wealbk01- 第53部分

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　to　that　of　corn；　has　not　been

peculiar　to　England。　It　has　been　observed　to　have　taken　place　in

France；　during　the　same　period；　and　nearly　in　the　same　proportion

too；　by　three　very　faithful；　diligent；　and　laborious　collectors

of　the　prices　of　corn；　Mr。　Dupre　de　St。　Maur；　Mr。　Messance；　and

the　author　of　the　Essay　on　the　police　of　grain。　But　in　France；

till　1764；　the　exportation　of　grain　was　by　law　prohibited；　and　it

is　somewhat　difficult　to　suppose　that　nearly　the　same　diminution

of　price　which　took　place　in　one　country；　notwithstanding　this

prohibition；　should　in　another　be　owing　to　the　extraordinary

encouragement　given　to　exportation。

　　　　　It　would　be　more　proper；　perhaps；　to　consider　this　variation

in　the　average　money　price　of　corn　as　the　effect　rather　of　some

gradual　rise　in　the　real　value　of　silver　in　the　European　market

than　of　any　fall　in　the　real　average　value　of　corn。　Corn；　it　has

already　been　observed；　is　at　distant　periods　of　time　a　more

accurate　measure　of　value　than　either　silver；　or　perhaps　any

other　commodity。　When；　after　the　discovery　of　the　abundant　mines

of　America；　corn　rose　to　three　and　four　times　its　former　money

price；　this　change　was　universally　ascribed；　not　to　any　rise　in

the　real　value　of　corn；　but　to　a　fall　in　the　real　value　of

silver。　If　during　the　sixty…four　first　years　of　the　present

century；　therefore；　the　average　money　price　of　corn　has　fallen

somewhat　below　what　it　had　been　during　the　greater　part　of　the

last　century；　we　should　in　the　same　manner　impute　this　change；

not　to　any　fall　in　the　real　value　of　corn；　but　to　some　rise　in

the　real　value　of　silver　in　the　European　market。

　　　　　The　high　price　of　corn　during　these　ten　or　twelve　years

past；　indeed；　has　occasioned　a　suspicion　that　the　real　value　of

silver　still　continues　to　fall　in　the　European　market。　This　high

price　of　corn；　however；　seems　evidently　to　have　been　the　effect

of　the　extraordinary　unfavourableness　of　the　seasons；　and　ought

therefore　to　be　regarded；　not　as　a　permanent；　but　as　a　transitory

and　occasional　event。　The　seasons　for　these　ten　or　twelve　years

past　have　been　unfavourable　through　the　greater　part　of　Europe；

and　the　disorders　of　Poland　have　very　much　increased　the　scarcity

in　all　those　countries　which；　in　dear　years；　used　to　be　supplied

from　that　market。　So　long　a　course　of　bad　seasons；　though　not　a

very　common　event；　is　by　no　means　a　singular　one；　and　whoever　has

inquired　much　into　the　history　of　the　prices　of　corn　in　former

times　will　be　at　no　loss　to　recollect　several　other　examples　of

the　same　kind。　Ten　years　of　extraordinary　scarcity；　besides；　are

not　more　wonderful　than　ten　years　of　extraordinary　plenty。　The

low　price　of　corn　from　1741　to　1750；　both　inclusive；　may　very

well　be　set　in　opposition　to　its　high　price　during　these　last

eight　or　ten　years。　From　1741　to　1750；　the　average　price　of　the

quarter　of　nine　bushels　of　the　best　wheat　at　Windsor　market；　it

appears　from　the　accounts　of　Eton　College；　was　only　L1　13s。　9

1/2d。；　which　is　nearly　6s。　3d。　below　the　average　price　of　the

sixty…four　first　years　of　the　present　century。　The　average　price

of　the　quarter　of　eight　bushels　of　middle　wheat　comes　out；

according　to　this　account；　to　have　been；　during　these　ten　years；

only　51　6s。　8d。

　　　　　Between　1741　and　1750；　however；　the　bounty　must　have

hindered　the　price　of　corn　from　falling　so　low　in　the　home　market

as　it　naturally　would　have　done。　During　these　ten　years　the

quantity　of　all　sorts　of　grain　exported；　it　appears　from　the

custom…house　books；　amounted　to　no　less　than　eight　millions

twenty…nine　thousand　one　hundred　and　fifty…six　quarters　one

bushel。　The　bounty　paid　for　this　amounted　to　L1；514；962　17s。　4

1/2d。　In　1749　accordingly；　Mr。　Pelham；　at　that　time　Prime

Minister；　observed　to　the　House　of　Commons　that　for　the　three

years　preceding　a　very　extraordinary　sum　had　been　paid　as　bounty

for　the　exportation　of　corn。　He　had　good　reason　to　make　this

observation；　and　in　the　following　year　he　might　have　had　still

better。　In　that　single　year　the　bounty　paid　amounted　to　no　less

than　L324；176　10s。　6d。　It　is　unnecessary　to　observe　how　much　this

forced　exportation　must　have　raised　the　price　of　corn　above　what

it　otherwise　would　have　been　in　the　home　market。

　　　　　At　the　end　of　the　accounts　annexed　to　this　chapter　the

reader　will　find　the　particular　account　of　those　ten　years

separated　from　the　rest。　He　will　find　there；　too；　the　particular

account　of　the　preceding　ten　years；　of　which　the　average　is

likewise　below；　though　not　so　much　below；　the　general　average　of

the　sixty…four　first　years　of　the　century。　The　year　1740；

however；　was　a　year　of　extraordinary　scarcity。　These　twenty　years

preceding　1750　may　very　well　be　set　in　opposition　to　the　twenty

preceding　1770。　As　the　former　were　a　good　deal　below　the　general

average　of　the　century；　notwithstanding　the　intervention　of　one

or　two　dear　years；　so　the　latter　have　been　a　good　deal　above　it；

notwithstanding　the　intervention　of　one　or　two　cheap　ones；　of

1759；　for　example。　If　the　former　have　not　been　as　much　below　the

general　average　as　the　latter　have　been　above　it；　we　ought

probably　to　impute　it　to　the　bounty。　The　change　has　evidently

been　too　sudden　to　be　ascribed　to　any　change　in　the　value　of

silver；　which　is　always　slow　and　gradual。　The　suddenness　of　the

effect　can　be　accounted　for　only　by　a　cause　which　can　operate

suddenly；　the　accidental　variation　of　the　seasons。

　　　　　The　money　price　of　labour　in　Great　Britain　has；　indeed；

risen　during　the　course　of　the　present　century。　This；　however；

seems　to　be　the　effect；　not　so　much　of　any　diminution　in　the

value　of　silver　in　the　European　market；　as　of　an　increase　in　the

demand　for　labour　in　Great　Britain；　arising　from　the　great；　and

almost　universal　prosperity　of　the　country。　In　France；　a　country

not　altogether　so　prosperous；　the　money　price　of　labour　has；

since　the　middle　of　the　last　century；　been　observed　to　sink

gradually　with　the　average　money　price　of　corn。　Both　in　the　last

century　and　in　the　present　the　day…wages　of　common　labour　are

there　said　to　have　been　pretty　uniformly　about　the　twentieth　part

of　the　average　price　of　the　septier　of　wheat；　a　measure　which

contains　a　little　more　than　four　Winchester　bushels。　In　Great

Britain　the　real　recompense　of　labour；　it　has　already　been　shown；

the　real　quantities　of　the　necessaries　and　conveniencies　of　life

which　are　given　to　the　labourer；　has　increased　considerably

during　the　course　of　the　present　century。　The　rise　in　its　money

price　seems　to　have　been　the　effect；　not　of　any　diminution　of　the

value　of　silver　in　the　general　market　of　Europe；　but　of　a　rise　in

the　real　price　of　labour　in　the　particular　market　of　Great

Britain；　owing　to　the　peculiarly　happy　circumstances　of　the

country。

　　　　　For　some　time　after　the　first　discovery　of　America；　silver