An Inquiry into the Nature and Causes of the Wealth of Nations

Adam Smith, from the Warren J. Samuels Portrait Collection
Smith, Adam
(1723-1790)
CEE
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Editor/Trans.
Edwin Cannan, ed.
First Pub. Date
1776
Publisher/Edition
London: Methuen & Co., Ltd.
Pub. Date
1904
Comments
5th edition.

Notes to the Electronic Edition:

* The Library of Economics and Liberty electronic edition is taken from Edwin Cannan's 1904 edition of Smith's Wealth of Nations, based on the 5th and last edition published in Smith's lifetime. The text and footnotes are presented here in full.

** Each footnote is marked in the text by a colored-coded superscript and in this footnote file according to its authorship as follows:

  • The author's original notes, color-coded blue in the text, are unbracketed and unlabeled below.
  • The editor's (Cannan's) notes, color-coded gold in the text, are bracketed below.
  • The website (Library of Economics and Liberty) Editor's notes, color-coded red in the text, are unbracketed and indicated by asterisks rather than numbers.

Book I, Chapter X

1. [The general design of this chapter, as well as many of its details, was doubtless suggested by Cantillon, Essai, pt. 1, chaps. vii. and viii. The first of these chapters is headed: 'Le travail d'un laboureur vaut moins que celui d'un artisan,' and the second: 'Les artisans gagnent les uns plus les autres moins selon les cas et les circonstances différentes.' The second ends thus: 'Par ces inductions et cent autres qu'on pourrait tirer de l'expérience ordinaire, on peut voir facilement que la différence de prix qu'on paie pour le travail journalier est fondée sur des raisons naturelles et sensibles.]

2. [Ed. 1 reads 'either evidently'.]

3. [Above, I.7.6, I.7.30.]

4. [The foregoing introductory paragraphs would lead a logical reader to expect part 1 of the chapter to be entitled: 'Inequalities of pecuniary wages and profit which merely counterbalance inequalities of other advantages and disadvantages.' The rather obscure title actually chosen is due to the fact that nearly a quarter of the part occupied by a discussion of three further conditions which must be present in addition to 'perfect freedom' in order to bring about the equality of total advantages and disadvantages. The chapter would have been clearer if this discussion had been placed at the beginning, but it was probably an afterthought.]

5. [Below, I.10.21-27.]

6. See Idyllium xxi. [This merely describes the life of two poor fishermen. The note appears first in ed. 2.]

7. [Ed. 1 reads 'its'.]

8. [Below, I.10.77-78.]

9. [This argument seems to be modelled closely on Cantillon, Essai, pp. 23, 24' probably also owes something to Mandeville, Fable of the Bees, pt. ii., dialogue vi., vol. ii., p. 423. Cp. Lectures, pp. 173-175.]

10. [The 'ought' is equivalent to 'it is reasonable they should be' in the previous paragraph, and to 'must' in 'must not only maintain him while he is idle' on l. 28. Cp. 'doivent' in Cantillon, Essai, p. 24: 'Ceux donc qui emploient des artisans ou gens de métier, doivent nécessairement payer leur travail plus haut que celui d'un laboureur ou manœuvre.' The meaning need not be that it is ethically right that a person on whose education much has been spent should receive a large reward, but only that it is economically desirable, since otherwise there would be a deficiency of such persons.]

11. [The treatment of this head would have been clearer if it had begun with a distinction between 'day-wages' (mentioned lower down on the page) and annual earnings. The first paragraph of the argument claims that annual earnings as well as day-wages will be higher in the inconstant employment so as to counterbalance the disadvantage or repulsive force of having 'anxious and desponding moments'. In the subsequent paragraphs, however, this claim is lost sight of, and the discussion proceeds as if the thesis was that annual earnings are equal though day-wages may be unequal.]

12. [Below, I.10.118-121.]

13. [Misprinted 'effect' in ed. 5.]

14. [That 'stock' consists of actual objects seems to be overlooked here. The constancy with which such objects can be employed is various: the constancy with which the hearse of a village is employed depends on the number of deaths which may be said to be 'the trade,' and is certainly not 'the trader'. There is no difference of profits corresponding to differences of day-wages due to unequal constancy of employment, for the simple reason that profits are calculated by their amount per annum, but the rural undertaker, liable to long interruption of business in healthy seasons, may just as well as the bricklayer be supposed to receive 'some compensation for those anxious and desponding moments which the thought of so precarious a situation must sometimes occasion'.]

15. [The argument foreshadowed in the introductory paragraphs of the chapter requires an all but allegation that it is a disadvantage to a person to have trust reposed in him, no such allegation is made. Cantillon, Essai, p. 27, says: 'lorsqu'il faut de la capacité et de la confiance, on paie encore le travail plus cher, comme aux jouailliers, teneurs de compte, caissiers et autres.' Hume, History, ed. of 1773 vol. viii., p. 323, says: 'It is a familiar rule in all business that every man should be paid in proportion to the trust reposed in him and the power which he enjoys.']

16. [But some trades, e.g., that of a banker, may be necessarily confined to persons of more than average trustworthiness, and this may raise the rate of profit above the ordinary level if such persons are not sufficiently plentiful.]

17. [The argument under this head, which is often misunderstood, is that pecuniary wages are (on the average, setting great gains against small ones) less in trades where there are high prizes and many blanks. The remote possibility of obtaining one of the high prizes is one of the circumstances which 'in the imaginations of men make up for a small pecuniary gain' (I.10.76). Cantillon, Essai, p. 24, is not so subtle, merely making remuneration proportionate to risk.]

18. [Lectures, p. 175.]

19. [Eds. 1-4 read 'are'.]

20. [Ed. 1 reads 'of it'.]

21. [Eds. 4 and 5 read 'their,' doubtless a misprint.]

22. [The fact is overlooked that the numerous bankruptcies may be counterbalanced by the instances of great gain. Below, on p. 140, the converse mistake is made of comparing great successes and leaving out of account great failures.]

23. [Above I.6.22.]

24. [Doubtless Kirkcaldy was in Smith's mind.]

25. [Above, I.8.30.]

26. [Above, I.7.17.]

27. [The illustration has already been used above, I.7.19.]

28. [Under 13 and 14 Car. II., c. 5, § 18.]

29. [8 Eliz., c. 11, § 8; 1 Jac. I, c. 17, § 3; 5 Geo. II., c. 22.]

30. [But 8 Eliz., c. 11, was enacted 'at the lamentable suit and complaint' not of the hatters but of the cap-makers, who alleged that they were being impoverished by the excessive use of hats, which were made of foreign wool, and the extension to the colonies of the restriction on apprentices by 5 Geo. II., c. 22, was doubtless suggested by the English hatters' jealousy of the American hatters, so that this regulation was not dictated by quite the same spirit as the Sheffield by-law.]

31. [The preamble of 13 and 14 Car. II., c. 15, says that the company of silk throwers in London were incorporated in 1629, and the preamble of 20 Car. II., c. 6, says that the trade had lately been obstructed because the company had endeavored to put into execution a certain by-law made by them nearly forty years since, restricting the free men to 160 spindles and the assistants to 240. The act 20 Car. II., c. 6, accordingly declares this by-law void. It also enacts that 'no by-law already made or hereafter to be made by the said company shall limit the number of apprentices to less than three'.

32. ['In Italy a mestiere or company of artisans and tradesmen was sometimes styled an ars or universitas. . . . The company of mercers of Rome are styled universitas merciariorum, and the company of bakers there universitas pistorum.'—Madox, Firma Burgi, 1726, p. 32.]

33. [C. 4, § 31.]

34. ['It hath been held that this statute doth not restrain a man from using several trades, so as he had been an apprentice to all; wherefore it indemnifies all petty chapmen in little towns and villages because their masters kept the same mixed trades before.'—Matthew Bacon, New Abridgement of the Law, 3rd ed., 1768, vol. iii., p. 553, s.v. Master and servant.]

35. [Ibid., vol. iii., p. 552.]

36. [Ibid., vol. i., p. 553.]

37. [Bacon (ibid., iii., 553) however, says distinctly: 'A coachmaker is within this statute,' on the authority of Ventris' Reports, p. 346.]

38. [Compagnon.]

39. [Compagnonnage.]

40. [Contrast with this the account of the origin of property in the Lectures, pp. 107-127.]

41. [Of Scotch manufacture, 10 Ann., c. 21; 13 Geo. I., c. 26.]

42. [39 Eliz., c. 20; 43 Eliz., c. 10, § 7.]

43. [The article on apprentices occupies twenty-four pages in Richard Burn's Justice of the Peace, 1764.]

44. [The last two terms seem to be used rather contemptuously. Probably Smith had fresh in his recollection the passage in which Madox ridicules as a 'piece of puerility' the use of the English word 'misterie,' derived from 'the Gallic word mestera, mistera and misteria,' as if it 'signified something Greek mysterious, mysterious.'—Firma Burgi, 1726 pp. 33-35.]

45. See Madox Firma Burgi, p. 26, &c. [This note appears first in ed. 2.]

46. ['Peradventure from these secular gilds or in imitation of them sprang the method or practice of gildating and embodying whole towns.'—Madox, Firma Burgi, p. 27.]

47. [The argument is unsound in the absence of any proof that the more numerous successes are not counterbalanced by equally numerous failures; cp. above p. 124, note.]

48. [Below, vol. ii., IV.8.34-38.]

49. [Descriptions des Arts et Métiers faites ou approuvées par Messieurs de l'Académie Royale des Sciences, 1761-88.]

50. [Lectures, p. 255.]

51. [Below, III.4.]

52. [Ed. 1 reads 'single member of it' here and in the next line.]

53. [Eds. 4 and 5 erroneously insert 'a' here.]

54. [According to Richard Burn's Ecclesiastical Law, 1763, s. v. Curates, six marks was the pay ordered by a constitution of Archbishop Islip till 1378, when it was raised eight.]

55. See the Statute of labourers 25 Ed. III. [Below, I.11.96. The note is not in ed. 1.]

56. [The quotation is not intended to be verbatim, in spite of the inverted commas.]

57. [Ed. 1 does not contain 'or private'.]

58. [Hume, History, ed. of 1773, vol. iii., p. 403, quotes 11 Hen. VII., c. 22, which forbids students to beg without permission from the chancellor.]

59. [Eds. 1-3 read ' was'.]

60. [§§ 3, 4. A very free but not incorrect translation. Arbuthnot Tables of Ancient Coins, Weights and Measures, 2nd ed., 1754, p. 198, refers to but does not quote the passage as his authority for stating the reward of a sophist at four or five minæ. He treats the mina as equal to £3 4s. 7d., which at the rate of 62s. to the pound troy is considerably too low.]

61. [Plutarch, Demosthenes, c. v., § 3; Isocrates, § 30.]

62. [Arbuthnot, Tables of Ancient Coins, p. 198, says, 'Isocrates had from his disciples a didactron or reward of 1,000 minæ, £3,229 3s. 4d.,' and quotes 'Plut. in Isocrate,' which says nothing about a 'didactron,' but only that Isocrates charged ten minæ and had 100 pupils. §§ 9, 12, 30.]

63. [This story is from Pliny, H. N., xxxiii., cap. iv., who remarks, 'Tantus erat docendae oratoriae quaestus,' but the commentators point out that earlier authorities ascribe the erection of the statue not to Gorgias, but to the whole of Greece.]

64. [It is difficult to discover on what passage this statement is based.]

65. [Plutarch, Alexander.]

66. [This is a slip. Carneades was a native of Cyrene, and it was his colleague Diogenes who was a Babylonian by birth.]

67. [Below, vol. ii., V.1.130-168.]

68. [Above, I.10.63.]

69. [15 Car. II., c. 15.]

70. [Ed. 1 does not contain 'the'.]

71. [Ed. 1 places the 'is' here.]

72. [C. 12.]

73. [This account of the provisions of the Acts regarding settlement, though not incorrect, inverts the order of the ideas which prompted them. The preamble complains that owing to defects in the law 'poor people are not restrained from going from parish to another and therefore do endeavour to settle themselves in those parishes where there is the best stock,' and so forth, and the Act therefore gives the justices power, ' within forty days after any such person or persons coming so to settle as aforesaid,' to remove them 'to such parish where he or they were last legally settled either as a native, householder, sojourner, apprentice or servant for the space of forty days at the least'. The use of the term 'settlement' seems to have originated with this Act.]

74. [C. 17, 'An act for reviving and continuance of several acts'. The reason given is that 'such poor persons at their first coming to a parish do commonly conceal themselves'. Nothing is said either here or in Burn's Poor Law or Justice of the Peace about parish officers bribing their poor to go to another parish.]

75. [3 W. and M., c. 11, § 3.]

76. [Richard Burn, Justice of the Peace, 1764, vol. ii., p. 253.]

77. [§§ 6, 8.]

78. [§ 7 confines settlement by service to unmarried persons without children.]

79. [By 9 Geo. I., c. 7.]

80. [The Act, 13 & 14 Car. II., c. 12 giving the justices power to remove the immigrant within forty days was certainly obstructive to the free circulation of labour, but the other statutes referred to in the text, by making the attainment of a settlement more difficult, would appear to have made it less necessary for a parish to put in force the power of removal, and therefore to have assisted rather than obstructed the free circulation of labour. The poor law commissioners of 1834, long after the power of removal had been abolished in 1795, found the law of settlement a great obstruction to the free circulation of labour, because men were afraid of gaining a new settlement, not because a new settlement was denied them.]

81. [C. 30, 'An act for supplying some defects in the laws for the relief of the poor of this kingdom'. The preamble recites, 'Forasmuch as many poor persons chargeable to the parish, township or place where they live, merely for want of work, would in any other place when sufficient employment is to be had maintain themselves and families without being burdensome to any parish, township or place'. But certificates were invented long before this. The Act 13 & 14 Car. II., c. 12, provides for their issue to persons going into another parish for harvest or any other kind of work, and the preamble of 8 & 9 W. III., c. 30, shows that they were commonly given. Only temporary employment, however, was contemplated, and, on the expiration of the job, the certificated person became removable.]

82. [Rather by the explanatory Act, 9 & 10 W. III, c. 11.]

83. [All these statutes are conveniently collected in Richard Burn's History of the Poor Laws, 1764, pp. 94-100.]

84. [Burn, Justice of the Peace 1764, vol. ii., p. 274.]

85. [Burn, History of the Poor Laws, 1764, pp. 235, 236, where it is observed that 'it was the easy method of obtaining a settlement by a residency of forty days that brought parishes into a state of war against the poor and against one another,' and that if settlement were reduced to the place of birth or of inhabitancy for one or more years, certificates would be got rid of.]

86. [Burn, Justice, vol. ii., p. 209. The date given is 1730.]

87. [Since the fact of the father having no settlement would not free the parish from the danger of having at some future time to support the children.]

88. [Some evidence in support of this assertion would have been acceptable. Sir Frederic M. Eden, State of the Poor, 1797, vol. i., pp. 296-298, may be consulted on other side. William Hay's Remarks on the Laws Relating to the Poor, 1735, which Eden regards as giving a very exaggerated view of the obstruction caused by the law of settlement, was in the Edinburgh Advocates' Library in 1776, and Adam Smith may have seen it.]

89. [History of the Poor Laws, p. 130, loosely quoted. After 'limitation' the passage runs, 'as thereby it leaves no room for industry or ingenuity; for if all persons in the same kind of work were to receive equal wages there would be no emulation.']

90. [7 Geo. I., stat. 1, c. 13, was passed according to its preamble, because journeymen tailors had lately departed from their service without just cause, and had entered into 'combinations to advance their wages to unreasonable prices, and lessen their usual hours of work, which is of evil example, and manifestly tends to the prejudice of trade, to the encouragement of idleness, and to the great increase of the poor'. It prescribed hours 6 A.M. to 8 P.M., and wages, 2s. a day in the second quarter and 1s. 8d. for the rest of the year. Quarter sessions might alter the rates. This Act was amended by 8 Geo. III., c, 17, under which the hours were to be 6 A.M. to 7 P.M., and wages a maxim of 2s. 7 1/2d. a day. Masters inside the area were forbidden to pay more to workers outside the area than was allowed by the Act within it.]

91. [1 Ann., stat. 2, c. 18, applied to workmen in the woollen, linen, fustian, cotton and iron manufacture; 13 Geo. II., c. 8, to manufacturers of gloves, boots, shoes and other leather wares. The second of these Acts only prohibits truck payments when made without the request and consent of the workmen.]

92. [C. 29.]

93. [C. 6. The preamble relates the defect.]

94. [Above, I.7.33-37.]

Book I, Chapter XI

1. ['By' appears first in ed. 3.]

2. [Eds. 1 and 2 read 'The rent of land varies with its fertility, whatever be its produce, and with its situation, whatever be its fertility.']

3. [Above, p. 101.]

4. [Vol. i., p. 532, in the French translation of Juan and Ulloa's work, Voyage historique de l'Amérique méridionale par don George Juan et don Antoine de Ulloa, 1752. The statement is repeated in almost the same words, substituting 'three or four hundred' for 'two or three hundred,' below, p. 207.]

5. [See below, pp. 181 and 244.]

6. [Cicero, De officiis, lib. ii. ad fin. Quoted in Lectures, p. 229.]

7. [See below, pp. 242, 243.]

8. [The Life of Henry Prince of Wales, by Thomas Birch, D.D., 1760, p. 346.]

9. [Ibid., p. 271.]

10. [A Report from the Committee who, upon the 8th day of February, 1764, were appointed to inquire into the Causes of the High Price of Provisions with the proceedings of the House thereupon. Published by order of the House of Commons, 1764, paragraph 4, where, however, there is no definite statement to the effect that the Virginia merchant, Mr. Capel Hanbury, considered 24s. or 25s. as the ordinary price.]

11. [Report from the Committee, paragraph 3 almost verbatim. The Committee resolved 'that the high price of provisions of late has been occasioned partly by circumstances peculiar to the season and the year, and partly by the defect of the laws in forever convicting and punishing all persons concerned in forestalling cattle in their passage to market.']

12. [These prices are deduced from the tables at the end of the chapter.]

13. [Only if the extra risk deters people from entering the business, and according to pp. 124, 125 above it would not.]

14. [Ed. 1 reads 'thorns'.]

15. [Columella De re rustica, xi., 3, but the recommendation of the fence is 'Et haec quidem claudendi horti ratio maxime est antiquis probata'.]

16. [Gesnerus' edition of Columella in Scriptores rei rusticae in Adam Smith's library to Bonar's Catalogue s.v. Gesnerus), commenting on the passage referred to above, quotes the opinions of Varro, De re rustica, i., 14, and Palladius, De re rustica, i., 34.]

17. [De re rustica, iii., 3.]

18. [Ed. 1 reads 'their'.]

19. Voyages d'un Philosophe [ou observations sur les mœurs et les arts des peuples de l'Afrique, de l'Asie, et de l'Amérique, 1768, pp. 92, 93. The note appears first in ed. 2.]

20. [The French original says the Cochin-China quintal 'équivaut à 150 L. 200 de nos livres, poids de marc,' which cannot possibly bear the meaning ascribed to it in the text. Probably the 150 L. are pounds equal to 1 1/3 of the pounds poids de marc. This would make the cwt. English worth only about seven shillings.]

21. [Tobacco growing in England, Ireland and the Channel Islands was prohibited by 12 Car. II., c. 34, the preamble of which alleges that the lords and commons have considered 'of how great concern and importance it is that the colonies and plantations of this kingdom in America be defended, maintained and kept up, and that all due and possible encouragement be given unto them, and that not only in regard great and considerable dominions and countries have been thereby gained and added to the imperial crown of this realm, but for that the strength and welfare of this kingdom do very much depend upon them in regard of the employment of a very considerable part of its shipping and seamen, and of the vent of very great quantities of its native commodities and manufactures as also of its supply with several considerable commodities which it was wont formerly to have only from foreigners and at far dearer rates, and forasmuch as tobacco is one of the main products of several of those plantations and upon which their welfare and subsistence and the navigation of this kingdom and vent of its commodities thither do much depend; And in regard it is found by experience that the tobaccos planted in these parts are not so good and wholesome for the takers thereof, and that by the planting thereof Your Majesty is deprived of a considerable part of your revenue.' The prohibition was extended to Scotland by 22 Geo. III., c. 73.]

22. [William Douglass, M.D., A Summary, Historical and Political, of the First Planting, Progressive Improvements and Present State of the British Settlements in North America, 1760, vol. ii., pp. 359, 360, and 373.]

23. [Ibid., p. 374, but the phrase is 'an industrious man' not 'such a negro'.]

24. Douglas's Summary, vol. ii., pp. 372, 373. [This note appears first in ed. 2. In the text of Ed. 1 the name is spelt 'Douglass'.]

25. [This saying about the Dutch and spices is repeated below, vol. ii., p. 31, and again p. 152. Douglass, vol. ii., p. 372, in a note to the statement that Virginia and Maryland occasionally produce more than they can sell to advantage, which immediately precedes his account of the occasional burning of tobacco, says: 'This is sometimes the case with the Dutch East India spices and the West India sugars.']

26. [The inferiority of oatmeal has already been asserted above, p. 85.]

27. [This 'always' is qualified almost to the extent of contradiction on p. 183, below.]

28. [Ed. 1 reads 'thither'.]

29. [Above, p. 166, and below, p. 244.]

30. [This and the two preceding paragraphs appear to be based on the dissertation on the natural wants of mankind in Lectures, pp. 157-161; cp. Moral Sentiments, 1759, p. 349.]

31. [Misprinted 'labourer' in ed. 5.]

32. [Ed. 1 reads 'if it can conveniently get coals for fewel'.]

33. [The North Bridge was only made passable in 1772; in 1778 the buildings along Princes Street had run to a considerable length, and St. Andrew's Square and the streets connected with it were almost complete. A plan of that date shows the whole block between Queen Street and Princes Street (Arnot, History of Edinburgh, 1779, pp. 233, 318, 319).]

34. [Buchanan (ed. of Wealth of Nations, vol i. p. 279) commenting on this passage remarks judiciously: 'It is not by the produce of one coal mine, however fertile, but by the joint produce of all the coal mines that can be worked, that the price of coals is fixed. A certain quantity of coals only can be consumed at a certain price. If the mines that can be worked produce more than this quantity the price will fall; if they produce less it will rise.']

35. [Ed. 1 reads 'depends frequently'.]

36. [Ed. 1 reads 'article in the commerce of Europe'.]

37. [Natural History of Cornwall, by William Borlase, 1758, p. 175, but nothing is there said as to the landlord sometimes receiving more than one-sixth.]

38. ['Those who are willing to labour themselves easily obtain of the miner a vein to work on; what they get out of it is their own, paying him the King's duty and the hire of the mill, which is so considerable that some are satisfied with the profit it yields without employing any to work for them in the mines.'—Frezier, Voyage to the South Sea and along the Coasts of Chili and Peru in the Years 1712, 1713 and 1714, with a Postscript by Dr. Edmund Halley, 1717, p. 109. For Ulloa see below, p. 190, note.]

39. [In place of these two sentences ed. 1 reads 'The tax of the King of Spain, indeed, amounts to one-fifth of the standard silver, which may be considered as the real rent of the greater part of the silver mines of Peru, the richest which are known in the world. If there was no tax, this fifth would naturally belong to the landlord, and many mines might be wrought which cannot be wrought at present, because they cannot afford this tax.']

40. [The sum of more than £10,000 paid on £190,954 worth of produce is mentioned by Borlase. The duty was 4s. per cwt.—Natural History of Cornwall, p. 183.]

41. [Ed. 1 reads 'is'.]

42. [The reduction is mentioned again below, pp. 224, 238. Ed. 1 does not contain this sentence, and begins the next with 'The high tax upon silver, too, gives much greater temptation to smuggling than the low tax upon tin'.]

43. ['Quand un homme témoigne avoir dessein de fouiller dans quelque mine, les autres le regardent comme un extravagant qui court à sa perte, et qui risque une ruine certaine pour des espérances éloignées et très-douteuses. Ils tâchent de le détourner de son dessein, et s'ils n'y peuvent réussir, ils le fuyent en l'évitant, comme s'ils craignaient qu'il ne leur communiquât son mal.'—Voyage historique de l'Amérique méridionale par don George Juan et par don Antoine de Ulloa, 1752 tom. i., p. 379. The statement relates to the province of Quito, and the condition of things is contrasted with that prevailing in Peru proper. For Frezier see next page, note 47.]

44. [Frezier, Voyage, p. 109.]

45. [Borlase, Natural History of Cornwall, pp. 167, 175. If the land was 'bounded' (bounding could only take place on ' wastrel or common') the lord of the soil received only a fifteenth.]

46. [Ed. 1 reads 'It was once a fifth, as in silver, but it was found the work could not bear it.']

47. ['It is more rare to see a gold miner rich than a silver miner or of any other metal—Frezier, Voyage, p. 108. There seems nothing in either Frezier or Ulloa to indicate that they took the gloomy view of the prospects of the gold and silver miner which is ascribed to them in the text. From this and the curious way in which they are coupled together, here and above (pp. 188, 189), and also the fact that no mention is made of the title of either of their books, it seems probable that Smith is quoting from memory or from notes which had become mixed. It is possible that he confused Frezier with Ulloa's collaborator, Don George Juan, but Ulloa is quoted without Frezier above, p. 166, and below, p. 207.]

48. [The Six Voyages of John Baptista Tavernier, a noble man of France now living, through Turkey into Persia and the East Indies, translated by J. P., 1678, does not appear to contain any such statement. Possibly it is merely founded on Tavernier's remark that 'there was a mine discovered between Coulour and Raolconda, which the King caused to be shut up again by reason of some cheats that were used there; for they found therein that sort of stones which had this green outside fair and transparent, and which appeared more fair than the others, but when they came to the mill they crumbled to pieces' (pt. ii., p. 138). In eds. 4 and 5 'yielded' is misprinted 'yield'.]

49. [Ed. 1 reads 'seems'.]

50. [The evidence for this statement, which does not agree with the figures in the table at the end of the chapter, is given in the next eleven paragraphs.]

51. [Already quoted above, p. 146.]

52. [It speaks of the Act of 1349, which ordered a continuance of wages at the level of Edward III., and five or six years before (1347 or 1348 to 1353), as having been passed 'against the malice of servants which were idle and not willing to serve after the pestilence without taking excessive wages,' and gives as the reason for new provisions 'forasmuch as it is given the King to understand in this present Parliament by the petition of the commonalty that the said servants having no regard to the said ordinance, but to their ease and singular covetise, do withdraw themselves to serve great men and other, unless they have livery and wages to the double or treble of that they were wont to take the said twentieth year and before, to the great damage of the great men and impoverishing of all the said commonalty, whereof the said commonalty prayeth remedy.']

53. [I.e., four years before the twentieth year.]

54. [This and the other reductions of ancient money to the eighteenth century standard are probably founded on the table in Martin Folkes, Table of English Silver Coins, 1745 p. 142.]

55. [E.g., Fleetwood's prices in the table at the end of the chapter.]

56. [Fleetwood, Chronicon Preciosum, 1707, pp. 83-85.]

57. [The date 1262 is wrong, as 51 Hen. III. ran from October 28, 1266, to October 27, 1267. But the editions of the statutes which ascribe the statute to 51 Hen. III. appear to have no good authority for doing so; see Statutes of the Realm, vol. i., p. 199, notes. The statute has already been quoted above, p. 31, and is quoted again below, p. 204.]

58. [Ed. 1 reads 'very far wrong'.]

59. [The Regulations and Establishment of the Houshold of Henry Algernon Percy, the fifth Earl of Northumberland, at his castles of Wresill and Lekinfield in Yorkshire, begun anno MDXII., 1770, pp. 2, 4, but there are not really two estimations. It seems clear that 'vs. viijd.' on p. 4 is merely a misprint or mistake for 'vis. viijd.,' since 118 qrs. 2 bushels are reckoned at £39 8s. 4d.]

60. [15 Hen. VI., c. 2.]

61. [3 Ed. IV., c. 2.]

62. [1 and 2 P. and M., c. 5, § 7. Licences for exportation, however, are recognised by the Act.]

63. [1 Eliz, c. 11, § 11, which, however, merely partially exempts Norfolk and Suffolk from regulations intended to prevent exportation from places where no custom-house existed.]

64. [5 Eliz., c. 5, § 17.]

65. [Neither his Recherches sur la valeur des Monnoies et sur les prix des grains avant et après le concile de Francfort, 1762, nor his Essai sur les Monnoies, ou réflexions sur le rapport entre l'argent et les denrées, 1746, contain any clear justification for this reference.]

66. [From 1446 to 1515 'le blé fut plus bas que dans les siècles précédents'.—Essai sur la police générale des grains sur leur prix et sur les effets de l'agriculture, 1755 (by C. J. Herbert), pp. 259, 260.]

67. [Ed. 1 reads ' with the tenant' here and omits 'of the tenant' at end of line.]

68. [Ed. 1 reads 'rent at the price of the fiars of each year rather'.]

69. [Chronicon Preciosum 1707, pp. 121, 122. Fleetwood does not 'acknowledge' any 'mistake,' but says that though the price was not the market price it might have been ' well agreed upon'. His 'particular purpose' was to prove that in order to qualify for a fellowship a man might conscientiously swear his income to be much less than it was.]

70. [The statement is too sweeping. See Statutes of the Realm, vol. i., pp. xxiv and 199, notes. Ruffhead's edition began to be published in 1762.]

71. [Judicium Pillorie temp. incert., ascribed to 51 Hen. III., stat. 6.]

72. [Eds. 1 and 2 read 'Rudiman'.]

73. See his preface to Anderson's Diplomata Scotiae. [Selectus diplomatum et numismatum Scotiae thesaurus, 1739, p. 82, and in the translation, An Introduction to Mr. James Anderson's Diplomata Scoriae, by Thomas Ruddiman, M.A., Edinburgh, 1773, pp. 170, 174, 228. The note appears first in ed. 2.]

74. [The manuscript appears to be the Alexander Foulis MS., now 25. 4. 10. in the Edinburgh Advocates' Library, No. viii. of the MSS., described in Acts of the Parliaments of Scotland, vol. i. The exact words are 'Memorandum quod reliqua judicabis secundum praedicta habendo respectum ad praescripta bladi precium duplicando.']

75. [Chronicon Preciosum, p. 78. Fleetwood quotes the author of Antiq. Britan. in Vita Joh. Pecham as saying that 'provisions were so scarce that parents did eat their own children'.]

76. [Eds. 1 to 3 read 'variations'.]

77. [See the table, pp. 279-283 below.]

78. [This appears to be merely an inference from the fact that he does not take notice of fluctuations.]

79. [Above, p. 201.]

80. [Ed. 1 reads 'that' instead of 'because' here and also two lines above.]

81. [Voyage historique de l'Amérique méridionale, vol. i., p. 552, where, however, the number of cattle is two or three hundred, as correctly quoted above, p. 166.]

82. [Narrative of the Hon. John Byron, containing an account of the Great Distresses suffered by himself and his companions on the Coast of Patagonia from 1740 to 1746, 1768, pp. 212, 220.]

83. [Misprinted 'improved' in ed. 5.]

84. [Above, p. 43.]

85. [Ed. 1 reads 'had they not been agreeable to the popular notion'.]

86. [Above, p. 101.]

87. [This sentence is not in Ed. 1.]

88. [In 1545. Ed. 1 reads 'thirty' instead of 'twenty'. In ed. 1 the correction is in the errata. See below, p. 224, notes 3 and 4.]

89. [See the table at the end of the chapter, p. 284.]

90. [The deduction of this ninth is recommended by Charles Smith, Three Tracts on the Corn Trade and Corn Laws, 2nd ed., 1766, p. 104, because, 'it hath been found that the value of all the wheat fit for bread, if mixed together, would be eight-ninths of the value of the best wheat.']

91. [By 1 W. & M., c. 12, 'An act for the encouraging the exportation of corn,' the preamble of which alleges that 'it hath been found by experience, that the exportation of corn and grain into foreign parts, when the price thereof is at a low rate in this kingdom, hath been a great advantage not only to the owners of land but to the trade of this kingdom in general.' It provides that when malt or barley does not exceed 24s. per Winchester quarter, rye 32s. and wheat 48s. in any port, every person exporting such corn on an English ship with a crew at least two-thirds English shall receive from the Customs 2s. 6d. for every quarter of barley or malt 3s. 6d. for every quarter of rye and 5s. for every quarter of wheat.]

92. [Below, vol. ii., pp. 11-22.]

93. [In place of 'How far the bounty could produce this effect at any time I shall examine hereafter: I shall only observe at present that,' ed. 1 reads simply 'But'.]

94. [For 'not' ed. 1 reads 'no,' and for 'any such' it reads 'this'.]

95. [The Act 10 Will. III., c. 3, prohibits exportation for one year from 10th February, 1699. The mistake 'nine months' is probably due to a misreading of C. Smith, Tracts on the Corn Trade, p. 9, wheat 'growing, and continuing dearer till 1698, the exportation was forbid for one year, and then for nine months the bounty was suspended' (cp., pp. 44, 119). As a matter of fact, the bounty was suspended by 11 & 12, Will. III., c. 1, from 9th February, 1699, to 29th September, 1700, or not much more than seven months and a half. The Act 11 & 12 Will. III., c. 1, alleges that the Act granting the bounty ' was grounded upon the highest wisdom and prudence and has succeeded to the greatest benefit and advantage to the nation by the greatest encouragement of tillage,' and only suspends it because 'it appears that the present stock and quantity of corn in this kingdom may not be sufficient for the use and service of the people at home should there be too great an exportation into parts beyond the seas, which many persons may be prompted to do for their own private advantage and the lucre of the said bounty.'—Statutes of the Realm, vol. vii., p. 544.]

96. [For 'debasement' ed. 1 reads 'degradation'.]

97. [Lowndes says on p. 107 of his Report Containing an Essay for the Amendment of the Silver Coins, 1695, 'the moneys commonly current are diminished near one-half, to wit, in a proportion something greater than that of ten to twenty-two'. But in the text above, the popular estimate, as indicated by the price of silver bullion, is accepted, as in the next paragraph.]

98. [Ed. 1 reads degraded'.]

99. [See above, p. 47.]

100. [Lowndes, Essay, p. 88.]

101. Lowndes's Essay on the Silver Coin, p. 68. [This note appears first in ed. 2.]

102. [Above, p. 47.]

103. [The meaning is 'given a certain area and intensity of cultivation, the bounty will raise the price of corn'.]

104. [Ed. 1 does not contain 'upon the principles of a system which I shall explain hereafter'. The reference is presumably to vol. ii., pp. 11-22.]

105. [Ed. 1 reads here 'a notion which I shall examine hereafter'.]

106. [Doubtless by a misprint ed. 5 omits 'first'. The term is used again at the end of the paragraph and also on pp. 220, 221.]

107. [See the table at the end of the chapter; 19/32 is a mistake for 9/32.]

108. [The 25 per cent. is erroneously reckoned on the £2 0s. 6 19/32d. = instead of on the £2 11s. 0 1/2d. The fall of price is really less than 21 per cent.]

109. [The date is taken from the heading of Scheme D in Davenant, Essay upon the Probable Means of Making a People Gainers in the Balance of Trade, 1699, p. 22, Works, ed. Whitworth, 1771, vol. ii., p. 184. Cp. Natural and Political Observations and Conclusions upon the State and Condition of England, by Gregory King, Esq., Lancaster, H., in George Chalmers' Estimate of the Comparative Strength of Great Britain, 1802, p. 429; in Davenant, Balance of Trade, pp. 71, 72, Works, vol. ii., p. 217. Davenant says 'this value is what the same is worth upon the spot where the corn grew; but this value is increased by the carriage to the place where it is at last spent, at least ¼ part more.']

110. [Ed. 1 does not contain this parenthesis.]

111. [Above, p. 215, note.]

112. [Ed. 5, doubtless by a misprint, omits 'even'.]

113. [Below vol. ii., pp. 11-22.]

114. [The references to Dupré de St. Maur and the Essay (see above, p. 201, note), as well as the whole argument of the paragraph, are from Messance, Recherches sur la population de généralités d'Auvergne, etc., p. 281. Messance's quotations are from Dupré's Essai sur les Monnoies, 1746, p. 68, and Herbert's Essai sur la police générale des grains, 1755, pp. ix, 77, 189; cp. below, p. 266.]

115. [Above, pp. 40, 41.]

116. [Examined below, p. 240.]

117. [See the table at the end of the chapter.]

118. [This figure is obtained, as recommended by Charles Smith (Tracts on the Corn Trade, 1766, p. 104), by deducting one-ninth for the greater size of the Windsor measure and one-ninth from the remainder for the difference between best and middling wheat.]

119. ['Tract 3d,' referred to a few lines farther on, only gives the quantities of each kind of grain exported in each year (pp. 110, 111), so that if the figures in the text are taken from it they must have been obtained by somewhat laborious arithmetical operations. The particulars are as follows:—
Exported Bounty payable
Qr. Bushel
Wheat 3,784,524 1 £946,131 0
Rye 765,056 6 133,884 18
Barley, malt and oats 3,479,575 2 434,946 18


8,029,156 1 £1,514,962 17 4½]

120. ['Years' is apparently a mistake for 'months'. 'There is such a superabundance of corn that incredible quantities have been lately exported. I should be afraid to mention what quantities have been exported if it did not appear upon our custom-house books; but from them it appears that lately there was in three months' time above £220,000 paid for bounties upon corn exported.'—Parliamentary History (Hansard), vol. xiv., p. 589.]

121. See Tracts on the Corn Trade; Tract 3d. [This note appears first in ed. 2. The exports for 1750 are given in C. Smith, op. cit., p. 111, as 947,602 qr. 1 bush. of wheat, 99,049 qr. 3 bush. of rye, and 559,538 qr. 5 bush. of barley, malt and oats. The bounty on these quantities would be £324,176 10s.]

122. [Above, pp. 85-87.]

123. [Ed. 1, perhaps correctly, reads 'quantity'.]

124. [Ed. 1 reads 'fifth'.]

125. [Above, pp. 188-190.]

126. [Ed. 1 reads 'fell to a third and then to a fifth, at which rate it still continues'.]

127. Solorzano, vol. ii. [Solorzano-Pereira, De Indiarum Jure, Madrid, 1777, lib. v., cap. i., §§ 22, 23; vol. ii., p. 883, Col. 2. Ed. 1 does not contain the note.]

128. [Ed. 1 reads 'one and thirty years before 1535'. The date 1545 is given in Solorzano, op. cit., vol. ii., p. 882 col. 2.]

129. [Ed. 1 reads 'In the course of a century'.]

130. [Ed. 1 reads 'A hundred years'.]

131. [Ed. 1 reads 'lower' instead of 'reduce,' and does not contain 'not only to one-tenth, as in 1736, but to one-twentieth'. See above, p. 189, note.]

132. [Below, vol. ii. p. 79. Raynal, Histoire philosophique, Amsterdam ed. 1773, tom. iii., pp. 113, 116, takes the same view of the Peruvians.]

133. [Below, vol. ii., pp. 78-99 passim.]

134. [Voyage to the South Sea, p. 218, but the number mentioned is twenty-five to thirty thousand.]

135. [Voyage historique, tom. i., p. 443, 445: 'sixteen to eighteen thousand persons of Spanish extraction, a comparatively small number of Indians and half-breeds, the greater part of the population being negroes and mulattoes.']

136. [E.g., Santiago and Callao, Frezier, Voyage, pp. 102, 202; Juan and Ulloa, Voyage historique, vol. i., p. 468; vol. ii., p. 49.]

137. [Originally one ship, and after 1720, two ships, were allowed to sail between Acapulco in Mexico and the Philippines. For the regulations applied to the trade see Uztariz, Theory and Practice of Commerce and Maritime Affairs, trans. by John Kippax, 1751, vol. i., pp. 206-208.]

138. ['In order to prevent the great consumption of timber fit for the construction of large ships of war, the East India Company were prohibited from building, or allowing to be built for their service, any new ships, till the shipping in their employment should be reduced under 45,000 tons, or employing any ships built after 18th March, 1772. But they are at liberty to build any vessel whatever in India or the colonies, or to charter any vessel built in India or the colonies, 12 Geo. III., c. 54.'—Macpherson, Annals of Commerce, 1805, A.D. 1772, vol. iii., pp. 521, 522.]

139. [Ed. 1 places 'in India' here instead of in the line above.]

140. [Above, pp. 81, 82.]

141. [Ed. 1 does not contain 'or at most as twelve' here and two lines lower down.]

142. [Newton, in his Representation to the Lords of the Treasury, 1717 (reprinted in the Universal Merchant, quoted on the next page), says that in China and Japan the ratio is 9 or 10 to 1 and in India 12 to 1, and this carries away the silver from all Europe. Magens, in a note to this passage (Universal Merchant, p. 90), says that down to 1732 such quantities of silver went to China to fetch back gold that the price of gold in China rose and it became no longer profitable to send silver there.]

143. [Ed. 1 reads 'be the principal commodity'.]

144. [Ed. 1 reads 'chiefly'.]

145. [The same words are used below, p. 466.]

146. Postscript to the Universal Merchant, pp. 15 and 16. This Postscript was not printed till 1756, three years after the publication of the book, which has never had a second edition. The postscript is, therefore, to be found in few copies: It corrects several errors in the book. [his note appears first in ed. 2. The title of the work referred to is Farther Explanations of some particular subjects relating to Trade, Coin and Exchanges, contained in the Universal Merchant, by N. M., 1756. On p. 1 N. M. claims the authorship of the book 'published by Mr. Horsley under the too pompous title of The Universal Merchant'. In the dedication of The Universal Merchant, 1753, William Horsley, the editor, says the author 'though an alien by birth is an Englishman by interest'. Sir James Steuart, who calls him 'Mr. Megens,' says he lived long in England and wrote the Universal Merchant in German, from which it had been translated (Inquiry into the Principles of Political Economy, 1767, vol. ii., pp. 158, 292). The Gentleman's Magazine for August, 1764, p. 398, contains in the obituary, under date August 18, 1764, 'Nicholas Magens Esq. a merchant worth £100,000.']

147. [The two periods are really five years, April, 1748, to April, 1753, and six years, January, 1747, to January, 1753, but the averages are correct, being taken from Magens.]

148. [The 10s. here should be 14s., and one line lower down the 14s. should be 10s.]

149. [Misprinted 13,984,185 3/5 in ed. 2 and later editions.]

150. [Raynal, Histoire philosophique et politique des établissemens et du commerce del Européens dans les deux Indes, Amsterdam ed., 1773, tom. iii., p. 310.]

151. [Ibid., tom. iii., p. 385.]

152. [Ed. 1 does not contain 'though manuscript'.]

153. [Above, p. 230.]

154. [Ed. 1 does not contain 'or one to twelve'.]

155. [Cantillon gives one to ten for China and one to eight for Japan, Essai, p. 365.]

156. [Above, pp. 231, 232. The exact figure given by Magens, Farther Explanations, p. 16, is 1 to 22 1/10.]

157. [Ibid., p. I7.]

158. See Ruddiman's Preface to Anderson's Diplomata, &c. Scotiæ. [Selectus diplomatum et numismatum thesaurus (quoted above, p. 204), pp. 84, 85; and in the translation, pp. 175, 176. But the statement that gold preponderated is founded merely on the fact that the value of the gold coined in the periods 16th December, 1602, to 19th July, 1606, and 20th September, 1611, to 14th April, 1613, was greater than that of the silver coined in the same time, which proves nothing about the proportions in the whole stock of coin. The statement is repeated below, p. 315. The note appears first in ed. 2.]

159. [Ed. 1 reads 'European'.]

160. [Ed. 1 reads 'European'.]

161. [Ed. 1 reads 'one fifth part of it, or to twenty per cent.']

162. [Above, pp. 188, 224.]

163. [Above, p. 190.]

164. [Ed. 1 reads 'European'.]

165. [Ed. 1 places the 'it would seem' after 'computed,' omits 'in the Spanish market,' and puts the whole sentence at the end of the paragraph.]

166. [Ed. 1 places the 'indeed' here.]

167. [Ed. 1 reads 'that'.]

168. [Above, p. 232.]

169. [Ed. 1 reads 'It must still be true, however, that the whole mass of American gold comes to the European market at a price'.]

170. [Ed. 1 contains another paragraph, 'Were the king of Spain to give up his tax upon silver, the price of that metal might not, upon that account, sink immediately in the European market. As long as the quantity brought thither continued the same as before, it would still continue to sell at the same price. The first and immediate effect of this change, would be to increase the profits of mining, the undertaker of the mine now gaining all that he had been used to pay to the king. These great profits would soon tempt a greater number of people to undertake the working of new mines. Many mines would be wrought which cannot be wrought at present, because they cannot afford to pay this tax, and the quantity of silver brought to market would, in a few years be so much augmented, probably, as to sink its price about one-fifth below its present standard. This diminution in the value of silver would again reduce the profits of mining nearly to their present rate.']

171. [Above, pp. 189, 224.]

172. [Ed. 1 reads from the beginning of the paragraph, 'It is not indeed very probable, that any part of a tax which affords so important a revenue, and which is imposed, too, upon one of the most proper subjects of taxation, will ever be given up as long as it is possible to pay it. The impossibility of paying it, however, may in time make it necessary to diminish it, in the same manner as it made it necessary to diminish the tax upon gold.']

173. [This paragraph appears first in ed. 2.]

174. [Ed. 1 reads from the beginning of the paragraph, 'That the first of these three events has already begun to take place, or that silver has, during the course of the present century, begun to rise somewhat in its value in the European market, the facts and arguments which have been alledged above dispose me to believe. The rise, indeed, has hitherto'.]

175. [The last two paragraphs appear first in Additions and Corrections and ed. 3.]

176. [Ed. 1 reads 'may besides'.]

177. [Ed. 1 reads 'perhaps' here.]

178. [Ed. 1 reads 'That the increase of'.]

179. [Ed. 1 places the ' which arises' here.]

180. [Above, p. 209 ff.]

181. [Above, pp. 195, 196.]

182. [As mentioned above, p. 168. Cicero, In Verr., Act. II., lib. iii., c. 70, is the authority.]

183. Lib. x. c. 29. ['Scio sestertiis sex candidam alioquin, quod est prope inusitatum, venisse quae Agrippinae Claudii principis conjugi dono daretur.' 'Seius' seems to be the result of misreading 'Scio'.]

184. Lib. ix. c. 17. [This and the previous note appear first in Ed. 2.]

185. [Above, pp. 166, 181.]

186. [Above, p. 169, and cp. below, p. 249.]

187. [Eds. 1-3 read 'of all commercial'.]

188. Kalm's Travels, vol. i., pp. 343, 344. [Travels into North America, containing its natural history and a circumstantial account of its Plantations and Agriculture in general, with the civil, ecclesiastical and commercial state of the country, the manners of the inhabitants and several curious and important remarks on various subjects, by Peter Kalm, Professor of Œconomy in the University of Aobo, in Swedish Finland, and member of the S. Royal Academy of Sciences. Translated by John Reinhold Forster, F.A.S., 3 vols.,1770. The note appears first in Ed. 2.]

189. [Varro, De re rustica, iii., 2, and Columella, De re rustica, viii., 10, ad fin., where Varro is quoted.]

190. [Histoire Naturelle, vol. v. (1755), p. 122.]

191. [History, ed. of 1773, vol. i., p. 226.]

192. [Juan and Ulloa, Voyage historique, 2de ptie, liv. i., chap. v., vol. i., p. 552.]

193. See Smith's Memoirs of Wool, vol. i. c. 5, 6, and 7; also, vol. ii. c. 176. [Ed. 1 does not give the volumes and chapters. The work was Chronicon Rusticum-Commerciale, or Memoirs of Wool, etc., by John Smith, and published 1747; see below, vol. ii., p. 169.]

194. [See below, vol. ii., p. 165, and Smith's Memoirs of Wool, vol. i., pp. 159, 170, 182.]

195. [Eds. 1 and 2 read 'importing it from all other countries'.]

196. [Eds. 1 and 2 read ' wool of all other countries'.]

197. [Chronicon preciosum ed. of 1707, p. 100, quoting from Kennet's Par. Ant. Burcester is the modern Bicester.]

198. [9 Geo. III., c. 39, for five years; continued by 14 Geo. III., c. 86, and 21 Geo. III., c. 29.]

199. [By 5 Eliz., c. 22; 8 Eliz., c. 14; 18 Eliz., c. 9; 13 and 14 Car. II., c. 7, which last uses the words 'common and public nuisance'. See Blackstone, Commentaries, vol. iv., pp. 167-169.]

200. [9 Ann., c. 11.]

201. [This passage, from the beginning of the paragraph, is quoted at length below. vol. ii., p. 151.]

202. [John Smith, Memoirs of Wool, vol. i., p. 25, explains that the words 'It shall be felony to carry away any wool out of the realm until it be otherwise ordained' do not imply a perpetual prohibition.]

203. [The same words occur above, p. 210.]

204. [Ed. 1 does not contain '&c.']

205. [The arithmetic is slightly at fault. It should be, 'happened to lose a fourth, a fifth, or a sixth part of its former value'.]

206. [Below, pp. 284, 285.]

207. [Above, p. 85.]

208. [Recherches sur la Population, pp. 293-304.]

209. [Essai sur les monnoies ou réflexions sur le rapport entre l'argent et les denrées, 1746, esp. p. 181 of the 'Variations dans les prix'.]

210. [Above, p. 97.]

211. [Lectures, pp. 159, 164.]

212. [Ed. 1 does not contain 'but'.]

213. [C. 8.]

214. [C. 5. The quotations from this Act and from 4 Hen. VII., c. 8, are not quite verbatim.]

215. ['Dr. Howell in his History of the World, vol. ii., p. 222, relates "that Queen Elizabeth, in this third year of her reign, was presented with a pair of black knit silk stockings by her silk woman, Mrs. Mountague, and thenceforth she never wore cloth ones any more." This eminent author adds "that King Henry VIII., that magnificent and expensive Prince, wore ordinarily cloth hose, except there came from Spain, by great chance, a pair of silk stockings; for Spain very early abounded in silk. His son, King Edward VI., was presented with a pair of long Spanish silk stockings by his merchant, Sir Thomas Gresham, and the present was then much taken notice of." Thus it is plain that the invention of knit silk stockings originally came from Spain. Others relate that one William Rider, an apprentice on London Bridge, seeing at the house of an Italian merchant a pair of knit worsted stockings from Mantua, made with great skill a pair exactly like them, which he presented in the year 1564 to William Earl of Pembroke, and were the first of that kind worn in England.'—Adam Anderson, Historical and Chronological Deduction of the Origin of Commerce, 1764, A.D. 1561.]

216. [Above, pp. 130, 131.]

217. [Towards the end of chapter x. the same words occur, omitting 'very'.]

218. [The opposite of this is stated on p. 355 below.]

219. [Above, p. 58.]

220. [Above, pp. 78-79.]

Notes for Tables in Book I, Chapter XI.

1. [As is explained above, p. 206, the prices from 1202 to 1597 are collected from Fleetwood (Chronicon Preciosum, 1707, pp. 77-124), and from 1598 to 1601 they are from the Eton College account without any reduction for the size of the Windsor quarter or the quality of the wheat, and consequently identical with those given in the table on p. 284 below, as to which see note.]

2. [In the reduction of the ancient money to the eighteenth century standard the table in Martin Folkes (Table of English Silver Coins, 1745, p. 142) appears to have been followed. Approximate figures are aimed at (e.g., the factor 3 does duty both for 2.906 and 2.871), and the error is not always uniform, e.g., between 1464 and 1497 some of the sums appear to have been multiplied by the approximate 1½ and others by the exact 1.55.]

3. [This should be 2s.d. The mistake is evidently due to the 3s. 4d. belonging to the year 1287 having been erroneously added in.]

4. [Sic in all editions. More convenient to the unpractised eye in adding up than '½'.]

5. ['And sometime xxs. as H. Knighton.'—Fleetwood, Chronicon Preciosum, p. 82.]

6. [Miscopied: it is £2 13s. 4d. in Fleetwood, op. cit., p. 92.}

7. [Obviously a mistake for £2 11s. 4d.]

8. [This should be 17s. 7d. here and in the next column. Eds. 1 and 2 read '12s. 7d.', a mistake of £1 having been made in the addition.]

9. [This should obviously be 10s. 5/24d. Eds. 1 and 2 read '£6 5s. 1d.' for the total and '10s. 5d.' for the average, in consequence of the mistake mentioned in the preceding note.]

10. [Miscopied: it is £2 13s. 4d. in Fleetwood, Chronicon Preciosum, p. 123.]

11. [See p. 279, note 1.]

12. [Eds. 1 and 2 read £2 4s. 9 1/3d., the 89s. left over after dividing the pounds having been inadvertently divided by 20 instead of by 12.]

13. [The list of prices, but not the division into periods, is apparently copied from Charles Smith (Tracts on the Corn Trade, 1766, pp. 97-102 cp. pp. 43, 104), who, however, states that it had been previously published, p. 96.]

14. [This should be 9/32.]

End of Notes for Book I, Ch. X, XI.

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