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Author: Adam Smith

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In an ancient manuscript of the Regiam Majestatem, an old Scotch
law book, there is a statute of assize, in which the price of
bread is regulated according to all the different prices of
wheat, from tenpence to three shillings the Scotch boll, equal to
about half an English quarter. Three shillings Scotch, at the
time when this assize is supposed to have been enacted, were
equal to about nine shillings sterling of our present money. Mr
Ruddiman seems {See his Preface to Anderson's Diplomata Scotiae.}
to conclude from this, that three shillings was the highest price
to which wheat ever rose in those times, and that tenpence, a
shilling, or at most two shillings, were the ordinary prices.
Upon consulting the manuscript, however, it appears evidently,
that all these prices are only set down as examples of the
proportion which ought to be observed between the respective
prices of wheat and bread.

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