230 A" P P E N D I X. 



heard of ruined farmers and diftrefled landlords, and at the 

 time I am now writing the fact holds, that there is a very 

 confiderable fall in all products, and great numbers of far- 

 mers ruined. I have the prices of wool now for forty years 

 before me, and that which from 1758 to 1767 was from i8s. 

 to 2 is, a tod, is for 1779 only I2s. and was in 1778 but 145. 

 We mufl go back to 1754 to find a year fo low as the laft. 

 Wheat and all forts of grain are greatly fallen *. 



In addition to thefe facts let rne obierve, that great farms 

 and cnclorares are now as prevalent as ever. If they were 

 the occafion of high prices before, how come they not to 

 have the fame effect now ? But it is quite unneceflary to dwell 

 upon a fact, which at the firft blufh brings with it the moft 

 complete conviction. 



After the peace of 1762, there was a very great influx of 

 wealth into this kingdom, which had the effect of nominally 

 raifing all prices, not of corn and cattle only, but of land 

 itfelf; prices have declined in 1776, 1777, and 1778, but 

 greatly in 1779. I am very apt to believe, that as the for- 

 mer dearnsfs, as we called it, was owing to PLENTY of mo- 

 ney, the prefent cbeapnefs is owing to SCARCITY; not to a 

 i~carcity, generally fpeaking, becaufe there is a proof that 

 the fpecie of the kingdom was never greater than at prefent, 

 but to a fcarcity in thefe innumerable channels, which like the 

 fmaller veins and ramifications of the human body, carry the 

 blood to the leaft of the extremities. There is no fcarcity of 

 money in London, as I am informed by feveral very confi- 

 derable bankers and merchants. But why is it fo plentiful 

 there ? In order to be applied at feven or eight per cent, 

 intereft in public loans. This circumftance it is which collects 

 it from every part of the country, from every 'branch of na- 

 tional induftry, and which occaGons the effect now fo gene- 

 rally complained of, a fall in all prices. The reaion why the 

 farmers are ruined, which is really the cafe with numbers, is 



their 



