An Inquiry into the Nature and Causes of the Wealth of NationsSmith, Adam
History
An Inquiry into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
The ancient statutes of assize seem to have begun always with determining
what ought to be the price of bread and ale when the price of wheat and
barley were at the lowest; and to have proceeded gradually to determine
what it ought to be, according as the prices of those two sorts of grain
should gradually rise above this lowest price. But the transcribers of
those statutes seem frequently to have thought it sufficient to copy the
regulation as far as the three or four first and lowest prices; saving in
this manner their own labour, and judging, I suppose, that this was enough
to show what proportion ought to be observed in all higher prices.
Thus, in the assize of bread and ale, of the 51st of Henry III. the price
of bread was regulated according to the different prices of wheat, from
one shilling to twenty shillings the quarter of the money of those times.
But in the manuscripts from which all the different editions of the
statutes, preceding that of Mr Ruffhead, were printed, the copiers had
never transcribed this regulation beyond the price of twelve shillings.
Several writers, therefore, being misled by this faulty transcription,
very naturally conclude that the middle price, or six shillings the
quarter, equal to about eighteen shillings of our present money, was the
ordinary or average price of wheat at that time.
In the statute of Tumbrel and Pillory, enacted nearly about the same time,
the price of ale is regulated according to every sixpence rise in the
price of barley, from two shillings, to four shillings the quarter. That
four shillings, however, was not considered as the highest price to which
barley might frequently rise in those times, and that these prices were
only given as an example of the proportion which ought to be observed in
all other prices, whether higher or lower, we may infer from the last
words of the statute: “Et sic deinceps crescetur vel diminuetur per sex
denarios.” The expression is very slovenly, but the meaning is plain
enough, “that the price of ale is in this manner to be increased or
diminished according to every sixpence rise or fall in the price of
barley.” In the composition of this statute, the legislature itself seems
to have been as negligent as the copiers were in the transcription of the
other.
Public-domain text, read in full here on John Shaqi.
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