But this state of affairs was of necessity temporary. Very soon the increasing size of the annual crop began to tell upon the price, and in 1623 Sir Nathaniel Rich declared that he had bought large quantities of tobacco at two shillings a pound.[4-19] This gentleman felt that it would be just to the planters were they to receive two shillings and four pence for the best varieties, and sixteen pence for the "second sort." In the same year Governor Wyatt and his Council, in a letter to the Virginia Company, placed the valuation of tobacco at eighteen pence a pound.[4-20] Three years later, however, the Governor wrote the Privy Council advising the establishment in Virginia of a "magazine" or entrepot, where the merchants should be compelled to take the tobacco at three shillings a pound.[4-21] This proposal did not seem reasonable to the King, and when Sir George Yeardley came over as Governor for the second time he was instructed to see to it that "the merchant be not constrained to take tobacco at 3. P. Pound in exchange for his wares," and to permit him to "make his own bargain."[4-22]
Apparently not discouraged by this rebuff, in 1628 the Governor, Council and Burgesses petitioned the King, who once more was planning to take the trade into his own hands, to grant them "for their tobacco delivered in the colony three shillings and six pence per pound, and in England, four shillings."[4-23] This valuation undoubtedly was far in advance of the current prices, and King Charles, considering it unreasonable would not come to terms with the planters. In fact, it appears that for some years the price of tobacco had been declining rapidly. In May, 1630, Sir John Harvey wrote the Privy Council that the merchants had bought the last crop with their commodities at less than a penny per pound,[4-24] and two years later, in a statement sent the Virginia Commissioners, he claimed that the price still remained at that figure.[4-25]
It may be taken for granted, however, that this estimate was far below the actual price. The planters showed a decided tendency to blow hot or cold according to the purpose in view, and in these two particular statements Sir John was pleading for better treatment from the merchants. Yet it is reasonably certain that tobacco was at a low ebb in the years from 1629 to 1633, and sold at a small fraction of the figures of the preceding decade.[4-26] The Governor repeatedly wrote asking for relief, while in the Assembly attempts were made to restore the market by restricting the size of the annual crop.[4-27]