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the present times as ten to seven。 The superiority of its real
price was still greater。 At the rate of six shillings and
eightpence the quarter； ten shillings was in those ancient times
the price of twelve bushels of wheat。 At the rate of twenty…eight
shillings the quarter； one…and…twenty shillings is in the present
times the price of six bushels only。 The proportion between the
real prices of ancient and modern times； therefore； is as twelve
to six； or as two to one。 In those ancient times a tod of wool
would have purchased twice the quantity of subsistence which it
will purchase at present； and consequently twice the quantity of
labour； if the real recompense of labour had been the same in
both periods。
This degradation both in the real and nominal value of wool
could never have happened in consequence of the natural course of
things。 It has accordingly been the effect of violence and
artifice： first； of the absolute prohibition of exporting wool
from England； secondly； of the permission of importing it from
Spain duty free； thirdly； of the prohibition of exporting it from
Ireland to any other country but England。 In consequence of these
regulations the market for English wool； instead of being
somewhat extended in consequence of the improvement of England；
has been confined to the home market； where the wool of several
other countries is allowed to come into competition with it； and
where that of Ireland is forced into competition with it。 As the
woollen manufactures； too； of Ireland are fully as much
discouraged as is consistent with justice and fair dealing； the
Irish can work up but a small part of their own wool at home； and
are； therefore； obliged to send a greater proportion of it to
Great Britain； the only market they are allowed。
I have not been able to find any such authentic records
concerning the price of raw hides in ancient times。 Wool was
commonly paid as a subsidy to the king； and its valuation in that
subsidy ascertains； at least in some degree； what was its
ordinary price。 But this seems not to have been the case with raw
hides。 Fleetwood； however； from an account in 1425； between the
prior of Burcester Oxford and one of his canons； gives us their
price； at least as it was stated upon that particular occasion；
viz。； five ox hides at twelve shillings； five cow hides at seven
shillings and threepence； thirty…six sheep skins of two years old
at nine shillings； sixteen calves skins at two shillings。 In
1425； twelve shillings contained about the same quantity of
silver as four…and…twenty shillings of our present money。 An ox
hide； therefore； was in this account valued at the same quantity
of silver as 4s。 four…fifths of our present money。 Its nominal
price was a good deal lower than at present。 But at the rate of
six shillings and eightpence the quarter； twelve shillings would
in those times have purchased fourteen bushels and four…fifths of
a bushel of wheat； which； at three and sixpence the bushel； would
in the present times cost 51s。 4d。 An ox hide； therefore； would
in those times have purchased as much corn as ten shillings and
threepence would purchase at present。 Its real value was equal to
ten shillings and threepence of our present money。 In those
ancient times； when the cattle were half starved during the
greater part of the winter； we cannot suppose that they were of a
very large size。 An ox hide which weighs four stone of sixteen
pounds avoirdupois is not in the present times reckoned a bad
one； and in those ancient times would probably have been reckoned
a very good one。 But at half…a…crown the stone； which at this
moment （February 1773） I understand to be the common price； such
a hide would at present cost only ten shillings。 Though its
nominal price； therefore； is higher in the present than it was in
those ancient times； its real price； the real quantity of
subsistence which it will purchase or command； is rather somewhat
lower。 The price of cow hides； as stated in the above account； is
nearly in the common proportion to that of ox hides。 That of
sheep skins is a good deal above it。 They had probably been sold
with the wool。 That of calves skins； on the contrary； is greatly
below it。 In countries where the price of cattle is very low； the
calves； which are not intended to be reared in order to keep up
the stock； are generally killed very young； as was the case in
Scotland twenty or thirty years ago。 It saves the milk； which
their price would not pay for。 Their skins； therefore； are
commonly good for little。
The price of raw hides is a good deal lower at present than
it was a few years ago； owing probably to the taking off the duty
upon sealskins； and to the allowing； for a limited time； the
importation of raw hides from Ireland and from the plantations
duty free； which was done in 1769。 Take the whole of the present
century at an average； their real price has probably been
somewhat higher than it was in those ancient times。 The nature of
the commodity renders it not quite so proper for being
transported to distant markets as wool。 It suffers more by
keeping。 A salted hide is reckoned inferior to a fresh one； and
sells for a lower price。 This circumstance must necessarily have
some tendency to sink the price of raw hides produced in a
country which does not manufacture them； but is obliged to export
them； and comparatively to raise that of those produced in a
country which does manufacture them。 It must have some tendency
to sink their price in a barbarous； and to raise it in an
improved and manufacturing country。 It must have had some
tendency； therefore； to sink it in ancient and to raise it in
modern times。 Our tanners； besides； have not been quite so
successful as our clothiers in convincing the wisdom of the
nation that the safety of the commonwealth depends upon the
prosperity of their particular manufacture。 They have accordingly
been much less favoured。 The exportation of raw hides has；
indeed； been prohibited； and declared a nuisance； but their
importation from foreign countries has been subjected to a duty；
and though this duty has been taken off from those of Ireland and
the plantations （for the limited time of five years only）； yet
Ireland has not been confined to the market of Great Britain for
the sale of its surplus hides； or of those which are not
manufactured at home。 The hides of common cattle have but within
these few years been put among the enumerated commodities which
the plantations can send nowhere but to the mother country；
neither has the commerce of Ireland been in this case oppressed
hitherto in order to support the manufactures of Great Britain。
Whatever regulations tend to sink the price either of wool
or of raw hides below what it naturally would be must； in an
improved and cultivated country； have some tendency to raise the
price of butcher's meat。 The price both of the great and small
cattle； which are fed on improved and