wealbk01-第58章

按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！



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　below　its　standard　value。　But　the

nominal　sum　which　constitutes　the　market　price　of　every　commodity

is　necessarily　regulated；　not　so　much　by　the　quantity　of　silver；

which；　according　to　the　standard；　ought　to　be　contained　in　it；　as

by　that　which；　it　is　found　by　experience；　actually　is　contained

in　it。　This　nominal　sum；　therefore；　is　necessarily　higher　when

the　coin　is　much　debased　by　clipping　and　wearing　than　when　near

to　its　standard　value。

　　　　　In　the　course　of　the　present　century；　the　silver　coin　has

not　at　any　time　been　more　below　its　standard　weight　than　it　is　at

present。　But　though　very　much　defaced；　its　value　has　been　kept　up

by　that　of　the　gold　coin　for　which　it　is　exchanged。　For　though

before　the　late　recoinage；　the　gold　coin　was　a　good　deal　defaced

too；　it　was　less　so　than　the　silver。　In　1695；　on　the　contrary；

the　value　of　the　silver　coin　was　not　kept　up　by　the　gold　coin；　a

guinea　then　commonly　exchanging　for　thirty　shillings　of　the　worn

and　clipt　silver。　Before　the　late　recoinage　of　the　gold；　the

price　of　silver　bullion　was　seldom　higher　than　five　shillings　and

sevenpence　an　ounce；　which　is　but　fivepence　above　the　mint　price。

But　in　1695；　the　common　price　of　silver　bullion　was　six　shillings

and　fivepence　an　ounce；　which　is　fifteenpence　above　the　mint

price。　Even　before　the　late　recoinage　of　the　gold；　therefore；　the

coin；　gold　and　silver　together；　when　compared　with　silver

bullion；　was　not　supposed　to　be　more　than　eight　per　cent　below

its　standard　value。　In　1695；　on　the　contrary；　it　had　been

supposed　to　be　near　five…and…twenty　per　cent　below　that　value。

But　in　the　beginning　of　the　present　century；　that　is；　immediately

after　the　great　recoinage　in　King　William's　time。　the　greater

part　of　the　current　silver　coin　must　have　been　still　nearer　to

its　standard　weight　than　it　is　at　present。　In　the　course　of　the

present　century；　too；　there　has　been　no　great　public　calamity；

such　as　the　civil　war；　which　could　either　discourage　tillage；　or

interrupt　the　interior　commerce　of　the