If last Year a 100 Sheep were sold for a 100 Crowns, and the person sold them desires this Year to Buy the same number of Sheep;tho the Quantity of the Sheep, and the Demand for them be the same as last Year: Yet if the Money is encreas'd in Quantity, and the Demand for it not encreas'd in Quantity, and the Demand for it not encreas'd in proportion, the 100 Sheep will be equal in Value to more Money than the Year before, so the Money is cheaper. If the Quantity of the Money, and the Demand for it be the same as before; Yet if the Sheep are lesser in Quantity, or the Demand for them greater: The 100 Sheep will be equal to a greater Quantity of Money, so the Sheep are dearer.
So tho the Magistrat did never alter the Money, yet 'tis lyable to a change in its Value as Silver; from any change in its Quantity, or in the Demand for it: And the Receiver is doubly uncertain whether the Money he receives or contracts for, will, when he has occasion, Buy him the same Goods he has Sold, or other Goods equal in value to them; because of the difference may happen in the Value of the Money, or the Goods he is to Buy.
And this uncertainty is, tho both Money and Goods were certain in their Quality.
The difference of the Prices of most Goods, from Changes in their Quantity, or in the Demand for them, would be much prevented, if Magazins were kept; but the difference in their Prices from the greater or lesser Quantity of, or Demand for Money; cannot be prevented so long as Silver is the Money.
That Money is of much lesser Value than it was; will appear by the value Goods, Land, and Money had 200 years ago.
By the Acts of the Council of Edinburgh, it appears, that Anno 1495, the Fiars for Wheat was 6 sh and 8 pennies Scots Money the Boll.
Anno 1520, Claret and white French Wines were order'd to be sold in the Taverns at 6 pennies Scots the Pint, and Ale at 20 pennies Scots the Gallon.
Anno 1526, the Milns belonging to the Town were lett for 400Merks Scots, now they give 13000.
The Petty Customs at Leith then lett for 115 Merks.
Anno 1532, the Load of Malt containing 9 Firlots, was order'd to be sold at 32 sh Scots the Load.
Anno 1551, Order'd that the best Mutton Bulk be sold for 12pennies Scots, the 2d sort for 10 pennies, and the worst sort for 8pennies.
Anno 1553, the 9 Firlots of Malt old Measure, with the Charity, is order'd to be sold for 36 sh. Scots. The Landwart Bread to weigh 40Ounces, and the Townbread 36 Ounces the 4 penny or Plack Loaf.
Anno 1555, the Bakers are order'd for each Boll of Wheat, to deliver 7 Score Loafs, at 16 Ounces the Loaf.
By an Act of the 5th Parliament of Queen Mary, Anno 1551. It's ordain'd, that Wines imported upon the East and North Coast, should not be sold dearer than 20 lib. Scots the Tun of Bourdeaux Wine, and 16 lib. the Tun of Rochel Wine. the Pint of Bourdeaux Wine 10 pennies, and the Pint of Rochel Wine 8 pennies. And that Wine imported upon the West Coast, be sold no dearer than 16 lib the Tun of Rochel Wine. 8pennies the pint of Bourdeaux Wine, and 6 pennies the pint of Rochel Wine.
So that what 5 lib. bought 200 years ago, will not be bought now for a 100 lib. Nor were Goods in greater plenty, or of less value than now: On the Contrair, as these Acts were made to regulat the prices of Goods, 'tis reasonable to think they were in lesser Quantity than now, proportion'd to the Demand, so of more value. But Money having increas'd in Quantity, more than in Demand, and having been alter'd by the Prince; is fallen in value: And a 100 lib. now is not worth what 5lib. was worth before.
Land may be computed to have been improv'd in 200 years, that what pays now two Bolls the Acre, payed then but one Boll: Which may be known from old Rentals.
Money gave then 10 per cent Interest, and as 384 Acres, rented at a Boll the Acre, Victual at 8 sh and 4 Pence the Chalder; so the Property of these Acres was equal to, or worth 100 lib. for a 100 lib.
gave 10 lib. Interest, and the 384 Acres payed only such a Quantity of Victual, as was sold for 10 lib. But as Land (being preferable to Money for many Reasons) is valued now at 20 years Purchase, tho Money is at 6 per cent: So that land then may have been valued 14 years purchase, 140 lib.
As the Quantity of Money has encreas'd since that time, much more than the Demand for it; and as the same Quantity of Silver has receive'd a higher Denomination, so of Consequence Money is of lesser value: A lesser Interest is given for it: A greater Quantity of it is given for the same Quantity of Goods, and the Land is worth more years purchase.
The value of such Land now, the Acre rented at 2 Bolls, victual at 8 lib. 6 sh and 6 pence, Money at 6 per cent, so land at 20 years purchase, would be 8000 lib. By this Computation Money is only worth the 20th part of Goods, and the 57th part of Land, it was worth 200years ago. Part of this difference is from the Improvement made on Land, and the greater Demand for Land, the Quantity being the same, whereby its value is greater: The rest of the Difference is, from the Money being more enceas'd in quantity, than in Demand, whereby its Value is lesser, and its use lower: As likewise from its being alter'd in the Denomination.
There was then a greater Quantity of Silver in the same number of pence thanthere is now: Which appears by several Acts of Parliament made about that time.
Anno 1475, in the 8 Par. of K. James the 3. The Ounce of Silver was order'd to be sold for 12 sh. Scots and 12 Groats was made of the Ounce of Silver.
The 3d. of November 1554, by an Act of the Town Council of Edinburgh, the Ounce of Silver was order'd to be sold at 18 sh. and 8pennies Scots; But these Acts does not mention the Fineness the Silver was of. Suppose the same number of pence had twice or 4 times the Value of Silver in them that they have now: Then Silver is only fallen to one Tenth, or one Fifth of the Value it had to Goods; and to one 28th, or one 14 of the Value it had to Land. But still Money is fallen to one 20th of the Value it had to Goods, and to one 57th of the Value it had to Land.
