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intelligent； and the most successful。 The same regulations；
besides； keep so much land out of the market that there are
always more capitals to buy than there is land to sell； so that
what is sold always sells at a monopoly price。 The rent never
pays the interest of the purchase…money； and is； besides；
burdened with repairs and other occasional charges to which the
interest of money is not liable。 To purchase land is everywhere
in Europe a most unprofitable employment of a small capital。 For
the sake of the superior security； indeed； a man of moderate
circumstances； when he retires from business； will sometimes
choose to lay out his little capital in land。 A man of profession
too； whose revenue is derived from。 another source； often loves
to secure his savings in the same way。 But a young man； who；
instead of applying to trade or to some profession； should employ
a capital of two or three thousand pounds in the purchase and
cultivation of a small piece of land； might indeed expect to live
very happily； and very independently； but must bid adieu forever
to all hope of either great fortune or great illustration； which
by a different employment of his stock he might have had the same
chance of acquiring with other people。 Such a person too； though
he cannot aspire at being a proprietor； will often disdain to be
a farmer。 The small quantity of land； therefore； which is brought
to market； and the high price of what is brought thither；
prevents a great number of capitals from being employed in its
cultivation and improvement which would otherwise have taken that
direction。 In North America； on the contrary； fifty or sixty
pounds is often found a sufficient stock to begin a plantation
with。 The purchase and improvement of uncultivated land is there
the most profitable employment of the smallest as well as of the
greatest capitals； and the most direct road to all the fortune
and illustration which can be acquired in that country。 Such
land； indeed； is in North America to be had almost for nothing；
or at a price much below the value of the natural produce… a
thing impossible in Europe； or； indeed； in any country where all
lands have long been private property。 If landed estates；
however； were divided equally among all the children upon the
death of any proprietor who left a numerous family； the estate
would generally be sold。 So much land would come to market that
it could no longer sell at a monopoly price。 The free rent of the
land would go nearer to pay the interest of the purchase…money；
and a small capital might be employed in purchasing land as
profitably as in any other way。
England； on account of the natural fertility of the soil； of
the great extent of the sea…coast in proportion to that of the
whole country； and of the many navigable rivers which run through
it and afford the conveniency of water carriage to some of the
most inland parts of it； is perhaps as well fitted by nature as
any large country in Europe to be the seat of foreign commerce；
of manufactures for distant sale； and of all the improvements
which these can occasion。 From the beginning of the reign of
Elizabeth too； the English legislature has been peculiarly
attentive to the interests of commerce and manufactures； and in
reality there is no country in Europe； Holland itself not
excepted； of which the law is； upon the whole； more favourable to
this sort of industry。 Commerce and manufactures have accordingly
been continually advancing during all this period。 The
cultivation and improvement of the country has； no doubt； been
gradually advancing too； but it seems to have followed slowly；
and at a distance； the more rapid progress of commerce and
manufactures。 The greater part of the country must probably have
been cultivated before the reign of Elizabeth； and a very great
part of it still remains uncultivated； and the cultivation of the
far greater part much inferior to what it might be。 The law of
England； however； favours agriculture not only indirectly by the
protection of commerce； but by several direct encouragements。
Except in times of scarcity； the exportation of corn is not only
free； but encouraged by a bounty。 In times of moderate plenty；
the importation of foreign corn is loaded with duties that amount
to a prohibition。 The importation of live cattle； except from
Ireland； is prohibited at all times； and it is but of late that
it was permitted from thence。 Those who cultivate the land；
therefore； have a monopoly against their countrymen for the two
greatest and most important articles of land produce； bread and
butcher's meat。 These encouragements； though at bottom； perhaps；
as I shall endeavour to show hereafter； altogether illusory；
sufficiently demonstrate at least the good intention of the
legislature to favour agriculture。 But what is of much more
importance than all of them； the yeomanry of England are rendered
as secure； as independent； and as respectable as law can make
them。 No country； therefore； in which the right of primogeniture
takes place； which pays tithes； and where perpetuities； though
contrary to the spirit of the law； are admitted in some cases；
can give more encouragement to agriculture than England。 Such；
however； notwithstanding； is the state of its cultivation。 What
would it have been had the law given no direct encouragement to
agriculture besides what arises indirectly from the progress of
commerce； and had left the yeomanry in the same condition as in
most other countries of Europe？ It is now more than two hundred
years since the beginning of the reign of Elizabeth； a period as
long as the course of human prosperity usually endures。
France seems to have had a considerable share of foreign
commerce near a century before England was distinguished as a
commercial country。 The marine of France was considerable；
according to the notions of the times； before the expedition of
Charles VIII to Naples。 The cultivation and improvement of
France； however； is； upon the whole； inferior to that of England。
The law of the country has never given the same direct
encouragement to agriculture。
The foreign commerce of Spain and Portugal to the other
parts of Europe； though chiefly carried on in foreign ships； is
very considerable。 That to their colonies is carried on in their
own； and is much greater； on account of the great riches and
extent of those colonies。 But it has never introduced any
considerable manufactures for distant sale into either of those
countries； and the greater part of both still remains
uncultivated。 The foreign commerce of Portugal is of older
standing than that of any great country in Europe； except Italy。
Italy is the only great country of Europe which seems to
have been cultivated and improved in every part by means of
foreign commerce and manufactures for distant sale。 Before the
invasion of Charles VIII； Italy according to Guicciardin； was
cultivated not less in the most mountainous and barren parts of
the country than in the plainest and most fertile。 The
advantageous situation of the country； and the great number of
independent states which at that time subsisted in it； probably
contributed not a little to this general cultivation。 It is not
impossible too； notwithstanding this general expression of one of
the most judicious and reserved of modern historians； that Italy
was not at that time better cultivated than England is at
present。
The capital； however； that is acquired to any country by
commerce and manufactures is all a very precarious and uncertain
possession till some part of it has been secured and realized in
the cultivation and improvement of its lands。 A merchant； it has
been said very properly； is not necessarily the citizen of any
particular country。 It is in a great measure indifferent to him
from what place he carries on his trade； and a very trifling
disgust will make him remove his capital； and together with it
all the industry which it supports； from one country to another。
No part of it can be said to belong to any particular