Strona 537 z 2651

The scarcity which prevailed in England, from 1693 to 1699, both

inclusive, though no doubt principally owing to the badness of

the seasons, and, therefore, extending through a considerable

part of Europe, must have been somewhat enhanced by the bounty.

In 1699, accordingly, the further exportation of corn was

prohibited for nine months.

There was a third event which occurred in the course of the same

period, and which, though it could not occasion any scarcity of

corn, nor, perhaps, any augmentation in the real quantity of

silver which was usually paid for it, must necessarily have

occasioned some augmentation in the nominal sum. This event was

the great debasement of the silver coin, by clipping and wearing.

This evil had begun in the reign of Charles II. and had gone on

continually increasing till 1695; at which time, as we may learn

from Mr Lowndes, the current silver coin was, at an average, near

five-and-twenty per cent. below its standard value. But the

nominal sum which constitutes the market price of every commodity

is necessarily regulated, not so much by the quantity of silver,

which, according to the standard, ought to be contained in it, as

by that which, it is found by experience, actually is contained

in it.