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The price of wheat, which was as low as 52s. 6d. a quarter in January, 1816, rose to 103s. 1d. in January, 1817, and to 111s. 6d. in June, 1817.
He was, in truth, chagrined at the course of affairs and discouraged with his own prospects, and in consequence he lapsed for a time into the position of a silent member of the House of Commons. Meanwhile, the summer of 1816 was wet and cold and the harvest was in consequence a disastrous failure. Wheat rose to 103s. a quarter, and bread riots broke out in the Eastern Counties.
When the price of wheat should fall below 90s. per quarter, its exportation was to be permitted; but its importation was to be forbidden, until the price should reach 103s., when it might, indeed, be imported, but under "a very considerable duty". It was assumed, in fact, that the normal price of wheat was above 100s. per quarter, and the price above which importation should be permitted was nearly twice as high as that fixed in 1801, when, moreover, it was to be admitted above 50s. at a duty of 2s. 6d., and above 54s. at a duty of sixpence.
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