26o 



Mr. Faraday on 



Table showing weights of silver and gold respectively ivhich would 

 exchange for one quarter of wheat in the undermentioned 

 years ^ calculated according to the average prices in the London 

 market in each year, gold being taken at the Bank of England 

 price of £j. lys. gd. throughout. 



Year. 



Average 

 Gold price of 

 silver per oz. 



Gazette average 

 gold price of 

 wheat per qr. 



Weight of silver to 

 I qtr. of wheat. 



Weight of gold to 

 I qtr. of wheat. 



187I 



d. 



57/- 



11-305802. 



0-7331 OZ. 



1872 



6ot^ 



57/- 



11-3409 



0-7331 



1873 



S9k 



59/- 



11-9494 



0-7588 



1874 



58A 



56/- 



11-5241 



0-7202 



1875 



S6| 



45/2 



9*5297 



0-5809 



1876 



54 



46/2 



10-5024 



05938 



1877 



54il 



56/9 



12-4242 



0-7299 



1878 



52A 



46/5 



10-5968 



0-5970 



1879 



Sii- 



43/10 



10-2634 



0-5638 



1880 



52J 



44/4 



IO-l8l2 



0-5702 



1881 



s^W 



45/4 



10-5248 



0-5831 



1882 



5if 



45/1 



10-4794 



0-5798 



1883 



SoA 



41/7 



9-8689 



0-5348 



1884 



5°! 



35/8 



8-4543 



0-4587 



1885 



48f 



32/10 



8-1028 



0-4223 



1886 



45f 



31/- 



8-1983 



0-3987 



1887 



44f 



32/6 



87394 



0-4180 



1888 



42I 



31/10 



8-9096 



0-4094 



1889 



42^i 



29/9 



8-3631 



0-3826 



1890 



47i6- 



31/9 



7-9895 



0-4083 



189I 



44f 



34/5 



92549 



0-4426 



(March 31) 











I have taken wheat as the standard, in accordance with 

 Adam Smith's opinion that corn rents would be more 

 steady from century to century than money rents, and 

 because wheat, being a primary necessary of Hfe, producible 

 at will, is perhaps more than any other commodity subject 

 to the law of supply and demand, the acreage placed under 

 wheat varying according as it is a more or less profitable 

 crop. From year to year, of course, the exchange value of 



