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Author: Adam Smith

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I have never even heard of any tobacco plantation that was
improved and cultivated by the capital of merchants who resided
in Great Britain; and our tobacco colonies send us home no such
wealthy planters as we see frequently arrive from our sugar
islands. Though, from the preference given in those colonies to
the cultivation of tobacco above that of corn, it would appear
that the effectual demand of Europe for tobacco is not completely
supplied, it probably is more nearly so than that for sugar; and
though the present price of tobacco is probably more than
sufficient to pay the whole rent, wages, and profit, necessary
for preparing and bringing it to market, according to the rate at
which they are commonly paid in corn land, it must not be so much
more as the present price of sugar. Our tobacco planters,
accordingly, have shewn the same fear of the superabundance of
tobacco, which the proprietors of the old vineyards in France
have of the superabundance of wine.

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