102

THE EFFECTS OF

CHAP. XX.

more than a balance to the misery they have oc-casioned.

This is, however, a view which it becomesnecessary to turn aside from, and look at thosederangements which were occasioned among dif-ferent classes by the great influx of the precious metalsin the first century after the discovery of America.

The several monarchs who ruled in the dif-ferent divisions of Europe were commonly thelargest proprietors of the land in their dominions,and chiefly subsisted on their produce, which wastransferred to them partly in kind, partly in variousfeudal services, and partly in money. The portionpaid in money was chiefly in the form of fines atthe renewal of leases, with small fixed annual rents,which were in many cases almost nominal, orwhich became so when the value of money de-clined. In England a pepper-corn rent wascommon, but it. originated at a time when thatspice was of more than five hundred times itspresent value if exchanged for silver, and perhapsfive thousand times that value when exchanged forcorn or wool.

In time of war our monarchs obtained moneyfrom their subjects under various names andpretexts, but in peace chiefly depended on theirlands, with some addition from the customs andfrom the coinage. The latter was made availableby Henry VII. and Henry VIII. to an ex-travagant extent, and by Edward VI . till the