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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 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 man