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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　of　the　public　fiars　put　an　end　to　it。

These　are　annual　valuations；　according　to　the　judgment　of　an

assize；　of　the　average　price　of　all　the　different　sorts　of　grain；

and　of　all　the　different　qualities　of　each；　according　to　the

actual　market　price　in　every　different　county。　This　institution

rendered　it　sufficiently　safe　for　the　tenant；　and　much　more

convenient　for　the　landlord；　to　convert；　as　they　call　it；　the

corn　rent；　rather　at　what　should　happen　to　be　the　price　of　the

fiars　of　each　year；　than　at　any　certain　fixed　price。　But　the

writers　who　have　collected　the　prices　of　corn　in　ancient　times

seem　frequently　to　have　mistaken　what　is　called　in　Scotland　the

conversion　price　for　the　actual　market　price。　Fleetwood

acknowledges；　upon　one　occasion；　that　he　had　made　this　mistake。

As　he　wrote　his　book；　however；　for　a　particular　purpose；　he　does

not　think　proper　to　make　this　acknowledgment　till　after

transcribing　this　conversion　price　fifteen　times。　The　price　is

eight　shillings　the　quarter　of　wheat。　This　sum　in　1423；　the　year

at　which　he　begins　with　it；　contained　the　same　quantity　of　silver

as　sixteen　shillings　of　our　present　money。　But　in　1562；　the　year

at　which　he　ends　with　it；　it　contained　no　more　than　the　same

nominal　sum　does　at　present。

　　　　　Secondly；　they　have　been　misled　by　the　slovenly　manner　in

which　some　ancient　statutes　of　assize　had　been　sometimes

transcribed　by　lazy　copiers；　and　sometimes　perhaps　actually

composed　by　the　legislature。

　　　　　The　ancient　statutes　of　assize　seem　to　have　begun　always

with　determining　what　ought　to　be　the　price　of　bread　and　ale　when

the　price　of　wheat　and　barley　were　at　the　lowest；　and　to　have

proceeded　gradually　to　determine　what　it　ought　to　be；　according

as　the　prices　of　those　two　sorts　of　grain　should　gradually　rise

above　this　lowest　price。　But　the　transcribers　of　those　statutes

seem　frequently　to　have　thought　it　sufficient　to　copy　the

regulation　as　far　as　the　three　or　four　first　and　lowest　prices；

saving　in　this　manner　their　own　labour；　and　judging；　I　suppose；

that　this　was　enough　to　show　what　proportion　ought　to　be　observed

in　all　higher　prices。

　　　　　Thus　in　the　Assize　of　Bread　and　Ale；　of　the　51st　of　Henry

III；　the　price　of　bread　was　regulated　according　to　the　different

prices　of　wheat；　from　one　shilling　to　twenty　shillings　the

quarter；　of　the　money　of　those　times。　But　in　the　manuscripts　from

which　all　the　different　editions　of　the　statutes；　preceding　that

of　Mr。　Ruffhead；　were　printed；　the　copiers　had　never　transcribed

this　regulation　beyond　the　price　of　twelve　shillings。　Several

writers；　therefore；　being　misled　by　this　faulty　transcription；

very　naturally　concluded　that　the　middle　price；　or　six　shillings

the　quarter；　equal　to　about　eighteen　shillings　of　our　present

money；　was　the　ordinary　or　average　price　of　wheat　at　that　time。

　　　　　In　the　Statute　of　Tumbrel　and　Pillory；　enacted　nearly　about

the　same　time；　the　price　of　ale　is　regulated　according　to　every

sixpence　rise　in　the　price　of　barley；　from　two　shillings　to　four

shillings　the　quarter。　That　four　shillings；　however；　was　not

considered　as　the　highest　price　to　which　barley　might　frequently

rise　in　those　times；　and　that　these　prices　were　only　given　as　an

example　of　the　proportion　which　ought　to　be　observed　in　all　other

prices；　whether　higher　or　lower；　we　may　infer　from　the　last　words

of　the　statute：　et　sic　deinceps　crescetur　vel　diminuetur　per　sex

denarios。　The　expression　is　very　slovenly；　but　the　meaning　is

plain　enough：　〃That　the　price　of　ale　is　in　this　manner　to　be

increased　or　diminished　according　to　every　sixpence　rise　or　fall

in　the　price　of　barley。〃　In　the　composition　of　this　statute　the

legislature　itself　seems　to　have　been　as　negligent　as　the　copiers

were　in　the　transcription　of　the　others。

　　　　　In　an　ancient　manuscript　of　the　Regiam　Majestatem；　an　old

Scotch　law　book；　there　is　a　statute　of　assize　in　which　the　price

of　bread　is　regulated　according　to　all　the　different　prices　of

wheat；　from　tenpence　to　three　shillings　the　Scotch　boll；　equal　to

about　half　an　English　quarter。　Three　shillings　Scotch；　at　the

time　when　this　assize　is　supposed　to　have　been　enacted　were　equal

to　about　nine　shillings　sterling　of　our　present　money。　Mr。

Ruddiman　seems　to　conclude　from　this；　that　three　shillings　was

the　highest　price　to　which　wheat　ever　rose　in　those　times；　and

that　tenpence；　a　shilling；　or　at　most　two　shillings；　were　the

ordinary　prices。　Upon　consulting　the　manuscript；　however；　it

appears　evidently　that　all　these　prices　are　only　set　down　as

examples　of　the　proportion　which　ought　to　be　observed　between　the

respective　prices　of　wheat　and　bread。　The　last　words　of　the

statute　are：　reliqua　judicabis　secundum　proescripta　habendo

respectum　ad　pretium　bladi。　〃You　shall　judge　of　the　remaining

cases　according　to　what　is　above　written；　having　a　respect　to　the

price　of　corn。〃

　　　　　Thirdly；　they　seem　to　have　been　misled；　too；　by　the　very　low

price　at　which　wheat　was　sometimes　sold　in　very　ancient　times；

and　to　have　imagined　that　as　its　lowest　price　was　then　much　lower

than　in　later　times；　its　ordinary　price　must　likewise　have　been

much　lower。　They　might　have　found；　however；　that　in　those　ancient

times　its　highest　price　was　fully　as　much　above；　as　its　lowest

price　was　below　anything　that　had　even　been　known　in　later　times。

Thus　in　1270；　Fleetwood　gives　us　two　prices　of　the　quarter　of

wheat。　The　one　is　four　pounds　sixteen　shillings　of　the　money　of

those　times；　equal　to　fourteen　pounds　eight　shillings　of　that　of

the　present；　the　other　is　six　pounds　eight　shillings；　equal　to

nineteen　pounds　four　shillings　of　our　present　money。　No　price　can

be　found　in　the　end　of　the　fifteenth；　or　beginning　of　the

sixteenth　century；　which　approaches　to　the　extravagance　of　these。

The　price　of　corn；　though　at　all　times　liable　to　variation；

varies　most　in　those　turbulent　and　disorderly　societies；　in　which

the　interruption　of　all　commerce　and　communication　hinders　the

plenty　of　one　part　of　the　country　from　relieving　the　scarcity　of

another。　In　the　disorderly　state　of　England　under　the

Plantagenets；　who　governed　it　from　about　the　middle　of　the

twelfth　till　towards　the　end　of　the　fifteenth　century；　one

district　might　be　in　plenty；　while　another　at　no　great　distance；

by　having　its　crop　destroyed　either　by　some　accident　of　the

seasons；　or　by　the　incursion　of　some　neighbouring　baron；　might　be

suffering　all　the　horrors　of　a　famine；　and　yet　if　the　lands　of

some　hostile　lord　were　interposed　between　them；　the　one　might　not

be　able　to　give　the　least　assistance　to　the　other。　Under　the

vigorous　administration　of　the　Tudors；　who　governed　England

during　the　latter　part　of　the　fifteenth　and　through　the　whole　of

the　sixteenth　century；　no　baron　was　powerful　enough　to　dare　to

disturb　the　public　security。

　　　　　The　reader　will　find　at　the　end　of　this　chapter　all　the

prices　of　wheat　which　have　been　collected　by　Fleetwood　from　1202

to　1597；　both　inclusive；　reduced　to　the　money　of　the　present

times；　and　digested　according　to　the　order　of　time；　into　seven

divisions　of　twelve　years　each。　At　the　end　of　each　division；　too；

he　will　find　the　average　price　of　the　twelve　years　of　which　it

consists。　In　that　long　period　of　time；　Fleetwood　has　been　able　to

collect　the　prices　of　no　more　than　eighty　years；　so　that　four

years　are　wanting　to　make　out　the　last　twelve　years。　I　have

added；　therefore；　from　the　accounts　of　Eton　college；　the　prices

of　1598；　1599；　1600；　and　1601。　It　is　the　only　addition　which　I

have　made。　The　reader　will　see　that　from　the　beginning　of　the

thirteenth　till　after　the　middle　of　the　sixteenth　century　the

average　price　of　each　twelve　years　grows　gradually　lower　and

lower；　and　that　towards　the　end　of　the　sixteenth　century　it

begins　to　rise　again。　The　prices；　indeed；　which　Fleetwood　has

been　able　to　collect；　seem　to　have　been　those　chiefly　which　were

remarkable　for　extraord