The price of bread, for instance, is, at Paris, one penny the pound, and in London at eight-pence the quartern loaf, which weighs just four French pounds, the price is exactly double.  If every thing was conducted in a fair way, corn, from all countries, where it is equally as cheap as in France, might be brought and sold in London, at the

—–­ {141} At Bruges, (in Flanders) at Antwerp, Cologne, Ghent, or any of those decayed towns, house-rent was fallen, before the French revolution, to little more than an acknowledgement for occupation, where the houses were large and retired.  This induced people to live at those places, who would not otherwise have done so.  Small houses, lately built, were more expensive than the large old ones, built in the time that commerce flourished. -=-

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usual market price; but, before Paris could get a supply from London, the bread would cost three times its usual price.  This circumstance, if properly managed, might be turned to advantage; why it is not, is difficult to say, and is a proof that there are either regulations, or practices without regulation, that counteract the true nature of things; for it would not cost a farthing a pound to bring the corn from Paris to the London market.

Paris is only mentioned here for the sake of comparison, and because the average prices have nearly the proportion of one to two.  The reasons why corn is not brought from thence are no secret, but the same reasoning will apply to American corn, corn from Barbary, or the Baltic, and from other places, where the value of money is greater than in England. {142}

The principal of the other effects of the depreciation of money are to be found in the chapter on the exterior Causes of the Decline of Nations, as it is in its foreign transactions that the depreciation of money is the most felt.

In the interior, that depreciation only acts when there is a considerable lapse of time, during which the value has altered; it has, in general, no effect on transactions that are begun and finished within a short period, and in the interior of the country itself.

The depreciation of money, wherever it takes place, would cause an increase of taxes, even if there were no other reason for it; but, in so far it counteracts itself, by making them to be more easily born. =sic= Whatever its particular effects may be, and however complicated they are, the general tendency of the depreciation of money is to depress industry in that country, and to encourage it in others, where the value is greater than in it.

—–­ {142} In America the value of money is less than in England, compared with wages; but the usual proportion, between the wages of labour and the price of corn, is different in that country from every other with which we have any connection. -=-

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CHAP.  IX.