wealbk01- 第47部分

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

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　some　effect　even　upon

the　prices　of　many　of　those　years。　By　the　extraordinary

exportation　which　it　occasions　in　years　of　plenty；　it　must

frequently　hinder　the　plenty　of　one　year　from　compensating　the

scarcity　of　another。

　　　　　Both　in　years　of　plenty　and　in　years　of　scarcity；　therefore；

the　bounty　raises　the　price　of　corn　above　what　it　naturally　would

be　in　the　actual　state　of　tillage。　If；　during　the　sixty…four

first　years　of　the　present　century；　therefore；　the　average　price

has　been　lower　than　during　the　sixty…four　last　years　of　the　last

century；　it　must；　in　the　same　state　of　tillage；　have　been　much

more　so；　had　it　not　been　for　this　operation　of　the　bounty。

　　　　　But　without　the　bounty；　it　may　be　said；　the　state　of　tillage

would　not　have　been　the　same。　What　may　have　been　the　effects　of

this　institution　upon　the　agriculture　of　the　country；　I　shall

endeavour　to　explain　hereafter；　when　I　come　to　treat　particularly

of　bounties。　I　shall　only　observe　at　present　that　this　rise　in

the　value　of　silver；　in　proportion　t