An Inquiry into the Nature and Causes of the Wealth of Nations

Adam Smith, from the Warren J. Samuels Portrait Collection
Smith, Adam
(1723-1790)
CEE
Display paragraphs in this book containing:
Editor/Trans.
Edwin Cannan, ed.
First Pub. Date
1776
Publisher/Edition
London: Methuen & Co., Ltd.
Pub. Date
1904
Comments
5th edition.

Notes to the Electronic Edition:

* The Library of Economics and Liberty electronic edition is taken from Edwin Cannan's 1904 edition of Smith's Wealth of Nations, based on the 5th and last edition published in Smith's lifetime. The text and footnotes are presented here in full.

** Each footnote is marked in the text by a colored-coded superscript and in this footnote file according to its authorship as follows:

  • The author's original notes, color-coded blue in the text, are unbracketed and unlabeled below.
  • The editor's (Cannan's) notes, color-coded gold in the text, are bracketed below.
  • The website (Library of Economics and Liberty) Editor's notes, color-coded red in the text, are unbracketed and indicated by asterisks rather than numbers.

Book IV, Introduction

1. [For other definitions of the purpose or nature of political economy see the index, s.v.]

Book IV, Chapter I

2. [There seems to be a confusion between Plano-Carpini, a Franciscan sent as legate by Pope Innocent IV. in 1246, and Guillaume de Rubruquis, another Franciscan sent as ambassador by Louis IX. in 1253. As is pointed out by Rogers in a note on this passage, the reference appears to be to Rubruquis, Voyage en Tartarie et à la Chine, chap. xxxiii. The great Khan's secretaries, Rubruquis states, on one occasion displayed curiosity about France: 's'enquérant s'il y avait force bœufs, moutons, et chevaux, comme s'ils eussent déjà été tous prêts d'y venir et emmener tout'. Plano-Carpini and Rubruquis are both in Bergeron's Voyages faits principalement en Asie dans les xii., xiii., xiv. et xv. siècles, La Haye, 1735.]

3. [There is very little foundation for any part of this paragraph. It perhaps originated in an inaccurate recollection of pp. 17, 18 and 77-79 of Some Considerations (1696 ed.), and §§ 46-50 of Civil Government. It was probably transferred bodily from the Lectures without verification. See Lectures, p. 198.]

4. [See below, vol. ii., p. 17, note.]

5. [Ed. 1 reads 'expect least of all'.]

6. [The words 'forth of the realm' occur in (January) 1487, c. 11. Other acts are 1436, c. 13; 1451, c. 15; 1482, c. 8.]

7. [Ed. 1 reads 'increase it'.]

8. [England's Treasure by Forraign Trade, or the Ballance of our Forraign Trade is the Rule of our Treasure, 1664, chap. iv., ad fin., which reads, however, 'we will rather accompt him a mad man'.]

9. [Mun, England's Treasure chap. vi.]

10. ['Among other things relating to trade there hath been much discourse of the balance of trade; the right understanding whereof may be of singular use.'—Josiah Child, New Discourse of Trade, 1694, p. 152, chap. ix., introducing an explanation. The term was used before Mun's work was written. See Palgrave's Dictionary of Political Economy, s.v Balance of Trade, History of the theory.]

11. [This sentence appears first in ed. 2. Ed. 1 begins the next sentence, 'The high price of exchange therefore would tend'.]

12. ['In' is a mistake for 'by'.]

13. [Here and four lines higher eds. 1-3 read 'if there was'.]

14. [Ed. 1 reads in'.]

15. [Eds. 1-3 read 'if it was'.]

16. [The absence of any reference to the long Digression in bk. i., chap. xi., suggests that this passage was written before the Digression was incorporated in the work. Contrast the reference below, vol. ii., p. 12.]

17. [Ed. 1 reads 'not only without any inconveniency but with very great advantages'.]

18. [This probably refers to p. 314, though the object there is rather to insist on the largeness of the saving effected by dispensing with money, and pp. 302-309.]

19. [Eds. 1-3 read 'was it not'.]

20. [Present State of the Nation (see below, p. 465 and note), p. 28.]

21. [Eds. 1-3 read 'was'.]

22. [Ed. 1 reads 'according to the exaggerated computation of Mr. Horsely'.]

23. [Lectures, p. 199.]

24. [The Present State of the Nation, particularly with respect to its Trade, Finances, etc., etc., addressed to the King and both Houses of Parliament, 1768 (written under the direction of George Grenville by William Knox), pp. 7, 8.]

25. [Above, pp. 231-233.]

26. [In place of these two sentences ed. 1 reads 'A considerable part of the annual surplus of its manufactures must indeed in this case be exported without bringing back any returns. Some part of it, however, may still continue to bring back a return.']

27. [History, chaps. xix. and xx., vol. iii., pp. 103, 104, 165 in ed. of 1773.]

28. [Below, vol. ii., p. 445.]

29. [This sentence and the nine words before it are repeated below, vol. ii., p. 442.]

30. ['Dercyllidas' appears to be a mistake for Antiochus. See Xenophon, Hellenica, vii., i., § 38.]

31. [Ed. 1 reads 'thereby increase'.]

Book IV, Chapter II

32. [See above, p. 443.]

33. [See below, vol. ii., pp. 43, 44.]

34. [11 and 12 Ed. III., c. 3; 4 Ed. IV., c. 7.]

35. [6 Geo. III., c. 28.]

36. [By the additional duties. 7 Geo. III., c. 28.]

37. [Misprinted 'manufactures' in ed. 5.]

38. [This sentence appears first in Additions and Corrections and ed. 3.]

39. [Ed. 1 reads 'certain'.]

40. [Above, pp. 390-394.]

41. [Ed. 1 reads 'the' here.]

42. [Ed. 1 reads 'augmenting,' which seems more correct.]

43. [Above, p. 474, and below, vol. ii., pp. 43, 44.]

44. [Eds. 1-3 read 'was' here and seven lines lower down.]

45. [Charles Smith, Three Tracts on the Corn-Trade and Corn-Laws, pp. 144-145. The same figure is quoted below, vol. ii. p. 42.]

46. [Ed. 1 does not contain the words 'in the actual state of tillage'.]

47. [Eds. 1-3 read 'was'.]

48. [Joseph Van Robais in 1669.—John Smith, Memoirs of Wool, vol. ii., pp. 426, 427, but neither John Smith nor Charles King, British Merchant, 1721, vol. ii., pp. 93, 94, gives the particular stipulation mentioned.]

49. [Cato, De re rustica, ad init., but 'Questus' should of course be 'quæstus'.]

50. [12 Car. II., c. 18, 'An act for the encouraging and increasing of shipping and navigation.']

51. [§§ 1 and 6.]

52. [§§ 8 and 9. Eds. 1 and 2 read 'ship and cargo'. The alteration was probably made in order to avoid wearisome repetition of the same phrase in the three paragraphs.]

53. [§ 4, which, however, applies to all such goods of foreign growth and manufacture as were forbidden to be imported except in English ships, not only to bulky goods. The words 'great variety of the most bulky articles of importation' occur at the beginning of the previous paragraph, and are perhaps copied here by mistake.]

54. [§ 5.]

55. [In 1651, by 'An act for the increase of shipping and encouragement of the navigation of this nation,' p. 1,449 in the collection of Commonwealth Acts.]

56. [By 25 Car. II., c. 6, § 1, except on coal. The plural 'acts' may refer to renewing acts. Anderson, Commerce, A.D. 1672.]

57. [Ed. 1 contains the words 'malt, beer' here.]

58. [Below, vol. ii., pp. 399-405.]

59. [Ed. 1 reads 'it is'.]

60. [The importation of bone lace was prohibited by 13 and 14 Car. II., c. 13, and 9, and 10 W. III., c. 9, was passed to make the prohibition more effectual. By 11 and 12 W. III., c. 11, it was provided that the prohibition should cease three months after English woollen manufactures were readmitted to Flanders.]

61. [Ed. 1 reads 'injury ourselves, both to those classes and to'.]

62. [Above, p. 151.]

63. [12 Car. II., c. 16; 12 Ann., st. 1, § 13; 3 Geo. III., c. 8, gave this liberty after particular wars. ]

64. [Ed. 1 reads 'Utopea'.]

65. [Below, vol. ii., pp. 426-431.]

Book IV, Chapter III

66. [Ed. 1 contains no part headings and does not divide the chapter into parts.]

67. [18 Geo. II., c. 36; 7 Geo. III., c. 43.]

68. [4 W. and M., c. 5, § 2.]

69. [7 and 8 W. III., c. 20; but wine and vinegar were excepted from the general increase of 25 per cent. as well as brandy, upon which the additional duty was £30 per ton of single proof and £60 per ton of double proof.]

70. [See below, vol. ii., pp. 409, 410.]

71. [Nearly all the matter from the beginning of the chapter to this point appears first in Additions and Corrections and ed. 3. Eds. 1 and 2 contain only the first sentence of chapter and then proceed 'Thus in Great Britain higher duties are laid upon the wines of France than upon those of Portugal. German linen may be imported upon paying certain duties; but French linen is altogether prohibited. The principles which I have been examining took their origin from private interest and the spirit of monopoly; those which I am going to examine from national prejudice and animosity.']

72. [See Anderson, Commerce, A.D. 1601, and see above, pp. 452-453.]

73. [Ed. 1 reads 'a great part'.]

74. [Ed. 1 reads 'The course of exchange, at least as it has hitherto been estimated, is, perhaps, almost equally so.']

75. [Here and two lines above eds. 1 and 2 read 'it' instead of 'that other'.]

76. [Ed. 1 reads 'common'.]

77. [This paragraph is absent in Ed. 1, but the substance of it occurs in a paragraph lower down, omitted in ed. 2 and later eds. See below, p. 513, note 3.]

78. [In place of this paragraph Ed. 1 reads, 'But though this doctrine, of which some part is, perhaps, not a little doubtful, were supposed ever so certain, the manner in which the par of exchange has hitherto been computed renders uncertain every conclusion that has ever yet been drawn from it'.]

79. [Ed. 1 reads 'standards' here and seven lines below.]

80. [See above, p. 216.]

81. [This erroneous statement has already been made, vol. i., p. 51; see below, vol. ii., p. 61, for details.]

82. [Already mentioned above, vol. i., p. 349.]

83. [Ed. 2 and later eds. read erroneously 'of the two'.]

84. [See the preface to the 4th ed., above.]

85. [Ed. 1 reads 'Those deposits of coin, or which'.]

86. [Eds. 1-3 have the more correct but awkward reading 'than of those of gold'.]

87. The following are the prices at which the bank of Amsterdam at present (September 1775) receives bullion and coin of different kinds:

SILVER
Mexico dollars brace bracket Guilders.
French crowns B-22 per mark.
English silver coin
Mexico dollars new coin - - 21  10
Ducatoons - - 3
Rix dollars - - 2   8
Bar silver containing 11/12 fine silver 21 per mark, and in this proportion down to ¼ fine, on which 5 guilders are given.

Fine bars, 23 per mark.

GOLD
Portugal coin brace bracket
Guineas B-310 per mark.
Louis d'ors new
Ditto old - - 300
New ducats - - 4   19   8 per ducat.
Bar or ingot gold is received in proportion to its fineness compared with the above foreign gold coin. Upon fine bars the bank gives 340 per mark. In general, however, something more is given upon coin of a known fineness, than upon gold and silver bars, of which the fineness cannot be ascertained but by a process of melting and assaying.

88. [Ed. 1 reads 'it' here.]

89. [Lectures, pp. 193, 194. The story is doubtless in Voltaire Siècle de Louis XIV., chap. x., and is quoted thence by Anderson, Commerce, A.D. 1672.]

90. [N. Magens, Universal Merchant, ed. Horsley, pp. 32, 33, who also protests against the common exaggeration, gives 3,000 as a maximum estimate for the number of accounts, and 60,000,000 guilders as the utmost amount of the treasure.]

91. [Ed. 1 runs on here as follows, 'But though the computed exchange must generally be in favour of the former, the real exchange may frequently be in favour of the latter.']

92. [In place of this part heading (see above, p. 496, note) ed. 1 reads, in square-bracketed italics, 'End of the Digression concerning Banks of Deposit'.]

93. [In place of this first line Ed. 1 reads, 'Though the computed exchange between any two places were in every respect the same with the real, it would not always follow that what is called the balance of trade was in favour of that place which had the ordinary course of exchange in its favour. The ordinary course of exchange might, indeed, this case, be a tolerable indication of the ordinary state of debt and credit between them, and show which of the two countries usually had occasion to send out money to the other. But the ordinary state of debt and credit between any two places is not always entirely regulated by the ordinary course of their dealings with one another, but is influenced by that of the dealings of both with many other countries. If it was usual, for example, for the merchants of England to pay the goods which they buy from Hamburgh, Dantzick, Riga, &c., by bills upon Holland, the ordinary state of debt and credit between England and Holland would not be entirely regulated by the ordinary course of the dealings of those two countries with one another, but would be influenced by that of England with those other places. England might, in this case be annually obliged to send out money to Holland, though its annual exports to that country exceeded the annual value of its imports from it, and though what is called the balance of trade was very much in favour of England.

'Hitherto I have been endeavouring to shew.' See above, p. 500, note 1.]

94. [Below, vol. ii., pp. 10, 11.]

95. [Ed. 1 does not contain 'and preparing for the market'.]

96. [Above, p. 391.]

97. [Eds. 1 and 2 read 'make'.]

98. [Ed. 1 reads 'from either'.]

99. [Lectures, p. 179.]

100. [Above p. 389.]

101. [Below, vol. ii, p. 201.]

102. [See below, vol. ii., p. 438.]

103. [See below, vol. ii., p. 475.]

104. [This and the preceding paragraph appear first in Additions and Corrections and ed. 3.]

105. [Above, vol. i., p. 359; Lectures, p. 207.]

106. This paragraph was written in the year 1775. [But not exactly as it stands, since ed. 1 reads the late disturbances' instead of 'the present disturbances'. We can only conjecture that Smith thought that the disturbances were past either when he was writing or when he returned the proof to the printers, or that they would be past by the time his book was published. The alteration of 'late' to 'present' was made in ed. 2, and then footnote added in ed. 3. In vol. ii. all eds. read 'present disturbances' on pp. 85, 98 and 130 and 'late disturbances' on p. 90. The two expressions could scarcely have been used; at the same time so we must suppose that 'late' was corrected into 'present' on pp. 85, 98 and 130, or that 'present' was corrected into 'late' on p. 90, but we cannot tell for certain which of the two things happened.]

Book IV, Chapter IV

1. [Eds. 1 and 2 reads 'go to it'.]

2. [The next four pages are not in eds. 1 and 2; see below, p. 7, note.]

3. [12 Car. II., c. 4.]

4. [Henry Saxby, The British Customs, containing an Historical and Practical Account of each branch of that part of the Revenue, 1757, pp. 10, 308.]

5. [These figures are also quoted above, vol. i., p. 395 and below, p. 117.]

6. [Saxby, British Customs, p. 12.]

7. [Ibid., p. 11.]

8. [6 Geo. III., c. 28; 11 Geo. III., c. 49.]

9. [Above, vol. i., p. 496.]

10. [7 and 8 W. III., c. 20; 1 Geo. I., c. 12., § 3; Saxby, British Customs, p. 45;above, vol. i., p. 496. The first 25 per cent. was imposed in 1692, the second in 1696.]

11. [Saxby, British Customs, pp. 13, 22, 39, 46. 'The additional duty' was imposed in 1703. For the 'impost 1692' and the subsidies see above, vol. i., pp. 496, 497, and below, pp. 409. 410 'The coinage on wine' was the duty levied under 18 Car. II., c. 5, for defraying the expenses of the mint.]

12. [Saxby, British Customs, pp. 13, 38.]

13. [1 Jac. II., c. 3, and continuing Acts: £8 a tun on French and £12 on other wine.]

14. [7 and 8 W. III., c. 20, § 3; 1 Geo. I., st. 2, c. 12, § 3.]

15. [18 Geo. II., c. 9; Saxby, British Customs, p. 64: £8 a tun on French and £4 other wine.]

16. [? 1762. 3 Geo. III., c. 12: £8 a tun on French and £4 on other wine.]

17. [18 Geo. III., c. 27: £8 8s. on French and £4 4s. on other wine.]

18. [I.e., 5 per cent., not on the value of the goods but on the amount of the previously existing duties; 19 Geo. III., c. 25, and 22 Geo. III., c. 66.]

19. [20 Geo. III., c. 30: £8 a tun on French and £4 on other wine.]

20. [The colonial part of the Act is said in its particular preamble (§ 5) to be for purpose of 'maintaining a greater correspondence and kindness between' the colony and mother country, and for keeping the colonies 'in a firmer dependence'.]

21. [All this is dealt with in greater detail below, pp. 89-92.]

22. [The framers of the Act were not so sure about Madeira being non-European. They excepted wine of the Madeiras and Azores by special provision, § 7 of 15 Car. II., c. 7, § 13.]

23. [From the words 'duty upon importation' at the end of the first sentence of the third paragraph of the chapter to this point is new matter, which appears first in Additions and Corrections and ed. 3. Eds. 1 and 2 read in place of it simply, 'Half the duties imposed by what is called the old subsidy, are drawn back universally, except upon goods exported to the British plantations; and frequently the whole, almost always a part of those imposed by later subsidies and imposts.' The provision of 4 Geo. III., c. 15, taking away drawbacks, is quoted below, p. 96.]

24. [Below, pp. 96-98.]

Book IV, Chapter V

25. [Charles Smith, Three Tracts on the Corn Trade and Corn Laws, 2nd ed., 1766, pp. 132-138.]

26. [Above, vol. i., pp. 217-220.]

27. [Above, vol. i., pp. 219-234, and cp. p. 458.]

28. [These three sentences beginning with 'It has happened in France," appear first in Additions and Corrections and ed. 3.]

29. [Above, vol. i., p. 219.]

30. [[Eds. 1 and 2 read (beginning at the third line of the paragraph) 'But it has been thought by many people, that by securing to the farmer a better price than he could otherwise expect in the actual state of tillage, it tends to encourage tillage; and that the consequent increase of corn may, in a long period of years, lower its price more than the bounty can raise it in the actual state which tillage may at the end of that period happen to be in.' The alteration is given in Additions and Corrections. The next two paragraphs appear first in Additions and Corrections and ed. 3.]

31. [It is really anything but a moderate supposition. It is not at all likely that the increase of demand caused by the offer of a bounty on exportation would raise the price of a commodity to the extent of four-fifths of the bounty.]

32. [C. Smith, Three Tracts on the Corn Trade, 2nd ed., p. 144.]

33. [This and the preceding paragraph are not in eds. 1 and 2. See above, p. 131 note 1.]

34. [See above, vol. i., pp. 34-43. It does not occur to Smith that the additional corn might require greater labour to produce it than an equal quantity of the old.]

35. [In place of this and the preceding sentence eds. 1 and 2 read only 'It is not the real abut the nominal price of corn only which can be at all affected by the bounty.' The alteration is given in Additions and Corrections.]

36. ['Home-made' here and in the line above is not in eds. 1 and 2.]

37. ['Almost' is not in eds. 1 and 2.]

38. [Eds. 1 and 2 do not contain 'home-made'.]

39. [Eds. 1 and 2 read 'in the smallest degree'.]

40. [Neither 'much' is in eds. 1 and 2.]

41. [This and the two preceding sentences from 'in the purchase' appear first in Additions and Corrections (which reads 'of even' instead of even of') and ed. 3.]

42. [Spain's prohibition of exportation of gold and silver had only been abolished at a recent period. The tax was 3 per cent. till 1768, then 4 per cent. See Raynal, Histoire philosophique, Amsterdam ed. 1773, tom. iii., pp. 290, 291. As to the export of gold from Portugal, see below, p. 56, note 1.]

43. [Essay on the Causes of the Decline of the Foreign Trade, consequently of the Value of the Lands of Britain, and on the means to restore both, 2nd ed., 1750, pp. 55, 171.]

44. [Eds. 1 and 2 read 'not the real but only the nominal price'.]

45. [Eds. 1 and 2 read 'the smallest real service'.]

46. [Eds. 1 and 2 read 'a very real service'.]

47. ['Home-made' is not in eds. 1 and 2.]

48. [Eds. 1 and 2 read 'will be merely nominal'.]

49. [Eds. 1 and 2 read 'could be really serviceable'.]

50. [Eds. 1 and 2 read 'a real value which no human institution can alter'. Cp. p. 14.]

51. [Ed. 1 reads 'raise it'.]

52. [Eds. 1 and 2 read 'They loaded the public revenue with a very considerable expence, but they did not in any respect increase'. The alteration is given in Additions and Corrections.]

53. [In place of this and the two preceding sentences (beginning 'It would besides') eds. 1 and 2 read only 'It has, however, been more rarely granted.' The alteration is given in Additions and Corrections.]

54. [Eds. 1 and 2 read 'The encouragements given'.]

55. [The whale fishery bounty under 11 Geo. III., c. 38, was 40s. per ton for the first years, 30s. for the second five years, and 20s. for the third.]

56. ['It may be supposed' is not in eds. 1 and 2.]

57. [Eds. 1 and 2 read 'would be in the actual state of production'.]

58. ['It must be acknowledged' is not in eds. 1 and 2.]

59. ['Tonnage' is not in eds. 1 and 2.]

60. [Eds. 1 and 2 read 'they may perhaps be defended as conducing to its defence'.]

61. [Eds. 1 and 2 read 'This may frequently be done'.]

62. [Eds. 1 and 2 read 'in time of peace' here.]

63. [The next four pages, to foot of page 28 are not in eds. 1 and 2, which read in place of them: 'Some other bounties may be vindicated perhaps upon the same principle. It is of importance that the kingdom should depend as little as possible upon its neighbours for the manufactures necessary for its defence; and if these cannot otherwise be maintained at home, it is reasonable that all other branches of industry should be taxed in order to support them. The bounties upon the importation of naval stores from America, upon British made sail-cloth, and upon British made gunpowder, may perhaps all three be vindicated upon this principle. The first is a bounty upon the production of America, for the use of Great Britain. The two others are bounties upon exportation.' The new paragraphs, with the two preceding paragraphs as amended are given in Additions and Corrections.]

64. [In Additions and Corrections the term is 'seasteeks,' as in the Appendix.]

65. See the accounts at the end of the volume. [In Additions and Corrections they are printed in the text.]

66. [The ten paragraphs ending here are not in eds. 1 and 2. See above, p. 24, note 4.]

67. [Eds. 1 and 2 read 'When that form has been altered by manufacture of any kind, they are called bounties.']

68. [Above, vol. i., p. 222.]

69. [This heading is not in ed. 1.]

70. [Not a misprint for 'enables'. There are two knowledges, one of the state of the crop and the other of the daily sales.]

71. [Above, vol. i., p. 177; below, p. 152.]

72. ['Any corn growing in the fields, or any other corn or grain, butter, cheese, fish or other dead victuals whatsoever'. But grain was exempted when below certain prices, e.g., wheat, 6s. 8d. the quarter.]

73. [This and the preceding sentence are misleading. The effect of the provisions quoted in the preceding paragraph would have been to 'annihilate altogether' the trade of the corn merchant if they had been left unqualified. To avoid this consequence 5 and 6 Ed. VI., c. 14, § 7, provides that badgers, laders, kidders or carriers may be licensed to buy corn with the intent to sell it again in certain circumstances. So that the licensing of kidders was a considerable alleviation, not, as the text suggests, an aggravation.]

74. [5 Eliz., c. 12 § 4.]

75. [Ed. 1 reads 'the consumer or his immediate factors'. It should be noticed that under 5 and 6 Edward VI., c. 14, § 7, the kidder might sell in 'open fair or market' as well as to consumers privately.]

76. [Diligent search has hitherto failed to discover these statutes.]

77. [§ 4 incorrectly quoted. The words are 'not forestalling nor selling the same in the same market within three months'. Under 5 and 6 Ed. VI., c. 14, a person buying and selling again 'in any fair or market holden or kept in the same place or in any other fair or market within four miles' was a regrator, while a forestaller was one who bought or contracted to buy things on their way to market, or made any motion for enhancing the price of such things or preventing them going to market.]

78. [12 Geo. III., c. 71, repeals 5 and 6 Ed. VI., c. 14, but does not mention 15 Car. II., c. 7, which is purely permissive. If 15 Car. II., c. 7, remained of any force in this respect it must have been merely in consequence of the common law being unfavourable to forestalling.]

79. [Eds. 1 and 2 read 'attends'.]

80. [Charles Smith, Three Tracts on the Corn Trade and Corn Laws, 2nd ed., 1766, p. 145. The figures have been already quoted above vol. i., p. 483.]

81. ['The export is bare one thirty-second part of the consumption, one thirty-third part of the growth exclusive of seed, one thirty-sixth part of the growth including the seed.'—Ibid., p. 144; quoted above, p. 14.]

82. [This was not the first law of its kind. 3 Ed. IV., c. 2, was enacted because 'the laborers occupiers of husbandry within this realm of England be daily grievously endamaged by bringing of corn out of other lands and parts into this realm of England, when corn of the growing of this realm is at a low price,' and forbids importation of wheat when not over 6s. 8d., rye when not over 4s. and barley when not over 3s. the quarter. This Act was repealed by 21 Jac. I., c. 28, and 15 Car. II., c. 7, imposed a duty of 5s. 4d. on imported wheat, 4s. on rye, 2s. 8d. on barley, 2s. on buckwheat, 1s. 4d. on oats and 4s. on pease and beans, when the prices at the port of importation did not exceed for wheat, 48s.; barley and buckwheat, 28s.; oats, 13s. 4d.; rye, pease and beans, 32s. per quarter.]

83. [Ed. 1 reads 'restrained by duties proportionably'.]

84. Before the 13th of the present king the following were the duties payable upon the importation of the different sorts of grain:

Grain. Duties. Duties. Duties.
Beans to 28s. per qr. 19s. 10d. after till 40s. - 16s. 8d. then 12d.
Barley to 28s. 19s. 10d. 32s. - 16s. 12d.
Malt is prohibited by the annual Malt-tax Bill.
Oats to 16s. 5s. 10d. after - d.
Pease to 40s. 16s. 0d. after - d.
Rye to 36s. 19s. 10d. till 40s. - 16s. 8d. then 12d.
Wheat to 44s. 21s. 9d. till 53s. 4d. - 17s. then 8s.
  till 4l. and after that about 1s. 4d.
Buck wheat to 32s. per qr. to pay 16s.

These different duties were imposed, partly by the 22 of Charles II. in place of the Old Subsidy, partly by the New Subsidy, by the One-third Two-thirds Subsidy, and by the Subsidy 1747. [The table of duties in this note is an exact copy of that in Charles Smith, Three Tracts on the Corn Trade, 2nd ed., 1766, p. 83. That author professes to have taken the figures from 'Mr. Saxby, in his Book of Rates' [i.e., Henry Saxby, The British Customs, containing an Historical and Practical Account of each branch of that Revenue, 1757, pp. 111-114), but besides rounding off Saxby's fractions of a penny in an inaccurate and inconsistent manner, he has miscopied the second duty on barley, the first on pease and the third on wheat. The 'Old Subsidy' consisted of the 5 per cent. or 1s. poundage imposed by 12 Car. II., c. 4, on the values attributed the various goods by the 'Book of Rates' annexed to the Act. According to this, imported beans, barley and malt were to be rated at 26s. 8d. the quarter when the actual price at the place of importation did not exceed 28s. When the actual price was higher than that they were to be rated at 5s. the quarter. Oats and pease were to be rated 4s. the quarter. Rye when not over 36s. was to be rated at 26s. 8d., and when over that price at 5s. Wheat when not over 44s. was to be rated at 40s. and when over that price at 6s. 8d.

So under the Old Subsidy:

Beans, barley and malt at prices up to 28s. were to pay 1s. 4d., and when above that price 3d.
Oats and pease to pay 2.4d.
Rye up to 36s. to pay 1s. 4d., and when above, 3d.
Wheat up to 44s. to pay 2s., and when above, 4d.

The Act 22 Car. II., c. 13, took off these duties and substituted the following scheme:

Beans to 40s. to pay 16s., and above that price, 3d.
Barley and malt to 32s. to pay 16s., and above, 3s.
Oats to 16s. to pay 5s. 4d., and above, 2.4d.
Pease and rye the same as beans.
Wheat to 53s. 4d. to pay 16s., then to 80s. to pay 8s., and above that price, 4d.
Buckwheat to 32s. to pay 16s.

But 9 and 10 W. III., c. 23, imposed a 'New Subsidy' exactly equal to the Old, so that duties equal to those of 12 Car. II., c. 4, were superimposed on those of 22 Car. II., c. 13. By 2 and 3 Ann., c. 9, an additional third, and by 3 and 4 Ann., c. 5, an additional two-thirds of the Old Subsidy were imposed, and by 21 Geo. II., c. 2, another amount equal to the Old Subsidy ('the impost 1747') was further imposed. So between 1747 and 1773 the duties were those of 22 Car. II., c. 13, plus three times those of 12 Car. II., c. 4. This gives the following scheme:

Beans to 28s. pay 20s. and after till 40s. pay 16s. 9d. then 1s.
Barley to 28s. pays 20s. and after till 32s. pays 16s. 9d. then 1s.
Oats to 16s. pay 5s. 11.2d. and then pay 9.6d.
Pease to 40s. pay 16s. 7.2d. and then pay 9.6d.
Rye to 36s. pays 20s. and after till 40s. pays 16s. 9d. then 1s.
Wheat to 44s. pays 22s. and after till 53s. 4d. pays 17s. then 9s. till 80s. and after that 1s. 4d.

Saxby's figures are slightly less, as they take into account a 5 per cent. discount obtainable on all the subsidies except one. The note appears first in ed. 2.]

85. [Eds. 1 and 2 do not contain 'subsequent laws still further increased those duties,' and read 'the distress which in years of scarcity the strict execution of this statute might have brought'.]

86. [These do not seem to have been numerous. There were cases in 1757 and 1766. gee the table in Charles Smith, Three Tracts upon the Corn Trade and Corn Laws, 2nd ed., pp. 44, 45.]

87. [Eds. 1 and 2 read 'extend its cultivation'.]

88. [Earlier statutes are 15 Hen. VI., c. 2; 20 Hen. VI., c. 6; 23 Hen. VI., c. 6; 1 and 2 P. and M., c. 5, 5 Eliz., c. 5, § 26; 13 Eliz., c. 13; and 1 Jac., c. 25, §§ 26, 27. The preamble of the first of these says 'by the law it was ordained that no man might carry nor bring corn out of the realm of England without the King's licence, for cause whereof farmers and other men which use manurement of their land may not sell their corn butt of a bare price to the great damage of all the realm'. Exportation was therefore legalised without licence when grain was above certain prices.]

89. [C. 7.]

90. [C. 13.]

91. [The 'Book of Rates' (see above, p. 44, note) rated wheat for export at 20s., oats at 6s. 8d., and other grain at 10s. the quarter, and the duty was a shilling in the pound on these values.]

92. [1 W. and M., c. 12. The bounty was to be given 'without taking or requiring anything for custom'.]

93. [Because as to inland sale 15 Car. II., c. 7 (above, p. 40), remained in force.]

94. [Acts prohibiting exportation were much more numerous than the others. See p. 45, note 2, and the table in Charles Smith there referred to.]

95. [Ed. 1 does not contain 'of the greater part of which there was no drawback'.]

96. [According to the argument above, p. 19.)

97. [See above, p. 17.]

98. [Above, vol. i., pp. 231-233.]

99. [Ed. 1 reads 'in one respect'.]

100. [Ed: 1 reads only 'By this statute the high duties upon importation for home consumption are taken off as soon as the price of wheat is so high as forty-eight shillings the quarter, and instead'.]

101. [In place of this sentence ed. 1 reads 'The home market is in this manner not so totally excluded from foreign supplies as it was before.']

102. [Ed. 1 reads (from beginning of the paragraph) 'By the same statute the old bounty of five shillings upon a quarter of wheat ceases when the price rises so high as forty-four shillings, and upon that of other grain in proportion. The bounties too upon the coarser sorts of grain are reduced somewhat lower than they were before, even at the prices at which they take place.']

103. [Ed. 1 reads 'The same statute permits at all prices the importation of corn in order to be exported again, duty free; provided it is in the meantime lodged in the king's warehouse.']

104. [Ed. 1 contains an additional sentence, 'Some provision is thus made for the establishment of the carrying trade.']

105. [This paragraph is not in ed. 1.]

106. [Ed. 1 reads (from the beginning of the paragraph) 'But by the same law exportation is prohibited as soon as the price of wheat rises to forty-four shillings the quarter, and that of other grain in proportion. The price seems to be a good deal too low, and there seems to be an impropriety besides in stopping exportation altogether at the very same price at which that bounty which was given in order to force it is withdrawn.']

107. [These two sentences are not in Ed. 1.]

Book IV, Chapter VI

1. [E.g., in the British Merchant, 1721, Dedication to vol. iii.]

2. [With three small exceptions, 'British' for 'Britons' and 'law' for 'laws' in art. I, and 'for' instead of 'from' before 'the like quantity or measure of French wine,' the translation is identical with that given in A Collection of all the Treaties of Peace, Alliance and Commerce between Great Britain and other Powers from the Revolution in 1688 to the Present Time, 1772, vol. i., pp. 61, 62.]

3. [Joseph Baretti, Journey from London to Genoa, through England, Portugal, Spain and France, 3rd ed., 1770, vol. i., pp. 95, 96, but the amount stated is not so large as in the text above: it is 'often' from 'thirty to fifty and even sixty thousand pounds,' and not 'one week with another' but 'almost every week'. The gold all came in the packet boat because it, as a war vessel, was exempt from search.—Raynal, Histoire philosophique, Amsterdam ed. 1773, tom. iii., pp. 413, 414.]

4. [Above, vol. i., pp. 232, 233.]

5. [Above, vol. i., p. 391.]

6. [Ed. 1 does not contain 'way'.]

7. [In 1762.]

8. [See above, vol. i., p. 46.]

9. [Above, vol. i., p. 321, note.]

10. See Dictionaire des Monnoies, tom. ii. article Seigneurage, p. 489. par M. Abot de Bazinghen, Conseiller-Commissaire en la Cour des Monnoie sà Paris. [Ed. 1 reads erroneously 'tom. i.' The book is Traité des Monnoies et de la jurisdiction de la Cour des Monnoies en forme de dictionnaire, par M. Abot de Bazinghen, Conseiller-Commissaire la Cour des Monnoies de Paris, 1764, and the page is not 489, but 589. Garnier, in his edition of the Wealth of Nations, vol. v., p. 234, says the book 'n'est guère qu'une compilation faite sans soin et sans discernment,' and explains that the mint price mentioned above remained in force a very short time. It having failed to bring bullion to the mint, much higher prices were successively offered, and when the Wealth of Nations was published the seignorage only amounted to about 3 per cent. On the silver coin it was then about 2 per cent., in place of the 6 per cent. stated by Bazinghen, p. 590.]

11. ['An act for encouraging of coinage,' 18 Car. II., c. 5. The preamble says, 'Whereas it is obvious that the plenty of current coins of gold and silver of this kingdom is of great advantage to trade and commerce; for the increase whereof, your Majesty in your princely wisdom and care hath been graciously pleased to bear out of your revenue half the charge of the coinage of silver money'.]

12. [Originally enacted for five years, it was renewed by 25 Car. II., c. 8, for seven years, revived for seven years by 1 Jac. II., c. 7, and continued by various Acts till perpetual by 9 Geo. III., c. 25.]

13. [Ed. 1 reads 'tear and wear'.]

14. [Above, p. 59.]

15. [Under 19 Geo. II., c. 14, § 2, a maximum of £15,000 is prescribed.]

Book IV, Chapter VII

16. ['Chiefly' is not in ed. 1.]

17. [Ed. 1 reads 'that of Congo, Angola and Loango'.]

18. [P. F. X. de Charlevoix, Histoire de l'Isle Espagnole ou de S. Domingue, 1730, tom. i., p. 99.)

19. [Histoire Naturelle, tom. xv. (1750), pp. 160, 162.]

20. [Charlevoix, Histoire de l'Isle Espagnole, tom. i., pp. 35, 36.]

21. [Ibid., p, 27.]

22. [Above, vol. i., p. 190.]

23. [Ed. 1 (in place of these two sentences) reads, 'The tax upon silver, indeed, still continues to be a fifth of the gross produce.' Cp. above, vol. i., p. 189.]

24. ['That mighty, rich and beautiful empire of Guiana, and... that great and golden city which the Spaniards call El Dorado.'—Raleigh's Works, ed. Thomas Birch, 1751, vol. ii., p. 141.]

25. [P. Jos. Gumilla, Histoire naturelle civile et géographique de l'Orénoque, etc., traduite par M. Eidous, 1758, tom. ii., pp. 46, 117, 131, 132, 137, 138, but the sentiment is apparently attributed to the author, who is described on the title page as 'de la compagnie de Jésus, supérieur des missions de l'Orénoque,' on the strength of a mistranslation of the French or possibly the original Spanish. If 'Dieu permit' were mistranslated 'God permit,' the following passage from pp. 137, 138 would bear out the text: 'On cherchait une vallée ou un territoire dont les rochers et les pierres étaient d'or, et les Indiens pour flatter la cupidité des Espagnols, et les éloigner en même temps de chez eux, leur peignaient avec les couleurs les plus vives l'or dont ce pays abondait pour se débarrasser plutôt de ces hôtes incommodes, et Dieu permit que les Espagnols ajoutassent foi à ces rapports, pour qu'ils découvrissent un plus grand nombre de provinces, et que la lumière de l'Évangile pût s'y répandre avec plus de facilité.']

26. [Eds. 1-4 reads 'support'.]

27. [Miletus and Crotona.]

28. [Ed. 1 reads 'its'.]

29. [See above, vol. i., p. 226.]

30. [Juan and Ulloa, Voyage historique, tom. i., p. 229.]

31. [In Awnsham and John Churchill's Collection of Voyages and Travels, 1704, vol. iv., p. 508.]

32. [Cp. above, vol. i., pp. 225, 226.]

33. [Raynal, Histoire philosophique, Amsterdam ed., 1773, tom. iii., pp. 347-352.]

34. [Ibid., tom, iii., p. 424.]

35. [Raynal, tom. vi., p. 8.]

36. [A mistake for 1664.]

37. [P. F. X. de Charlevoix, Histoire et description générale de la Nouvelle France, avec le journal historique d'un voyage dans l'Amérique Septentrionnale, 1744, tom. ii., p. 390, speaks of a population of 20,000 to 25,000 in 1713. Raynal says in 1753 and 1758 the population, excluding troops and Indians, was 91,000.—Histoire philosophique, Amsterdam ed., 1773, tom. vi., p. 137.]

38. [Ed. 1 reads 'the'.]

39. [Eds. 1 and 2 read 'their'.]

40. Jus Majorettes. [Ed. 1 reads 'mayorazzo' in the text and 'mayoratus' in the note.]

41. [Above, pp. 76, 77, and cp. vol. i. p. 104.]

42. [This and the preceding sentence, beginning 'The plenty' are not in ed. 1.]

43. [Ed. 1 reads 'The engrossing, however, of uncultivated land, it has already been observed, is the greatest obstruction to its improvement and cultivation, and the labour'. ]

44. [Ed. 1 reads 'Its produce in this case'.]

45. [All eds. read 'present' here and on p. 98, but 'late' on p. 90. See above, vol. i., 524, note, and below, p. 475.]

46. [The figures are evidently from the 'very exact account' quoted below, p. 475.]

47. [Juan and Ulloa, Voyage historique, tom. i., pp. 437-441, give a lurid account of magnificence of the ceremonial.]

48. [Maranon in 1755 and Fernambuco four years later.—Raynal, Histoire philosophique, Amsterdam ed., 1773. tom. iii., p. 402.]

49. [Ed. 1 reads 'This, however, has'.]

50. [Ed. 1 reads 'said to be'.]

51. [Iron sometimes at 100 écus the quintal and steel at 150. Juan and Ulloa, Voyage historique, tom. i., p. 252.]

52. [Ed. 1 reads 'the same as that of Spain'.]

53. [The commodities originally enumerated in 12 Car. II., c. 18, § 18, were sugar, tobacco, cotton-wool, indigo, ginger, fustic and other dyeing woods.]

54. [Above, vol. i., pp. 165, 166, 244, 245.]

55. [See above, p. 85, note 3.]

56. [There seems to be some mistake here. The true date is apparently 1739, under Act 12 Geo. II., c. 30.]

57. [Ships not going to places south of Cape Finisterre were compelled to call at some port in Great Britain.]

58. [Garnier, in his note to this passage, tom. iii., p. 323, points out that the islands ceded by the peace of Paris in 1763 were only Grenada and the Grenadines, but that term here includes the other islands won during the war, St. Vincent, Dominica and Tobago, which are mentioned below, p. 481.]

59. [Rice was put in by 3 and 4 Ann, c. 5, and taken out by 3 Geo. II., c. 28; timber was taken out by 5 Geo. III., c. 45.]

60. [Anderson, Commerce, A.D. 1703.]

61. [Details are given below, p. 162, in a chapter not contained in eds. 1 and 2.]

62. [23 Geo. II., c. 29.]

63. [23 Gen. II., c. 29. Anderson, Commerce, A.D. 1750.)

64. [Hats under 5 Geo. II., c. 22; wools under 10 and 11 W. III., c. 10. See Anderson, Commerce, A.D. 1732 and 1699.]

65. [Details are given below, pp. 162-165, in a chapter which was not in eds. 1 and 2.]

66. [Above, pp. 3-7.]

67. [The quotation is not quite verbatim. The provision is referred to above, p.7, where, however, see note.]

68. [Ed. 1 does not contain the words 'they approach more nearly to that character; and'.]

69. [The Board of Trade and Plantations, in a report to the House of Commons in 1732, insisted on this democratic character of the government of some of the colonies, and mentioned the election of governor by Connecticut and Rhode Island: the report quoted in Anderson, Commerce, A.D. 1732.]

70. [The story is told in the same way in Lectures, p. 97, but Seneca, De ira, lib. iii., cap. 40, and Dio Cassius, Hist., lib. liv., cap. 23, say, not that Augustus ordered all the slaves to be emancipated, but that he ordered all the goblets on the table to be token. Seneca says the offending slave was emancipated. Dio does not mention emancipation.]

71. [Ed. 1 reads 'and industry'.]

72. [The West India merchants and planters asserted, in 1775, that there was capital worth £60,000,000 in the sugar colonies and that half of this belonged to residents in Great Britain.—See the Continuation of Anderson's Commerce, A.D. 1775.]

73. [Eds. 1 and 2 do not contain the words 'so far as concerns their internal government'.]

74. [Ed. 1 reads 'persecuted'.]

75. [Ed. 1 reads 'with equal injustice'.]

76. [Raynal, Histoire philosophique, Amsterdam ed., 1773, tom. iii., pp. 323, 324, 326, 327. Justamond's English trans., vol. ii., p. 442.]

77. [Velasquez.]

78. [Cortez.]

79. ['Salve magna parens frugum, Saturnia tellus, Magna virum.'—Virgil, Georg, ii., 173-174.]

80. [Eds. 1 and 2 do not contain the words 'so far as concerns their internal government'. Cp. above, p. 101, note 4.]

81. ['Not' appears first in ed. 3 and seems to have been inserted in error. The other countries are only excluded from a particular market, but the colonies are confined to one.]

82. [There is an example of revenue being furnished in Xenophon, Anab., V., v., 7, 10.]

83. [Above, p. 86.]

84. [Above, p. 89.]

85. [Above, vol. i., p. 175.]

86. [Above, vol. i., pp. 485-487.]

87. [Essay on the Causes of the Decline of the Foreign Trade, consequently of the Value of the Lands of Britain and on the means to restore both, 2nd ed., 1750, pp. 28-36, et passim.]

88. [Ed. 1 reads 'rate of the profit'.]

89. [This passage is much the same as that which concludes bk. i., ch. ix., above, vol. i., p. 110; but this is the original, as the other was not in Ed. 1.]

90. [Above, vol. i., p. 390.]

91. [Ed. 1 reads 'with a neighbouring country'.]

92. [Above, vol. i., p. 391.]

93. [Ed. 1 reads 'with a neighbouring country'.]

94. [These figures are given above, vol. i., p. 395; vol. ii., p. 4.]

95. [These four sentences beginning with 'At some of the outports' are not in ed. 1.]

96. [Ed. 1 reads 'possesses'.]

97. [Ed. 2 places 'a popular measure' here.]

98. [Ed. 1 does not contain 'in all future times'.]

99. [The date at which the non-importation agreement began to operate.]

100. ['For the greater security of the valuable cargoes sent to America, as well as for the more easy prevention of fraud, the commerce of Spain with its colonies is carried on by fleets which sail under strong convoys. These fleets, consisting of two squadrons, one distinguished by the name of the "Galeons " the other by that of the "Flota," are equipped annually. Formerly they took their departure from Seville; but as the port of Cadiz has been found more commodious, they have sailed from it since the year 1720.'—W. Robertson, History of America, bk. viii.; in Works, 1825, vol. vii., p. 372.]

101. [By the treaty of Kainardji, 1774.]

102. [In 1773.]

103. [Ed. 1 reads 'prevent it'.]

104. [Eds. 1 and 2 read 'and employment'.]

105. [Ed. 1 reads 'have entirely conquered'.]

106. [Ed. 1 reads 'own capital'.]

107. [Ed. 1 reads 'extremely fit for a nation that is governed by shopkeepers. Such sovereigns and such sovereigns only'.]

108. [Ed. 1 reads 'their subjects, to found and to maintain'.]

109. [Ed. 1 reads 'its' here and one line lower down.]

110. [Ed. 1 reads 'and a great part of that which preceded it'.]

111. [Below, p. 375.]

112. [Ed. 1 reads 'seem'.]

113. ['Aucun des règnes précédents n'a fourni plus de volumes, plus d'anecdotes, plus d'estampes, plus de pièces fugitives etc. Il y a dans tout cela bien des choses intutiles; mais comme Henri III. vivait au milieu de son peuple, aucun détail des actions de sa vie n'a échappé à la curiosité; et comme Paris était le théâtre des principaux événements de la ligue, les bourgeois qui y avaient la plus grande part, conservaient soigneusement les moindres faits qui se passaient sous leurs yeux; tout ce qu'ils voyaient leur paraissait grande, parce qu'ils y participaient, et nous sommes curieux, sur parole, de faits dont la plupart ne faisaient peut-être pas alors une grande nouvelle dans le monde.'—C. J. F. Hénault, Nouvel Abrégé chronologique de l'histoire de France, nouv. éd., 1768, p. 473, A.D. 1589.]

114. [Eds. 4 and 5 erroneously insert 'to' here.]

115. [Eds. 1-3 read 'was'.]

116. [Eds. 1-3 read 'was'.]

117. [Ed. 1 reads 'nations'.]

118. [Raynal begins his Histoire philosophique with the words 'Il n'y a point eu d'événement aussi intéressant pour l'espèce humaine en général et pour les peuples de l'Europe en particulier, que la découverte du nouveau monde et le passage aux Indes par le Cap de Bonne-Espérance. Alors a commencé une révolution dans le commerce, dans la puissance des nations, dans les mœurs, l'industrie et le gouvernement de tous les peuples.']

119. [Above, vol. i., pp. 381, 396.]

120. [Ed. 1 reads 'distant employment'.]

121. [See below, p. 149.]

122. [The monopoly of the French East India Company was abolished in 1769.—See the Continuation of Anderson's Commerce, 1801, vol. iv., p. 128.]

123. [Raynal, Histoire philosophique, ed. Amsterdam, 1773, tom. i., p. 203, gives the original capital as 6,459,840 florins.]

124. [Eds. 1-3 read 'if it was'.]

125. [Ed. 1 reads 'the principal branch'.]

126. [Raynal, Histoire philosophique, 1773, tom. i., p. 178.]

127. [Above, pp. 87, 88.]

128. [Ed. 1 reads 'those' .]

129. [Ed. 1 does not contain 'are said to'. The statement has already been twice made, vol. i., p. 177, and vol. ii., p. 31.]

130. [Ed. 2 reads 'barbarous'.]

131. [Ed. 1 reads 'the'.]

132. [Ed. 1 does not contain these four sentences beginning 'It is the interest'.]

133. [Smith had in his library (see Bonar's Catalogue, p. 15) William Bolts, Considerations on India Affairs, particularly respecting the present state of Bengal and its Dependencies, ed. 1772. Pt. i., ch. xiv., of this is 'On the general modern trade of the English in Bengal; on the oppressions and monopolies which have been the causes of the decline of trade; the decrease of the revenues, and the present ruinous condition of affairs in Bengal'. At p. 215 we find 'the servants of the Company... directly or indirectly monopolise whatever branches they please of the internal trade of those countries'.]

134. The interest of every proprietor of India Stock, however, is by no means the same with that of the country in the government of which his vote gives him some influence. See Book V. Chap. i. Part 3d. [This note appears first in ed. 3; ed. 2 has the following note: 'This would be exactly true if those masters never had any other interest but that which belongs to them as Proprietors of India stock. But they frequently have another of much greater importance. Frequently a man of great, sometimes even a man of moderate fortune, is willing to give thirteen or fourteen hundred pounds (the present price of a thousand pounds share in India stock) merely for the influence which he expects to acquire by a vote in the Court of Proprietors. It gives him a share, though not in the plunder, yet in the appointment of the plunderers of India; the Directors, though they make those appointments, being necessarily more or less under the influence of the Court of Proprietors, which not only elects them, but sometimes over-rules their appointments. A man of great or even a man of moderate fortune, provided he can enjoy this influence for a few years, and thereby get a certain number of his friends appointed to employments in India, frequently cares little about the dividend which he can expect from so small a capital, or even about the improvement or loss of the capital itself upon which his vote is founded. About the prosperity or ruin of the great empire, in the government of which that vote gives him a share, he seldom cares at all. No other sovereigns ever were, or from the nature of things ever could be, so perfectly indifferent about the happiness or misery of their subjects, the improvement or waste of their dominions, the glory or disgrace of their administration, as, from irresistible moral causes, the greater part of the Proprietors of such a mercantile Company are; and necessarily must be.' This matter with some slight alterations reappears in the portion of bk. v., chap. i., part iii., art. 1st, which was added in ed. 3 below, p. 275.]

135. [Ed. 1 reads 'ignorance only'.]

136. [Ed. 1 reads 'have commonly been well meaning'.]

137. [Ed. 1 reads 'if'.]

138. [Eds. 1 and 2 read 'were'.]

Book IV, Chapter VIII

1. [This chapter appears first in Additions and Corrections and ed. 3.

2. [C. 4.]

3. [C. 14.]

4. [3 Car. I., c. 4; 13 and 14 Car. II., c. 19.]

5. [From Ireland, 12 Geo. II., c. 21; 26 Geo. II., c. 8. Spanish wool for clothing and Spanish felt wool.—Saxby, British Customs, p. 263.]

6. [6 Geo. III., c. 52 § 20.]

7. [4 Geo. II., c. 27.]

8. [8 Geo. I., c. 15, § 10; see below, p. 174.]

9. [9 Geo. III., c. 39, § 1, continued by 14 Geo. III., c. 86, § 11, and 21 Gen. III., c. 29, § 3.]

10. [15 Geo. III, c. 31, § 10.]

11. [Above p. 93.]

12. [Smith has here inadvertently given the rates at which the articles were valued in the 'Book of Rates,' 12 Car. II., c. 4, instead of the duties, which would be 20 per cent. on the rates. See below, pp. 409, 410.]

13. [Above, vol. i., p. 496.]

14. [10 Geo. III., c. 38, and 19 Geo. III., c. 27.]

15. [3 and 4 Ann c. 10.—Anderson, Commerce, A.D. 1703.]

16. [Masting-timber (and also tar, pitch and rosin), under 12 Ann, st. 1, c. 9, masting-timber only under 2 Geo. II., c. 35, § 12. The encouragement of the growth of hemp in Scotland is mentioned in the preamble of 8 Geo. I., c. 12, and is presumably to be read into the enacting portion.]

17. [8 Geo. I., c. 12; 2 Geo. II., c. 35, §§ 3, 11.]

18. [3 Geo. III., c. 25.]

19. [Additions and Corrections omits 'that'.]

20. [The third bounty.]

21. [William Hawkins, Treatise of the Pleas of the Crown, 4th ed., 1762, bk. i., chap. 52.]

22. [So far from doing so it expressly provides that any greater penalties already prescribed shall remain in force.]

23. [12. Car. II., c. 32.]

24. [4 Geo. I. c. 11, § 6.]

25. [Presumably the reference is to 10 and 11 W. III., c. 10, § 18, but this applies to commander of a king's ship conniving at the offence, not to the master of the offending vessel.]

26. [12 Geo. II, c. 21, § 10.]

27. [13 and 14 Car. II., c. 18, § 9, forbade removal of wool in any part of the country between 8 P.M. and 4 A.M. from March to September, and 5 P.M. and 7 A.M. from October to February. 7 and 8 W. III., c. 28, § 8, taking no notice of this, enacted the provision quoted in the text. The provision of 13 and 14 Car. II., c. 18, was repealed by 20 Geo. III., c. 55, which takes no notice of 7 and 8 W. III., c. 28.]

28. [All these provisions are from 7 and 8 W. III., c. 28.]

29. [9 and 10 W. III., c. 40.]

30. [The quotation is not verbatim.]

31. ['It is well known that the real very superfine cloth everywhere must be entirely of Spanish wool.'—Anderson, Commerce, A.D. 1669.]

32. [Above, vol. i., pp. 256, 257.]

33. [Chronicon Rusticum-Commerciale; or Memoirs of Wool, etc., 1767, vol. ii., p. 418, note.]

34. [Above, vol. i., p. 259.]

35. [Additions and Corrections reads `the wool'.]

36. [12 Car. II, c. 32; 13 and 14 Car. II., c. 18.]

37. [13 and 14 Car. II, c. 18, § 8. The preamble to the clause alleges that `great quantities of fuller's earth or fulling clay are daily carried and exported under the colour of tobacco-pipe clay'.]

38. [The preamble says that `notwithstanding the many good laws before this time made and still in force, prohibiting the exportation of leather... by the cunning and subtlety of some persons and the neglect of others who ought to take care thereof; there are such quantities of leather daily exported to foreign parts that the price of leather is grown to those excessive rates that many artificers working leather cannot furnish themselves with sufficient store thereof for the carrying on of their trades, and the poor sort of people are not able to buy those things made of leather which of necessity they must make use of'.]

39. [20 Car. II., c. 5; 9 Ann., c. 6, § 4.]

40. [9 Ann., c. 11, § 39, explained by 10 Ann., c. 26, § 6, and 12 Ann., st. 2, c. 9, § 64.]

41. [Above, vol. i., p. 141.]

42. [Except under certain conditions by 4 Ed. IV., c. 8; wholly by 7 Jac. I., c. 14, § 4.]

43. [Under 13 and 14 Car. II., c. 18, and 7 and 8 W. III., c. 28; above, p. 166.]

44. [See below, next page.]

45. [9 and 10 W. III., c. 28, professedly to prevent frauds.]

46. [The preamble to the Act next quoted in the text mentions 28 Ed. III., c. 5 (iron); 33 Hen. VIII., c. 7 (brass, copper, etc.), and 2 and 3 Ed. VI., c. 37 (bell-metal, etc.).]

47. [This Act is not printed in the ordinary collections, but the provision referred to is in Pickering's index, s.v. Copper, and the clause is recited in a renewing Act, 12 Ann., st. 1, c. 18.]

48. [Under the general Act, 8 Geo. I., c. 15, mentioned immediately below.]

49. [12 Car. II., c. 4, § 2, and 14 Car. II., c. 11, § 35. The 1 per cent. was due on goods exported to ports in the Mediterranean beyond Malaga, unless the ship had sixteen guns and other warlike equipment. See Saxby British Customs, pp. 48, 51.]

50. [Sixpence in the pound on the values at which they are rated in the Act.]

51. [C. 32.]

52. [Anderson, Commerce, A.D. 1758.]

53. [As is stated in the preamble.]

54. [The facts are given in the preamble to 8 Geo. I., c. 15, § 13. The old subsidy, the new, the one-third and the two-thirds subsidies account for 1s., and the additional impost for 4d.]

55. [See above, p. 4.]

56. 8 Geo. I., c. 15. [The year should be 1721.]

57. [I.e. the hatters.]

58. [4 Geo. III., c. 9.]

59. [Under the same statute, 5 Geo. I., c. 27.]

60. [Above, p. 54.]

61. [This chapter appears first in Additions and Corrections and ed. 3, and is doubtless largely due to Smith's appointment in 1778 to the Commissionership of Customs (Rae, Life of Adam Smith, p. 320). He had in his library W. Sims and R. Frewin, The Rates of Merchandise, 1782 (see Bonar, Catalogue, p. 27) and probably had access to earlier works, such as Saxby's British Customs, 1757, which give the duties, etc., at earlier periods as well as references to the Acts of Parliament regulating them.]

Book IV, Chapter IX

62. [The Économistes or Physiocrats. Quesnay, Mirabeau and Mercier de la Rivière are mentioned below, pp. 193, 200.]

63. [Ed. 1 places a full stop at `mercantile system' and continues `That system, in its nature and essence a system of restraint and regulation, could scarce fail'.]

64. [But, see below, p. 189, where the usefulness of the class is said to be admitted. In his exposition of physiocratic doctrine, Smith does not appear to follow any particular book closely. His library contained Du Pont's Physiocratie, ou constituion naturelle du gouvernement le plus avantageux au genre humain, 1768 (see Bonar, Catalogue. p. 92), and he refers lower down to La Rivière, L'ordre naturel et essentiel des sociétés politiques, 1767, but he probably relied largely on his recollection of conversations in Paris; see Rae Life of Adam Smith, pp. 215-222.]

65. [Ed. 1 reads 'tear and wear'.]

66. [Ed. 1 reads 'some other employment'.

67. [Ed. 1 reads 'degrades'.]

68. [Ed. 1 reads `repay him'.]

69. [Ed. 1 reads `above the funds destined'.]

70. [Ed. 1 reads 'the greater must likewise be its maintenance and employment'.]

71. [Misprinted 'greater' in ed. 5.]

72. [Ed. 1 reads `of their foreign trade'.]

73. [See François Quesnay, Tableau Œconomique, 1758, reproduced in facsimile for the British Economic Association, 1894.]

74. [Ed. 1 reads 'at least to all appearance'.]

75. [Bk. ii., ch. iii., vol. i., pp. 351-371.]

76. See Book I. Chap. 1. [vol. i., pp. 9-10].

77. [Above, vol. i,, p. 416.]

78. [Above, vol. i., p. 220, and vol. ii., p. 12.]

79. [L'ordre naturel et essentiel des sociétés politiques, 1767, a quarto of 511 pages, seems as G. Schelle (Du Pont de Nemours et l'ecole physiocratique, 1888, p. 46, note) remarks, not entitled to be called a 'little book,' but Smith may have been thinking of the edition in two vols., 12mo, 1767, nominally printed 'à Londres chez Jean Nourse, libraire'.]

80. ['Trois grandes inventions principales ont fondé stablement les sociétés, indépendamment de tant d'autres qui les ont ensuite dotées et décorées. Ces trois sont, 1° L'invention de l'écriture, qui seule donne à l'humanité le pouvoir de transmettre, sans altération, ses lois, ses pactes, ses annales et ses découvertes. 2° Celle de la monnaie, qui lie tous les rapports entre les sociétés policées. La troisième enfin, qui est due à notre âge, et dont nos neveux profiteront, est un dérivé des deux autres, et les complette également en perfectionnant leur objet: c'est la découverte du Tableau économique, qui devenant désormais le truchement universel, embrasse, et accorde toutes les portions ou quotités correlatives, qui doivent entrer dans tous les calculus généraux de l'order économique.'—Philosophie Rurale ou économie générale et politique de l'agriculture, pour servir de suite à l'Ami des Hommes, Amsterdam, 1766, tom. i., pp. 52, 53.]

81. [Du Halde, Description Géographique, etc., de la Chine, tom. ii., p. 64.]

82. [Ed. 1 reads 'Mr. Langlet'.]

83. See the Journal of Mr. De Lange in Bell's Travels, vol. ii. p. 258, 276 and 293. [Travels from St. Petersburg in Russia to Diverse Parts of Asia, by John Bell of Antermony, Glasgow, 1763. The mandarins requested the Russians to cease 'from importuning the council about their beggarly commerce,' p. 293. Smith was a subscriber to this book. The note is not in ed. 1.]

84. [Ed. 1 reads 'sorts'.]

85. [Above, vol. i., pp. 21-27.]

86. [Quesnay went further than this: 'L'historien dit que le commerce qui se fit dans l'intérieur de la Chine est si grand que celui de l'Europe ne peut pas lui être comparé.'—Oeuvres, ed. Oncken, 1888, p. 603.]

87. [Ed. 1 reads 'as well as all the other'.]

88. [Ed. 1 reads 'and in'.]

89. [Ed. 1 does not contain 'of'.]

90. [Below, p. 363.]

91. [Ed. 1 reads 'from'.]

92. [Montesquieu, Esprit des lois, liv. iv., chap. 8.]

93. [Ed. 1 reads 'that'.]

94. [Ed. 1 reads 'more rich'.]

95. [Lectures, p. 231; Montesquieu, Esprit des lois, liv. xv., chap. 8.]

96. Plin. [H.N.] l. ix. c. 39.

97. Plin. [H.N.] l. viii. c. 48. [Neither this nor the preceding note is in ed. 1.)

98. [John Arbuthnot, Tables of Ancient Coins, Weights and Measures, 2nd ed., 1754, pp. 142-145.]

99. [Above, vol. i., p. 401.]

100. [Ed. 1 reads 'real value'.]

End of Notes for Book IV.

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