An Inquiry Into the Nature and Causes of the Wealth of NationsSmith, Adam
General
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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