wealbk01-第44章

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eight　or　ten　years。　From　1741　to　1750；　the　average　price　of　the

quarter　of　nine　bushels　of　the　best　wheat　at　Windsor　market；　it

appears　from　the　accounts　of　Eton　College；　was　only　L1　13s。　9

1/2d。；　which　is　nearly　6s。　3d。　below　the　average　price　of　the

sixty…four　first　years　of　the　present　century。　The　average　price

of　the　quarter　of　eight　bushels　of　middle　wheat　comes　out；

according　to　this　account；　to　have　been；　during　these　ten　years；

only　51　6s。　8d。

　　　　　Between　1741　and　1750；　however；　the　bounty　must　have

hindered　the　price　of　corn　from　falling　so　low　in　the　home　market

as　it　naturally　would　have　done。　During　these　ten　years　the

quantity　of　all　sorts　of　grain　exported；　it　appears　from　the

custom…house　books；　amounted　to　no　less　than　eight　millions

twenty…nine　thousand　one　hundred　and　fifty…six　quarters　one

bushel。　The　bounty　paid　for　this　amounted　to　L1；514；962　17s。　4

1/2d。　In　1749　accordingly；　Mr。　Pelham；　at　that　time　Prime

Minister；　observed　to　the　House　of　Commons　that　for　the　three

years　preceding　a　very　extraordinary　sum　had　been　paid　as　bounty

for　the　exportation　of　corn。　He　had　good　reason　to　make　this

observation；　and　in　the　following　year　he　might　have　had　still

better。　In　that　single　year　the　bounty　paid　amounted　to　no　less

than　L324；176　10s。　6d。　It　is　unnecessary　to　observe　how　much　this

forced　exportation　must　have　raised　the　price　of　corn　above　what

it　otherwise　would　have　been　in　the　home　market。

　　　　　At　the　end　of　the　accounts　annexed　to　this　chapter　the

reader　will　find　the　particular　account　of　those　ten　years

separated　from　the　rest。　He　will　find　there；　too；　the　particular

account　of　the　preceding　ten　years；　of　which　the　average　is

likewise　below；　though　not　so　much　below；　the　general　average　of

the　sixty…four　first　years　of　the　century。　The　year　1740；

however；　was　a　year　of　extraordinary　scarcity。　These　twenty　years

preceding　1750　may　very　well　be　set　in　opposition　to　the　twenty

preceding　1770。　As　the　former　were　a　good　deal　below　the　general

average　of　the　century；　notwithstanding　the　intervention　of　one

or　two　dear　years；　so　the　latter　have　been　a　good　deal　above　it；

notwithstanding　the　intervention　of　one　or　two　cheap　ones；　of

1759；　for　example。　If　the　former　have　not　been　as　much　below　the

general　average　as　the　latter　have　been　above　it；　we　ought

probably　to　impute　it　to　the　bounty。　The　change　has　evidently

been　too　sudden　to　be　ascribed　to　any　change　in　the　value　of

silver；　which　is　always　slow　and　gradual。　The　suddenness　of　the

effect　can　be　accounted　for　only　by　a　cause　which　can　operate

suddenly；　the　accidental　variation　of　the　seasons。

　　　　　The　money　price　of　labour　in　Great　Britain　has；　indeed；

risen　during　the　course　of　the　present　century。　This；　however；

seems　to　be　the　effect；　not　so　much　of　any　diminution　in　the

value　of　silver　in　the　European　market；　as　of　an　increase　in　the

demand　for　labour　in　Great　Britain；　arising　from　the　great；　and

almost　universal　prosperity　of　the　country。　In　France；　a　country

not　altogether　so　prosperous；　the　money　price　of　labour　has；

since　the　middle　of　the　last　century；　been　observed　to　sink

gradually　with　the　average　money　price　of　corn。　Both　in　the　last

century　and　in　the　present　the　day…wages　of　common　labour　are

there　said　to　have　been　pretty　uniformly　about　the　twentieth　part

of　the　average　price　of　the　septier　of　wheat；　a　measure　which

contains　a　little　more　than　four　Winchester　bushels。　In　Great

Britain　the　real　recompense　of　labour；　it　has　already　been　shown；

the　real　quantities　of　the　necessaries　and　conveniencies　of　life

which　are　given　to　the　labourer；　has　increased　considerably

during　the　course　of　the　present　century。　The　rise　in　its　money

price　seems　to　have　been　the　effect；　not　of　any　diminution　of　the

value　of　silver　in　the　general　market　of　Europe；　but　of　a　rise　in

the　real　price　of　labour　in　the　particular　market　of　Great

Britain；　owing　to　the　peculiarly　happy　circumstances　of　the

country。

　　　　　For　some　time　after　the　first　discovery　of　America；　silver

would　continue　to　sell　at　its　former；　or　not　much　below　its

former　price。　The　profits　of　mining　would　for　some　time　be　very

great；　and　much　above　their　natural　rate。　Those　who　imported　that

metal　into　Europe；　however；　would　soon　find　that　the　whole　annual

importation　could　not　be　disposed　of　at　this　high　price。　Silver

would　gradually　exchange　for　a　smaller　and　a　smaller　quantity　of

goods。　Its　price　would　sink　gradually　lower　and　lower　till　it

fell　to　its　natural　price；　or　to　what　was　just　sufficient　to　pay；

according　to　their　natural　rates；　the　wages　of　the　labour；　the

profits　of　the　stock；　and　the　rent　of　the　land；　which　must　be

paid　in　order　to　bring　it　from　the　mine　to　the　market。　In　the

greater　part　of　the　silver　mines　of　Peru；　the　tax　of　the　King　of

Spain；　amounting　to　a　tenth　of　the　gross　produce；　eats　up；　it　has

already　been　observed；　the　whole　rent　of　the　land。　This　tax　was

originally　a　half；　it　soon　afterwards　fell　to　a　third；　then　to　a

fifth；　and　at　last　to　a　tenth；　at　which　rate　it　still　continues。

In　the　greater　part　of　the　silver　mines　of　Peru　this；　it　seems；

is　all　that　remains　after　replacing　the　stock　of　the　undertaker

of　the　work；　together　with　its　ordinary　profits；　and　it　seems　to

be　universally　acknowledged　that　these　profits；　which　were　once

very　high；　are　now　as　low　as　they　can　well　be；　consistently　with

carrying　on　their　works。

　　　　　The　tax　of　the　King　of　Spain　was　reduced　to　a　fifth　part　of

the　registered　silver　in　1504；　one…and…forty　years　before　1545；

the　date　of　the　discovery　of　the　mines　of　Potosi。　In　the　course

of　ninety　years；　or　before　1636；　these　mines；　the　most　fertile　in

all　America；　had　time　sufficient　to　produce　their　full　effect；　or

to　reduce　the　value　of　silver　in　the　European　market　as　low　as　it

could　well　fall；　while　it　continued　to　pay　this　tax　to　the　King

of　Spain。　Ninety　years　is　time　sufficient　to　reduce　any

commodity；　of　which　there　is　no　monopoly；　to　its　natural　price；

or　to　the　lowest　price　at　which；　while　it　pays　a　particular　tax；

it　can　continue　to　be　sold　for　any　considerable　time　together。

　　　　　The　price　of　silver　in　the　European　market　might　perhaps

have　fallen　still　lower；　and　it　might　have　become　necessary

either　to　reduce　the　tax　upon　it；　not　only　to　one　tenth；　as　in

1736；　but　to　one　twentieth；　in　the　same　manner　as　that　upon　gold；

or　to　give　up　working　the　greater　part　of　the　American　mines

which　are　now　wrought。　The　gradual　increase　of　the　demand　for

silver；　or　the　gradual　enlargement　of　the　market　for　the　produce

of　the　silver　mines　of　America；　is　probably　the　cause　which　has

prevented　this　from　happening；　and　which　has　not　only　kept　up　the

value　of　silver　in　the　European　market；　but　has　perhaps　even

raised　it　somewhat　higher　than　it　was　about　the　middle　of　the

last　century。

　　　　　Since　the　first　discovery　of　America；　the　market　for　the

produce　of　its　silver　mines　has　been　growing　gradually　more　and

more　extensive。

　　　　　First；　the　market　of　Europe　has　become　gradually　more　and

more　extensive。　Since　the　discovery　of　America；　the　greater　part

of　Europe　has　been　much　improved。　England；　Holland；　France；　and

Germany；　even　Sweden；　Denmark；　and　Russia；　have　all　advanced

considerably　both　in　agriculture　and　in　manufactures。　Italy　seems

not　to　have　gone　backwards。　The　fall　of　Italy　preceded　the

conquest　of　Peru。　Since　that　time　it　seems　rather　to　have

recovered　a　little。　Spain　and　Portugal；　indeed；　are　supposed　to

have　gone　backwards。　Portugal；　however；　is　but　a　very　small　part

of　Europe；　and　the　declension　of　Spain　is　not；　perhaps；　so　great

as　is　commonly　imagined。　In　the　beginning　of　the　sixteenth

century；　Spain　was　a　very　poor　country；　even　in　comparison　with

France；　which　has　been　so　much　improved　since　that　time。　It　was

the　well　known　remark　of　the　Emperor　Charles　V；　who　had　travelled

so　frequently　through　both　countries；　that　everything　abounded　in

France；　but　that　everything　was　wanting　in　Spain。　The　increasing

produce　of　the　agriculture　and　manufactures　of　Europe　must

necessarily　have　required　a　gradual　increase　in　the　quantity　of

silver　coin　to　circulate　it；　and　the　increasing　number　of　wealthy

individuals　must　have　required　the　like　increase　in　the　quantity

of　their　plate　and　other　ornaments　of　silver。

　　　　　Secondly；　America　is　itself　a　new　market　for　the　produce　of

its　own　silver　mines；　and　as　its　advances　in　agriculture；

industry；　and　population　are　much　more　rapid　than　those　of　the

most　thriving　countries　in　Europe；　its　demand　must　increase　much

more　rapidly。　The　English　colonies　are　altogether　a　new　market；

which；　partly　for　coin　and　partly　for　plate；　requires　a

continually　augmenting　supply　of　silver　through　a　great　continent

where　there　never　was　any　demand　before。　The　greater　part；　too；

of　the　Spanish　and　Portuguese　colonies　are　altogether　new

markets。　New　Granada；　the　Yucatan；　Paraguay；　and　the　Brazils

were；　before　discovered　by　the　Europeans；　inhabited　by　savage

nations　who　had　neither　arts　nor　agriculture。　A　considerable

degree　of　both　has　now　been　introduced　into　all　of　them。　Even

Mexico　and　Peru；　though　they　cannot　be　considered　as　altogether

new　markets；　are　certainly　much　more　extensive　ones　than　they

ever　were　before。　After　all　the　wonderful　tales　which　have　been

published　concerning　the　splendid　state　of　those　countries　in

ancient　times；　whoever　reads；　with　any　degree　of　sober　judgment；

the　history　of　their　first　discovery　and　conquest；　will　evidently

discern　that；　in　arts；　agriculture；　and　commerce；　their

inhabitants　were　much　more　ignorant　than　the　Tartars　of　the

Ukraine　are　at　present。　Even　the　Peruvians；　the　more　civilised

nation　of　the　two；　though　they　made　use　of　gold　and　silver　as

ornaments；　had　no　coined　money　of　any　kind。　Their　whole　commerce

was　carried　on　by　barter；　and　there　was　accordingly　scarce　any

division　of　labour　among　them。　Those　who　cultivated　the　ground

were　obliged　to　build　their　own　houses；　to　make　their　own

household　furniture；　their　own　clothes；　shoes；　and　instruments　of

agriculture。　The　few　artificers　among　them　are　said　to　have　been

all　maintained　by　the　sovereign；　the　nobles；　and　the　priests；　and

were　probably　their　servants　or　slaves。　All　the　ancient　arts　of

Mexico　and　Peru　have　never　furnished　one　single　manufacture　to

Europe。　The　Spanish　armies；　though　they　scarce　ever　exceeded　five

hundred　men；　and　frequently　did　not　amount　to　half　that　number；

found　almost　everywhere　great　difficulty　in　procuring

subsistence。　The　famines　which　they　are　said　to　have　occasioned

almost　wherever　they　went；　in　countries；　too；　which　at　the　same

time　are　represented　as　very　populous　and　well　cultivated；

sufficiently　demonstrate　that　the　story　of　this　populousness　and

high　cultivation　is　in　a　great　measure　fabulous。　The　Spanish

colonies　are　under　a　government　in　many　respects　less　favourable

to　agriculture；　improvem