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of things in ancient times； therefore； had； during this period；
no reason to infer the diminution of the value of silver； from
any observations which they had made upon the prices either of
corn or of other commodities； they had still less reason to infer
it from any supposed increase of wealth and improvement。
SECOND PERIOD
But how various soever may have been the opinions of the
learned concerning the progress of the value of silver during
this first period； they are unanimous concerning it during the
second。
From about 1570 to about 1640； during a period of about
seventy years； the variation in the proportion between the value
of silver and that of corn held a quite opposite course。 Silver
sunk in its real value； or would exchange for a smaller quantity
of labour than before； and corn rose in its nominal price； and
instead of being commonly sold for about two ounces of silver the
quarter； or about ten shillings of our present money； came to be
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