Adam Smith：The Wealth of Nations, Book IV, Chapter VII, Paragraph 1344

In a country neither half peopled nor half cultivated, cattle naturally multiply beyond the consumption of the inhabitants, and are often, upon that account, of little or no value. But it is necessary, it has already been shown, that the price of cattle should bear a certain proportion to that of corn, before the greater part of the lands of any country can be improved. By allowing to American cattle, in all shapes, dead and alive, a very extensive market, the law endeavours to raise the value of a commodity, of which the high price is so very essential to improvement. The good effects of this liberty, however, must be somewhat diminished by the 4th of Geo. III. c. 15, which puts hides and skins among the enumerated commodities, and thereby tends to reduce the value of American cattle.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book IV, Chapter VII, paragraph 1344 · Verified：2026-10-19 · Verification：Exact match

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