the average prices have nearly the proportion of one to two. The
reasons why corn is not brought from thence are no secret, but the
same reasoning will apply to American corn, corn from Barbary, or
the Baltic, and from other places, where the value of money is greater
than in England. {142}

The principal of the other effects of the depreciation of money are to
be found in the chapter on the exterior Causes of the Decline of
Nations, as it is in its foreign transactions that the depreciation of
money is the most felt.

In the interior, that depreciation only acts when there is a considerable
lapse of time, during which the value has altered; it has, in general, no
effect on transactions that are begun and finished within a short
period, and in the interior of the country itself.

The depreciation of money, wherever it takes place, would cause an
increase of taxes, even if there were no other reason for it; but, in so
far it counteracts itself, by making them to be more easily born. =sic=
Whatever its particular effects may be, and however complicated they
are, the general tendency of the depreciation of money is to depress
industry in that country, and to encourage it in others, where the value
is greater than in it.

---
{142} In America the value of money is less than in England,
compared with wages; but the usual proportion, between the wages of
labour and the price of corn, is different in that country from every
other with which we have any connection.
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