If we know that, at the siege of Mantua, the provisions rose to one hundred times their usual price, we may believe the same thing possible, at the siege of Jerusalem, two thousand years ago, and at the siege of Leyden, or at that of Paris.  If we know that a guinea is given for a

—–­ {123} Dr. Smith, in his Inquiry into the Nature and Causes of the Wealth of Nations.  The author of the notes, and continuation, has, indeed, answered his arguments; but that does not render it less necessary to do so here. -=-

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bad dinner at an inn, which is not worth a shilling, merely because some particular circumstance has drawn more people together than can be provided for; and, because hunger admits not patiently of delay, can we dispute the inclination to extortion on the one hand, and the disposition to submit to it on the other?

If that is admitted, the interference of the law is allowable on the same principle on which it regulates the interest of money, though not to the same extent; that is, it is allowable, in particular instances, where the effects are similar, but not in all instances, because, in all instances, they are not similar. {124}

The rate of provisions is then liable, on particular occasions, to rise to a monopoly price, such as that of those rare productions of nature, the quantity of which cannot be increased, whatever the demand may be. {125} It follows, as an evident consequence, that the price increases as the scarcity augments; but, if it only did so, the evil would not be so great as it really is.  In the first place, the anxiety attendant on the risk of wanting so necessary an article creates a greater competition amongst buyers than the degree of scarcity would occasion in an article of less necessity and importance.  In a wealthy nation, the evil is still farther increased, by two other causes.

The high price which one part of the society is able to afford, and the wealth of those who sell, enables them to keep back the provisions from the market; the first cause operates in all countries nearly alike, for, the anxiety to have food is nearly equal all the world over.  But the last two operate more or less, according to the wealth of the buyers and of the sellers, as the eagerness and ability of the former to purchase, and the interest and ability of the latter to keep back from selling, are regulated by the degree of wealth in a country. {126}

—–­ {124} The law concerning money is a general law, because, at all times, there are some individuals in want of it, and would be liable to grant exorbitant interest.  It is not so with provisions, for, it is only occasionally that they cannot be had at reasonable prices.

{125} Dr. Smith divides produce into three different sorts; the two first are such as can be only produced in a certain quantity, whatever the demand may be; and such as can be produced always in sufficient quantity.