do not buy it; they are poor, therefore they cannot.  In the opulent and highly advanced community, on the other hand, the reverse of all this takes place.  Transactions are so frequent, the necessities of commerce so extensive, that a large circulating medium is soon felt to be indispensable.  In addition to a considerable amount of specie, the aid of bank-notes, public and private, of Government securities and exchequer bills, and of private bills to an immense ammount, bcomes necessary.  McCulloch calculates the circulating medium of Great Britain, including paper and gold, at L.72,000,000.  The bills in circulation are probably in amount nearly as much more.  A hundred and forty, or a hundred and fifty millions, between specie, bank-notes, exchequer bills, Government securities, on which advances are made, and private bills, constitute the ordinary circulating medium of twenty-seven millions in the British empire.  The total circulation of Russia, with sixty millions of inhabitants, is not forty millions sterling.  The effect of this difference is prodigions.  It is no wonder, whten it is taken into account, that wages are 5-1/2d. or 6d. a-day in Poland or the Ukraine, and 2s. or 2s. 6d. a-day in England.

The clearest proof that this is the great cause of the superior cost of raising subsistence in the old than the young state, is afforded by the different value which money bears in different parts of the same community.  Ask any housekeeper what is the difference between the expense of living in London, Edinburgh, and Aberdeen, and he will answer, that L.1500 a-year in Edingburgh, or L.750 in Aberdeen.  Yet these different places are all situated in the same community, and their inhabitants pay the same public taxes, and very nearly the same of local ones.  It is the vast results arising from the concentration of wealth and expediture in one place, compared with its abstraction from others, which occasions the difference.  But if this effect is conspicuous, and matter of daily observation, in different parts of the same compact and moderately sized country, how much more must it obtain in regard to different countries, situated in different latitudes and politcal circumstances, and in different stages of wealth, civilization, and commercial opulence?  Between England for example, and Poland or the Ukraine?  The difference is there important and durable.  Wheat can be raised with as good a profit to the cultivator for sixteen shillings per quarter in Poland, as for forty-eight shillings in England or Scotland.

This superior weight of wages, rent and all the elements of cost, in the old, when compared with the young community, affects the manufacturer as well as the farmer; and in some branches of manufactures it does so with an overwhelming effect.  But, generally speaking, the advantages of capital, machinery, and the division of labour, render the old state altogether predominant over the young one in these particulars.