THE WEALTH Of NATIONS.

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of the last century; and about nine shillings and sixpencecheaper than it had been during the sixteen years preceding163G, when the discovery of the abundant mines of Americamay be supposed to have produced its full effect ; and aboutone shilling cheaper than it had been the twenty-six yearspreceding IG'20, before that discovery can well be supposedto have produced its full effect. According to this account,the average price of middle wheat, during these sixty-fourfirst years of the present century, comes out to have been aboutthirty-two shillings the quarter of eight bushels.

The value of silver, therefore, seems to have risen some-what in proportion to that of corn during the course of thepresent century, and it had probably begun to do so evensome time before the end of the last.

In 1G87, the price of the quarter of nine bushels of thebest wheat at Windsor market was 1/. 5s. 2 d. the lowest priceat which it had ever been from 1595.

In 1G88, Mr. Gregory King, a man famous for his know-ledge in matters ot this kind, estimated the average price ofwheat in years of moderate plenty to be to the grower 3s. 6d.the bushel, or eight-and-twenty shillings the quarter. Thegrower’s price I understand to be the same with what issometimes called the contract price, or the price at which afarmer contracts for a certain number of years to deliver a cer-tain quantity of corn to a dealer. As a contract of this kindsaves the farmer the expense and trouble of marketing, thecontract price is generally lower than what is supposed to bethe average market price. Mr. King had judged eight-and-twenty shillings the quarter to be at that time the ordinarycontract price in years of moderate plenty. Before thescarcity occasioned by the late extraordinary course of badseasons, it was, I have been assured, the ordinary contractprice in all common years.

In 1G88 was granted the parliamentary bounty upon theexportation of corn. The country gentlemen, who then com-posed a still greater proportion of the legislature than theydo at present, had felt that the money price of corn was tail-ing. lhe bounty was an expedient to raise it artificially tothe high price at which it had frequently been sold in thetimes of Charles I. and II. It was to take place, therefore,till wheat was so high as forty-eight shillings the quarter;that is, twenty shillings, or iffhs dearer than Mr. King had inthat very year estimated the grower’s price to be in times of