{"componentChunkName":"component---src-templates-book-page-js","path":"/wealth-of-nations/21/","result":{"data":{"mdx":{"id":"d8f643b7-851d-5992-aa01-1d307170a37b","body":"var _excluded = [\"components\"];\n\nfunction _extends() { _extends = Object.assign || function (target) { for (var i = 1; i < arguments.length; i++) { var source = arguments[i]; for (var key in source) { if (Object.prototype.hasOwnProperty.call(source, key)) { target[key] = source[key]; } } } return target; }; return _extends.apply(this, arguments); }\n\nfunction _objectWithoutProperties(source, excluded) { if (source == null) return {}; var target = _objectWithoutPropertiesLoose(source, excluded); var key, i; if (Object.getOwnPropertySymbols) { var sourceSymbolKeys = Object.getOwnPropertySymbols(source); for (i = 0; i < sourceSymbolKeys.length; i++) { key = sourceSymbolKeys[i]; if (excluded.indexOf(key) >= 0) continue; if (!Object.prototype.propertyIsEnumerable.call(source, key)) continue; target[key] = source[key]; } } return target; }\n\nfunction _objectWithoutPropertiesLoose(source, excluded) { if (source == null) return {}; var target = {}; var sourceKeys = Object.keys(source); var key, i; for (i = 0; i < sourceKeys.length; i++) { key = sourceKeys[i]; if (excluded.indexOf(key) >= 0) continue; target[key] = source[key]; } return target; }\n\n/* @jsxRuntime classic */\n\n/* @jsx mdx */\nvar _frontmatter = {\n  \"author\": \"No author provided\",\n  \"bookTitle\": \"An Inquiry Into the Nature and Causes of the Wealth of Nations\",\n  \"isBook\": false,\n  \"numSections\": 86,\n  \"tags\": [\"a\"],\n  \"templateKey\": \"book-page\",\n  \"title\": \"Chapter XI, Digression concerning the Variations in the Value of Silver during the Course of the Four last Centuries, Second Period\"\n};\nvar layoutProps = {\n  _frontmatter: _frontmatter\n};\nvar MDXLayout = \"wrapper\";\nreturn function MDXContent(_ref) {\n  var components = _ref.components,\n      props = _objectWithoutProperties(_ref, _excluded);\n\n  return mdx(MDXLayout, _extends({}, layoutProps, props, {\n    components: components,\n    mdxType: \"MDXLayout\"\n  }), mdx(ContentRef, {\n    id: 0,\n    margin: \"No doubt exists as to the second period,\",\n    mdxType: \"ContentRef\"\n  }, \"BUT how various soever may have been the opinions of the learned concerning the progress of the value of silver during this first period, they are unanimous concerning it during the second.\"), mdx(ContentRef, {\n    id: 1,\n    margin: \"silver sank, and a quarter of corn came to be worth 6 oz. or 8 oz. of silver.\",\n    mdxType: \"ContentRef\"\n  }, \"From about 1570 to about 1640, during a period of about seventy years, the variation in the proportion between the value of silver and that of corn, held a quite opposite course. Silver sunk in its real value, or would exchange for a smaller quantity of labour than before; and corn rose in its nominal price, and instead of being commonly sold for about two ounces of silver the quarter, or about ten shillings of our present money, came to be sold for six and eight ounces of silver the quarter, or about thirty and forty shillings of our present money.\"), mdx(ContentRef, {\n    id: 2,\n    margin: \"This was owing to the discovery of the abundant American mines.\",\n    mdxType: \"ContentRef\"\n  }, \"The discovery of the abundant mines of America, seems to have been the sole cause of this diminution in the value of silver in proportion to that of corn. It is accounted for accordingly in the same manner by every body; and there never has been any dispute either about the fact, or about the cause of it. The greater part of Europe was, during this period, advancing in industry and improvement, and the demand for silver must consequently have been increasing. But the increase of the supply had, it seems, so far exceeded that of the demand, that the value of that metal sunk considerably. 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.\"), mdx(ContentRef, {\n    id: 3,\n    margin: \"Wheat rose at Windsor market.\",\n    mdxType: \"ContentRef\"\n  }, \"From 1595 to 1620, both inclusive, the average price of the quarter of nine bushels of the best wheat at Windsor market, appears from the accounts of Eton College, to have been 2 l. 1 s. 6 d. 9/13. From which sum, neglecting the fraction, and deducting a ninth, or 4 s. 7 d. \\u2153, the price of the quarter of eight bushels comes out to have been 1 l. 16 s. 10 d. \\u2154. And from this sum, neglecting likewise the fraction, and deducting a ninth, or 4 s. 1 d. 1/9, for the difference between the price of the best wheat and that of the middle wheat, the price of the middle wheat comes out to have been about 1 l. 12 s. 8 d. 8/9, or about six ounces and one-third of an ounce of silver.\"), mdx(ContentRef, {\n    id: 4,\n    mdxType: \"ContentRef\"\n  }, \"From 1621 to 1636, both inclusive, the average price of the same measure of the best wheat at the same market, appears, from the same accounts, to have been 2 l. 10 s.; from which making the like deductions as in the foregoing case, the average price of the quarter of eight bushels of middle wheat comes out to have been 1 l. 19 s. 6 d. or about seven ounces and two-thirds of an ounce of silver.\"));\n}\n;\nMDXContent.isMDXComponent = true;","fields":{"slug":"/wealth-of-nations/21/"},"frontmatter":{"isBook":false,"title":"Chapter XI, Digression concerning the Variations in the Value of Silver during the Course of the Four last Centuries, Second Period","bookTitle":"An Inquiry Into the Nature and Causes of the Wealth of Nations","numSections":86,"tags":["a"],"author":"No author provided"}}},"pageContext":{"id":"d8f643b7-851d-5992-aa01-1d307170a37b"}},"staticQueryHashes":["4080856488"]}