　the　land；　and　the　quantity　of　corn　obtained　from　it；　that；
  consequently；　the　great　increase　of　wealth　could　not　take　place
  without　a　great　dependence　on　the　other　nations　for　corn；　and
  that　this　dependence；　under　the　circumstances　supposed；　would　be
  the　natural　sign；　and　absolutely　necessary　consequence　of　the
  increased　wealth　and　population　of　the　country　in　question。
  These　I　consider　as　the　two　alternatives　necessarily
  belonging　to　a　great　comparative　increase　of　wealth；　and　the
  supposition　here　made　will；　with　proper　restrictions；　apply　to
  the　state　of　Europe。
  In　Europe；　the　expenses　attending　the　carriage　of　corn　are
  often　considerable。　They　form　a　natural　barrier　to　importation；
  and　even　the　country　which　habitually　depends　upon　foreign　corn；
  must　have　the　price　of　its　raw　produce　considerably　higher　than
  the　general　level。　Practically；　also；　the　prices　of　raw　produce；
  in　the　different　countries　of　Europe；　will　be　variously　modified
  by　very　different　soils；　very　different　degrees　of　taxation；　and
  very　different　degrees　of　improvement　in　the　science　of
  agriculture。　Heavy　taxation；　and　a　poor　soil；　may　occasion　a　high
  comparative　price　of　raw　produce；　or　a　considerable　dependence　on
  other　countries；　without　great　wealth　and　population；　while　great
  improvements　in　agriculture　and　a　good　soil　may　keep　the　price　of
  produce　low；　and　the　country　independen