Ch. xi. Bounties upon Exportatiofi. 173 



raw hides, two most important materials of home 

 growth, do not, according to Adam Smith's own 

 reasonings, (Book I. c. xi. p. 363, et seq.) depend 

 much upon the price of corn and the rent of land ; 

 and the prices of flax, tallow, and leather, are of 

 course greatly influenced by the quantity we im- 

 port. But woollen cloths, cotton and linen goods, 

 leather, soap, candles, tea, sugar, &c. which are 

 comprehended in the above-named articles, form 

 almost the whole of the clothing and luxuries of 

 the industrious classes of society. 



It should be further observed that in all coun- 

 tries, the industry of which is greatly assisted by 

 fixed capital, the part of the price of the wrought 

 commodity which pays the profits of such capital 

 will not necessarily rise in consequence of an 

 advance in the price of corn, except as it requires 

 gradual renovation ; and the advantage derived 

 from machinery which has been constructed be- 

 fore the advance in the price of labour will natu- 

 rally last for some years. 



In the case also of great and numerous taxes 

 on consumption, a rise or fall in the price of corn, 

 though it would increase or decrease that part of 

 the wages of labour which resolves itself into- 

 food, evidently would not increase or decrease 

 that part which is destined for the payment of 

 taxes. 



It cannot then be admitted as a general position 

 that the money price of corn in any country is a 

 just measure of the real value of silver in that 

 country. But all these considerations, though of 



