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equal　to　about　twelve　shillings　of　our　present　money。　The　prices

of　malt　and　oats　seem　here　to　be　higher　than　their　ordinary

proportion　to　the　price　of　wheat。

　　　　　These　prices　are　not　recorded　on　account　of　their

extraordinary　dearness　or　cheapness；　but　are　mentioned

accidentally　as　the　prices　actually　paid　for　large　quantities　of

grain　consumed　at　a　feast　which　was　famous　for　its　magnificence。

　　　　　In　1262；　being　the　51st　of　Henry　M；　was　revived　an　ancient

statute　called　The　Assize　of　Bread　and　Ale；　which　the　king　says

in　the　preamble　had　been　made　in　the　times　of　his　progenitors；

sometime　kings　of　England。　It　is　probably；　therefore；　as　old　at

least　as　the　time　of　his　grandfather　Henry　H；　and　may　have　been

as　old　as　the　Conquest。　It　regulates　the　price　of　bread　according

as　the　prices　of　wheat　may　happen　to　be；　from　one　shilling　to

twenty　shillings　the　quarter　of　the　money　of　those　times。　But

statutes　of　this　kind　are　generally　presumed　to　provide　with

equal　care　for　all　deviations　from　the　middle　price；　for　those

below　it　as　well　as　for　those　above　it。　Ten　shillings；　therefore；

containing　six　ounces　of　silver；　Tower　weight；　and　equal　to　about

thirty　shillings　of　our　present　money；　must；　upon　this

supposition；　have　been　reckoned　the　middle　price　of　the　quarter

of　wheat　when　this　statute　was　first　enacted；　and　must　have

continued　to　be　so　in　the　51st　of　Henry　III。　We　cannot　therefore

be　very　wrong　in　supposing　that　the　middle　price　was　not　less

than　one…third　of　the　highest　price　at　which　this　statute

regulates　the　price　of　bread；　or　than　six　shillings　and

eightpence　of　the　money　of　those　times；　containing　four　ounces　of

silver；　Tower　weight。

　　　　　From　these　different　facts；　therefore；　we　seem　to　have　some

reason　to　conclude　that；　about　the　middle　of　the　fourteenth

century；　and　for　a　considerable　time　before；　the　average　or

ordinary　price　of　the　quarter　of　wheat　was　not　supposed　to　be

less　than　four　ounces　of　silver；　Tower　weight。

　　　　　From　about　the　middle　of　the　fourteenth　to　the　beginning　of

the　sixteenth　century；　what　was　reckoned　the　reasonable　and

moderate；　that　is　the　ordinary　or　average　price　of　wheat；　seems

to　have　sunk　gradually　to　about　one…half　of　this　price；　so　as　at

last　to　have　fallen　to　about　two　ounces　of　silver；　Tower　weight；

equal　to　about　ten　shillings　of　our　present　money。　It　continued

to　be　estimated　at　this　price　till　about　1570。

　　　　　In　the　household　book　of　Henry；　the　fifth　Earl　of

Northumberland；　drawn　up　in　1512；　there　are　two　different

estimations　of　wheat。　In　one　of　them　it　is　computed　at　six

shillings　and　eightpence　the　quarter；　in　the　other　at　five

shillings　and　eightpence　only。　In　1512；　six　shillings　and

eightpence　contained　only　two　ounces　of　silver；　Tower　weight；　and

were　equal　to　about　ten　shillings　of　our　present　money。

　　　　　From　the　25th　of　Edward　III　to　the　beginning　of　the　reign　of

Elizabeth；　during　the　space　of　more　than　two　hundred　years；　six

shillings　and　eightpence；　it　appears　from　several　different

statutes；　had　continued　to　be　considered　as　what　is　called　the

moderate　and　reasonable；　that　is　the　ordinary　or　average　price　of

wheat。　The　quantity　of　silver；　however；　contained　in　that　nominal

sum　was；　during　the　course　of　this　period；　continually

diminishing；　in　consequence　of　some　alterations　which　were　made

in　the　coin。　But　the　increase　of　the　value　of　silver　had；　it

seems；　so　far　compensated　the　diminution　of　the　quantity　of　it

contained　in　the　same　nominal　sum　that　the　legislature　did　not

think　it　worth　while　to　attend　to　this　circumstance。

　　　　　Thus　in　1436　it　was　enacted　that　wheat　might　be　exported

without　a　licence　when　the　price　was　so　low　as　six　shillings　and

eightpence；　and　in　1463　it　was　enacted　that　no　wheat　should　be

imported　if　the　price　was　not　above　six　shillings　and　eightpence

the　quarter。　The　legislature　had　imagined　that　when　the　price　was

so　low　there　could　be　no　inconveniency　in　exportation；　but　that

when　it　rose　higher　it　became　prudent　to　allow　importation。　Six

shillings　and　eightpence；　therefore；　containing　about　the　same

quantity　of　silver　as　thirteen　shillings　and　fourpence　of　our

present　money　（one　third　part　less　than　the　same　nominal　sum

contained　in　the　time　of　Edward　III）；　had　in　those　times　been

considered　as　what　is　called　the　moderate　and　reasonable　price　of

wheat。

　　　　　In　1554；　by　the　1st　and　2nd　of　Philip　and　Mary；　and　in　1558；

by　the　1st　of　Elizabeth；　the　exportation　of　wheat　was　in　the　same

manner　prohibited；　whenever　the　price　of　the　quarter　should

exceed　six　shillings　and　eightpence；　which　did　not　then　contain

two　pennyworth　more　silver　than　the　same　nominal　sum　does　at

present。　But　it　had　soon　been　found　that　to　restrain　the

exportation　of　wheat　till　the　price　was　so　very　low　was；　in

reality；　to　prohibit　it　altogether。　In　1562；　therefore；　by　the

5th　of　Elizabeth；　the　exportation　of　wheat　was　allowed　from

certain　ports　whenever　the　price　of　the　quarter　should　not　exceed

ten　shillings；　containing　nearly　the　same　quantity　of　silver　as

the　like　nominal　sum　does　at　present。　This　price　had　at　this

time；　therefore；　been　considered　as　what　is　called　the　moderate

and　reasonable　price　of　wheat。　It　agrees　nearly　with　the

estimation　of　the　Northumberland　book　in　1512。

　　　　　That　in　France　the　average　price　of　grain　was；　in　the　same

manner；　much　lower　in　the　end　of　the　fifteenth　and　beginning　of

the　sixteenth　century　than　in　the　two　centuries　preceding　has

been　observed　both　by　Mr。　Dupre　de　St。　Maur；　and　by　the　elegant

author　of　the　Essay　on　the　police　of　grain。　Its　price；　during　the

same　period；　had　probably　sunk　in　the　same　manner　through　the

greater　part　of　Europe。

　　　　　This　rise　in　the　value　of　silver　in　proportion　to　that　of

corn；　may　either　have　been　owing　altogether　to　the　increase　of

the　demand　for　that　metal；　in　consequence　of　increasing

improvement　and　cultivation；　the　supply　in　the　meantime

continuing　the　same　as　before；　or；　the　demand　continuing　the　same

as　before；　it　may　have　been　owing　altogether　to　the　gradual

diminution　of　the　supply；　the　greater　part　of　the　mines　which

were　then　known　in　the　world　being　much　exhausted；　and

consequently　the　expense　of　working　them　much　increased；　or　it

may　have　been　owing　partly　to　the　other　of　those　two

circumstances。　In　the　end　of　the　fifteenth　and　beginning　of　the

sixteenth　centuries；　the　greater　part　of　Europe　was　approaching

towards　a　more　settled　form　of　government　than　it　had　enjoyed　for

several　ages　before。　The　increase　of　security　would　naturally

increase　industry　and　improvement；　and　the　demand　for　the

precious　metals；　as　well　as　for　every　other　luxury　and　ornament；

would　naturally　increase　with　the　increase　of　riches。　A　greater

annual　produce　would　require　a　greater　quantity　of　coin　to

circulate　it；　and　a　greater　number　of　rich　people　would　require　a

greater　quantity　of　plate　and　other　ornaments　of　silver。　It　is

natural　to　suppose；　too；　that　the　greater　part　of　the　mines　which

then　supplied　the　European　market　with　silver　might　be　a　good

deal　exhausted；　and　have　become　more　expensive　in　the　working。

They　had　been　wrought　many　of　them　from　the　time　of　the　Romans。

　　　　　It　has　been　the　opinion；　however；　of　the　greater　part　of

those　who　have　written　upon　the　price　of　commodities　in　ancient

times　that；　from　the　Conquest；　perhaps　from　the　invasion　of

Julius　Caesar　till　the　discovery　of　the　mines　of　America；　the

value　of　silver　was　continually　diminishing。　This　opinion　they

seem　to　have　been　led　into；　partly　by　the　observations　which　they

had　occasion　to　make　upon　the　prices　both　of　corn　and　of　some

other　parts　of　the　rude　produce　of　land；　and　partly　by　the

popular　notion　that　as　the　quantity　of　silver　naturally　increases

in　every　country　with　the　increase　of　wealth；　so　its　value

diminishes　as　its　quantity　increases。

　　　　　In　their　observations　upon　the　prices　of　corn；　three

different　circumstances　seem　frequently　to　have　misled　them。

　　　　　First；　in　ancient　times　almost　all　rents　were　paid　in　kind；

in　a　certain　quantity　of　corn；　cattle；　poultry；　etc。　It　sometimes

happened；　however；　that　the　landlord　would　stipulate　that　he

should　be　at　liberty　to　demand　of　the　tenant；　either　the　annual

payment　in　kind；　or　a　certain　sum　of　money　instead　of　it。　The

price　at　which　the　payment　in　kind　was　in　this　manner　exchanged

for　a　certain　sum　of　money　is　in　Scotland　called　the　conversion

price。　As　the　option　is　always　in　the　landlord　to　take　either　the

substance　or　the　price；　it　is　necessary　for　the　safety　of　the

tenant　that　the　conversion　price　should　rather　be　below　than

above　the　average　market　price。　In　many　places；　accordingly；　it

is　not　much　above　one…half　of　this　price。　Through　the　greater

part　of　Scotland　this　custom　still　continues　with　regard　to

poultry；　and　in　some　places　with　regard　to　cattle。　It　might

probably　have　continued　to　take　place；　too；　with　regard　to　corn；

had　not　the　institution