303 
millions sterling, equal to one-half of what was supposed to be the 
entire French metallic circulation. 
With us the question was, whether the new and greatly enlarged 
supplies of that metal, which since 1816 has formed the sole standard 
of our money — the universal medium of exchange, the common mea- 
sure of commerce, in relation to which all pecuniary contracts are 
adjusted, and the value of all commodities estimated — a metal, too, 
(unlike silver) found in a comparatively pure state, and produced at 
a much less expense of labour and capital, — whether these supplies, 
if continued, as they seemed likely to be, would produce a deprecia- 
tion of money, or, what is the same thing, a universal rise in the 
money value of labour and commodities, affecting in this way all 
contracts having reference to the future, and the purchasing power 
of fixed incomes. 
Such a disturbance of the relations of property, it was remembered, 
had already occurred in our history. Three centuries ago, silver 
was the universal standard of money in Europe. Before the dis- 
covery of the rich mines of Potosi, and the introduction of Medina’s 
process for separating silver from its ores by amalgamation with 
mercury, wheat in England was sold for 6s. 8d. a quarter ; beef at Id. 
a pound; ale at Id. a gallon; and claret at 3d. a quart. The 
wages of a mason or carpenter were 4d. a day, and of a day-labourer 
2d.; while a clergyman received L.5 a year, and an Oxford scholar 
lOd. a week. After these discoveries, and as the direct consequence 
of them, wages and general prices — not in England alone, but in 
France, in Spain, and generally over Europe — were quadrupled, 
and continued at the higher level ever afterwards. This remarkable 
phenomenon occurred about the year 1572. There was no war, or 
commercial disturbance, or other accidental circumstance to account 
for it. The coinage had been reformed twenty years before, and 
brought to very nearly our present standard, and there was neither 
dearth nor scarcity in the land ; for the old chronicler tells us, “ there 
was no want to him who wanted not money.”* The value of labour 
and commodities appeared to have universally risen ; but in reality 
it was the value of money which had fallen. The change was not 
in the things valued, but in the measure of value. 
The wise councillors of Queen Elizabeth had not shut their eyes 
to the changes which were then impending, and their political and 
* True Relation of the most Remarkable Dearths, &c. 
