Cli. xiii. afl'ectfi the ComUt'ion oj the. Pao)-. 225 



morals, and more subject to fluctuations in the 

 price of labour, than the po))ulation employed in 

 agriculture. 



These are no doubt considerable disadvantages, 

 and they would be sufficient to render the pro- 

 gress of riches decidedly unfavourable to the con- 

 dition of the poor, if they were not counteracted 

 by advantages which nearly, if not fully, counter- 

 balance them. 



And, first, it is obvious that the profits of stock 

 are that source of revenue from which the middle 

 classes are chiefly maintained ; and the increase 

 of capital, which is both the cause and effect of 

 increasing riches, may be said to be the efficient 

 cause of the emancipation of the great body of 

 society from a dependence on the landlords. In 

 a country of limited extent, consisting of fertile 

 land divided into large properties, as long as the 

 capital remains inconsiderable, the structure of 

 society is most unfavourable to liberty and good 

 government. This was exactly the state of Europe 

 in the feudal times. The landlords could in no 

 other way spend their incomes than by maintain- 

 ing a great number of idle followers; and it was 

 by the growth of capital in all the employments 

 to which it is directed, that the pernicious power 

 of the landlords was destroyed, and their depen- 

 dent followers were turned into merchants, manu- 

 facturers, tradesmen, farmers, and independent 

 labourers ; — a change of prodigious advantage to 

 the great body of society, including the labouring 

 classes. 



VOL. 11. Q 



