1831.] 
On the Source of Wealth. 
99 
stances, compatible with their present knowledge of productive arts ; that there will 
come to market, at this time, only so many wrought commodities as, on the sum 
of the sales effected, yield the greatest aggregate gain to manufacturers ; and that 
there will be offered in exchange for these, only so much agricultural produce as 
the cultivators find it most to their interest so to appropriate;— also, that any sub- 
sequent irregularity in the supply, either of wrought wares or of food, will tend to 
the impoverishment, not only of one, but of both classes of producers. Suppose an 
unusually great supply of wrought wares ; and manufacturers, for the sake of ob- 
taining a subsistence, may be under the necessity of forcing a sale at prices far 
below what yielded, on the whole of the sales effected, the greatest aggregate of 
gain. We may readily imagine the effects, in a sinking price, of a small excess of 
supply, coupled, as it would shortly be, with unusual eagerness amongst manufac- 
turers for purchasers. But obtaining wrought goods at a price below that for 
which such wares could permanently be brought to market, would entail ultimate 
impoverishment on the agriculturists also ; because, as the manufacturer’s circum- 
stances are reduced, so must their efficient demand for food be reduced also ; and a 
glut brought on of that which, in its present amount and form, was prepared solely 
with a view to meeting their contingent demand. 
If the supply of wrought wares were, on the other hand, suddenly reduced ; from 
this deficiency of supply, manufacturers would not be enriched, but impoverished ; in 
consequence of the rising prices of wroughtgoods which might be demanded. An 
efficient demand could only exist for a certain quantity of wrought produce, while 
the price demanded for each article was of a certain amount ; raise that price, and 
the products are taken out of the reach of the many who had a small excess of 
food to spare beyond their own consumption ; and they are left accessible to the 
few only, whose incomes are large : the high price cannot, therefore, hold , and the 
income of the manufacturers must be less in the aggregate than it was before ; 
while the efficient demand of manufacturers for food, on which the well being of 
cultivators now depends, must suffer corresponding reduction. 
Were the supply of food, the primary wealth which alone gives being to the 
rest, to suffer diminution, it is evident that all would be impoverished ; and even if 
the supply of food were to be suddenly increased, enrichment would not necessari y 
follow; agriculturists then eagerly seeking purchasers for their perishable waies, 
the equilibrium of demand and supply would be deranged ; and it was by the exis 
tence of this equilibrium that all were best enabled to obtain that which they most 
desired, and were thus kept in the best circumstances. 
I have endeavoured to trace the income of manufacturers from the savings agri- 
culturists would be tempted to make in their own consumption of food, and 
from the greater exertions they would be induced to make to secure the greater 
enjoyment wrought products yield ; although my theory involves the supposition of 
the greatest exertion of labour being already made, and of a constant accession o 
numbers, whenever the means exist of supporting an increase of the agricultural 
class; possibly, however, the intensity of immediate enjoyment, anticipated from the 
acquisition of wrought goods, may justify the supposition, that sacrifices and exer- 
tions would be made by individuals, which the desire to provide their own incieas 
ing numbers could not effect. But in the probable event, of wrought wares com- 
ing into use, before the utmost spread of population, it is obvious, that providing 
sufficient food alone for the increasing numbers of their class, will cease to be the 
sole motive for exertion with agriculturists ; and that agricultural population, 
with corresponding cultivation for their support, will now proceed, with reference 
to the power enjoyed of securing for each individual, not food alone, but food and 
