The same impression would be given by a comparison of the production of any other standard product. More gold was produced in the year 1915 than the whole stock of gold in the world in 1550, perhaps in 1600. More wheat is produced annually in Minnesota than the granaries of the cities of the world would hold four centuries ago.
[Sidenote: Poverty of the Middle Ages]
In fact, there was hardly wealth at all in the Middle Ages, only degrees of poverty, and the sixteenth century first began to see the accumulation of fortunes worthy of the name. In 1909 there were 1100 persons in France with an income of more than $40,000 per annum; among them were 150 with an income of more than $200,000. In England in 1916 seventy-nine persons paid income taxes on estates of more than $125,000,000. On the other hand the richest man in France, Jacques Coeur, whose fortune was proverbial like that of Rockefeller today, had in 1503 a capital of only {461} $5,400,000. The total wealth of the house of Fugger about 1550 has been estimated at $32,000,000, though the capital of their bank was never anything like that. The contrast was greatest among the very richest class, but it was sufficiently striking in the middle classes. Such a condition as comfort hardly existed.
The same impression will be given to the student of public finance. As more will be said in another paragraph on the revenues of the principal states, only one example need be given here for the sake of contrast. The total revenue of Francis I was $256,000 per annum, that of Henry II even less, $228,000. The revenue of France in 1905 was $750,000,000. Henry VIII often had more difficulty in raising a loan of L50,000 than the English government had recently in borrowing six billions.
[Sidenote: Value of money]
It is impossible to say which is the harder task, to compare the total wealth of the world at two given periods, or to compare the value of money at different times. Even the mechanical difficulties in the comparison of prices are enormous. When we read that wheat at Wittenberg sold at one gulden the scheffel, it is necessary to determine in the first place how much a gulden and how much a scheffel represented in terms of dollars and bushels. When we discover that there were half a dozen different guldens, and half a dozen separate measures known as scheffels, varying from province to province and from time to time, and varying widely, it is evident that great caution is necessary in ascertaining exactly which gulden and exactly which scheffel is meant.
When coin and measure have been reduced to known quantities, there remains the problem of fixing the quality. Cloth is quoted in the sixteenth century as of standard sizes and grades, but neither of these important factors is accurately known to any modern {462} economist. One would think that in quoting prices of animals an invariable standard would be secured. Quite the contrary. So much has the breed of cattle improved that a fat ox now weighs two or three times what a good ox weighed four centuries ago. Horses are larger, stronger and faster; hens lay many more eggs, cows give much more milk now than formerly. Shoes, clothes, lumber, candles, are not of the same quality in different centuries, and of course there is an ever increasing list of new articles in which no comparison can be made.
[Sidenote: Fluctuation in coinage]
Nevertheless, some allowance can be made for all factors involved, as far as they are mechanical; some comparisons can be given that bear a sufficiently close relation to exactitude to form the basis from which certain valid deductions can be drawn. Now first as to the intrinsic value, in amounts of gold and silver in the several coins. The vast fluctuation in the value of the English shilling, due to the successive debasements and final restitution of the coinage, is thus expressed:
Year Troy grains Year Troy grains 1461 . . . . . . 133 1551 . . . . . . 20 1527 . . . . . . 118 1552 . . . . . . 88 1543 . . . . . . 100 1560 . . . . . . 89 1545 . . . . . . 60 1601 . . . . . . 86 1546 . . . . . . 40 1919 . . . . . . 87.27