wealbk01-第42章

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corn；　therefore；　must　be　dearer　in　Scotland　than　in　England；　and

yet　in　proportion　to　its　quality；　or　to　the　quantity　and　goodness

of　the　flour　or　meal　which　can　be　made　from　it；　it　cannot

commonly　be　sold　higher　there　than　the　Scotch　corn　which　comes　to

market　in　competition　with　it。

　　　　　The　difference　between　the　money　price　of　labour　in　China

and　in　Europe　is　still　greater　than　that　between　the　money　price

of　subsistence；　because　the　real　recompense　of　labour　is　higher

in　Europe　than　in　China；　the　greater　part　of　Europe　being　in　an

improving　state；　while　China　seems　to　be　standing　still。　The

money　price　of　labour　is　lower　in　Scotland　than　in　England

because　the　real　recompense　of　labour　is　much　lower；　Scotland；

though　advancing　to　greater　wealth；　advancing　much　more　slowly

than　England。　The　frequency　of　emigration　from　Scotland；　and　the

rarity　of　it　from　England；　sufficiently　prove　that　the　demand　for

labour　is　very　different　in　the　two　countries。　The　proportion

between　the　real　recompense　of　labour　in　different　countries；　it

must　be　remembered；　is　naturally　regulated　not　by　their　actual

wealth　or　poverty；　but　by　their　advancing；　stationary；　or

declining　condition。

　　　　　Gold　and　silver；　as　they　are　naturally　of　the　greatest　value

among　the　richest；　so　they　are　naturally　of　the　least　value　among

the　poorest　nations。　Among　savages；　the　poorest　of　all　nations；

they　are　of　scarce　any　value。

　　　　　In　great　towns　corn　is　always　dearer　than　in　remote　parts　of

the　country。　This；　however；　is　the　effect；　not　of　the　real

cheapness　of　silver；　but　of　the　real　dearness　of　corn。　It　does

not　cost　less　labour　to　bring　silver　to　the　great　town　than　to

the　remote　parts　of　the　country；　but　it　costs　a　great　deal　more

to　bring　corn。

　　　　　In　some　very　rich　and　commercial　countries；　such　as　Holland

and　the　territory　of　Genoa；　corn　is　dear　for　the　same　reason　that

it　is　dear　in　great　towns。　They　do　not　produce　enough　to　maintain

their　inhabitants。　They　are　rich　in　the　industry　and　skill　of

their　artificers　and　manufacturers；　in　every　sort　of　machinery

which　can　facilitate　and　abridge　labour；　in　shipping；　and　in　all

the　other　instruments　and　means　of　carriage　and　commerce：　but

they　are　poor　in　corn；　which；　as　it　must　be　brought　to　them　from

distant　countries；　must；　by　an　addition　to　its　price；　pay　for　the

carriage　from　those　countries。　It　does　not　cost　less　labour　to

bring　silver　to　Amsterdam　than　to　Dantzic；　but　it　costs　a　great

deal　more　to　bring　corn。　The　real　cost　of　silver　must　be　nearly

the　same　in　both　places；　but　that　of　corn　must　be　very　different。

Diminish　the　real　opulence　either　of　Holland　or　of　the　territory

of　Genoa；　while　the　number　of　their　inhabitants　remains　the　same：

diminish　their　power　of　supplying　themselves　from　distant

countries；　and　the　price　of　corn；　instead　of　sinking　with　that

diminution　in　the　quantity　of　their　silver；　which　must

necessarily　accompany　this　declension　either　as　its　cause　or　as

its　effect；　will　rise　to　the　price　of　a　famine。　When　we　are　in

want　of　necessaries　we　must　part　with　all　superfluities；　of　which

the　value；　as　it　rises　in　times　of　opulence　and　prosperity；　so　it

sinks　in　times　of　poverty　and　distress。　It　is　otherwise　with

necessaries。　Their　real　price；　the　quantity　of　labour　which　they

can　purchase　or　command；　rises　in　times　of　poverty　and　distress；

and　sinks　in　times　of　opulence　and　prosperity；　which　are　always

times　of　great　abundance；　for　they　could　not　otherwise　be　times

of　opulence　and　prosperity。　Corn　is　a　necessary；　silver　is　only　a

superfluity。

　　　　　Whatever；　therefore；　may　have　been　the　increase　in　the

quantity　of　the　precious　metals；　which；　during　the　period　between

the　middle　of　the　fourteenth　and　that　of　the　sixteenth　century；

arose　from　the　increase　of　wealth　and　improvement；　it　could　have

no　tendency　to　diminish　their　value　either　in　Great　Britain　or　in

any　other　part　of　Europe。　If　those　who　have　collected　the　prices

of　things　in　ancient　times；　therefore；　had；　during　this　period；

no　reason　to　infer　the　diminution　of　the　value　of　silver；　from

any　observations　which　they　had　made　upon　the　prices　either　of

corn　or　of　other　commodities；　they　had　still　less　reason　to　infer

it　from　any　supposed　increase　of　wealth　and　improvement。　

　　　　　　　　　　　　　　　　　　　　　　　　　SECOND　PERIOD　

　　　　　But　how　various　soever　may　have　been　the　opinions　of　the

learned　concerning　the　progress　of　the　value　of　silver　during

this　first　period；　they　are　unanimous　concerning　it　during　the

second。

　　　　　From　about　1570　to　about　1640；　during　a　period　of　about

seventy　years；　the　variation　in　the　proportion　between　the　value

of　silver　and　that　of　corn　held　a　quite　opposite　course。　Silver

sunk　in　its　real　value；　or　would　exchange　for　a　smaller　quantity

of　labour　than　before；　and　corn　rose　in　its　nominal　price；　and

instead　of　being　commonly　sold　for　about　two　ounces　of　silver　the

quarter；　or　about　ten　shillings　of　our　present　money；　came　to　be

sold　for　six　and　eight　ounces　of　silver　the　quarter；　or　about

thirty　and　forty　shillings　of　our　present　money。

　　　　　The　discovery　of　the　abundant　mines　of　America　seems　to　have

been　the　sole　cause　of　this　diminution　in　the　value　of　silver　in

proportion　to　that　of　corn。　It　is　accounted　for　accordingly　in

the　same　manner　by　everybody；　and　there　never　has　been　any

dispute　either　about　the　fact　or　about　the　cause　of　it。　The

greater　part　of　Europe　was；　during　this　period；　advancing　in

industry　and　improvement；　and　the　demand　for　silver　must

consequently　have　been　increasing。　But　the　increase　of　the　supply

had；　it　seems；　so　far　exceeded　that　of　the　demand；　that　the　value

of　that　metal　sunk　considerably。　The　discovery　of　the　mines　of

America；　it　is　to　be　observed；　does　not　seem　to　have　had　any　very

sensible　effect　upon　the　prices　of　things　in　England　till　after

1570；　though　even　the　mines　of　Potosi　had　been　discovered　more

than　twenty　years　before。

　　　　　From　1595　to　1620；　both　inclusive；　the　average　price　of　the

quarter　of　nine　bushels　of　the　best　wheat　at　Windsor　market

appears；　from　the　accounts　of　Eton　College；　to　have　been　L2　1s。　6

3/4d。　From　which　sum；　neglecting　the　fraction；　and　deducting　a

ninth；　or　4s。　7　13d。；　the　price　of　the　quarter　of　eight　bushels

comes　out　to　have　been　L1　16s。　10　2/3d。　And　from　this　sum；

neglecting　likewise　the　fraction；　and　deducting　a　ninth；　or　4s。

1d。；　for　the　difference　between　the　price　of　the　best　wheat　and

that　of　the　middle　wheat；　the　price　of　the　middle　wheat　comes　out

to　have　been　about　L1　12s。　9d。；　or　about　six　ounces　and　one…third

of　an　ounce　of　silver。

　　　　　From　1621　to　1636；　both　inclusive；　the　average　price　of　the

same　measure　of　the　best　wheat　at　the　same　market　appears；　from

the　same　accounts；　to　have　been　L2　10s。；　from　which　making　the

like　deductions　as　in　the　foregoing　case；　the　average　price　of

the　quarter　of　eight　bushels　of　middle　wheat　comes　out　to　have

been　L1　19s。　6d。；　or　about　seven　ounces　and　two…thirds　of　an

ounce　of　silver。　

　　　　　　　　　　　　　　　　　　　　　　　　　THIRD　PERIOD　

　　　　　Between　1630　and　1640；　or　about　1636；　the　effect　of　the

discovery　of　the　mines　of　America　in　reducing　the　value　of　silver

appears　to　have　been　completed；　and　the　value　of　that　metal　seems

never　to　have　sunk　lower　in　proportion　to　that　of　corn　than　it

was　about　that　time。　It　seems　to　have　risen　somewhat　in　the

course　of　the　present　century；　and　it　had　probably　begun　to　do　so

even　some　time　before　the　end　of　the　last。

　　　　　From　1637　to　1700；　both　inclusive；　being　the　sixty…four　last

years　of　the　last　century；　the　average　price　of　the　quarter　of

nine　bushels　of　the　best　wheat　at　Windsor　market　appears；　from

the　same　accounts；　to　have　been　L2　11s。　O　13d。；　which　is　only　1s

O　13d。　dearer　than　it　had　been　during　the　sixteen　years　before。

But　in　the　course　of　these　sixty…four　years　there　happened　two

events　which　must　have　produced　a　much　greater　scarcity　of　corn

than　what　the　course　of　the　seasons　would　otherwise　have

occasioned；　and　which；　therefore；　without　supposing　any　further

reduction　in　the　value　of　silver；　will　much　more　than　account　for

this　very　small　enhancement　of　price。

　　　　　The　first　of　these　events　was　the　civil　war；　which；　by

discouraging　tillage　and　interrupting　commerce；　must　have　raised

the　price　of　corn　much　above　what　the　course　of　the　seasons　would

otherwise　have　occasioned。　It　must　have　had　this　effect　more　or

less　at　all　the　different　markets　in　the　kingdom；　but

particularly　at　those　in　the　neighbourhood　of　London；　which

require　to　be　supplied　from　the　greatest　distance。　In　1648；

accordingly；　the　price　of　the　best　wheat　at　Windsor　market

appears；　from　the　same　accounts；　to　have　been　L4　5s。；　and　in　1649

to　have　been　L4　the　quarter　of　nine　bushels。　The　excess　of　those

two　years　above　L2　10s。　（the　average　price　of　the　sixteen　years

preceding　1637）　is　L3　5s。；　which　divided　among　the　sixty…four

last　years　of　the　last　century　will　alone　very　nearly　account　for

that　small　enhancement　of　price　which　seems　to　have　taken　place

in　them。　These；　however；　though　the　highest；　are　by　no　means　the

only　high　prices　which　seem　to　have　been　occasioned　by　the　civil

wars。

　　　　　The　second　event　was　the　bounty　upon　the　exportation　of　corn

granted　in　1688。　The　bounty；　it　has　been　thought　by　many　people；

by　encouraging　tillage；　may；　in　a　long　course　of　years；　have

occasioned　a　greater　abundance；　and　consequently　a　greater

cheapness　of　corn　in　the　home…market　than　what　would　otherwise

have　taken　place　there。　How　far　the　bounty　could　produce　this

effect　at　any　time；　I　shall　examine　hereafter；　I　shall　only

observe　at　present　that；　between　1688　and　1700；　it　had　not　time

to　produce　any　such　effect。　During　this　short　period　its　only

effect　must　have　been；　by　encouraging　the　exportation　of　the

surplus　produce　of　every　year；　and　thereby　hindering　the

abundance　of　one　year　from　compensating　the　scarcity　of　another；

to　raise　the　price　in　the　home…market。　The　scarcity　which

prevailed　in　England　from　1693　to　1699；　both　inclusive；　though　no

doubt　principally　owing　to　the　badness　of　the　seasons；　and；

therefore；　extending　through　a　considerable　part　of　Europe；　must

have　been　somewhat　enhanced　by　the　bounty。　In　1699；　accordingly；

the　further　exportation　of　corn　was　prohibited　for　nine　months。

　　　　　There　was　a　third　event　which　occurred　in　the　course　of　the

same　period；　and　which；　though　it　could　not　occasion　any　scarcity

of　corn；　nor；　perhaps；　any　augmentation　in　the　real　quantity　of

silver　which　was　usually　paid　for　it；　must　necessarily　have

occasioned　some　augmentation　in　the　nominal　sum。　This　event　was

the　great　debasement　of　the　silver　coin；　by　clipping　and　wearing。

This　evil　had　begun　in　the　reign　of　Charles　II　and　had　gone　on

continually　increasing　till　1695；　at　which　time；　as　we　may　learn

from　Mr。　Lowndes；　the　current　silver　coin　was；　at　an　average；

near　five…and…twenty　per　cent　belo