of trade, which he wants. He sells, therefore, 
his rude produce for money, with which he 
can purchase, wherever it is to be had, the 
manufactured produce he has occasion for. 
Land even replaces, in part at least, the capitals 
with which fisheries and mines are cultivated. 
It is the produce of land which draws 
the fish from the waters; and it is the produce 
of the surface of the earth which extracts the 
minerals from its bowels
The produce of land, mines, and fisheries
when their natural fertility is equal, is in proportion 
to the extent and proper application of 
the capitals employed about them. When the 
capitals are equal, and equally well applied, it 
is in proportion to their natural fertility
In all countries where there is a tolerable 
security, every man of common understanding 
will endeavour to employ whatever stock he 
can command, in procuring either present enjoyment 
or future profit. If it is employed 
in procuring present enjoyment, it is a stock 
reserved for immediate consumption. If it is 
employed in procuring future profit, it must 
procure this profit either by staying with him, 
or by going from him. In the one case it is 
a fixed, in the other it is a circulating capital
A man must be perfectly crazy, who, where 
there is a tolerable security, does not employ 
all the stock which he commands, whether it 
be his own, or borrowed of other people, in 
some one or other of those three ways
In those unfortunate countries, indeed, 
where men are continually afraid of the violence 
of their superiors, they frequently bury 
or conceal a great part of their stock, in order 
to have it always at hand to carry with 
them to some place of safety, in case of their 
being threatened with any of those disasters 
to which they consider themselves at all times 
exposed. This is said to be a common practice 
in Turkey, in Indostan, and, I believe, in 
most other governments of Asia. It seems to 
have been a common practice among our ancestors 
during the violence of the feudal government
Treasure-trove was, in these times
considered as no contemptible part of the revenue 
of the greatest sovereigns in Europe. 
It consisted in such treasure as was found 
concealed in the earth, and to which no particular 
person could prove any right. This was 
regarded, in those times, as so important an 
object, that it was always considered as belonging 
to the sovereign, and neither to the 
finder nor to the proprietor of the land, unless 
the right to it had been conveyed to the latter 
by an express clause in his charter. It was 
put upon the same footing with gold and silver 
mines, which, without a special clause in 
the charter, were never supposed to be comprehended 
in the general grant of the lands
though mines of lead, copper, tin, and coal 
were, as things of smaller consequence. 
It has been shown in the First Book, that the 
price of the greater part of commodities resolves 
itself into three parts, of which one pays 
the wages of the labour, another the profits of 
the stock, and a third the rent of the land 
which had been employed in producing and 
bringing them to market: that there are, indeed, 
some commodities of which the price is 
made up of two of those parts only, the wages 
of labour, and the profits of stock; and a very 
few in which it consists altogether in one, the 
wages of labour; but that the price of every 
commodity necessarily resolves itself into 
some one or other, or all, of those three parts
every part of it which goes neither to rent nor 
to wages, being necessarily profit to somebody. 
Since this is the case, it has been observed
with regard to every particular commodity
taken separately, it must be so with regard to 
all the commodities which compose the whole 
annual produce of the land and labour of 
every country, taken complexly. The whole 
price or exchangeable value of that annual 
produce must resolve itself into the same three 
parts, and be parcelled out among the different 
inhabitants of the country, either as the 
wages of their labour, the profits of their 
their stock, or the rent of their land
But though the whole value of the annual 
produce of the land and labour of every country, 
is thus divided among, and constitutes
revenue to, its different inhabitants; yet, as in 
the rent of a private estate, we distinguish between 
the gross rent and the neat rent, so may 
we likewise in the revenue of all the inhabitants 
of a great country
The gross rent of a private estate comprehends 
whatever is paid by the farmer; the 
neat rent, what remains free to the landlord
after deducting the expense of management
of repairs, and all other necessary 
charges; or what, without hurting his estate
he can afford to place in his stock reserved for 
immediate consumption, or to spend upon his 
table, equipage, the ornaments of his house 
and furniture, his private enjoyments and 
amusements. His real wealth is in proportion, 
not to his gross, but to his neat rent
The gross revenue of all the inhabitants 
of a great country comprehends the whole 
annual produce of their land and labour
the neat revenue, what remains free to them, 
after deducting the expense of maintaining
first, their fixed, and, secondly, their circulating 
capital, or what, without encroaching upon