PREFACE. 



redistribution of land seriously affected the agriculture 

 of the sixteenth century, and the condition of those 

 who lived by wages. 



The effect of these changes would have been, per- 

 haps, only temporary, had it not been that they were 

 speedily followed by an enormous issue of base money. 

 Prices rose rapidly and discontent was general. Henry 

 died, and during his son's minority the evil was ampli- 

 fied, and the guild lands in the towns were confiscated. 

 These were the benefit societies of the middle ages. 

 But Somerset did not venture on suppressing the 

 London guilds, which at that time had a meaning and 

 a use, and, what was more important, had the power of 

 effecting dynastic revolutions. 



Matters became worse during the reign of Mary. 

 England was impoverished at home and dishonoured 

 abroad. The price of the necessaries of life was high, 

 the wages of labour were low, though the rate of the 

 latter, following to some extent the fluctuations of the 

 former, supplies a sure proof that wages were now 

 affording a bare subsistence only. 



Then came the fortunate reign of the great and 

 wise Queen. Her first act was to reform the currency. 

 Her hope was that the old prices would recur. But 

 it was too late. How bravely she struggled against 

 the difficulties which surrounded her government is 

 known to all who care to know anything. The eco- 

 nomical difficulties of her position were as great as 

 those which attended her in her career as the leader 

 of the Keformation, and as the arbiter between do- 



