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from Mr。 Lowndes； the current silver coin was； at an average；
near five…and…twenty per cent below its standard value。 But the
nominal sum which constitutes the market price of every commodity
is necessarily regulated； not so much by the quantity of silver；
which； according to the standard； ought to be contained in it； as
by that which； it is found by experience； actually is contained
in it。 This nominal sum； therefore； is necessarily higher when
the coin is much debased by clipping and wearing than when near
to its standard value。
In the course of the present century； the silver coin has
not at any time been more below its standard weight than it is at
present。 But though very much defaced； its value has been kept up
by that of the gold coin for which it is exchanged。 For though
before the late recoinage； the gold coin was a good deal defaced
too； it was less so than the silver。 In 1695； on the contrary；
the value of the silver coin was not kept up by the gold coin； a
guinea then commonly exchanging for thirty shillings of the worn
and clipt silver。 Before the late recoinage of the gold； the
price of silver bullion was seldom higher than five shillings and
sevenpence an ounce； which is but fivepence above the mint price。
But in 1695； the common price of silver bullion was six shillings
and fivepence an ounce； which is fifteenpence above the mint
price。 Even before the late recoinage of the gold； therefore； the
coin； gold and silver together； when compared with silver
bullion； was not supposed to be more than eight per cent below
its standard value。 In 1695； on the contrary； it had been
supposed to be near five…and…twenty per cent below that value。
But in the beginning of the present century； that is； immediately
after the great recoinage in King William's time。 the greater
part of the current silver coin must have been still nearer to
its standard weight than it is at present。 In the course of the
present century； too； there has been no great public calamity；
such as the civil war； which could either discourage tillage； or
interrupt the interior commerce of the country。 And though the
bounty； which has taken place through the greater part of this
century； must always raise the price of corn somewhat higher than
it otherwise would be in the actual state of tillage； yet as； in
the course of this century； the bounty has had full time to
produce all the good effects commonly imputed to it； to encourage
tillage； and thereby to increase the quantity of corn in the home
market； it may； upon the principles of a system which I shall
explain and examine hereafter； be supposed to have done something
to lower the price of that commodity the one way； as well as to
raise it the other。 It is by many people supposed to have done
more。 In the sixty…four first years of the present century
accordingly the average price of the quarter of nine bushels of
the best wheat at Windsor market appears； by the accounts of Eton
College； to have been L2 os。 6 1/2d。； which is about ten
shillings and sixpence； or more than five…and…twenty per cent；
cheaper than it had been during the sixty…four last years of the
last century； and about 9s。 6d。 cheaper than it had been during
the sixteen years preceding 1636； when the discovery of the
abundant mines of America may be supposed to have produced its
full effect； and about one shilling cheaper than it had been in
the twenty…six years preceding 1620； before that discovery can
well be supposed to have produced its full effect。 According to
this account； the average price of middle wheat； during these
sixty…four first years of the present century； comes out to have
been about thirty…two shillings the quarter of eight bushels。
The value of silver； therefore； seems to have risen somewhat
in proportion to that of corn during the course of the present
century； and it had probably begun to do so even some time before
the end of the last。
In 1687； the price of the quarter of nine bushels of the
best wheat at Windsor market was L1 5s。 2d。 the lowest price at
which it had ever been from 1595。
In 1688； Mr。 Gregory King； a man famous for his knowledge in
matters of this kind； estimated the average price of wheat in
years of moderate plenty to be to the grower 3s。 6d。 the bushel；
or eight…and…twenty shillings the quarter。 The grower's price I
understand to be the same with what is sometimes called the
contract price； or the price at which a farmer contracts for a
certain number of years to deliver a certain quantity of corn to
a dealer。 As a contract of this kind saves the farmer the expense
and trouble of marketing； the contract price is generally lower
than what is supposed to be the average market price。 Mr。 King
had judged eight…and…twenty shillings the quarter to be at that
time the ordinary contract price in years of moderate plenty。
Before the scarcity occasioned by the late extraordinary course
of bad seasons； it was； I have been assured； the ordinary
contract price in all common years。
In 1688 was granted the Parliamentary bounty upon the
exportation of corn。 The country gentlemen； who then composed a
still greater proportion of the legislature than they do at
present； had felt that the money price of corn was falling。 The
bounty was an expedient to raise it artificially to the high
price at which it had frequently been sold in the times of
Charles I and III。 It was to take place； therefore； till wheat
was so high as forty…eight shillings the quarter； that is； twenty
shillings； or five…sevenths dearer than Mr。 King had in that very
year estimated the grower's price to be in times of moderate
plenty。 If his calculations deserve any part of the reputation
which they have obtained very universally； eight…and…forty
shillings the quarter was a price which； without some such
expedient as the bounty； could not at that time be expected；
except in years of extraordinary scarcity。 But the government of
King William was not then fully settled。 It was in no condition
to refuse anything to the country gentlemen； from whom it was at
that very time soliciting the first establishment of the annual
land…tax。
The value of silver； therefore； in proportion to that of
corn； had probably risen somewhat before the end of the last
century； and it seems to have continued to do so during the
course of the greater part of the present； though the necessary
operation of the bounty must have hindered that rise from being
so sensible as it otherwise would have been in the actual state
of tillage。
In plentiful years the bounty； by occasioning an
extraordinary exportation； necessarily raises the price of corn
above what it otherwise would be in those years。 To encourage
tillage； by keeping up the price of corn even in the most
plentiful years； was the avowed end of the institution。
In years of great scarcity； indeed； the bounty has generally
been suspended。 It must； however； have had