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senior et gay

They are rich in the industry and skill of their artificers and manufacturers; in every sort of machinery which can facilitate and abridge labour; in shipping, and in all the other instruments and means of carriage and commerce: but they are poor in corn, which, as it must be brought to them from distant countries, must, by an addition to its price, pay for the carriage from those countries. The discovery of the mines of America, it is to be observed, does not seem to have had any very sensible effect upon the prices of things in England till after 1570; though even the mines of Potosi had been discovered more than twenty years before. The price is eight shillings the quarter of wheat. It sometimes happened, however, that the landlord would stipulate that he should be at liberty to demand of the tenant, either the annual payment in kind, or a certain sum of money instead of it. When we are in want of necessaries we must part with all superfluities, of which the value, as it rises in times of opulence and prosperity, so it sinks in times of poverty and distress. But the nominal senior et gay which constitutes the market price of every commodity is necessarily regulated, not so much by the quantity of silver, which, according to the standard, ought to be contained in it, as by that which, it is found by experience, actually is contained in it. The difference between the money price of labour in China and in Europe is still senior et gay than that between the money price of subsistence; because the real recompense of labour is higher in Europe than in China, the greater part of Europe being in an improving state, while China seems to be standing still. But the transcribers of those statutes seem frequently to have thought it sufficient to copy the regulation as far as the three or four first and lowest prices, saving in this manner their own labour, and judging, I suppose, that this was enough to show what proportion ought to be observed in all higher prices. But in the 16th year of Edward III, tenpence contained about half an ounce of silver, Tower weight, and was nearly equal to half-a-crown of our present money. If those who have collected the prices of things in ancient times, therefore, had, during this period, no reason to infer the diminution of the value of silver, from any observations which they had made upon the prices either of corn or of other commodities, they had still less reason to infer it from any supposed increase of wealth and improvement.

senior et gay

senior et gay