THOUGHTS O N T H E CAUSES AND CONSEQUENCES OF THE PRESENT HIGH PRICE O F PROVISIONS. THE SECOND EDITION, [Price Six-pence.] / THOUGHTS O N T H E CAUSES and CONSEQUENCES O F T H E PRESENT HIGH PRICE O F R O V I S I O N S. Privatus illis cenfiis erat brevts Commune magJium^ LONDON: Printed for J. Dodsley in Pall-raalL M DCC LXVII, f 5 THOUGHTS O N T H E Causes and Conseqjjences O F T H E Prefent High Price of Provisions. ' I ^HE high price of proviflons, and A all the necefTaries of life, is an evil fo inconvenient to all conditions of men, and fo intolerable to fome, that it is not ; furprifing that all iliould fufFer it with ^ much difcontent, and many be drove by ■ it into defpair, or into riots, rapine, and ^ all kinds of diforders. The latter, in- ^ deed, we cannot but exped:, if we con- '^ fider, that the enemies of all government l^^nd fubordination, fo numerous in this ^ country, will not fail to avail themfelves :;t; of this favourable opportunity, to ipread A univerfal 420779 [2 ] univerfal diiratisfa^ftion, and inflame tlie minds of the people to feek redrefs by fuch infamous and dangerous methods. This they endeavour, too fuccefsfully, to effedl, by daily reprefenting in the public papers, that this calamity arifes from the artifices of monopolizers, regraters, foreftallers, and engrolTers, encouraged, or at leaft connived at, by minifters de- firous of opprefiing the people, and par- liaments unattentive to their complaints. It is hard to fay, whether the ignorancb of thefe writers, or their malevolence, is fuperior; or, whether the abfurdity of their principles, or the mifchief of them, . is the greatefl : but one m/ay venture to jifRrm, that our people, notwithftanding .the prefent fcarcity, are ftill better fed than taught. This undoubtedly makes it ncccfiliry, at this time, that the true caufes of this evil fliould be explained to them ; which, if it Icffcns not their .wants, may in fome meafure abate their ill-founded indignation. ' To [3 ] To this end I fliall endeavour to fiiew, as concifely as poffible, that the prefent high price of provifions arifes principally from two fources ; the increafe of our national debts, and the increafe of our riches ; that is, from the poverty of the public, and the wealth of private indivi- duals. From what caufes thefe have been, increafed, and what have been the efFe for he mufl not only repay himfelf the original tax, but mufl: have compenfation for his loiTes in trade by bad debts, and lofs of interefl: by his increafed capital, Befides this, every new tax does not only affe(ft the price of the commodity on which it is laid, but that of all others, whether taxed or not, and with which, at iirll fight, it feems to have no man-» ner of connection. Thus, for inftance, a tax on candles muft raife the price of a coat, or a pair of breeches ; becaufe, out of thefe, all the taxes on the candles of the wool-comber, weaver, and the tailor, muft be paid : A duty upon ale muft raife the price of fhoes ; becaufe from ^em all the tjixes upon al? drank by the tanner^ [ 5 J tanner, leather-drefTer, and flioemaker, which is not a little, muft be refunded. No tax is immediately laid upon corn, but the price of it muft neceflarily be advanced ; becaufe, out of that, all the Innumerable taxes paid by the farmer on windows, foap, candles, malt, hops, lea- ther, fait, and a thoufand others, muft be repaid : fo that corn is as effedtually taxed, as if a duty by the bufhel had been primarily laid upon it ; for taxes, like the various ftreams which form a general inundation, by whatever channels they feparately find admiffion, unite at laft, and overwhelm the whole. The man, therefore, who fold fand upon an afs, and raifed the price of it during the late war, though abufed for an impofi- tion, moft certainly afted upon right reafons ; for, though there were no new taxes then impofed either on fand or alTes, yet he found by experience, that, from the taxes laid on almoft all other things, he could neither maintain himfelf, his wife, [6] "wife, or his afs, as cheap as formerly 3 he was therefore under a neceffity of advanc- ing the price of his fand, out of which alone all the taxes which he paid niufl be refunded. Thus I think it is evident beyond all doubt, that the increafe of taxes muft increafe the price of every thing, whether taxed or not; and that this is one principal caufe of the prefent extraordinary advance of provifions, and all the neceifaries of life. The other great fourcc, from whence this calamity arifes, is certainly our vaft increafe of riches ; the caufes and confe- quences of which, I will now briefly con- (ider. That our riches are in fad: amaz- ingly increafed within a few years, no one, who is in the leafi: acquainted with this countr}'-, can entertain a doubt: who- ever will call his eyes on our public works, our roads, our bridges, our pavements, and our hofpitals, the prodigious exten- .lion of our capital, and in fome propor- 'tion that of every confiderable town in Great I 7 ] Great Britain ; whoever will look into the poffeffions andexpences of individuals, their houfes, furniture, tables, equipages, parks, gardens, cloaths, plate, and jewels, will find every where round him fufficient marks to teflify to the truth of this pro- pofition. This great increafe of private opulence is undoubtedly owing to the very fame caufe which increafed our national debt ; that is, to the enormous expences and unparalleled fuccefs of the late war ; and indeed very much arifes from that very debt itfelf. Every million funded is in fad a new creation of fo much wealth to individuals, both of principal and in- tereft ; for the principal being eafily trans- ferable, operates exactly as fo much cafh 5 and the interefl:, by enabling fo many to confume the commodities on which taxes are laid for the payment of it, in a great meafure produces annually an income to difcharge itfelf. Of all the enormous fums then expended, little befides the fubfidies granted to German princes, was loll: to f the [8] the individuals of this country, though the whole was irrecoverably alienated from the public ; all the reft annually re- turning into the pockets of the mer- chants, contraftors, brokers, and flock- jobbers, enabled them to lend it again to the public on a new mortgage the follow- ing year. Every emiffion of paper-credit by bank-notes, exchequer and navy bills, fo long as they circulate, anfwers all the purpofes of fo much additional gold and filver, as their value amounts to : If we add to thefe the immenfe riches daily flow- ing in lince that period from our com- merce, extended over every quarter of the globe, from the new channels of trade " opened with America, and the amazing fums imported from the Eaft Indies, it will not fure be difBcult to account for the opulence of the prefent times, which has enabled men to increafe their expen- ces, and carry luxury to a pitch unknown to all former ages. The [9] The eire(5l:s of this vafl: and fudden in- creafe of riches are no lefs evident than their caufe : the firft, and moft obvious effed of the increafe of money, is the de- creafe of its value, Hke that of all other commodities ; for money being but a commodity, its value mufi; be relative, that is, dependant on the quantity of it- felf, and the quantity of the things to be purchafed with it. In every country where there is great plenty of provi-»- fions, and but little money, there provi- fions muft be cheap, that is, a great deal- of them v/ill be exchanged for a little money : on the contrary, where there are but little provifions in proportion to the number of confumers, and a great plenty of money J or what paffes for money, there they will inevitably be dear ; that is, a great deal of money muft be given to purchafe them. Thefe effeds mufi; eter- nally foUov/ their caufes in all ages and in all countries ; and that they have done fo, the hiftory of all countries in all ages fuf- B ficiently [ lO ] ficicntly informs us. The value of money at the time of the Norman conqueft was near twenty times greater than at pre- sent ; and it has been gradually decreafing from that period, in proportion as our riches have increafed : it has decreafed not lefs than one third during the prefent .century ; and I believe one half at leaft of that third fince the commencement of the laft war, which I doubt not, could it be ^xadly computed, would be found to be in due proportion to the increafe of its quantity, either in real or fiditious cafh ; and that the price of provilions is ad- vanced in the fame proportion, during the fame period. The increafe of money does not only operate on the price of provifions by the diminution of its own value, but by en- abling more people to purchafe, and con- fequently to confume them ; which mufl: unavoidably likewife increafe their fcar- ,city, and that mull llill add more to their price. Twenty rich families will con- I - iijme [ !■ ] fume ten times as much meat, bread, butter, foap, and candles, as twenty poor familes conlifting of the fame number ; and the prices of all thefe mufi: certainly rife in proportion to the demand. This effedt of the increafe of wealth in many- countries of Europe, is very vifible at this day, and in none more than in the northern parts of this iiland, who having of late acquired riches by the introduction of trade, manufactures, and tillage, can now well afford to eat roafl: beef, and therefore confume mxuch of thofe cattle, with which they were formerly glad to fupply us j and will not part with the reft, but at prices greatly advanced. The con- fumption of every thing is alfo amazing- ly increafed from the increafe of wealth in our metropolis, and indeed in every corner of this kingdom ; and the manner of living, throughout all ranks and condi- tions of men, is no lefs amazingly alter- ed : the merchant who formerly thought himfelf fortunate, if in a courfe of thirty B 2 or [ 12 ] or forty years, by a large trade and ftridt CEConomy, he amaffed togetlier as many thoufand pounds, now acquires in a quarter of that time double that fum, or breaks for a greater, and vies all the while with the firfl of our nobility, in his houfes, table, furniture, and equipage : the fliop- keeper, who ufed to be well contented with one difh of meat, one lire, and one maid, has now two or three times as many of each ; his wife has her tea, her card-parties, and her drefiing-room ; and his prentice has climbed from the kitchen- fice to the front-boxes at the play-houle. The loweft manufadurer and meaneft mechanic will touch nothing but the very bed pieces of meat, and the fineft white bread ; and, if he cannot obtain double the wages for being idle, to what he formerly received for working hard, lie thinks he has a right to feek for a redrefs of his grievances, by riot and rebellion. Since then the value of our money is de- creafed by its quantity, our confumption increafed byunivcrfal luxury, and the fup- plie s. [ 13 ] plies, which we ufed to receive from poorer countries, now alfo grown rich, greatly diminiflied, the prefent exorbitant price of all the necefiaries of life can be no wonder. From what has been here offered, I think this may be readily accounted for, without having recourfe to foreftallers, regraters, engrolfers, monopolizers, hig- glers, badgers, bounties, poft-chaifes, turnpike-roads, enlarging of farms, and the extenlion of the metropolis, with all that ridiculous catalogue of caufes, which have been affigned by elTay-writers to this evil, and frequently adopted by the abfurdity of their readers. How far all or any of thefe have accidentally, collate- rally, or locally contributed to augment the price of provifions, I cannot deter- mine, nor do I think it of much impor- tance to inquire ; becaufe I am fatisfied, whatever may have been their effecfts, they could have had none at all, had they not been affifted by the firll and great caufe, [ H J ■ caufe, the increafe of riches -, for no ar- tifices of traders can make their commo- dities dear in a poor country ; that is, fell things for a great deal of money, where there is little to be found. It feems therefore to no purpofe, to fearch out for caufes of the prefent high price of provilions, from fa(5ts, whofe operations are uncertain, and reafons at beft but fpe- culative, when it is fufficiently accounted for from thefe two great principles, the increafe of taxes, and the increafe of riches, principles as abfolutely indifpu- table, and as demonilrable as any mathe- matical problem. I fliall now make fome curfory obfer- vations and iliort conckifions on the prin- ciples here advanced, which, allowing thefe to be true, can admit of no doubt. Firfl: then, although the price of provi- fions is at prefent very high, they cannot with propriety be faid to be dear. No- thing is properly dear, except fome com- modity, which, either from real or fidi- i tious [ 15 ] tlous fcarclty, bears a higher price tlian other things in the lame country, at the fame time. In the reign of Henry 11. the value of money was about fifteen times greater than in the prefent age : a fowl then was fold for a penny, which can- not now be bought under fifteen pence ; but fowls are not for that reafon dearer now, than they were at that time ; be- caufe one penny was then earned with as much labour, and when earned would fetch as much of every thing at market, as fifteen v/ill in thefe days : was the va- lue of money now as great, and the price of other things as fmall, as in thefe times, and provifions bore the fame price as at prefent, they would then be dear indeed, and the pamphleteers would have good reafon to impute their dcarncfs to the frauds of engroffers and monopo- lizers ; but as the price of every thing befides, of houfes, furniture, cloaths, horfes, coaches, fees, perquilites, and votes, are all equally advanced ; nay, as every [ i6 ] every pamphlet, which iifed to be fold for one fhilling, has now infcribed on \tsl title-page, price eighteen pence, their own works are a confutation of their ar- guments -y for nonfenfe is a commodity in which there are too many dealers ever to fuffer it to be monopolized or engroff- ed. It is certainly therefore improper to fay, that provifions are dear, but we Ihould rather affirm, what is the real fadl, that money is cheap ; and if the complainants would ufe this expreffion inftead of the other, and at the fame time confider, that this arifes from the fuccefs of our arms, and the exteniion of our trade, 1 am perfuaded, that if they were not lefs diftreffed, they would cer- tainly be lefs diifatisfied, and would, per- haps, by degrees, comprehend, that, in a country engaged in expenfive wars and fuccefsful commerce, there muft be hea- vy taxes and great riches ; and that where there are taxes and riches, there the prices of provifions, and all other things, muft be [ '7 ] be high, in fpite of all the efforts of mi- nifters or parliaments, who ought by no means to be blamed, for not effecting impoffibilities, and counteradling the na- ture of things. Secondly, this cheapnefs of money in its confequences affeCls different condi- tions of men in a very diiferen tmanner : to fome it operates exadlly in the fame manner as real dearnefs and fcarcity, at the fame time that to others it gives con- iiderable advantages. All thofe who fab- fifl on fettled flipends mufl inevitably be ruined by it : merchants, and traders of all kinds, are greatly benefited > but the labourer and the land-owner are mofl grievoufly oppreffed. Thofe who fubfiil on fettled ftipends mufl: be ruined ; be- caufe, if their incomes cannot be ad- vanced in proportion to the decreafe of the value of money, and the confequent increafe of the prices of every thing, the fame nominal fum v/hich would afford afBuence in one age, will not prevent C flarving [ i8 i ilarving in another; of which we have numerous examples in our fchools, col- leges, alms-houfes, and other charitable Foundations. Merchants and traders are conflantl y gainers by it ; becaufe they can always raife the prices of whatever they deal in, fafter than the value of mo- ney decreafes : but the labourer, having nothing to fubfifl: on but his daily work, mufl ever be behind-hand in ad- vancing the price of his labour -, becaufe he is not able to wait till it acquires its due proportion of value, and therefore by it he mufl: fuffer extremely. The land- owner likewife cannot raife his rents in any proportion to the fall of the value of money -, becaufe the charges of cultiva- tion, the family-expences of the occu- piers, and the maintenance of an increaf- ing poor, all burthens infeparable from his land, mufl all rife in proportion to that fall ', and thefe mult perpetually re- tard his progrefs. The price of labour iind of land mufl by degrees advance, as 3 money ■[ >9 ] money decreafes in value ; but, as thefe are the lail that will feel its efFeds, the labourer mufl:, In the mean time, be mi- ferably pinched, and the land-owner dreadfully impoveriflied by it. This is not fpeculation, but a fa6t which is too well verified bv experience at this time, through every part of this kingdom, where the labourer, with his utmofl in- duftry, cannot now procure a belly-full for himfelf and his flimily ; and, not- withflanding all the late improvements in agriculture, the very fame efrates in land which formerly maintained a large family in fplendor and hofpitality, can now fcarce repair and pay window-tax for a fpacious maniion-houfe, and fupply the owner of it with the necelTaries of life. When I hear a merchant, contrac- tor, or broker, calling out for war, ar- guing for new loans and new taxes, I w^onder not, becaufe I know that they are enriched by them, and I know alfo that they have fagacity enough to know it too : C 2 but [ 20] but when I Iicar a landed gentleman talk the fame language, when I fee him eager fgr war, \vhich muil involve him in new diftreffes, encouraging loans, whofe in- tereil he muil pay, pleading for taxes, which mufl lie an eternal mortgage upon his efrate, exulting in acquifitions of ter- ritories and commerce, which muft daily increafe his expences, and diminifh his incom.e, and triumphing in vidlories which muil; undo him, I own I am fur- prifed, but at the fame time rejoice to find, that, in this enlightened age, there is ignorance fiiil left amongft us, fuffi- cient to produce fo difmterefled a pa- triot. Laflly, fi'om the foregoing premifes one confequence evidently appears, which feems to have efcaped the fagacity of our wifeft politicians, which is, that a nation may, nay mufl inevitably be ruined, who every year increafes her debts, notwith- flanding her acquifitions by conquefl or commerce bring in double or treble the funis [ 21 ] fums which ilie Is obliged to borrow y and this by a chain of caufes and confe- quences, which the efforts of no human power or wifdom are able to difunlte. New debts require new taxes ; and new taxes muft increafe the price of provi- fions : new acquifitlons of wealth, by decreafing the value of money, ftill ag- gravate this evil, and render them flill dearer 5 this dearnefs of provifions muft augment the price of labour ; this muft advance the price of all manufadtures ; and this muft deftroy trade ; the deftruc- tion of trade muft ftarve the poor, expel the manufadtures, and introduce univerfal bankruptcy, riot, and confufion. Arti- ficers of all kinds will, by degrees, mi- grate into cheaper countries : the number of clerp-v, whofe education muft grow more expenfive, and incomes lefs valu- able, will be infufficient for parochial duty : the pay of navies and armies mufl be augmented, or they will no longer de- fend a country which cannot maintain them 5 [ 22 ] them; but rather theinfelves become her internal and mofl dangerous enemies. From what has been here faid, I think it plainly appears, that the prefent exor- bitant price of provifions, and all the ne- celTaries of life, chiefly arifes from the in- creafe of our taxes, and of our riches ; that is, from public poverty and private opulence, the fatal difeafe which has put a period to all the greated; and mod flourifliing empires of the world : their deftrudive efFefts have been fufficiently known in all ages ; but the remedy fuc- cefsfully to be applied to them, is yet a fecret. No acquifltion of foreign wealth can be effetflual for this purpofe : was our whole national debt to be at once paid off, by the introdu;5lion of all the treafures of the Eaft, it would but accelerate our deftrudlion ; for fuch a vail and fadden influx of riches would fo enhance our expences, and decreafe the value of money,, that we {hould at once be overwhelmed with luxury and want. The moil con-^ cue [23 ] cife method of cure would be to take fii- perabundant wealth from individuals, and with it difcharge the debts of the public ; but here juftice, liberty, and law, would obfl:ru(fl our progrefs with infurmountable difficulties. Whoever therefore would attempt this falutary, but arduous under- taking, muft not begin by extirpating en- groifers and regraters, nor by deftroying rats and fparrows, thofe great foreflaller-s of the public markets ; but by gradoally paying off that debt, not only by ccco- nomy, but by the moft avaritious parii- mony, and as far as poffible, by narrow- ing thofe channels, through which riches have flowed in fuch torrents into tlie pockets of private men : He muft be deaf to all mercantile application for openirig new inlets of commerce at the public ex- pence : he muft boldly refift all propoii- tions for fettling new colonies upon par- liamentary eftimates ; and moft carefully avoid entering into new v/ars : in iiiort, he muft obftinately rcfufe to add one hundred [Hi hundred thoufand pounds to the national debt, though by that means milhons could be introduced through the hands of indi- viduals. How far thefe meafures are practicable, or confident with the honour, dignity, or even advantage of this coun- try in other refpedls, I cannot determine j but this I will venture to affirm, that by no others this calamity, fo loudly and fo juftly at this time complained of, can ever be redrefTed. By what has been here thrown out, I would by no means be underilood to mean to difcourage the legillature from inquiring into abufes, of which I doubt not but there are many, and applying . to them the mod efficacious and Ipeedy remedies ; much lefs to difapprove the falutary meafures they have already taken to redrefs this evil, the wifeft, and per- haps the only ones which are practicable for that end. I propofe only to leiTen the unreafonable expectations many have formed of their fuccefs, and the indigna- tion [ 25] tion confequent from their diiappoiiit- ment j and to ilem a little thofe torrents of abfurdities, with which one is over- whelmed in all companies, both male and female. Every politician at a cofFee- houfe has a noftrum for this difeafe, which he pronounces infallible -, and a- bufes admin iflration for not immediately- adopting it. Projedors every day hold forth fchemes unintelligible and imprac- ticable ', for not executing which, govern- ment is arraigned ; the ignorant fupport them, the fad:ious make ufe of them, and oppofitions, knowing what it is to be hungry, pathetically bewail the miferies of the poor. The dowager at the qua- drille-table inveighs loudly againil the cruelty of parliament, for difregarding the voice of the people, and fuffering provi-. fions to continue at fo exorbitant a price ; calls a king ; and if fhe happens to be beafted, grows more outrageous againil the miniftry ^ while the filent old gene- ral, her unfortunate partner, in three D kii" 420779 [ 26 ] fentences recommends military execu- tion on all butchers, bakers, poulterers, and iifhmongers, as the moft equitable and mofl effe6lual remedy. Were thefe impertinences produdive of no mifchief, they would be only ridiculous, and un- worthy of a ferious confutation -, but as Hce nugce ferla diicimt In mala ; as they tend to deceive, to difappoint, and to exafperate the minds of the vulgar, and to leave thofe of their betters difcontented, and dlffatisfied vi^ith government ; v^hat- ever fhall explain the true and funda- mental caufes of this calamity to the people, and give fome check to the nonfenfc, which is every where wrote, talked, and propagated on this fubiedl, is an attempt, which may render great and important fcrvice both to the fecial and the politi- cal world. FINIS. This book is DUE on the last date stamped below JAIil bmt *^EC 191974 Form U-0 2;m-2,M3(r)2o;) vpy.vv. ' TTT-^r? LOS h LIB v:y;v?;g; W&ri ; 'm'','.'-' <• ,' ;?}■■':'■);■■]''': ''^^M'$' ''';■;"V■j^^" : .:.■.:'■ jjy ':•''■'■':.'.-. } ,; .'■'J' '-''i '•'';' AA 000 561 535 6 v^w&m^^mm ■^'