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estimated in the beginning of the sixteenth century； and at which
it seems to have continued to be estimated till about 1570。
In 1350； being the 25th of Edward III； was enacted what is
called The Statute of Labourers。 In the preamble it complains
much of the insolence of servants； who endeavoured to raise their
wages upon their masters。 It therefore ordains that all servants
and labourers should for the future be contented with the same
wages and liveries （liveries in those times signified not only
clothes but provisions） which they had been accustomed to receive
in the 20th year of the king； and the four preceding years； that
upon this account their livery wheat should nowhere be estimated
higher than tenpence a bushel； and that it should always be in
the option of the master to deliver them either the wheat or the
money。 Tenpence a bushel； therefore； had； in the 25th of Edward
III； been reckoned a very moderate price of wheat； since it
required a particular statute to oblige servants to accept of it
in exchange for their usual livery of provisions； and it had been
reckoned a reasonable price ten years before that； or in the 16th
year of the king； the term to which the statute refers。 But in
the 16th year of Edward III； tenpence contained about half an
ounce of silver； Tower weight； and was nearly equal to
half…a…crown of our present money。 Four ounces of silver； Tower
weight； therefore； equal to six shillings and eightpence of the
money of those times； and to near twenty shillings of that of the
present； must have been reckoned a moderate price for the quarter
of eight bushels。
This statute is surely a better evidence of what was
reckoned in those times a moderate price of grain than the prices
of some particular years which have generally been recorded by
historians and other writers on account of their extraordinary
dearness or cheapness； and from which； therefore； it is difficult
to form any judgment concerning what may have been the ordinary
price。 There are； besides； other reasons for believing that in
the beginning of the fourteenth century； and for some time
before； the common price of wheat was not less than four ounces
of silver the quarter； and that of other grain in proportion。
In 1309； Ralph de Born； prior of St。 Augustine's；
Canterbury； gave a feast upon his installation…day； of which
William Thorn has preserved not only the bill of fare but the
prices of many particulars。 In that feast were consumed； first；
fifty…three quarters of wheat； which cost nineteen pounds； or
seven shillings and twopence a quarter； equal to about
one…and…twenty shillings and sixpence of our present money；
secondly； fifty…eight quarters of malt； which cost seventeen
pounds ten shillings； or six shillings a quarter； equal to about
eighteen shillings of our present money； thirdly； twenty quarters
of oats； which cost four pounds； or four shillings a quarter；
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