Page:Malthus 1823 The Measure of Value.djvu/85

 If, indeed, we take the price of labour as mentioned in the table for 1812, and compare it with the average price of wheat for the four years from 1812 to 1815 inclusive, during which period the same price of labour seems to have continued, it will appear, that labour, taking summer and winter wages together, rose in the proportion of from 19s. to 44s., while wheat rose from 43s. in 1792, (according to the average of England and Wales, which commences with that year,) to 88s. and therefore labour rose decidedly more than wheat, except in reference to the peculiarly high price of wheat in 1812.

Taking the currency price of labour in Scotland as having risen from 9½d. to 22d., and reducing the 22d. to its value in bullion, the average price of bullion in that year being 5l. 1s., it will appear, that the bullion price of labour in Scotland rose, in the interval between 1790 and 1812, from 9½d. to 16½d., or nearly 73 per cent. And consequently, the same quantity of gold for which it would have been necessary to give commodities worth 173 days labour in 1790, might be purchased for 100 days labour in 1812; or the value of the currency estimated in gold might be considered as having fallen in that proportion.