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of　bounties。　I　shall　only　observe　at　present　that　this　rise　in

the　value　of　silver；　in　proportion　to　that　of　corn；　has　not　been

peculiar　to　England。　It　has　been　observed　to　have　taken　place　in

France；　during　the　same　period；　and　nearly　in　the　same　proportion

too；　by　three　very　faithful；　diligent；　and　laborious　collectors

of　the　prices　of　corn；　Mr。　Dupre　de　St。　Maur；　Mr。　Messance；　and

the　author　of　the　Essay　on　the　police　of　grain。　But　in　France；

till　1764；　the　exportation　of　grain　was　by　law　prohibited；　and　it

is　somewhat　difficult　to　suppose　that　nearly　the　same　diminution

of　price　which　took　place　in　one　country；　notwithstanding　this

prohibition；　should　in　another　be　owing　to　the　extraordinary

encouragement　given　to　exportation。

　　　　　It　would　be　more　proper；　perhaps；　to　consider　this　variation

in　the　average　money　price　of　corn　as　the　effect　rather　of　some

gradual　rise　in　the　real　value　of　silver　in　the　European　market

than　of　any　fall　in　the　real　average　value　of　corn。　Corn；　it　has

already　been　observed；　is　at　distant　periods　of　time　a　more

accurate　measure　of　value　than　either　silver；　or　perhaps　any

other　commodity。　When；　after　the　discovery　of　the　abundant　mines

of　America；　corn　rose　to　three　and　four　times　its　former　money

price；　this　change　was　universally　ascribed；　not　to　any　rise　in

the　real　value　of　corn；　but　to　a　fall　in　the　real　value　of

silver。　If　during　the　sixty…four　first　years　of　the　present

century；　therefore；　the　average　money　price　of　corn　has　fallen

somewhat　below　what　it　had　been　during　the　greater　part　of　the

last　century；　we　should　in　the　same　manner　impute　this　change；

not　to　any　fall　in　the　real　value　of　corn；　but　to　some　rise　in

the　real　value　of　silver　in　the　European　market。

　　　　　The　high　price　of　corn　during　these　ten　or　twelve　years

past；　indeed；　has　occasioned　a　suspicion　that　the　real　value　of

silver　still　continues　to　fall　in　the　European　market。　This　high

price　of　corn；　however；　seems　evidently　to　have　been　the　effect

of　the　extraordinary　unfavourableness　of　the　seasons；　and　ought

therefore　to　be　regarded；　not　as　a　permanent；　but　as　a　transitory

and　occasional　event。　The　seasons　for　these　ten　or　twelve　years

past　have　been　unfavourable　through　the　greater　part　of　Europe；

and　the　disorders　of　Poland　have　very　much　increased　the　scarcity

in　all　those　countries　which；　in　dear　years；　used　to　be　supplied

from　that　market。　So　long　a　course　of　bad　seasons；　though　not　a

very　common　event；　is　by　no　means　a　singular　one；　and　whoever　has

inquired　much　into　the　history　of　the　prices　of　corn　in　former

times　will　be　at　no　loss　to　recollect　several　other　examples　of

the　same　kind。　Ten　years　of　extraordinary　scarcity；　besides；　are

not　more　wonderful　than　ten　years　of　extraordinary　plenty。　The

low　price　of　corn　from　1741　to　1750；　both　inclusive；　may　very

well　be　set　in　opposition　to　its　high　price　during　these　last

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　be