15. This conclusion may appear to contradict the doctrine of the
level of the precious metals. And so it does, if by level be
meant level of value estimated in the usual way. I consider the
doctrine, indeed, as quite unsupported by facts, and the
comparison of the precious metals to water perfectly inaccurate.
The precious metals are always tending to a state of rest, or
such a state of things as to make their movement unnecessary. But
when this state of rest has been nearly attained, and the
exchanges of all countries are nearly at par, the value of the
precious metals in different countries, estimated in corn and
labour, or the mass of commodities, is very far indeed from being
the same. To be convinced of this, it is only necessary to look
at England, France, Poland, Russia, and India, when the exchanges
are at par. That Adam Smith. who proposes labour as the true
measure of value at all times and in all places, could look
around him, and vet say that the precious metals were always the
highest in value in the richest countries, has always appeared to
me most unlike his usual attention to found his theories on
facts.

16. Even upon the system of importation, in the actual state and
situation of the countries of Europe, higher prices must
accompany superior and increasing wealth.

17. We must not be so far deceived by the evidence before
Parliament, relating to the want of connection between the prices
of corn and of labour, as to suppose that they are really
independent of each other. The price of the necessaries of life
is, in fact, the cost of producing labour. The supply cannot
proceed, if it be not paid; and though there will always be a