ASWN #2616 THE WEALTH OF NATIONS

http://en.wikisource.org/wiki/The_Wealth_of_Nations - by establishing an administration under their own immediate inspection of the same kind with that which the farmer estab- G.ed. p902 The Wealth of Nations Adam Smith lishes, might at least save this profit, which is almost always exorbitant. To farm any considerable branch of the public revenue requires either a great capital or a great credit; circumstances which would alone restrain the competition for such an undertaking to a very small number of people. Of the few who have this capital or credit, a still smaller number have the necessary knowledge or experience; another circumstance which restrains the competition still further. The very few, who are in condition to become competitors, find it more for their interest to combine together; to become co-partners instead of competitors, and when the farm is set up to auction, to