of wheat had been as high as
L2: 18: 10, an act was passed, so much more severe than any previous
statute, that its object would appear to have been to keep the price of
corn somewhere approaching the high range of 1801. A prohibitory duty of
24s. 3d. was imposed on the import of foreign wheat when the home price
was 63s. or less; and the price at which the bounty was paid on export
was lowered to 40s., while the price at which export might proceed
without bounty was raised to 54s. Judging from the prices that ruled
during the remaining period of the French wars, this statute would
appear to have been effective for its end, though, under all the varied
action of the times on a rise of prices, it would be difficult to assign
its proper place in the general effect. The average price of wheat rose
to L4: 9: 9 in 1805, and the bank paper price in 1812 was as high even
as L6: 6: 6. The bullion prices from 1809 to 1813 ranged from 86s. 6d.
to 100s. 3d. But it was foreseen that when the wars ended a serious
reaction would ensue, and that the rents of land, and the general
condition of agriculture, under the warlike, protective and monetary
stimulation they had received, would be imperilled. In the brief peace
of 1814 the average bullion price of British wheat fell to 55s. 8d. All
the means of select committees of inquiry on agricultural distress, and
new modifications of the corn laws, were again brought into requisition.
The first idea broached in parliament was to raise the duties on foreign
imports, as well as the prices at which they were to be leviable, and to
abolish the bounty on export, while permitting freedom of export
whatever the home price might be. The latter part of the scheme was
passed into law in the session of 1814; but the irritation of the
manufacturing districts against the new scale of import duties was too
great to be resisted. In the subsequent session an act was passed, after
much opposition, fixing 80s. (14s. more than during the wars) as the
price at which import of wheat was to become free of duty.

This act of 1815 was intended to keep the price of wheat in the British
markets at about 80s. per quarter; but the era of war and great
expenditure of money raised by public loans had ended, the ports of the
continent were again open to some measure of trade and to the equalizing
effect of trade upon prices, the Bank of England and other banks of
issue had to begin the uphill course of a resumption of sp