secondly，fifty—eightquartersofmalt，whichcostseventeenpoundstenshillings，orsixshillingsaquarter，equaltoabouteighteenshillingsofourpresentmoney;thirdly，twentyquartersofoats，whichcostfourpounds，orfourshillingsaquarter，equaltoabouttwelveshillingsofourpresentmoney。Thepricesofmaltandoatsseemheretobehigherthantheirordinaryproportiontothepriceofwheat。
Thesepricesarenotrecordedonaccountoftheirextraordinarydearnessorcheapness，butarementionedaccidentallyasthepricesactuallypaidforlargequantitiesofgrainconsumedatafeastwhichwasfamousforitsmagnificence。
In1262，beingthe51stofHenryM，wasrevivedanancientstatutecalledTheAssizeofBreadandAle，whichthekingsaysinthepreamblehadbeenmadeinthetimesofhisprogenitors，sometimekingsofEngland。Itisprobably，therefore，asoldatleastasthetimeofhisgrandfatherHenryH，andmayhavebeenasoldastheConquest。Itregulatesthepriceofbreadaccordingasthepricesofwheatmayhappentobe，fromoneshillingtotwentyshillingsthequarterofthemoneyofthosetimes。Butstatutesofthiskindaregenerallypresumedtoprovidewithequalcareforalldeviationsfromthemiddleprice，forthosebelowitaswellasforthoseaboveit。Tenshillings，therefore，containingsixouncesofsilver，Towerweight，andequaltoaboutthirtyshillingsofourpresentmoney，must，uponthissupposition，havebeenreckonedthemiddlepriceofthequarterofwheatwhenthisstatutewasfirstenacted，andmusthavecontinuedtobesointhe51stofHenryIII。Wecannotthereforebeverywronginsupposingthatthemiddlepricewasnotlessthanone—thirdofthehighestpriceatwhichthisstatuteregulatesthepriceofbread，orthansixshillingsandeightpenceofthemoneyofthosetimes，containingfourouncesofsilver，Towerweight。
Fromthesedifferentfacts，therefore，weseemtohavesomereasontoconcludethat，aboutthemiddleofthefourteenthcentury，andforaconsiderabletimebefore，theaverageorordinarypriceofthequarterofwheatwasnotsupposedtobelessthanfourouncesofsilver，Towerweight。
Fromaboutthemiddleofthefourteenthtothebeginningofthesixteenthcentury，whatwasreckonedthereasonableandmoderate，thatistheordinaryoraveragepriceofwheat，seemstohavesunkgraduallytoaboutone—halfofthisprice;soasatlasttohavefallentoabouttwoouncesofsilver，Towerweight，equaltoabouttenshillingsofourpresentmoney。Itcontinuedtobeestimatedatthispricetillabout1570。
InthehouseholdbookofHenry，thefifthEarlofNorthumberland，drawnupin1512，therearetwodifferentestimationsofwheat。Inoneofthemitiscomputedatsixshillingsandeightpencethequarter，intheotheratfiveshillingsandeightpenceonly。In1512，sixshillingsandeightpencecontainedonlytwoouncesofsilver，Towerweight，andwereequaltoabouttenshillingsofourpresentmoney。
Fromthe25thofEdwardIIItothebeginningofthereignofElizabeth，duringthespaceofmorethantwohundredyears，sixshillingsandeightpence，itappearsfromseveraldifferentstatutes，hadcontinuedtobeconsideredaswhatiscalledthemoderateandreasonable，thatistheordinaryoraveragepriceofwheat。Thequantityofsilver，however，containedinthatnominalsumwas，duringthecourseofthisperiod，continuallydiminishing，inconsequenceofsomealterationswhichweremadeinthecoin。Buttheincreaseofthevalueofsilverhad，itseems，sofarcompensatedthediminutionofthequantityofitcontainedinthesamenominalsumthatthelegislaturedidnotthinkitworthwhiletoattendtothiscircumstance。
Thusin1436itwasenactedthatwheatmightbeexportedwithoutalicencewhenthepricewassolowassixshillingsandeightpence;andin1463itwasenactedthatnowheatshouldbeimportedifthepricewasnotabovesixshillingsandeightpencethequarter。Thelegislaturehadimaginedthatwhenthepricewassolowtherecouldbenoinconveniencyinexportation，butthatwhenitrosehigheritbecameprudenttoallowimportation。Sixshillingsandeightpence，therefore，containingaboutthesamequantityofsilverasthirteenshillingsandfourpenceofourpresentmoney（onethirdpartlessthanthesamenominalsumcontainedinthetimeofEdwardIII），hadinthosetimesbeenconsideredaswhatiscalledthemoderateandreasonablepriceofwheat。
In1554，bythe1stand2ndofPhilipandMary;andin1558，bythe1stofElizabeth，theexportationofwheatwasinthesamemannerprohibited，wheneverthepriceofthequartershouldexceedsixshillingsandeightpence，whichdidnotthencontaintwopennyworthmoresilverthanthesamenominalsumdoesatpresent。Butithadsoonbeenfoundthattorestraintheexportationofwheattillthepricewassoverylowwas，inreality，toprohibititaltogether。In1562，therefore，bythe5thofElizabeth，theexportationofwheatwasallowedfromcertainportswheneverthepriceofthequartershouldnotexceedtenshillings，containingnearlythesamequantityofsilverasthelikenominalsumdoesatpresent。Thispricehadatthistime，therefore，beenconsideredaswhatiscalledthemoderateandreasonablepriceofwheat。ItagreesnearlywiththeestimationoftheNorthumberlandbookin1512。
ThatinFrancetheaveragepriceofgrainwas，inthesamemanner，muchlowerintheendofthefifteenthandbeginningofthesixteenthcenturythaninthetwocenturiesprecedinghasbeenobservedbothbyMr。DupredeSt。Maur，andbytheelegantauthoroftheEssayonthepoliceofgrain。Itsprice，duringthesameperiod，hadprobablysunkinthesamemannerthroughthegreaterpartofEurope。
Thisriseinthevalueofsilverinproportiontothatofcorn，mayeitherhavebeenowingaltogethertotheincreaseofthedemandforthatmetal，inconsequenceofincreasingimprovementandcultivation，thesupplyinthemeantimecontinuingthesameasbefore;or，thedemandcontinuingthesameasbefore，itmayhavebeenowingaltogethertothegradualdiminutionofthesupply;thegreaterpartofthemineswhichwerethenknownintheworldbeingmuchexhausted，andconsequentlytheexpenseofworkingthemmuchincreased;oritmayhavebeenowingpartlytotheotherofthosetwocircumstances。Intheendofthefifteenthandbeginningofthesixteenthcenturies，thegreaterpartofEuropewasapproachingtowardsamoresettledformofgovernmentthanithadenjoyedforseveralagesbefore。Theincreaseofsecuritywouldnaturallyincreaseindustryandimprovement;andthedemandforthepreciousmetals，aswellasforeveryotherluxuryandornament，wouldnaturallyincreasewiththeincreaseofriches。Agreaterannualproducewouldrequireagreaterquantityofcointocirculateit;andagreaternumberofrichpeoplewouldrequireagreaterquantityofplateandotherornamentsofsilver。Itisnaturaltosuppose，too，thatthegreaterpartofthemineswhichthensuppliedtheEuropeanmarketwithsilvermightbeagooddealexhausted，andhavebecomemoreexpensiveintheworking。
TheyhadbeenwroughtmanyofthemfromthetimeoftheRomans。
Ithasbeentheopinion，however，ofthegreaterpartofthosewhohavewrittenuponthepriceofcommoditiesinancienttimesthat，fromtheConquest，perhapsfromtheinvasionofJuliusCaesartillthediscoveryoftheminesofAmerica，thevalueofsilverwascontinuallydiminishing。Thisopiniontheyseemtohavebeenledinto，partlybytheobservationswhichtheyhadoccasiontomakeuponthepricesbothofcornandofsomeotherpartsoftherudeproduceofland;andpartlybythepopularnotionthatasthequantityofsilvernaturallyincreasesineverycountrywiththeincreaseofwealth，soitsvaluediminishesasitsquantityincreases。
Intheirobservationsuponthepricesofcorn，threedifferentcircumstancesseemfrequentlytohavemisledthem。
First，inancienttimesalmostallrentswerepaidinkind;
inacertainquantityofcorn，cattle，poultry，etc。Itsometimeshappened，however，thatthelandlordwouldstipulatethatheshouldbeatlibertytodemandofthetenant，eithertheannualpaymentinkind，oracertainsumofmoneyinsteadofit。ThepriceatwhichthepaymentinkindwasinthismannerexchangedforacertainsumofmoneyisinScotlandcalledtheconversionprice。Astheoptionisalwaysinthelandlordtotakeeitherthesubstanceortheprice，itisnecessaryforthesafetyofthetenantthattheconversionpriceshouldratherbebelowthanabovetheaveragemarketprice。Inmanyplaces，accordingly，itisnotmuchaboveone—halfofthisprice。ThroughthegreaterpartofScotlandthiscustomstillcontinueswithregardtopoultry，andinsomeplaceswithregardtocattle。Itmightprobablyhavecontinuedtotakeplace，too，withregardtocorn，hadnottheinstitutionofthepublicfiarsputanendtoit。
Theseareannualvaluations，accordingtothejudgmentofanassize，oftheaveragepriceofallthedifferentsortsofgrain，andofallthedifferentqualitiesofeach，accordingtotheactualmarketpriceineverydifferentcounty。Thisinstitutionrendereditsufficientlysafeforthetenant，andmuchmoreconvenientforthelandlord，toconvert，astheycallit，thecornrent，ratheratwhatshouldhappentobethepriceofthefiarsofeachyear，thanatanycertainfixedprice。ButthewriterswhohavecollectedthepricesofcorninancienttimesseemfrequentlytohavemistakenwhatiscalledinScotlandtheconversionpricefortheactualmarketprice。Fleetwoodacknowledges，upononeoccasion，thathehadmadethismistake。
Ashewrotehisbook，however，foraparticularpurpose，hedoesnotthinkpropertomakethisacknowledgmenttillaftertranscribingthisconversionpricefifteentimes。Thepriceiseightshillingsthequarterofwheat。Thissumin1423，theyearatwhichhebeginswithit，containedthesamequantityofsilverassixteenshillingsofourpresentmoney。Butin1562，theyearatwhichheendswithit，itcontainednomorethanthesamenominalsumdoesatpresent。
Secondly，theyhavebeenmisledbytheslovenlymannerinwhichsomeancientstatutesofassizehadbeensometimestranscribedbylazycopiers;andsometimesperhapsactuallycomposedbythelegislature。
Theancientstatutesofassizeseemtohavebegunalwayswithdeterminingwhatoughttobethepriceofbreadandalewhenthepriceofwheatandbarleywereatthelowest，andtohaveproceededgraduallytodeterminewhatitoughttobe，accordingasthepricesofthosetwosortsofgrainshouldgraduallyriseabovethislowestprice。Butthetranscribersofthosestatutesseemfrequentlytohavethoughtitsufficienttocopytheregulationasfarasthethreeorfourfirstandlowestprices，savinginthismannertheirownlabour，andjudging，Isuppose，thatthiswasenoughtoshowwhatproportionoughttobeobservedinallhigherprices。
ThusintheAssizeofBreadandAle，ofthe51stofHenryIII，thepriceofbreadwasregulatedaccordingtothedifferentpricesofwheat，fromoneshillingtotwentyshillingsthequarter，ofthemoneyofthosetimes。Butinthemanuscriptsfromwhichallthedifferenteditionsofthestatutes，precedingthatofMr。Ruffhead，wereprinted，thecopiershadnevertranscribedthisregulationbeyondthepriceoftwelveshillings。Severalwriters，therefore，beingmisledbythisfaultytranscription，verynaturallyconcludedthatthemiddleprice，orsixshillingsthequarter，equaltoabouteighteenshillingsofourpresentmoney，wastheordinaryoraveragepriceofwheatatthattime。
IntheStatuteofTumbrelandPillory，enactednearlyaboutthesametime，thepriceofaleisregulatedaccordingtoeverysixpenceriseinthepriceofbarley，fromtwoshillingstofourshillingsthequarter。Thatfourshillings，however，wasnotconsideredasthehighestpricetowhichbarleymightfrequentlyriseinthosetimes，andthatthesepriceswereonlygivenasanexampleoftheproportionwhichoughttobeobservedinallotherprices，whetherhigherorlower，wemayinferfromthelastwordsofthestatute:etsicdeincepscresceturveldiminueturpersexdenarios。Theexpressionisveryslovenly，butthemeaningisplainenough:\"Thatthepriceofaleisinthismannertobeincreasedordiminishedaccordingtoeverysixpenceriseorfallinthepriceofbarley。\"Inthecompositionofthisstatutethelegislatureitselfseemstohavebeenasnegligentasthecopierswereinthetranscriptionoftheothers。
InanancientmanuscriptoftheRegiamMajestatem，anoldScotchlawbook，thereisastatuteofassizeinwhichthepriceofbreadisregulatedaccordingtoallthedifferentpricesofwheat，fromtenpencetothreeshillingstheScotchboll，equaltoabouthalfanEnglishquarter。ThreeshillingsScotch，atthetimewhenthisassizeissupposedtohavebeenenactedwereequaltoaboutnineshillingssterlingofourpresentmoney。Mr。
Ruddimanseemstoconcludefromthis，thatthreeshillingswasthehighestpricetowhichwheateverroseinthosetimes，andthattenpence，ashilling，oratmosttwoshillings，weretheordinaryprices。Uponconsultingthemanuscript，however，itappearsevidentlythatallthesepricesareonlysetdownasexamplesoftheproportionwhichoughttobeobservedbetweentherespectivepricesofwheatandbread。Thelastwordsofthestatuteare:reliquajudicabissecundumproescriptahabendorespectumadpretiumbladi。\"Youshalljudgeoftheremainingcasesaccordingtowhatisabovewritten，havingarespecttothepriceofcorn。\"
Thirdly，theyseemtohavebeenmisled，too，bytheverylowpriceatwhichwheatwassometimessoldinveryancienttimes;
andtohaveimaginedthatasitslowestpricewasthenmuchlowerthaninlatertimes，itsordinarypricemustlikewisehavebeenmuchlower。Theymighthavefound，however，thatinthoseancienttimesitshighestpricewasfullyasmuchabove，asitslowestpricewasbelowanythingthathadevenbeenknowninlatertimes。
Thusin1270，Fleetwoodgivesustwopricesofthequarterofwheat。Theoneisfourpoundssixteenshillingsofthemoneyofthosetimes，equaltofourteenpoundseightshillingsofthatofthepresent;theotherissixpoundseightshillings，equaltonineteenpoundsfourshillingsofourpresentmoney。Nopricecanbefoundintheendofthefifteenth，orbeginningofthesixteenthcentury，whichapproachestotheextravaganceofthese。
Thepriceofcorn，thoughatalltimesliabletovariation，variesmostinthoseturbulentanddisorderlysocieties，inwhichtheinterruptionofallcommerceandcommunicationhinderstheplentyofonepartofthecountryfromrelievingthescarcityofanother。InthedisorderlystateofEnglandunderthePlantagenets，whogoverneditfromaboutthemiddleofthetwelfthtilltowardstheendofthefifteenthcentury，onedistrictmightbeinplenty，whileanotheratnogreatdistance，byhavingitscropdestroyedeitherbysomeaccidentoftheseasons，orbytheincursionofsomeneighbouringbaron，mightbesufferingallthehorrorsofafamine;andyetifthelandsofsomehostilelordwereinterposedbetweenthem，theonemightnotbeabletogivetheleastassistancetotheother。UnderthevigorousadministrationoftheTudors，whogovernedEnglandduringthelatterpartofthefifteenthandthroughthewholeofthesixteenthcentury，nobaronwaspowerfulenoughtodaretodisturbthepublicsecurity。
ThereaderwillfindattheendofthischapterallthepricesofwheatwhichhavebeencollectedbyFleetwoodfrom1202
to1597，bothinclusive，reducedtothemoneyofthepresenttimes，anddigestedaccordingtotheorderoftime，intosevendivisionsoftwelveyearseach。Attheendofeachdivision，too，hewillfindtheaveragepriceofthetwelveyearsofwhichitconsists。Inthatlongperiodoftime，Fleetwoodhasbeenabletocollectthepricesofnomorethaneightyyears，sothatfouryearsarewantingtomakeoutthelasttwelveyears。Ihaveadded，therefore，fromtheaccountsofEtoncollege，thepricesof1598，1599，1600，and1601。ItistheonlyadditionwhichI
havemade。Thereaderwillseethatfromthebeginningofthethirteenthtillafterthemiddleofthesixteenthcenturytheaveragepriceofeachtwelveyearsgrowsgraduallylowerandlower;andthattowardstheendofthesixteenthcenturyitbeginstoriseagain。Theprices，indeed，whichFleetwoodhasbeenabletocollect，seemtohavebeenthosechieflywhichwereremarkableforextraordinarydearnessorcheapness;andIdonotpretendthatanyverycertainconclusioncanbedrawnfromthem。
Sofar，however，astheyproveanythingatall，theyconfirmtheaccountwhichIhavebeenendeavouringtogive。Fleetwoodhimself，however，seems，withmostotherwriters，tohavebelievedthatduringallthisperiodthevalueofsilver，inconsequenceofitsincreasingabundance，wascontinuallydiminishing。Thepricesofcornwhichhehimselfhascollectedcertainlydonotagreewiththisopinion。TheyagreeperfectlywiththatofMr。DupredeSt。Maur，andwiththatwhichIhavebeenendeavouringtoexplain。BishopFleetwoodandMr。DupredeSt。Maurarethetwoauthorswhoseemtohavecollected，withthegreatestdiligenceandfidelity，thepricesofthingsinancienttimes。Itissomewhatcuriousthat，thoughtheiropinionsaresoverydifferent，theirfacts，sofarastheyrelatetothepriceofcornatleast，shouldcoincidesoveryexactly。
Itisnot，however，somuchfromthelowpriceofcornasfromthatofsomeotherpartsoftherudeproduceoflandthatthemostjudiciouswritershaveinferredthegreatvalueofsilverinthoseveryancienttimes。Corn，ithasbeensaid，beingasortofmanufacture，was，inthoserudeages，muchdearerinproportionthanthegreaterpartofothercommodities;itismeant，Isuppose，thanthegreaterpartofunmanufacturedcommodities，suchascattle，poultry，gameofallkinds，etc。
Thatinthosetimesofpovertyandbarbarismthesewereproportionablymuchcheaperthancornisundoubtedlytrue。Butthischeapnesswasnottheeffectofthehighvalueofsilver，butofthelowvalueofthosecommodities。Itwasnotbecausesilverwouldinsuchtimespurchaseorrepresentagreaterquantityoflabour，butbecausesuchcommoditieswouldpurchaseorrepresentamuchsmallerquantitythanintimesofmoreopulenceandimprovement。SilvermustcertainlybecheaperinSpanishAmericathaninEurope;inthecountrywhereitisproducedthaninthecountrytowhichitisbrought，attheexpenseofalongcarriagebothbylandandbysea，ofafreightandaninsurance。One—and—twentypencehalfpennysterling，however，wearetoldbyUlloa，was，notmanyyearsago，atBuenosAyres，thepriceofanoxchosenfromaherdofthreeorfourhundred。Sixteenshillingssterling，wearetoldbyMr。ByronwasthepriceofagoodhorseinthecapitalofChili。Inacountrynaturallyfertile，butofwhichthefargreaterpartisaltogetheruncultivated，cattle，poultry，gameofallkinds，etc。，astheycanbeacquiredwithaverysmallquantityoflabour，sotheywillpurchaseorcommandbutaverysmallquantity。Thelowmoneypriceforwhichtheymaybesoldisnoproofthattherealvalueofsilveristhereveryhigh，butthattherealvalueofthosecommoditiesisverylow。
Labour，itmustalwaysberemembered，andnotanyparticularcommodityorsetofcommodities，istherealmeasureofthevaluebothofsilverandofallothercommodities。
Butincountriesalmostwaste，orbutthinlyinhabited，cattle，poultry，gameofallkinds，etc。，astheyarethespontaneousproductionsofnature，soshefrequentlyproducestheminmuchgreaterquantitiesthantheconsumptionoftheinhabitantsrequires。Insuchastateofthingsthesupplycommonlyexceedsthedemand。Indifferentstatesofsociety，indifferentstagesofimprovement，therefore，suchcommoditieswillrepresent，orbeequivalentto，verydifferentquantitiesoflabour。
Ineverystateofsociety，ineverystageofimprovement，cornistheproductionofhumanindustry。Buttheaverageproduceofeverysortofindustryisalwayssuited，moreorlessexactly，totheaverageconsumption;theaveragesupplytotheaveragedemand。Ineverydifferentstageofimprovement，besides，theraisingofequalquantitiesofcorninthesamesoilandclimatewill，atanaverage，requirenearlyequalquantitiesoflabour;
orwhatcomestothesamething，thepriceofnearlyequalquantities;thecontinualincreaseoftheproductivepowersoflabourinanimprovingstateofcultivationbeingmoreorlesscounterbalancedbythecontinuallyincreasingpriceofcattle，theprincipalinstrumentsofagriculture。Uponalltheseaccounts，therefore，wemayrestassuredthatequalquantitiesofcornwill，ineverystateofsociety，ineverystageofimprovement，morenearlyrepresent，orbeequivalentto，equalquantitiesoflabourthanequalquantitiesofanyotherpartoftherudeproduceofland。Corn，accordingly，ithasalreadybeenobserved，is，inallthedifferentstagesofwealthandimprovement，amoreaccuratemeasureofvaluethananyothercommodityorsetofcommodities。Inallthosedifferentstages，therefore，wecanjudgebetteroftherealvalueofsilverbycomparingitwithcornthanbycomparingitwithanyothercommodityorsetofcommodities。
Corn，besides，orwhateverelseisthecommonandfavouritevegetablefoodofthepeople，constitutes，ineverycivilisedcountry，theprincipalpartofthesubsistenceofthelabourer。
Inconsequenceoftheextensionofagriculture，thelandofeverycountryproducesamuchgreaterquantityofvegetablethanofanimalfood，andthelabourereverywhereliveschieflyuponthewholesomefoodthatischeapestandmostabundant。Butcher’smeat，exceptinthemostthrivingcountries，orwherelabourismosthighlyrewarded，makesbutaninsignificantpartofhissubsistence;poultrymakesastillsmallerpartofit，andgamenopartofit。InFrance，andeveninScotland，wherelabourissomewhatbetterrewardedthaninFrance，thelabouringpoorseldomeatbutcher’smeat，exceptuponholidays，andotherextraordinaryoccasions。Themoneypriceoflabour，therefore，dependsmuchmoreupontheaveragemoneypriceofcorn，thesubsistenceofthelabourer，thanuponthatofbutcher’smeat，orofanyotherpartoftherudeproduceofland。Therealvalueofgoldandsilver，therefore，therealquantityoflabourwhichtheycanpurchaseorcommand，dependsmuchmoreuponthequantityofcornwhichtheycanpurchaseorcommandthanuponthatofbutcher’smeat，oranyotherpartoftherudeproduceofland。
Suchslightobservations，however，uponthepriceseitherofcornorofothercommodities，wouldnotprobablyhavemisledsomanyintelligentauthorshadtheynotbeeninfluenced，atthesametime，bythepopularnotion，thatasthequantityofsilvernaturallyincreasesineverycountrywiththeincreaseofsoitsvaluediminishesasitsquantityincreases。Thisnotion，however，seemstobealtogethergroundless。
Thequantityofthepreciousmetalsmayincreaseinanycountryfromtwodifferentcauses;either，first，fromtheincreasedabundanceofthemineswhichsupplyit;or，secondly，fromtheincreasedwealthofthepeople，fromtheincreasedproduceoftheirannuallabour。Thefirstofthesecausesisnodoubtnecessarilyconnectedwiththediminutionofthevalueofthepreciousmetals，butthesecondisnot。
Whenmoreabundantminesarediscovered，agreaterquantityofthepreciousmetalsisbroughttomarket，andthequantityofthenecessariesandconvenienciesoflifeforwhichtheymustbeexchangedbeingthesameasbefore，equalquantitiesofthemetalsmustbeexchangedforsmallerquantitiesofcommodities。
Sofar，therefore，astheincreaseofthequantityofthepreciousmetalsinanycountryarisesfromtheincreasedabundanceofthemines，itisnecessarilyconnectedwithsomediminutionoftheirvalue。
When，onthecontrary，thewealthofanycountryincreases，whentheannualproduceofitslabourbecomesgraduallygreaterandgreater，agreaterquantityofcoinbecomesnecessaryinordertocirculateagreaterquantityofcommodities;andthepeople，astheycanaffordit，astheyhavemorecommoditiestogiveforit，willnaturallypurchaseagreaterandagreaterquantityofplate。Thequantityoftheircoinwillincreasefromnecessity;thequantityoftheirplatefromvanityandostentation，orfromthesamereasonthatthequantityoffinestatues，pictures，andofeveryotherluxuryandcuriosity，islikelytoincreaseamongthem。Butasstatuariesandpaintersarenotlikelytobeworserewardedintimesofwealthandprosperitythanintimesofpovertyanddepression，sogoldandsilverarenotlikelytobeworsepaidfor。
Thepriceofgoldandsilver，whentheaccidentaldiscoveryofmoreabundantminesdoesnotkeepitdown，asitnaturallyriseswiththewealthofeverycountry，so，whateverbethestateofthemines，itisatalltimesnaturallyhigherinarichthaninapoorcountry。Goldandsilver，likeallothercommodities，naturallyseekthemarketwherethebestpriceisgivenforthem，andthebestpriceiscommonlygivenforeverythinginthecountrywhichcanbestaffordit。Labour，itmustberemembered，istheultimatepricewhichispaidforeverything，andincountrieswherelabourisequallywellregarded，themoneypriceoflabourwillbeinproportiontothatofthesubsistenceofthelabourer。Butgoldandsilverwillnaturallyexchangeforagreaterquantityofsubsistenceinarichthaninapoorcountry，inacountrywhichaboundswithsubsistencethaninonewhichisbutindifferentlysuppliedwithit。Ifthetwocountriesareatagreatdistance，thedifferencemaybeverygreat;becausethoughthemetalsnaturallyflyfromtheworsetothebettermarket，yetitmaybedifficulttotransporttheminsuchquantitiesastobringtheirpricenearlytoalevelinboth。Ifthecountriesarenear，thedifferencewillbesmaller，andmaysometimesbescarceperceptible;becauseinthiscasethetransportationwillbeeasy。ChinaisamuchrichercountrythananypartofEurope，andthedifferencebetweenthepriceofsubsistenceinChinaandinEuropeisverygreat。RiceinChinaismuchcheaperthanwheatisanywhereinEurope。EnglandisamuchrichercountrythanScotland;butthedifferencebetweenthemoney—priceofcorninthosetwocountriesismuchsmaller，andisbutjustperceptible。
Inproportiontothequantityormeasure，ScotchcorngenerallyappearstobeagooddealcheaperthanEnglish;butinproportiontoitsquality，itiscertainlysomewhatdearer。ScotlandreceivesalmosteveryyearverylargesuppliesfromEngland，andeverycommoditymustcommonlybesomewhatdearerinthecountrytowhichitisbroughtthaninthatfromwhichitcomes。Englishcorn，therefore，mustbedearerinScotlandthaninEngland，andyetinproportiontoitsquality，ortothequantityandgoodnessoftheflourormealwhichcanbemadefromit，itcannotcommonlybesoldhighertherethantheScotchcornwhichcomestomarketincompetitionwithit。
ThedifferencebetweenthemoneypriceoflabourinChinaandinEuropeisstillgreaterthanthatbetweenthemoneypriceofsubsistence;becausetherealrecompenseoflabourishigherinEuropethaninChina，thegreaterpartofEuropebeinginanimprovingstate，whileChinaseemstobestandingstill。ThemoneypriceoflabourislowerinScotlandthaninEnglandbecausetherealrecompenseoflabourismuchlower;Scotland，thoughadvancingtogreaterwealth，advancingmuchmoreslowlythanEngland。ThefrequencyofemigrationfromScotland，andtherarityofitfromEngland，sufficientlyprovethatthedemandforlabourisverydifferentinthetwocountries。Theproportionbetweentherealrecompenseoflabourindifferentcountries，itmustberemembered，isnaturallyregulatednotbytheiractualwealthorpoverty，butbytheiradvancing，stationary，ordecliningcondition。
Goldandsilver，astheyarenaturallyofthegreatestvalueamongtherichest，sotheyarenaturallyoftheleastvalueamongthepoorestnations。Amongsavages，thepoorestofallnations，theyareofscarceanyvalue。
Ingreattownscornisalwaysdearerthaninremotepartsofthecountry。This，however，istheeffect，notoftherealcheapnessofsilver，butoftherealdearnessofcorn。Itdoesnotcostlesslabourtobringsilvertothegreattownthantotheremotepartsofthecountry;butitcostsagreatdealmoretobringcorn。
Insomeveryrichandcommercialcountries，suchasHollandandtheterritoryofGenoa，cornisdearforthesamereasonthatitisdearingreattowns。Theydonotproduceenoughtomaintaintheirinhabitants。Theyarerichintheindustryandskilloftheirartificersandmanufacturers;ineverysortofmachinerywhichcanfacilitateandabridgelabour;inshipping，andinalltheotherinstrumentsandmeansofcarriageandcommerce:buttheyarepoorincorn，which，asitmustbebroughttothemfromdistantcountries，must，byanadditiontoitsprice，payforthecarriagefromthosecountries。ItdoesnotcostlesslabourtobringsilvertoAmsterdamthantoDantzic;butitcostsagreatdealmoretobringcorn。Therealcostofsilvermustbenearlythesameinbothplaces;butthatofcornmustbeverydifferent。
DiminishtherealopulenceeitherofHollandoroftheterritoryofGenoa，whilethenumberoftheirinhabitantsremainsthesame:
diminishtheirpowerofsupplyingthemselvesfromdistantcountries;andthepriceofcorn，insteadofsinkingwiththatdiminutioninthequantityoftheirsilver，whichmustnecessarilyaccompanythisdeclensioneitherasitscauseorasitseffect，willrisetothepriceofafamine。Whenweareinwantofnecessarieswemustpartwithallsuperfluities，ofwhichthevalue，asitrisesintimesofopulenceandprosperity，soitsinksintimesofpovertyanddistress。Itisotherwisewithnecessaries。Theirrealprice，thequantityoflabourwhichtheycanpurchaseorcommand，risesintimesofpovertyanddistress，andsinksintimesofopulenceandprosperity，whicharealwaystimesofgreatabundance;fortheycouldnototherwisebetimesofopulenceandprosperity。Cornisanecessary，silverisonlyasuperfluity。
Whatever，therefore，mayhavebeentheincreaseinthequantityofthepreciousmetals，which，duringtheperiodbetweenthemiddleofthefourteenthandthatofthesixteenthcentury，arosefromtheincreaseofwealthandimprovement，itcouldhavenotendencytodiminishtheirvalueeitherinGreatBritainorinanyotherpartofEurope。Ifthosewhohavecollectedthepricesofthingsinancienttimes，therefore，had，duringthisperiod，noreasontoinferthediminutionofthevalueofsilver，fromanyobservationswhichtheyhadmadeuponthepriceseitherofcornorofothercommodities，theyhadstilllessreasontoinferitfromanysupposedincreaseofwealthandimprovement。
SECONDPERIOD
Buthowvarioussoevermayhavebeentheopinionsofthelearnedconcerningtheprogressofthevalueofsilverduringthisfirstperiod，theyareunanimousconcerningitduringthesecond。
Fromabout1570toabout1640，duringaperiodofaboutseventyyears，thevariationintheproportionbetweenthevalueofsilverandthatofcornheldaquiteoppositecourse。Silversunkinitsrealvalue，orwouldexchangeforasmallerquantityoflabourthanbefore;andcornroseinitsnominalprice，andinsteadofbeingcommonlysoldforabouttwoouncesofsilverthequarter，orabouttenshillingsofourpresentmoney，cametobesoldforsixandeightouncesofsilverthequarter，oraboutthirtyandfortyshillingsofourpresentmoney。
ThediscoveryoftheabundantminesofAmericaseemstohavebeenthesolecauseofthisdiminutioninthevalueofsilverinproportiontothatofcorn。Itisaccountedforaccordinglyinthesamemannerbyeverybody;andthereneverhasbeenanydisputeeitheraboutthefactoraboutthecauseofit。ThegreaterpartofEuropewas，duringthisperiod，advancinginindustryandimprovement，andthedemandforsilvermustconsequentlyhavebeenincreasing。Buttheincreaseofthesupplyhad，itseems，sofarexceededthatofthedemand，thatthevalueofthatmetalsunkconsiderably。ThediscoveryoftheminesofAmerica，itistobeobserved，doesnotseemtohavehadanyverysensibleeffectuponthepricesofthingsinEnglandtillafter1570;thougheventheminesofPotosihadbeendiscoveredmorethantwentyyearsbefore。
From1595to1620，bothinclusive，theaveragepriceofthequarterofninebushelsofthebestwheatatWindsormarketappears，fromtheaccountsofEtonCollege，tohavebeenL21s。6
3/4d。Fromwhichsum，neglectingthefraction，anddeductinganinth，or4s。71\\3d。，thepriceofthequarterofeightbushelscomesouttohavebeenL116s。102/3d。Andfromthissum，neglectinglikewisethefraction，anddeductinganinth，or4s。
1d。，forthedifferencebetweenthepriceofthebestwheatandthatofthemiddlewheat，thepriceofthemiddlewheatcomesouttohavebeenaboutL112s。9d。，oraboutsixouncesandone—thirdofanounceofsilver。
From1621to1636，bothinclusive，theaveragepriceofthesamemeasureofthebestwheatatthesamemarketappears，fromthesameaccounts，tohavebeenL210s。;fromwhichmakingthelikedeductionsasintheforegoingcase，theaveragepriceofthequarterofeightbushelsofmiddlewheatcomesouttohavebeenL119s。6d。，oraboutsevenouncesandtwo—thirdsofanounceofsilver。
THIRDPERIOD
Between1630and1640，orabout1636，theeffectofthediscoveryoftheminesofAmericainreducingthevalueofsilverappearstohavebeencompleted，andthevalueofthatmetalseemsnevertohavesunklowerinproportiontothatofcornthanitwasaboutthattime。Itseemstohaverisensomewhatinthecourseofthepresentcentury，andithadprobablybeguntodosoevensometimebeforetheendofthelast。
From1637to1700，bothinclusive，beingthesixty—fourlastyearsofthelastcentury，theaveragepriceofthequarterofninebushelsofthebestwheatatWindsormarketappears，fromthesameaccounts，tohavebeenL211s。O1\\3d。，whichisonly1sO1\\3d。dearerthanithadbeenduringthesixteenyearsbefore。
Butinthecourseofthesesixty—fouryearstherehappenedtwoeventswhichmusthaveproducedamuchgreaterscarcityofcornthanwhatthecourseoftheseasonswouldotherwisehaveoccasioned，andwhich，therefore，withoutsupposinganyfurtherreductioninthevalueofsilver，willmuchmorethanaccountforthisverysmallenhancementofprice。
Thefirstoftheseeventswasthecivilwar，which，bydiscouragingtillageandinterruptingcommerce，musthaveraisedthepriceofcornmuchabovewhatthecourseoftheseasonswouldotherwisehaveoccasioned。Itmusthavehadthiseffectmoreorlessatallthedifferentmarketsinthekingdom，butparticularlyatthoseintheneighbourhoodofLondon，whichrequiretobesuppliedfromthegreatestdistance。In1648，accordingly，thepriceofthebestwheatatWindsormarketappears，fromthesameaccounts，tohavebeenL45s。，andin1649
tohavebeenL4thequarterofninebushels。TheexcessofthosetwoyearsaboveL210s。（theaveragepriceofthesixteenyearspreceding1637）isL35s。;whichdividedamongthesixty—fourlastyearsofthelastcenturywillaloneverynearlyaccountforthatsmallenhancementofpricewhichseemstohavetakenplaceinthem。These，however，thoughthehighest，arebynomeanstheonlyhighpriceswhichseemtohavebeenoccasionedbythecivilwars。