Investing

商賈以幣之變，多積貨逐利。於是公卿言：「郡國頗被菑害，貧民無產業者，募徙廣饒之地。陛下損膳省用，出禁錢以振元元，寬貸賦，而民不齊出於南畝，商賈滋眾。貧者畜積無有，皆仰縣官。異時算軺車賈人緡錢皆有差，請算如故。諸賈人末作貰貸賣買，居邑稽諸物，及商以取利者，雖無市籍，各以其物自占，率緡錢二千而一算。諸…

天子乃思卜式之言，召拜式為中郎，爵左庶長，賜田十頃，布告天下，使明知之。

初，卜式者，河南人也，以田畜為事。親死，式有少弟，弟壯，式脫身出分，獨取畜羊百餘，田宅財物盡予弟。式入山牧十餘歲，羊致千餘頭，買田宅。而其弟盡破其業，式輒復分予弟者數矣。是時漢方數使將擊匈奴，卜式上書，願輸家之半縣官助邊。天子使使問式：「欲官乎？」式曰：「臣少牧，不習仕宦，不願也。」使問曰：「家豈…

初，式不願為郎。上曰：「吾有羊上林中，欲令子牧之。」式乃拜為郎，布衣屩而牧羊。歲餘，羊肥息。上過見其羊，善之。式曰：「非獨羊也，治民亦猶是也。以時起居；惡者輒斥去，毋令敗群。」上以式為奇，拜為緱氏令試之，緱氏便之。遷為成皋令，將漕最。上以為式樸忠，拜為齊王太傅。

而孔僅之使天下鑄作器，三年中拜為大農，列於九卿。而桑弘羊為大農丞，筦諸會計事，稍稍置均輸以通貨物矣。

自造白金五銖錢後五歲，赦吏民之坐盜鑄金錢死者數十萬人。其不發覺相殺者，不可勝計。赦自出者百餘萬人。然不能半自出，天下大抵無慮皆鑄金錢矣。犯者眾，吏不能盡誅取，於是遣博士褚大、徐偃等分曹循行郡國，舉兼并之徒守相為（吏）［利］者。而御史大夫張湯方隆貴用事，減宣、杜周等為中丞，義縱、尹齊、王溫舒等用慘急…

而大農顏異誅。初，異為濟南亭長，以廉直稍遷至九卿。上與張湯既造白鹿皮幣，問異。異曰：「今王侯朝賀以蒼璧，直數千，而其皮薦反四十萬，本末不相稱。」天子不說。張湯又與異有卻，及有人告異以它議，事下張湯治異。異與客語，客語初令下有不便者，異不應，微反脣。湯奏當異九卿見令不便，不入言而腹誹，論死。自是之後…

天子既下緡錢令而尊卜式，百姓終莫分財佐縣官，於是（楊可）告緡錢縱矣。

郡國多姦鑄錢，錢多輕，而公卿請令京師鑄鐘官赤側，一當五，賦官用非赤側不得行。白金稍賤，民不寶用，縣官以令禁之，無益。歲餘，白金終廢不行。

其後二歲，赤側錢賤，民巧法用之，不便，又廢。於是悉禁郡國無鑄錢，專令上林三官鑄。錢既多，而令天下非三官錢不得行，諸郡國所前鑄錢皆廢銷之，輸其銅三官。而民之鑄錢益少，計其費不能相當，唯真工大姦乃盜為之。

卜式相齊，而楊可告緡遍天下，中家以上大抵皆遇告。杜周治之，獄少反者。乃分遣御史廷尉正監分曹往，即治郡國緡錢，得民財物以億計，奴婢以千萬數，田大縣數百頃，小縣百餘頃，宅亦如之。於是商賈中家以上大率破，民偷甘食好衣，不事畜藏之產業，而縣官有鹽鐵緡錢之故，用益饒矣。

初，大農筦鹽鐵官布多，置水衡，欲以主鹽鐵；及楊可告緡錢，上林財物眾，乃令水衡主上林。上林既充滿，益廣。是時越欲與漢用船戰逐，乃大修昆明池，列觀環之。治樓船，高十餘丈，旗幟加其上，甚壯。於是天子感之，乃作柏梁臺，高數十丈。宮室之修，由此日麗。

乃分緡錢諸官，而水衡、少府、大農、太仆各置農官，往往即郡縣比沒入田田之。其沒入奴婢，分諸苑養狗馬禽獸，及與諸官。諸官益雜置多，徒奴婢眾，而下河漕度四百萬石，及官自糴乃足。

所忠言：「世家子弟富人或鬬雞走狗馬，弋獵博戲，亂齊民。」乃徵諸犯令，相引數千人，命曰「株送徒」。入財者得補郎，郎選衰矣。

是時山東被河菑，及歲不登數年，人或相食，方一二千里。天子憐之，詔曰：「江南火耕水耨，令饑民得流就食江淮閒，欲留，留處。」遣使冠蓋相屬於道，護之，下巴蜀粟以振之。

其明年，天子始巡郡國。東度河，河東守不意行至，不辨，自殺。行西踰隴，隴西守以行往卒，天子從官不得食，隴西守自殺。於是上北出蕭關，從數萬騎，獵新秦中，以勒邊兵而歸。新秦中或千里無亭徼，於是誅北地太守以下，而令民得畜牧邊縣，官假馬母，三歲而歸，及息什一，以除告緡，用充仞新秦中。

既得寶鼎，立后土、太一祠，公卿議封禪事，而天下郡國皆豫治道橋，繕故宮，及當馳道縣，縣治官儲，設供具，而望以待幸。

其明年，南越反，西羌侵邊為桀。於是天子為山東不贍，赦天下［囚］，因南方樓船卒二十餘萬人擊南越，數萬人發三河以西騎擊西羌，又數萬人度河筑令居。初置張掖、酒泉郡，而上郡、朔方、西河、河西開田官，斥塞卒六十萬人戍田之。中國繕道餽糧，遠者三千，近者千餘里，皆仰給大農。邊兵不足，乃發武庫工官兵器以贍之。車騎…

齊相卜式上書曰：「臣聞主憂臣辱。南越反，臣願父子與齊習船者往死之。」天子下詔曰：「卜式雖躬耕牧，不以為利，有餘輒助縣官之用。今天下不幸有急，而式奮願父子死之，雖未戰，可謂義形於內。賜爵關內侯，金六十斤，田十頃。」布告天下，天下莫應。列侯以百數，皆莫求從軍擊羌、越。至酎，少府省金，而列侯坐酎金失侯者…

式既在位，見郡國多不便縣官作鹽鐵，鐵器苦惡，賈貴，或彊令民賣買之。而船有算，商者少，物貴，乃因孔僅言船算事。上由是不悅卜式。

漢連兵三歲，誅羌，滅南越，番禺以西至蜀南者置初郡十七，且以其故俗治，毋賦稅。南陽、漢中以往郡，各以地比給初郡吏卒奉食幣物，傳車馬被具。而初郡時時小反，殺吏，漢發南方吏卒往誅之，閒歲萬餘人，費皆仰給大農。大農以均輸調鹽鐵助賦，故能贍之。然兵所過縣，為以訾給毋乏而已，不敢言擅賦法矣。

其明年，，卜式貶秩為太子太傅。而桑弘羊為治粟都尉，領大農，盡代僅筦天下鹽鐵。弘羊以諸官各自市，相與爭，物故騰躍，而天下賦輸或不償其僦費，乃請置大農部丞數十人，分部主郡國，各往往縣置均輸鹽鐵官，令遠方各以其物貴時商賈所轉販者為賦，而相灌輸。置平準于京師，都受天下委輸。召工官治車諸器，皆仰給大農。大農…

弘羊又請令吏得入粟補官，及罪人贖罪。令民能入粟甘泉各有差，以復終身，不告緡。他郡各輸急處，而諸農各致粟，山東漕益歲六百萬石。一歲之中，太倉、甘泉倉滿。邊餘穀諸物均輸帛五百萬匹。民不益賦而天下用饒。於是弘羊賜爵左庶長，黃金再百斤焉。

是歲小旱，上令官求雨，卜式言曰：「縣官當食租衣稅而已，今弘羊令吏坐市列肆，販物求利。亨弘羊，天乃雨。」

農工商交易之路通，而龜貝金錢刀布之幣興焉。所從來久遠，自高辛氏之前尚矣，靡得而記云。故書道唐虞之際，詩述殷周之世，安寧則長庠序，先本絀末，以禮義防于利；事變多故而亦反是。是以物盛則衰，時極而轉，一質一文，終始之變也。禹貢九州，各因其土地所宜，人民所多少而納職焉。湯武承弊易變，使民不倦，各兢兢所以為…

平準之立，通貨天下。既入縣官，或振華夏。其名刀布，其文龍馬。增算告緡，裒多益寡。弘羊心計，卜式長者。都內充殷，取贍郊野。

Whatever be the actual state of the skill, dexterity, and judgment, with which labour is applied in any nation, the abundance or scantiness of its…

It is the great multiplication of the productions of all the different arts, in consequence of the division of labour, which occasions, in a…

What are the rules which men naturally observe, in exchanging them either for money, or for one another, I shall now proceed to examine. These…

The word VALUE, it is to be observed, has two different meanings, and sometimes expresses the utility of some particular object, and sometimes the…

And, lastly, what are the different circumstances which sometimes raise some or all of these different parts of price above, and sometimes sink…

But though equal quantities of labour are always of equal value to the labourer, yet to the person who employs him they appear sometimes to be of…

In this popular sense, therefore, labour, like commodities, may be said to have a real and a nominal price. Its real price may be said to consist…

Princes and sovereign states have frequently fancied that they had a temporary interest to diminish the quantity of pure metal contained in their…

The discovery of the mines of America diminished the value of gold and silver in Europe. This diminution, it is commonly supposed, though I apprehend…

When the degradation in the value of silver is combined with the diminution of the quantity of it contained in the coin of the same denomination, the…

But though, in establishing perpetual rents, or even in letting very long leases, it may be of use to distinguish between real and nominal price;…

At the same time and place, the real and the nominal price of all commodities are exactly in proportion to one another. The more or less money you…

As it is the nominal or money price of goods, therefore, which finally determines the prudence or imprudence of all purchases and sales, and…

In the progress of industry, commercial nations have found it convenient to coin several different metals into money; gold for larger payments,…

The Romans are said to have had nothing but copper money till within five years before the first Punic war (Pliny, lib. xxxiii. cap. 3), when they…

The northern nations who established themselves upon the ruins of the Roman empire, seem to have had silver money from the first beginning of their…

Originally, in all countries, I believe, a legal tender of payment could be made only in the coin of that metal which was peculiarly considered as…

In process of time, and as people became gradually more familiar with the use of the different metals in coin, and consequently better acquainted…

In the proportion between the different metals in the English coin, as copper is rated very much above its real value, so silver is rated somewhat…

By the money price of goods, it is to be observed, I understand always the quantity of pure gold or silver for which they are sold, without any…

In that early and rude state of society which precedes both the accumulation of stock and the appropriation of land, the proportion between the…

Or if the one species of labour requires an uncommon degree of dexterity and ingenuity, the esteem which men have for such talents, will naturally…

In this state of things, the whole produce of labour does not always belong to the labourer. He must in most cases share it with the owner of the…

As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed, and…

The real value of all the different component parts of price, it must be observed, is measured by the quantity of labour which they can, each of them…

In the price of flour or meal, we must add to the price of the corn, the profits of the miller, and the wages of his servants; in the price of bread,…

The price of flax resolves itself into the same three parts as that of corn. In the price of linen we must add to this price the wages of the…

As any particular commodity comes to be more manufactured, that part of the price which resolves itself into wages and profit, comes to be greater in…

But the whole price of any commodity must still finally resolve itself into some one or other or all of those three parts; as whatever part of it…

As the price or exchangeable value of every particular commodity, taken separately, resolves itself into some one or other, or all of those three…

A gentleman who farms a part of his own estate, after paying the expense of cultivation, should gain both the rent of the landlord and the profit…

Common farmers seldom employ any overseer to direct the general operations of the farm. They generally, too, work a good deal with their own hands,…

An independent manufacturer, who has stock enough both to purchase materials, and to maintain himself till he can carry his work to market, should…

A gardener who cultivates his own garden with his own hands, unites in his own person the three different characters, of landlord, farmer, and…