Currency fallacies refuted, and paper money ... - University Library

PAPER MONEY VINDICATED. 63at which price, in fact, exportation was prohibited.The duty on importation was, by thisact, increased from \6s. per quarter, whenwheat was under 53*. Ad. (22d Charles II.) to21*. 9d. per quarter when it was below 48*. At48*. a nominal duty of 6d. was imposed. Asthe increase of taxation was such as to demand,at the commencement of this period,the price of 44*. 4d. per quarter,the limitationof the bounty to44*. was a virtual abolition ofit ; and as importation was restricted under 48*.,prices were in reality left to range themselves,for the greater part of this term, exactly as theywould have done had there been no parliamentaryintervention. In one respect, thiswrought a great improvement — ; fluctuations ofprice were from this time comparatively trifling.But when, under this system, it was renderedpossible for the agriculturist to demand andobtain that remuneration, on the average, addingtaxation to natural price, which was due to him,another kind of inconvenience ensued — : theprice of wheat, which from 1739 to 1764 hadbeen, on the average, much below the rate whichtaxation and natural price required, rose considerablyabove that level, being for the 10 yearsending in 1775, as high as 51*. 4d. ; whereasthe debt of this last year would have raised itonly to 44*. 4d. This advance was injurious,being more than could be sustained by the currency;of which we have incidental proof in the