It would be very desirable to be able to form an accurate estimate of the rise and fall which has taken place in the bullion price of labour for the last thirty years; but unfortunately, during the latter part of the period, no general estimates of the price of labour have been made, at least none that have come to my knowledge; and there is reason to think that, under the late stagnation in the demand for agricultural labour, the common rate of wages in England has been more than usually interrupted by the operation of the poor laws. On this account, I have made some inquiries respecting wages in Scotland, and have obtained a most valuable communication; but before I refer to it particularly, it may be useful to consider the results of the data we possess in England. The rise in the bullion price of labour from 1790 to 1810 and 11, may be established upon satisfactory grounds, although the amount of the fall which has since taken place may be a matter of considerable uncertainty. According to the communications to the Board of Agriculture, the price of labour, in 1790, was 8_s._ 1_d._ per week. In 1796, Sir F. M. Eden, in his work on the Poor, stated it at 8_s._ 11_d._ per week. In 1803, the communications to the Board of Agriculture make it 11_s._ 5_d._, and in 1810 and 11, according to satisfactory returns obtained by Arthur Young, it was 14_s._ 6_d._[S] This was a steady and very great rise in the price of agricultural labour during the course of twenty years. But in 1810 and 11, paper had separated from gold to a considerable extent. Taking an average of the market prices of gold during these two years, this price was £4. 13_s._ and reducing the 14_s._ 6_d._ currency to a bullion price, it will appear that the bullion wages of labour in 1810 and 11 were a little above 12_s._ The bullion price of labour had therefore risen 50 per cent. Now, on the supposition that manufacturing and mercantile labour continued to bear the same proportion to agricultural labour as before,[T] it is obvious that there would be a difference of 50 per cent. between the quantity of labour and profits with which an ounce of gold could be purchased at the former period, compared with the latter; that is, while labour was 8_s._ 1_d._ per week, it would require a piece of muslin, which would command above nine and a half weeks labour, to purchase an ounce of gold; but when wages were 12_s._ per week, a piece of muslin, which would command little more than six and a half weeks labour, would be sufficient for the purpose. The natural value of bullion, therefore, the quantity of English labour and profits of which it was composed, must have fallen to that extent.