SECOND PERIOD.
BUT how various soever may have been the opinions of the learned concerning the progress of the value of silver during this first period, they are unanimous concerning it during the second.
FROM about 1570 to about 1640, during a period of about se|venty years, the variation in the proportion between the value of silver and that of corn, held a quite opposite course. Silver sunk in its real value, or would exchange for a smaller quantity of la|bour than before; and corn rose in its nominal price, and instead Page 241 of being commonly sold for about two ounces of silver the quarter, or about ten shillings of our present money, came to be sold for six and eight ounces of silver the quarter, or about thirty and forty shillings of our present money.
THE discovery of the abundant mines of America, seems to have been the sole cause of this diminution in the value of silver in pro|portion to that of corn. It is accounted for accordingly in the same manner by every body; and there never has been any dispute either about the fact, or about the cause of it. The greater part of Europe was, during this period, advancing in industry and im|provement, and the demand for silver must consequently have been increasing. But the increase of the supply had, it seems, so far exceeded that of the demand, that the value of that metal sunk considerably. The discovery of the mines of America, it is to be observed, does not seem to have had any very sensible effect upon the prices of things in England till after 1570; though even the mines of Potosi had been discovered more than thirty years before.
FROM 1595 to 1620, both inclusive, the average price of the quarter of nine bushels of the best wheat at Windsor market, ap|pears, from the accounts of Eton College, to have been 2l. 1s. 6d. 9/13. From which sum, neglecting the fraction, and deducting a ninth, or 4s. 7d. ⅓, the price of the quarter of eight bushels comes out to have been 1l. 16s. 10d. ⅔. And from this sum, neglecting likewise the fraction, and deducting a ninth, or 4s. 1d. 1/9, for the difference between the price of the best wheat, and that of the middle wheat, the price of the middle wheat comes out to have been about 1l. 12s. 8d. 8/9, or about six ounces and one|third of an ounce of silver.
Page 242 FROM 1621 to 1636, both inclusive, the average price of the same measure of the best wheat at the same market, appears, from the same accounts, to have been 2 l. 10 s.; from which making the like deductions as in the foregoing case, the average price of the quarter of eight bushels of middle wheat comes out to have been 1 l. 19 s. 6 d. or about seven ounces and two-thirds of an ounce of silver.
