







 
   
     
       
         Some considerations of the consequences of the lowering of interest, and raising the value of money in a letter to a member of Parliament.
         Locke, John, 1632-1704.
      
       
         
           1692
        
      
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             Some considerations of the consequences of the lowering of interest, and raising the value of money in a letter to a member of Parliament.
             Locke, John, 1632-1704.
          
           [3], 4, [2], 192 p.
           
             Printed for Awnsham and John Churchill ...,
             London :
             1692.
          
           
             Errata: p. [2] in third sequence.
             Reproduction of original in Huntington Library.
          
        
      
    
     
       
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         eng
      
       
         
           Money -- England.
           Interest -- England.
        
      
    
     
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           LICENSED
           ,
        
         
           
             
               Novemb.
               27.
               1691.
               
            
          
           
             Ia.
             Fraser
             .
          
        
      
       
         
         
           Some
           Considerations
           OF
           THE
           CONSEQUENCES
           OF
           THE
           Lowering
           of
           Interest
           ,
           AND
           Raising
           the
           Value
           OF
           MONEY
           .
        
         
           In
           a
           Letter
           to
           a
           Member
           of
           Parliament
           .
        
         
           LONDON
           ,
           Printed
           for
           Awnsham
           and
           
             Iohn
             Churchill
          
           ,
           at
           the
           Black-Swan
           in
           Pater-Noster-Row
           .
           1692.
           
        
      
       
         
         
         
           
             SIR
             ,
          
        
         
           THese
           Notions
           ,
           concerning
           Coinage
           ,
           having
           for
           the
           main
           ,
           as
           you
           know
           ,
           been
           put
           into
           Writing
           above
           Twelve
           Months
           since
           ;
           as
           those
           other
           concerning
           Interest
           ,
           a
           great
           deal
           above
           so
           many
           years
           :
           I
           put
           them
           now
           again
           into
           your
           hands
           ,
           with
           a
           Liberty
           (
           since
           you
           will
           have
           it
           so
           )
           to
           communicate
           them
           farther
           ,
           as
           you
           please
           .
           If
           ,
           upon
           a
           Review
           ,
           you
           continue
           your
           favourable
           Opinion
           of
           them
           ,
           and
           nothing
           less
           than
           Publishing
           will
           satisfie
           you
           ,
           I
           must
           desire
           to
           remember
           ,
           That
           you
           must
           be
           answerable
           to
           the
           World
           
           for
           the
           Stile
           ;
           which
           is
           such
           as
           a
           Man
           writes
           carelesly
           to
           his
           Friend
           ,
           when
           he
           seeks
           Truth
           ,
           not
           Ornament
           ;
           and
           studies
           only
           to
           be
           in
           the
           right
           ,
           and
           to
           be
           understood
           .
           I
           have
           ,
           since
           you
           saw
           them
           last
           year
           ,
           met
           with
           some
           new
           Objections
           in
           Print
           which
           I
           have
           endeavoured
           to
           remove
           ;
           and
           particularly
           ,
           I
           have
           taken
           into
           Consideration
           a
           Printed
           Sheet
           ,
           entituled
           ,
           
             Remarks
             upon
             a
             Paper
             given
             in
             to
             the
             Lords
             ,
          
           &c.
           
           Because
           one
           may
           naturally
           suppose
           ,
           That
           he
           that
           was
           so
           much
           a
           Patron
           of
           that
           Cause
           ,
           would
           omit
           nothing
           that
           could
           be
           said
           in
           favour
           of
           it
           .
           To
           this
           I
           must
           here
           add
           ,
           That
           I
           am
           just
           now
           told
           from
           
             Holland
             ,
             That
             the
             States
             ,
             finding
             themselves
             abused
             by
             coining
             a
             vast
             quantity
             
             of
             their
             base
          
           [
           Schillings
           ]
           
             Money
             ,
             made
             of
             their
             own
             Ducatoons
             ,
             and
             other
             finer
             Silver
             ,
             melted
             down
             ;
             have
             put
             a
             stop
             to
             the
             Minting
             of
             any
             but
             fine
             Silver
             Coin
             ,
             till
             they
             should
             settle
             their
             Mint
             upon
             a
             new
             Foot.
             
          
        
         
           I
           know
           the
           sincere
           Love
           and
           Concern
           you
           have
           for
           your
           Country
           ,
           puts
           you
           constantly
           upon
           casting
           about
           on
           all
           hands
           for
           any
           means
           to
           serve
           it
           ;
           and
           will
           not
           suffer
           you
           to
           overlook
           any
           thing
           you
           conceive
           may
           be
           of
           any
           the
           least
           use
           ,
           though
           from
           the
           meanest
           Capacities
           :
           You
           could
           not
           else
           have
           put
           me
           upon
           looking
           out
           my
           old
           Papers
           concerning
           the
           reducing
           of
           Interest
           to
           
             4
             per
             Cent
          
           ,
           which
           have
           so
           long
           lain
           by
           forgotten
           .
           Upon
           
           this
           new
           Survey
           of
           them
           ,
           I
           find
           not
           my
           Thoughts
           now
           to
           differ
           from
           those
           I
           had
           near
           Twenty
           Years
           since
           :
           They
           have
           to
           me
           still
           the
           Appearance
           of
           Truth
           ;
           nor
           should
           I
           otherwise
           venture
           them
           so
           much
           as
           to
           your
           sight
           .
           If
           my
           Notions
           are
           wrong
           ,
           my
           Intention
           ,
           I
           am
           sure
           ,
           is
           right
           :
           And
           whatever
           I
           have
           failed
           in
           ,
           I
           shall
           at
           least
           let
           you
           see
           with
           what
           Obedience
           I
           am
           ,
        
         
           
             Sir
             ,
          
           
             Your
             most
             humble
             Servant
             .
          
           
             
               Nov.
               7.
               1691.
               
            
          
        
      
       
         
         
         
           ERRATA
           .
        
         
           PAge
           3.
           l.
           2.
           read
           Natural
           ;
           p.
           9.
           l.
           27.
           r.
           Masters
           ;
           p.
           12.
           l.
           13.
           r.
           
             Natural
             price
          
           ;
           p.
           26.
           l.
           16.
           r.
           of
           1000
           l.
           l.
           ult
           .
           r.
           
             Clothing
             his
          
           ;
           p.
           48.
           l.
           25.
           r.
           
             Money
             being
          
           ;
           p.
           50.
           l.
           19.
           r.
           
             to
             their
          
           ;
           p.
           52.
           l.
           18.
           r.
           be
           9
           /
           10
           ;
           p.
           64.
           l.
           13.
           r.
           
             a
             quality
             which
          
           ;
           p.
           80.
           l.
           14.
           r.
           Natural
           ;
           l.
           16.
           r.
           Natural
           ;
           p.
           82.
           l.
           27.
           r.
           
             what
             has
          
           ;
           p.
           91.
           l.
           ult
           .
           r.
           cheaper
           ;
           p.
           94.
           l.
           27.
           r.
           Landholder
           ;
           p.
           95.
           l.
           6.
           r.
           
             all
             ,
             as
          
           ;
           ●
           .
           20.
           r.
           
             the
             yearly
          
           ;
           p.
           121.
           l.
           6.
           r.
           Mortgagee
           ;
           p.
           122.
           l.
           23
           :
           r.
           
             and
             pay
          
           ;
           p.
           123.
           l.
           27.
           r.
           
             other
             Conjurers
          
           ;
           p.
           127.
           l.
           11.
           r.
           Virgula
           ;
           p.
           129.
           l.
           3.
           r.
           
             this
             present
             Year
          
           1690.
           p.
           137.
           l.
           ult
           .
           dele
           
             more
             than
             is
             the
             Standard
             of
             our
             other
             Money
          
           ;
           p.
           ●38
           .
           l.
           11.
           r.
           
             these
             Species
          
           ;
           p.
           140.
           l.
           18.
           r.
           
             from
             ,
             it
             is
          
           ;
           p.
           141.
           l.
           8.
           r.
           
             Debts
             ,
             and
             in
          
           ;
           l.
           9.
           r.
           
             Rents
             for
             ever
          
           ;
           p.
           147.
           l.
           18.
           r.
           Owner
           ;
           p.
           153.
           l.
           ult
           .
           r.
           
             it
             to
             a
          
           ;
           p.
           156.
           l.
           29.
           
             r.
             raise
             the
          
           ;
           p.
           168.
           l.
           10.
           r.
           
             Rate
             as
             readily
             as
             any
             other
             Coin
          
           ;
           l.
           28.
           r.
           
             place
             bringing
          
           ;
           p.
           169.
           l.
           8.
           r.
           
             because
             they
          
           ;
           p.
           173.
           l.
           7.
           r.
           
             by
             the
             Ounce
          
           ;
           p.
           174.
           l.
           25.
           r●ise
           elsewhere
           ●
           p.
           182.
           l.
           2.
           
           ●
           .
           
             lighter
             than
          
           ;
           p.
           183.
           l.
           12.
           r.
           
             own
             Coin
          
           ;
           p.
           186.
           l.
           23.
           
           ●
           .
           
             before-hand
             with
             those
             to
             whom
             Debts
             are
             owing
             .
          
        
      
    
     
       
         
         
           
             SIR
             ,
          
        
         
           I
           Have
           so
           little
           Concern
           in
           paying
           or
           receiving
           of
           Interest
           ,
           that
           were
           I
           in
           no
           more
           Danger
           to
           be
           misled
           by
           Inability
           and
           Ignorance
           ,
           than
           I
           am
           to
           be
           biassed
           by
           Interest
           and
           Inclination
           ,
           I
           might
           hope
           to
           give
           you
           a
           very
           perfect
           and
           clear
           Account
           of
           the
           Consequences
           of
           a
           Law
           to
           reduce
           Interest
           to
           Four
           
             per
             Cent.
          
           But
           since
           you
           are
           pleased
           to
           ask
           my
           Opinion
           ,
           I
           shall
           endeavour
           fairly
           to
           state
           this
           Matter
           of
           Use
           with
           the
           best
           of
           my
           Skill
           .
        
         
           The
           first
           thing
           to
           be
           consider'd
           ,
           is
           ,
           Whether
           the
           Price
           of
           the
           Hire
           of
           Money
           can
           be
           regulated
           by
           Law.
           And
           to
           that
           I
           think
           ,
           generally
           speaking
           ,
           one
           may
           say
           ,
           't
           is
           manifest
           it
           cannot
           .
           For
           since
           it
           is
           impossible
           to
           make
           a
           Law
           that
           shall
           hinder
           a
           Man
           from
           giving
           away
           his
           Money
           or
           Estate
           to
           whom
           he
           pleases
           ,
           it
           will
           be
           impossible
           ,
           by
           any
           Contrivance
           of
           Law
           ,
           to
           hinder
           Men
           ,
           skill'd
           in
           the
           Power
           they
           have
           over
           their
           own
           Goods
           ,
           and
           the
           ways
           of
           Conveying
           them
           to
           others
           ,
           
           to
           purchase
           Money
           to
           be
           lent
           them
           at
           what
           Rate
           soever
           their
           Occasions
           shall
           make
           it
           necessary
           for
           them
           to
           have
           it
           .
           For
           it
           is
           to
           be
           Remembred
           ,
           That
           no
           Man
           borrows
           Money
           ,
           or
           pays
           Use
           ,
           out
           of
           mere
           Pleasure
           ;
           't
           is
           the
           want
           of
           Money
           drives
           Men
           to
           that
           Trouble
           and
           Charge
           of
           Borrowing
           :
           And
           proportionably
           to
           this
           Want
           ,
           so
           will
           every
           one
           have
           it
           ,
           whatever
           Price
           it
           cost
           him
           .
           Wherein
           the
           Skilful
           ,
           I
           say
           ,
           will
           always
           so
           manage
           it
           ,
           as
           to
           avoid
           the
           Prohibition
           of
           your
           Law
           ,
           and
           keep
           out
           of
           its
           Penalty
           ,
           do
           what
           you
           can
           .
           What
           then
           will
           be
           the
           unavoidable
           Consequences
           of
           such
           a
           Law
           ?
        
         
           1.
           
           It
           will
           make
           the
           Difficulty
           of
           Borrowing
           and
           Lending
           much
           greater
           ;
           whereby
           Trade
           (
           the
           Foundation
           of
           Riches
           )
           will
           be
           obstructed
           .
        
         
           2.
           
           It
           will
           be
           a
           Prejudice
           to
           none
           but
           those
           who
           most
           need
           Assistance
           and
           Help
           ,
           I
           mean
           Widows
           and
           Orphans
           ,
           and
           others
           uninstructed
           in
           the
           Arts
           and
           Managements
           of
           more
           skilful
           Men
           ;
           whose
           Estates
           lying
           in
           Money
           ,
           they
           will
           be
           sure
           ,
           especially
           Orphans
           ,
           to
           have
           no
           more
           Profit
           of
           their
           Money
           ,
           than
           what
           In●●r●st
           the
           Law
           barely
           allows
           .
        
         
           3.
           
           It
           will
           mightily
           encrease
           the
           Advantage
           of
           Bankers
           and
           ●e●●veners
           ,
           and
           other
           such
           expert
           Brokers
           ;
           who
           skill●d
           in
           the
           
           Arts
           of
           putting
           out
           Money
           according
           to
           the
           true
           and
           Nat●●nal
           Value
           ,
           which
           the
           present
           State
           of
           Trade
           ,
           Money
           and
           Debts
           ,
           shall
           always
           raise
           Interest
           to
           ,
           they
           will
           infallibly
           get
           what
           the
           true
           Value
           of
           Interest
           shall
           be
           ,
           above
           the
           Legal
           .
           For
           Men
           finding
           the
           Convenience
           of
           lodging
           their
           Money
           in
           Hands
           where
           they
           can
           be
           sure
           of
           it
           at
           short
           Warning
           ;
           the
           Ignorant
           and
           Lazy
           will
           be
           forwardest
           to
           put
           it
           into
           these
           Mens
           hands
           who
           are
           known
           willingly
           to
           receive
           it
           ,
           and
           where
           they
           can
           readily
           have
           the
           whole
           ,
           or
           a
           part
           ,
           upon
           any
           sudden
           Occasion
           that
           may
           call
           for
           it
           .
        
         
           4.
           
           I
           fear
           I
           may
           reckon
           it
           as
           one
           of
           the
           probable
           Consequences
           of
           such
           a
           Law
           ,
           That
           it
           is
           likely
           to
           cause
           great
           Perjury
           in
           the
           Nation
           ;
           a
           Crime
           ,
           than
           which
           nothing
           is
           more
           carefully
           to
           be
           prevented
           by
           Law-makers
           ,
           not
           only
           by
           Penalties
           that
           shall
           attend
           apparent
           and
           proved
           Perjury
           ,
           but
           by
           avoiding
           and
           lessening
           ,
           as
           much
           as
           may
           be
           ,
           the
           Temptations
           to
           it
           :
           For
           where
           those
           are
           strong
           ,
           (
           as
           they
           are
           where
           Men
           shall
           swear
           for
           their
           own
           Advantage
           )
           there
           the
           fear
           of
           Penalties
           to
           follow
           will
           have
           little
           Restraint
           ;
           especially
           if
           the
           Crime
           be
           hard
           to
           be
           proved
           .
           All
           which
           I
           suppose
           will
           happen
           in
           this
           Case
           ,
           where
           ways
           will
           be
           found
           out
           to
           receive
           Money
           upon
           oth●r
           
           Pretences
           than
           for
           Use
           ,
           to
           evade
           the
           Rule
           and
           Rigour
           of
           the
           Law
           :
           And
           there
           will
           be
           secret
           Trusts
           and
           Collusions
           amongst
           Men
           ,
           that●
           though
           they
           may
           be
           suspected
           ,
           can
           never
           be
           proved
           without
           their
           own
           Confession
           .
           I
           have
           heard
           very
           sober
           and
           observing
           Persons
           complain
           of
           the
           Danger
           Mens
           Lives
           and
           Properties
           are
           in
           ,
           by
           the
           frequency
           and
           fashionableness
           of
           Perjury
           amongst
           us
           .
           Faith
           and
           Truth
           ,
           especially
           in
           all
           Occasions
           of
           attesting
           it
           upon
           the
           solemn
           Appeal
           to
           Heaven
           by
           an
           Oath
           ,
           is
           the
           great
           ●ond
           of
           Society
           :
           This
           it
           becomes
           the
           Wisdom
           of
           Magistrates
           carefully
           to
           support
           ,
           and
           render
           as
           sacred
           and
           ●wful
           in
           the
           minds
           of
           the
           People
           as
           they
           can
           .
           But
           if
           ever
           Frequency
           of
           Oaths
           shall
           make
           them
           be
           looked
           on
           as
           Formalities
           of
           Law
           ,
           or
           the
           Custom
           of
           straining
           of
           Truth
           (
           which
           Mens
           Swearing
           in
           their
           own
           Cases
           is
           apt
           to
           lead
           them
           to
           )
           has
           once
           dipt
           Men
           in
           Perjury
           ,
           and
           the
           Guilt
           with
           the
           Temptation
           has
           spread
           it self
           very
           wide
           ,
           and
           made
           it
           almost
           fashionable
           in
           some
           Cases
           ,
           it
           will
           ●e
           impossible
           for
           the
           Society
           (
           these
           Bonds
           being
           dissolv●d
           )
           to
           subsist
           :
           All
           must
           break
           in
           Pieces●
           and
           run
           to
           Confusion
           .
           That
           Swearing
           in
           their
           own
           Cases
           is
           apt
           ,
           by
           degrees●
           to
           lead
           Men
           into
           as
           little
           Regard
           of
           such
           Oaths
           ,
           as
           they
           have
           of
           their
           ordinary
           Talk
           ,
           I
           think
           there
           is
           reason
           to
           suspect
           ,
           
           from
           what
           has
           been
           observed
           in
           something
           of
           that
           kind
           .
           Masters
           of
           Ships
           are
           a
           sort
           of
           Men
           generally
           industrious
           and
           sober
           ,
           and
           I
           suppose
           may
           be
           thought
           ,
           for
           their
           Number
           and
           Rank
           ,
           to
           be
           equally
           honest
           to
           any
           other
           sort
           of
           Men
           ;
           and
           yet
           ,
           by
           the
           Discourse
           I
           have
           had
           with
           Merchants
           in
           other
           Countries
           ,
           I
           find
           ,
           That
           they
           think
           in
           those
           Parts
           ,
           they
           take
           a
           great
           Liberty
           in
           their
           Custom-house
           Oaths
           ,
           to
           that
           degree
           ,
           that
           I
           remember
           I
           was
           once
           told
           ,
           in
           a
           trading
           Town
           beyond
           Sea
           ,
           of
           a
           Master
           of
           a
           Vessel
           ,
           there
           esteemed
           a
           sober
           and
           fair
           Man
           ,
           who
           yet
           could
           not
           hold
           saying
           ,
           
             God
             forbid
             that
             a
             Custom-house
             Oath
             should
             be
             a
             Sin.
          
           I
           say
           not
           this
           ,
           to
           make
           any
           Reflection
           upon
           a
           sort
           of
           Men
           that
           I
           think
           as
           uncorrupt
           as
           any
           other
           ;
           and
           whom
           I
           am
           sure
           ought
           in
           England
           to
           be
           cherished
           and
           esteem'd
           as
           the
           most
           industrious
           and
           most
           beneficial
           of
           any
           of
           its
           Subjects
           .
           But
           I
           could
           not
           forbear
           to
           give
           this
           here
           as
           an
           Instance
           how
           dangerous
           a
           Temptation
           it
           is
           ,
           to
           bring
           Men
           customarily
           to
           Swear
           ,
           where
           they
           may
           have
           any
           Concernment
           of
           their
           own
           .
           And
           it
           will
           always
           be
           worthy
           the
           Care
           and
           Consideration
           of
           Law-makers
           ,
           to
           keep
           up
           the
           Opinion
           of
           an
           Oath
           high
           and
           sacred
           ,
           as
           it
           ought
           to
           be
           in
           the
           minds
           of
           the
           People
           ;
           which
           can
           never
           be
           done
           ,
           where
           frequency
           of
           Oaths
           ,
           b●●●sed
           by
           Interest
           ,
           
           has
           establisht
           a
           Neglect
           of
           them
           ;
           and
           Fashion
           (
           which
           it
           seldom
           fails
           to
           do
           )
           has
           given
           Countenance
           to
           what
           Profit
           rewards
           .
        
         
           But
           that
           Law
           cannot
           keep
           men
           from
           taking
           more
           Use
           than
           you
           set
           (
           the
           want
           of
           Money
           being
           that
           alone
           which
           regulates
           its
           Price
           )
           will
           perhaps
           appear
           ,
           if
           we
           consider
           how
           hard
           it
           is
           to
           set
           a
           Price
           upon
           Wine
           or
           Silks
           ,
           or
           other
           unnecessary
           Commodities
           :
           But
           how
           impossible
           it
           is
           to
           set
           a
           Rate
           upon
           Victuals
           in
           a
           time
           of
           Famine
           !
           For
           Money
           being
           an
           universal
           Commodity
           ,
           and
           as
           necessary
           to
           Trade
           ,
           as
           Food
           is
           to
           Life
           ,
           every
           body
           must
           have
           it
           at
           what
           Rate
           they
           can
           get
           it
           ,
           and
           unavoidably
           pay
           dear
           when
           it
           is
           scarce
           ,
           and
           Debts
           ,
           no
           less
           than
           Trade
           ,
           have
           made
           Borrowing
           in
           Fashion
           .
           The
           Bankers
           are
           a
           clear
           Instance
           of
           this
           :
           For
           some
           Years
           since
           the
           Scarcity
           of
           Money
           having
           made
           it
           in
           England
           worth
           really
           more
           than
           Six
           
             per
             Cent.
          
           most
           of
           those
           that
           had
           not
           the
           Skill
           to
           let
           it
           for
           more
           than
           Six
           
             per
             Cent.
          
           and
           secure
           themselves
           from
           the
           Penalty
           of
           the
           Law
           ,
           put
           it
           in
           the
           Bankers
           hands
           ,
           where
           it
           was
           ready
           at
           their
           Call
           ,
           when
           they
           had
           an
           Opportunity
           of
           greater
           Improvement
           ,
           so
           that
           the
           Rate
           you
           set
           ,
           profits
           not
           the
           Lenders
           ,
           and
           very
           few
           of
           the
           Borrowers
           ,
           who
           are
           fain
           to
           pay
           the
           Price
           for
           Money
           ,
           that
           Commodity
           
           would
           bear
           ,
           were
           it
           left
           free
           ;
           and
           the
           Gain
           is
           only
           to
           the
           Banker
           .
           And
           should
           you
           lessen
           the
           Use
           to
           Four
           
             per
             Cent.
          
           the
           Merchant
           ,
           or
           Tradesman
           ,
           that
           borrows
           ,
           would
           not
           have
           it
           one
           jot
           cheaper
           than
           he
           has
           now
           ;
           but
           probably
           these
           two
           ill
           effects
           would
           follow
           .
           First
           ,
           That
           he
           would
           pay
           dearer
           ;
           and
           secondly
           ,
           That
           there
           would
           be
           less
           Money
           left
           in
           the
           Country
           to
           drive
           the
           Trade
           .
           For
           the
           Bankers
           paying
           at
           most
           but
           Four
           
             per
             Cent.
          
           and
           receiving
           from
           Six
           to
           Ten
           
             per
             Cent.
          
           or
           more
           ,
           at
           that
           low
           Rate
           could
           be
           content
           to
           have
           more
           Money
           lye
           dead
           by
           them
           ,
           than
           now
           when
           it
           is
           higher
           .
           By
           which
           means
           there
           would
           be
           less
           Money
           stirring
           in
           Trade
           .
           and
           a
           greater
           Scarcity
           ;
           which
           would
           raise
           it
           upon
           the
           Borrower
           by
           this
           Monop●ly
           .
           And
           what
           a
           part
           of
           our
           Treasure
           their
           skill
           and
           management
           ,
           joyned
           with
           others
           laziness
           or
           want
           of
           skill
           ,
           is
           apt
           to
           draw
           into
           their
           hands
           ,
           is
           to
           be
           known
           by
           those
           vast
           Sums
           of
           Money
           they
           were
           found
           to
           owe
           at
           the
           shutting
           up
           of
           the
           Exchequer
           .
           And
           though
           it
           be
           very
           true
           ,
           yet
           it
           is
           almost
           beyond
           Belief
           ,
           That
           one
           private
           Goldsmith
           of
           London
           should
           have
           Credit
           ,
           upon
           his
           single
           Security
           ,
           (
           being
           usually
           nothing
           but
           a
           Note
           under
           one
           of
           his
           Servants
           Hands
           )
           for
           above
           〈…〉
           at
           once
           .
           The
           same
           Reasons
           I
           suppose
           will
           still
           keep
           on
           the
           
           same
           Trade
           :
           And
           when
           you
           have
           taken
           it
           down
           by
           Law
           to
           that
           Rate
           ,
           no
           body
           will
           think
           of
           having
           more
           than
           Four
           
             per
             Cent.
          
           of
           the
           Banker
           ,
           though
           those
           who
           have
           need
           of
           Money
           ,
           to
           employ
           it
           in
           Trade
           ,
           will
           not
           then
           ,
           any
           more
           than
           now
           ,
           get
           it
           under
           Five
           or
           Six
           ,
           or
           as
           some
           pay
           ,
           Seven
           or
           Eight
           .
           And
           if
           they
           had
           then
           ,
           when
           the
           Law
           permitted
           men
           to
           make
           more
           Profit
           of
           their
           Money
           ,
           so
           large
           a
           Proportion
           of
           the
           Cash
           of
           the
           Nation
           in
           their
           hands
           ,
           who
           can
           think
           but
           that
           by
           this
           Law
           it
           should
           be
           more
           driven
           into
           Lombard-street
           now
           ?
           there
           being
           many
           now
           who
           lend
           them
           at
           Four
           or
           Five
           
             per
             Cent.
          
           who
           will
           not
           lend
           to
           others
           at
           Six
           .
           It
           would
           therefore
           perhaps
           bring
           down
           the
           Rate
           of
           Money
           to
           the
           Borrower
           ,
           and
           certainly
           distribute
           it
           better
           to
           the
           Advantage
           of
           Trade
           in
           the
           Country
           ,
           if
           the
           
             legal
             Use
          
           we●e
           kept
           pretty
           near
           to
           the
           natural
           ;
           (
           by
           
             na●ur●l
             U●e
          
           ,
           I
           mean
           that
           Rate
           of
           Money
           which
           the
           present
           Scarcity
           of
           it
           makes
           it
           naturally
           at
           ,
           upon
           an
           equal
           Distribution
           of
           it
           )
           for
           then
           men
           being
           licensed
           by
           the
           Law
           to
           take
           near
           the
           full
           
             natural
             Use
          
           ,
           will
           not
           be
           forward
           to
           carry
           it
           to
           London
           ,
           to
           put
           it
           into
           the
           Bankers
           hands
           ;
           but
           will
           lend
           it
           to
           their
           Neighbours
           in
           the
           Country
           ,
           where
           it
           is
           convenient
           for
           Trade
           it
           should
           be
           .
           But
           if
           you
           lessen
           the
           Rate
           of
           
           Use
           ,
           the
           Lender
           ,
           whose
           Interest
           it
           is
           to
           keep
           up
           the
           Rate
           of
           Money
           ,
           will
           rather
           lend
           it
           to
           the
           Banker
           ,
           at
           the
           
             legal
             Interest
          
           ,
           than
           to
           the
           Tradesman
           or
           Gentleman
           ,
           who
           when
           the
           Law
           is
           broken
           ,
           shall
           be
           sure
           to
           pay
           the
           full
           
             natural
             Interest
          
           ,
           or
           more
           ;
           because
           of
           the
           ingrossing
           by
           the
           Banker
           ,
           as
           well
           as
           the
           Risque
           in
           transgressing
           the
           Law
           :
           Whereas
           were
           the
           
             natural
             Use
          
           suppose
           Seven
           
             per
             Cent.
          
           and
           the
           legal
           Six
           ;
           first
           ,
           the
           Owner
           would
           not
           venture
           the
           Penalty
           of
           the
           Law
           for
           the
           gaining
           1
           /
           ●
           part
           ,
           that
           being
           the
           utmost
           his
           Money
           would
           yeild
           .
           Nor
           would
           the
           Banker
           venture
           to
           borrow
           ,
           where
           his
           Gains
           would
           be
           but
           One
           
             per
             Cent.
          
           nor
           the
           money'd
           man
           lend
           him
           what
           he
           could
           make
           better
           Profit
           of
           legally
           at
           home
           .
           All
           the
           Danger
           lies
           in
           this
           ,
           That
           if
           your
           being
           behind
           hand
           has
           made
           the
           
             Natural
             Use
          
           so
           high
           ,
           that
           your
           Tradesman
           cannot
           live
           upon
           his
           Labour
           ,
           but
           that
           your
           rich
           Neighbours
           will
           so
           undersell
           you
           ,
           that
           the
           Return
           you
           make
           will
           not
           amount
           to
           pay
           the
           Use
           and
           afford
           a
           Livelihood
           ,
           there
           is
           no
           way
           to
           recover
           from
           this
           but
           by
           a
           general
           Frugality
           and
           Industry
           ,
           or
           being
           Masters
           of
           the
           Trade
           of
           some
           Commodity
           ,
           which
           the
           World
           must
           have
           from
           you
           at
           your
           Rate
           ,
           and
           cannot
           be
           other
           where
           supplied
           .
        
         
         
           Now
           I
           think
           the
           
             Natural
             Interest
          
           of
           Money
           is
           raised
           two
           ways
           :
           First
           ,
           When
           the
           Money
           of
           a
           Country
           is
           but
           little
           in
           proportition
           to
           the
           Debts
           of
           the
           Inhabitants
           one
           amongst
           another
           ;
           For
           suppose
           10000
           l.
           were
           sufficient
           to
           manage
           the
           Trade
           of
           Bermudas
           ,
           and
           that
           the
           Ten
           first
           Planters
           carried
           over
           20000
           l.
           which
           they
           Lent
           to
           the
           several
           Tradesmen
           and
           Inhabitants
           of
           the
           Country
           ,
           who
           living
           above
           their
           Gains
           ,
           had
           spent
           10000
           l.
           of
           this
           Money
           ,
           and
           it
           wer●
           gone
           out
           of
           the
           Island
           :
           'T
           is
           evident
           ,
           that
           should
           all
           the
           Creditors
           at
           once
           call
           in
           their
           Money
           ,
           there
           would
           be
           a
           great
           scarcity
           of
           Money
           when
           that
           employ'd
           in
           Trade
           must
           be
           taken
           out
           of
           the
           Tradesmens
           Hands
           to
           pay
           Debts
           ;
           or
           else
           the
           Debtors
           want
           Money
           and
           be
           exposed
           to
           their
           Creditors
           ,
           〈…〉
           interest
           will
           be
           high
           .
           But
           this
           sel
           〈…〉
           ing
           ,
           that
           all
           ,
           or
           the
           greatest
           〈…〉
           Creditors
           do
           at
           once
           call
           for
           〈…〉
           unless
           it
           be
           in
           some
           great
           and
           〈…〉
           is
           less
           and
           seldomer
           seit
           〈…〉
           unless
           where
           the
           Debts
           〈…〉
           own
           to
           a
           greater
           pro
           〈…〉
           causing
           more
           〈…〉
           leade●s
           ,
           will
           〈…〉
           high
           Secondly
           .
           That
           which
           con
           〈…〉
           raises
           the
           〈…〉
           of
           Money
           ,
           is
           ,
           when
           〈…〉
           
           to
           the
           Trade
           of
           a
           Country
           ;
           for
           in
           Trade
           every
           Body
           calls
           for
           Money
           according
           as
           he
           wants
           it
           ,
           and
           this
           disproportion
           is
           always
           felt
           .
           For
           if
           Englishmen
           owed
           in
           all
           but
           One
           Million
           ,
           and
           there
           were
           a
           Million
           of
           Money
           in
           England
           ,
           the
           Money
           would
           be
           well
           enough
           proportionable
           to
           the
           Debts
           ,
           yet
           if
           Two
           Millions
           were
           necessary
           to
           carry
           on
           the
           Trade
           ,
           there
           would
           be
           a
           Million
           wanting
           ,
           and
           the
           price
           of
           Money
           would
           be
           raised
           as
           it
           is
           of
           any
           other
           Commodity
           in
           a
           Market
           ,
           where
           the
           Merchandize
           will
           not
           serve
           half
           the
           Customers
           ,
           and
           there
           are
           two
           Buyers
           for
           one
           Seller
           .
        
         
           'T
           is
           in
           vain
           therefore
           to
           go
           about
           effectually
           to
           reduce
           the
           price
           of
           Interest
           by
           a
           Law
           ;
           and
           you
           may
           as
           rationally
           hope
           to
           set
           a
           fixt
           Rate
           upon
           the
           Hire
           of
           Houses
           ,
           or
           Ships
           ,
           as
           of
           Money
           ;
           He
           that
           wants
           a
           Vessel
           ,
           rather
           than
           lose
           his
           Market
           ,
           will
           not
           stick
           to
           have
           it
           at
           the
           Market
           Rate
           ,
           and
           find
           ways
           to
           do
           it
           ,
           with
           security
           to
           the
           Owner
           ,
           though
           the
           Rate
           were
           limited
           by
           a
           Law
           ;
           and
           he
           that
           wants
           Money
           ,
           rather
           than
           lose
           his
           Voyage
           ,
           or
           his
           Trade
           ,
           will
           pay
           the
           
             Natural
             Interest
          
           for
           it
           ,
           and
           submit
           to
           such
           ways
           of
           Conveyance
           as
           shall
           keep
           the
           Lender
           out
           of
           the
           reach
           of
           the
           Law.
           So
           that
           your
           Act
           ,
           at
           ●est
           ,
           will
           serve
           only
           to
           increase
           the
           Arts
           of
           Lending
           ,
           but
           not
           at
           all
           lessen
           the
           Charge
           of
           the
           Borrower
           ;
           He
           't
           is
           likely
           
           shall
           with
           more
           trouble
           ,
           and
           going
           farther
           about
           ,
           pay
           also
           the
           more
           for
           his
           Money
           ,
           unless
           you
           intend
           to
           break
           in
           only
           upon
           Mortgages
           and
           Contracts
           already
           made
           ,
           and
           (
           which
           is
           not
           to
           be
           supposed
           )
           by
           a
           Law
           ,
           
             post
             factum
          
           ,
           void
           Bargains
           lawfully
           made
           ,
           and
           give
           to
           Richard
           what
           is
           Peters
           Due
           ,
           for
           no
           other
           Reason
           but
           because
           one
           was
           Borrower
           and
           the
           other
           Lender
           .
        
         
           But
           supposing
           the
           Law
           reach'd
           the
           intention
           of
           the
           Promoters
           of
           it
           ;
           and
           that
           this
           Act
           be
           so
           contrived
           ,
           that
           it
           forced
           the
           National
           price
           of
           Money
           ,
           and
           hindred
           its
           being
           by
           any
           Body
           Lent
           at
           a
           higher
           Use
           than
           4
           
             l.
             per.
             Cent.
          
           which
           is
           plain
           it
           cannot
           .
           Let
           us
           in
           the
           next
           place
           see
           what
           will
           be
           the
           Consequences
           of
           it
           .
        
         
           
             1.
             
             It
             will
             be
             a
             loss
             to
             Widows
             ,
             Orphans
             ,
             and
             all
             those
             who
             have
             their
             Estate
             in
             Money
             ,
             one
             third
             of
             their
             Estates
             ,
             which
             will
             be
             a
             very
             hard
             case
             upon
             a
             great
             number
             of
             People
             ;
             and
             it
             is
             warily
             to
             be
             consider'd
             by
             the
             Wisdom
             of
             the
             Nation
             ,
             whether
             they
             will
             thus
             at
             one
             blow
             ,
             fine
             and
             impoverish
             a
             great
             and
             innocent
             pa●t
             of
             the
             People
             ,
             who
             having
             their
             Estat●●
             in
             Money
             ,
             have
             as
             much
             Right
             to
             make
             a●
             much
             of
             their
             Money
             ,
             as
             it
             is
             worth
             ,
             (
             for
             more
             they
             cannot
             )
             as
             the
             Landlord
             ha●
             to
             let
             his
             ●and
             for
             as
             much
             as
             it
             will
             yield
             ,
             and
             to
             ●ine
             Men
             one
             Third
             of
             their
             Estates
             without
             any
             
             Crime
             or
             Offence
             committed
             ,
             seems
             very
             hard
             .
          
           
             2.
             
             As
             it
             will
             be
             a
             considerable
             Loss
             and
             Injury
             to
             them
             ,
             so
             it
             will
             be
             no
             Advantage
             at
             all
             to
             the
             Kingdom
             ;
             for
             so
             Trade
             be
             not
             Cramp'd
             ,
             and
             the
             Exportation
             of
             our
             Native
             Commodities
             and
             Manufactures
             not
             hindred
             ,
             it
             will
             be
             no
             matter
             to
             the
             Kingdom
             ,
             who
             amongst
             our selves
             Gets
             or
             Loses
             ,
             only
             common
             Charity
             teaches
             ,
             those
             should
             be
             most
             taken
             care
             of
             by
             the
             Law
             ,
             who
             are
             least
             capable
             of
             taking
             care
             for
             themselves
             .
          
           
             3.
             
             It
             will
             be
             a
             Gain
             to
             the
             Borrowing
             Merchant
             ;
             for
             if
             he
             Borrow
             at
             Four
             
               per
               Cent
            
             ,
             and
             his
             Returns
             be
             Twelve
             
               per
               Cent.
            
             he
             will
             have
             Eight
             
               per
               Cent.
            
             and
             the
             Lender
             Four
             ,
             whereas
             now
             they
             divide
             the
             profit
             equally
             at
             Six
             
               per
               Cent.
            
             But
             this
             neither
             Gets
             nor
             Loses
             the
             Kingdom
             in
             your
             Trade
             ,
             supposing
             the
             Merchant
             and
             Lender
             to
             be
             both
             Englishmen
             ;
             only
             it
             will
             as
             I
             have
             said
             ,
             transfer
             a
             third
             part
             of
             the
             Monied
             Mans
             Estate
             ,
             who
             has
             nothing
             else
             to
             live
             on
             ,
             into
             the
             Merchants
             Pocket
             ,
             and
             that
             without
             any
             Merit
             in
             the
             one
             ,
             or
             Trangression
             in
             the
             other
             ,
             and
             that
             to
             the
             prejudice
             of
             Trade
             :
             Since
             it
             will
             discourage
             Lending
             at
             such
             a
             disproportion
             of
             Profit
             ,
             to
             Risque
             ,
             as
             we
             shall
             see
             more
             by
             and
             by
             ,
             when
             we
             come
             to
             consider
             of
             
             what
             consequence
             it
             is
             to
             encourage
             Lending
             ,
             that
             so
             none
             of
             the
             Money
             of
             the
             Nation
             may
             lie
             dead
             ,
             and
             thereby
             prejudice
             Trade
             .
          
           
             4.
             
             It
             will
             hinder
             Trade
             ,
             for
             there
             being
             a
             certain
             proportion
             of
             Money
             necessary
             for
             driving
             such
             a
             proportion
             of
             Trade
             ,
             so
             much
             Money
             of
             this
             as
             lies
             still
             ,
             lessens
             so
             much
             of
             the
             Trade
             :
             Now
             it
             cannot
             be
             rationally
             expected
             ,
             but
             that
             where
             the
             Venture
             is
             great
             ,
             and
             the
             Gains
             small
             ,
             (
             as
             it
             is
             in
             Lending
             in
             England
             upon
             low
             Interest
             )
             many
             will
             choose
             rather
             to
             hoard
             up
             their
             Money
             than
             venture
             it
             abroad
             on
             such
             Terms
             .
             This
             will
             be
             a
             loss
             to
             the
             Kingdom
             ,
             and
             such
             a
             loss
             as
             here
             in
             England
             ought
             chiefly
             to
             be
             looked
             after
             ;
             For
             we
             having
             no
             Mines
             ,
             nor
             any
             other
             way
             of
             getting
             or
             keeping
             of
             Riches
             amongst
             us
             but
             by
             Trade
             ,
             so
             much
             of
             our
             Trade
             as
             is
             lost
             ,
             so
             much
             of
             our
             Riches
             must
             necessarily
             go
             with
             it
             ;
             and
             the
             over-ballancing
             of
             Trade
             between
             us
             and
             our
             Neighbours
             ,
             must
             inevitably
             carry
             away
             our
             Money
             ,
             and
             quickly
             leave
             us
             Poor
             and
             exposed
             .
          
        
         
           In
           a
           Country
           not
           furnish●d
           by
           Nature
           with
           Mines
           of
           Gold
           and
           Silver
           ,
           (
           and
           those
           too
           ,
           as
           far
           as
           I
           can
           observe
           ,
           are
           generally
           Poor
           enough
           ,
           the
           Digging
           and
           Resining
           of
           those
           Metals
           ,
           taking
           up
           the
           Labour
           ,
           and
           wasting
           the
           number
           of
           the
           People
           ;
           for
           
           which
           Reason
           ,
           the
           wise
           Policy
           of
           the
           Chineses
           will
           not
           suffer
           those
           Mines
           they
           have
           to
           be
           wrought
           )
           there
           are
           but
           two
           ways
           of
           growing
           Rich
           ,
           (
           
             i.
             e.
          
           of
           bringing
           more
           Riches
           ,
           and
           consequently
           more
           Plenty
           of
           all
           the
           conveniencies
           of
           Life
           ,
           than
           what
           falls
           to
           the
           share
           of
           Neighbouring
           Kingdoms
           and
           States
           )
           and
           those
           two
           ways
           of
           growing
           Rich
           ,
           are
           either
           Conquest
           or
           Commerce
           .
           By
           the
           first
           ,
           the
           Romans
           made
           themselves
           Masters
           of
           the
           Riches
           of
           the
           World
           ,
           but
           I
           think
           that
           in
           our
           present
           circumstances
           ,
           no
           Body
           is
           vain
           enough
           to
           entertain
           a
           Thought
           of
           our
           reaping
           the
           Profits
           of
           the
           World
           by
           our
           Swords
           ,
           and
           making
           the
           Spoil
           and
           Tribute
           of
           vanquish'd
           Nations
           ,
           the
           fund
           for
           the
           supply
           of
           the
           Charges
           of
           the
           Government
           ,
           with
           an
           over-plus
           for
           the
           wants
           ,
           and
           equally
           craving
           Luxury
           ,
           and
           fashionable
           Vanity
           of
           the
           People
           .
           Commerce
           therefore
           is
           the
           only
           way
           left
           to
           us
           ,
           either
           for
           Riches
           or
           Subsistence
           ,
           for
           this
           t●e
           advantages
           of
           our
           Situation
           ,
           as
           well
           as
           the
           Industry
           and
           Inc●ination
           of
           our
           People
           ,
           bold
           and
           skil●ful
           at
           Sea
           ,
           do
           Naturally
           fit
           us
           ;
           By
           this
           the
           Nation
           of
           England
           ha●
           been
           hitherto
           supported
           ,
           and
           Trade
           left
           almost
           to
           it self
           ,
           and
           assisted
           only
           by
           the
           Natural
           Advantages
           above-mentioned
           ,
           brought
           us
           in
           Plenty
           and
           Riches
           ,
           and
           always
           set
           this
           Kingdom
           in
           a
           rank
           equal
           ,
           if
           
           not
           superior
           to
           any
           of
           its
           Neighbours
           ,
           and
           would
           no
           doubt
           without
           any
           difficulty
           have
           continued
           it
           so
           ,
           if
           the
           more
           enlarged
           ,
           and
           better
           understood
           Interest
           of
           Trade
           ,
           since
           the
           Improvement
           of
           Navigation
           had
           not
           raised
           us
           many
           Rivals
           ;
           and
           the
           amazing
           Politicks
           of
           some
           late
           Reigns
           ,
           let
           in
           other
           Competitors
           with
           us
           for
           the
           Sea
           ,
           who
           will
           be
           sure
           to
           seize
           to
           themselves
           whatever
           parts
           of
           Trade
           our
           Mismanagement
           ,
           or
           want
           of
           Money
           ,
           shall
           let
           slip
           out
           of
           our
           Hands
           ;
           and
           when
           it
           is
           once
           lost
           ,
           't
           will
           be
           too
           late
           to
           hope
           ,
           by
           a
           mistim'd
           Care
           ,
           easily
           to
           retrieve
           it
           again
           .
           For
           the
           Currents
           of
           Trade
           ,
           like
           those
           of
           Waters
           ,
           make
           themselves
           Channels
           ,
           out
           of
           which
           they
           are
           afterwards
           as
           hard
           to
           be
           diverted
           ,
           as
           Rivers
           that
           have
           worn
           themselves
           deep
           within
           their
           Banks
           .
           Trade
           then
           is
           necessary
           to
           the
           producing
           of
           Riches
           ,
           and
           Money
           necessary
           to
           the
           carrying
           on
           of
           Trade
           :
           This
           is
           principally
           to
           be
           looked
           after
           and
           taken
           Care
           of
           ;
           for
           if
           this
           be
           neglected
           ,
           we
           shall
           in
           vain
           ,
           by
           Contrivances
           amongst
           our selves
           ,
           and
           shu●tling
           the
           little
           Money
           we
           have
           from
           one
           anothers
           hands
           ,
           endeavour
           to
           prevent
           our
           Wants
           :
           Decay
           of
           Trade
           will
           quickly
           waste
           all
           the
           Remainder
           ;
           and
           then
           the
           Landed
           man
           ,
           who
           thinks
           perhaps
           by
           the
           fall
           of
           Interest
           to
           raise
           the
           Value
           of
           his
           Land
           ,
           will
           find
           himself
           cruelly
           mistaken
           ,
           
           when
           the
           Money
           being
           gone
           ,
           (
           as
           it
           will
           be
           if
           our
           Trade
           be
           not
           kept
           up
           )
           he
           can
           get
           neither
           Farmer
           to
           rent
           ,
           nor
           Purchaser
           to
           buy
           his
           Land.
           Whatsoever
           therefore
           hinders
           the
           lending
           of
           Money
           ,
           injures
           Trade
           :
           And
           so
           the
           reducing
           of
           Money
           to
           Four
           
             per
             Cent.
          
           which
           will
           discourage
           men
           from
           lending
           ,
           will
           be
           a
           Loss
           to
           the
           Kingdom
           ,
           in
           stopping
           so
           much
           of
           the
           Current
           of
           Money
           ,
           which
           turns
           the
           Wheels
           of
           Trade
           .
           But
           all
           this
           upon
           a
           Supposition
           that
           the
           Lender
           and
           Borrower
           are
           both
           English
           men
           .
        
         
           If
           the
           Lender
           be
           a
           Foreigner
           ,
           by
           lessening
           Interest
           from
           Six
           to
           Four
           you
           get
           to
           the
           Kingdom
           ⅓
           of
           the
           Interest
           we
           pay
           yearly
           to
           Foreigners
           ;
           which
           let
           any
           one
           if
           he
           please
           think
           considerable
           .
           But
           then
           upon
           lessening
           Interest
           to
           Four
           
             per
             Cent.
          
           it
           is
           likely
           one
           of
           these
           things
           will
           happen
           .
           That
           either
           you
           fall
           the
           Price
           of
           your
           Native
           Commodities
           ;
           Or
           lessen
           your
           Trade
           ;
           Or
           else
           prevent
           not
           the
           high
           Use
           as
           you
           intended
           .
           For
           at
           the
           time
           of
           lessening
           your
           Interest
           ,
           you
           want
           Money
           ,
           or
           you
           do
           not
           :
           If
           you
           do
           not
           ,
           there
           is
           no
           need
           to
           prevent
           Borrowing
           at
           a
           high
           rate
           of
           your
           Neighbours
           ;
           for
           there
           can
           be
           no
           Money
           borrowed
           ,
           but
           in
           order
           to
           Trade
           ;
           for
           what
           is
           not
           employ'd
           in
           Trade
           lyes
           still
           ,
           and
           no
           body
           borrows
           
           for
           that
           .
           For
           borrowing
           of
           one
           to
           pay
           what
           we
           owe
           to
           another
           may
           be
           generally
           accounted
           to
           be
           for
           Trade
           ;
           it
           being
           very
           seldom
           People
           call
           in
           their
           Money
           to
           let
           it
           lye
           still
           .
           And
           if
           you
           do
           want
           Money
           ,
           Necessity
           will
           still
           make
           you
           borrow
           of
           them
           ,
           and
           at
           the
           Rates
           your
           Necessity
           ,
           not
           your
           Laws
           ,
           shall
           set
           :
           or
           else
           ,
           if
           there
           be
           fearcity
           of
           Money
           ,
           it
           must
           hinder
           the
           Merchant's
           Buying
           and
           Exportation
           ,
           and
           the
           Artisan's
           Manufacture
           .
           Now
           the
           Kingdom
           gets
           or
           loses
           by
           this
           (
           for
           no
           question
           the
           Merchant
           by
           low
           〈◊〉
           gets
           all
           the
           while
           )
           only
           propo●tionably
           (
           allowing
           the
           Consumption
           of
           foreign
           Commodities
           to
           be
           still
           the
           s●me
           )
           as
           the
           paying
           of
           Use
           to
           Foreigners
           carries
           away
           more
           or
           less
           of
           our
           Money
           ,
           than
           want
           of
           Money
           and
           stopping
           our
           Trade
           keeps
           us
           from
           bringing
           in
           ,
           by
           hindring
           our
           Gains
           ;
           which
           can
           be
           only
           estimated
           by
           those
           who
           know
           how
           much
           Money
           we
           borrow
           of
           Foreigners
           ,
           and
           at
           what
           Rate
           ;
           and
           too
           ,
           what
           Profit
           in
           Trade
           we
           make
           of
           that
           Money
           :
           Though
           perhaps
           it
           will
           appear
           true
           upon
           Examination
           ,
           That
           our
           growing
           rich
           or
           poor
           depends
           not
           at
           all
           upon
           our
           borrowing
           upon
           〈◊〉
           or
           not
           ;
           but
           only
           which
           is
           greater
           o●
           less
           ,
           our
           importation
           or
           Exportation
           of
           consumable
           Commodities
           .
           
           For
           supposing
           two
           Millions
           of
           Money
           will
           drive
           the
           Trade
           of
           England
           ,
           and
           that
           we
           have
           Money
           enough
           of
           our
           own
           to
           do
           it
           ;
           if
           we
           consume
           o●
           our
           own
           Product
           and
           Manufacture
           ,
           and
           what
           we
           purchase
           by
           it
           of
           foreign
           Commodities
           ,
           one
           Million
           ,
           but
           of
           the
           other
           Million
           consume
           nothing
           ,
           but
           make
           a
           Return
           of
           Ten
           
             per
             Cent.
             per
             An.
          
           we
           must
           then
           every
           year
           be
           100000
           l.
           richer
           ,
           and
           our
           Stock
           be
           so
           much
           encreast
           :
           But
           if
           we
           import
           more
           consumable
           Commodities
           than
           we
           export
           ,
           our
           Money
           must
           go
           out
           to
           pay
           for
           them
           ,
           and
           we
           grow
           poorer
           .
           Suppose
           therefore
           ill
           Husbandry
           hath
           brought
           us
           to
           one
           Million
           Stock
           ,
           and
           we
           borrow
           the
           other
           Million
           (
           as
           we
           must
           ,
           or
           lose
           half
           our
           Trade
           )
           at
           Six
           
             per
             Cent.
          
           If
           we
           consume
           one
           moyety
           ,
           and
           make
           still
           Ten
           
             per
             Cent.
             per
             An.
          
           Return
           of
           the
           other
           Million
           ,
           the
           Kingdom
           gets
           40000
           
             l.
             per
             An.
          
           though
           it
           pay
           60000
           
             l.
             per
             An.
             Use.
          
           So
           that
           if
           the
           Merchant's
           Return
           be
           more
           than
           his
           Use
           ,
           (
           which
           't
           is
           certain
           it
           is
           ,
           or
           else
           he
           will
           not
           trade
           )
           and
           all
           that
           is
           so
           traded
           for
           on
           borrowed
           Money
           be
           but
           the
           ov●●ballance
           of
           our
           Exportation
           to
           our
           Importation
           ,
           the
           Kingdom
           gets
           by
           this
           Borrowing
           so
           much
           as
           whatsoever
           the
           Merchant's
           Gain
           is
           above
           his
           Use.
           But
           if
           we
           borrow
           only
           for
           our
           own
           Expences
           ,
           we
           
           grow
           doubly
           poor
           ,
           by
           paying
           Money
           for
           the
           Commodity
           we
           consume
           ,
           and
           Use
           for
           that
           Money
           ;
           though
           the
           Merchant
           gets
           all
           this
           while
           ,
           by
           making
           Returns
           greater
           than
           his
           Use.
           And
           therefore
           Borrowing
           of
           Foreigners
           in
           it self
           makes
           not
           the
           Kingdom
           rich
           or
           poor
           ;
           for
           it
           may
           do
           either
           ;
           but
           spending
           more
           than
           our
           Fruits
           or
           Manufactures
           will
           pay
           for
           ,
           brings
           in
           Poverty
           ,
           and
           Poverty
           Borrowing
           .
        
         
           For
           Money
           ,
           as
           necessary
           to
           Trade
           ,
           may
           be
           doubly
           considered
           ;
           first
           ,
           as
           in
           his
           hands
           that
           pays
           the
           Labourer
           and
           Land-holder
           ,
           (
           for
           here
           its
           motion
           terminates
           ,
           and
           through
           whose
           hands
           soever
           it
           passes
           between
           these
           ,
           he
           is
           but
           a
           Broker
           )
           and
           if
           this
           man
           want
           Money
           ,
           (
           as
           for
           Example
           ,
           the
           Clothier
           )
           the
           Manufacture
           is
           not
           made
           ;
           and
           so
           the
           Trade
           stops
           ,
           and
           is
           lost
           .
           Or
           secondly
           ,
           Money
           may
           be
           considered
           as
           in
           the
           hands
           of
           the
           Consumer
           ,
           under
           which
           Name
           I
           here
           reckon
           the
           Merchant
           who
           buys
           the
           Commodity
           ,
           when
           made
           ,
           to
           export
           ;
           and
           if
           he
           want
           Money
           ,
           the
           value
           of
           the
           Commodity
           ,
           when
           made
           is
           lessened
           ,
           and
           so
           the
           Kingdom
           loses
           in
           the
           Price
           .
           If
           therefore
           Use
           he
           lessened●
           and
           you
           cannot
           tye
           Foreigners
           to
           your
           Terms
           ,
           then
           the
           ill
           effects
           fall
           only
           upon
           your
           own
           Landholders
           and
           Artisans
           :
           If
           Foreigners
           can
           be
           forc'd
           by
           
           your
           Law
           to
           Lend
           you
           Money
           only
           at
           your
           own
           Rate
           ,
           or
           not
           Lend
           at
           all
           ,
           is
           it
           not
           more
           likely
           they
           will
           rather
           take
           it
           home
           ,
           and
           think
           it
           safer
           in
           their
           own
           Country
           at
           Four
           
             per
             C●nt
          
           than
           abroad
           ;
           Nor
           can
           their
           over-plus
           of
           Money
           bring
           them
           to
           Lend
           to
           you
           ,
           on
           your
           Terms
           ;
           for
           when
           your
           Merchants
           want
           of
           Money
           ,
           shall
           have
           sunk
           the
           price
           of
           your
           Market
           ,
           a
           Dutchman
           will
           find
           it
           more
           gains
           to
           buy
           your
           Commodity
           himself
           ,
           than
           Lend
           his
           Money
           at
           Four
           
             per
             Cent.
          
           to
           an
           English
           Merchant
           to
           Trade
           with
           :
           Nor
           will
           the
           Act
           of
           Navigation
           hinder
           their
           coming
           ,
           by
           making
           them
           come
           empty
           ,
           since
           even
           al-already
           there
           are
           those
           who
           think
           ,
           that
           many
           who
           go
           for
           English
           Merchants
           ,
           are
           but
           Dutch
           Factors
           ,
           and
           Trade
           for
           others
           in
           their
           own
           Names
           :
           The
           Kingdom
           therefore
           will
           lose
           by
           it
           if
           it
           makes
           Foreigners
           withdraw
           any
           of
           their
           Money
           ,
           as
           well
           as
           if
           it
           hinders
           any
           of
           your
           People
           from
           Lending
           theirs
           ,
           where
           Trade
           has
           need
           of
           it
           .
        
         
           In
           a
           Treatise
           writ
           on
           purpose
           for
           the
           bringing
           down
           of
           Interest
           ,
           I
           find
           this
           Argument
           of
           Foreigners
           calling
           away
           their
           Money
           to
           the
           prejudice
           of
           our
           Trade
           ,
           thus
           Answer'd
           ,
           
             That
             the
             Money
             of
             Foreigners
             is
             not
             brought
             into
             the
             Land
             by
             read
             ,
             〈◊〉
             Bullion
             ,
             but
             by
             Goods
             or
             Bills
             of
             Exchange
             ;
             
             and
             when
             it
             is
             paid
             must
             be
             returned
             by
             Goods
             or
             Bills
             of
             Exchange
             ,
             and
             there
             will
             not
             be
             the
             less
             Money
             in
             the
             Land.
          
           I
           could
           not
           but
           wonder
           to
           see
           a
           Man
           ,
           who
           undertook
           to
           write
           of
           Money
           and
           Interest
           ,
           talk
           so
           directly
           besides
           the
           matter
           in
           the
           business
           of
           Trade
           ;
           
             Foreigners
             Money
             ,
             he
             says
             ,
             is
             not
             brought
             into
             the
             Land
             by
             ready
             Coin
             or
             Bullion
             ,
             but
             by
             Goods
             ,
             or
             Bills
             of
             Exchange
             .
          
           How
           then
           do
           we
           come
           by
           Pullion
           or
           Money
           ?
           For
           Gold
           grows
           not
           that
           I
           know
           in
           our
           Country
           ,
           and
           Silver
           so
           little
           ,
           that
           One
           Hundred
           Thousandth
           part
           of
           the
           Silver
           we
           have
           now
           in
           England
           ,
           was
           not
           drawn
           out
           of
           any
           Mines
           in
           this
           Island
           .
           If
           he
           means
           that
           the
           Monied
           Man
           in
           Holland
           ,
           who
           puts
           out
           his
           Money
           at
           Interest
           here
           ,
           did
           not
           send
           it
           over
           in
           Pullion
           or
           Specie
           hither
           ,
           that
           may
           be
           true
           or
           false
           ;
           but
           either
           way
           helps
           not
           that
           Authors
           purpose
           .
           For
           if
           he
           paid
           his
           Money
           to
           a
           Merchant
           his
           Neighbour
           ,
           and
           took
           his
           Pills
           for
           it
           here
           in
           England
           ,
           he
           did
           the
           same
           thing
           as
           if
           he
           had
           sent
           over
           that
           Money
           ,
           since
           he
           does
           but
           make
           that
           Merchant
           〈◊〉
           in
           England
           ,
           the
           Money
           which
           ●e
           has
           Due
           to
           him
           there
           ,
           and
           otherwise
           would
           carry
           away
           :
           〈◊〉
           ,
           says
           our
           Author
           .
           〈…〉
           ;
           I
           must
           not
           be
           paid
           and
           exported
           
           in
           ready
           Money
           ,
           so
           says
           our
           Law
           indeed
           ,
           but
           that
           is
           a
           Law
           to
           hedge
           in
           the
           Cookoe
           ,
           and
           serves
           to
           no
           purpose
           ;
           For
           if
           we
           Export
           not
           Goods
           ,
           for
           which
           our
           Merchants
           have
           Money
           due
           to
           them
           in
           Holland
           ,
           How
           can
           it
           be
           paid
           by
           Bills
           of
           Exchange
           ?
           And
           for
           G●ods
           ,
           100
           l.
           worth
           of
           Goods
           can
           no
           where
           pay
           200
           l.
           in
           Money
           ,
           this
           being
           that
           which
           I
           find
           many
           Men
           deceive
           themselves
           with
           in
           Trade
           :
           It
           may
           be
           worth
           while
           to
           make
           it
           a
           little
           plainer
           .
        
         
           Let
           us
           suppose
           England
           Peopled
           as
           it
           is
           now
           ,
           and
           its
           Woollen
           Manufacture
           in
           the
           same
           State
           and
           Perfection
           that
           it
           is
           at
           present
           ,
           and
           that
           we
           ,
           having
           no
           Money
           at
           all
           ,
           trade
           with
           this
           our
           Woollen
           Manufacture
           for
           the
           value
           of
           200000
           l.
           yearly
           to
           Spain
           ,
           where
           there
           actually
           is
           a
           Million
           in
           Money
           ;
           Let
           us
           suppose
           that
           we
           bring
           back
           from
           Spain
           ,
           yearly
           in
           Oyl
           ,
           Wine
           ,
           and
           Fruit
           ,
           to
           the
           value
           of
           100000
           l.
           and
           continue
           to
           do
           this
           Ten
           years
           together
           ;
           't
           is
           plain
           we
           have
           had
           for
           our
           two
           Millions
           value
           in
           Woollen
           Manufacture
           carried
           thither
           ,
           one
           Million
           return'd
           in
           Wine
           ,
           Oyl
           ,
           and
           Fruit
           ,
           but
           what
           is
           become
           of
           ●
           other
           Million
           ?
           Will
           the
           Merchants
           be
           content
           to
           lose
           it
           ?
           That
           you
           may
           be
           sure
           they
           would
           not
           ,
           nor
           have
           Traded
           on
           ,
           if
           they
           had
           not
           every
           year
           Returns
           made
           
           answering
           their
           Exportation
           .
           How
           then
           were
           the
           Returns
           made
           ?
           In
           Money
           it
           is
           evident
           .
           For
           the
           Spaniards
           having
           in
           such
           a
           Trade
           ,
           no
           Debts
           ,
           nor
           the
           possibility
           of
           any
           Debts
           in
           England
           ,
           cannot
           pay
           one
           Farthing
           of
           that
           other
           Million
           by
           Bills
           of
           Exchange
           ;
           And
           having
           no
           Commodities
           that
           we
           will
           take
           off
           above
           the
           value
           of
           100000
           
             l.
             per
             Annum
          
           ,
           they
           cannot
           pay
           us
           in
           Commodities
           .
           From
           whence
           it
           necessarily
           follows
           ,
           that
           the
           100000
           
             l.
             per
             Annum
          
           ,
           wherein
           we
           over-ballance
           them
           in
           Trade
           ,
           must
           be
           paid
           us
           in
           Money
           ;
           and
           so
           at
           the
           Ten
           years
           end
           ,
           their
           Million
           of
           Money
           ,
           (
           though
           their
           Law
           make
           it
           Death
           to
           Export
           it
           )
           will
           be
           all
           brought
           into
           Engl●nd
           ,
           as
           in
           truth
           ,
           by
           this
           over-ballance
           of
           Trade
           ,
           the
           greatest
           part
           of
           our
           Money
           hath
           been
           brought
           into
           England
           out
           of
           Spain
           .
        
         
           Let
           us
           suppose
           our selves
           now
           possessed
           of
           this
           Million
           of
           Money
           ;
           and
           Exporting
           yearly
           out
           of
           England
           ,
           to
           the
           several
           parts
           of
           the
           World●
           consumable
           Commodities
           to
           the
           value
           of
           a
           Million
           ,
           but
           Importing
           yearly
           in
           Commodities
           ,
           which
           we
           consume
           amongst
           us
           to
           the
           value
           of
           1100000
           l.
           If
           such
           a
           T●●de
           as
           this
           be
           managed
           amongst
           us
           ,
           and
           continue
           Ten
           y●●●s
           it
           is
           evident
           ,
           that
           our
           Million
           of
           Money
           will
           at
           the
           end
           of
           the
           Ten
           years
           
           be
           inevitably
           all
           gone
           from
           us
           to
           them
           ,
           by
           the
           same
           way
           that
           it
           came
           to
           us
           ;
           that
           is
           ,
           by
           their
           over-ballance
           of
           Trade
           .
           For
           we
           Importing
           every
           year
           100000
           l.
           worth
           of
           Commodities
           more
           than
           we
           Export
           ,
           and
           there
           being
           no
           Foreigners
           that
           will
           give
           us
           100000
           l.
           every
           year
           for
           nothing
           ,
           it
           is
           unavoidable
           ,
           that
           100000
           l.
           of
           our
           Money
           must
           go
           out
           every
           year
           to
           pay
           for
           that
           over-plus
           ,
           which
           our
           Commodities
           do
           not
           pay
           for
           ;
           and
           't
           is
           ridiculous
           to
           say
           ,
           that
           Bills
           of
           Exchange
           shall
           pay
           our
           Debts
           abroad
           ;
           that
           cannot
           be
           till
           scrips
           of
           Paper
           can
           be
           made
           current
           Coin.
           The
           Eng●ish
           Merchant
           ,
           who
           has
           no
           Money
           owing
           him
           abroad
           ,
           cannot
           expect
           to
           have
           his
           Bills
           paid
           there
           ;
           or
           if
           he
           has
           Credit
           enough
           with
           a
           Correspondent
           ,
           to
           have
           his
           Bills
           answer'd
           ;
           this
           pays
           none
           of
           the
           Debt
           of
           England
           ,
           but
           only
           changes
           the
           Creditor
           :
           And
           if
           upon
           the
           general
           ballance
           of
           Trade
           ,
           English
           Merchants
           owe
           to
           Foreigners
           100000
           l.
           or
           1000000
           ,
           if
           Commodities
           do
           not
           ,
           our
           Money
           must
           go
           out
           to
           pay
           ,
           or
           else
           our
           Credit
           be
           lost
           ,
           and
           our
           Trade
           stop
           ,
           and
           be
           lost
           too
           .
        
         
           A
           Kingdom
           grows
           Rich
           or
           Poor
           just
           as
           a
           Farmer
           doth
           ,
           and
           no
           otherwise
           :
           Let
           us
           suppose
           the
           whole
           Isle
           of
           Portland
           one
           Farm
           ,
           and
           that
           the
           Owner
           ,
           besides
           what
           serves
           his
           Family
           ,
           carries
           to
           Market
           
           to
           Weymouth
           and
           
             Dorchester
             ,
             &c.
          
           
           Cattle
           ,
           Corn
           ,
           Butter
           ,
           Cheese
           ,
           Wooll
           ,
           or
           Cloath
           ,
           Lead
           and
           Tin
           ,
           all
           Commodities
           produced
           and
           wrought
           within
           his
           Farm
           of
           Portland
           ,
           to
           the
           value
           of
           1000
           l.
           yearly
           ;
           and
           for
           this
           ,
           brings
           home
           in
           Salt
           ,
           Wine
           ,
           Oyl
           ,
           Spice
           ,
           Linnen
           and
           Silks
           ,
           to
           the
           value
           of
           900
           l.
           and
           the
           remaining
           100
           l.
           in
           Money
           :
           'T
           is
           evident
           he
           grows
           every
           year
           100
           l.
           Richer
           ,
           and
           so
           at
           the
           end
           of
           the
           ten
           years
           will
           have
           clearly
           got
           1000
           l.
           If
           the
           Owner
           be
           a
           better
           Husband
           ,
           and
           contenting
           himself
           with
           his
           Native
           Commodities
           ,
           buy
           less
           Wine
           ,
           Spice
           and
           Silk
           ,
           at
           Market
           ,
           and
           so
           bring
           home
           500
           l.
           in
           Money
           yearly
           ,
           instead
           of
           100
           l.
           at
           the
           end
           of
           ten
           years
           he
           will
           have
           5000
           l.
           by
           him
           ,
           and
           be
           so
           much
           Richer
           .
           He
           Dies
           ,
           and
           his
           Son
           succeeds
           ,
           a
           fashionable
           young
           Gentleman
           ,
           that
           cannot
           Dine
           without
           Champane
           and
           Burgundy
           ,
           nor
           Sleep
           but
           in
           a
           Damask
           Bed
           ;
           whose
           Wife
           must
           spread
           a
           long
           train
           of
           Brocard
           ,
           and
           his
           Children
           be
           always
           in
           the
           newest
           French
           cut
           and
           Stuff
           :
           He
           being
           come
           to
           the
           Estate
           ,
           keeps
           on
           a
           very
           busie
           Family
           ;
           the
           Markets
           are
           weekly
           frequented
           ,
           and
           the
           Commodities
           of
           his
           Farm
           carried
           out
           ,
           and
           Sold
           ,
           as
           formerly
           ,
           but
           the
           Returns
           are
           made
           something
           different
           ;
           the
           fashionable
           way
           of
           Eating
           ,
           Drinking
           ,
           and
           Clothing
           〈◊〉
           his
           Wife
           ,
           
           Children
           and
           Family
           ,
           requires
           more
           Sugar
           and
           Spice
           ,
           Wine
           and
           Fruit
           ,
           Silk
           and
           Ribons
           ,
           than
           in
           his
           Fathers
           time
           ;
           so
           that
           instead
           of
           900
           
             l.
             per
             Annum
          
           ,
           he
           now
           brings
           home
           of
           consumable
           Commodities
           ,
           to
           the
           value
           of
           1100
           l.
           yearly
           .
           What
           comes
           of
           this
           ?
           He
           lives
           in
           Splendor
           ,
           't
           is
           true
           ,
           but
           this
           unavoidably
           carries
           away
           the
           Money
           his
           Father
           got
           ,
           and
           he
           is
           every
           year
           100
           l.
           Poorer
           .
           To
           his
           Expences
           ,
           beyond
           his
           Income
           ,
           add
           Debauchery
           ,
           Idleness
           ,
           and
           Quarrels
           ,
           amongst
           his
           Servants
           ,
           whereby
           his
           Manufactures
           are
           disturbed
           ,
           and
           his
           Business
           neglected
           ,
           and
           a
           general
           Disorder
           and
           Confusion
           through
           his
           whole
           Family
           and
           Farm
           ;
           This
           will
           tumble
           him
           down
           the
           Hill
           the
           faller
           ,
           and
           the
           Stock
           ,
           the
           Industry
           ,
           Frugality
           ,
           and
           good
           Order
           of
           his
           Father
           had
           laid
           up●
           will
           be
           quickly
           brought
           to
           an
           end
           ,
           and
           he
           fast
           in
           Prison
           .
           A
           Farm
           and
           a
           Kingdom
           in
           this
           respect
           di●●er
           no
           more
           than
           as
           greater
           and
           less
           .
           We
           may
           Trade
           ,
           and
           be
           busie
           ,
           and
           grow
           Poor
           by
           it
           ,
           unless
           we
           regulate
           our
           Expenses
           ;
           If
           to
           this
           we
           are
           Idle
           ,
           Negligent
           ,
           Di●honest
           ,
           Malitious
           ,
           and
           disturb
           the
           Sober
           and
           Industrious
           in
           their
           Business
           ,
           let
           it
           be
           upon
           what
           pretence
           it
           will
           ,
           we
           shall
           Ruine
           the
           faster
           .
        
         
           So
           that
           whatever
           this
           Author
           ,
           or
           any
           one
           else
           may
           say
           ,
           Money
           is
           brought
           into
           
           England
           by
           nothing
           but
           spending
           here
           less
           of
           Foreign
           Commodities
           ,
           than
           what
           we
           carry
           to
           Market
           can
           pay
           for
           ;
           Nor
           can
           Debts
           we
           owe
           to
           Foreigners
           be
           paid
           by
           Bills
           of
           Exchange
           ,
           till
           our
           Commodities
           Exported
           ,
           and
           Sold
           beyond
           Sea
           ,
           have
           produced
           Money
           or
           Debts
           due
           there
           ,
           to
           some
           of
           our
           Merchants
           ;
           for
           nothing
           will
           pay
           Debts
           but
           Money
           or
           Moneys
           worth
           ,
           which
           three
           or
           four
           Lines
           writ
           in
           Paper
           cannot
           be
           ;
           for
           if
           they
           have
           an
           intrinsick
           value
           ,
           and
           can
           serve
           instead
           of
           Money
           ,
           why
           do
           we
           not
           send
           them
           to
           Market
           instead
           of
           our
           Cloth
           ,
           Lead
           and
           Tin
           ?
           and
           at
           an
           easier
           rate
           purchase
           the
           Commodities
           we
           want
           .
           All
           that
           a
           Bill
           of
           Exchange
           can
           do
           ,
           is
           to
           direct
           to
           whom
           Money
           due
           ,
           or
           taken
           up
           upon
           Credit
           in
           a
           Foreign
           Country
           ,
           shall
           be
           paid
           ;
           And
           if
           we
           trace
           it
           ,
           what
           is
           due
           already
           ,
           we
           shall
           find
           ,
           became
           so
           ,
           for
           Commodities
           ,
           or
           Money
           ,
           carried
           from
           hence
           ;
           and
           if
           it
           be
           taken
           up
           upon
           Credit
           ,
           it
           must
           ●et
           the
           Debt
           be
           shif●●d
           from
           one
           Creditor
           to
           another
           as
           often
           as
           you
           will
           )
           at
           last
           be
           paid
           by
           Money
           or
           Goods
           ,
           carried
           from
           hence
           ,
           or
           else
           the
           Merchant
           here
           must
           turn
           Bankrupt
           .
        
         
         
           We
           have
           seen
           how
           Riches
           and
           Money
           are
           got
           ,
           kept
           ,
           or
           lost
           ,
           in
           any
           Country
           ;
           and
           that
           is
           by
           consuming
           less
           of
           Foreign
           Commodities
           than
           what
           ,
           by
           Commodities
           or
           Labour
           is
           paid
           for
           .
           This
           is
           in
           the
           ordinary
           course
           of
           things
           :
           But
           where
           great
           Armies
           and
           Alliances
           are
           to
           be
           maintain'd
           abroad
           by
           Supplies
           sent
           out
           of
           any
           Country
           ,
           there
           often
           ,
           by
           a
           shorter
           and
           more
           sensible
           way
           ,
           the
           Treasure
           is
           diminished
           .
           But
           this
           ,
           since
           the
           holy
           War
           ,
           or
           at
           least
           since
           the
           Improvement
           of
           Navigation
           and
           Trade
           ,
           seldom
           happening
           to
           England
           ,
           whose
           Princes
           have
           found
           the
           enlarging
           their
           Power
           by
           Sea
           ,
           and
           the
           securing
           our
           Navigation
           and
           Trade
           ,
           more
           the
           Interest
           of
           this
           Kingdom
           than
           Wars
           or
           Conquests
           on
           the
           Continent
           ;
           Expences
           in
           Arms
           beyond
           Sea
           have
           had
           little
           Influence
           on
           our
           Riches
           or
           Poverty
           .
           The
           next
           thing
           to
           be
           considered
           ,
           is
           ,
           how
           Money
           is
           necessary
           to
           Trade
           .
        
         
           The
           Necessity
           of
           a
           certain
           Proportion
           of
           Money
           to
           trade
           ,
           (
           I
           conceive
           )
           lyes
           in
           this
           ,
           That
           Money
           in
           its
           Circulation
           driving
           the
           several
           Wheels
           of
           Trade
           ,
           whilst
           it
           keeps
           in
           that
           Channel
           (
           for
           some
           of
           it
           will
           unavoidably
           be
           dreined
           into
           standing
           Pools
           )
           is
           all
           shared
           between
           the
           Land-holder
           ,
           whose
           Land
           a●●ords
           the
           Materials
           ;
           The
           Labourer
           ,
           who
           works
           them
           ;
           The
           
           Broker
           ,
           (
           
             i.
             e.
          
           )
           Merchant
           and
           Shop
           keeper
           ,
           who
           distributes
           them
           to
           those
           that
           want
           them
           :
           And
           the
           Consumer
           ,
           who
           spends
           them
           .
           Now
           Money
           is
           necessary
           to
           all
           these
           sorts
           of
           Men
           ,
           as
           serving
           both
           for
           Counters
           and
           for
           Pledges
           ,
           and
           so
           carrying
           with
           it
           even
           Reckoning
           and
           Security
           that
           he
           that
           receives
           it
           shall
           have
           the
           same
           Value
           for
           it
           again
           ,
           of
           other
           things
           that
           he
           wants
           ,
           whenever
           he
           pleases
           .
           The
           one
           of
           these
           it
           does
           by
           its
           Stamp
           and
           Denomination
           ;
           the
           other
           by
           its
           intrinsick
           Value
           ,
           which
           is
           nothing
           else
           but
           its
           Durableness
           ,
           Scarcity
           ,
           and
           not
           being
           apt
           to
           be
           counterfeited
           .
           Which
           intrinsick
           Value
           ,
           though
           it
           be
           not
           natural
           ,
           but
           is
           only
           in
           the
           Opinion
           of
           men
           consenting
           to
           it
           ,
           yet
           being
           universal
           ,
           has
           generally
           ,
           but
           not
           always
           ,
           (
           for
           we
           see
           that
           in
           a
           Siege
           or
           Man
           of
           War
           Silver
           may
           not
           be
           of
           equal
           Value
           to
           Gunpowder
           ,
           and
           in
           a
           Famine
           Gold
           not
           be
           worth
           its
           Weight
           in
           Bran
           )
           the
           same
           effect
           as
           if
           it
           were
           natural
        
         
           The
           Necessity
           therefore
           of
           a
           Proportion
           of
           Money
           to
           Trade
           ,
           depends
           on
           Money
           ,
           not
           as
           Counters
           for
           the
           Reckoning
           may
           be
           kept
           or
           transferred
           by
           Writing
           ,
           but
           on
           Money
           as
           a
           Pledge
           .
           For
           since
           the
           Bill
           ,
           Bond
           ,
           or
           other
           Note
           of
           Debt
           ,
           I
           receive
           from
           one
           man
           ,
           will
           not
           
           be
           accepted
           as
           Security
           by
           another
           ,
           he
           not
           knowing
           that
           the
           Bill
           or
           Bond
           is
           true
           or
           legal
           ,
           or
           that
           the
           man
           bound
           to
           me
           is
           honest
           or
           responsible
           ;
           and
           so
           is
           not
           valuable
           enough
           to
           become
           a
           current
           Pledge
           ,
           nor
           can
           by
           publick
           Authority
           be
           well
           made
           so
           ,
           as
           in
           the
           Case
           of
           Assigning
           of
           Bills
           ;
           because
           a
           Law
           cannot
           give
           to
           Bills
           that
           intrinsick
           Value
           ,
           which
           the
           universal
           Consent
           of
           mankind
           has
           annexed
           to
           Silver
           and
           Gold.
           And
           hence
           Foreigners
           can
           never
           be
           brought
           to
           take
           your
           Bills
           or
           Writings
           for
           any
           part
           of
           Payment
           ,
           though
           perhaps
           they
           might
           pass
           as
           valuable
           Considerations
           among
           your
           own
           People
           ,
           did
           not
           this
           very
           much
           hinder
           it
           ,
           viz.
           That
           they
           are
           liable
           to
           unavoidable
           Doubt
           ,
           Dispute
           and
           Counterfeiting
           ,
           and
           require
           other
           Proofs
           to
           assure
           us
           they
           are
           true
           and
           good
           Security
           ,
           than
           our
           eyes
           or
           a
           Touchstone
           .
           And
           at
           best
           this
           Course
           ,
           if
           practicable
           ,
           will
           not
           hinder
           us
           from
           being
           poor
           ;
           but
           may
           be
           suspected
           to
           help
           to
           make
           us
           so
           ,
           by
           keeping
           us
           from
           feeling
           our
           Poverty
           ,
           which
           in
           Distress
           will
           be
           sure
           to
           find
           us
           with
           greater
           disadvantage
           .
           Though
           it
           be
           certain
           it
           is
           better
           than
           letting
           any
           part
           of
           our
           Trade
           fall
           for
           want
           of
           current
           Pledges
           ;
           and
           better
           too
           than
           borrowing
           Money
           of
           our
           Neighbours
           upon
           Use
           ,
           if
           this
           way
           of
           Assigning
           Bills
           can
           
           be
           made
           so
           easie
           ,
           safe
           and
           universal
           at
           home
           ,
           as
           to
           hinder
           it
           .
        
         
           To
           return
           to
           the
           business
           in
           hand
           ,
           and
           shew
           the
           necessity
           of
           a
           
             Proportion
             of
             Money
             to
             Trade
          
           :
           Every
           man
           therefore
           must
           have
           at
           least
           so
           much
           Money
           ,
           or
           so
           timely
           Recruits
           ,
           as
           may
           in
           hand
           ,
           or
           in
           a
           short
           distance
           of
           time
           ,
           satisfie
           the
           man
           who
           supplies
           him
           with
           the
           Necessaries
           of
           Life
           ,
           or
           of
           his
           Trade
           .
           For
           no
           body
           has
           any
           longer
           these
           necessary
           Supplies
           than
           he
           has
           Money
           or
           Credit
           ,
           which
           is
           nothing
           else
           but
           an
           Assurance
           of
           Money
           in
           some
           short
           time
           .
           So
           that
           it
           is
           requisite
           to
           Trade
           there
           should
           be
           so
           much
           Money
           as
           to
           keep
           up
           the
           Landholders
           ,
           Labourers
           and
           Brokers
           Credit
           ;
           and
           therefore
           ready
           Money
           must
           be
           constantly
           exchang'd
           for
           Wares
           and
           Labour
           ,
           or
           follow
           within
           a
           short
           time
           after
           .
        
         
           This
           shews
           the
           necessity
           of
           some
           
             Proportion
             of
             Money
          
           to
           Trade
           ;
           but
           what
           Proportion
           that
           is
           ,
           is
           hard
           to
           determine
           ,
           because
           it
           depends
           not
           barely
           on
           the
           quantity
           of
           Money
           ,
           but
           the
           quickness
           of
           its
           Circulation
           ;
           which
           since
           it
           cannot
           be
           easily
           traced
           ,
           for
           the
           very
           same
           Shilling
           may
           at
           one
           time
           pay
           20
           men
           in
           20
           days
           ,
           at
           another
           ,
           rest
           in
           the
           same
           hands
           100
           days
           together
           ;
           to
           make
           some
           probable
           guess
           ,
           we
           are
           to
           consider
           how
           much
           Money
           
           it
           is
           necessary
           to
           suppose
           must
           rest
           constantly
           in
           each
           man's
           hands
           ,
           as
           requisite
           to
           the
           carrying
           on
           of
           Trade
           .
        
         
           First
           therefore
           the
           Labourers
           ,
           living
           generally
           but
           from
           hand
           to
           mouth
           ,
           and
           indeed
           ,
           considered
           as
           Labourers
           in
           order
           to
           Trade
           ,
           may
           well
           enough
           carry
           on
           their
           part
           ,
           if
           they
           have
           but
           Money
           enough
           to
           buy
           Victuals
           ,
           Cloaths
           ,
           and
           Tools
           ;
           all
           which
           may
           very
           well
           be
           provided
           ,
           without
           any
           great
           Sum
           of
           Money
           lying
           still
           in
           their
           hands
           .
           The
           Labourers
           therefore
           being
           usually
           paid
           once
           a
           Week
           ,
           (
           if
           the
           times
           of
           Payment
           be
           seldomer
           ,
           there
           must
           be
           more
           Money
           for
           the
           carrying
           on
           this
           part
           of
           Trade
           )
           we
           may
           suppose
           there
           is
           constantly
           amongst
           them
           ,
           one
           with
           another
           ,
           or
           those
           who
           are
           to
           pay
           them
           ,
           always
           one
           Weeks
           Wages
           in
           ready
           Money
           .
           For
           it
           cannot
           be
           thought
           that
           all
           or
           most
           of
           the
           Labourers
           pay
           away
           all
           their
           Wages
           constantly
           as
           soon
           as
           they
           receive
           it
           ,
           and
           live
           upon
           Trust
           till
           next
           Pay
           day
           .
           This
           the
           Farmer
           and
           Tradesman
           could
           not
           well
           bear
           ,
           were
           it
           every
           Labourer's
           Case
           ,
           and
           every
           one
           to
           be
           trusted
           ;
           and
           therefore
           they
           must
           of
           necessity
           keep
           some
           Money
           in
           their
           hands
           to
           go
           to
           Market
           for
           Victuals
           ,
           and
           to
           other
           Tradesmen
           ,
           as
           poor
           as
           themselves
           ,
           for
           Tools
           ;
           and
           lay
           up
           Money
           too
           to
           buy
           
           Cloaths
           ,
           or
           pay
           for
           those
           they
           bought
           upon
           Credit
           :
           Which
           Money
           thus
           necessarily
           resting
           in
           their
           hands
           ,
           we
           cannot
           imagine
           to
           be
           one
           with
           another
           much
           less
           than
           a
           Weeks
           Wages
           ,
           that
           must
           be
           in
           their
           Pockets
           ,
           or
           ready
           in
           the
           Farmer
           's
           hands
           .
           For
           he
           who
           employs
           a
           Labourer
           at
           1
           
             s.
             per
          
           Day
           ,
           and
           pays
           him
           on
           Saturday
           Nights
           ,
           cannot
           be
           supposed
           constantly
           to
           receive
           that
           6
           s.
           just
           the
           same
           Saturday
           ;
           it
           must
           ordinarily
           be
           in
           his
           hand●
           one
           time
           with
           another
           ,
           if
           not
           a
           whole
           Week
           ,
           yet
           several
           Days
           before
           .
           This
           was
           the
           ordinary
           Course
           ,
           whil'st
           we
           had
           Money
           running
           in
           the
           several
           Channels
           o●
           Commerce
           :
           But
           that
           now
           very
           much
           failing
           ,
           and
           the
           Farmer
           not
           having
           Money
           to
           pay
           the
           Labourer
           ,
           supplies
           him
           with
           Corn
           ,
           which
           in
           this
           great
           Plenty
           the
           Labourer
           will
           have
           at
           his
           own
           Rate
           ,
           or
           else
           not
           take
           it
           off
           his
           hands
           for
           Wages
           And
           as
           for
           the
           Workmen
           who
           are
           employed
           in
           our
           Manufacture
           ,
           especially
           the
           Woollen
           one
           ,
           these
           the
           Clothier
           not
           having
           ready
           Money
           to
           pay
           ,
           furnishes
           with
           the
           Necessaries
           of
           Life
           ,
           and
           so
           truck
           Commodities
           for
           Work
           ,
           which
           ,
           such
           as
           they
           are
           ,
           good
           or
           bad
           ,
           the
           Workman
           must
           take
           at
           his
           Master's
           Rate
           ,
           or
           sit
           still
           and
           starve
           ,
           whil'st
           by
           this
           means
           this
           new
           sort
           of
           Ing●oners
           or
           ●oresta●lers
           ,
           having
           
           the
           feeding
           and
           supplying
           this
           numerous
           Body
           of
           Workmen
           out
           of
           their
           Warehouses
           ,
           (
           for
           they
           have
           now
           Magazines
           of
           all
           sorts
           of
           Wares
           )
           set
           the
           Price
           upon
           the
           poor
           Landholder
           .
           So
           that
           the
           Markets
           now
           being
           destroyed
           ,
           and
           the
           Farmer
           not
           finding
           Vent
           there
           for
           his
           Butter
           ,
           Cheese
           ,
           Bacon
           and
           Corn
           ,
           &c.
           for
           which
           he
           was
           wont
           to
           bring
           home
           ready
           Money
           ,
           must
           sell
           it
           to
           these
           Ingrossers
           ,
           on
           their
           own
           Terms
           of
           Time
           and
           Rate
           ,
           and
           allow
           it
           to
           their
           own
           Day-Labourers
           under
           the
           true
           Market-price
           ;
           which
           what
           kind
           of
           Influence
           it
           is
           like
           to
           have
           upon
           Land
           ,
           and
           how
           this
           way
           Rents
           are
           like
           to
           be
           paid
           at
           Quarter-day
           ,
           is
           easie
           to
           apprehend
           ;
           and
           't
           is
           no
           wonder
           to
           hear
           every
           day
           of
           Farmers
           breaking
           and
           running
           away
           ;
           for
           if
           they
           cannot
           receive
           Money
           for
           their
           Goods
           at
           Market
           ,
           't
           will
           be
           impossible
           for
           them
           to
           pay
           their
           Landlord's
           Rent
           :
           And
           if
           any
           one
           doubt
           whether
           this
           be
           so
           ,
           I
           desire
           him
           to
           enquire
           how
           many
           Farmers
           in
           the
           West
           are
           broke
           and
           gone
           since
           Michaelmas
           last
           .
           Want
           of
           Money
           being
           to
           this
           degree
           ,
           works
           both
           ways
           upon
           the
           Landholder
           .
           For
           first
           ,
           the
           ingrossing
           Forestaller
           lets
           not
           the
           Money
           come
           to
           Market
           ;
           but
           supplying
           the
           Workman
           ,
           who
           is
           employed
           by
           him
           in
           Manufacture
           ,
           with
           Necessaries
           ,
           imposes
           his
           Price
           and
           
           Forbearance
           on
           the
           Farmer
           ,
           who
           cannot
           sell
           to
           the
           others
           .
           And
           the
           Labourer
           ,
           who
           is
           employed
           by
           the
           Landholder
           in
           Husbandry
           ,
           imposes
           also
           his
           Rate
           on
           him
           for
           the
           Commodities
           he
           takes
           .
           For
           there
           being
           a
           want
           of
           Day-Labourers
           in
           the
           Country
           ,
           they
           must
           be
           humoured
           ,
           or
           else
           they
           will
           neither
           work
           for
           you
           ,
           nor
           take
           your
           Commodities
           for
           their
           Labour
           .
        
         
           Secondly
           ,
           as
           for
           the
           Landholder
           ,
           since
           his
           Tenants
           cannot
           coin
           their
           Rent
           just
           at
           Quarter-day
           ,
           but
           must
           gather
           it
           up
           by
           degrees
           ,
           and
           lodge
           it
           with
           them
           till
           Pay-day
           ,
           or
           borrow
           it
           of
           those
           who
           have
           it
           lying
           by
           them
           ,
           or
           do
           gather
           it
           up
           by
           degrees
           ,
           which
           is
           the
           same
           thing
           ,
           and
           must
           be
           necessarily
           so
           much
           Money
           for
           some
           time
           lying
           still
           ;
           for
           all
           that
           is
           paid
           in
           great
           Sums
           must
           somewhere
           be
           gathered
           up
           by
           the
           Retail
           Incomes
           of
           a
           Trade
           ,
           or
           else
           lye
           still
           too
           in
           great
           Sums
           ,
           which
           is
           the
           same
           stop
           of
           Money
           ,
           or
           a
           greater
           .
           Add
           to
           this
           ,
           That
           to
           pay
           the
           Creditor
           that
           lent
           him
           his
           Rent
           ,
           he
           must
           gather
           up
           Money
           by
           degrees
           ,
           as
           the
           Sale
           of
           his
           Commodities
           shall
           bring
           it
           in
           ,
           and
           so
           makes
           a
           greater
           stop
           and
           greater
           want
           of
           Money
           ,
           since
           the
           borrowed
           Money
           that
           paid
           the
           Landholder
           the
           25th
           of
           March
           ,
           must
           be
           supposed
           to
           lye
           still
           some
           time
           in
           the
           Creditor's
           hand
           ,
           before
           he
           lent
           it
           the
           
           Tenant
           ;
           and
           the
           Money
           that
           pays
           the
           Creditor
           three
           Months
           after
           must
           lye
           still
           some
           time
           in
           the
           Tenant's
           .
           Nor
           does
           the
           Landlord
           pay
           away
           his
           Rent
           usually
           as
           soon
           as
           he
           receives
           it
           ,
           but
           by
           degrees
           ,
           as
           his
           Occasions
           call
           for
           it
           ;
           we
           cannot
           but
           suppose
           that
           between
           the
           Landlord
           and
           Tenant
           there
           must
           necessarily
           be
           at
           least
           ¼
           of
           the
           yearly
           Revenue
           of
           the
           Land
           constantly
           in
           their
           hands
           .
           Indeed
           considering
           that
           most
           part
           of
           the
           Rents
           of
           England
           being
           paid
           at
           our
           Lady-day
           and
           Michaelmas
           ,
           and
           that
           the
           same
           Money
           which
           pays
           me
           my
           Rent
           from
           my
           Tenant
           the
           25th
           of
           March
           ,
           or
           thereabouts
           ,
           cannot
           pay
           my
           next
           Neighbour
           his
           Rent
           from
           his
           Tenant
           at
           the
           same
           time
           ,
           much
           less
           one
           more
           remote
           in
           another
           Country
           ;
           it
           might
           seem
           requisite
           to
           suppose
           half
           the
           yearly
           Revenue
           of
           the
           Land
           to
           be
           necessarily
           employed
           in
           paying
           of
           Rent
           .
           For
           to
           say
           that
           some
           Tenants
           break
           and
           pay
           not
           their
           Rent
           at
           all
           ,
           and
           others
           pay
           not
           till
           two
           ,
           three
           ,
           four
           ,
           five
           ,
           six
           ,
           &c.
           
           Months
           after
           Quarter-day
           ,
           and
           so
           the
           Rent
           is
           not
           all
           paid
           at
           one
           time
           ,
           is
           no
           more
           than
           to
           say
           ,
           That
           there
           is
           Money
           wanting
           to
           the
           Trade
           :
           For
           if
           the
           Tenant
           fail
           the
           Landlord
           ,
           he
           must
           fail
           his
           Creditor
           ,
           and
           he
           his
           ,
           and
           so
           on
           ,
           till
           somebody
           break
           ,
           and
           so
           Trade
           decay
           for
           want
           of
           Money
           .
           But
           
           since
           a
           considerable
           part
           of
           the
           Land
           of
           England
           is
           in
           the
           Owners
           hands
           ,
           who
           neither
           pay
           nor
           receive
           great
           Sums
           for
           it
           at
           a
           certain
           day
           ;
           and
           because
           too
           ,
           (
           which
           is
           the
           chief
           Reason
           )
           we
           are
           not
           to
           consider
           here
           how
           much
           Money
           is
           in
           any
           one
           man's
           ,
           or
           any
           one
           sort
           of
           mens
           hands
           at
           any
           one
           time
           ;
           for
           that
           at
           other
           t●mes
           may
           be
           distributed
           into
           other
           hands
           ,
           and
           serve
           other
           parts
           of
           Trade
           ;
           but
           how
           much
           Money
           is
           necessary
           to
           be
           in
           each
           man's
           hands
           all
           the
           Year
           round
           ,
           taking
           one
           time
           with
           another
           ,
           (
           
             i.
             e.
          
           )
           having
           200
           l.
           in
           his
           hand
           one
           month
           ,
           is
           to
           be
           reckon●d
           as
           100
           l.
           in
           his
           hand
           three
           months
           ,
           and
           so
           proportionably
           )
           I
           think
           we
           may
           well
           suppose
           ¼
           of
           the
           yearly
           Revenue
           to
           be
           constantly
           in
           the
           Landlords
           or
           Tenants
           hands
           ;
           where●
           by
           the
           by
           ,
           we
           may
           observe
           ,
           That
           it
           were
           better
           for
           Trade
           ,
           and
           consequent●y
           for
           every
           body
           ,
           (
           ●or
           more
           Money
           wo●●d
           be
           stirring
           ,
           and
           less
           would
           do
           t●e
           business
           )
           if
           Rents
           were
           paid
           by
           〈◊〉
           In●●rvals
           than
           six
           months
           .
           For
           su●●●sing
           I
           let
           a
           Farm
           at
           52
           
             l.
             per
             An.
          
           i●
           my
           Rent
           be
           paid
           half
           yearly
           ,
           there
           is
           re●●●●ed
           26
           l.
           to
           be
           employed
           in
           the
           Payment
           of
           it
           in
           ●ne
           entire
           Sum.
           (
           if
           it
           ●e
           paid
           well
           ,
           and
           if
           it
           be
           not
           paid
           well
           ,
           〈◊〉
           ●●nt
           of
           so
           〈◊〉
           Money
           to
           be
           spared
           to
           that
           purpose
           ,
           there
           is
           so
           much
           want
           of
           
           Money
           ,
           and
           Trade
           is
           still
           endamag'd
           by
           it
           )
           a
           great
           part
           whereof
           must
           necessarily
           lie
           still
           before
           it
           come
           out
           of
           my
           Tenants
           Chest
           to
           my
           Hands
           :
           If
           it
           be
           paid
           once
           a
           Quarter
           13
           l.
           alone
           will
           do
           it
           ,
           and
           less
           Money
           is
           laid
           up
           for
           it
           ,
           and
           stop'd
           a
           less
           while
           in
           its
           course
           ;
           But
           should
           it
           be
           paid
           every
           Week
           ,
           one
           single
           20
           s.
           will
           pay
           the
           Rent
           of
           52
           
             l.
             per
             Annum
          
           ,
           whence
           would
           follow
           this
           double
           benefit
           ;
           First
           ,
           that
           a
           great
           deal
           less
           Money
           would
           serve
           for
           the
           Trade
           of
           a
           Country
           ;
           And
           Secondly
           ,
           That
           less
           of
           the
           Money
           would
           lie
           still
           ,
           the
           contrary
           whereof
           must
           needs
           happen
           where
           growing
           Debts
           are
           to
           be
           paid
           at
           larger
           distances
           ,
           and
           in
           greater
           Sums
           .
        
         
           Thirdly
           ,
           As
           for
           the
           Brokers
           ,
           since
           they
           too
           must
           lay
           up
           the
           Money
           coming
           in
           by
           Retail
           ,
           either
           to
           go
           to
           Market
           ,
           and
           buy
           Wares
           ,
           or
           to
           pay
           at
           the
           day
           appointed
           ,
           which
           is
           often
           Six
           Months
           ;
           for
           those
           Wares
           they
           have
           already
           ,
           we
           cannot
           suppose
           them
           to
           have
           less
           by
           them
           ,
           one
           with
           another
           ,
           than
           One
           Twentieth
           part
           of
           their
           yearly
           Returns
           ,
           whether
           the
           Money
           be
           their
           own
           ,
           or
           they
           be
           Indebted
           so
           much
           or
           more
           it
           matters
           not
           ,
           if
           it
           be
           nece●sary
           they
           should
           have
           constantly
           by
           them
           ,
           comparing
           one
           time
           with
           another
           ,
           at
           least
           One
           Twentieth
           part
           of
           their
           yearly
           Return
           :
           Indeed
           in
           some
           great
           Towns
           ,
           where
           
           the
           Bankers
           are
           ready
           at
           hand
           to
           buy
           Bills
           ,
           or
           any
           other
           way
           to
           lend
           Money
           ,
           for
           short
           time
           at
           great
           Interest
           ,
           there
           perhaps
           the
           Merchant
           is
           not
           forced
           to
           keep
           so
           much
           Money
           by
           him
           ,
           as
           in
           other
           places
           ,
           where
           they
           have
           not
           such
           a
           Supply
           .
        
         
           But
           if
           you
           consider
           ,
           what
           Money
           to
           do
           this
           must
           necessarily
           be
           constantly
           lodg'd
           in
           the
           Bankers
           Hands
           ;
           to
           which
           ,
           if
           you
           add
           ,
           what
           part
           of
           the
           Money
           of
           a
           Country
           Scholars
           of
           all
           sorts
           ,
           Women
           ,
           Gamesters
           ,
           and
           great
           Mens
           menial
           Servants
           ,
           and
           all
           such
           that
           do
           not
           contribute
           at
           all
           to
           Trade
           ,
           either
           as
           Landholders
           ,
           Labourers
           ,
           or
           Brokers
           ,
           will
           unavoidably
           have
           constantly
           in
           their
           Hands
           ,
           it
           cannot
           well
           be
           thought
           ,
           that
           less
           than
           One
           Fiftieth
           part
           of
           the
           Labourers
           Wages
           ,
           One
           Fourth
           part
           of
           the
           Landholders
           yearly
           Revenue
           ,
           and
           One
           Twentieth
           part
           of
           the
           Brokers
           yearly
           Returns
           in
           ready
           Money
           ,
           will
           be
           enough
           to
           drive
           the
           Trade
           of
           any
           Country
           .
           At
           least
           to
           put
           it
           beyond
           Exception
           low
           enough
           ;
           it
           cannot
           be
           imagin'd
           that
           less
           than
           one
           moiety
           of
           this
           ,
           
             i.
             e.
          
           less
           than
           One
           Hunderd
           part
           of
           the
           Labourers
           yearly
           Wages
           ,
           One
           Eighth
           part
           of
           the
           Landholders
           yearly
           Revenue
           ,
           and
           One
           Fortieth
           part
           of
           the
           Brokers
           yearly
           Returns
           ,
           in
           ready
           Money
           ,
           can
           be
           enough
           to
           move
           the
           several
           Wheels
           of
           Trade
           ,
           and
           keep
           up
           
           Commeree
           in
           that
           Life
           and
           Thriving
           posture
           it
           should
           be
           ;
           And
           how
           much
           the
           ready
           Cash
           of
           any
           Country
           is
           short
           of
           this
           proportion
           ,
           so
           much
           must
           the
           Trade
           be
           impair'd
           and
           hindred
           for
           want
           of
           Money
           ;
           But
           however
           these
           measures
           may
           be
           mistaken
           ,
           this
           is
           evident
           ,
           that
           the
           multiplying
           of
           Brokers
           hinders
           the
           Trade
           of
           any
           Country
           by
           making
           the
           Circulation
           ,
           the
           Money
           goes
           larger
           ,
           and
           in
           that
           Circuit
           more
           stops
           ,
           so
           that
           the
           Returns
           must
           necessarily
           be
           flower
           and
           ●cantier
           ,
           to
           the
           prejudice
           of
           Trade
           :
           Besides
           that
           ,
           they
           Eat
           up
           too
           great
           a
           share
           of
           the
           Gains
           of
           Trade
           ,
           by
           that
           means
           Starving
           the
           Labourer
           ,
           and
           impoverishing
           the
           Landholder
           ,
           whose
           Interest
           is
           chiefly
           to
           be
           taken
           care
           of
           ,
           it
           being
           a
           settled
           unmoveable
           Concernment
           in
           the
           Commonwealth
           ;
           And
           therefore
           it
           would
           be
           convenient
           to
           hinder
           ,
           as
           much
           as
           is
           possible
           ,
           any
           one
           from
           Selling
           any
           of
           our
           Native
           Commodities
           but
           he
           that
           makes
           it
           ;
           Shopkeepers
           in
           this
           being
           worse
           than
           Gamesters
           ;
           for
           they
           do
           not
           only
           keep
           so
           much
           of
           the
           Money
           of
           a
           Country
           constantly
           in
           their
           Hands
           ,
           but
           also
           make
           the
           publick
           pay
           them
           for
           their
           keeping
           of
           it
           ;
           though
           Gaming
           too
           ,
           upon
           the
           account
           of
           Trade
           ,
           (
           as
           well
           as
           other
           Reasons
           )
           may
           well
           deserve
           to
           be
           restrain'd
           ,
           since
           Gamesters
           ,
           in
           order
           to
           their
           Play
           ,
           keep
           great
           
           Sums
           of
           Money
           by
           them
           ,
           which
           there
           lies
           Dead
           ;
           for
           though
           Gamesters
           Money
           shift
           Masters
           oftner
           than
           any
           ,
           and
           is
           tumbled
           up
           and
           down
           with
           every
           cast
           of
           a
           Die
           ,
           yet
           as
           to
           the
           publick
           lies
           perfectly
           still
           ,
           and
           no
           more
           of
           it
           comes
           into
           Trade
           than
           they
           spend
           in
           Lating
           or
           Wearing
           .
        
         
           Here
           too
           we
           may
           observe
           ,
           how
           much
           Manufacture
           deserves
           to
           be
           incourag'd
           ,
           since
           that
           part
           of
           Trade
           ,
           though
           the
           most
           considerable
           ,
           is
           driven
           with
           the
           least
           Money
           ,
           especially
           if
           the
           Workmanship
           be
           more
           worth
           than
           the
           Materials
           ;
           For
           to
           the
           Trade
           that
           is
           driven
           by
           Labour
           and
           Handicrafts
           Men
           ,
           One
           two
           and
           fiftieth
           part
           of
           the
           yearly
           Money
           paid
           them
           will
           be
           sufficient
           ;
           but
           to
           a
           Trade
           of
           Commodities
           of
           our
           bare
           Native
           growth
           ,
           much
           greater
           proportion
           of
           Money
           is
           requir'd
           .
        
         
           Perhaps
           it
           will
           be
           wondered
           ,
           why
           having
           given
           some
           estimate
           (
           how
           wide
           I
           know
           not
           )
           of
           the
           Money
           necessary
           in
           the
           Hands
           of
           the
           Landholder
           ,
           Labourer
           ,
           and
           Br●ker
           ,
           to
           carry
           on
           Trade
           ,
           I
           have
           said
           nothing
           of
           the
           Consumer
           ,
           whom
           I
           had
           mentioned
           before
           ;
           But
           to
           this
           I
           Answer
           ,
           there
           are
           so
           few
           Consumers
           ,
           who
           are
           not
           either
           Labourers
           ,
           Brokers
           ,
           or
           Landholders
           :
           (
           For
           those
           who
           immediately
           depend
           on
           the
           Landholder
           ,
           as
           his
           Children
           and
           Servants
           ,
           come
           in
           under
           that
           Title
           ,
           being
           
           maintained
           by
           the
           Rent
           of
           his
           Land
           ,
           and
           so
           of
           the
           rest
           )
           that
           they
           make
           a
           very
           inconsiderable
           part
           in
           the
           account
           .
        
         
           By
           what
           has
           been
           said
           ,
           we
           may
           see
           what
           Injury
           the
           Lowering
           of
           Interest
           is
           like
           to
           do
           us
           by
           hindering
           Trade
           ,
           when
           it
           shall
           either
           make
           the
           Foreigner
           call
           home
           his
           money
           ,
           or
           your
           own
           People
           backward
           to
           lend
           ,
           the
           Reward
           not
           being
           judged
           proportionable
           to
           the
           risque
           .
        
         
           There
           is
           another
           seeming
           consequence
           ,
           of
           the
           reducing
           of
           Money
           to
           a
           low
           Price
           ,
           which
           at
           first
           sight
           has
           such
           an
           appearance
           of
           truth
           in
           it
           ,
           that
           I
           have
           known
           it
           impose
           upon
           very
           able
           men
           ,
           and
           I
           guess
           has
           no
           small
           Influence
           at
           this
           time
           in
           the
           promoting
           this
           alteration
           a●d
           that
           is
           ,
           that
           the
           lowering
           of
           Interest
           will
           raise
           the
           value
           of
           all
           other
           Things
           in
           proportion
           .
           For
           Money
           being
           the
           C●unter-ballance
           to
           all
           other
           Things
           purchasable
           by
           it
           and
           lying
           ,
           at
           it
           were
           ,
           in
           the
           opposite
           Scale
           of
           Commerce
           ,
           it
           looks
           like
           a
           natural
           Consequence
           ,
           that
           as
           much
           as
           you
           take
           off
           from
           the
           value
           of
           money
           〈◊〉
           much
           you
           add
           to
           the
           price
           of
           other
           Things
           which
           are
           exchanged
           for
           it
           ;
           the
           raising
           of
           the
           price
           of
           any
           thing
           being
           no
           more
           but
           the
           addition
           to
           its
           value
           in
           respect
           of
           money
           ,
           or
           ,
           which
           is
           all
           one
           ,
           lessening
           the
           value
           of
           money
           .
           For
           Example
           :
           Should
           the
           value
           
           of
           Gold
           be
           brought
           down
           to
           that
           of
           Silver
           ,
           100
           Guineas
           would
           purchase
           little
           more
           Corn
           ,
           Wool
           ,
           or
           Land
           ,
           than
           100
           Shillings
           ,
           and
           so
           the
           Value
           of
           Money
           being
           brought
           lower
           ,
           say
           they
           ,
           the
           price
           of
           other
           Things
           will
           rise
           ;
           and
           the
           falling
           of
           Interest
           from
           6
           to
           4
           
             per
             Cent.
          
           is
           taking
           away
           so
           much
           of
           the
           price
           of
           money
           and
           so
           consequently
           the
           lessening
           its
           value
           .
        
         
           The
           mistake
           of
           this
           plausible
           way
           of
           Reasoning
           will
           be
           easily
           discovered
           ,
           when
           we
           consider
           that
           the
           measure
           of
           the
           value
           of
           Money
           ,
           in
           proportion
           to
           any
           thing
           purchasable
           by
           it
           ,
           is
           the
           quantity
           of
           the
           ready
           Money
           we
           have
           in
           Comparison
           with
           the
           quantity
           of
           that
           thing
           and
           its
           Vent
           ;
           (
           which
           vent
           depends
           upon
           its
           Necessity
           or
           Usefulness
           ,
           as
           convenience
           of
           Life
           or
           Opinion
           ,
           guided
           by
           Fansie
           or
           Fashion
           ,
           shall
           determine
           )
           or
           which
           amounts
           to
           the
           same
           thing
           ,
           the
           price
           of
           any
           Commodity
           rises
           or
           falls
           by
           the
           proportion
           of
           the
           number
           of
           Buyers
           and
           
           Sellers
           ●
           whereby
           the
           vent
           comes
           to
           be
           increased
           or
           decreased
           ,
           as
           a
           greater
           part
           of
           the
           Money
           we
           have
           is
           designed
           to
           be
           laid
           out
           by
           several
           People
           ,
           at
           the
           same
           time
           ,
           rather
           in
           one
           thing
           than
           another
           ,
           as
           we
           see
           in
           the
           change
           of
           Fashions
           ;
           This
           rule
           holds
           Universally
           in
           all
           Things
           that
           are
           
           to
           be
           Bought
           and
           Sold
           ,
           bateing
           now
           and
           then
           an
           extravagant
           Phancy
           of
           some
           particular
           Person
           ,
           which
           never
           amounts
           to
           so
           considerable
           a
           part
           of
           Trade
           as
           to
           make
           any
           thing
           in
           the
           account
           worthy
           to
           be
           thought
           an
           Exception
           to
           this
           Rule
           .
        
         
           I
           shall
           begin
           first
           with
           the
           Necessaries
           or
           Conveniencies
           of
           Life
           ,
           and
           the
           Consumable
           Commodities
           subservient
           thereunto
           ;
           and
           shew
           ,
           That
           the
           
             Value
             of
             Money
          
           in
           respect
           of
           those
           depends
           only
           on
           the
           Plenty
           or
           Scarcity
           of
           Money
           in
           proportion
           to
           the
           Plenty
           and
           Scarcity
           of
           those
           things
           ,
           and
           not
           on
           what
           Interest
           shall
           be
           by
           Necessity
           ,
           Law
           or
           Contract
           at
           that
           time
           laid
           on
           the
           borrowing
           of
           Money
           :
           and
           then
           afterwards
           I
           shall
           shew
           that
           the
           same
           holds
           in
           Land.
           
        
         
           There
           is
           nothing
           more
           confirmed
           by
           daily
           Experience
           ,
           than
           that
           Men
           give
           any
           Portion
           of
           Money
           for
           whatsoever
           is
           absolutely
           necessary
           ,
           rather
           than
           go
           without
           it
           :
           And
           in
           such
           things
           ,
           the
           Scarcity
           of
           them
           alone
           makes
           their
           Prices
           .
           As
           for
           example
           :
           Let
           us
           suppose
           1
           /
           ●
           Ounce
           of
           Silver
           ,
           or
           half
           a
           Crown
           now
           in
           England
           ,
           is
           worth
           a
           Bushel
           of
           Wheat
           ;
           but
           should
           there
           be
           next
           year
           a
           great
           scarcity
           of
           Wheat
           in
           England
           ,
           and
           a
           proportionab●e
           want
           of
           all
           other
           Food
           ,
           five
           Ounces
           of
           Siver
           would
           perhaps
           in
           Exchange
           purchase
           
           but
           one
           Bushel
           of
           Wheat
           ,
           so
           that
           Money
           would
           be
           then
           9
           /
           10
           less
           worth
           in
           respect
           o●
           Food
           ,
           though
           at
           the
           same
           value
           it
           was
           before
           ,
           in
           respect
           of
           other
           Things
           that
           kept
           their
           former
           proportion
           in
           their
           Quantity
           and
           Consumption
           .
           By
           the
           like
           proportions
           of
           Increase
           and
           Decrease
           ,
           does
           the
           value
           of
           Things
           more
           or
           less
           convenient
           rise
           and
           fall
           in
           respect
           of
           Money
           ,
           only
           with
           this
           difference
           ,
           that
           things
           absolutely
           necessary
           for
           Life
           must
           be
           had
           at
           any
           Rate
           ;
           but
           Things
           convenient
           will
           be
           had
           only
           as
           they
           stand
           in
           preference
           with
           other
           Conveniencies
           ;
           and
           therefore
           in
           any
           one
           of
           these
           Commodities
           ,
           the
           value
           rises
           only
           as
           its
           quantity
           is
           less
           ,
           and
           vent
           greater
           ,
           which
           depends
           upon
           its
           being
           p●eferr'd
           to
           other
           Things
           in
           its
           Consumption
           ;
           For
           supposing
           that
           at
           the
           same
           time
           that
           there
           is
           a
           g●●at
           scarcity
           of
           Wh●●t
           ,
           and
           other
           Grain
           ,
           there
           were
           a
           considerable
           quantity
           of
           O●●s
           ,
           Men
           no
           question
           would
           give
           far
           more
           for
           Wheat
           than
           Oats
           ,
           as
           being
           the
           healthier
           ,
           pleasanter
           ,
           and
           more
           convenient
           Food
           ;
           but
           since
           Oats
           would
           serve
           to
           supply
           that
           absolute
           necessity
           of
           sustaining
           Life
           ,
           Men
           would
           not
           rob
           themselves
           of
           all
           other
           Conveniencies
           of
           Life
           ,
           by
           paying
           all
           their
           Money
           for
           Wheat
           ,
           when
           Oats
           that
           are
           cheaper
           ,
           though
           with
           some
           inconvenience
           ,
           would
           
           supply
           that
           Defect
           .
           It
           may
           then
           so
           happen
           at
           the
           same
           time
           ,
           that
           half
           an
           Ounce
           of
           Silver
           ,
           that
           the
           year
           before
           would
           buy
           one
           Bushel
           of
           Wheat
           ,
           will
           this
           year
           buy
           but
           1
           /
           10
           of
           a
           Bushel
           :
           Half
           an
           ounce
           of
           Silver
           ,
           that
           the
           year
           before
           would
           have
           bought
           three
           Bushels
           of
           Oats
           ,
           will
           this
           year
           still
           buy
           one
           Bushel
           ;
           and
           at
           the
           same
           time
           half
           an
           Ounce
           of
           Silver
           ,
           that
           would
           the
           year
           before
           have
           bought
           15
           pounds
           of
           Lead
           ,
           will
           still
           buy
           the
           same
           quantity
           .
           So
           that
           at
           the
           same
           time
           Silver
           ,
           in
           respect
           of
           Wheat
           ,
           is
           9
           /
           10
           less
           worth
           than
           it
           was
           ,
           in
           respect
           of
           Oats
           ⅔
           less
           worth
           ,
           and
           in
           respect
           of
           Lead
           ,
           as
           much
           worth
           as
           before
           .
        
         
           The
           fall
           therefore
           or
           rise
           of
           Interest
           ,
           making
           neither
           more
           or
           less
           Land
           ,
           Money
           ,
           or
           any
           sort
           of
           Commodity
           in
           England
           ,
           than
           there
           was
           before
           ;
           immediately
           by
           its
           change
           alters
           not
           at
           all
           the
           Value
           of
           Money
           ,
           in
           reference
           to
           Commodities
           ;
           because
           the
           measure
           of
           that
           is
           only
           the
           Quantity
           and
           Vent
           which
           are
           not
           immediately
           chang'd
           by
           the
           Change
           of
           Interest
           ,
           but
           only
           as
           the
           Change
           of
           Interest
           in
           Trade
           conduces
           to
           the
           bringing
           in
           or
           carrying
           out
           Money
           or
           Commodity
           ,
           and
           so
           in
           time
           varying
           their
           Proportion
           here
           in
           England
           from
           what
           it
           was
           before
           ,
           which
           is
           not
           in
           this
           place
           to
           be
           considered
           .
        
         
         
           This
           is
           perfectly
           the
           
             Value
             of
             Money
             in
             respect
             of
             Consumable
             Commodities
             :
          
           But
           the
           better
           to
           understand
           it
           in
           its
           full
           latitude
           ,
           in
           respect
           both
           of
           consumable
           Commodities
           ,
           and
           Land
           too
           ,
           we
           must
           consider
           ,
           First
           ,
           That
           the
           
             Value
             of
             Land
          
           consists
           in
           this
           ,
           That
           by
           its
           constant
           production
           of
           saleable
           Commodities
           it
           brings
           in
           a
           certain
           yearly
           Income
           .
           Secondly
           ,
           the
           
             Value
             of
             Commodities
          
           consists
           in
           this
           ,
           That
           as
           portable
           and
           useful
           things
           ,
           they
           ,
           by
           their
           Exchange
           or
           Consumption
           ,
           supply
           the
           Necessaries
           or
           Conveniencies
           of
           Life
           .
           Thirdly
           ,
           In
           M●r●y
           there
           is
           a
           double
           Value
           ,
           answering
           to
           both
           of
           these
           first
           ,
           as
           it
           is
           capable
           by
           its
           Interest
           to
           yield
           us
           such
           an
           yearly
           Income
           ;
           and
           in
           this
           it
           has
           the
           Nature
           of
           Land
           ,
           the
           Income
           of
           one
           being
           called
           Ren●
           ,
           of
           the
           other
           ,
           Use
           ;
           only
           with
           this
           difference
           ,
           That
           the
           Land
           in
           its
           Soil
           being
           different
           ,
           as
           some
           fertile
           ,
           some
           barren
           ,
           and
           the
           Products
           of
           it
           very
           various
           ,
           both
           in
           their
           Sorts
           ,
           and
           Value
           too
           ,
           according
           as
           their
           Quantity
           and
           Vent
           ,
           varies
           ;
           but
           Money●
           constantly
           the
           same
           ,
           and
           by
           its
           Interest
           giving
           the
           same
           sort
           of
           Product
           through
           the
           whole
           Country
           ,
           is
           capable
           of
           having
           a
           sixed
           yearly
           Rate
           set
           upon
           it
           by
           the
           Magistrate
           ;
           but
           ●and
           is
           not
           .
           But
           though
           in
           the
           Uniformity
           of
           its
           legal
           Worth
           ,
           100
           l.
           of
           lawful
           
           Money
           being
           all
           through
           England
           equal
           in
           its
           current
           Value
           to
           any
           other
           100
           l.
           of
           lawful
           Money
           ,
           (
           because
           by
           vertue
           of
           the
           Law
           it
           will
           every
           where
           pass
           for
           as
           much
           Ware
           or
           Debt
           ,
           as
           any
           other
           hundred
           pounds
           )
           is
           capable
           to
           have
           its
           yearly
           Hire
           valued
           better
           than
           Land
           :
           yet
           in
           respect
           of
           the
           varying
           need
           ,
           and
           necessity
           of
           Money
           ,
           (
           which
           changes
           with
           the
           encrease
           or
           decay
           of
           Money
           or
           Trade
           in
           a
           Country
           )
           it
           is
           as
           little
           capable
           to
           have
           its
           yearly
           Hire
           fixed
           by
           Law
           ,
           as
           Land
           it self
           .
           For
           were
           all
           the
           Land
           in
           Rumney-Marsh
           ,
           Acre
           for
           Acre
           ,
           equally
           good
           ,
           that
           is
           ,
           did
           constantly
           produce
           the
           same
           quantity
           of
           equally
           good
           Hay
           or
           Grass
           ,
           one
           as
           another
           ,
           the
           Rent
           of
           it
           ,
           under
           that
           Consideration
           of
           every
           Acre
           being
           of
           an
           equal
           Worth
           ,
           would
           be
           capable
           of
           being
           regulated
           by
           Law
           ;
           and
           one
           might
           as
           well
           Enact
           ,
           That
           no
           Acre
           of
           Land
           in
           Rumney-Marsh
           shall
           be
           let
           for
           above
           40
           
             s.
             per
             An.
          
           as
           that
           no
           100
           l.
           shall
           be
           let
           for
           above
           4
           
             l.
             per
             An.
          
           But
           no
           body
           can
           think
           it
           fit
           (
           since
           by
           reason
           of
           the
           equal
           Value
           of
           that
           Land
           it
           can
           )
           that
           therefore
           the
           Rent
           of
           the
           Land
           in
           Rumney-Marsh
           should
           be
           Regulated
           by
           Law.
           For
           supposing
           all
           the
           Land
           in
           Rumney-Marsh
           ,
           or
           in
           England
           ,
           were
           all
           of
           so
           equal
           a
           Worth
           ,
           that
           any
           one
           
           Acre
           ,
           compar'd
           at
           the
           same
           time
           to
           any
           one
           other
           ,
           were
           equally
           good
           in
           respect
           of
           its
           Product
           ,
           yet
           the
           same
           Acre
           ,
           compar'd
           with
           it self
           in
           different
           times
           ,
           would
           not
           in
           respect
           of
           Rent
           be
           of
           equal
           Value
           ;
           And
           therefore
           it
           would
           have
           been
           an
           unreasonable
           thing
           ,
           if
           in
           the
           time
           of
           
           Henry
           ●
           the
           Rent
           of
           Land
           in
           Rumney-Marsh
           had
           been
           settled
           by
           a
           Law
           ,
           according
           to
           the
           judg'd
           Value
           of
           it
           at
           that
           time
           ,
           and
           the
           same
           Law
           ,
           limiting
           the
           Rent
           perhaps
           to
           5
           
             s.
             per
          
           Acre
           ,
           have
           continued
           still
           .
           The
           Absurdity
           and
           Impracticableness
           of
           this
           every
           one
           sees
           at
           the
           first
           Proposal
           ,
           and
           readily
           concludes
           within
           himself
           ,
           That
           things
           must
           be
           left
           to
           find
           their
           own
           Price●
           and
           it
           is
           impossible
           in
           this
           their
           constan●
           mutability
           for
           human
           Foresight
           to
           se●
           Rules
           and
           Bounds
           to
           th●
           constantly-varying
           Proportion
           and
           Use
           ,
           which
           will
           alway●
           regulate
           their
           Value
           .
        
         
           They
           who
           consider
           things
           beyond
           their
           Names
           ,
           will
           find
           ,
           That
           Money
           ,
           as
           well
           as
           all
           other
           Commodities
           ,
           is
           liable
           to
           the
           same
           Changes
           and
           Inequalities
           :
           Nay
           in
           this
           respect
           of
           the
           Variety
           of
           its
           Value
           brought
           in
           by
           time
           in
           the
           Succession
           of
           Affairs
           ,
           the
           Rate
           of
           Money
           is
           less
           capable
           of
           being
           regulated
           by
           a
           Law
           in
           any
           Country
           than
           the
           Rent
           of
           Land
           ;
           because
           of
           the
           quick
           Changes
           that
           happen
           in
           Trade
           
           this
           too
           must
           be
           added
           ,
           That
           Money
           may
           be
           brought
           in
           or
           carried
           out
           of
           the
           Kingdom
           ,
           which
           Land
           cannot
           ;
           and
           so
           that
           be
           truly
           worth
           6
           or
           8
           
             per
             Cent.
          
           this
           year
           ,
           which
           would
           yield
           but
           4
           the
           last
           .
        
         
           2.
           
           Money
           has
           a
           Value
           ,
           as
           it
           is
           capable
           by
           Exchange
           to
           procure
           us
           the
           Necessaries
           or
           Conveniencies
           of
           Life
           ;
           and
           in
           this
           it
           has
           the
           Nature
           of
           a
           Commodity
           ,
           only
           with
           this
           difference
           ,
           That
           it
           serves
           us
           commonly
           by
           its
           Exchange
           ,
           never
           almost
           by
           its
           Consumption
           ;
           but
           has
           not
           at
           all
           a
           more
           standing
           settled
           Value
           in
           Exchange
           with
           any
           other
           thing
           ,
           than
           any
           other
           Commodity
           has
           ,
           but
           a
           more
           known
           one
           ,
           and
           better
           sixed
           by
           Name
           ,
           Number
           and
           Weight
           ,
           to
           enable
           us
           to
           reckon
           what
           the
           Proportion
           of
           Scarcity
           and
           Vent
           of
           one
           Commodity
           is
           to
           another
           .
           For
           supposing
           ,
           as
           before
           ,
           that
           half
           an
           Ounce
           of
           Silver
           would
           last
           year
           exchange
           for
           one
           Bushel
           of
           Wheat
           ,
           or
           for
           15
           l.
           weight
           of
           Lead
           ;
           if
           this
           year
           Wheat
           be
           10
           times
           scarcer
           ,
           and
           Lead
           in
           the
           same
           quantity
           to
           its
           Vent
           as
           it
           was
           ,
           is
           it
           not
           evident
           that
           half
           an
           Ounce
           of
           Silver
           will
           still
           exchange
           for
           15
           l.
           of
           Lead
           ,
           though
           it
           will
           exchange
           but
           for
           One
           Tenth
           of
           a
           Bushel
           of
           Wheat
           ;
           and
           he
           that
           has
           use
           of
           Lead
           will
           as
           soon
           take
           15
           l.
           weight
           of
           Lead
           ,
           as
           ●
           Ounce
           of
           Silver
           ,
           for
           One
           Tenth
           of
           
           a
           Bushel
           of
           Wheat
           ,
           and
           no
           more
           ;
           so
           that
           if
           you
           say
           that
           Money
           now
           is
           9
           /
           10
           less
           worth
           than
           it
           was
           the
           former
           year
           ,
           you
           must
           say
           so
           of
           Lead
           too
           ,
           and
           all
           other
           things
           that
           keep
           the
           same
           Proportion
           to
           Money
           they
           were
           in
           before
           ;
           only
           this
           Variation
           is
           first
           observed
           in
           Money
           ,
           because
           it
           is
           the
           measure
           by
           which
           People
           reckon
           .
           For
           calling
           that
           half
           Ounce
           of
           Silver
           Half
           a
           Crown
           ,
           they
           are
           understood
           better
           when
           they
           say
           ,
           Half
           a
           Crown
           ,
           or
           two
           Shilling●
           and
           six
           pence
           ,
           will
           now
           but
           1
           /
           10
           of
           a
           Bushel
           of
           Wheat
           ,
           but
           do
           not
           say
           ,
           that
           15
           l.
           of
           Lead
           will
           now
           but
           1
           /
           10
           of
           a
           Bushe●
           of
           Wheat
           ,
           because
           it
           is
           not
           generally
           used
           to
           this
           sort
           of
           Reckoning
           ;
           nor
           do
           the●
           say
           Lead
           is
           less
           worth
           than
           it
           was
           ,
           though
           in
           respect
           of
           Wheat
           Lead
           be
           〈…〉
           worse
           than
           it
           was
           ,
           as
           well
           as
           Silver
           ;
           only
           by
           the
           Tale
           of
           Shillings
           we
           are
           better
           enabled
           to
           judge
           of
           it
           .
        
         
           This
           I
           suppose
           is
           the
           true
           
             Value
             of
             M●●ney
          
           when
           it
           passes
           from
           one
           to
           anothe●
           in
           buying
           and
           selling
           ;
           where
           it
           runs
           the
           same
           Changes
           of
           higher
           and
           lower
           ,
           as
           an●
           other
           Commodity
           doth
           ;
           for
           one
           equ●●
           quantity
           whereof
           you
           shall
           receive
           more
           or
           less
           of
           another
           Commodity
           at
           on●
           time
           than
           you
           do
           at
           another
           in
           exchange
           For
           a
           Farmer
           that
           carries
           a
           Bushel
           ●
           Wheat
           to
           Market
           ,
           and
           a
           Labourer
           th●●
           
           carries
           Half
           a
           Crown
           ,
           shall
           find
           that
           the
           Money
           of
           one
           ,
           as
           well
           as
           Corn
           of
           the
           other
           ,
           shall
           at
           some
           times
           purchase
           him
           more
           or
           less
           Leather
           or
           Salt
           ,
           according
           as
           they
           are
           in
           greater
           Plenty
           and
           Scarcity
           one
           to
           another
           .
           So
           that
           in
           Exchange
           of
           coin'd
           Silver
           for
           any
           other
           Commodity
           ,
           which
           is
           buying
           and
           selling
           ,
           the
           same
           measure
           governs
           the
           Proportion
           you
           receive
           ,
           as
           if
           you
           exchang'd
           Lead
           or
           Wheat
           ,
           or
           any
           other
           Commodity
           ,
           which
           is
           nothing
           else
           but
           their
           Quantity
           in
           Proportion
           to
           their
           vent
           .
           If
           then
           change
           of
           Use
           makes
           not
           your
           Silver
           more
           
             in
             Sp●ci●
          
           ,
           or
           your
           Wheat
           or
           other
           Commodities
           less
           ,
           it
           will
           not
           have
           any
           Influence
           at
           all
           to
           make
           it
           exchange
           for
           less
           of
           Wheat
           ,
           or
           any
           other
           Commodity
           ,
           than
           it
           will
           have
           on
           lead
           ,
           to
           make
           it
           exchange
           for
           less
           Wheat
           ,
           or
           any
           other
           Commodity
           .
        
         
           Money
           therefore
           in
           buying
           and
           selling
           being
           perfectly
           in
           the
           same
           Condition
           with
           other
           Commodities
           ,
           and
           subject
           to
           all
           the
           same
           Laws
           of
           Value
           ,
           let
           us
           next
           see
           how
           it
           comes
           to
           be
           
             of
             the
             same
             Nature
             with
             Land
             ,
          
           by
           yielding
           a
           certain
           yearly
           Income
           ,
           which
           we
           call
           Use
           or
           Interest
           .
           For
           Land
           produces
           naturally
           something
           new
           and
           profitable
           ,
           and
           of
           Value
           to
           Mankind
           ;
           but
           Money
           is
           a
           barren
           thing
           ,
           and
           produces
           nothing
           ,
           but
           by
           
           Compact
           transfers
           that
           Profit
           that
           was
           the
           Reward
           of
           one
           man's
           Labour
           into
           another
           man's
           Pocket
           .
           That
           which
           occasions
           this
           ,
           is
           the
           
             unequal
             Distribution
          
           of
           Money
           ;
           which
           Inequality
           has
           the
           same
           effect
           too
           upon
           Land
           that
           it
           has
           upon
           Money
           .
           For
           my
           having
           more
           Money
           in
           my
           hand
           than
           I
           can
           ,
           or
           am
           dispos'd
           to
           use
           in
           buying
           and
           selling
           ,
           makes
           me
           able
           to
           lend
           ;
           and
           another's
           want
           of
           so
           much
           Money
           as
           he
           could
           employ
           in
           Trade
           ,
           makes
           him
           willing
           to
           borrow
           .
           But
           why
           then
           ,
           and
           for
           what
           Consideration
           doth
           he
           pay
           Use
           ?
           For
           the
           same
           Reason
           ,
           and
           upon
           as
           good
           Consideration
           ,
           as
           the
           Tenant
           pays
           Rent
           for
           your
           Land.
           For
           as
           the
           unequal
           Distribution
           of
           Land
           ,
           (
           you
           having
           more
           than
           you
           can
           or
           will
           manure
           ,
           and
           another
           less
           )
           brings
           you
           a
           Tenant
           for
           your
           Land
           ;
           and
           the
           same
           unequal
           Distribution
           of
           Money
           ,
           (
           I
           having
           more
           than
           I
           can
           or
           will
           employ
           ,
           and
           another
           less
           )
           brings
           me
           a
           Tenant
           for
           my
           Money
           :
           So
           my
           Money
           is
           apt
           in
           Trade
           ,
           by
           the
           Industry
           of
           the
           Borrower
           ,
           to
           produce
           more
           than
           6
           
             per
             Cent.
          
           to
           the
           Borrower
           ,
           as
           well
           a●
           your
           Land
           ,
           by
           the
           Labour
           of
           the
           Tenant
           ,
           is
           apt
           to
           produce
           more
           Fruits
           than
           his
           Rent
           comes
           to
           ;
           and
           therefore
           deserves
           to
           be
           paid
           for
           ,
           as
           well
           as
           Land
           ,
           by
           an
           yearly
           Rent
           .
           For
           though
           the
           Usurer's
           
           Money
           would
           bring
           in
           no
           yearly
           profit
           ,
           if
           he
           did
           not
           lend
           it
           ,
           (
           suppo●ing
           he
           employ
           it
           not
           himself
           )
           and
           so
           his
           Six
           
             per
             Cent.
          
           may
           seem
           to
           be
           the
           Fruit
           of
           another
           Mans
           Labour
           ,
           yet
           he
           shares
           not
           near
           so
           much
           of
           the
           profit
           of
           anothers
           Mans
           Labour
           ,
           as
           he
           that
           lets
           Land
           to
           a
           Tenant
           ;
           for
           without
           the
           Tenants
           Industry
           (
           supposing
           as
           before
           ,
           the
           owner
           would
           not
           manage
           it
           himself
           )
           his
           Land
           would
           yield
           him
           little
           or
           no
           Profit
           ;
           so
           that
           the
           Rent
           he
           receives
           is
           a
           greater
           Portion
           of
           the
           Fruit
           of
           his
           Tenants
           Labour
           than
           the
           Use
           is
           at
           6
           
             per
             Cent
          
           ,
           for
           generally
           he
           that
           Borrows
           1000
           l.
           at
           Six
           
             per
             Cent.
          
           and
           so
           pays
           60
           
             l.
             per
             A●num
             Use
          
           ,
           gets
           more
           above
           his
           Use
           in
           one
           year
           ,
           by
           his
           Industry
           ,
           than
           he
           that
           Rents
           a
           Farm
           of
           60
           
             l.
             per
             Annum
          
           gets
           in
           two
           above
           his
           Rent
           ,
           though
           his
           Labour
           be
           harder
           .
        
         
           It
           being
           evident
           therefore
           that
           he
           that
           has
           skill
           in
           Traffick
           ,
           but
           has
           not
           Money
           enough
           to
           Exercise
           it
           ,
           has
           not
           only
           reason
           to
           Borrow
           Money
           to
           drive
           his
           Trade
           ,
           and
           get
           a
           livelyhood
           ,
           but
           as
           much
           Reason
           to
           pay
           Use
           for
           that
           Money
           ,
           as
           he
           that
           not
           having
           Land
           of
           his
           own
           ,
           yet
           has
           Skill
           in
           Husbandry
           ,
           has
           not
           only
           reason
           to
           Rent
           Land
           ,
           but
           to
           pay
           Money
           for
           the
           Use
           of
           it
           ;
           It
           follows
           ,
           that
           Borrowing
           Money
           upon
           Use
           is
           not
           only
           by
           the
           necessity
           of
           Affairs
           ,
           and
           the
           Constitution
           of
           humane
           
           Society●
           unavoidable
           to
           some
           Men
           ,
           but
           that
           also
           to
           receive
           Profit
           for
           the
           Loan
           of
           Money
           ,
           is
           as
           equitable
           and
           lawful
           ,
           as
           receiving
           Rent
           for
           Land
           ,
           and
           more
           tolerable
           to
           the
           Borrower
           ,
           notwithstanding
           the
           Opinion
           of
           some
           over-scrupulous
           Men.
           
        
         
           This
           being
           so
           ,
           one
           would
           expect
           ,
           that
           the
           rate
           of
           Interest
           should
           be
           the
           Measure
           of
           the
           value
           of
           Land
           in
           number
           of
           years
           Purchase
           ,
           for
           which
           the
           Fee
           is
           Sold
           ;
           For
           100
           
             l.
             per
             Annum
          
           being
           equal
           to
           100
           
             l.
             per
             Annum
          
           ,
           and
           so
           to
           perpetuity
           .
        
         
           
             and
             100
             
               l.
               per
               Annum
            
             being
             the
             Product●
          
           
             of
             1000
             l.
             when
             Interest
             is
             at
             10
             
               per
               Cent.
            
             
          
           
             of
             1250
             l.
             when
             Interest
             is
             at
             8
             
               per
               Cent.
            
             
          
           
             of
             1666
             l.
             or
             thereabouts
             ,
             when
             Interest
             is
             at
             6
             
               per
               Cent.
            
             
          
           
             of
             2000
             l.
             when
             Money
             is
             at
             5
             
               per
               Cent.
            
             
          
           
             of
             2500
             l.
             when
             Money
             is
             at
             4
             
               per
               Cent.
            
             
          
        
         
           One
           would
           conclude
           ,
           I
           say
           ,
           that
           Land
           should
           Sell
           in
           proportion
           to
           Use
           ,
           according
           to
           these
           following
           Rates
           ,
           viz.
           
        
         
           
             When
             Money
             is
             at
             10
             
               per
               Cent.
            
             for
             10
             years
             purchase
             .
          
           
             When
             Money
             is
             at
             8
             
               per
               Cent.
            
             for
             12
             1
             /
             ●
             years
             purchase
             .
          
           
             When
             Money
             is
             at
             6
             
               per
               Cent.
            
             for
             16
             ●
             /
             ●
             years
             purchase
             .
          
           
             When
             Money
             is
             at
             5
             
               per
               Cent.
            
             for
             20
             years
             purchase
             .
          
           
             When
             Money
             is
             at
             4
             
               per
               Cent.
            
             for
             25
             years
             purchase
             .
          
        
         
           But
           Experience
           tells
           us
           ,
           that
           neither
           in
           Queen
           Elizabeth
           ,
           nor
           King
           Iames
           the
           First
           Reigns
           ,
           when
           Interest
           was
           at
           Ten
           
           
             per
             Cent.
          
           was
           Land
           Sold
           for
           Ten
           ;
           or
           when
           it
           was
           at
           Eighth
           
             per
             Cent
          
           ,
           for
           12
           ½
           years
           purchase
           ,
           or
           any
           thing
           near
           the
           low
           rate
           that
           high
           Use
           requir'd
           (
           if
           it
           were
           true
           ,
           that
           the
           rate
           of
           Interest
           govern'd
           the
           price
           of
           Land
           )
           any
           more
           than
           Land
           ,
           now
           yields
           25
           years
           purchase
           ,
           because
           a
           great
           part
           of
           the
           Monied
           Men
           will
           now
           lett
           their
           Money
           upon
           good
           Security
           at
           Four
           
             per
             Cent.
          
           Thus
           we
           see
           in
           fact
           how
           little
           this
           Rule
           has
           held
           at
           home
           ;
           and
           he
           that
           will
           look
           into
           Holland
           ,
           will
           find
           that
           the
           Purchase
           of
           Land
           was
           not
           raised
           there
           when
           their
           Interest
           fell
           .
           This
           is
           certain
           ,
           and
           past
           doubt
           ,
           that
           the
           legal
           Interest
           can
           never
           regulate
           the
           price
           of
           Land
           ,
           since
           it
           is
           plain
           ,
           that
           the
           price
           of
           Land
           has
           never
           changed
           with
           it
           in
           the
           several
           Changes
           have
           been
           made
           in
           the
           rate
           of
           Interest
           by
           Law
           ,
           nor
           now
           that
           the
           rate
           of
           Interest
           is
           by
           Law
           the
           same
           through
           all
           England
           ,
           is
           the
           price
           of
           Land
           every
           where
           the
           same
           ,
           it
           being
           in
           some
           parts
           constantly
           sold
           for
           4
           or
           5
           years
           Purchase
           more
           than
           in
           others
           .
           Whether
           you
           or
           I
           can
           tell
           the
           Reason
           of
           this
           ,
           it
           matters
           not
           to
           the
           Question
           in
           hand
           ,
           but
           it
           being
           really
           so
           ,
           this
           is
           plain
           Demonstration
           against
           those
           who
           pretend
           to
           advance
           and
           regulate
           the
           price
           of
           Land
           by
           a
           Law
           ,
           concerning
           the
           Interest
           of
           Money
           .
        
         
         
           But
           yet
           I
           will
           give
           you
           some
           of
           my
           Guesses
           ,
           why
           the
           price
           of
           Land
           is
           not
           regulated
           (
           as
           at
           first
           sight
           it
           seems
           it
           should
           be
           )
           by
           the
           Interest
           of
           Money
           .
           Why
           it
           is
           not
           regulated
           by
           the
           
             legal
             Use
          
           is
           manifest
           ,
           because
           the
           rate
           of
           Money
           does
           not
           follow
           the
           Standard
           of
           the
           Law
           ,
           but
           the
           price
           of
           the
           Market
           ;
           and
           Men
           not
           observing
           the
           legal
           and
           forced
           ,
           but
           the
           Natural
           and
           Current
           Interest
           of
           Money
           ,
           regulate
           their
           Affairs
           by
           that
           ;
           But
           why
           the
           rate
           of
           Land
           does
           not
           follow
           the
           Current
           Interest
           of
           Money
           requires
           a
           farther
           Consideration
           .
        
         
           All
           Things
           that
           are
           Bought
           and
           Sold
           ,
           raise
           and
           fall
           their
           price
           in
           proportion
           ,
           as
           there
           are
           more
           Buyers
           or
           Sellers
           :
           Where
           are
           a
           great
           many
           Sellers
           to
           a
           few
           Buyers
           ,
           there
           use
           what
           Art
           you
           will
           ,
           the
           thing
           to
           be
           Sold
           will
           be
           cheap
           ;
           on
           the
           other
           side
           ,
           turn
           the
           Tables
           ,
           and
           raise
           up
           a
           great
           many
           Buyers
           for
           a
           few
           Sellers
           ,
           and
           the
           same
           thing
           will
           immediately
           grow
           dear
           ;
           this
           Rule
           holds
           in
           Land
           as
           well
           as
           all
           other
           Commodities
           ,
           and
           is
           the
           Reason
           ,
           why
           in
           England
           at
           the
           same
           time
           ,
           that
           Land
           in
           some
           places
           is
           at
           seventeen
           or
           eighteen
           years
           purchase
           ,
           it
           is
           about
           others
           ,
           where
           there
           are
           pro●itable
           Manu●actures
           at
           two
           or
           three
           and
           twenty
           years
           Purchase
           ;
           because
           there
           (
           Men
           thriving
           and
           getting
           Money
           by
           their
           Industry
           ,
           and
           willing
           to
           leave
           
           their
           Estates
           to
           their
           Children
           in
           Land
           ,
           as
           the
           surest
           ,
           and
           most
           lasting
           Provision
           ,
           and
           not
           so
           liable
           to
           Casualties
           as
           Money
           in
           untrading
           or
           unskillful
           Hands
           )
           there
           are
           many
           Buyers
           ready
           always
           to
           Purchase
           ,
           but
           few
           Sellers
           ,
           for
           the
           Land
           thereabout
           being
           already
           possessed
           by
           that
           sort
           of
           Industrious
           and
           Thriving
           Men
           ,
           they
           have
           neither
           need
           ,
           nor
           will
           ,
           to
           sell
           :
           In
           such
           places
           of
           Manufacture
           ,
           the
           Riches
           o●
           the
           one
           not
           arising
           from
           the
           squandring
           and
           waste
           of
           another
           ,
           (
           as
           it
           doth
           in
           other
           places
           where
           Men
           live
           lazily
           upon
           the
           product
           of
           the
           Land
           )
           the
           Industry
           of
           the
           People
           bringing
           in
           increase
           of
           Wealth
           from
           remote
           Parts
           ,
           makes
           plenty
           of
           Money
           there
           without
           the
           impoverishing
           of
           their
           Neighbours
           .
           And
           when
           the
           thriving
           Tradesman
           has
           got
           more
           than
           he
           can
           well
           employ
           in
           Trade
           ,
           his
           next
           Thoughts
           are
           to
           look
           out
           for
           a
           Purchase
           ,
           but
           it
           must
           be
           a
           Purchase
           in
           the
           Neighbourhood
           ,
           where
           the
           Estate
           may
           be
           under
           his
           Eye
           ,
           and
           within
           convenient
           distance
           ,
           that
           the
           Care
           and
           Pleasure
           of
           his
           Farm
           may
           not
           take
           him
           off
           from
           the
           Engagements
           of
           his
           Calling
           ,
           nor
           remove
           his
           Children
           too
           far
           from
           him
           ,
           or
           the
           Trade
           he
           breeds
           them
           up
           in
           ;
           And
           this
           seems
           to
           me
           the
           Reason
           ,
           why
           in
           places
           wherein
           thriving
           Manufactures
           have
           erected
           themselves
           ,
           Land
           
           has
           been
           observed
           to
           Sell
           quicker
           ,
           and
           for
           more
           years
           Purchase
           than
           in
           others
           ,
           as
           about
           Hallifax
           in
           the
           North
           ,
           Taunton
           and
           Exeter
           in
           the
           West
           .
        
         
           This
           is
           that
           then
           which
           makes
           Land
           as
           well
           as
           other
           Things
           dear
           ;
           plenty
           of
           Buyers
           ,
           and
           but
           few
           Sellers
           ;
           and
           so
           by
           the
           Rule
           of
           Contraries
           ,
           plenty
           of
           Sellers
           and
           few
           Buyers
           makes
           
             Land
             cheap
          
           .
        
         
           He
           that
           will
           justly
           estimate
           the
           value
           of
           any
           thing
           ,
           must
           consider
           its
           quantity
           ,
           in
           proportion
           to
           its
           vent
           ,
           for
           this
           alone
           regulates
           the
           Price
           ;
           for
           the
           value
           of
           any
           thing
           ,
           compar'd
           with
           its
           self
           ,
           or
           with
           a
           standing
           Measure
           ,
           is
           greater
           ,
           as
           its
           quantity
           is
           less
           in
           proportion
           to
           its
           vent
           ;
           but
           in
           comparing
           it
           ,
           or
           exchanging
           it
           with
           any
           other
           thing
           ,
           the
           quantity
           and
           vent
           too
           of
           that
           must
           be
           allowed
           for
           in
           the
           computation
           of
           their
           Value
           .
           But
           because
           the
           desire
           of
           Money
           is
           constantly
           ,
           almost
           every
           where
           the
           same
           ,
           its
           vent
           varies
           very
           little
           ;
           but
           as
           its
           greater
           scarcity
           enhanses
           its
           price
           ,
           and
           increases
           the
           scramble
           ,
           there
           being
           nothing
           else
           that
           does
           easily
           supply
           the
           want
           of
           it
           The
           le●sening
           its
           quantity
           ,
           therefore
           ,
           always
           increase●
           its
           Price
           ,
           and
           makes
           an
           equal
           portion
           of
           it
           exchange
           for
           a
           greater
           of
           any
           other
           thing
           .
           Thus
           it
           comes
           to
           pass
           ,
           that
           there
           is
           no
           manner
           of
           settled
           proportion
           between
           
           the
           value
           of
           an
           Ounce
           of
           Silver
           ,
           and
           any
           other
           Commodity
           ;
           for
           either
           varying
           its
           quantity
           in
           that
           Country
           ,
           or
           the
           Commodity
           changing
           its
           quantity
           in
           proportion
           to
           its
           vent
           ,
           their
           respective
           values
           change
           ,
           
             i.
             e.
          
           less
           of
           one
           will
           barter
           for
           more
           of
           the
           other
           ;
           though
           in
           the
           ordinary
           way
           of
           speaking
           ,
           't
           is
           only
           said
           ,
           that
           the
           price
           of
           the
           Commodity
           ,
           not
           of
           the
           Money
           is
           changed
           .
           For
           example
           ,
           half
           an
           Ounce
           of
           Silver
           in
           England
           ,
           will
           exchange
           sometimes
           for
           a
           Bushel
           of
           Wheat
           ,
           sometimes
           for
           ½
           ,
           sometimes
           but
           ¼
           ,
           &c.
           and
           this
           it
           does
           equally
           ,
           whether
           by
           Use
           it
           be
           apt
           to
           bring
           in
           to
           the
           Owner
           6
           /
           100
           of
           its
           own
           Weight
           
             per
             annum
          
           ,
           or
           nothing
           at
           all
           ;
           it
           being
           only
           the
           change
           of
           the
           quantity
           of
           Wheat
           to
           its
           Vent
           ,
           supposing
           we
           have
           still
           the
           same
           Summ
           of
           Money
           in
           the
           Kingdom
           ;
           or
           else
           the
           change
           of
           the
           quantity
           of
           our
           Money
           in
           the
           Kingdom
           ,
           supposing
           the
           quantity
           of
           Wheat
           ,
           in
           respect
           to
           its
           vent
           be
           the
           same
           too
           ,
           that
           makes
           the
           change
           in
           the
           price
           of
           Wheat
           ;
           for
           if
           you
           alter
           the
           quantity
           or
           vent
           on
           either
           side
           ,
           you
           presently
           alter
           the
           Price
           ,
           but
           no
           other
           way
           in
           the
           World.
           
        
         
           For
           it
           is
           not
           the
           Being
           ,
           Adding
           ,
           Increasing
           or
           Diminishing
           of
           any
           good
           quality
           in
           any
           Commodity
           that
           makes
           its
           Price
           greater
           or
           less
           ,
           but
           only
           as
           it
           makes
           
           its
           quantity
           or
           vent
           greater
           or
           less
           ,
           in
           proportion
           one
           to
           another
           .
           This
           will
           easily
           appear
           by
           Two
           or
           Three
           Instances
           .
        
         
           
             1.
             
             The
             Being
             of
             any
             good
             and
             useful
             quality
             in
             any
             thing
             ,
             neither
             increases
             its
             Price
             ,
             nor
             indeed
             makes
             it
             have
             any
             Price
             at
             all
             ,
             but
             only
             as
             it
             lessens
             its
             quantity
             or
             increases
             its
             vent
             ,
             each
             of
             these
             in
             proportion
             to
             one
             another
             .
             What
             more
             useful
             or
             necessary
             things
             are
             there
             to
             the
             Being
             or
             Well-being
             of
             Men
             ,
             than
             Air
             and
             Water
             ,
             and
             yet
             these
             have
             generally
             no
             Price
             at
             all
             ,
             nor
             yield
             any
             Money
             ,
             because
             their
             quantity
             is
             immensly
             greater
             than
             their
             vent
             in
             most
             places
             of
             the
             World
             ;
             but
             ,
             as
             soon
             as
             ever
             Water
             (
             for
             Air
             still
             offers
             its
             self
             every
             where
             ,
             without
             restraint
             or
             inclosure
             ,
             and
             therefore
             is
             no
             where
             of
             any
             Price
             )
             comes
             any
             where
             to
             be
             reduced
             into
             any
             proportion
             to
             its
             consumption
             ,
             it
             begins
             presently
             to
             have
             a
             Price
             ,
             and
             is
             sometimes
             sold
             dearer
             than
             Wine
             ;
             and
             hence
             it
             is
             ,
             that
             the
             best
             and
             most
             useful
             things
             are
             commonly
             the
             cheapest
             ,
             because
             ,
             though
             their
             Consumption
             be
             great
             ,
             yet
             the
             bounty
             of
             Providence
             has
             made
             their
             production
             large
             and
             suitable
             to
             it
             .
          
           
             2.
             
             Nor
             does
             the
             Adding
             an
             excellency
             to
             any
             Commodity
             ,
             raise
             its
             Price
             ,
             unless
             it
             increase
             its
             Consumption
             .
             For
             suppose
             
             there
             should
             be
             taught
             a
             way
             (
             which
             should
             be
             published
             to
             the
             knowledge
             of
             every
             one
             )
             to
             make
             a
             Medicine
             of
             Wheat
             alone
             ,
             that
             should
             infallibly
             Cure
             the
             Stone
             ,
             't
             is
             certain
             the
             discovery
             of
             this
             quality
             in
             that
             Grain
             ,
             would
             give
             it
             an
             excellency
             very
             considerable
             ;
             and
             yet
             this
             would
             not
             increase
             the
             Price
             of
             it
             one
             Farthing
             in
             Twenty
             Bushels
             ,
             because
             its
             quantity
             or
             vent
             would
             not
             hereby
             ,
             to
             any
             sensible
             degree
             ,
             be
             alter'd
             .
          
           
             3.
             
             Neither
             does
             the
             Increasing
             of
             any
             good
             quality
             ,
             in
             any
             sort
             of
             things
             make
             it
             yield
             more
             ;
             for
             though
             Teasels
             be
             much
             better
             this
             Year
             than
             they
             were
             last
             ,
             they
             are
             not
             one
             jot
             dearer
             ,
             unless
             they
             be
             fewer
             too
             ,
             or
             the
             consumption
             of
             them
             greater
             .
          
           
             4.
             
             Nor
             does
             the
             Lessening
             the
             good
             qualities
             of
             any
             sort
             of
             Commodity
             lessen
             its
             Price
             ;
             which
             is
             evident
             in
             Hops
             ,
             that
             are
             usually
             dearest
             those
             Years
             they
             are
             worst
             .
             But
             if
             it
             happen
             to
             be
             a
             Species
             of
             Commodity
             ,
             whose
             defects
             may
             be
             supplyed
             by
             some
             other
             ,
             the
             making
             of
             it
             worse
             does
             lessen
             its
             Price
             ,
             because
             it
             hinders
             its
             Vent
             ;
             for
             if
             Rye
             should
             any
             Year
             prove
             generally
             smutty
             or
             grown
             ,
             no
             question
             it
             would
             yield
             less
             Money
             than
             otherwise
             ,
             because
             the
             deficiency
             of
             that
             might
             be
             ,
             in
             some
             measure
             ,
             made
             
             up
             by
             Wheat
             and
             other
             Grain
             ;
             but
             if
             it
             be
             a
             sort
             of
             Commodity
             whose
             use
             no
             other
             known
             thing
             can
             supply
             ,
             't
             is
             not
             its
             being
             better
             or
             worse
             ,
             but
             its
             quantity
             and
             vent
             is
             that
             alone
             which
             regulates
             and
             determines
             its
             value
             .
          
        
         
           To
           apply
           this
           now
           to
           Money
           as
           capable
           of
           different
           Rates
           of
           Interest
           ,
           considering
           Money
           in
           its
           proper
           use
           ,
           as
           a
           Commodity
           passing
           in
           exchange
           from
           one
           to
           another
           ,
           all
           that
           is
           done
           by
           Interest
           is
           but
           adding
           to
           Money
           by
           agreement
           or
           publick
           Authority
           ,
           which
           Naturally
           it
           hath
           not
           ,
           viz.
           a
           faculty
           of
           increasing
           every
           year
           Six
           
             per
             Cent
          
           ;
           now
           if
           publick
           Authority
           sink
           Use
           to
           Four
           
             per
             Cent.
          
           't
           is
           certain
           it
           diminishes
           this
           good
           quality
           in
           Money
           1
           /
           ●
           but
           yet
           this
           making
           the
           Money
           of
           England
           not
           one
           Farthing
           more
           than
           it
           was
           ,
           it
           alters
           not
           the
           Measures
           upon
           which
           all
           changeable
           Commodities
           increase
           or
           sink
           their
           price
           ,
           and
           so
           makes
           not
           Money
           Exchange
           for
           less
           of
           any
           Commodity
           than
           it
           would
           without
           this
           alteration
           of
           its
           Interest
           ;
           but
           rather
           if
           lessening
           Use
           to
           Four
           
             per
             Cent.
          
           does
           at
           all
           alter
           the
           quantity
           of
           Money
           and
           makes
           it
           less
           ;
           it
           makes
           Money
           as
           it
           has
           the
           Nature
           of
           a
           Commodity
           dearer
           ,
           
             i.
             e.
          
           a
           less
           quantity
           of
           Money
           will
           Exchange
           for
           a
           greater
           quantity
           of
           another
           Commodity
           than
           it
           
           would
           before
           .
           This
           perhaps
           will
           appear
           a
           little
           plainer
           by
           these
           following
           particulars
           .
        
         
           
             1.
             
             That
             the
             Intrinsick
             Natural
             worth
             of
             any
             Thing
             ,
             consists
             in
             this
             ,
             that
             it
             is
             apt
             to
             be
             serviceable
             to
             the
             Necessities
             or
             Conveniencies
             of
             human
             Life
             ,
             and
             it
             is
             Naturally
             more
             worth
             ,
             as
             the
             Necessity
             or
             Conveniency
             it
             supplies
             is
             greater
             ;
             but
             yet
             ,
          
           
             2.
             
             That
             there
             is
             no
             such
             Intrinsick
             Natural
             settled
             value
             in
             any
             Thing
             ,
             as
             to
             make
             any
             assigned
             quantity
             of
             it
             ,
             constantly
             worth
             any
             assigned
             quantity
             of
             another
             .
          
           
             3.
             
             The
             value
             of
             any
             assigned
             quantities
             of
             two
             or
             more
             Commodities
             ,
             are
             
               pro
               hic
               &
               nunc
            
             ,
             equal
             ,
             when
             they
             will
             Exchange
             one
             for
             another
             ;
             As
             supposing
             one
             Bushel
             of
             Wheat
             ,
             two
             Bushels
             of
             Barley
             ,
             30
             l.
             of
             Lead
             ,
             and
             one
             Ounce
             of
             Silver
             ,
             will
             now
             in
             the
             Market
             be
             taken
             one
             for
             another
             ,
             they
             are
             then
             of
             equal
             worth
             ,
             and
             our
             Coin
             being
             that
             which
             Englishmen
             reckon
             by
             ;
             An
             Englishman
             would
             say
             ,
             that
             now
             one
             Bushel
             of
             Wheat
             ,
             two
             Bushels
             of
             Barley
             ,
             30
             l.
             of
             Lead
             ,
             one
             Ounce
             of
             Silver
             ,
             were
             equally
             worth
             Five
             Shillings
             .
          
           
             
             4.
             
             The
             altering
             of
             this
             value
             ,
             two
             things
             in
             respect
             of
             one
             another
             ,
             or
             any
             one
             standing
             common
             Measure
             ,
             is
             not
             the
             altering
             of
             any
             Intrinsick
             value
             or
             quality
             in
             the
             Commodity
             ,
             (
             for
             musty
             and
             smutty
             Corn
             will
             Sell
             dearer
             at
             one
             time
             than
             the
             clean
             and
             sweet
             at
             another
             )
             but
             the
             alteration
             of
             some
             proportion
             ,
             the
             Commodity
             bears
             to
             something
             else
             .
          
           
             5.
             
             This
             proportion
             in
             all
             Commodities
             ,
             whereof
             Money
             is
             one
             ,
             is
             the
             proportion
             of
             their
             quantity
             to
             the
             Vent
             ,
             which
             Vent
             is
             nothing
             else
             but
             the
             passing
             of
             Commodities
             from
             one
             owner
             to
             another
             in
             Exchange
             ,
             and
             is
             then
             called
             quicker
             ,
             when
             a
             greater
             quantity
             of
             any
             species
             of
             Commodity
             is
             taken
             off
             from
             the
             Owners
             of
             it
             in
             an
             equal
             space
             of
             time
             .
          
           
             6.
             
             This
             Vent
             is
             regulated
             ,
             
               i.
               e.
            
             made
             quicker
             or
             slower
             ,
             as
             greater
             or
             less
             quantities
             of
             any
             Saleable
             Commodity
             are
             removed
             out
             of
             the
             way
             ,
             and
             course
             of
             Trade
             ;
             separated
             from
             publick
             Commerce
             ;
             and
             no
             longer
             lie
             within
             the
             reach
             of
             Exchange
             .
             For
             though
             any
             Commodity
             should
             shift
             Hands
             never
             so
             fast
             ,
             and
             be
             Exchanged
             from
             one
             Man
             to
             another
             ;
             yet
             if
             they
             were
             not
             thereby
             exempted
             from
             Trade
             and
             Sale
             ,
             and
             did
             not
             cease
             to
             be
             any
             longer
             Traffick
             ,
             this
             would
             not
             at
             all
             make
             ,
             or
             quicken
             their
             Vent
             ;
             but
             
             this
             seldom
             or
             never
             happening
             ,
             makes
             very
             little
             or
             no
             alteration
             :
             And
             thus
             the
             Vent
             is
             altered
             three
             ways
             ;
             1.
             
             By
             Consumption
             ,
             when
             the
             Commodity
             in
             its
             Use
             is
             destroy'd
             ,
             as
             Meat
             ,
             Drink
             ,
             and
             Cloths
             ,
             &c.
             all
             that
             is
             so
             consumed
             is
             quite
             gone
             out
             of
             the
             Trade
             of
             the
             World.
             2.
             
             Exportation
             ;
             and
             all
             that
             is
             so
             carried
             away
             ,
             is
             gone
             out
             of
             the
             Trade
             of
             England
             ,
             and
             concerns
             Englishmen
             no
             more
             in
             the
             price
             of
             their
             Commodities
             among
             themselves
             ,
             than
             if
             it
             were
             out
             of
             the
             World.
             3.
             
             Buying
             and
             laying
             up
             for
             a
             Mans
             private
             Use.
             For
             what
             is
             by
             any
             of
             these
             ways
             shut
             out
             of
             the
             Market
             ,
             and
             no
             longer
             moveable
             by
             the
             Hand
             of
             Commerce
             ,
             makes
             no
             longer
             any
             part
             of
             Merchantable
             Ware
             ,
             and
             so
             in
             respect
             of
             Trade
             ,
             and
             the
             quantity
             of
             any
             Commodity
             ,
             is
             not
             more
             considerable
             than
             if
             it
             were
             not
             in
             being
             .
             All
             these
             three
             terminating
             at
             last
             in
             Consumption
             of
             all
             Commodities
             ,
             (
             excepting
             only
             Jewels
             and
             Plate
             ,
             and
             some
             few
             others
             which
             wear
             out
             but
             insensibly
             )
             may
             properly
             enough
             pass
             under
             that
             Name
             .
             Ingrossing
             too
             has
             some
             influence
             on
             the
             present
             Vent
             ,
             but
             this
             inclosing
             some
             considerable
             part
             of
             any
             Commodity
             (
             for
             if
             the
             Ingrossing
             be
             of
             all
             the
             Commodity
             ,
             and
             it
             be
             of
             general
             Use
             ,
             the
             price
             is
             at
             the
             will
             of
             
             the
             Ingrosser
             )
             out
             of
             the
             free
             common
             of
             Trade
             only
             for
             some
             time
             ,
             and
             afterwards
             returning
             again
             to
             Sale
             ,
             makes
             not
             usually
             so
             sensible
             and
             general
             an
             alteration
             in
             the
             Vent
             as
             the
             others
             do
             ,
             but
             yet
             influences
             the
             price
             ,
             and
             the
             Vent
             more
             according
             as
             it
             extends
             its
             self
             to
             a
             larger
             portion
             of
             the
             Commodity
             ,
             and
             Hoards
             it
             up
             longer
             .
          
           
             7.
             
             Most
             other
             portable
             Commodities
             (
             excepting
             Jewels
             ,
             Plate
             ,
             &c.
             )
             decaying
             quickly
             in
             their
             Use
             ,
             but
             Money
             being
             less
             consumed
             or
             increased
             ,
             
               i.
               e.
            
             by
             slower
             Degrees
             removed
             from
             ,
             or
             brought
             into
             the
             free
             Commerce
             of
             any
             Country
             ,
             than
             the
             greatest
             part
             of
             other
             Merchandize
             ;
             and
             so
             the
             proportion
             between
             its
             quantity
             and
             Vent
             ,
             altering
             slower
             than
             in
             most
             other
             Commodities
             ,
             it
             is
             commonly
             look'd
             on
             as
             a
             standing
             measure
             to
             judge
             of
             the
             value
             of
             all
             Things
             ,
             especially
             being
             adapted
             to
             it
             by
             its
             Weight
             and
             Denomination
             in
             Coinage
             .
          
           
             8.
             
             Money
             ,
             whilst
             the
             same
             quantity
             of
             it
             is
             passing
             up
             and
             down
             the
             Kingdom
             in
             Trade
             ,
             is
             really
             a
             standing
             measure
             of
             the
             falling
             and
             rising
             value
             of
             other
             Things
             in
             Reference
             to
             one
             another
             :
             and
             the
             alteration
             of
             price
             is
             truely
             in
             them
             only
             .
             But
             if
             you
             increase
             or
             lessen
             the
             quantity
             of
             Money
             current
             in
             Traffick
             in
             any
             place
             ,
             
             then
             the
             alteration
             of
             value
             is
             in
             the
             Money
             ;
             and
             if
             at
             the
             same
             time
             Wheat
             keep
             its
             proportion
             of
             Vent
             to
             quantity
             ,
             Money
             to
             speak
             truly
             alters
             its
             worth
             ,
             and
             Wheat
             does
             not
             ,
             though
             it
             Sell
             for
             a
             greater
             or
             less
             price
             than
             it
             did
             before
             ;
             for
             Money
             being
             look'd
             upon
             as
             the
             standing
             measure
             of
             other
             Commodities
             ,
             Men
             consider
             and
             speak
             of
             it
             still
             as
             if
             it
             were
             a
             standing
             measure
             ,
             though
             when
             it
             has
             varied
             its
             quantity
             ,
             't
             is
             plain
             it
             is
             not
             .
          
           
             9.
             
             But
             the
             value
             or
             price
             of
             all
             Commodities
             ,
             amongst
             which
             Money
             passing
             in
             Trade
             is
             truly
             one
             ,
             consisting
             in
             proportion
             ,
             you
             alter
             this
             ,
             as
             you
             do
             all
             other
             proportions
             ,
             whether
             you
             increase
             one
             or
             lessen
             the
             other
             .
             In
             all
             other
             Commodities
             ,
             the
             Owners
             when
             they
             design
             them
             for
             Traffick
             ,
             endeavour
             as
             much
             as
             they
             can
             to
             have
             them
             vented
             and
             gone
             ,
             
               i.
               e.
            
             removed
             out
             of
             the
             reach
             of
             Commerce
             and
             Exchange
             ,
             by
             Consumption
             ,
             Exportation
             ,
             or
             laying
             up
             ,
             which
             Vent
             is
             sometimes
             slower
             ,
             and
             sometimes
             quicker
             ,
             But
             Money
             never
             lying
             upon
             Peoples
             Hands
             ,
             or
             wanting
             Vent
             ,
             (
             for
             any
             one
             may
             part
             with
             it
             in
             Exchange
             when
             he
             pleases
             ;
             )
             the
             endeavour
             of
             the
             Publick
             ,
             and
             almost
             every
             Body
             ,
             is
             to
             keep
             it
             from
             Venting
             or
             Consuming
             ,
             
               i.
               e.
            
             Exportation
             or
             Hoarding
             up
             ,
             which
             is
             its
             proper
             Consumption
             .
             
             The
             Vent
             of
             Money
             therefore
             being
             always
             sufficient
             ,
             or
             more
             than
             enough
             ,
             its
             quantity
             alone
             is
             enough
             to
             regulate
             and
             determine
             its
             value
             ,
             without
             considering
             any
             Proportion
             between
             its
             quantity
             and
             vent
             ,
             as
             in
             other
             Commodities
             .
          
           
             10.
             
             Therefore
             lessening
             of
             Use
             ,
             not
             bringing
             one
             Penny
             of
             Money
             more
             into
             the
             Trade
             or
             Exchange
             of
             any
             Country
             ,
             but
             rather
             drawing
             it
             away
             from
             Trade
             ,
             and
             so
             making
             it
             less
             ,
             does
             not
             at
             all
             sink
             its
             Value
             ,
             and
             make
             it
             buy
             less
             of
             any
             Commodity
             ,
             but
             rather
             more
             .
          
           
             11.
             
             That
             which
             raises
             the
             natural
             Interest
             of
             Money
             ,
             is
             the
             same
             that
             raises
             the
             Rent
             of
             Land
             ,
             (
             
               i.
               e.
            
             )
             its
             aptness
             to
             bring
             in
             yearly
             to
             him
             that
             manages
             it
             ,
             a
             greater
             Overplus
             of
             Income
             above
             his
             Rent
             ,
             as
             a
             Reward
             to
             his
             Labour
             .
             That
             which
             causes
             this
             in
             Land
             is
             the
             greater
             quantity
             of
             its
             Product
             ,
             in
             Proportion
             to
             the
             same
             Vent
             of
             that
             particular
             Fruit
             ,
             or
             the
             same
             quantity
             of
             Product
             ,
             in
             proportion
             to
             a
             greater
             Vent
             of
             that
             single
             Commodity
             ;
             but
             that
             which
             causes
             encrease
             of
             Profit
             to
             the
             Borrower
             of
             Money
             ,
             is
             the
             less
             quantity
             of
             Money
             ,
             in
             proportion
             to
             Trade
             ,
             or
             to
             the
             Vent
             of
             all
             Commodities
             ,
             taken
             together
             ,
             
               &
               vice
               versa
            
             .
          
           
             
             12.
             
             The
             natural
             Value
             of
             Money
             ,
             as
             it
             is
             apt
             to
             yield
             such
             an
             yearly
             Income
             by
             Interest
             ,
             depends
             on
             the
             whole
             quantity
             of
             the
             then
             passing
             Money
             of
             the
             Kingdom
             ,
             in
             proportion
             to
             the
             whole
             Trade
             of
             the
             Kingdom
             ,
             (
             
               i.
               e.
            
             )
             the
             general
             Vent
             of
             all
             the
             Commodities
             .
             But
             the
             natural
             Value
             of
             Money
             ,
             in
             exchanging
             for
             any
             one
             Commodity
             ,
             is
             the
             quantity
             of
             the
             Trading
             Money
             of
             the
             Kingdom
             ,
             designed
             for
             that
             Commodity
             ,
             in
             proportion
             to
             that
             single
             Commodity
             and
             its
             Vent
             .
             For
             though
             any
             single
             man's
             Necessity
             and
             Want
             ,
             either
             of
             Money
             ,
             or
             any
             species
             of
             Commodity
             ,
             being
             known
             ,
             may
             make
             him
             pay
             dearer
             for
             Money
             ,
             or
             that
             Commodity
             ;
             yet
             this
             is
             but
             a
             particular
             Case
             ,
             that
             does
             not
             at
             the
             same
             time
             alter
             this
             constant
             and
             general
             Rule
             .
          
           
             13.
             
             That
             supposing
             Wheat
             a
             standing
             Measure
             ,
             that
             is
             ,
             That
             there
             is
             constantly
             the
             same
             quantity
             of
             it
             in
             proportion
             to
             its
             Vent
             ,
             we
             shall
             find
             Money
             to
             run
             the
             same
             Variety
             of
             Changes
             in
             its
             Value
             ,
             as
             all
             other
             Commodities
             do
             .
             Now
             that
             Wheat
             in
             England
             does
             come
             nearest
             to
             a
             standing
             Measure
             ,
             is
             evident
             ,
             by
             comparing
             Wheat
             with
             other
             Commodities
             ,
             Money
             ,
             and
             the
             yearly
             Income
             of
             Land
             in
             Hen.
             7.
             time
             and
             now
             .
             For
             supposing
             1
             Hen.
             7.
             
             N.
             let
             100
             Acres
             of
             Land
             to
             
             A.
             for
             6
             
               d.
               per
               An.
               per
            
             Acre
             ,
             Rack-rent●
             and
             to
             B.
             another
             100
             Acres
             of
             Land
             ,
             o●
             the
             same
             Soil
             and
             yearly
             worth
             with
             the
             former
             ,
             for
             a
             Bushel
             of
             Wheat
             per
             Acre●
             Rack-rent
             ,
             (
             a
             Bushel
             of
             Wheat
             about
             that
             time
             being
             probably
             sold
             for
             about
             6
             d.
             it
             was
             then
             an
             equal
             Rent
             .
             If
             therefore
             these
             Leases
             were
             for
             years
             yet
             to
             come
             't
             is
             certain
             that
             he
             that
             paid
             6
             
               d.
               per
            
             Acre
             .
             would
             pay
             now
             50
             
               s.
               per
               An.
            
             and
             he
             that
             paid
             a
             Bushel
             of
             Wheat
             per
             Acre
             ,
             would
             pay
             about
             25
             
               l.
               per
               An.
            
             which
             would
             be
             ne●r
             about
             the
             yearly
             Value
             of
             the
             Land●
             were
             it
             to
             be
             let
             now
             .
             The
             reason
             where
             of
             is
             this
             ,
             That
             there
             being
             ten
             times
             a●
             much
             Silver
             now
             in
             the
             World
             ,
             (
             the
             Discovery
             of
             the
             W●st-Indi●s
             having
             made
             the
             Plenty
             )
             as
             there
             was
             then
             ,
             it
             is
             9
             /
             1●
             less
             worth
             now
             than
             it
             was
             at
             that
             time
             ;
             that
             is
             ,
             it
             will
             exchange
             for
             9
             /
             1●
             less
             of
             any
             Commodity
             now
             ,
             which
             bears
             the
             same
             Proportion
             to
             its
             Vent
             as
             it
             did
             200
             years
             since
             ;
             which
             ,
             of
             all
             other
             Commodities●
             Wheat
             is
             likeliest
             to
             do
             .
             For
             in
             England
             ,
             and
             this
             part
             of
             the
             World
             ,
             Wheat
             being
             th●
             constant
             and
             most
             general
             Food
             ,
             not
             altering
             with
             the
             Fashion
             ,
             not
             growing
             by
             chance
             ;
             but
             as
             the
             Farmers
             sow
             more
             or
             less
             of
             it
             ,
             which
             they
             endeavour
             to
             proportion
             ,
             as
             near
             as
             can
             be
             guessed
             ,
             to
             the
             Consumption
             ,
             abstracting
             the
             Over-plus
             
             of
             the
             precedent
             year
             in
             their
             Provision
             for
             the
             next
             ;
             and
             
               vice
               versâ
            
             ,
             it
             must
             needs
             fall
             out
             that
             it
             keeps
             the
             nearest
             Proportion
             to
             its
             Consumption
             ,
             (
             which
             is
             more
             studied
             and
             designed
             in
             this
             than
             other
             Commodities
             )
             of
             any
             thing
             ,
             if
             you
             take
             it
             for
             7
             or
             20
             years
             together
             ;
             though
             perhaps
             the
             Plenty
             or
             Scarcity
             of
             one
             year
             ,
             caused
             by
             the
             Accidents
             of
             the
             Season
             ,
             may
             very
             much
             vary
             it
             from
             the
             immediately
             precedent
             ,
             or
             the
             following
             .
             Wheat
             therefore
             ,
             in
             this
             part
             of
             the
             World
             ,
             (
             and
             that
             Grain
             which
             is
             the
             constant
             general
             Food
             of
             any
             other
             Country
             )
             is
             the
             fittest
             Measure
             to
             judge
             of
             the
             alter'd
             Value
             of
             things
             in
             any
             long
             tract
             of
             Time
             :
             And
             therefore
             Wheat
             here
             ,
             Rice
             in
             
               Turkey
               ,
               &c.
            
             is
             the
             fittest
             thing
             to
             reserve
             a
             Rent
             in
             ,
             which
             is
             designed
             to
             be
             constantly
             the
             same
             for
             all
             future
             Ages
             .
             But
             Money
             is
             the
             best
             Measure
             of
             the
             alter'd
             Value
             of
             things
             in
             a
             few
             years
             ;
             because
             its
             Vent
             is
             the
             same
             ,
             and
             its
             quantity
             alters
             slowly
             .
             But
             Wheat
             ,
             or
             any
             other
             Grain
             ,
             cannot
             serve
             instead
             of
             Money●
             because
             of
             its
             Bulkiness
             and
             too
             quick
             Change
             of
             its
             quantity
             :
             For
             had
             I
             a
             Bond
             ,
             to
             pay
             me
             100
             Bushels
             of
             Wheat
             next
             year
             ,
             it
             might
             be
             ¾
             Loss
             or
             Gain
             to
             me
             ;
             too
             great
             an
             Inequality
             and
             Uncertainty
             to
             be
             ventur'd
             in
             Trade
             ,
             besides
             the
             different
             
             Goodness
             of
             several
             Parcels
             of
             Wheat
             in
             the
             same
             year
             .
          
           
             14.
             
             That
             supposing
             any
             Island
             separate
             from
             the
             Commerce
             of
             the
             rest
             of
             Mankind
             ,
             if
             Gold
             and
             Silver
             ,
             or
             whatever
             else
             ,
             (
             so
             it
             be
             lasting
             )
             be
             their
             Money
             ,
             if
             they
             have
             but
             a
             certain
             quantity
             of
             it
             ,
             and
             can
             get
             no
             more
             ,
             that
             will
             be
             a
             steady
             standing
             Measure
             of
             the
             Value
             of
             all
             other
             things
             .
          
           
             15.
             
             That
             if
             in
             any
             Country
             they
             use
             for
             Money
             any
             lasting
             Material
             ,
             whereof
             there
             is
             not
             any
             more
             to
             be
             got
             ,
             and
             so
             cannot
             be
             encreas'd
             ,
             or
             being
             of
             no
             other
             use
             ,
             the
             rest
             of
             the
             World
             does
             not
             value
             it
             ,
             and
             so
             it
             is
             not
             like
             to
             be
             diminished
             ;
             this
             also
             would
             be
             a
             steady
             standing
             Measure
             of
             the
             Value
             of
             other
             Commodities
             .
          
           
             16.
             
             That
             in
             a
             Country
             where
             they
             had
             such
             a
             standing
             Measure
             ,
             any
             quantity
             of
             that
             Money
             (
             if
             it
             were
             but
             so
             much
             that
             every
             body
             might
             have
             some
             )
             would
             serve
             to
             drive
             any
             proportion
             of
             Trade
             ,
             whether
             more
             or
             less
             ,
             there
             being
             Counters
             enough
             to
             reckon
             by
             ,
             and
             the
             Value
             of
             the
             Pledges
             being
             still
             sufficient
             ,
             as
             constantly
             encreasing
             with
             the
             Plenty
             of
             the
             Commodity
             .
             But
             these
             three
             last
             ,
             being
             built
             on
             Suppositions
             that
             are
             not
             like
             to
             be
             found
             in
             the
             Practice
             of
             Mankind
             ,
             since
             Navigation
             and
             Commerce
             
             have
             brought
             all
             parts
             acquainted
             with
             one
             another
             ,
             and
             introduced
             the
             use
             of
             Gold
             and
             Silver
             Money
             into
             all
             Trading
             parts
             of
             the
             World
             ;
             they
             serve
             rather
             to
             give
             us
             some
             light
             into
             the
             nature
             of
             Money
             ,
             than
             to
             teach
             here
             a
             new
             Measure
             of
             Traffick
             ,
             though
             it
             be
             certain
             ,
             That
             that
             part
             of
             the
             World
             ,
             which
             bred
             most
             of
             our
             Gold
             and
             Silver
             ,
             used
             least
             of
             it
             in
             exchange
             ,
             and
             used
             it
             not
             for
             Money
             .
          
           
             17.
             
             That
             therefore
             in
             any
             Country
             that
             hath
             Commerce
             with
             the
             rest
             of
             the
             World
             ,
             it
             is
             almost
             impossible
             now
             to
             be
             without
             the
             use
             of
             Silver
             Coin
             ,
             and
             having
             Money
             of
             that
             ,
             and
             Accounts
             kept
             in
             such
             Money
             ,
             it
             is
             impossible
             to
             have
             any
             standing
             ,
             unalterable
             measure
             of
             the
             value
             of
             things
             ;
             for
             whil'st
             the
             Mines
             supply
             to
             Mankind
             more
             than
             wastes
             and
             consumes
             in
             its
             use
             ,
             the
             quantity
             of
             it
             will
             daily
             grow
             greater
             in
             respect
             of
             other
             Commodities
             ,
             and
             its
             value
             less
             .
          
           
             18.
             
             That
             in
             a
             Country
             that
             hath
             open
             Commerce
             with
             the
             rest
             of
             the
             World
             ,
             and
             uses
             Money
             made
             of
             the
             same
             Materials
             with
             their
             Neighbours
             ,
             any
             quantity
             of
             that
             Money
             will
             not
             serve
             to
             drive
             any
             quantity
             of
             Trade
             ,
             but
             that
             there
             must
             be
             a
             certain
             proportion
             between
             Money
             and
             Trade
             :
             The
             reason
             whereof
             is
             this
             ,
             because
             to
             keep
             your
             
             Trade
             going
             without
             loss
             ,
             your
             Comodities
             amongst
             you
             ,
             must
             keep
             an
             equal
             ,
             or
             ,
             at
             least
             ,
             near
             the
             Price
             of
             the
             same
             Species
             of
             Commodities
             in
             the
             Neighbour
             Countries
             ,
             which
             they
             cannot
             do
             ,
             if
             your
             Money
             be
             far
             less
             than
             in
             other
             Countries
             ;
             for
             then
             ,
             either
             your
             Commodities
             must
             be
             sold
             very
             cheap
             ,
             or
             a
             great
             part
             of
             your
             Trade
             must
             stand
             still
             ;
             there
             not
             being
             Money
             enough
             in
             the
             Country
             to
             pay
             for
             them
             (
             in
             their
             shifting
             of
             hands
             )
             at
             that
             high
             price
             which
             the
             Plenty
             ,
             and
             consequently
             low
             Value
             of
             Money
             makes
             them
             at
             in
             another
             Country
             ;
             for
             the
             value
             of
             Money
             in
             general
             is
             the
             quantity
             of
             all
             the
             Money
             in
             the
             World
             ,
             in
             proportion
             to
             all
             the
             Trade
             ;
             but
             the
             value
             of
             Money
             in
             any
             one
             Country
             ,
             is
             the
             present
             quantity
             of
             the
             Current
             Money
             in
             that
             Country
             ,
             in
             proportion
             to
             the
             present
             Trade
             :
             Supposing
             then
             ,
             that
             we
             had
             now
             in
             England
             but
             half
             as
             much
             Money
             as
             we
             had
             Seven
             years
             ago
             ,
             and
             yet
             had
             still
             as
             much
             yearly
             Product
             of
             Commodities
             ,
             as
             many
             hands
             to
             Work
             them
             ,
             and
             as
             many
             Brokers
             to
             disperse
             th●m
             as
             before
             ,
             and
             that
             the
             rest
             of
             the
             World
             we
             Trade
             with
             ,
             had
             as
             much
             Money
             as
             they
             had
             before
             (
             for
             't
             is
             likely
             they
             should
             have
             more
             by
             our
             Moiety
             shared
             amongst
             them
             )
             't
             is
             certain
             ,
             that
             either
             half
             our
             
             Rents
             should
             not
             be
             paid
             ,
             half
             our
             Commodities
             not
             vented
             ,
             and
             half
             our
             Labourers
             not
             imployed
             ,
             and
             so
             half
             the
             Trade
             be
             clearly
             lost
             ,
             or
             else
             that
             every
             one
             of
             these
             must
             receive
             but
             half
             the
             Money
             for
             their
             Commodities
             and
             Labour
             they
             did
             before
             ,
             and
             but
             half
             so
             much
             as
             our
             Neighbours
             do
             receive
             for
             the
             same
             Labour
             ,
             and
             same
             natural
             Product
             at
             the
             same
             time
             ,
             which
             ,
             though
             it
             will
             make
             no
             scarcity
             of
             our
             Native
             Commodities
             amongst
             us
             ,
             yet
             it
             will
             have
             these
             ill
             consequences
             .
             
               
                 1.
                 
                 It
                 will
                 make
                 our
                 Native
                 Commodities
                 vent
                 very
                 cheap
                 .
              
               
                 2.
                 
                 It
                 will
                 make
                 all
                 Foreign
                 Commodities
                 very
                 dear
                 ,
                 both
                 which
                 will
                 keep
                 us
                 Poor
                 :
                 For
                 the
                 Merchant
                 making
                 Silver
                 and
                 Gold
                 his
                 measure
                 ,
                 and
                 considering
                 what
                 the
                 Foreign
                 Commodity
                 costs
                 him
                 (
                 
                   i.
                   e.
                
                 how
                 many
                 Ounces
                 of
                 Silver
                 )
                 in
                 the
                 Country
                 where
                 Money
                 is
                 more
                 Plenty
                 ,
                 
                   i.
                   e.
                
                 Cheaper
                 ,
                 and
                 considering
                 too
                 how
                 many
                 Ounces
                 of
                 Silver
                 it
                 will
                 yield
                 him
                 in
                 another
                 Country
                 ,
                 will
                 not
                 part
                 with
                 it
                 here
                 ,
                 but
                 for
                 the
                 same
                 quantity
                 of
                 Silver
                 ,
                 or
                 as
                 much
                 as
                 that
                 Silver
                 will
                 buy
                 here
                 of
                 our
                 Commodity
                 ,
                 which
                 will
                 be
                 a
                 great
                 deal
                 more
                 than
                 in
                 another
                 place
                 ;
                 so
                 that
                 in
                 all
                 our
                 exchange
                 of
                 Native
                 for
                 Foreign
                 Commodities
                 ,
                 we
                 
                 pay
                 double
                 the
                 Value
                 that
                 any
                 other
                 Country
                 does
                 ,
                 where
                 Money
                 is
                 in
                 greater
                 plenty
                 :
                 This
                 indeed
                 will
                 make
                 a
                 dearness
                 ,
                 and
                 ,
                 in
                 time
                 ,
                 a
                 scarcity
                 of
                 Foreign
                 Commodities
                 ;
                 which
                 is
                 not
                 the
                 worst
                 inconveniency
                 that
                 it
                 brings
                 upon
                 us
                 ,
                 supposing
                 them
                 not
                 absolutely
                 necessary
                 :
                 but
              
               
                 3.
                 
                 It
                 endangers
                 the
                 drawing
                 away
                 our
                 People
                 ,
                 both
                 Handicrafts
                 ,
                 Mariners
                 ,
                 and
                 Soldiers
                 ,
                 who
                 are
                 apt
                 to
                 go
                 where
                 their
                 Pay
                 is
                 best
                 ;
                 which
                 will
                 always
                 be
                 where
                 there
                 is
                 greatest
                 plenty
                 of
                 Money
                 ,
                 and
                 ,
                 in
                 time
                 of
                 War
                 ,
                 must
                 needs
                 bring
                 great
                 distress
                 .
              
            
          
           
             19.
             
             Upon
             this
             measure
             too
             it
             is
             ,
             That
             the
             variation
             of
             exchange
             of
             Money
             ,
             between
             several
             Countries
             ,
             does
             somewhat
             depend
             ;
             for
             it
             is
             certain
             ,
             that
             one
             Ounce
             of
             Silver
             is
             always
             of
             equal
             value
             to
             another
             Ounce
             of
             Silver
             considered
             in
             its
             Intrinsick
             worth
             ,
             or
             in
             reference
             to
             the
             universal
             Trade
             of
             the
             World
             ;
             but
             't
             is
             not
             of
             the
             same
             value
             at
             the
             same
             time
             ,
             in
             several
             parts
             of
             the
             World
             ,
             but
             is
             of
             most
             worth
             in
             that
             Country
             where
             there
             is
             the
             least
             Money
             ,
             in
             proportion
             to
             its
             Trade
             ;
             and
             therefore
             Men
             may
             afford
             to
             give
             20
             Ounces
             of
             Silver
             in
             one
             place
             ,
             to
             receive
             18
             or
             19
             Ounces
             of
             Silver
             in
             another
             :
             But
             this
             is
             not
             all
             to
             this
             then
             ,
             (
             to
             find
             out
             the
             alteration
             of
             the
             exchange
             )
             
             the
             over-ballance
             of
             the
             Trade
             must
             be
             taken
             into
             consideration
             ;
             and
             these
             two
             together
             regulate
             the
             exchange
             in
             all
             the
             Commerce
             of
             the
             World
             ,
             and
             ,
             in
             both
             the
             increase
             of
             the
             exchange
             (
             
               i.
               e.
            
             receiving
             a
             greater
             quantity
             of
             Silver
             (
             for
             that
             is
             the
             measure
             ,
             let
             the
             Coin
             or
             the
             denomination
             be
             what
             it
             will
             )
             in
             one
             Country
             for
             a
             less
             quantity
             of
             Silver
             paid
             in
             another
             Country
             )
             depends
             upon
             one
             and
             the
             same
             thing
             ,
             viz.
             the
             greater
             Plenty
             of
             Money
             in
             one
             Country
             than
             in
             the
             other
             ,
             only
             with
             this
             difference
             ,
             that
             where
             the
             over-ballance
             of
             Trade
             raises
             the
             exchange
             above
             the
             Par
             ,
             there
             it
             is
             the
             plenty
             of
             Money
             which
             private
             Merchants
             have
             in
             one
             Country
             ,
             which
             they
             desire
             to
             remove
             into
             another
             :
             But
             where
             the
             Riches
             of
             the
             Country
             raises
             the
             exchange
             above
             the
             Par
             ,
             there
             it
             is
             the
             plenty
             of
             the
             Money
             in
             the
             whole
             Country
             .
             In
             one
             ,
             the
             Merchant
             has
             more
             Money
             (
             or
             Debts
             ,
             which
             is
             all
             one
             )
             in
             a
             Foreign
             Country
             than
             his
             Trade
             there
             will
             imploy
             ,
             and
             so
             is
             willing
             to
             allow
             upon
             exchange
             to
             him
             abroad
             ,
             that
             shall
             pay
             him
             ready
             Money
             at
             home
             ,
             1
             ,
             2
             ,
             3
             ,
             
               &c.
               per
               Cent.
            
             more
             or
             less
             ,
             proportionably
             as
             his
             or
             his
             Countrymens
             plenty
             of
             ready
             Money
             abroad
             ,
             the
             danger
             of
             leaving
             it
             there
             ,
             or
             the
             difficulty
             of
             bringing
             it
             
             home
             in
             Specie
             ,
             and
             his
             present
             need
             of
             Money
             at
             home
             is
             greater
             or
             lesi
             .
          
        
         
           In
           the
           other
           ,
           the
           whole
           Country
           has
           more
           Money
           than
           can
           well
           be
           imploy'd
           in
           the
           Trade
           thereof
           ,
           or
           at
           least
           ,
           the
           proportion
           of
           the
           Money
           to
           the
           Trade
           is
           greater
           than
           in
           the
           Neighbouring
           Country
           ,
           where
           the
           exchange
           is
           below
           the
           Par.
           
        
         
           For
           ,
           supposing
           the
           ballance
           of
           Trade
           to
           be
           equal
           between
           England
           and
           Holland
           ,
           but
           that
           there
           be
           in
           Holland
           a
           greater
           plenty
           of
           Money
           than
           in
           England
           ,
           (
           which
           will
           appear
           by
           the
           lowness
           of
           the
           National
           Use
           in
           Holland
           ,
           and
           the
           heighth
           of
           the
           National
           Use
           in
           England
           ;
           and
           also
           by
           the
           dearness
           of
           Food
           and
           Labour
           in
           general
           in
           Holland
           ,
           and
           the
           cheapness
           of
           it
           in
           England
           .
           )
           If
           N.
           has
           10000
           l.
           in
           Holland
           ,
           which
           the
           greater
           advantage
           he
           could
           make
           of
           it
           in
           England
           ,
           either
           by
           Use
           or
           Purchase
           ,
           tempts
           him
           to
           transfer
           into
           England
           ,
           't
           is
           probable
           he
           will
           give
           as
           much
           to
           a
           Merchant
           in
           Holland
           to
           pay
           him
           10000
           l.
           in
           England
           ,
           as
           the
           ensurance
           of
           that
           time
           between
           Holland
           and
           England
           is
           worth
           ;
           which
           ,
           if
           it
           be
           in
           a
           Country
           where
           the
           Exportation
           of
           Bullion
           is
           Prohibited
           ,
           he
           must
           pay
           the
           more
           ,
           because
           his
           Venture
           ,
           if
           he
           carry
           it
           in
           Specie
           ,
           will
           be
           greater
           ;
           and
           ,
           upon
           this
           ground
           ,
           perhaps
           
           the
           Prohibiting
           the
           Exportation
           of
           Money
           out
           of
           England
           ,
           under
           Penalties
           ,
           may
           be
           of
           some
           use
           ,
           by
           making
           the
           rate
           of
           the
           exchange
           greater
           upon
           those
           Countries
           who
           Import
           upon
           us
           more
           than
           they
           Export
           in
           Commodities
           ,
           and
           so
           retain
           some
           part
           of
           the
           Money
           which
           their
           over-ballance
           of
           Trade
           would
           carry
           away
           from
           us
           ,
           though
           ,
           after
           all
           ,
           if
           we
           are
           over-ballanc'd
           in
           Trade
           it
           must
           go
           .
        
         
           But
           ,
           since
           the
           Holland
           Merchant
           cannot
           receive
           N
           —
           's
           10000
           l.
           in
           Money
           in
           Holland
           ,
           and
           pay
           him
           10000
           l.
           in
           England
           ,
           unless
           his
           over-ballance
           of
           Trade
           make
           
           English-Men
           indebted
           to
           him
           10000
           l.
           in
           Money
           ,
           which
           he
           is
           not
           like
           to
           take
           in
           Commodity
           .
           I
           think
           the
           over-ballance
           of
           Trade
           is
           that
           which
           chiefly
           raises
           the
           exchange
           in
           any
           Country
           ,
           and
           that
           plenty
           of
           Money
           in
           any
           Country
           does
           it
           only
           for
           so
           much
           of
           the
           Money
           as
           is
           transfer'd
           either
           to
           be
           let
           out
           to
           Use
           ,
           or
           to
           be
           spent
           there
           ;
           and
           though
           lending
           to
           Foreigners
           ,
           upon
           Use
           ,
           doth
           not
           at
           all
           alter
           the
           ballance
           of
           Trade
           between
           those
           Countries
           ,
           yet
           it
           does
           alter
           the
           exchange
           between
           those
           Countries
           for
           so
           much
           as
           is
           lent
           upon
           Use
           ,
           by
           not
           calling
           away
           the
           Money
           that
           should
           follow
           the
           over-ballance
           of
           Trade
           ,
           but
           letting
           it
           rest
           there
           ,
           as
           if
           it
           were
           accounted
           for
           ;
           all
           one
           as
           if
           the
           ballance
           of
           Trade
           
           were
           for
           so
           much
           altered
           :
           But
           this
           being
           not
           much
           in
           comparison
           of
           the
           gener●●
           Traffick
           between
           two
           Nations
           ,
           or
           at
           lea●●
           varying
           slower
           ,
           the
           Merchant
           too
           regulating
           the
           exchange
           ,
           and
           not
           the
           Usurer
           I
           suppose
           it
           is
           the
           present
           ballance
           of
           Trade
           ,
           on
           which
           the
           exchange
           immedi●ately
           and
           chiefly
           depends
           ,
           unless
           some
           accident
           shall
           make
           a
           great
           deal
           of
           Money
           be
           remitted
           at
           the
           same
           time
           ,
           from
           one
           place
           to
           another
           ,
           which
           will
           for
           the
           timeraise
           the
           exchange
           all
           one
           as
           an
           ove●-ballance
           of
           Trade
           ;
           and
           indeed
           ,
           when
           examin'd
           is
           generally
           very
           little
           different
           from
           it●
        
         
           To
           be
           able
           to
           estimate
           the
           Par
           with
           the
           rise
           and
           fall
           of
           the
           exchange
           ,
           it
           is
           necessary
           to
           know
           the
           intrinsick
           value
           ,
           i●
           how
           much
           Silver
           is
           in
           the
           Coins
           of
           th●
           two
           Countries
           ,
           by
           which
           you
           reckon
           and
           charge
           the
           Bill
           of
           Exchange
           .
        
         
           Sir
           ,
           
             If
             I
             have
             been
             led
             a
             little
             too
             f●●
             from
             one
             thing
             to
             another
             ,
             in
             the
             considerat●●on
             of
             Money
             ,
             I
             beg
             your
             Pardon
             ,
             h●
             pu●●●
             that
             these
             Particulars
             will
             afford
             some
             lig●●
             to
             our
             present
             subject
             .
          
        
         
           To
           return
           to
           the
           Price
           of
           Land
           ,
           by
           which
           has
           been
           abovesaid
           ,
           it
           is
           evident
           That
           the
           Years
           purchase
           of
           Land
           do
           not
           increase
           with
           the
           fall
           of
           Interest
           ,
           and
           the
           abating
           that
           good
           quality
           in
           Money
           of
           yielding
           yearly
           Six
           
             p●r
             Cen●
          
           .
           to
           Four
           ,
           
           does
           not
           presently
           so
           sink
           its
           Value
           ,
           in
           respect
           of
           Land
           ,
           that
           1
           /
           ●
           part
           more
           is
           requir'd
           in
           exchange
           :
           that
           is
           ,
           That
           falling
           of
           Interest
           from
           Six
           to
           Four
           ,
           will
           not
           raise
           Land
           from
           Twenty
           to
           Thirty
           years
           purchase
           .
           The
           raising
           and
           falling
           of
           the
           Price
           of
           Land
           ,
           as
           of
           other
           things
           ,
           depends
           much
           on
           the
           quantity
           of
           Land
           ,
           set
           to
           Sale
           ,
           compar'd
           with
           the
           quantity
           of
           Money
           design'd
           for
           that
           Traffick
           ,
           or
           which
           amounts
           to
           the
           same
           thing
           ,
           upon
           the
           number
           of
           Buyers
           and
           Sellers
           ,
           for
           where
           there
           are
           many
           Sellers
           and
           few
           Purchasers
           ,
           though
           Interest
           be
           lessened
           ,
           Land
           will
           be
           cheap
           ,
           as
           I
           have
           already
           shew'd
           .
           At
           least
           ,
           this
           is
           certain
           ,
           That
           making
           a
           Law
           to
           reduce
           Interest
           ,
           will
           not
           raise
           the
           Price
           of
           Lands
           :
           It
           will
           only
           ,
           by
           driving
           it
           more
           into
           the
           Bankers
           hands
           ,
           leave
           the
           Country
           barer
           of
           Money
           ,
           whereby
           ,
           if
           the
           Price
           of
           Land
           about
           London
           ,
           should
           be
           accidently
           raised
           ,
           that
           of
           remoter
           Countries
           would
           thereby
           have
           fewer
           Purchasers
           ,
           and
           at
           lower
           Rates
           .
        
         
           This
           being
           so
           ,
           that
           the
           low
           rate
           of
           Land
           depends
           much
           on
           the
           great
           number
           of
           Sellers
           in
           proportion
           to
           Purchasers
           ,
           the
           next
           thing
           to
           be
           inquir'd
           into
           ,
           is
           ,
           What
           makes
           plenty
           of
           Sellers
           ?
           and
           to
           that
           the
           Answer
           is
           obvious
           ,
           general
           ill
           Husbandry
           ;
           
           and
           the
           consequence
           of
           it
           Debts
           .
           If
           a
           neglect
           of
           Government
           and
           Religion
           ,
           ill
           Examples
           ,
           and
           depraved
           Education
           ,
           have
           introduced
           Debauchery
           ;
           and
           Art
           or
           Chance
           has
           made
           it
           fashionable
           for
           Men
           to
           live
           beyond
           their
           Estates
           ,
           Debts
           will
           increase
           and
           multiply
           ,
           and
           draw
           with
           them
           a
           necessity
           on
           Men
           ,
           first
           of
           Incumbring
           ,
           and
           then
           Selling
           their
           Estates
           ;
           This
           is
           generally
           the
           cause
           why
           Men
           part
           with
           their
           Land
           :
           And
           I
           think
           there
           is
           scarce
           one
           of
           an
           hundred
           that
           thinks
           of
           Selling
           his
           Patrimony
           till
           Mortgages
           have
           pretty
           well
           Eat
           into
           the
           Freehold
           ;
           and
           the
           weight
           of
           growing
           Debts
           force
           a
           Man
           ,
           whether
           he
           will
           or
           no
           ,
           out
           of
           his
           Possessions
           .
           When
           almost
           is
           there
           ever
           a
           clear
           and
           unincumbred
           Estate
           set
           to
           Sale
           ?
           'T
           is
           seldom
           a
           thriving
           Man
           turns
           his
           Land
           into
           Money
           to
           make
           the
           greater
           advantage
           .
           The
           Examples
           of
           it
           are
           so
           rare
           ,
           that
           they
           are
           scarce
           of
           any
           Consideration
           in
           the
           number
           of
           Sellers
           .
        
         
           This
           I
           think
           may
           be
           the
           Reason
           ,
           why
           in
           Queen
           
           Elizabeth's
           days
           (
           when
           Sobriety
           ,
           Frugality
           ,
           and
           Industry
           ,
           brought
           in
           dai●y
           Increase
           ,
           to
           the
           growing
           Wealth
           of
           the
           Kingdom
           )
           ●and
           kept
           up
           its
           price
           ,
           and
           Sold
           for
           more
           years
           Purchase
           than
           corresponded
           to
           the
           Interest
           of
           Money
           ,
           then
           busily
           imploy●d
           in
           a
           thriving
           Trade
           ,
           which
           
           made
           the
           natural
           Interest
           much
           higher
           than
           it
           is
           now
           ,
           as
           well
           as
           the
           Parliament
           then
           set
           it
           higher
           by
           Law.
           
        
         
           On
           the
           contrary
           side
           ,
           what
           makes
           scarcity
           of
           Purchasers
           ;
           1.
           
           The
           same
           Reason
           ,
           
             Ill
             Husbandry
          
           ;
           When
           the
           Tradesman
           lives
           up
           to
           the
           height
           of
           his
           Income
           ,
           and
           the
           vanity
           of
           Expences
           either
           drains
           the
           Merchants
           Coffers
           ,
           or
           keeps
           them
           from
           over-flowing
           ,
           he
           seldom
           thinks
           of
           Purchasing
           :
           Buying
           of
           Land
           is
           the
           result
           of
           a
           full
           and
           satiated
           Gain
           ,
           and
           Men
           in
           Trade
           seldom
           think
           of
           laying
           out
           their
           Money
           upon
           Land
           ,
           till
           their
           profit
           has
           brought
           them
           in
           more
           than
           their
           Trade
           can
           well
           employ
           ,
           and
           their
           idle
           Bags
           cumbring
           their
           counting
           Houses
           ,
           put
           them
           upon
           emptying
           them
           on
           a
           purchase
           .
           2.
           
           Another
           Thing
           that
           makes
           a
           scarcity
           of
           Buyers
           of
           Land
           ,
           are
           doubtful
           and
           ill
           Titles
           ,
           where
           these
           are
           frequent
           and
           fatal
           ,
           one
           can
           no
           more
           expect
           ,
           that
           Men
           who
           have
           Money
           ,
           should
           be
           forward
           to
           Purchase
           ,
           than
           Ships
           richly
           laden
           to
           venture
           themselves
           amongst
           Roc●s
           and
           Quicksands
           .
           'T
           is
           no
           wonder
           such
           Seas
           should
           not
           be
           much
           frequented
           where
           the
           Examples
           ,
           and
           remains
           of
           daily
           Wrecks
           ,
           shew
           the
           ●olly
           and
           hazard
           of
           the
           venture
           ,
           in
           the
           number
           of
           those
           who
           have
           Miscarried
           .
           3.
           
           A
           general
           decay
           of
           Trade
           discourages
           Men
           from
           Purchasing●
           for
           this
           
           threatens
           an
           Universal
           Poverty
           ,
           which
           is
           sure
           to
           fall
           first
           and
           heaviest
           upon
           Land.
           The
           Merchant
           who
           furnishes
           the
           improvident
           Landholder
           ,
           will
           not
           fail
           to
           have
           Money
           for
           his
           Wares
           with
           Gain
           ,
           whether
           the
           Kingdom
           get
           by
           his
           Trade
           or
           no
           ,
           and
           he
           will
           keep
           his
           Money
           rather
           employ'd
           in
           Trade
           ,
           which
           brings
           him
           in
           profit
           ,
           (
           for
           the
           Merchant
           may
           get
           by
           a
           Trade
           that
           makes
           the
           Kingdom
           poor
           )
           than
           lay
           it
           out
           in
           Land
           ,
           whose
           Rents
           he
           sees
           sinking
           ,
           and
           foresees
           by
           the
           course
           of
           Trade
           ,
           is
           likely
           to
           continue
           on
           to
           do
           so
           .
           When
           a
           Nation
           is
           running
           to
           decay
           and
           ruine
           ,
           the
           Merchant
           and
           Monied
           Man
           ,
           do
           what
           you
           can
           ,
           will
           be
           sure
           to
           starve
           last
           :
           Observe
           it
           where
           you
           will
           ,
           the
           decays
           that
           come
           upon
           ,
           and
           bring
           to
           Ruine
           any
           Country
           ,
           do
           constantly
           first
           fall
           upon
           the
           Land
           ;
           and
           though
           the
           Country
           Gentleman
           ,
           (
           who
           u●ually
           securely
           relies
           upon
           so
           much
           a
           year
           as
           was
           given
           in
           at
           his
           Marriage
           Settlement
           ,
           and
           thinks
           his
           Land
           an
           unmoveable
           Fund
           for
           such
           an
           Income
           )
           be
           not
           very
           forward
           to
           think
           so
           ;
           yet
           this
           neverthe●ess
           is
           an
           undoubted
           truth
           ,
           that
           he
           is
           more
           concern'd
           in
           Trade
           and
           ou●ht
           to
           take
           a
           greater
           care
           that
           it
           be
           w●ll
           manag'd
           and
           preserved
           than
           even
           the
           Merchant
           himself
           ;
           for
           he
           will
           certainly
           find●
           that
           when
           a
           decay
           of
           Trade
           has
           carried
           away
           one
           part
           of
           our
           
           Money
           out
           of
           the
           Kingdom
           ,
           and
           the
           other
           is
           kept
           in
           the
           Merchant
           and
           Tradesmans
           Hands
           ,
           that
           no
           Laws
           he
           can
           make
           ,
           nor
           any
           little
           Arts
           of
           Shifting
           Property
           amongst
           our selves
           ,
           will
           bring
           it
           back
           to
           him
           again
           :
           But
           his
           Rents
           will
           fall
           ,
           and
           his
           Income
           every
           day
           lessen
           ,
           till
           general
           Industry
           ,
           and
           Frugality
           ,
           join'd
           to
           a
           well
           order'd
           Trade
           ,
           shall
           restore
           to
           the
           Kingdom
           the
           Riches
           and
           Wealth
           it
           had
           formerly
           .
        
         
           This
           by
           the
           way
           ,
           if
           well
           consider'd
           ,
           might
           let
           us
           see
           ,
           that
           Taxes
           ,
           however
           contrived
           ,
           and
           out
           of
           whose
           Hand
           soever
           immediately
           taken
           ,
           do
           in
           a
           Country
           ,
           where
           their
           great
           Fund
           is
           in
           Land
           ,
           for
           the
           most
           part
           terminate
           upon
           Land.
           Whatsoever
           the
           People
           is
           chiefly
           maintain●d
           by
           ,
           that
           the
           Government
           supports
           it self
           on
           :
           Nay
           ,
           perhaps
           it
           will
           be
           found
           ,
           that
           those
           Taxes
           which
           seem
           least
           to
           affect
           Land
           ,
           will
           most
           surely
           of
           all
           other
           ,
           ●a●
           the
           Rents
           ;
           which
           is
           an
           evil
           the
           hardest
           to
           be
           recovered
           ,
           for
           Rents
           once
           f●●len
           are
           not
           e●sily
           raised
           again
           .
           A
           Tax
           laid
           upon
           Land
           seems
           hard
           to
           the
           Landholder
           ,
           because
           it
           is
           so
           much
           Money
           going
           visibly
           out
           of
           his
           Pocket
           ;
           and
           〈…〉
           ease
           to
           ●imself
           ,
           the
           Landholder
           i●●●●●ys
           fo●ward
           to
           lay
           it
           upon
           Commodities
           :
           but
           〈…〉
           through●y
           consid●●
           it
           ,
           and
           〈◊〉
           the
           
           Effects
           ,
           he
           will
           find
           he
           Buys
           this
           seeming
           Ease
           at
           a
           very
           dear
           rate
           ,
           and
           though
           he
           pays
           not
           this
           Tax
           immediately
           out
           of
           his
           own
           Purse
           ,
           yet
           there
           will
           be
           more
           wanting
           there
           at
           the
           end
           of
           the
           year
           than
           that
           comes
           to
           ,
           with
           the
           lessening
           of
           his
           Rents
           ,
           which
           is
           a
           settled
           and
           lasting
           evil
           ,
           that
           will
           stick
           upon
           him
           beyond
           the
           present
           Payment
           .
        
         
           To
           make
           this
           clear
           ,
           let
           us
           suppose
           in
           the
           present
           State
           of
           Affairs
           in
           England
           ,
           that
           the
           Rents
           of
           England
           are
           Twelve
           Millions
           ,
           and
           that
           the
           Charge
           and
           Necessities
           of
           the
           Government
           requires
           a
           supply
           of
           Three
           Millions
           from
           the
           Parliament
           ,
           which
           is
           laid
           on
           Land
           ;
           Here
           is
           one
           fourth
           part
           of
           his
           yearly
           Income
           goes
           immediately
           out
           of
           the
           Landlords
           and
           Landholders
           Pocket
           :
           This
           is
           a
           Burthen
           very
           apt
           to
           be
           felt
           ,
           he
           readily
           perceives
           what
           goes
           thus
           out
           of
           his
           Estate
           ,
           who
           actually
           pays
           the
           Money
           out
           of
           his
           Pocket
           ,
           or
           finds
           it
           deducted
           out
           of
           his
           Rent
           at
           Quarter-day
           for
           Taxes
           ;
           but
           though
           this
           be
           a
           Quarter
           of
           his
           yearly
           Income
           ,
           and
           out
           of
           an
           Estate
           of
           Four
           Hundred
           pounds
           a
           year
           ,
           the
           publick
           Tax
           now
           openly
           takes
           away
           One
           hundred
           ;
           Yet
           this
           influences
           not
           at
           all
           the
           yearly
           Rent
           of
           the
           Land
           ,
           which
           the
           Rack-renter
           or
           under
           Tenant
           pays
           ;
           it
           being
           the
           same
           thing
           to
           him
           ,
           whether
           he
           pays
           all
           his
           Rent
           
           to
           the
           King
           or
           his
           Landlord
           ,
           or
           ½
           or
           ¼
           or
           none
           at
           all
           to
           the
           King
           ;
           the
           Case
           is
           all
           one
           to
           him
           what
           hand
           receives
           his
           Rent
           ,
           when
           due
           ;
           so
           Trade
           flourishes
           ,
           and
           his
           Commodities
           go
           off
           well
           ,
           he
           will
           be
           able
           to
           pay
           his
           Rent
           on
           .
           This
           lessens
           not
           any
           more
           the
           Value
           of
           his
           Farm
           ,
           than
           an
           high
           or
           a
           low
           chief
           Rent
           does
           ,
           paid
           out
           of
           it
           to
           the
           Lord
           of
           the
           Fee
           ;
           and
           the
           Tenant's
           Bargain
           and
           Profit
           is
           the
           same
           ,
           whether
           the
           Land
           be
           charg'd
           or
           not
           charg'd
           with
           an
           Annuity
           payable
           to
           another
           Man.
           We
           see
           this
           in
           College
           Leases
           ,
           where
           though
           the
           College
           Tenant
           pays
           for
           it
           to
           the
           College
           some
           years
           five
           times
           as
           much
           as
           he
           does
           others
           ,
           upon
           the
           varying
           Rate
           of
           Corn
           ,
           yet
           the
           Under
           Tenant
           feels
           not
           this
           Alteration
           in
           the
           least
           ,
           nor
           finds
           a
           Reason
           to
           have
           his
           Rent
           abated
           ,
           because
           a
           greater
           part
           of
           it
           is
           diverted
           from
           his
           Landlord
           .
           All
           this
           is
           but
           changing
           the
           hand
           that
           receives
           the
           Rent
           ,
           without
           any
           influence
           at
           all
           upon
           the
           yearly
           Value
           of
           the
           Estate
           ;
           which
           will
           not
           be
           let
           for
           one
           Penny
           more
           or
           less
           to
           the
           Renter
           ,
           however
           ,
           or
           amongst
           whomsoever
           ,
           the
           Rent
           he
           pays
           ,
           be
           divided
           .
           From
           hence
           it
           is
           evident
           ,
           That
           Taxes
           laid
           on
           Land
           do
           not
           in
           the
           least
           make
           Rents
           fall
           .
        
         
         
           But
           suppose
           ,
           to
           shift
           off
           the
           Burthen
           from
           the
           Land
           ,
           some
           Country
           Gentlemen
           should
           think
           fit
           to
           raise
           these
           three
           Millions
           upon
           Commodities
           ,
           to
           let
           the
           Land
           go
           free
           .
           First
           ,
           it
           is
           to
           be
           considered
           ,
           That
           since
           the
           publick
           Wants
           require
           three
           Millions
           ,
           (
           for
           that
           we
           suppos'd
           for
           Argument
           sake
           ;
           let
           it
           be
           three
           Millions
           ,
           or
           one
           Million
           ,
           that
           's
           all
           one
           ;
           )
           and
           so
           much
           must
           go
           into
           the
           King's
           Coffers
           ;
           or
           else
           the
           Necessities
           of
           the
           Government
           will
           not
           be
           supplied
           ;
           That
           for
           raising
           these
           three
           Millions
           on
           Commodities
           ,
           and
           bringing
           so
           much
           into
           the
           Exch●quer
           ,
           there
           must
           go
           a
           great
           deal
           more
           than
           three
           Millions
           out
           of
           the
           Subj●cts
           Pockets
           :
           For
           a
           Tax
           of
           that
           nature
           cannot
           be
           levied
           by
           Officers
           ,
           to
           watch
           every
           little
           Rivulet
           of
           Trade
           ,
           without
           a
           great
           Cha●ge
           ,
           especially
           at
           first
           trial
           .
           But
           supposing
           no
           more
           Charge
           in
           raising
           it
           ,
           than
           of
           a
           Land
           Tax
           ,
           and
           that
           there
           are
           only
           ●
           Millions
           to
           be
           paid
           ,
           t
           is
           evident
           that
           to
           do
           this
           out
           of
           Commodities
           ,
           they
           must
           to
           the
           Co●●umer
           b●
           raised
           ¼
           in
           their
           Price
           ;
           so
           that
           every
           t●●●g
           ,
           to
           him
           that
           uses
           it
           ,
           must
           be
           ¼
           d●●●er
           .
           ●et
           us
           see
           now
           who
           at
           long
           run
           〈◊〉
           pay
           this
           ¼
           and
           where
           it
           will
           light
           .
           'T
           is
           p●ain
           ,
           the
           Merchant
           and
           Broker
           ,
           neither
           will
           nor
           c●n
           ;
           for
           if
           he
           pays
           1
           /
           ●
           more
           for
           Commodities
           than
           he
           did
           ,
           he
           will
           sell
           
           them
           at
           a
           Price
           proportionably
           raised
           .
           The
           poor
           Labourer
           and
           Handicraftsman
           cannot
           ;
           for
           he
           just
           lives
           from
           hand
           to
           mouth
           already
           ,
           and
           all
           his
           Food
           ,
           Cloathing
           and
           Utensils
           ,
           costing
           ¼
           more
           than
           they
           did
           before
           ;
           either
           his
           Wages
           must
           rise
           with
           the
           Price
           of
           things
           ,
           to
           make
           him
           live
           ,
           or
           else
           ,
           not
           being
           able
           to
           maintain
           himself
           and
           Family
           by
           his
           Labour
           ,
           he
           comes
           to
           the
           Parish
           ;
           and
           then
           the
           Land
           bears
           the
           Burthen
           a
           heavier
           way
           .
           If
           the
           Labourer's
           Wages
           be
           rais'd
           in
           proportion
           to
           the
           encreas'd
           Rates
           of
           things
           ,
           the
           Farmer
           ,
           who
           pays
           ¼
           more
           for
           Wages
           ,
           as
           well
           as
           all
           other
           things
           ,
           whil'st
           he
           sells
           his
           Corn
           and
           Wool
           ,
           either
           at
           the
           same
           rate
           ,
           or
           lower
           ,
           at
           the
           Market
           ,
           (
           since
           the
           Tax
           laid
           upon
           it
           makes
           People
           less
           forward
           to
           buy
           )
           must
           either
           have
           his
           Rent
           abated
           ,
           or
           else
           break
           and
           run
           away
           in
           his
           Landlord's
           Debt
           ;
           and
           so
           the
           yearly
           Value
           of
           the
           Land
           is
           brought
           down
           ,
           and
           who
           then
           pays
           the
           Tax
           at
           the
           years
           end
           ,
           but
           the
           Landlord
           ;
           when
           the
           Tenant
           ,
           not
           able
           to
           raise
           his
           Rent
           by
           his
           Commodities
           ,
           either
           runs
           away
           in
           his
           Landlords
           Debt
           ,
           or
           cannot
           be
           cotinued
           in
           the
           Farm
           without
           abatement
           of
           Rent
           ?
           For
           when
           the
           yearly
           charge
           in
           his
           Farm
           is
           greater
           by
           the
           increase
           of
           the
           Labourers
           Wages
           ,
           and
           yet
           his
           product
           Sells
           ●ea●er
           by
           reason
           of
           the
           
           Tax
           laid
           on
           his
           Commodities
           ;
           How
           will
           the
           Farmer
           be
           able
           to
           make
           up
           his
           Rent
           at
           Quarter
           Day
           ?
           For
           this
           may
           be
           worth
           our
           Notice
           ,
           that
           any
           Tax
           laid
           on
           Foreign
           Commodities
           in
           England
           ,
           raises
           its
           price
           ,
           and
           makes
           the
           Importer
           get
           more
           for
           his
           Commodity
           ;
           But
           on
           the
           contrary
           ,
           a
           Tax
           laid
           on
           your
           Native
           Product
           ,
           and
           home
           made
           Commodities
           ,
           lessens
           their
           price
           ,
           and
           makes
           them
           yield
           less
           to
           the
           first
           Seller
           .
        
         
           The
           Reason
           whereof
           is
           plain
           .
           For
           the
           Merchant
           Importing
           no
           Commodity
           but
           what
           the
           necessity
           ,
           or
           fashionable
           Wantonness
           of
           your
           People
           gives
           him
           Vent
           for
           ,
           will
           not
           only
           proportion
           his
           Gain
           ,
           to
           the
           Cost
           and
           Risque
           he
           has
           been
           at
           before
           Landing
           ,
           but
           will
           expect
           profit
           of
           his
           Money
           paid
           here
           ,
           for
           any
           Tax
           laid
           on
           it
           ;
           and
           take
           advantage
           from
           thence
           to
           raise
           his
           price
           above
           what
           his
           Tax
           comes
           to
           ;
           and
           if
           he
           cannot
           do
           that
           ,
           he
           will
           Trade
           no
           more
           in
           that
           Commodity
           .
           For
           it
           being
           not
           the
           Product
           of
           his
           Farm
           ,
           he
           is
           not
           tied
           to
           bring
           it
           to
           Market
           ,
           if
           he
           finds
           its
           price
           not
           answer
           his
           Expectation
           there
           ,
           but
           turns
           himself
           to
           other
           Wares
           ,
           which
           he
           finds
           your
           Markets
           take
           off
           better
           .
           A
           Merchant
           will
           never
           continue
           to
           Trade
           in
           Wares
           ,
           which
           the
           change
           of
           Fashion
           ,
           or
           humour
           amongst
           your
           People
           ,
           have
           
           made
           less
           vendible
           ,
           though
           he
           may
           be
           sometimes
           caught
           by
           a
           sudden
           alteration
           .
           But
           that
           seldom
           happens
           in
           the
           course
           of
           Trade
           ,
           so
           as
           to
           influence
           the
           great
           bulk
           of
           it
           :
           For
           things
           of
           Necessity
           must
           still
           be
           had
           ,
           and
           things
           of
           Fashion
           will
           be
           had
           as
           long
           as
           Men
           have
           Money
           or
           Credit
           ,
           whatever
           rates
           they
           cost
           ,
           and
           the
           rather
           because
           they
           are
           dear
           ;
           For
           it
           being
           Vanity
           not
           Use
           that
           makes
           the
           Expensive
           Fashions
           of
           your
           people
           ,
           the
           Emulation
           is
           ,
           who
           shall
           have
           the
           finest
           ,
           that
           is
           the
           dearest
           things
           ,
           not
           the
           most
           convenient
           or
           useful
           .
           How
           many
           things
           do
           we
           value
           and
           buy
           ,
           because
           they
           come
           at
           dear
           rates
           from
           Iapan
           and
           China
           ,
           which
           if
           they
           were
           our
           own
           Manufacture
           or
           Product
           ,
           to
           be
           had
           common
           and
           for
           a
           little
           Money
           ,
           would
           be
           contemned
           and
           neglected
           ?
           Have
           not
           several
           of
           our
           own
           Commodities
           offered
           to
           sale
           at
           reasonable
           Rates
           been
           despised
           ,
           and
           the
           very
           same
           eagerly
           bought
           and
           brag'd
           of
           when
           sold
           for
           French
           at
           a
           double
           Price
           ?
           You
           must
           not
           think
           therefore
           that
           the
           raising
           their
           Price
           will
           lessen
           the
           vent
           of
           fashionable
           Foreign
           Commodities
           amongst
           you
           ,
           as
           long
           as
           Men
           have
           any
           way
           to
           purchase
           them
           ,
           but
           rather
           increase
           it
           .
           
             French
             Wine
          
           is
           become
           a
           Modi●h
           Drink
           amongst
           us
           ,
           and
           a
           man
           is
           asham'd
           to
           Entertain
           
           his
           Friend
           ,
           or
           almost
           to
           Dine
           himself
           without
           it
           .
           The
           Price
           is
           in
           the
           Memory
           of
           Man
           rais'd
           from
           6
           d.
           to
           2
           s.
           and
           does
           this
           hinder
           the
           drinking
           of
           it
           ?
           No
           ,
           the
           quite
           contrary
           ,
           a
           Man's
           way
           of
           Living
           is
           commended
           ,
           because
           he
           will
           give
           any
           rate
           for
           it
           ;
           and
           a
           Man
           will
           give
           any
           rate
           rather
           than
           pass
           for
           a
           poor
           Wretch
           ,
           or
           Penurious
           Curmudgeon
           that
           is
           not
           able
           or
           knows
           not
           how
           to
           live
           well
           nor
           use
           his
           Friends
           civilly
           .
           Fashion
           is
           for
           the
           most
           part
           nothing
           but
           the
           Ostentation
           of
           Riches
           ,
           and
           therefore
           the
           high
           price
           of
           what
           serves
           to
           that
           ,
           rather
           increases
           than
           lessens
           its
           vent
           :
           The
           contest
           and
           glory
           is
           in
           the
           Expence
           ,
           not
           the
           Usefulness
           of
           it
           ,
           and
           People
           are
           then
           thought
           and
           said
           to
           live
           well
           ,
           when
           they
           can
           make
           a
           shew
           of
           rare
           and
           foreign
           things
           ,
           and
           such
           as
           their
           Neighbours
           cannot
           go
           to
           the
           Price
           of
           .
        
         
           Thus
           we
           see
           how
           Foreign
           Commodities
           fall
           not
           in
           their
           price
           by
           Taxes
           laid
           on
           them
           ,
           because
           the
           Merchant
           is
           not
           necessitated
           to
           bring
           to
           your
           Market
           any
           but
           Fashionable
           Commodities
           ,
           and
           those
           go
           off
           the
           better
           for
           their
           high
           rate
           :
           But
           on
           the
           contrary
           your
           Land
           〈◊〉
           being
           forced
           to
           bring
           his
           Commodities
           to
           Market
           ,
           such
           as
           his
           Land
           and
           Industry
           affords
           them
           ,
           common
           and
           known
           things
           ,
           must
           sell
           them
           there
           at
           such
           price
           as
           he
           can
           get
           .
           
           This
           the
           buyer
           knows
           ;
           and
           these
           home-bred
           Commodities
           being
           seldom
           the
           Favourites
           of
           your
           People
           ,
           or
           any
           farther
           acceptable
           than
           as
           great
           conveniency
           recommends
           them
           to
           the
           Vulgar
           or
           Downright
           necessity
           to
           all
           ,
           As
           soon
           as
           a
           Tax
           is
           laid
           on
           them
           ,
           every
           one
           makes
           as
           sparing
           a
           use
           of
           them
           as
           he
           can
           ,
           that
           he
           may
           save
           his
           Money
           for
           other
           necessary
           or
           creditable
           Expences
           ,
           whereby
           the
           price
           they
           yield
           the
           first
           seller
           is
           mightily
           abated
           ,
           and
           so
           the
           yearly
           value
           of
           the
           Land
           which
           produces
           them
           lessen'd
           too
           .
        
         
           If
           therefore
           the
           laying
           of
           Taxes
           upon
           Commodities
           does
           ,
           as
           it
           is
           evident
           ,
           affect
           the
           Land
           that
           is
           out
           at
           Rack-rent
           ,
           it
           is
           plain
           it
           does
           equally
           affect
           all
           the
           other
           Land
           in
           England
           too
           ,
           and
           the
           Gent●
           will
           ,
           but
           the
           worst
           way
           ,
           increase
           their
           own
           Charges
           ;
           that
           is
           by
           lessening
           thei●
           Yearly
           Value
           of
           their
           Estates
           ,
           if
           they
           hope
           to
           ease
           their
           Land
           by
           charging
           Commodities
           .
           It
           is
           in
           vain
           in
           a
           Country
           whose
           great
           Fund
           is
           Land●
           to
           hope
           to
           lay
           the
           publick
           charge
           of
           the
           Government
           on
           any
           thing
           else
           ,
           there
           at
           last
           it
           will
           terminate
           .
           The
           Merchant
           (
           do
           what
           you
           can
           )
           will
           not
           bear
           it
           :
           the
           Labourer
           cannot
           ,
           and
           therefore
           the
           Landholder
           must
           ;
           and
           whether
           he
           were
           best
           do
           it
           ,
           by
           laying
           it
           directly
           where
           it
           will
           at
           last
           settle
           ,
           or
           by
           letting
           it
           come
           to
           
           him
           by
           the
           sinking
           of
           his
           Rents
           ,
           which
           when
           they
           are
           once
           fallen
           every
           one
           knows
           are
           not
           easily
           raised
           again
           ,
           let
           him
           consider
           .
        
         
           Holland
           is
           brought
           as
           an
           instance
           of
           laying
           the
           Charge
           of
           the
           publique
           upon
           Trade
           ,
           and
           't
           is
           possible
           (
           excepting
           some
           few
           small
           Free
           Towns
           )
           the
           only
           place
           in
           the
           World
           that
           could
           be
           brought
           to
           favour
           this
           way
           .
           But
           yet
           when
           examin'd
           will
           be
           found
           to
           shew
           the
           quite
           contrary
           ,
           and
           be
           a
           clear
           proof
           ,
           that
           lay
           the
           Taxes
           how
           you
           will
           ,
           Land
           every
           where
           in
           proportion
           bears
           the
           greater
           share
           of
           the
           burthen
           .
           The
           publick
           Charge
           of
           the
           Government
           ,
           is
           ,
           't
           is
           said
           in
           the
           
             United
             Provinces
          
           ,
           laid
           on
           Trade
           ,
           I
           grant
           it
           is
           ,
           the
           greatest
           part
           of
           it
           ;
           But
           is
           the
           Land
           Excus'd
           or
           Eas'd
           by
           it
           ?
           By
           no
           means
           ,
           but
           on
           the
           contrary
           so
           loaded
           ,
           that
           in
           many
           places
           ½
           ,
           in
           others
           ¼
           ,
           in
           others
           1
           /
           ●
           of
           the
           Yearly
           value
           does
           not
           come
           in
           to
           the
           owners
           Pocket
           :
           and
           if
           I
           have
           not
           been
           misinformed
           ,
           the
           Land
           in
           some
           places
           will
           not
           pay
           the
           Taxes
           ;
           so
           that
           we
           may
           say
           ,
           that
           the
           Charge
           of
           the
           Government
           came
           not
           upon
           Commodities
           till
           the
           Land
           could
           not
           bear
           it
           .
           The
           burthen
           unavoidably
           settles
           upon
           the
           Land
           first
           ,
           and
           when
           it
           has
           pressed
           it
           so
           that
           it
           can
           yield
           no
           more
           ,
           Trade
           must
           be
           brought
           in
           aid
           to
           help
           to
           support
           the
           Government
           
           rather
           than
           let
           all
           sink
           :
           but
           the
           first
           stress
           is
           always
           upon
           Land
           ,
           and
           as
           far
           as
           that
           will
           reach
           it
           is
           unavoidably
           carried
           ,
           lay
           your
           Taxes
           how
           you
           will.
           'T
           is
           known
           what
           a
           share
           of
           the
           publick
           charges
           of
           the
           Government
           is
           supported
           by
           the
           Trade
           of
           Amsterdam
           alone
           ,
           as
           I
           remember
           the
           36
           /
           100
           ;
           but
           are
           the
           Lands
           of
           Guelderland
           eas'd
           by
           it
           ?
           Let
           any
           one
           see
           in
           that
           Country
           of
           Land
           more
           than
           Trade
           ,
           what
           they
           make
           clear
           of
           their
           Revenues
           ,
           and
           whether
           the
           Country
           Genttlemen
           there
           grow
           rich
           on
           their
           Land
           ,
           whilst
           the
           Merchant
           having
           the
           Taxes
           laid
           on
           his
           Commerce
           is
           impoverish'd
           ?
           On
           the
           contrary
           Guelderland
           is
           so
           low
           and
           out
           of
           Cash
           ,
           that
           Amsterdam
           has
           been
           fain
           for
           many
           years
           to
           lay
           down
           the
           Taxes
           for
           them
           ,
           which
           is
           ,
           in
           effect
           ,
           to
           pay
           the
           Taxes
           of
           Guelderland
           too
           .
        
         
           Struggle
           and
           contrive
           as
           you
           will
           ,
           lay
           your
           Taxes
           as
           you
           please
           ,
           the
           Merchants
           and
           Traders
           will
           shift
           it
           off
           from
           their
           own
           gain
           ,
           bear
           the
           least
           part
           of
           it
           ,
           and
           grow
           poor
           last
           .
           In
           Holland
           it self
           ,
           where
           Trade
           is
           so
           loaded
           ,
           who
           ,
           I
           pray
           ,
           grows
           richest
           the
           Land-holder
           or
           the
           Trader
           ?
           Which
           of
           them
           is
           pinch'd
           ,
           and
           wants
           Money
           most
           ?
           A
           Country
           may
           thrive
           ,
           the
           Country
           Gentleman
           grow
           rich
           ,
           and
           his
           Rents
           increase
           (
           for
           so
           it
           has
           been
           here
           )
           whilst
           the
           Land
           is
           Taxed
           .
           
           But
           I
           challenge
           any
           one
           to
           shew
           me
           a
           Country
           wherein
           there
           is
           any
           considerable
           publick
           charge
           raised
           ,
           where
           the
           Land
           does
           not
           most
           sensibly
           feel
           it
           ,
           and
           in
           proportion
           bear
           much
           the
           greater
           part
           of
           it
           .
        
         
           We
           must
           not
           therefore
           impute
           the
           fal●ling
           of
           the
           Rents
           ,
           or
           price
           of
           Land
           to
           high
           Interest
           :
           Nor
           if
           i●l
           Husbandry
           has
           wasted
           our
           Riches
           hope
           by
           such
           kind
           of
           Laws
           to
           raise
           them
           to
           their
           former
           value
           ,
           I
           humbly
           conceive
           we
           shall
           in
           vain
           endeavour
           it
           by
           the
           fall
           of
           Interest
           .
           The
           number
           of
           Buyers
           must
           be
           increased
           and
           Sellers
           lessen'd
           ,
           which
           must
           be
           done
           by
           other
           ways
           than
           regulating
           of
           Interest
           ,
           or
           else
           the
           Landed
           man
           will
           neither
           find
           Chapmen
           for
           his
           Land
           ,
           nor
           for
           the
           Corn
           that
           grow
           on
           it
           at
           the
           rate
           he
           desires
           .
        
         
           But
           could
           an
           Act
           of
           Parliament
           ,
           bring
           down
           Interest
           to
           4
           
             per
             Cent.
          
           and
           the
           lowering
           of
           that
           immediately
           raise
           the
           Purchasers
           Fine
           from
           20
           to
           25
           Years
           purchase
           ;
           yet
           it
           may
           be
           doubted
           ,
           whethe●
           this
           be
           sit
           to
           be
           made
           into
           a
           Law
           ,
           becaus●
           it
           would
           be
           of
           no
           advantage
           to
           the
           King●dom
           .
           For
           what
           profit
           would
           it
           b●
           to
           the
           Nation
           to
           make
           a
           Law
           ,
           that
           〈◊〉
           who
           sells
           Land
           should
           instead
           of
           4
           hav●
           5
           hundred
           pounds
           of
           the
           Purcharser
           .
           Thi●
           indeed
           a
           little
           alters
           the
           distribution
           of
           th●
           Money
           we
           have
           amongst
           us
           Englishma●
           
           here
           at
           home
           ,
           but
           neither
           helps
           to
           continue
           what
           we
           have
           ,
           nor
           brings
           in
           more
           from
           abroad
           ;
           which
           being
           the
           only
           concernment
           of
           the
           Kingdom
           ,
           in
           reference
           to
           its
           Wealth
           ,
           is
           apt
           to
           be
           supposed
           by
           us
           without
           doors
           to
           be
           the
           only
           care
           of
           a
           Parliament
           :
           For
           it
           matters
           not
           so
           it
           be
           here
           amongst
           us
           ,
           whether
           it
           be
           in
           Thomas
           or
           Richards
           hands
           ,
           provided
           it
           be
           so
           ordered
           ,
           that
           whoever
           has
           it
           may
           be
           encouraged
           to
           let
           it
           go
           into
           the
           current
           of
           Trade
           ,
           for
           the
           improvement
           of
           the
           general
           stock
           and
           wealth
           of
           the
           Nation
           .
        
         
           As
           this
           Increase
           of
           the
           Fine
           in
           the
           purchase
           of
           Land
           is
           not
           an
           advantage
           to
           the
           Kingdom
           ,
           so
           neither
           is
           it
           to
           the
           Land-holder
           ,
           who
           is
           the
           person
           that
           bearing
           the
           greatest
           part
           of
           the
           burthens
           of
           the
           Kingdom
           ,
           ought
           ,
           I
           think
           ,
           to
           have
           the
           greatest
           care
           taken
           of
           him
           ,
           and
           enjoy
           as
           many
           Privileges
           and
           as
           much
           Wealth
           ,
           as
           the
           ●avour
           of
           the
           Law
           can
           (
           with
           regard
           to
           the
           Publick-weal
           )
           confer
           upon
           him
           .
           But
           pray
           consider
           ,
           to
           raise
           the
           Years
           purchase
           in
           buying
           of
           Land
           gives
           the
           advantage
           not
           to
           the
           Landholder
           ,
           but
           to
           him
           that
           ceases
           to
           be
           so
           .
           He
           that
           has
           no
           longer
           the
           Land
           has
           the
           more
           Money
           ,
           and
           he
           who
           has
           the
           Land
           is
           the
           poorer
           .
           The
           true
           advantage
           of
           the
           Landholder
           is
           ,
           that
           his
           ●orn
           ,
           Flesh
           ,
           and
           Wool
           ,
           sell
           better
           ,
           and
           yield
           a
           greater
           
           price
           ;
           this
           indeed
           is
           a
           profit
           that
           benefits
           the
           owner
           of
           the
           Land
           and
           goes
           along
           with
           it
           ;
           it
           is
           this
           alone
           raises
           the
           Rent
           and
           makes
           the
           Possessor
           richer
           ;
           and
           this
           can
           only
           be
           done
           by
           increasing
           our
           Wealth
           ,
           and
           drawing
           more
           Money
           into
           England
           ,
           which
           the
           falling
           of
           Interest
           ,
           and
           thereby
           (
           if
           it
           could
           effect
           it
           )
           raising
           the
           purchase
           of
           Land
           is
           so
           far
           from
           doing
           ,
           that
           it
           does
           visibly
           and
           directly
           one
           way
           hinder
           our
           increase
           of
           Wealth
           ,
           that
           is
           ,
           by
           hindering
           Foreigners
           to
           come
           here
           and
           buy
           Land
           ,
           and
           settle
           amongst
           us
           .
           Whereby
           we
           have
           this
           double
           loss
           ;
           First
           we
           lose
           their
           Persons
           ,
           increase
           of
           people
           being
           the
           increase
           both
           of
           strength
           and
           riches
           :
           Secondly
           we
           lose
           so
           much
           Money
           .
           For
           though
           whatever
           an
           Englishman
           gives
           to
           another
           for
           Land
           ,
           though
           raised
           to
           40
           Years
           purchase
           ,
           be
           not
           one
           farthing
           advantage
           to
           the
           Kingdom
           ,
           yet
           whatever
           a
           Foreigner
           ,
           who
           purchases
           Land
           here
           ,
           gives
           for
           it
           ,
           is
           so
           much
           every
           farthing
           clear
           gain
           to
           the
           Nation
           ,
           for
           the
           Money
           comes
           clear
           in
           ,
           without
           carrying
           out
           any
           thing
           for
           it●
           and
           is
           all
           one
           as
           if
           it
           drop'd
           down
           from
           the
           Clouds
           .
        
         
           But
           farther
           ,
           if
           consideration
           be
           to
           be
           had
           only
           of
           Sellers
           of
           Land
           ,
           the
           lowering
           of
           Interest
           to
           4
           
             per
             Cent
          
           will
           not
           be
           in
           their
           
           Favour
           ,
           unless
           ,
           by
           it
           ,
           you
           can
           raise
           Land
           to
           Thirty
           years
           Purchase
           ,
           which
           is
           not
           at
           all
           likely
           ;
           and
           I
           think
           no
           Body
           by
           falling
           of
           Interest
           to
           Four
           
             per
             Cent
          
           ,
           hopes
           to
           get
           Chapmen
           for
           their
           Land
           at
           that
           Rate
           ;
           and
           whatsoever
           they
           have
           less
           ,
           if
           Law
           can
           regulate
           Interest
           ,
           they
           lose
           of
           their
           value
           of
           Land
           ,
           Money
           being
           thus
           abased
           .
           So
           that
           the
           Landedman
           will
           scarce
           find
           his
           account
           neither
           ,
           by
           this
           Law
           when
           it
           comes
           to
           trial
           .
           And
           at
           last
           I
           imagine
           this
           will
           be
           the
           result
           of
           all
           such
           Attempts
           ,
           that
           Experience
           will
           shew
           ,
           that
           the
           price
           of
           Things
           will
           not
           be
           regulated
           by
           Laws
           ,
           though
           the
           endeavours
           after
           it
           will
           be
           sure
           to
           prejudice
           and
           inconvenience
           Trade
           ,
           and
           put
           your
           Affairs
           out
           of
           Order
           .
        
         
           If
           this
           be
           thus
           ,
           that
           Interest
           cannot
           be
           regulated
           by
           Law
           ,
           or
           that
           if
           it
           could
           ,
           yet
           the
           reducing
           of
           it
           to
           Four
           
             per
             Cent.
          
           would
           do
           more
           harm
           than
           good
           ;
           What
           then
           should
           there
           (
           will
           you
           say
           )
           be
           no
           Law
           at
           all
           to
           regulate
           Interest
           ?
           I
           say
           not
           so
           ,
           for
           ,
           
             
               1.
               
               It
               is
               necessary
               that
               there
               should
               be
               a
               stated
               Rate
               of
               Interest
               ,
               that
               in
               Debts
               and
               Forbearances
               ,
               where
               Contract
               has
               not
               setled
               it
               between
               the
               Parties
               ,
               the
               Law
               might
               give
               a
               Rule
               ,
               and
               Courts
               of
               Judicature
               might
               know
               what
               Damages
               to
               allow
               :
               This
               may
               ,
               and
               therefore
               should
               ,
               be
               Regulated
               .
            
             
               
               2.
               
               That
               in
               the
               present
               current
               of
               running
               Cash
               ,
               which
               now
               takes
               its
               course
               almost
               all
               to
               London
               ,
               and
               is
               Ingrossed
               by
               a
               very
               few
               hands
               in
               Comparison
               ,
               young
               Men
               ,
               and
               those
               in
               want
               ,
               might
               not
               too
               easily
               be
               exposed
               to
               Extortion
               and
               Oppression
               ;
               and
               the
               dextrous
               and
               combining
               Money
               Jobbers
               not
               have
               too
               great
               and
               unbounded
               a
               Power
               ,
               to
               Prey
               upon
               their
               Ignorance
               or
               Necessity
               ,
               there
               would
               not
               be
               much
               danger
               of
               this
               ,
               if
               Money
               were
               more
               equally
               distributed
               into
               the
               several
               quarters
               of
               England
               ,
               and
               into
               a
               greater
               number
               of
               Hands
               according
               to
               the
               Exigences
               of
               Trade
               .
            
          
        
         
           If
           Money
           were
           to
           be
           hired
           ,
           as
           Land
           is
           ,
           or
           to
           be
           had
           as
           Corn
           ,
           or
           Wooll
           ,
           from
           the
           Owner
           himself
           ,
           and
           known
           good
           security
           be
           given
           for
           it
           ,
           it
           might
           then
           probably
           be
           had
           at
           the
           Market
           (
           which
           is
           the
           true
           )
           Rate
           ,
           and
           would
           be
           a
           constant
           gauge
           of
           your
           Trade
           and
           Wealth
           ;
           But
           when
           a
           kind
           of
           Monopoly
           ,
           by
           consent
           ,
           has
           put
           this
           general
           Commodity
           into
           a
           few
           hands
           ,
           it
           may
           need
           Regulation
           ,
           though
           what
           the
           stated
           Rate
           of
           Interest
           should
           be
           in
           the
           constant
           change
           of
           Affairs
           ,
           and
           ●lux
           of
           Money
           ,
           is
           hard
           to
           determine
           .
           Possibly
           it
           may
           be
           allowed
           as
           a
           reasonable
           Proposal
           that
           it
           should
           be
           within
           such
           Bounds
           〈…〉
           quite
           L●t
           up
           
           the
           Merchants
           and
           Tradesmans
           profit
           ,
           and
           discourage
           their
           Industry
           ;
           nor
           on
           the
           other
           hand
           so
           low
           ,
           as
           should
           hinder
           Men
           from
           Risquing
           their
           Money
           in
           other
           Mens
           Hands
           ,
           and
           so
           rather
           chuse
           to
           keep
           it
           out
           of
           Trade
           ,
           than
           venture
           it
           upon
           so
           small
           profit
           .
           When
           it
           is
           too
           high
           ,
           it
           so
           hinders
           the
           Merchants
           gain
           ,
           that
           he
           will
           not
           Borrow
           ;
           when
           too
           low
           ,
           it
           so
           hinders
           the
           Monied
           Mans
           profit
           ,
           that
           he
           will
           not
           Lend
           ;
           and
           both
           these
           ways
           it
           is
           a
           hindrance
           to
           Trade
           .
        
         
           But
           this
           being
           perhaps
           too
           general
           and
           loose
           a
           Rule
           ,
           let
           me
           add
           ,
           that
           if
           one
           would
           consider
           Money
           and
           Land
           alone
           ,
           in
           relation
           one
           to
           another
           ,
           perhaps
           it
           is
           now
           at
           Six
           
             per
             Cent.
          
           in
           as
           good
           a
           proportion
           as
           is
           possible
           ,
           Six
           
             per
             Cent.
          
           being
           a
           little
           higher
           than
           Land
           at
           Twenty
           years
           Purchase
           ,
           which
           is
           the
           Rate
           pretty
           near
           that
           Land
           has
           generally
           carried
           in
           England
           ,
           it
           never
           being
           much
           over
           nor
           under
           .
           For
           supposing
           100
           l.
           in
           Money
           ,
           and
           Land
           of
           5
           
             l.
             per
             Annum
          
           ,
           be
           of
           equal
           value
           ,
           which
           is
           Land
           at
           Twenty
           years
           purchase
           :
           'T
           is
           necessary
           for
           the
           making
           their
           value
           truly
           equal
           ,
           that
           they
           should
           produce
           an
           equal
           Income
           ,
           which
           the
           100
           l.
           at
           5
           
             l.
             per
             Cent.
          
           Interest
           is
           not
           likely
           to
           do
           .
           1.
           
           Because
           of
           the
           many
           ,
           and
           sometimes
           long
           intervals
           of
           Barrenness
           ,
           which
           happen
           to
           Money
           more
           
           than
           Land.
           Money
           at
           Use
           ,
           when
           return'd
           into
           the
           Hands
           of
           the
           Owner
           ,
           usually
           lies
           dead
           there
           ,
           till
           he
           gets
           a
           new
           Tenant
           for
           it
           ,
           and
           can
           put
           it
           out
           again
           ;
           and
           all
           this
           time
           it
           produces
           nothing
           .
           But
           this
           happens
           not
           to
           Land
           ,
           the
           growing
           product
           whereof
           turns
           to
           account
           to
           the
           owner
           ,
           even
           when
           it
           is
           in
           his
           Hands
           ,
           or
           is
           allow'd
           for
           by
           the
           Tenant
           ,
           antecedently
           to
           his
           entring
           upon
           the
           Farm.
           For
           though
           a
           Man
           who
           Borrows
           Money
           at
           Midsummer
           ,
           never
           begins
           to
           pay
           his
           Interest
           from
           our
           Lady-Day
           ,
           or
           one
           moment
           backwards
           ,
           yet
           he
           who
           Rents
           a
           Farm
           at
           Midsummer
           ,
           may
           have
           as
           much
           reason
           to
           begin
           his
           Rent
           from
           our
           Lady-Day
           ,
           as
           if
           he
           had
           then
           entred
           upon
           it
           .
        
         
           Besides
           the
           dead
           intervals
           of
           ceasing
           Profit
           ,
           which
           happen
           to
           Money
           more
           than
           Land
           ,
           there
           is
           another
           Reason
           why
           the
           Profit
           and
           Income
           of
           Money
           let
           out
           ,
           should
           be
           a
           little
           higher
           than
           that
           of
           Land
           ;
           and
           that
           is
           ,
           because
           Money
           out
           at
           
           Interest
           ●●●s
           a
           greater
           Risque
           than
           Land
           does
           ;
           The
           ●o●●ower
           may
           break
           and
           run
           away
           with
           the
           Money
           ,
           and
           then
           not
           only
           the
           〈◊〉
           due
           ,
           but
           all
           the
           future
           Profit
           ,
           with
           the
           Principal
           ,
           is
           lost
           forever
           ;
           But
           in
           Land
           a
           Man
           can
           lose
           but
           the
           Rent
           due
           ,
           for
           which
           usually
           too
           the
           Stock
           upon
           the
           Land
           is
           sufficient
           security
           ;
           and
           if
           a
           Tenant
           run
           
           away
           in
           Arrear
           of
           some
           Rent
           ,
           the
           Land
           remains
           ,
           that
           cannot
           be
           carried
           away
           or
           lost
           .
           Should
           a
           Man
           Purchase
           good
           Land
           in
           Middlesex
           of
           5
           
             l.
             per
             Annum
          
           ,
           at
           Twenty
           years
           Purchase
           ,
           and
           other
           Land
           in
           Rumney-Marsh
           ,
           or
           elsewhere
           of
           the
           same
           yearly
           value
           ,
           but
           so
           situated
           ,
           that
           it
           were
           in
           danger
           to
           be
           swallowed
           of
           the
           Sea
           ,
           and
           be
           utterly
           lost
           ,
           it
           would
           not
           be
           unreasonable
           he
           should
           expect
           to
           have
           it
           under
           twenty
           years
           Purchase
           ;
           suppose
           16
           ½
           .
           This
           is
           to
           bring
           it
           to
           just
           the
           case
           of
           Land
           at
           twenty
           years
           Purchase
           ,
           and
           Money
           at
           Six
           
             per
             Cent.
          
           where
           the
           uncertainty
           of
           securing
           ones
           Money
           may
           well
           be
           allowed
           that
           advantage
           of
           greater
           Profit
           ;
           and
           therefore
           perhaps
           the
           legal
           Interest
           now
           in
           England
           at
           Six
           
             per
             Cent
          
           ,
           is
           as
           reasonable
           and
           convenient
           a
           Rate
           as
           can
           well
           be
           set
           by
           a
           standing
           Rule
           ,
           especially
           if
           we
           consider
           that
           the
           Law
           requires
           not
           a
           Man
           to
           pay
           Six
           
             per
             Cent
          
           ,
           but
           ties
           up
           the
           Lender
           from
           taking
           more
           ;
           so
           that
           if
           ever
           it
           falls
           of
           it self
           ,
           the
           Monied
           man
           is
           sure
           to
           find
           it
           ,
           and
           his
           Interest
           will
           be
           brought
           down
           to
           it
           .
        
         
           High
           Interest
           is
           thought
           by
           some
           a
           Prejudice
           to
           Trade
           ;
           but
           if
           we
           will
           look
           back
           ,
           we
           shall
           find
           that
           England
           never
           throve
           so
           well
           ,
           nor
           was
           there
           ever
           brought
           into
           England
           so
           great
           an
           increase
           of
           Wealth
           
           since
           ,
           as
           in
           Queen
           
           Elizabeth's
           and
           King
           Iames
           I.
           and
           King
           Charles
           I.
           time
           .
           when
           Money
           was
           at
           10
           and
           8
           
             per
             Cent.
          
           .
           I
           will
           not
           say
           high
           Interest
           was
           the
           Cause
           of
           it
           ;
           for
           I
           rather
           think
           that
           our
           thriving
           Trade
           was
           the
           Cause
           of
           high
           Interest
           ,
           every
           one
           craving
           Money
           to
           employ
           in
           a
           profitable
           Commerce
           .
           But
           this
           I
           think
           I
           may
           reasonably
           infer
           from
           it
           ,
           That
           lowering
           of
           Interest
           is
           not
           a
           sure
           way
           to
           improve
           either
           our
           Trade
           or
           Wealth
           .
        
         
           To
           this
           I
           hear
           some
           say
           ,
           That
           the
           Dutch
           ,
           Skilful
           in
           all
           Arts
           of
           promoting
           Trade
           ,
           to
           out
           do
           us
           in
           this
           as
           well
           as
           all
           other
           Advancements
           of
           it
           ,
           have
           observed
           this
           Rule
           ,
           That
           when
           we
           fell
           Interest
           in
           England
           from
           10
           to
           8.
           they
           presently
           sunk
           Interest
           in
           Holland
           to
           4
           
             per
             Cent.
          
           and
           again
           ,
           when
           we
           lower'd
           it
           to
           6
           ,
           they
           fell
           it
           to
           3
           
             per
             Cent.
          
           thereby
           to
           keep
           the
           Advantage
           which
           the
           lowness
           of
           Interest
           gives
           to
           Trade
           .
           From
           whence
           these
           men
           readily
           conclude
           ,
           That
           the
           falling
           of
           Interest
           will
           a●●ance
           Trade
           in
           England
           .
           To
           which
           I
           answer
           ,
           
             
               1.
               
               That
               this
               looks
               like
               an
               Argument
               ,
               rather
               made
               for
               the
               present
               Occasion
               ,
               to
               mislead
               those
               who
               are
               cred●lous
               enough
               to
               swallow
               it
               ,
               than
               arising
               from
               〈◊〉
               Reason
               and
               matter
               of
               Fact.
               For
               if
               lowering
               Interest
               were
               so
               advantageous
               to
               Trade
               ,
               
               why
               did
               the
               Dutch
               so
               constantly
               take
               their
               measures
               only
               by
               us
               ,
               and
               not
               as
               well
               by
               some
               other
               of
               their
               Neighbours
               ,
               with
               whom
               they
               have
               as
               great
               or
               greater
               Commerce
               than
               with
               us
               ?
               This
               is
               enough
               at
               first
               sight
               to
               make
               one
               suspect
               this
               to
               be
               Dust
               only
               rais'd
               to
               throw
               in
               Peoples
               eyes
               ,
               and
               a
               Suggestion
               made
               to
               serve
               a
               Purpose
               .
               For
               ,
            
             
               2.
               
               It
               will
               not
               be
               found
               true
               ,
               That
               when
               we
               abated
               Interest
               here
               in
               England
               to
               8.
               the
               Dutch
               sunk
               it
               in
               Holland
               to
               4
               
                 per
                 Cent.
              
               by
               Law
               ;
               or
               that
               there
               was
               any
               Law
               made
               in
               Holland
               to
               limit
               the
               Rate
               of
               Interest
               to
               3
               
                 per
                 Cent.
              
               when
               we
               reduced
               it
               in
               England
               to
               6.
               
               It
               is
               true
               ,
               
                 Iohn
                 De
                 Witt
              
               ,
               when
               he
               managed
               the
               Affairs
               of
               Holland
               ,
               setting
               himself
               to
               lessen
               the
               publick
               Debt
               ,
               and
               having
               actually
               paid
               some
               ,
               and
               getting
               Money
               in
               a
               readiness
               to
               pay
               others
               ,
               sent
               notice
               to
               all
               the
               Creditors
               ,
               That
               those
               who
               would
               not
               take
               4
               
                 per
                 Cent.
              
               should
               come
               and
               receive
               their
               Money
               .
               The
               Creditors
               finding
               him
               in
               earnest
               ,
               and
               knowing
               not
               how
               otherwise
               to
               employ
               their
               Money
               ,
               accepted
               his
               Terms
               ,
               and
               changed
               their
               Obligations
               into
               4
               
                 per
                 Cent.
              
               whereas
               before
               they
               were
               at
               5.
               and
               so
               (
               the
               great
               Loans
               of
               the
               Country
               being
               to
               the
               State
               )
               it
               might
               be
               said
               in
               this
               sense
               ,
               That
               the
               Rate
               of
               Interest
               was
               reduced
               lower
               at
               that
               time
               ;
               
               but
               that
               it
               was
               done
               by
               a
               Law
               ,
               forbidding
               to
               take
               higher
               Interest
               that
               4
               
                 per
                 Cent.
              
               that
               I
               deny
               ,
               and
               require
               any
               one
               to
               shew
               .
               Indeed
               upon
               good
               Security
               one
               might
               lately
               have
               borrowed
               Money
               in
               Holland
               at
               3
               ,
               and
               3
               ½
               
                 per
                 Cent.
              
               but
               not
               by
               vertue
               of
               any
               Law
               ,
               but
               the
               natural
               Rate
               of
               Interest
               .
               And
               I
               appeal
               to
               the
               men
               learned
               in
               the
               Law
               of
               Holland
               ,
               whether
               last
               year
               (
               and
               I
               doubt
               not
               but
               it
               is
               so
               still
               )
               a
               man
               might
               not
               lawfully
               lend
               his
               Money
               for
               what
               Interest
               he
               could
               get
               ;
               and
               whether
               in
               the
               Courts
               he
               should
               not
               recover
               the
               Interest
               he
               contracted
               for
               ,
               if
               it
               were
               10
               
                 per
                 Cent.
              
               So
               that
               if
               Money
               be
               to
               be
               borrowed
               by
               honest
               and
               responsible
               Men
               ,
               at
               3
               ,
               or
               3
               ½
               
                 per
                 Cent.
              
               it
               is
               not
               by
               the
               force
               of
               Statutes
               and
               Edicts
               ,
               but
               the
               natural
               Course
               of
               things
               ,
               which
               will
               always
               bring
               Interest
               upon
               good
               Security
               low
               ,
               where
               there
               is
               a
               great
               deal
               of
               Money
               to
               be
               lent
               ,
               and
               little
               good
               Security
               in
               proportion
               to
               be
               had
               .
               Holland
               is
               a
               Country
               where
               the
               Land
               makes
               a
               very
               little
               part
               of
               the
               Stock
               of
               the
               Country
               .
               Trade
               is
               their
               great
               Fund
               ;
               and
               their
               Estates
               lie
               generally
               in
               Money
               ;
               so
               that
               all
               who
               are
               not
               Traders
               ,
               generally
               speaking
               ,
               are
               Lenders
               :
               Of
               which
               there
               are
               so
               many
               whose
               Income
               depends
               upon
               Interest
               ,
               that
               if
               the
               States
               were
               not
               mightily
               in
               Debt
               ,
               but
               paid
               every
               one
               their
               Principal
               ,
               
               instead
               of
               the
               4
               
                 per
                 Cent.
                 Use
              
               ,
               which
               they
               give
               ,
               there
               would
               be
               so
               much
               more
               Money
               than
               could
               be
               used
               ,
               or
               would
               be
               ventured
               in
               Trade
               ,
               that
               Money
               there
               would
               be
               at
               2
               
                 per
                 Cent.
              
               or
               under
               ,
               unless
               they
               found
               a
               way
               to
               put
               it
               out
               in
               foreign
               Countries
               .
            
          
        
         
           Interest
           ,
           I
           grant
           these
           Men
           ,
           is
           low
           in
           Holland
           ;
           but
           not
           as
           an
           effect
           of
           Law
           ,
           nor
           the
           politick
           Contrivance
           of
           the
           Government
           ,
           to
           promote
           Trade
           ;
           but
           as
           the
           Consequence
           of
           great
           Plenty
           of
           ready
           Money
           ,
           when
           their
           Interest
           first
           fell
           ,
           I
           say
           when
           it
           first
           fell
           :
           For
           being
           once
           brought
           low
           ,
           and
           the
           Publick
           having
           borrowed
           a
           great
           part
           of
           private
           Mens
           Money
           ,
           and
           continuing
           in
           Debt
           ,
           it
           must
           continue
           so
           ,
           though
           the
           Plenty
           of
           Money
           ,
           which
           first
           brought
           Interest
           low
           ,
           were
           very
           much
           decayed
           ,
           and
           a
           great
           part
           of
           their
           Wealth
           were
           really
           gone
           .
           For
           the
           Debt
           of
           the
           State
           affording
           to
           the
           Creditors
           a
           constant
           yearly
           Income
           ,
           that
           is
           looked
           on
           as
           a
           safe
           Revenue
           ,
           and
           accounted
           as
           valuable
           as
           if
           it
           were
           in
           Land
           ;
           (
           and
           accordingly
           they
           buy
           it
           one
           of
           another
           ;
           and
           whether
           there
           be
           any
           Money
           in
           the
           publick
           Coffers
           or
           no
           ,
           he
           who
           has
           10000
           l.
           owing
           him
           from
           the
           States
           may
           sell
           it
           every
           day
           in
           the
           week
           ,
           and
           have
           ready
           Money
           for
           it
           )
           this
           Credit
           is
           so
           great
           an
           advantage
           to
           private
           
           Men
           ,
           who
           know
           not
           else
           what
           to
           do
           with
           their
           Stocks
           ,
           that
           were
           the
           States
           now
           in
           a
           condition
           to
           begin
           to
           pay
           their
           Debts
           ,
           the
           Creditors
           ,
           rather
           than
           take
           their
           Money
           out
           to
           lie
           dead
           by
           them
           ,
           would
           let
           it
           stay
           in
           at
           lower
           Interest
           ,
           as
           they
           did
           some
           years
           since
           ,
           when
           they
           were
           call'd
           on
           to
           come
           and
           receive
           their
           Money
           .
           This
           is
           the
           state
           of
           Interest
           in
           Holland
           ;
           Their
           plenty
           of
           Money
           ,
           and
           paying
           their
           publique
           Debts
           ,
           some
           time
           since
           lowered
           their
           Interest
           ,
           but
           it
           was
           not
           by
           Law
           ,
           nor
           in
           consequence
           of
           our
           reducing
           it
           here
           by
           Law
           to
           6
           
             per
             Cent.
          
           For
           I
           deny
           that
           there
           is
           any
           Law
           there
           yet
           ,
           to
           forbid
           lending
           of
           Money
           for
           above
           3
           ,
           or
           6
           ,
           or
           10
           
             per
             Cent.
          
           What
           ever
           some
           here
           suggest
           ,
           every
           one
           there
           may
           hire
           out
           his
           money
           as
           freely
           as
           he
           does
           any
           thing
           else
           ,
           for
           what
           rate
           he
           can
           get
           ;
           and
           the
           Bargain
           being
           made
           ,
           the
           Law
           will
           inforce
           the
           Borrower
           to
           pay
           it
           .
        
         
           I
           grant
           low
           Interest
           ,
           where
           all
           men
           consent
           to
           it
           is
           an
           advantage
           to
           Trade
           ,
           if
           Merchants
           will
           regulate
           their
           Gains
           accordingly
           ,
           and
           men
           be
           perswaded
           to
           lend
           to
           them
           ;
           but
           can
           it
           be
           expected
           ,
           when
           the
           Publique
           gives
           7
           ,
           8
           ,
           or
           10
           
             per
             Cent.
          
           that
           private
           men
           ,
           whose
           Security
           is
           certainly
           no
           better
           ,
           shall
           have
           it
           for
           4
           ?
           And
           can
           there
           be
           any
           thing
           stranger
           ,
           than
           that
           
           the
           same
           Men
           who
           look
           on
           ,
           and
           therefore
           allow
           high
           use
           as
           an
           encouragement
           to
           lending
           to
           the
           Chequer
           ,
           should
           think
           low
           Use
           should
           bring
           Money
           into
           Trade
           ?
           The
           States
           of
           Holland
           some
           few
           years
           since
           ,
           paid
           but
           4
           
             l.
             per
             Cent.
          
           for
           the
           Money
           they
           owed
           ;
           if
           you
           propose
           them
           for
           an
           example
           ,
           and
           Interest
           be
           to
           be
           regulated
           by
           a
           Law
           ,
           try
           whether
           you
           can
           do
           so
           here
           ,
           and
           bring
           Men
           to
           lend
           it
           to
           the
           Publique
           at
           that
           rate
           ,
           this
           would
           be
           a
           benefit
           to
           the
           Kingdom
           ,
           and
           abate
           a
           great
           part
           of
           our
           publique
           Charge
           :
           If
           you
           cannot
           ,
           confess
           ,
           that
           't
           is
           not
           the
           Law
           in
           Holland
           has
           brought
           the
           Interest
           there
           so
           low
           ,
           but
           something
           else
           ,
           and
           that
           which
           will
           make
           the
           States
           ,
           or
           any
           body
           else
           pay
           dearer
           now
           ,
           if
           either
           their
           Credit
           be
           less
           ,
           or
           Money
           there
           scarcer
           .
        
         
           An
           infallible
           sign
           of
           your
           decay
           of
           Wealth
           ,
           is
           the
           falling
           of
           Rent●
           ,
           and
           the
           raising
           of
           them
           would
           be
           worth
           the
           Nations
           Care
           ;
           for
           in
           that
           ,
           and
           not
           in
           the
           falling
           of
           Interest
           lies
           the
           true
           advantage
           of
           the
           Landed
           Man
           ,
           and
           with
           him
           of
           the
           Publick
           .
           It
           may
           be
           therefore
           not
           besides
           our
           present
           business
           ,
           to
           enquire
           into
           the
           cause
           of
           the
           falling
           of
           Rents
           in
           England
           .
        
         
           1.
           
           Either
           the
           Land
           is
           grown
           barrenner
           ,
           and
           so
           the
           Product
           is
           less
           ,
           and
           consequently
           
           the
           Money
           to
           be
           receiv'd
           for
           that
           Product
           is
           less
           ;
           for
           it
           is
           evident
           that
           he
           whose
           Land
           was
           wont
           to
           produce
           100
           Bushels
           of
           Wheat
           
             communibus
             annis
          
           ,
           if
           by
           long
           Tillage
           and
           bad
           Husbandry
           it
           will
           now
           produce
           but
           50
           Bushels
           ,
           the
           Rent
           will
           be
           abated
           half
           .
           But
           this
           cannot
           be
           suppos'd
           general
           .
        
         
           2.
           
           Or
           the
           Rent
           of
           that
           Land
           is
           lessen'd
           .
           1.
           
           Because
           the
           use
           of
           the
           Commodity
           ceases
           :
           as
           the
           Rents
           must
           fall
           in
           Virginia
           ,
           were
           taking
           of
           Tobacco
           forbid
           in
           England
           .
           2.
           
           Or
           because
           something
           else
           supplies
           the
           room
           of
           that
           Product
           :
           as
           the
           rate
           of
           Copis-lands
           will
           fall
           upon
           the
           discovery
           of
           Coal
           mines
           .
           3.
           
           Or
           ,
           because
           the
           Markets
           are
           supplied
           with
           the
           same
           Commodity
           ,
           cheaper
           from
           another
           place
           .
           As
           the
           breeding
           Countries
           of
           England
           must
           needs
           fall
           their
           Rents
           ,
           by
           the
           importation
           of
           Irish
           Cattle
           .
           4.
           
           Or
           ,
           because
           a
           Tax
           laid
           on
           your
           Native
           Commodities
           ,
           makes
           what
           the
           Farmer
           sells
           ,
           cheaper
           ,
           and
           Labour
           ,
           and
           what
           he
           buys
           dearer
           .
        
         
           3.
           
           Or
           ,
           the
           Money
           in
           the
           Country
           is
           less
           .
           For
           the
           exigencies
           and
           uses
           of
           Money
           not
           lessening
           with
           its
           quantity
           ,
           and
           it
           being
           in
           the
           same
           proportion
           to
           be
           imploy'd
           and
           distributed
           still
           in
           all
           the
           parts
           of
           its
           circulation
           ,
           so
           much
           as
           its
           quantity
           is
           lesse●'d
           ,
           so
           much
           must
           the
           share
           of
           every
           
           one
           that
           has
           a
           right
           to
           this
           Money
           be
           the
           less
           ;
           whether
           he
           be
           Landholder
           ,
           for
           his
           Goods
           ;
           or
           Labourer
           ,
           for
           his
           Hire
           ;
           or
           Merchant
           ,
           for
           his
           Brokage
           .
           Though
           the
           Land-holder
           usually
           finds
           it
           first
           .
           Because
           Money
           failing
           ,
           and
           falling
           short
           ,
           people
           have
           not
           so
           much
           Money
           as
           formerly
           to
           lay
           out
           ,
           and
           so
           less
           Money
           is
           brought
           to
           Market
           ,
           by
           which
           the
           price
           of
           things
           must
           necessarily
           fall
           .
           The
           Labourer
           feels
           it
           next
           .
           For
           when
           the
           Landholder's
           Rent
           falls
           ,
           he
           must
           either
           bate
           the
           Labourer's
           Wages
           ,
           or
           not
           imploy
           ,
           or
           not
           pay
           him
           ;
           which
           either
           way
           makes
           him
           feel
           the
           want
           of
           Money
           .
           The
           Merchant
           feels
           it
           last
           .
           For
           though
           he
           sell
           less
           ,
           and
           at
           a
           lower
           rate
           ,
           he
           buys
           also
           our
           Native
           Commodities
           ,
           which
           he
           Exports
           ,
           at
           a
           lower
           rate
           too
           ;
           and
           will
           be
           sure
           to
           leave
           our
           Native
           Commodities
           unbought
           ,
           upon
           the
           hands
           of
           the
           Farmer
           ,
           or
           Manufacturer
           ,
           rather
           than
           Export
           them
           to
           a
           Market
           ,
           which
           will
           not
           afford
           him
           Returns
           with
           profit
           .
        
         
           If
           one
           Third
           of
           the
           Money
           imploy'd
           〈◊〉
           Trade
           were
           locked
           up
           ,
           or
           gone
           out
           of
           England
           ,
           must
           not
           the
           Land-holders
           necessarily
           receive
           ⅓
           less
           for
           their
           Goods
           ,
           and
           consequently
           their
           Rents
           fall
           ;
           A
           less
           quantity
           of
           Money
           by
           ⅓
           being
           to
           be
           distributed
           amongst
           an
           equal
           number
           of
           Receivers
           ?
           Indeed
           ,
           People
           not
           perceiving
           
           the
           Money
           to
           be
           gone
           ,
           are
           apt
           to
           be
           jealous
           one
           of
           another●
           and
           each
           suspecting
           anothers
           inequality
           of
           Gain
           to
           rob
           him
           of
           his
           share
           ,
           every
           one
           will
           be
           imploying
           his
           skill
           and
           power
           the
           best
           he
           can
           to
           retrieve
           it
           again
           ,
           and
           to
           bring
           Money
           into
           his
           Pocket
           in
           the
           same
           plenty
           as
           formerly●
           But
           this
           is
           but
           scrambling
           amongst
           〈◊〉
           selves
           ,
           and
           helps
           no
           more
           against
           〈◊〉
           want
           ,
           than
           the
           pulling
           off
           a
           short
           Cover
           let
           will
           ,
           amongst
           Children
           that
           lye
           toge●ther
           ,
           preserve
           them
           all
           from
           the
           Col●●
           Some
           will
           starve
           ,
           unless
           the
           Father
           of
           th●●amily
           provide
           better
           ,
           and
           enlarge
           〈◊〉
           scanty
           Garments
           .
           This
           pulling
           and
           con●●●
           is
           usually
           between
           the
           Landed
           Man
           ar●
           the
           Merchant
           .
           For
           the
           Labourer's
           share
           ,
           b●●ing
           seldom
           more
           than
           a
           bare
           subsistenc●
           never
           allows
           that
           body
           of
           Men
           time
           〈◊〉
           opportunity
           to
           raise
           their
           Thoughts
           abo●●
           that
           ,
           or
           〈◊〉
           with
           the
           Richer
           〈◊〉
           theirs●
           (
           as
           one
           common
           Interest
           ,
           )
           unle●●
           when
           some
           common
           and
           great
           Distre●●
           uniting
           them
           in
           one
           universal
           Ferme●
           makes
           them
           forget
           Respect
           ,
           and
           emb●●dens
           them
           to
           carve
           to
           their
           Wants
           〈◊〉
           armed
           force
           :
           And
           then
           sometimes
           the
           break
           in
           upon
           the
           Rich
           ,
           and
           sweep
           ●
           like
           a
           deluge
           .
           But
           this
           rarely
           happens
           〈◊〉
           in
           the
           mal-administration
           of
           neglected
           mis-manag'd
           Government
           .
        
         
         
           The
           usual
           struggle
           and
           contest
           ,
           as
           I
           said
           before
           ,
           in
           the
           decays
           of
           Wealth
           and
           Riches
           ,
           is
           between
           the
           
             Landed
             Man
          
           and
           the
           Merchant
           ,
           with
           whom
           I
           may
           here
           joyn
           the
           
             Money'd
             Man.
          
           The
           
             Landed
             Man
          
           finds
           himself
           aggrieved
           ,
           by
           the
           falling
           of
           his
           Rents
           ,
           and
           the
           streightning
           of
           his
           Fortune
           ;
           and
           thinking
           the
           Merchant
           (
           whom
           he
           sees
           flourish
           and
           thrive
           )
           eats
           up
           his
           Profit
           ,
           and
           builds
           up
           a
           Fortune
           upon
           his
           Ruines
           ;
           he
           therefore
           endeavours
           ,
           by
           Laws
           ,
           to
           keep
           up
           the
           value
           of
           Lands
           ,
           which
           he
           suspects
           lessened
           by
           the
           others
           excess
           of
           Profit
           :
           But
           all
           in
           vain
           .
           The
           cause
           is
           mistaken
           ,
           and
           the
           remedy
           too
           .
           'T
           is
           not
           the
           Merchants
           nor
           Mon●y'd
           Man's
           Gains
           that
           makes
           Land
           fall
           ;
           but
           the
           loss
           of
           the
           Kingdom
           ,
           in
           our
           decay
           of
           Trade
           ,
           which
           the
           Land
           always
           first
           feels
           .
           If
           the
           
             Landed
             Gentleman
          
           will
           have
           ,
           and
           by
           his
           example
           ,
           make
           it
           fashionable
           to
           have
           more
           
             Claret
             ,
             Spi●●
             ,
             Silk
          
           ,
           and
           other
           Foreign
           consumable
           Wares
           ,
           than
           our
           .
           Exportation
           of
           Commodities
           does
           exchange
           for
           ;
           Money
           must
           unavoidably
           follow
           to
           ballance
           the
           Account
           ,
           and
           pay
           the
           Debt
           .
           And
           therefore
           I
           fear
           that
           another
           Proposal
           ,
           I
           hear
           talked
           of
           ,
           to
           hinder
           the
           Exportation
           of
           M●ney
           and
           Bullion
           ,
           will
           shew
           more
           our
           need
           of
           care
           to
           keep
           our
           Money
           from
           going
           from
           us
           ,
           than
           a
           
           way
           and
           method
           how
           to
           preserve
           it
           here
           .
        
         
           'T
           is
           death
           in
           Spain
           to
           export
           Money
           :
           And
           yet
           they
           ,
           who
           furnish
           all
           the
           World
           with
           Gold
           and
           Silver
           ,
           have
           least
           of
           it
           amongst
           themselves
           .
           Trade
           fetches
           it
           away
           from
           that
           lazy
           and
           indigent
           People
           ,
           notwithstanding
           all
           their
           artificial
           and
           forced
           contrivances
           to
           keep
           it
           there
           .
           It
           follows
           Trade
           against
           the
           rigour
           of
           their
           Laws
           ;
           and
           their
           want
           of
           Foreign
           Commodities
           makes
           it
           openly
           be
           carried
           out
           at
           Noon-day
           .
           Nature
           has
           bestow'd
           Mines
           on
           several
           parts
           of
           the
           World
           :
           But
           their
           Riches
           are
           only
           for
           the
           industrious
           and
           frugal
           .
           Whomever
           else
           they
           visit
           ,
           't
           is
           with
           the
           diligent
           and
           sober
           only
           they
           stay
           .
           And
           if
           the
           Vertue
           ,
           and
           provident
           way
           of
           living
           of
           our
           Ancestors
           (
           content
           with
           our
           native
           conveniences
           of
           Life
           ,
           without
           the
           costly
           itch
           after
           the
           Materials
           of
           Pride
           and
           Luxury
           from
           abroad
           )
           were
           brought
           in
           fashion
           and
           countenance
           again
           amongst
           us
           ;
           this
           alone
           would
           do
           more
           to
           keep
           increase
           our
           Wealth
           ,
           and
           inrich
           our
           Land
           ,
           than
           all
           our
           Paper
           helps
           about
           
             Interest
             ,
             Money
             ,
             Bulli●n
          
           ,
           &c.
           which
           ,
           however
           eagerly
           we
           may
           catch
           at
           ,
           will
           not
           ,
           I
           fear
           ,
           without
           better
           Husbandry
           ,
           keep
           us
           from
           sinking
           ,
           whatever
           contrivances
           we
           may
           have
           recourse
           to
           .
           'T
           is
           with
           a
           Kingdom
           ,
           as
           with
           
           a
           Family
           .
           Spending
           less
           than
           our
           own
           Commodities
           will
           pay
           for
           ,
           is
           the
           sure
           and
           only
           way
           for
           the
           Nation
           to
           grow
           Rich.
           And
           when
           that
           begins
           once
           seriously
           to
           be
           consider'd
           ,
           and
           our
           faces
           and
           steps
           are
           in
           earnest
           turn'd
           that
           way
           ,
           we
           may
           hope
           to
           have
           our
           Rents
           rise
           ,
           and
           the
           publick
           Stock
           thrive
           again
           .
           Till
           then
           ,
           we
           in
           vain
           ,
           I
           fear
           ,
           endeavour
           with
           noise
           ,
           and
           weapons
           of
           Law
           ,
           to
           drive
           the
           Wolf
           from
           our
           own
           to
           one
           anothers
           doors
           .
           The
           breed
           ought
           to
           be
           extirpated
           out
           of
           the
           Island
           .
           For
           Want
           ,
           brought
           in
           by
           ill
           management
           ,
           and
           nursed
           up
           by
           expensive
           Vanity
           ,
           will
           make
           the
           Nation
           Poor
           ,
           and
           spare
           no
           body
           .
        
         
           If
           Three
           Millions
           were
           necessary
           for
           the
           carrying
           on
           the
           Trade
           of
           England
           ,
           whereof
           One
           Million
           were
           for
           the
           Land-holder
           ,
           to
           maintain
           him
           ;
           another
           were
           for
           the
           payment
           of
           the
           Labourer
           and
           Handicraftsman
           ;
           and
           the
           Third
           were
           the
           share
           of
           the
           Brokers
           ,
           coming
           to
           them
           for
           their
           care
           and
           pains
           in
           distributing
           ;
           If
           One
           Million
           of
           this
           Money
           were
           gone
           out
           of
           the
           Kingdom
           ,
           must
           not
           there
           be
           ⅓
           part
           less
           to
           be
           shared
           amongst
           them
           for
           the
           product
           of
           their
           Land
           ,
           their
           Labour
           and
           their
           Distribution
           ?
           I
           do
           not
           say
           they
           will
           feel
           it
           at
           the
           same
           time
           .
           But
           the
           Landholder
           having
           nothing
           but
           what
           
           the
           Product
           of
           his
           Land
           will
           yield
           ;
           and
           the
           Buyer
           ,
           according
           to
           the
           Plenty
           or
           Scarcity
           of
           Money
           he
           has
           ,
           always
           setting
           the
           Price
           upon
           what
           is
           offered
           to
           Sale
           ;
           The
           Land-holder
           must
           be
           content
           to
           take
           the
           Market-Rate
           for
           what
           he
           brings
           thither
           ,
           which
           always
           following
           the
           scarcity
           or
           plenty
           of
           Money
           ,
           if
           any
           part
           of
           our
           Money
           be
           gone
           ,
           he
           is
           sure
           first
           to
           find
           it
           in
           the
           price
           of
           his
           Commodities
           .
           For
           the
           Broker
           and
           Merchant
           ,
           though
           he
           Sell
           cheaper
           ,
           yet
           he
           Buys
           cheaper
           too
           ;
           and
           he
           will
           be
           sure
           to
           get
           by
           his
           Returns
           ,
           or
           let
           alone
           a
           Commodity
           which
           will
           not
           produce
           him
           Gains
           ;
           and
           whatsoever
           is
           so
           let
           alone
           ,
           and
           left
           upon
           hands
           ,
           always
           turns
           to
           the
           Land-holders
           loss
           .
        
         
           Supposing
           that
           of
           our
           Woollen
           Manufacture
           ,
           Foreign
           Markets
           took
           off
           one
           half
           ,
           and
           the
           other
           half
           were
           consumed
           amongst
           our selves
           ;
           if
           a
           sensible
           part
           ,
           (
           as
           ⅓
           of
           our
           Money
           )
           were
           gone
           ,
           and
           so
           Men
           had
           equally
           ⅓
           less
           than
           they
           had
           (
           for
           ,
           't
           is
           certain
           ,
           it
           must
           be
           tantamount
           ;
           and
           what
           I
           'scape
           of
           ⅓
           less
           ,
           another
           must
           make
           up
           )
           it
           would
           follow
           ,
           That
           they
           would
           have
           less
           to
           lay
           out
           in
           Cloaths
           ,
           as
           well
           as
           other
           things
           ,
           and
           so
           would
           either
           wear
           them
           longer
           ,
           or
           pay
           less
           for
           them
           .
           If
           a
           Clothier
           finds
           a
           want
           of
           Vent
           ,
           he
           must
           either
           Sell
           cheaper
           or
           not
           at
           all
           :
           If
           he
           Sells
           
           cheaper
           ,
           he
           must
           also
           pay
           less
           ,
           both
           for
           Wool
           and
           Labour
           :
           And
           if
           the
           Labourer
           hath
           less
           Wages
           ,
           he
           must
           also
           pay
           less
           for
           
             Corn
             ,
             Butter
             ,
             Cheese
             ,
             Flesh
             ,
          
           or
           else
           forbear
           some
           of
           these
           quite
           .
           In
           all
           which
           cases
           ,
           the
           Price
           of
           
             Wool
             ,
             Corn
             ,
             Flesh
          
           ,
           and
           the
           other
           Products
           of
           Land
           are
           brought
           down
           ,
           and
           the
           Land
           bears
           the
           greatest
           part
           of
           the
           loss
           .
           For
           where-ever
           the
           Consumption
           or
           Vent
           of
           any
           Commodity
           is
           stopt
           ,
           there
           the
           Stop
           continues
           on
           till
           it
           comes
           to
           the
           Land-holder
           .
           And
           where-ever
           the
           Price
           of
           any
           Commodity
           begins
           to
           fall
           ,
           how
           many
           hands
           soever
           there
           be
           between
           that
           and
           the
           Land-holder
           ,
           they
           all
           take
           reprisals
           one
           upon
           another
           ,
           till
           at
           last
           it
           comes
           to
           the
           Land-holder
           ;
           and
           there
           the
           abatement
           of
           Price
           ,
           of
           any
           of
           his
           Commodities
           ,
           lessens
           his
           Income
           ,
           and
           is
           a
           clear
           loss
           .
           The
           Owner
           of
           Land
           ,
           which
           produces
           the
           Commodity
           ,
           and
           the
           last
           Buyer
           ,
           who
           consumes
           it
           ,
           are
           the
           two
           extreams
           in
           Commerce
           .
           And
           though
           the
           falling
           of
           any
           sort
           of
           Commodity
           in
           the
           Land-holder's
           hand
           ,
           does
           not
           prove
           so
           to
           the
           last
           consumer
           ,
           the
           Arts
           of
           intervening
           Brokers
           and
           Ingrossers
           keeping
           up
           the
           Price
           to
           their
           own
           advantage
           ;
           yet
           whenever
           want
           of
           Money
           ,
           or
           want
           of
           desire
           in
           the
           consumer
           ,
           make
           the
           Price
           low
           ,
           that
           immediately
           
           reaches
           the
           first
           producer
           ;
           no
           body
           between
           having
           any
           Interest
           to
           keep
           it
           up
           .
        
         
           Now
           ,
           as
           to
           the
           two
           first
           causes
           of
           falling
           of
           Rents
           ,
           falling
           of
           Interest
           has
           no
           Influence
           at
           all
           .
           In
           the
           latter
           ,
           ●it
           has
           a
           great
           part
           :
           Because
           it
           makes
           the
           Money
           of
           England
           less
           ,
           by
           making
           both
           
           English-Men
           and
           Foreigners
           withdraw
           or
           withhold
           their
           Money
           .
           For
           that
           which
           is
           not
           let
           loose
           into
           Trade
           ,
           is
           all
           one
           whil'st
           hoarded
           up
           ,
           as
           if
           it
           were
           not
           in
           Being
           .
        
         
           I
           have
           heard
           it
           brought
           for
           a
           reason
           ,
           why
           Interest
           should
           be
           reduced
           to
           Four
           
             per
             Cent
             ;
             That
             thereby
             the
             Landholder
             ,
             who
             bears
             the
             burthen
             of
             the
             Publick
             Charge
             ,
             may
             ●e
             ,
             in
             some
             degr●e
             ,
             eased
             by
             falling
             of
          
           Interest
           .
        
         
           This
           Argument
           will
           be
           put
           right
           ,
           if
           you
           〈◊〉
           it
           will
           case
           the
           Forrower
           ,
           and
           say
           the
           less
           on
           the
           Lender
           ;
           but
           it
           concern
           not
           the
           Land
           in
           general
           ,
           unless
           you
           will
           suppose
           all
           Land-holders
           in
           Debt
           .
           〈…〉
           we
           may
           yet
           think
           that
           Men
           in
           ●●gland
           ,
           who
           have
           Land
           ,
           have
           Money
           too
           ;
           and
           that
           Landed
           Men
           ,
           as
           well
           a●
           others
           ,
           by
           their
           Providence
           and
           good
           Husbandry
           ,
           accommodating
           their
           Expences
           to
           their
           Income
           ,
           keep
           themselves
           from
           going
           backwards
           in
           the
           World.
           
        
         
         
           That
           which
           is
           urged
           ,
           as
           most
           deserving
           consideration
           and
           remedy
           in
           the
           case
           ,
           is
           ,
           
             That
             it
             is
             hard
             and
             unreasonable
             ,
             that
             one
             ,
             who
             has
             Mortgaged
             half
             his
             Land
             ,
             should
             yet
             pay
             Taxes
             for
             the
             whole
             ,
             whil'st
             the
             Mortgage
             goes
             away
             with
             the
             clear
             profit
             of
             an
             high
             Interest
             .
          
           To
           this
           I
           answer
           ,
           
             
               1.
               
               That
               if
               any
               Man
               has
               run
               himself
               in
               Debt
               ,
               for
               the
               Service
               of
               his
               Country
               ,
               't
               is
               fit
               the
               Publick
               should
               reimburse
               him
               ,
               and
               set
               him
               free
               .
               This
               is
               a
               care
               that
               becomes
               the
               Publick
               Justice
               ;
               That
               Men
               ,
               if
               they
               receive
               no
               Rewards
               ,
               should
               ,
               at
               least
               ,
               be
               kept
               from
               Suffering
               ,
               in
               having
               Served
               their
               Country
               .
               But
               I
               do
               not
               remember
               the
               Polity
               of
               any
               Nation
               ,
               who
               altered
               their
               Constitution
               ,
               in
               favour
               of
               those
               whose
               mismanagement
               had
               brought
               them
               behind-hand
               ;
               possibly
               ,
               as
               thinking
               the
               Publick
               little
               beholding
               to
               those
               who
               had
               misimploy'd
               the
               Stock
               of
               their
               Country
               ,
               in
               the
               excess
               of
               their
               private
               Expences
               ,
               and
               ,
               by
               their
               Example
               ,
               spread
               a
               fashion
               that
               carries
               ruine
               with
               it
               :
               Mens
               paying
               Taxes
               of
               Mortgaged
               Lands
               ,
               is
               a
               punishment
               for
               ill-husbandry
               ,
               which
               ought
               to
               be
               discouraged
               ;
               but
               it
               concerns
               very
               little
               the
               Frugal
               and
               the
               Thrifty
               .
            
             
               2.
               
               Another
               thing
               to
               be
               said
               in
               reply
               to
               this
               ,
               is
               ,
               That
               it
               is
               with
               Gentlemen
               in
               the
               Country
               ,
               as
               with
               Tradesmen
               in
               the
               
               City
               .
               If
               they
               will
               own
               Titles
               to
               greater
               Estates
               than
               really
               they
               have
               ,
               it
               is
               their
               own
               faults
               ,
               and
               there
               is
               no
               way
               left
               to
               help
               them
               from
               paying
               for
               them
               .
               The
               Remedy
               is
               in
               their
               own
               hands
               ,
               to
               discharge
               themselves
               when
               they
               please
               .
               And
               when
               they
               have
               once
               Sold
               their
               Land
               ,
               and
               paid
               their
               Debts
               ,
               they
               will
               no
               longer
               pay
               Taxes
               for
               what
               they
               own
               ,
               without
               being
               really
               theirs
               .
               There
               is
               another
               way
               also
               ,
               whereby
               they
               may
               be
               relieved
               ,
               as
               well
               as
               a
               great
               many
               other
               inconveniencies
               remedied
               ;
               and
               that
               is
               by
               a
               Registry
               :
               For
               if
               Mortgages
               were
               Registred
               ,
               I
               and
               Taxes
               might
               reach
               them
               ,
               and
               order
               the
               Lender
               to
               pay
               his
               proportion
               .
            
          
        
         
           I
           have
           met
           with
           Patrons
           of
           Four
           
             per
             Cent
          
           ,
           who
           (
           amongst
           many
           other
           fine
           things
           they
           tell
           us
           of
           )
           affirm
           ,
           
             That
             if
          
           Interest
           
             were
             reduc'd
             to
             Four
          
           per
           Cent
           ,
           
             then
             s●me
             Men
             would
             ,
             borrowing
             Money
             at
             this
             low
             Rate
             ,
             pay
             their
             Debts
             ;
             Others
             would
             borrow
             more
             than
             they
             now
             do
             ,
             and
             improve
             their
             Land
             ;
             Others
             would
             borrow
             more
             ,
             and
             imploy
             it
             in
             Trade
             and
             Manufacture
             .
          
           Gilded
           words
           indeed
           ,
           were
           there
           any
           thing
           substantial
           in
           them
           !
           These
           Men
           talk
           as
           if
           they
           meant
           to
           shew
           us
           ,
           not
           only
           the
           Wisdom
           but
           Riches
           of
           Solomon
           ,
           and
           make
           Gold
           and
           Silver
           as
           common
           as
           the
           Stones
           
           in
           the
           Street
           ;
           but
           at
           last
           ,
           I
           fear
           ,
           't
           will
           be
           but
           Wit
           without
           Money
           ;
           and
           ,
           I
           wish
           it
           amount
           to
           that
           .
           'T
           is
           without
           question
           ,
           That
           could
           the
           Country-man
           and
           the
           Trades-man
           take
           up
           Money
           cheaper
           than
           now
           they
           do
           ,
           every
           Man
           would
           be
           forward
           to
           Borrow
           ,
           and
           desire
           that
           he
           might
           have
           other
           Mens
           Money
           to
           imploy
           to
           his
           advantage
           ;
           and
           therefore
           ,
           I
           confess
           ,
           those
           who
           contend
           for
           Four
           
             per
             Cent
          
           ,
           have
           found
           out
           a
           way
           to
           set
           Mens
           Months
           a
           watering
           for
           Money
           at
           that
           Rate
           ,
           and
           to
           increase
           the
           number
           of
           the
           Borrowers
           in
           England
           ;
           if
           any
           body
           can
           imagine
           it
           would
           be
           an
           advantage
           to
           increase
           them
           .
           But
           to
           answer
           all
           their
           fine
           Projects
           ,
           I
           have
           but
           this
           one
           short
           question
           to
           ask
           them
           :
           Will
           Four
           
             per
             Cent
          
           increase
           the
           number
           of
           the
           Lenders
           ?
           If
           it
           will
           not
           ,
           as
           any
           Man
           at
           the
           very
           first
           hearing
           ,
           will
           shrewdly
           suspect
           it
           will
           not
           ,
           then
           all
           the
           Plenty
           of
           Money
           these
           Conjurers
           bestow
           upon
           us
           for
           
             Improvement
             of
             Land
             ,
             Paying
             of
             Debts
             ,
          
           and
           
             Advancement
             of
             Trade
          
           ,
           is
           but
           like
           the
           Gold
           and
           Silver
           which
           Old
           Women
           believe
           others
           Conjurers
           ,
           bestow
           sometimes
           by
           whole
           Lapfuls
           ,
           on
           poor
           credulous
           Girls
           ,
           which
           ,
           when
           they
           bring
           to
           the
           light
           ,
           is
           found
           to
           be
           nothing
           but
           wither'd
           Leaves
           ,
           and
           the
           possessors
           of
           it
           
           are
           still
           as
           much
           in
           want
           of
           Money
           as
           ever
           .
           Indeed
           I
           grant
           it
           would
           be
           well
           for
           England
           ,
           and
           I
           wish
           it
           were
           so
           ,
           that
           the
           plenty
           of
           Money
           were
           so
           great
           amongst
           us
           ,
           that
           every
           Man
           could
           borrow
           as
           much
           as
           he
           could
           use
           in
           Trade
           ,
           for
           Four
           
             per
             Cent
          
           ;
           nay
           ,
           that
           Men
           could
           borrow
           as
           much
           as
           they
           could
           imploy
           for
           Six
           
             per
             Cent.
          
           But
           even
           at
           that
           Rate
           ,
           the
           Borrowers
           already
           are
           far
           more
           than
           the
           Lenders
           .
           Why
           else
           doth
           the
           Merchant
           upon
           occasion
           ,
           pay
           Six
           
             per
             Cent
          
           ,
           and
           often
           above
           that
           rate
           for
           Brokage
           ?
           And
           why
           doth
           the
           Country
           Gentleman
           of
           1000
           
             l.
             per
             Annum
          
           find
           it
           so
           difficult
           ,
           with
           all
           the
           security
           he
           can
           bring
           to
           take
           up
           1000
           l
           ?
           All
           which
           proceeds
           from
           the
           scarcity
           of
           Money
           ,
           and
           bad
           Security
           ;
           two
           Causes
           which
           will
           not
           be
           less
           powerful
           to
           hinder
           Borrowing
           ,
           after
           the
           lowering
           of
           〈◊〉
           ;
           and
           I
           do
           not
           see
           how
           any
           one
           can
           imagine
           how
           reducing
           Use
           to
           Four
           
             per
             Cent
          
           ,
           should
           abate
           their
           force
           ;
           or
           how
           lessening
           the
           Reward
           of
           the
           Lender
           ,
           without
           diminishing
           his
           Risque
           ,
           should
           make
           him
           more
           forward
           and
           ready
           to
           Lend
           .
           So
           that
           these
           M●n
           ,
           whilst
           they
           talk
           ,
           that
           at
           Four
           〈…〉
           M●n
           would
           take
           up
           ,
           and
           ●mploy
           more
           Money
           to
           the
           publick
           advantage
           ,
           do
           but
           〈◊〉
           to
           multip●y
           the
           number
           of
           Borrowers
           among
           us
           ,
           of
           which
           it
           is
           certain
           we
           have
           
           too
           many
           already
           .
           Whilst
           they
           thus
           set
           Men
           a
           longing
           for
           the
           Golden
           days
           of
           Four
           
             per
             Cent
          
           ,
           methinks
           they
           use
           the
           poor
           indigent
           Debtor
           ,
           and
           needy
           Tradesman
           ,
           as
           I
           have
           seen
           pratling
           Jack-Daws
           do
           sometimes
           their
           young
           ,
           who
           kawing
           and
           fluttering
           about
           the
           Nest
           ,
           set
           all
           their
           young
           ones
           a
           gaping
           ,
           but
           having
           nothing
           in
           their
           empty
           Mouths
           but
           Noise
           and
           Air
           ,
           leave
           them
           as
           hungry
           as
           before
           .
           'T
           is
           true
           these
           Men
           have
           found
           out
           by
           a
           cunning
           project
           ,
           how
           by
           the
           restraint
           of
           Law
           to
           make
           the
           price
           of
           Money
           ⅓
           cheaper
           ,
           and
           then
           they
           tell
           
             Iohn
             a
             Nokes
          
           ,
           that
           he
           shall
           have
           10000
           l.
           of
           it
           to
           employ
           in
           Merchandise
           ,
           or
           Cloathing
           ;
           and
           
             Iohn
             a
             Stiles
          
           shall
           have
           20000
           l.
           more
           to
           pay
           his
           Debts
           ;
           and
           so
           distribute
           this
           Money
           as
           freely
           as
           Dego
           did
           his
           Legacies
           ,
           which
           they
           are
           to
           have
           even
           where
           they
           can
           get
           it
           .
           But
           till
           these
           Men
           can
           instruct
           the
           forward
           Borrowers
           where
           they
           shall
           be
           furnished
           ,
           they
           have
           perhaps
           done
           something
           to
           increase
           Mens
           desire
           ,
           but
           not
           made
           Money
           one
           jot
           easier
           to
           come
           by
           .
           And
           till
           they
           do
           that
           ,
           all
           this
           sweet
           gingling
           of
           Money
           in
           their
           Discourses
           ,
           goes
           just
           to
           the
           Tune
           of
           ,
           
             If
             all
             the
             World
             were
             Oatmeal
             .
          
           Methinks
           these
           Undertakers
           ,
           whilst
           they
           hav●
           put
           Men
           in
           hopes
           of
           Borrowing
           more
           plentifully
           at
           easier
           Rates
           ,
           for
           the
           supply
           of
           their
           Wants
           
           and
           Trades
           ,
           had
           done
           better
           to
           have
           bethought
           themselves
           of
           a
           way
           ,
           how
           Men
           need
           not
           Borrow
           upon
           Use
           at
           all
           ;
           for
           this
           would
           be
           much
           more
           advantageous
           ,
           and
           altogether
           as
           Feisible
           .
           For
           I
           am
           sure
           ,
           't
           is
           as
           easie
           to
           contrive
           in
           a
           Country
           that
           wants
           Money
           in
           proportion
           to
           its
           Trade
           ,
           how
           every
           Man
           shall
           be
           supplied
           with
           as
           much
           Money
           as
           he
           needs
           ,
           (
           
             i.
             e.
          
           can
           employ
           in
           
             Improvement
             of
             Land
             ,
             paying
             his
             Debts
             ,
             and
             return
             of
             Trade
          
           )
           for
           nothing
           ,
           as
           for
           Four
           
             per
             Cent
          
           ;
           As
           it
           is
           as
           easie
           to
           distribute
           Twenty
           pair
           of
           Shooes
           amongst
           Thirty
           men
           ,
           if
           they
           pay
           nothing
           for
           them
           at
           all
           ,
           as
           if
           they
           paid
           4
           s.
           a
           pair
           .
           Ten
           of
           them
           (
           notwithstanding
           the
           Statute
           rate
           should
           be
           reduced
           from
           6
           s.
           to
           4
           s.
           a
           pair
           )
           will
           be
           necessitated
           to
           sit
           still
           Barefoot
           ,
           as
           much
           as
           if
           they
           were
           to
           pay
           nothing
           for
           Shooes
           at
           all
           .
           Either
           we
           have
           already
           more
           Money
           than
           the
           Owners
           will
           Lend
           ,
           or
           we
           have
           not
           .
           If
           part
           of
           the
           Money
           ,
           which
           is
           now
           in
           England
           ,
           will
           not
           be
           Lent
           at
           the
           rate
           Interest
           is
           at
           present
           at
           ,
           will
           Men
           be
           more
           ready
           to
           Lend
           ,
           and
           Borrowers
           be
           furnished
           for
           all
           those
           brave
           Purposes
           more
           plentifully
           ,
           when
           Money
           is
           brought
           to
           Four
           
             per
             Cent
          
           ?
           If
           People
           do
           already
           lend
           all
           the
           money
           they
           have
           ,
           above
           their
           own
           occasions
           ,
           
           whence
           are
           those
           who
           will
           borrow
           more
           at
           4
           
             per
             Cent
          
           ,
           to
           be
           supplied
           ?
           Or
           is
           there
           such
           plenty
           of
           Money
           ,
           and
           scarcity
           of
           Borrowers
           ,
           that
           there
           needs
           the
           reducing
           of
           Interest
           to
           4
           
             per
             Cent
          
           ,
           to
           bring
           Men
           to
           take
           it
           ?
           All
           the
           imaginable
           ways
           of
           increasing
           Money
           in
           any
           Country
           ,
           are
           these
           two
           :
           Either
           to
           dig
           it
           in
           Mines
           of
           our
           own
           ,
           or
           get
           it
           from
           our
           Neighbors
           .
           That
           4
           
             per
             Cent
          
           ,
           is
           not
           of
           the
           nature
           of
           the
           De●sing-rod
           ,
           or
           
             Virgila
             Divina
          
           ,
           able
           to
           discover
           Mines
           of
           Gold
           and
           Silver
           ,
           I
           believe
           will
           easily
           be
           granted
           me
           .
           The
           way
           of
           getting
           from
           Foreigners
           ,
           is
           either
           by
           force
           ,
           borrowing
           ,
           or
           Trade
           .
           And
           whatever
           otherways
           besides
           these
           men
           may
           fansie
           or
           propose
           ,
           for
           increasing
           of
           Money
           ,
           (
           except
           they
           intend
           to
           set
           up
           for
           the
           Philosophers
           Stone
           )
           would
           be
           much
           the
           same
           with
           a
           destracted
           man's
           device
           ,
           that
           I
           knew
           ,
           who
           ,
           in
           the
           beginning
           of
           his
           distemper
           first
           discover'd
           himself
           to
           be
           out
           of
           his
           Wits
           ,
           by
           getting
           together
           ,
           and
           boiling
           a
           great
           number
           of
           Groats
           ,
           with
           a
           design
           ,
           as
           he
           said
           ,
           to
           make
           them
           plim
           ,
           and
           grow
           thicker
           .
           That
           4
           
             per
             Cent
          
           ,
           will
           raise
           Armies
           ,
           Discipline
           Soldiers
           ,
           and
           make
           Men
           valiant
           ,
           and
           fitter
           to
           conquer
           Countries
           ,
           and
           enrich
           themselves
           with
           the
           spoils
           ,
           I
           think
           was
           never
           pretended
           .
           And
           that
           it
           will
           not
           bring
           in
           more
           of
           our
           neighbours
           
           Money
           upon
           Loan
           ,
           than
           we
           have
           at
           present
           among
           us
           ,
           is
           so
           visible
           in
           it self
           ,
           that
           it
           will
           not
           need
           any
           proof
           ;
           the
           contenders
           for
           4
           
             per
             Cent
          
           looking
           upon
           it
           as
           an
           undeniable
           Truth
           ,
           and
           making
           use
           of
           it
           as
           an
           Argument
           to
           shew
           the
           advantage
           it
           will
           be
           to
           the
           Nation
           ,
           by
           lessening
           the
           Use
           paid
           to
           Foreigners
           ,
           who
           upon
           falling
           of
           Use
           will
           take
           home
           their
           Money
           .
           And
           for
           the
           last
           way
           of
           increasing
           our
           Money
           ,
           by
           promoting
           of
           Trade
           ,
           how
           much
           lowering
           of
           Interest
           is
           the
           way
           to
           that
           ,
           I
           have
           ,
           I
           suppose
           ,
           shew'd
           you
           already
           .
        
         
           
           
             Having
             lately
             met
             with
             a
             little
             Tract
             Intituled
             
               A
               Letter
               to
               a
               Friend
               concerning
               Usury
               ,
            
             Printed
             in
             the
             year
             1690
             ;
             which
             gives
             in
             short
             ,
             the
             Arguments
             of
             some
             Treatises
             Printed
             many
             years
             since
             ,
             for
             the
             lowering
             of
             Interest
             ;
             It
             may
             not
             be
             amiss
             ,
             briefly
             to
             consider
             them
             .
          
           
             1.
             
             A
             High
             Interest
             
               decays
               Trade
               .
               The
               advantage
               from
            
             Interest
             
               is
               greater
               than
               the
               Profit
               from
               Trade
               ,
               which
               makes
               the
               rich
               Merchants
               give
               over
               ,
               and
               put
               out
               their
               Stock
               to
            
             Interest
             ,
             
               and
               the
               lesser
               Merchants
               Break.
            
             
          
           
             Answ.
             This
             was
             Printed
             in
             1621
             ,
             when
             Interest
             was
             at
             10
             
               per
               Cent.
            
             And
             whether
             England
             had
             ever
             a
             more
             flourishing
             Trade
             than
             at
             that
             time
             ,
             must
             be
             left
             to
             the
             judgment
             of
             those
             who
             have
             consider'd
             the
             growing
             Strength
             and
             Riches
             of
             this
             Kingdom
             in
             
               Q.
               E.
            
             and
             King
             I.
             the
             1st
             Reigns
             :
             Not
             that
             I
             impute
             it
             to
             high
             Interest
             ,
             but
             to
             other
             Causes
             I
             have
             mention●d
             ,
             wherein
             Usury
             had
             nothing
             to
             do
             .
             But
             if
             this
             be
             thought
             an
             Argument
             ,
             now
             in
             1690
             ,
             when
             the
             legal
             Interest
             is
             6
             
               per
               Cent
            
             ;
             I
             desire
             those
             who
             think
             fit
             to
             make
             use
             of
             it
             ,
             to
             name
             those
             
               rich
               Merchants
            
             who
             have
             
               given
               over
               and
               put
               out
               their
               Stocks
               to
            
             Interest
             .
          
           
           
             2.
             
             Interest
             
               being
               at
            
             10
             per
             Cent
             ,
             
               and
               in
            
             Holland
             at
             6
             ;
             
               our
               neighbor
               Merchants
               undersell
               us
            
             .
          
           
             Answ.
             The
             legal
             Interest
             being
             here
             now
             at
             6
             
               per
               Cent
            
             ,
             and
             in
             Holland
             not
             limited
             by
             Law
             ;
             our
             neighbor
             Merchants
             under-sell
             us
             ,
             because
             they
             live
             more
             frugally
             ,
             and
             are
             content
             with
             less
             profit
             .
          
           
             3.
             
             
               Interest
               being
               lower
               in
            
             Holland
             
               than
               in
            
             England
             ,
             
               their
               Contributions
               to
               War
               ,
               works
               of
               Piety
               ,
               and
               all
               Charges
               of
               the
               State
               ,
               are
               cheaper
               to
               them
               than
               to
               us
               .
            
          
           
             Answ.
             This
             needs
             a
             little
             Explication
             .
             Contributions
             greater
             or
             less
             ,
             I
             understand
             :
             but
             
               Contributions
               cheaper
               or
               dear●r
            
             ,
             I
             confess
             I
             do
             not
             .
             If
             they
             manage
             their
             Wars
             and
             Charges
             cheaper
             than
             we
             ,
             the
             blame
             is
             not
             to
             be
             laid
             on
             high
             or
             low
             Interest
             .
          
           
             4.
             
             Interest
             
               being
               so
               high
               ,
               prevents
               the
               building
               of
               Shipping
               ,
               which
               is
               the
               strength
               and
               safety
               of
               our
               Island
               ,
               m●st
               Merchant
               Ships
               being
               built
               in
            
             Holland
             .
          
           
             Answ.
             Though
             this
             Argument
             be
             now
             gone
             ,
             such
             Ships
             being
             prohibited
             by
             a
             Law
             ,
             I
             will
             help
             the
             Author
             to
             one
             as
             good
             .
             The
             Du●ch
             buy
             our
             Rape-seed
             ,
             make
             it
             into
             Oil
             ,
             bring
             it
             back
             to
             us
             ,
             and
             sell
             it
             with
             advantage
             .
             This
             may
             be
             as
             well
             said
             to
             be
             from
             high
             Interest
             here
             ,
             and
             low
             there
             .
             But
             the
             Truth
             is
             ,
             the
             Industry
             and
             Frugality
             of
             that
             People
             ,
             makes
             them
             
             content
             to
             work
             cheaper
             ,
             and
             sell
             at
             less
             profit
             than
             their
             Neighbours
             ,
             and
             so
             get
             the
             Trade
             from
             them
             .
          
           
             5.
             
             
               The
               high
               R●te
               of
               Usury
               makes
               Land
               sell
               so
               cheap
               ,
               being
               n●t
               worth
               more
               than
            
             14
             or
             15
             
               years
               Purcha●●
               ;
               whereas
               in
            
             Holland
             ,
             
               where
               Interest
               is
               at
            
             6
             ,
             
               it
               is
               worth
               above
            
             25.
             
             
               So
               that
               a
               low
               Interest
               raises
               the
               Price
               of
               Land.
               Where
               Money
               is
               dear
               Land
               is
               cheap
               .
            
          
           
             Ans.
             This
             Argument
             plainly
             confesses
             ,
             That
             there
             is
             something
             else
             regulates
             the
             Price
             of
             Land
             ,
             besides
             the
             Rate
             of
             Interest
             ;
             else
             when
             Money
             was
             at
             10
             
               per
               Cent
            
             here
             ,
             Land
             should
             have
             been
             at
             10
             years
             Purchase
             ;
             whereas
             he
             confesses
             it
             then
             to
             have
             been
             at
             14
             or
             15.
             
             One
             may
             suppose
             ,
             to
             favour
             his
             Hypothesis
             ,
             he
             was
             not
             forward
             to
             speak
             the
             most
             of
             it
             .
             And
             Interest
             ,
             as
             he
             says
             ,
             being
             at
             6
             
               per
               Cent
            
             in
             Holland
             .
             Land
             there
             should
             have
             sold
             by
             that
             Rule
             for
             16
             ●
             /
             ●
             years
             Purchase
             ,
             whereas
             he
             says
             it
             was
             worth
             about
             25.
             
             And
             Mr.
             Manly
             says
             ,
             (
             p.
             33.
             )
             
               That
               〈◊〉
               in
            
             France
             
               being
               at
            
             7
             per
             Cent
             ,
             
               Noble
               〈…〉
            
             4
             and
             35
             
               years
               Purchase
               ,
               and
               〈◊〉
               Land
               for
            
             25.
             
             So
             that
             the
             true
             〈…〉
             from
             hence
             is
             not
             what
             our
             〈…〉
             That
             't
             is
             not
             the
             legal
             〈…〉
             something
             else
             ,
             that
             governs
             the
             〈◊〉
             of
             Land.
             I
             grant
             his
             Position
             ,
             That
             〈…〉
             .
             But
             
             it
             must
             be
             so
             by
             the
             natural
             ,
             not
             legal
             Interest
             .
             For
             where
             Money
             will
             be
             lent
             on
             good
             Security
             at
             4
             or
             5
             
               per
               Cent
            
             ,
             't
             is
             a
             Demonstration
             that
             there
             is
             more
             than
             will
             be
             ventured
             on
             ordinary
             Credit
             in
             Trade
             .
             And
             when
             this
             Plenty
             becomes
             general
             ,
             't
             is
             a
             sign
             there
             is
             more
             Money
             than
             can
             be
             employed
             in
             Trade
             ;
             which
             cannot
             but
             put
             many
             upon
             seeking
             Purchases
             ,
             to
             lay
             it
             out
             in
             Land
             ,
             and
             so
             raise
             the
             Price
             of
             Land
             ,
             by
             making
             more
             Buyers
             than
             Sellers
             .
          
           
             6.
             
             
               'T
               is
               not
               probable
               Lenders
               will
               call
               in
               their
               Money
               ,
               when
               they
               cannot
               make
               greater
               Interest
               any
               where
               .
               Besides
               ,
               their
               Security
               upon
               L●nd
               will
               be
               better
               .
            
          
           
             Answ.
             Some
             unskilful
             and
             timorous
             men
             will
             call
             in
             their
             Money
             ;
             others
             put
             it
             into
             the
             Banker's
             hands
             .
             But
             the
             Bankers
             and
             Skilful
             will
             keep
             it
             up
             ,
             and
             not
             lend
             it
             ,
             but
             at
             the
             natural
             Vse
             ,
             as
             we
             have
             shewn
             .
             But
             how
             Securities
             will
             be●ne
             e●d●d
             by
             lowering
             of
             Interest
             ,
             is
             I
             confess
             beyond
             my
             Comprehension
             .
          
        
         
           
           
             Of
             Raising
             our
             Coin.
             
          
           
             BEing
             now
             upon
             the
             Consideration
             of
             Interest
             and
             Money
             ,
             give
             me
             leave
             to
             say
             one
             Word
             more
             on
             this
             occasion
             ,
             which
             may
             not
             be
             wholly
             unseasonable
             at
             this
             time
             .
             I
             hear
             a
             Talk
             up
             and
             down
             of
             
               raising
               our
               Money
            
             ,
             as
             a
             means
             to
             retain
             our
             Wealth
             ,
             and
             keep
             our
             Money
             from
             being
             carried
             away
             .
             I
             wish
             those
             that
             use
             the
             Phrase
             of
             
               raising
               our
               Money
            
             ,
             had
             some
             clear
             Notion
             annex'd
             to
             it
             ;
             and
             that
             then
             they
             would
             examine
             ,
             Whether
             ,
             that
             being
             true
             ,
             it
             would
             at
             all
             serve
             to
             those
             Ends
             ,
             for
             which
             it
             is
             propos'd
             .
          
           
             The
             
               raising
               of
               M●n●y
            
             then
             signifies
             one
             of
             these
             two
             things
             ;
             either
             raising
             the
             Value
             of
             our
             Money
             ,
             or
             raising
             the
             Denomination
             of
             our
             Coin.
             
          
           
             The
             raising
             of
             the
             Value
             of
             Money
             ,
             or
             any
             thing
             else
             ,
             is
             nothing
             but
             the
             making
             a
             less
             quantity
             of
             it
             exchange
             for
             any
             oth●r
             thing
             ,
             than
             would
             have
             been
             taken
             for
             it
             before
             .
             
               v.
               g.
            
             If
             5
             s.
             will
             exchange
             for
             ,
             or
             (
             as
             we
             call
             it
             )
             buy
             a
             Bushel
             of
             Wheat
             ;
             if
             you
             can
             make
             4
             s.
             buy
             another
             Bushel
             of
             the
             same
             Wheat
             ,
             it
             is
             plain
             the
             Value
             of
             your
             Money
             is
             raised
             ,
             in
             respect
             of
             Wheat
             ,
             ⅕
             .
             
             But
             thus
             nothing
             can
             raise
             or
             fall
             the
             value
             of
             your
             Money
             ,
             but
             the
             proportion
             of
             its
             Plenty
             or
             Scarcity
             ,
             in
             proportion
             to
             the
             Plenty
             ,
             Scarcity
             ,
             or
             Vent
             of
             any
             other
             Commodity
             ,
             with
             which
             you
             compare
             it
             ,
             or
             for
             which
             you
             would
             exchange
             it
             .
             And
             thus
             Silver
             ,
             which
             makes
             the
             In●●ntick
             Value
             of
             Money
             ,
             compar'd
             with
             it self
             ,
             under
             any
             Stamp
             or
             Denomination
             of
             the
             same
             or
             different
             Countries
             ,
             cannot
             be
             raised
             .
             For
             an
             Ounce
             of
             Silver
             ,
             whether
             in
             P●ne●
             ,
             G●o●●●
             ●
             or
             Cr●wn
             Pieces
             ,
             Stivers
             or
             Du●●t●●ns
             ,
             or
             in
             Bullion
             ,
             is
             and
             always
             eternally
             will
             be
             of
             equal
             Value
             to
             any
             other
             Ounce
             of
             Si●ver
             ,
             under
             what
             Stamp
             or
             Denomination
             soever
             ;
             unless
             it
             can
             be
             shewn
             that
             any
             Stamp
             can
             add
             any
             new
             and
             better
             〈…〉
             parc●l
             of
             Silver
             ,
             which
             〈…〉
             of
             Silver
             〈◊〉
             .
          
           
             〈◊〉
             therefore
             〈…〉
             of
             equal
             Value
             to
             Silver
             ,
             〈…〉
             Coin
             ,
             com
             〈◊〉
             with
             〈…〉
             less
             ,
             or
             equal
             ,
             〈…〉
             or
             equal
             Silve●
             〈◊〉
             And
             〈…〉
             can
             by
             no
             〈…〉
             your
             Money
             .
             〈…〉
             of
             the
             World
             ,
             〈…〉
             being
             a●oy●d
             ,
             〈…〉
             so
             much
             Silver
             
             alloy'd
             ,
             or
             mixed
             with
             baser
             Metals
             :
             Because
             ,
             besides
             the
             Weight
             of
             the
             Silver
             ,
             those
             who
             have
             need
             of
             fine
             (
             
               i.
               e.
            
             unmixed
             Silver
             ;
             as
             Gilders
             ,
             Wyre-drawers
             ,
             &c.
             )
             must
             according
             to
             their
             need
             ,
             besides
             an
             equal
             Weight
             of
             Silver
             mixed
             with
             other
             Metals
             ,
             give
             an
             Overplus
             to
             reward
             the
             Refiner's
             Skill
             and
             Pains
             .
             And
             in
             this
             Case
             ,
             
               fine
               Silver
            
             and
             alloy'd
             or
             mixed
             Silver
             are
             considered
             as
             two
             distinct
             Commodities
             .
             But
             no
             Money
             being
             coin'd
             of
             pure
             fine
             Silver
             ,
             this
             concerns
             not
             the
             Value
             of
             Money
             at
             all
             ;
             wherein
             an
             equal
             quantity
             of
             Silver
             is
             always
             the
             same
             Value
             with
             an
             equal
             quantity
             of
             Silver
             ,
             let
             the
             Stamp
             or
             Denomination
             be
             what
             it
             will.
             
          
           
             All
             then
             that
             can
             be
             done
             in
             this
             great
             mystery
             of
             
               Raising
               Money
            
             ,
             is
             only
             to
             
               alter
               〈…〉
            
             ,
             and
             call
             that
             a
             Crown
             now
             ,
             which
             before
             by
             the
             Law
             was
             but
             a
             part
             of
             a
             Crown
             .
             For
             Example
             :
             Supposing
             ,
             according
             to
             the
             Standard
             of
             our
             Law
             ,
             5
             ●
             .
             or
             a
             Crown
             ,
             were
             to
             weigh
             an
             Ounce
             ,
             (
             as
             it
             does
             now
             ,
             wanting
             18
             Grains
             )
             whereof
             ,
             ●
             ½
             were
             Copper
             ,
             and
             11
             /
             12
             Silver
             ,
             (
             for
             there
             abouts
             it
             is
             )
             't
             is
             plain
             here
             't
             is
             the
             quantity
             of
             Silver
             gives
             the
             Value
             to
             it
             .
             For
             let
             another
             Piece
             be
             coined
             of
             the
             same
             Weight
             ,
             wherein
             half
             the
             Silver
             is
             taken
             out
             ,
             and
             Copper
             or
             other
             Alloy
             put
             into
             the
             place
             ,
             every
             one
             
             knows
             it
             will
             be
             worth
             but
             half
             as
             much
             .
             For
             the
             Value
             of
             the
             Alloy
             is
             so
             inconsiderable
             as
             not
             to
             be
             reckon'd
             .
             This
             Crown
             now
             must
             be
             raised●
             and
             from
             henceforth
             our
             Crown
             Pieces
             coined
             1
             /
             20
             lighter
             than
             an
             Ounce
             ;
             which
             is
             nothing
             but
             changing
             the
             Denomination
             ,
             calling
             that
             a
             Crown
             now
             ,
             which
             yesterday
             was
             but
             a
             part
             ,
             viz.
             19
             /
             20
             of
             a
             Crown
             ;
             whereby
             you
             have
             only
             raised
             19
             parts
             to
             the
             Denomination
             formerly
             given
             to
             20.
             
             For
             I
             think
             no
             body
             can
             be
             so
             senseless
             ,
             as
             to
             imagine
             that
             19
             Grains
             or
             Ounces
             of
             Silver
             can
             be
             raised
             to
             the
             Value
             of
             20
             ;
             or
             that
             19
             Gr.
             or
             Ounces
             of
             Silver
             shall
             at
             the
             same
             time
             exchange
             for
             or
             buy
             as
             much
             Corn
             ,
             Oyl
             ,
             or
             Wine
             ,
             as
             20
             ;
             which
             is
             to
             raise
             it
             to
             the
             Value
             of
             20.
             
             For
             if
             19
             Ounces
             of
             Silver
             can
             be
             worth
             20
             Ounces
             of
             Silver
             ,
             or
             pay
             for
             as
             much
             of
             any
             other
             Commodity
             ,
             then
             18
             ,
             1●
             ,
             or
             ●
             Ounce
             may
             do
             the
             same
             .
             For
             if
             the
             abating
             1
             /
             20
             of
             the
             quantity
             of
             Silver
             of
             any
             Coin
             ,
             does
             not
             lessen
             its
             Value
             ,
             the
             abating
             1●
             /
             20
             of
             the
             quantity
             of
             the
             Silver
             of
             any
             Coin
             ,
             will
             not
             abate
             its
             Value
             .
             And
             so
             a
             single
             Three-pence
             ,
             or
             a
             single
             Penny
             ,
             being
             call'd
             a
             Crown
             ,
             will
             buy
             as
             much
             Spice
             ,
             or
             Silk
             ,
             or
             any
             other
             Commodity
             ,
             as
             a
             Crown-Piece
             ,
             which
             contains
             20
             or
             60
             times
             as
             much
             Silver
             ;
             which
             is
             an
             Absurdity
             so
             
             great
             ,
             That
             I
             think
             no
             body
             will
             want
             Eyes
             to
             see
             ,
             and
             Sense
             to
             disown
             .
          
           
             Now
             ,
             this
             
               raising
               your
               Money
            
             ,
             or
             giving
             a
             less
             quantity
             of
             Silver
             the
             Stamp
             and
             Denomination
             of
             a
             greater
             ,
             may
             be
             done
             two
             ways
             .
          
           
             
               1.
               
               By
               raising
               
                 one
                 Species
              
               of
               your
               Money
               .
            
             
               2.
               
               By
               raising
               
                 all
                 your
                 Silver
                 Coin
              
               at
               once
               ,
               proportionably
               ;
               which
               is
               the
               thing
               I
               suppos'd
               ,
               now
               propos'd
               .
            
          
           
             1.
             
             The
             raising
             of
             
               one
               Species
            
             of
             your
             Coin
             ,
             beyond
             its
             intrinsick
             Value
             ,
             is
             done
             by
             Coining
             any
             one
             Species
             ,
             (
             which
             in
             account
             bears
             such
             a
             proportion
             to
             the
             other
             Species
             of
             your
             Coin
             )
             with
             less
             Silver
             in
             it
             than
             is
             required
             by
             that
             value
             it
             bears
             in
             your
             Money
             .
          
           
             For
             Example
             ,
             A
             Crown
             with
             us
             goes
             for
             60
             Pence
             ,
             a
             Shilling
             for
             12
             Pence
             ,
             a
             T●ster
             for
             6
             Pence
             ,
             and
             a
             Groat
             for
             4
             Pence
             :
             And
             accordingly
             ,
             the
             proportion
             of
             Silver
             in
             each
             of
             them
             ,
             ought
             to
             be
             as
             60.
             12.
             6.
             and
             4.
             
             Now
             ,
             if
             in
             the
             Mint
             there
             should
             be
             Coin'd
             Groats
             ,
             or
             Testers
             ,
             that
             being
             of
             the
             same
             Alloy
             with
             our
             other
             Money
             ,
             had
             but
             2
             /
             ●
             of
             the
             Weight
             that
             those
             Species
             are
             Coin'd
             at
             now
             ;
             or
             else
             ,
             being
             of
             the
             same
             Weight
             ,
             were
             alloy'd
             with
             ⅓
             of
             Copper
             〈…〉
             
             〈…〉
             ;
             and
             should
             thus
             ,
             by
             Law
             ,
             be
             made
             Current
             ;
             (
             the
             rest
             of
             your
             Silver
             Money
             being
             kept
             to
             the
             present
             Standard
             in
             Weight
             and
             Fineness
             )
             't
             is
             plain
             those
             Species
             would
             be
             raised
             ⅓
             part
             ;
             that
             passing
             for
             6
             d
             which
             had
             but
             the
             Silver
             of
             4
             d
             in
             it
             ;
             and
             would
             be
             all
             one
             as
             if
             a
             Groat
             should
             by
             Law
             be
             made
             current
             for
             6
             d
             ;
             and
             every
             6
             d
             in
             payment
             pass
             for
             9
             d.
             This
             is
             truly
             raising
             the
             Species
             :
             But
             is
             no
             more
             in
             effect
             ,
             than
             if
             the
             Mine
             should
             Coin
             clip'd
             Money
             .
             And
             has
             ,
             besides
             the
             Cheat
             that
             is
             put
             ,
             by
             such
             base
             or
             light
             Money
             ,
             on
             every
             particular
             Man
             that
             receives
             it
             ,
             that
             he
             wants
             ⅓
             of
             that
             real
             value
             which
             the
             Publick
             ought
             to
             secure
             him
             ,
             in
             the
             Money
             it
             obliges
             him
             to
             receive
             as
             Lawful
             and
             Current
             ;
             It
             has●
             I
             say
             ,
             this
             great
             and
             unavoidable
             inconvenience
             to
             the
             Publick
             ,
             That
             ,
             besides
             the
             opportunities
             it
             gives
             to
             Domestick
             Coin●●●
             to
             Cheat
             you
             with
             lawful
             Money
             ,
             it
             p●●●
             it
             into
             the
             hands
             of
             Foreigners
             to
             〈◊〉
             away
             your
             Money
             without
             any
             Commodities
             for
             it●
             For
             if
             they
             find
             that
             Two-Penny
             we●ght
             of
             Silver
             ,
             marked
             with
             a
             certain
             impression
             ,
             shall
             ●●re
             in
             E●gland
             be
             Equivalent
             to
             3
             d
             weight
             marked
             with
             anoth●r
             impression
             ;
             they
             will
             not
             fail
             to
             〈◊〉
             Pieces
             of
             that
             Fashion
             ;
             
             and
             so
             importing
             that
             base
             and
             low
             Coin
             ,
             will
             ,
             here
             in
             England
             ,
             receive
             3
             d
             for
             2
             d
             ,
             and
             quickly
             carry
             away
             your
             Silver
             in
             exchange
             for
             Copper
             ,
             or
             barely
             the
             charge
             of
             Coynage
             .
          
           
             This
             is
             unavoidable
             in
             all
             Countries
             where
             any
             one
             Species
             of
             their
             Money
             is
             disproportionate
             in
             its
             intrinsick
             Value
             ,
             (
             
               i.
               e.
            
             in
             its
             due
             proportion
             of
             Silver
             to
             the
             rest
             of
             the
             Money
             of
             that
             Country
             )
             which
             the
             King
             of
             France
             could
             not
             avoid
             ,
             with
             all
             his
             watchfulness
             .
             For
             though
             ,
             by
             Edict
             ,
             he
             made
             his
             4
             S●ls
             Pieces
             ,
             whereof
             15
             were
             to
             pass
             for
             ●
             French
             Crown
             ,
             though
             20
             of
             them
             had
             not
             so
             much
             Silver
             in
             them
             ,
             as
             was
             in
             a
             French
             Crown
             Piece
             )
             pass
             in
             the
             Inland
             parts
             of
             his
             Kingdom
             ,
             15
             for
             a
             Crown
             ,
             in
             all
             Payments
             ;
             yet
             he
             durst
             not
             make
             them
             Current
             in
             his
             Sea-Port
             Towns
             ,
             for
             fear
             that
             should
             give
             an
             opportunity
             to
             their
             Importation
             .
             But
             yet
             this
             Caution
             served
             not
             the
             turn
             .
             They
             were
             still
             Imported
             ;
             and
             ,
             by
             this
             means
             ,
             a
             great
             loss
             and
             damage
             brought
             upon
             his
             Country
             .
             So
             that
             he
             was
             forced
             to
             cry
             them
             down
             ,
             and
             sink
             them
             to
             near
             their
             intrinsick
             Value
             ;
             whereby
             a
             great
             many
             particular
             Men
             ,
             who
             had
             quantities
             of
             that
             Species
             in
             their
             hands
             ,
             lost
             a
             great
             part
             
             of
             their
             Estates
             ;
             and
             every
             one
             that
             had
             any
             ,
             lost
             proportionably
             by
             it
             .
          
           
             If
             we
             had
             Groats
             or
             Six-Pences
             Current
             by
             Law
             ,
             amongst
             us
             ,
             that
             wanted
             ⅓
             of
             the
             Silver
             they
             now
             have
             by
             the
             Standard
             ,
             to
             make
             them
             of
             equal
             Value
             to
             our
             other
             Species
             of
             Money
             ;
             who
             can
             imagine
             that
             our
             Neighbours
             would
             not
             presently
             pour
             in
             quantity
             of
             such
             Money
             upon
             us
             ,
             to
             the
             great
             loss
             and
             prejudice
             of
             the
             Kingdom
             ?
             The
             quantity
             of
             Silver
             that
             is
             in
             each
             Piece
             or
             Species
             of
             Coin
             ,
             being
             that
             which
             makes
             its
             real
             and
             intrinsick
             Value
             ,
             the
             due
             proportions
             of
             Silver
             ought
             to
             be
             kept
             in
             each
             Species
             ,
             according
             to
             the
             respective
             Rate
             set
             on
             each
             of
             them
             by
             Law.
             And
             when
             this
             is
             ever
             varied
             from
             ,
             it
             is
             but
             a
             Trick
             to
             serve
             some
             present
             occasion
             ;
             but
             is
             alway●
             with
             loss
             to
             the
             Country
             where
             the
             Trick
             is
             play'd
             .
          
           
             2.
             
             The
             other
             way
             of
             
               raising
               M●ny
            
             is
             by
             
               raising
               all
               your
               Silver
               Coin
               at
               once
            
             ;
             the
             proportion
             of
             a
             Crown
             ,
             a
             Shilling
             ,
             and
             a
             Penny
             ,
             in
             reference
             to
             one
             another
             ,
             being
             still
             kept
             ,
             (
             viz.
             That
             a
             Shilling
             shall
             weigh
             1
             /
             ●
             of
             a
             Crown
             Piece
             ,
             and
             a
             Penny
             weigh
             1
             /
             12
             of
             a
             Shilling
             ,
             in
             Standard
             Silver
             )
             but
             out
             of
             every
             one
             of
             these
             ,
             you
             abate
             1
             /
             20
             of
             the
             Silver
             they
             were
             wont
             to
             have
             in
             them
             .
          
           
           
             If
             
               all
               the
               Species
            
             of
             Money
             ,
             be
             ,
             as
             't
             is
             call'd
             ,
             rais'd
             by
             making
             each
             of
             them
             to
             have
             1
             /
             2●
             less
             of
             Silver
             in
             them
             than
             formerly
             ;
             and
             so
             your
             whole
             Money
             be
             lighter
             than
             it
             was
             :
             These
             following
             will
             be
             some
             of
             the
             consequences
             of
             it
             .
          
           
             1.
             
             It
             will
             rob
             all
             Creditors
             and
             Landlords
             of
             1
             /
             20
             (
             or
             5
             
               per
               Cent
            
             )
             of
             their
             Debts
             ,
             in
             their
             〈◊〉
             Rents
             ,
             for
             ever
             ;
             and
             all
             other
             Rents
             ,
             as
             far
             as
             their
             former
             Contracts
             reach
             ,
             of
             5
             
               per
               Cent
            
             of
             their
             yearly
             Income
             ;
             and
             this
             without
             any
             advantage
             to
             the
             Debtor
             or
             Farmer
             :
             For
             he
             receiving
             no
             more
             pounds
             Sterling
             for
             his
             Land
             or
             Commodities
             ,
             in
             this
             new
             lighter
             Coin
             ,
             than
             he
             should
             have
             done
             of
             your
             old
             and
             weightier
             Money
             ,
             gets
             nothing
             by
             it
             .
             If
             you
             say
             yes
             ,
             he
             will
             receive
             more
             
               Crown
               ,
               Half-Crown
            
             ,
             and
             Shilling
             Pieces
             ,
             for
             what
             he
             now
             Sells
             for
             new
             Money
             ,
             than
             he
             should
             have
             done
             if
             the
             Money
             of
             the
             old
             Standard
             had
             continued
             ;
             you
             confess
             your
             Money
             is
             not
             raised
             in
             Value
             ,
             but
             in
             Denomination
             ;
             since
             what
             your
             new
             Pieces
             want
             in
             Weight
             ,
             must
             now
             be
             made
             up
             in
             their
             number
             .
             But
             which
             way
             ever
             this
             falls
             ,
             't
             is
             certain
             ,
             the
             Publick
             (
             which
             most
             Men
             think
             ,
             ought
             to
             be
             the
             only
             reason
             of
             changing
             a
             settled
             Law
             ,
             and
             disturbing
             
             the
             common
             current
             course
             of
             things
             )
             receives
             not
             the
             least
             Profit
             by
             it
             ;
             nay
             ,
             as
             we
             shall
             see
             by
             and
             by
             ,
             it
             will
             be
             a
             great
             Charge
             and
             Loss
             to
             the
             Kingdom
             .
             But
             this
             ,
             at
             first
             sight
             ,
             is
             visible
             ;
             That
             in
             all
             Payments
             to
             be
             received
             upon
             precedent
             Contracts
             ,
             if
             your
             Money
             be
             in
             effect
             raised
             ,
             the
             Receiver
             will
             lose
             5
             
               per
               Cent.
            
             For
             Money
             having
             been
             Lent
             ,
             and
             Leases
             and
             other
             Bargains
             made
             ,
             when
             Money
             was
             of
             the
             same
             Weight
             and
             Fineness
             that
             it
             is
             now
             ,
             upon
             Confidence
             that
             under
             the
             same
             names
             of
             
               Pounds
               ,
               Sh●l
            
             .
             and
             Pence
             ,
             they
             should
             receive
             the
             same
             value
             ,
             (
             
               i.
               e.
            
             the
             same
             quantity
             of
             Silver
             )
             By
             giving
             the
             denomination
             now
             to
             less
             quantities
             of
             Silver
             by
             1
             /
             20
             ,
             you
             take
             from
             them
             5
             
               per
               Cent
            
             of
             their
             due
             .
          
           
             When
             men
             go
             to
             Market
             to
             buy
             any
             other
             Commodities
             with
             their
             new
             ,
             but
             lighter
             Money
             ,
             they
             will
             find
             20
             s.
             of
             their
             new
             Money
             will
             buy
             no
             more
             of
             any
             Commodity
             than
             19
             would
             before
             .
             For
             it
             not
             being
             the
             denomination
             but
             the
             quantity
             of
             Silver
             ,
             that
             gives
             the
             value
             to
             any
             Coin
             ,
             19
             Grains
             or
             parts
             of
             Silver
             ,
             however
             denominated
             or
             marked●
             will
             no
             more
             be
             worth
             ,
             or
             pass
             for
             ,
             or
             buy
             so
             much
             of
             any
             other
             Commodity
             as
             20
             Grains
             of
             Silver
             will
             ,
             than
             19
             s.
             will
             pass
             for
             20
             s.
             If
             any
             one
             thinks
             a
             Shilling
             or
             a
             Crown
             
             in
             name
             has
             its
             value
             from
             the
             denomination
             ,
             and
             not
             from
             the
             
               quantity
               of
               Silver
            
             in
             it
             ,
             let
             it
             be
             tried
             ;
             and
             hereafter
             let
             a
             Penny
             be
             called
             a
             Shilling
             or
             a
             Shilling
             be
             called
             a
             Crown
             .
             I
             believe
             no
             body
             would
             be
             content
             to
             receive
             his
             Debts
             or
             Rents
             in
             such
             Money
             ;
             which
             though
             the
             Law
             should
             raise
             thus
             ,
             yet
             he
             foresees
             he
             should
             lose
             11
             /
             12
             by
             the
             one
             ,
             and
             by
             the
             other
             ⅘
             of
             the
             value
             he
             received
             ;
             and
             would
             find
             his
             new
             Shilling
             ,
             which
             had
             no
             more
             Silver
             in
             it
             than
             1
             /
             12
             of
             what
             a
             Shilling
             had
             before
             ,
             would
             buy
             him
             of
             Corn
             ,
             Cloth
             ,
             or
             Wine
             but
             1
             /
             12
             of
             what
             an
             old
             Shilling
             would
             .
             This
             is
             as
             plainly
             so
             in
             the
             raising
             ,
             as
             you
             call
             it
             ,
             your
             Crowns
             to
             5
             s.
             and
             3
             d.
             or
             (
             which
             is
             the
             same
             thing
             )
             making
             your
             Crown
             1
             /
             2●
             lighter
             in
             Silver
             ;
             the
             only
             difference
             being
             that
             in
             one
             the
             loss
             is
             so
             great
             ,
             (
             it
             being
             11
             /
             12
             )
             every
             body
             sees
             and
             abhors
             it
             at
             first
             proposal
             ;
             but
             in
             the
             other
             (
             it
             being
             but
             1
             /
             20
             ,
             and
             covered
             with
             the
             deceitful
             name
             of
             raising
             our
             Money
             )
             People
             do
             not
             so
             readily
             observed
             it
             .
             If
             it
             be
             good
             to
             raise
             the
             Crown-piece
             this
             way
             1
             /
             20
             this
             Week
             ,
             I
             suppose
             it
             will
             be
             as
             good
             and
             profitable
             to
             raise
             it
             as
             much
             again
             the
             next
             Week
             .
             For
             there
             is
             no
             reason
             why
             it
             will
             not
             be
             as
             good
             to
             raise
             it
             again
             another
             1
             /
             20
             the
             next
             Week
             ,
             and
             so
             on
             ;
             wherein
             ,
             if
             you
             proceed
             but
             10
             Weeks
             
             successively
             ,
             you
             will
             by
             New-Years-Day
             next
             have
             every
             Half-Crown
             raised
             to
             a
             Crown
             ,
             to
             the
             loss
             of
             ½
             of
             peoples
             Debts
             and
             Rents
             ,
             and
             the
             King's
             Revenue
             ,
             besides
             the
             Confusion
             of
             all
             your
             affairs
             :
             And
             if
             you
             please
             to
             go
             on
             in
             this
             beneficial
             way
             of
             raising
             your
             Money
             ,
             you
             may
             by
             the
             same
             Art
             bring
             a
             Penny-weight
             of
             Silver
             to
             be
             a
             Crown
             .
          
           
             
               Silver
               ,
               i.
               e.
            
             the
             quantity
             of
             pure
             Silver
             separable
             from
             the
             Alloy
             ,
             makes
             the
             real
             value
             of
             Money
             .
             If
             it
             does
             not
             ,
             coin
             Copper
             with
             the
             same
             stamp
             and
             denomination
             ,
             and
             see
             whether
             it
             will
             be
             of
             the
             same
             value
             .
             I
             suspect
             your
             Stamp
             will
             make
             it
             of
             no
             more
             worth
             than
             the
             Copper-money
             of
             Ireland
             is
             ,
             which
             is
             its
             weight
             in
             Copper
             and
             no
             more
             .
             That
             money
             lost
             so
             much
             to
             Ireland
             as
             it
             passed
             for
             above
             the
             rate
             of
             Copper
             .
             But
             yet
             I
             think
             no
             body
             suffered
             so
             much
             by
             it
             as
             he
             by
             whose
             Authority
             it
             was
             made
             current
             .
          
           
             If
             Silver
             give
             the
             value
             ,
             you
             will
             say
             what
             need
             is
             there
             then
             of
             the
             charge
             of
             Coinage
             .
             May
             not
             men
             Exchange
             Silver
             by
             weight
             ,
             for
             other
             things
             ;
             make
             their
             bargains
             ,
             and
             keep
             their
             Accounts
             in
             Silver
             by
             weight
             ?
             This
             might
             be
             done
             ,
             but
             it
             has
             these
             inconveniencies
             .
          
           
             1.
             
             The
             
               weighing
               of
               Silver
            
             to
             every
             one
             we
             had
             occasion
             to
             pay
             it
             to
             ,
             would
             be
             
             very
             troublesome
             ,
             for
             every
             one
             must
             carry
             about
             Scales
             in
             his
             Pocket
             .
          
           
             2.
             
             Scales
             would
             not
             do
             the
             business
             .
             For
             ,
             in
             the
             next
             place
             ,
             every
             one
             cannot
             distinguish
             between
             fine
             and
             
               mix'd
               Silver
            
             :
             So
             that
             though
             he
             received
             the
             full
             weight
             ,
             he
             was
             not
             sure
             he
             received
             the
             full
             weight
             of
             Silver
             ;
             since
             there
             might
             be
             a
             mixture
             of
             some
             of
             the
             baser
             Metalls
             ,
             which
             he
             was
             not
             able
             to
             discern
             .
             Those
             who
             have
             had
             the
             care
             and
             government
             of
             Politick
             Societies
             ,
             introduced
             Coinage
             as
             a
             remedy
             to
             those
             two
             inconveniencies
             .
             The
             Stamp
             was
             a
             Warranty
             of
             the
             publick
             ,
             that
             under
             ●●ch
             a
             denomination
             they
             should
             receive
             a
             piece
             of
             such
             a
             weight
             and
             such
             a
             ●iness
             ;
             〈◊〉
             is
             ,
             they
             should
             receive
             so
             much
             Silver
             .
             And
             this
             is
             the
             reason
             why
             the
             counter●iting
             the
             Stamp
             is
             made
             the
             highest
             Crime
             ,
             and
             has
             the
             weight
             of
             Treason
             ●aid
             upon
             it
             ;
             because
             
               the
               Stamp
               〈…〉
            
             of
             the
             intrins●ck
             value
             .
             The
             Royal
             Authority
             gives
             the
             〈…〉
             the
             Law
             ●●lows
             and
             confirms
             the
             denomination
             ,
             and
             both
             together
             give
             as
             it
             were
             the
             pub●●●k
             faith
             ,
             as
             a
             secu●ity
             that
             〈◊〉
             of
             Money
             〈◊〉
             for
             〈…〉
             ,
             be
             of
             such
             a
             〈…〉
             have
             〈◊〉
             them
             so
             much
             Silver
             .
             For
             〈◊〉
             Si●ver
             ●nd
             not
             Names
             that
             pay
             Deb●●
             and
             pur●●ase
             Commodities
             .
             If
             therefore
             I
             have
             
             contracted
             for
             twenty
             Crowns
             ,
             and
             the
             Law
             then
             has
             required
             that
             each
             of
             those
             Crowns
             should
             have
             an
             Ounce
             of
             Silver
             ;
             't
             is
             certain
             my
             bargain
             is
             not
             made
             good
             ,
             I
             am
             defrauded
             (
             and
             whether
             the
             publick
             faith
             be
             not
             broken
             with
             me
             ,
             I
             leave
             to
             be
             considered
             )
             if
             ,
             paying
             me
             20
             Crowns
             ,
             the
             Law
             allows
             them
             to
             be
             such
             as
             have
             but
             19
             /
             2●
             of
             the
             Silver
             they
             ought
             to
             have
             ,
             and
             really
             had
             in
             them
             ,
             when
             I
             made
             my
             Contract
             .
          
           
             2.
             
             It
             diminishes
             all
             the
             Kings
             Revenue
             5
             
               per
               Cent.
            
             For
             though
             the
             same
             number
             of
             Pounds
             ,
             Shillings
             ,
             and
             Pence
             are
             paid
             into
             the
             Exchequer
             as
             were
             wont
             ,
             yet
             these
             names
             being
             given
             to
             Coin
             that
             have
             each
             of
             them
             1
             /
             20
             less
             of
             Silver
             in
             them
             ;
             and
             that
             being
             not
             a
             secret
             conceal'd
             from
             Strangers
             ,
             no
             more
             than
             from
             his
             own
             Subjects
             ,
             they
             will
             sell
             the
             King
             no
             more
             Pitch
             ,
             ●arr
             ,
             or
             Hemp
             ,
             for
             20
             Shillings
             ,
             after
             the
             raising
             your
             Money
             ,
             than
             they
             would
             before
             for
             19
             :
             or
             to
             speak
             in
             the
             ordinary
             phrase
             ,
             they
             will
             raise
             their
             Commodities
             5
             
               per
               Cent
            
             ,
             as
             you
             have
             rais'd
             your
             Money
             5
             
               per
               Cent
            
             :
             And
             't
             is
             well
             if
             they
             stop
             there
             .
             For
             usually
             in
             such
             changes
             ,
             an
             out-cry
             being
             made
             of
             your
             lessening
             your
             Coin
             ,
             those
             who
             you
             have
             to
             deal
             with
             you
             ,
             taking
             the
             advantage
             of
             the
             allarm
             to
             secure
             themselves
             from
             any
             loss
             by
             your
             
             new
             Trick
             ,
             raise
             their
             price
             even
             beyond
             the
             Par
             of
             your
             lessening
             your
             Coin.
             
          
           
             I
             hear
             of
             two
             Inconveniencies
             complain'd
             of
             ,
             which
             't
             is
             proposed
             by
             this
             project
             to
             Remedy
             .
          
           
             The
             one
             is
             ,
             The
             
               melting
               down
               of
               our
               Coin
            
             ;
             the
             other
             ,
             The
             
               carrying
               away
               of
               our
               Bullion
            
             .
             These
             are
             both
             Inconveniencies
             I
             fear
             we
             lie
             under
             ,
             but
             neither
             of
             them
             will
             be
             in
             the
             least
             removed
             or
             prevented
             by
             the
             proposed
             alteration
             of
             our
             Money
             .
          
           
             1.
             
             It
             is
             past
             doubt
             ,
             that
             our
             
               Money
               is
               melted
               down
            
             ;
             The
             Reason
             whereof
             is
             evidently
             the
             cheapness
             of
             Coinage
             For
             a
             Tax
             on
             Coin
             ,
             paying
             the
             Coinage
             ,
             the
             particular
             Owners
             pay
             nothing
             for
             it
             .
             So
             that
             100
             Ounces
             of
             
               Silver
               Coined
            
             ,
             comes
             to
             the
             Owner
             at
             the
             same
             Rate
             ,
             as
             100
             Ounces
             of
             the
             Standard
             Silver
             in
             Bullion
             .
             For
             delivering
             into
             the
             Mint
             his
             Silver
             in
             Bars
             ,
             he
             has
             the
             same
             quantity
             of
             Silver
             deliver'd
             out
             to
             him
             again
             in
             Coin
             ,
             without
             any
             Charges
             to
             him
             .
             Whereby
             if
             at
             any
             time
             he
             has
             occasion
             for
             Bullion
             ,
             't
             is
             the
             same
             thing
             to
             melt
             down
             our
             mi●'d
             Money
             as
             to
             buy
             Bullion
             from
             abroad
             ,
             or
             take
             it
             in
             Exchange
             for
             other
             Commodities
             .
             Thus
             our
             Mint
             to
             the
             only
             advantage
             of
             our
             Officers
             ,
             but
             at
             the
             publick
             cost
             ,
             
               La●●urs
               in
               Vain
            
             ,
             as
             will
             be
             found
             .
             But
             yet
             this
             makes
             you
             not
             have
             one
             jot
             less
             Money
             in
             
             England
             ,
             than
             you
             would
             have
             otherwise
             ;
             but
             only
             makes
             you
             Coin
             that
             which
             otherwise
             would
             not
             have
             been
             Coin'd
             ,
             nor
             perhaps
             been
             brought
             hither
             ;
             and
             being
             not
             brought
             hither
             by
             an
             over-ballance
             of
             your
             Exportation
             ,
             cannot
             stay
             when
             it
             is
             here
             .
             It
             is
             not
             any
             sort
             of
             Coinage
             ,
             does
             or
             can
             keep
             your
             Money
             here
             .
             That
             wholly
             and
             only
             depends
             upon
             the
             Ballance
             of
             your
             Trade
             .
             And
             had
             all
             the
             Money
             in
             King
             Charles
             the
             II.
             and
             King
             Iames
             the
             II.
             time
             ,
             been
             Minted
             according
             to
             this
             new
             proposal
             ,
             this
             raised
             Money
             would
             have
             been
             gone
             as
             well
             as
             the
             other
             ,
             and
             the
             remainder
             been
             no
             more
             ,
             nor
             no
             less
             than
             it
             is
             now
             ;
             though
             I
             doubt
             not
             but
             the
             Mint
             would
             have
             Coined
             as
             much
             of
             it
             as
             it
             has
             of
             our
             present
             mil●'d
             Money
             .
             The
             short
             is
             this
             ;
             An
             over-ballance
             of
             Trade
             with
             Spain
             brings
             you
             in
             Bullion
             ;
             cheap
             Coinage
             ,
             when
             it
             is
             here
             ,
             carries
             it
             into
             the
             Mint
             ,
             and
             Money
             is
             made
             of
             it
             ;
             but
             if
             your
             Exportation
             will
             not
             Ballance
             your
             Importation
             in
             the
             other
             parts
             of
             your
             Trade
             ,
             away
             must
             your
             Silver
             go
             again
             ,
             whether
             Monied
             or
             not
             Monied
             .
             For
             where
             Goods
             do
             not
             ,
             Silver
             must
             pay
             for
             the
             Commodities
             you
             spend
             .
          
           
             That
             this
             is
             so
             will
             appear
             by
             the
             Books
             of
             the
             Mint
             ,
             where
             may
             be
             seen
             how
             much
             mill'd
             Money
             has
             been
             Coin'd
             in
             
             the
             two
             last
             Reigns
             .
             And
             in
             a
             Paper
             I
             have
             now
             in
             my
             Hands
             ,
             (
             supposed
             written
             by
             a
             Man
             not
             wholly
             ignorant
             in
             the
             Mint
             )
             't
             is
             confessed
             ,
             That
             whereas
             1
             /
             ●
             of
             the
             Current
             Payments
             were
             some
             time
             since
             of
             mil●'d
             Money
             ,
             there
             is
             not
             now
             1
             /
             ●●
             Gone
             then
             it
             is
             .
             But
             let
             not
             any
             one
             mistake
             and
             think
             it
             gone
             ,
             because
             in
             our
             present
             Coinage
             ,
             an
             Ounce
             wanting
             ●8
             Grains
             is
             denominated
             a
             Crown●
             Or
             that
             (
             as
             is
             now
             proposed
             )
             an
             〈…〉
             about
             40
             Grains
             ,
             being
             〈…〉
             denominated
             a
             〈…〉
             it
             ,
             or
             will
             (
             if
             our
             Money
             be
             〈…〉
             for
             the
             future
             fix
             it
             here
             .
             Coin
             what
             quantity
             of
             Silver
             you
             please
             ,
             in
             one
             peice
             bigger
             or
             less
             ,
             and
             give
             it
             the
             Denomination
             of
             a
             Crown
             ;
             when
             your
             Money
             is
             to
             go
             to
             pay
             your
             Foreign
             Debts
             ,
             (
             or
             else
             it
             will
             not
             go
             out
             at
             all
             )
             your
             heavy
             Money
             ,
             (
             
               i.
               e.
            
             that
             which
             is
             weight
             according
             to
             its
             Denomination
             ,
             by
             the
             Standard
             of
             the
             Mint
             )
             will
             be
             that
             which
             will
             be
             melted
             down
             ,
             or
             carried
             away
             in
             Coin
             by
             the
             Exporter
             ,
             whether
             the
             pieces
             of
             each
             Species
             be
             by
             the
             Law
             greater
             or
             less
             .
             For
             whilst
             Coinage
             is
             whol●y
             paid
             for
             by
             a
             Tax
             ,
             whatever
             your
             size
             of
             Money
             be
             ,
             he
             that
             has
             need
             of
             Bullion
             to
             send
             beyond
             Sea
             ,
             or
             of
             Silver
             to
             make
             Plate
             ,
             need
             but
             take
             mill'd
             Money
             ,
             and
             melt
             it
             down
             and
             
             he
             has
             it
             as
             cheap
             as
             if
             it
             were
             in
             pieces
             of
             Eight
             ,
             or
             other
             Silver
             coming
             from
             abroad
             ;
             the
             Stamp
             ,
             which
             so
             well
             secures
             the
             weight
             and
             fineness
             of
             the
             mill'd
             Money
             ,
             costing
             nothing
             at
             all
             .
          
           
             To
             this
             perhaps
             will
             be
             said
             ,
             that
             if
             this
             be
             the
             effect
             of
             milled
             Money
             ,
             that
             it
             is
             so
             apt
             to
             be
             melted
             down
             ,
             it
             were
             better
             to
             return
             to
             the
             old
             way
             of
             
               Coining
               by
               the
               Hammer
            
             ;
             To
             which
             I
             Answer
             by
             no
             means
             .
             For
             ,
             
               
                 1.
                 
                 That
                 way
                 of
                 Coinage
                 less
                 secures
                 you
                 from
                 having
                 a
                 great
                 part
                 of
                 your
                 Money
                 melted
                 down
                 .
                 For
                 in
                 that
                 way
                 there
                 being
                 a
                 greater
                 inequality
                 in
                 the
                 weight
                 of
                 the
                 pieces
                 ,
                 some
                 being
                 too
                 heavy
                 and
                 some
                 too
                 light
                 ,
                 those
                 who
                 know
                 how
                 to
                 make
                 their
                 advantage
                 of
                 it
                 ,
                 cull
                 out
                 the
                 heavy
                 pieces
                 ,
                 melt
                 them
                 down
                 ,
                 and
                 make
                 a
                 benefit
                 of
                 the
                 over-weight
                 .
              
               
                 2.
                 
                 Coinage
                 by
                 the
                 Hammer
                 exposes
                 you
                 much
                 more
                 to
                 the
                 danger
                 of
                 
                   false
                   Coin.
                
                 Because
                 the
                 Tools
                 are
                 easily
                 made
                 and
                 concealed
                 ,
                 and
                 the
                 work
                 carried
                 on
                 with
                 fewer
                 Hands
                 ,
                 and
                 less
                 noise
                 than
                 a
                 Mill
                 ;
                 whereby
                 false
                 Coiners
                 are
                 less
                 liable
                 to
                 discovery
                 .
              
               
                 3.
                 
                 The
                 pieces
                 not
                 being
                 so
                 round
                 ,
                 even
                 ,
                 and
                 fairly
                 Stamp'd
                 ,
                 nor
                 marked
                 on
                 the
                 Edges
                 are
                 expos'd
                 to
                 Clipping
                 ,
                 which
                 mill'd
                 Money
                 is
                 not
                 .
              
            
          
           
           
             Mill'd-money
             is
             therefore
             certainly
             best
             for
             the
             Publique
             .
             But
             whatever
             be
             the
             cause
             of
             melting
             down
             our
             Mill'd-money
             ,
             I
             do
             not
             see
             how
             raising
             our
             Money
             (
             as
             they
             call
             it
             )
             will
             at
             all
             hinder
             its
             being
             melted
             down
             .
             For
             if
             our
             Crown-pieces
             should
             be
             Coin'd
             1
             /
             20
             lighter
             ;
             Why
             should
             that
             hinder
             them
             from
             being
             melted
             down
             more
             than
             now
             .
             The
             intrinsique
             value
             of
             the
             Silver
             is
             not
             alter'd
             ,
             as
             we
             have
             shewn
             already
             :
             therefore
             that
             temptation
             to
             melt
             them
             down
             remains
             the
             same
             as
             before
             .
             
               But
               they
               are
               lighter
               by
            
             1
             /
             20.
             
             That
             cannot
             hinder
             them
             from
             being
             melted
             down
             .
             For
             Half
             Crowns
             are
             lighter
             by
             half
             ,
             and
             yet
             that
             preserves
             them
             not
             .
             
               But
               they
               are
               of
               less
               weight
               ,
               under
               the
               same
               denomination
               ,
               and
               therefore
               they
               will
               not
               be
               melted
               down
               .
            
             That
             is
             true
             ,
             if
             any
             of
             these
             present
             Crowns
             that
             are
             1
             /
             ●0
             heavier
             ,
             are
             current
             for
             Crowns
             at
             the
             same
             time
             .
             For
             then
             they
             will
             no
             more
             melt
             down
             the
             new
             light
             Crowns
             ,
             than
             they
             will
             the
             old
             clipp'd
             ones
             ,
             which
             are
             more
             worth
             in
             Coin
             ,
             and
             Tale
             ,
             than
             in
             weight
             and
             Bullion
             .
             But
             it
             cannot
             be
             suppos'd
             that
             Men
             will
             part
             with
             their
             old
             and
             heavier
             Money
             ,
             at
             the
             same
             rate
             that
             the
             lighter
             new
             Coin
             goes
             at
             ;
             and
             pay
             away
             their
             old
             Crowns
             for
             5
             s.
             in
             Tale
             ,
             when
             at
             the
             Mint
             they
             will
             yield
             them
             5
             s.
             3
             d.
             And
             then
             if
             an
             old
             Mill'd
             
             Crown
             goes
             for
             5
             s.
             3
             d.
             and
             a
             new
             Mill'd
             Crown
             (
             being
             so
             much
             lighter
             )
             go
             for
             a
             Crown
             ,
             What
             I
             pray
             will
             be
             the
             odds
             of
             melting
             down
             the
             one
             or
             the
             other
             ?
             The
             one
             has
             1
             /
             20
             less
             Silver
             in
             it
             ,
             and
             goes
             for
             1
             /
             20
             less
             ,
             and
             so
             being
             weight
             ,
             they
             are
             melted
             down
             upon
             equal
             terms
             .
             If
             it
             be
             a
             convenience
             to
             melt
             one
             ,
             it
             will
             ,
             be
             as
             much
             a
             convenience
             to
             melt
             the
             other
             ;
             just
             as
             it
             is
             the
             same
             convenience
             ,
             to
             melt
             Mi●l'd
             Half
             Crowns
             as
             Mill'd
             Crowns
             ;
             the
             one
             having
             with
             half
             the
             quantity
             of
             Silver
             ,
             half
             the
             value
             .
             When
             the
             Money
             is
             all
             brought
             to
             the
             new
             rate
             ,
             
               i.
               e.
            
             to
             be
             ●
             /
             20
             lighter
             ,
             and
             Commodities
             raised
             as
             they
             will
             proportionably
             ;
             What
             shall
             hinder
             the
             melting
             down
             of
             your
             Money
             then
             more
             than
             now
             ,
             I
             would
             fain
             know
             ?
             If
             it
             be
             coin'd
             then
             as
             it
             is
             now
             G●●tis
             ,
             a
             Crown
             piece
             ,
             (
             let
             it
             be
             of
             what
             weight
             soever
             )
             will
             be
             as
             it
             is
             now
             ,
             just
             worth
             it
             s
             own
             weight
             in
             Bullion
             ,
             of
             the
             same
             fineness
             For
             the
             Coinage
             ,
             which
             is
             the
             manufactury
             about
             it
             ,
             and
             makes
             all
             the
             difference
             ,
             ●●●●ing
             nothing
             ;
             what
             can
             make
             the
             difference
             of
             value
             ?
             And
             therefore
             ,
             whoever
             wants
             Bullion
             ,
             will
             as
             cheaply
             melt
             down
             these
             new
             Crowns
             ,
             as
             buy
             Bullion
             with
             them
             .
             The
             raising
             of
             your
             Money
             cannot
             then
             (
             the
             Act
             for
             free
             Coinage
             standing
             )
             hinder
             its
             being
             meltted
             down
             .
          
           
           
             Nor
             ,
             in
             the
             next
             place
             ,
             much
             less
             can
             it
             ,
             as
             is
             pretended
             ,
             hinder
             the
             exportation
             of
             our
             Bullion
             .
             Any
             denomination
             or
             stamp
             we
             shall
             give
             to
             Silver
             here
             ,
             will
             neither
             give
             Silver
             a
             higher
             value
             in
             England
             ,
             nor
             make
             it
             less
             prized
             abroad
             .
             So
             much
             Silver
             will
             always
             be
             worth
             (
             as
             we
             have
             already
             shew'd
             )
             so
             much
             Silver
             given
             in
             exchange
             one
             for
             another
             .
             Nor
             will
             it
             ,
             when
             in
             your
             Mint
             a
             less
             quantity
             of
             it
             is
             raised
             to
             a
             higher
             denomination
             (
             as
             when
             19
             /
             20
             of
             an
             Ounce
             has
             now
             the
             denomination
             of
             a
             Crown
             ,
             which
             formerly
             belong'd
             only
             to
             the
             whole
             20
             )
             be
             one
             jot
             raised
             ,
             in
             respect
             of
             any
             other
             Commodity
             .
          
           
             You
             have
             
               rais'd
               the
               denomination
            
             of
             your
             stamped
             Silver
             1
             /
             20
             ,
             or
             which
             is
             all
             one
             5
             
               per
               Cent.
            
             And
             Men
             will
             presently
             
               raise
               their
               Commodities
            
             5
             
               per
               Cent.
            
             So
             that
             if
             yesterday
             20
             Crowns
             would
             exchange
             for
             20
             Bushels
             of
             Wheat
             ,
             or
             20
             yards
             of
             a
             certain
             sort
             of
             Cloth
             ,
             if
             you
             will
             to
             day
             coin
             current
             Crowns
             1
             /
             20
             lighter
             ,
             and
             make
             them
             the
             Standard
             ,
             you
             will
             find
             20
             Crowns
             will
             exchange
             for
             but
             19
             Bushels
             of
             Wheat
             ,
             or
             19
             yards
             of
             that
             Cloth
             ,
             which
             will
             be
             just
             as
             much
             Silver
             for
             a
             Bushel
             ,
             as
             yesterday
             .
             So
             that
             Silver
             being
             of
             no
             more
             real
             value
             ,
             by
             your
             changing
             your
             denomination
             ,
             and
             giving
             it
             a
             less
             quantity
             ;
             this
             will
             no
             more
             
             bring
             in
             ,
             or
             keep
             your
             Bullion
             here
             ,
             than
             if
             you
             had
             done
             nothing
             .
             If
             this
             were
             otherwise
             ,
             you
             would
             be
             beholden
             (
             as
             some
             People
             foolishly
             imagin
             )
             to
             the
             Clippers
             for
             keeping
             in
             your
             Money
             .
             For
             if
             keeping
             the
             old
             denomination
             to
             a
             less
             quantity
             of
             Silver
             ,
             be
             raising
             your
             Money
             (
             as
             in
             effect
             it
             is
             all
             that
             is
             or
             can
             be
             done
             in
             it
             by
             this
             project
             of
             making
             your
             Coin
             lighter
             )
             the
             Clippers
             have
             sufficiently
             done
             that
             ;
             and
             if
             their
             Trade
             go
             on
             a
             little
             while
             longer
             ,
             at
             the
             rate
             it
             has
             of
             late
             ,
             and
             your
             Mi●l'd-money
             be
             melted
             down
             and
             carried
             away
             ,
             and
             no
             more
             coin'd
             ;
             your
             Money
             will
             ,
             without
             the
             charge
             of
             new
             Coinage
             ,
             be
             ,
             by
             that
             sort
             of
             Artificers
             ,
             raised
             above
             5
             
               per
               Cent
            
             ,
             when
             all
             your
             current
             Money
             shall
             be
             Clipp'd
             ,
             and
             made
             above
             1
             /
             ●0
             lighter
             than
             the
             Standard
             ,
             preserving
             still
             its
             former
             denomination
             .
          
           
             It
             will
             possibly
             be
             here
             objected
             to
             me
             ,
             That
             we
             see
             100
             l.
             of
             
               clipt
               Money
            
             ,
             above
             5
             
               per
               Cent
            
             lighter
             than
             the
             Standard
             ,
             will
             buy
             as
             much
             Corn
             ,
             Cloth
             ,
             or
             Wine
             ,
             as
             100
             l.
             in
             
               mill'd
               Mon●y
            
             ,
             which
             is
             1
             /
             20
             heavier
             ;
             whereby
             it
             is
             evident
             that
             my
             Rule
             fails
             ,
             That
             it
             is
             not
             the
             quantity
             of
             Silver
             that
             gives
             the
             Value
             to
             Money
             ,
             but
             its
             Stamp
             and
             Denomination
             .
             To
             which
             I
             answer
             ,
             That
             
               Men
               make
               their
               Estimate
               and
               Contracts
               
               according
               to
               the
               Standard
               ,
            
             upon
             Supposition
             they
             shall
             receive
             good
             and
             lawful
             Money
             ;
             which
             is
             that
             of
             full
             Weight
             ;
             and
             so
             in
             effect
             they
             do
             ,
             whil'st
             they
             receive
             the
             current
             Money
             of
             the
             Country
             .
             For
             since
             100
             l.
             of
             
               clipt
               Money
            
             will
             pay
             a
             Debt
             of
             100
             l.
             as
             well
             as
             the
             weightiest
             
               mill'd
               Money
            
             ,
             and
             a
             new
             Crown
             out
             of
             the
             Mint
             will
             pay
             for
             no
             more
             Flesh
             ,
             Fruit
             ,
             or
             Cloth
             ,
             than
             Five
             clipt
             Shillings
             ;
             't
             is
             evident
             that
             they
             are
             equivalent
             as
             to
             the
             Purchase
             of
             any
             thing
             here
             at
             home
             ,
             whil'st
             no
             body
             scruples
             to
             take
             Five
             clipt
             Shillings
             in
             exchange
             for
             a
             weighty
             mill'd
             Crown
             .
             But
             this
             will
             be
             quite
             otherwise
             as
             soon
             as
             you
             change
             your
             Coin
             ,
             and●
             to
             raise
             it
             ,
             as
             you
             call
             it
             )
             make
             your
             Money
             1
             /
             ●0
             lighter
             in
             the
             Mint
             ;
             for
             then
             no
             body
             will
             any
             more
             give
             an
             old
             Crown
             of
             the
             former
             Standard
             for
             one
             of
             the
             new
             ,
             than
             he
             will
             now
             give
             you
             5
             s.
             and
             3
             d.
             for
             a
             Crown
             ;
             for
             so
             much
             then
             his
             old
             Crown
             will
             yield
             him
             at
             the
             Mint
             .
          
           
             Clipt
             and
             
               unclipt
               Money
            
             will
             always
             buy
             an
             equal
             quantity
             of
             any
             thing
             else
             ,
             as
             long
             as
             they
             will
             without
             scrup●e
             change
             one
             for
             another
             .
             And
             this
             makes
             that
             the
             foreign
             Merchant
             ,
             that
             comes
             to
             fell
             his
             Goods
             to
             you
             ,
             always
             counts
             upon
             the
             Value
             of
             your
             Money
             by
             the
             Silver
             that
             is
             in
             it
             ,
             and
             estimates
             the
             quantity
             of
             Silver
             
             by
             the
             Standard
             of
             your
             Mint
             ;
             though
             perhaps
             by
             reason
             of
             clipt
             Money
             ,
             any
             sum
             that
             is
             ordinarily
             received
             is
             much
             lighter
             than
             the
             Standard
             ,
             and
             so
             has
             less
             Silver
             in
             it
             than
             what
             is
             in
             a
             like
             Sum
             new
             coin'd
             in
             the
             Mint
             .
             But
             whilst
             clipt
             and
             weighty
             will
             equally
             change
             one
             for
             another
             ,
             it
             is
             all
             one
             to
             him
             whether
             he
             receive
             his
             Money
             in
             clipt
             Money
             or
             no
             ,
             so
             it
             be
             but
             current
             .
             For
             if
             he
             buy
             other
             Commodities
             here
             with
             his
             Money
             ,
             whatever
             Sum
             he
             contracts
             for
             ,
             clipt
             as
             well
             as
             weighty
             Money
             equally
             pays
             for
             it
             .
             If
             he
             would
             carry
             away
             the
             Price
             of
             his
             Commodity
             in
             ready
             Cash
             ,
             't
             is
             easily
             chang'd
             into
             weighty
             Money
             ;
             and
             then
             he
             has
             not
             only
             the
             Sum
             in
             tale
             that
             he
             contracted
             for
             ,
             but
             the
             quantity
             of
             Silver
             he
             expected
             for
             his
             Commodities
             ,
             according
             to
             the
             Standard
             of
             our
             Mint
             .
             If
             the
             
               quantity
               of
               your
               clipt
               Money
            
             be
             once
             grown
             so
             great
             ,
             that
             the
             foreign
             Merchant
             cannot
             (
             if
             he
             has
             a
             mind
             to
             it
             )
             easily
             get
             Weighty
             Money
             for
             it
             ,
             but
             having
             sold
             his
             Merchandise
             ,
             and
             received
             Clip'd
             Money
             ,
             finds
             a
             difficulty
             to
             procure
             what
             is
             weight
             for
             it
             ;
             he
             will
             ,
             in
             selling
             his
             Goods
             ,
             either
             contract
             to
             be
             paid
             in
             w●ighty
             Money
             ,
             or
             else
             raise●
             the
             Price
             of
             his
             Commodities
             ,
             according
             to
             the
             diminish'd
             quantities
             of
             Silver
             in
             your
             Current
             Coin.
             
          
           
           
             In
             Holland
             ,
             (
             Ducatoons
             being
             the
             best
             Money
             of
             the
             Country
             ,
             as
             well
             as
             the
             largest
             Coin
             )
             Men
             ,
             in
             Payments
             ,
             received
             and
             paid
             those
             indifferently
             ,
             with
             the
             other
             Money
             of
             the
             Country
             ,
             till
             of
             late
             the
             coining
             of
             other
             Species
             of
             Money
             ,
             of
             
               baser
               Alloy
            
             ,
             and
             in
             greater
             quantities
             ,
             having
             made
             the
             Ducatoons
             ,
             either
             by
             melting
             down
             ,
             or
             Exportation
             ,
             scarcer
             than
             formerly
             ,
             it
             became
             difficult
             to
             change
             the
             baser
             Money
             into
             Ducatoons
             ;
             and
             since
             that
             no
             body
             will
             pay
             a
             Debt
             in
             Ducatoons
             ,
             unless
             he
             be
             allowed
             ½
             
               per
               Cent
            
             ,
             more
             than
             they
             were
             Coin'd
             for
             .
          
           
             To
             understand
             this
             ,
             we
             must
             take
             notice
             ,
             That
             Guilders
             is
             the
             denomination
             that
             in
             Holland
             they
             usually
             compute
             by
             ,
             and
             make
             their
             Contracts
             in
             .
             A
             Ducatoon
             formerly
             passed
             at
             three
             Guilders
             ,
             and
             three
             Stuyvers
             ,
             or
             63
             Stuyvers
             .
             There
             were
             then
             (
             some
             Years
             since
             )
             began
             to
             be
             Coin'd
             another
             Piece
             ,
             which
             was
             call'd
             a
             
               Three
               Guilders
               Piece
            
             ,
             and
             was
             order'd
             to
             pass
             for
             Three
             Guilders
             ,
             or
             Sixty
             Stuyvers
             .
             But
             21
             
               Three
               Guilders
               Pieces
            
             ,
             which
             were
             to
             pass
             for
             63
             Guilders
             ,
             not
             having
             so
             much
             Silver
             in
             them
             as
             20
             Ducatoons
             ,
             which
             passed
             for
             the
             same
             Summ
             of
             63
             Guilders
             ,
             the
             Ducatoon●
             were
             either
             melted
             down
             in
             their
             Mints
             ,
             for
             the
             making
             of
             these
             〈…〉
             ,
             
             or
             yet
             baser
             Money
             ,
             with
             Profit
             ;
             or
             were
             carried
             away
             by
             Foreign
             Merchants
             ;
             who
             when
             they
             carried
             back
             the
             Product
             of
             their
             Sale
             in
             Money
             ,
             would
             be
             sure
             to
             receive
             their
             Payment
             of
             the
             number
             of
             Guilders
             they
             contracted
             for
             in
             Ducatoons
             ,
             or
             change
             the
             Money
             they
             received
             into
             Ducatoons
             ;
             whereby
             they
             carried
             home
             more
             Silver
             than
             if
             they
             had
             taken
             thei
             Payment
             in
             
               Three
               Guilder
               Pi●ces
            
             ,
             or
             any
             other
             Species
             .
             Thus
             Ducatoons
             became
             scarce
             .
             So
             that
             now
             he
             that
             will
             be
             paid
             in
             Ducatoons
             must
             allow
             ½
             
               per
               Cent
            
             ,
             for
             them
             .
             And
             therefore
             the
             Merchants
             ,
             when
             they
             Sell
             any
             thing
             now
             ,
             either
             make
             their
             Bargain
             to
             be
             paid
             in
             Ducatoons
             ,
             or
             if
             they
             contract
             for
             Guilders
             in
             general
             ,
             (
             which
             will
             be
             sure
             to
             be
             paid
             them
             in
             the
             baser
             Money
             of
             the
             Country
             )
             they
             raise
             the
             Price
             of
             their
             Commodities
             accordingly
             .
          
           
             By
             this
             example
             in
             a
             Neighbour
             Country
             ,
             we
             may
             see
             how
             our
             new
             mill'd
             Money
             goes
             away
             .
             When
             Foreign
             Trade
             Imports
             more
             than
             our
             Commodities
             will
             pay
             for
             ;
             't
             is
             certain
             ,
             we
             must
             contract
             Debts
             beyond
             Sea
             ,
             and
             those
             must
             be
             paid
             with
             Money
             ,
             when
             either
             we
             cannot
             furnish
             ,
             or
             they
             will
             not
             take
             our
             Goods
             to
             discharge
             them
             To
             have
             Money
             beyond
             Sea
             to
             pay
             our
             Debts
             ,
             when
             
             our
             Commodities
             do
             not
             raise
             it
             ,
             there
             is
             no
             other
             way
             but
             to
             send
             it
             thither
             .
             And
             since
             a
             weighty
             Crown
             costs
             no
             more
             here
             than
             a
             light
             one
             ;
             and
             our
             Coin
             beyond
             Sea
             ,
             is
             valued
             no
             otherwise
             than
             according
             to
             the
             quantity
             of
             Silver
             it
             has
             in
             it
             ;
             Whether
             we
             send
             it
             in
             Specie
             ,
             or
             whether
             we
             melt
             it
             down
             here
             ,
             to
             send
             it
             in
             Bullion
             (
             which
             is
             the
             safest
             way
             ,
             as
             being
             not
             Prohibited
             )
             
               the
               weightiest
               is
               sure
               to
               go
               .
            
             But
             when
             so
             great
             a
             quantity
             of
             your
             Money
             is
             Clip'd
             ,
             or
             so
             great
             a
             part
             of
             your
             weighty
             Money
             is
             carried
             away
             ,
             that
             the
             Foreign
             Merchant
             ,
             or
             his
             Factor
             here
             ,
             cannot
             have
             his
             Price
             paid
             in
             weighty
             Money
             ,
             or
             such
             as
             will
             easily
             be
             changed
             into
             it
             ,
             then
             every
             one
             will
             see
             ,
             (
             
               when
               Men
               will
               no
               longer
               take
               Five
               Clip'd
               Shillings
               for
               a
               Mill'd
               or
               weighty
               Crown
            
             )
             that
             it
             is
             the
             quantity
             of
             Silver
             that
             buys
             Commodities
             and
             pays
             Debts
             ,
             and
             not
             the
             Stamp
             and
             Denomination
             which
             is
             put
             upon
             it
             .
             And
             then
             too
             it
             will
             be
             seen
             what
             a
             Robbery
             is
             committed
             on
             the
             Publick
             ,
             by
             Clipping
             .
             Every
             Grain
             diminished
             from
             the
             just
             weight
             of
             our
             Money
             ,
             is
             so
             much
             loss
             to
             the
             Nation
             ;
             which
             will
             ,
             one
             time
             or
             other
             ,
             be
             sensibly
             felt
             ;
             and
             which
             ,
             if
             it
             be
             not
             taken
             care
             of
             ,
             and
             speedily
             stop'd
             ,
             will
             ,
             in
             that
             enormous
             course
             it
             is
             now
             in
             ,
             
             quickly
             ,
             I
             fear
             ,
             break
             out
             into
             open
             ill
             effects
             ;
             and
             ,
             at
             one
             blow
             ,
             deprive
             us
             of
             a
             great
             part
             ,
             (
             perhaps
             ,
             near
             ¼
             )
             of
             our
             Money
             .
             For
             that
             will
             be
             really
             the
             case
             ,
             when
             the
             increase
             of
             
             Clip'd
             Money
             makes
             it
             hard
             to
             get
             weighty
             ,
             and
             Men
             begin
             to
             put
             a
             difference
             of
             value
             between
             that
             which
             is
             weighty
             ,
             and
             light
             Money
             ,
             and
             will
             not
             Sell
             their
             Commodities
             but
             for
             Money
             that
             is
             Weight
             ,
             and
             will
             accordingly
             make
             their
             Bargains
             .
          
           
             Let
             the
             Country
             Gentleman
             ,
             when
             it
             comes
             to
             that
             pass
             ,
             consider
             what
             the
             decay
             of
             his
             Estate
             will
             be
             ,
             when
             receiving
             his
             Rent
             in
             the
             Tale
             of
             Clip'd
             Shillings●
             according
             to
             his
             Bargain
             ,
             he
             cannot
             get
             them
             to
             pass
             at
             Market
             for
             more
             than
             their
             Weight
             .
             And
             he
             that
             Sells
             him
             Salt
             or
             Silk
             ,
             will
             Bargain
             for
             5
             s.
             such
             a
             quantity
             ,
             if
             he
             pays
             him
             in
             fair
             weighty
             Coin
             ,
             but
             in
             
             Clip'd
             Money
             he
             will
             not
             take
             under
             5
             s.
             3
             d.
             Here
             you
             see
             you
             have
             your
             Money
             without
             this
             new
             trick
             of
             Coinage
             ,
             raised
             5
             
               per
               Cent.
            
             but
             whether
             to
             any
             advantage
             of
             the
             Kingdom
             I
             leave
             every
             one
             to
             judge
             .
          
           
             Hitherto
             we
             have
             only
             consider'd
             the
             
               r●isi●g
               of
               Silver
               C●in
            
             ,
             and
             that
             has
             been
             only
             by
             Coining
             it
             with
             les●
             Silver
             in
             it
             ,
             under
             the
             same
             Denomination
             .
             There
             is
             another
             way
             yet
             of
             raising
             Money
             ,
             
             which
             has
             something
             more
             of
             reality
             ,
             though
             as
             little
             good
             as
             the
             former
             in
             it
             :
             which
             now
             ,
             that
             we
             are
             upon
             the
             Chapter
             of
             
               Raising
               of
               Money
            
             ,
             it
             may
             not
             be
             amiss
             to
             mention
             ;
             And
             that
             is
             ,
             when
             either
             of
             the
             two
             richer
             Metals
             ,
             (
             which
             Money
             is
             usually
             made
             of
             )
             is
             by
             Law
             raised
             above
             its
             natural
             value
             ,
             in
             respect
             of
             the
             other
             .
             Gold
             and
             Silver
             ,
             have
             ,
             in
             almost
             all
             Ages
             and
             parts
             of
             the
             World
             (
             where
             Money
             was
             used
             )
             generally
             been
             thought
             the
             fittest
             Materials
             to
             make
             it
             of
             .
             But
             there
             being
             a
             great
             disproportion
             in
             the
             Plenty
             of
             these
             Metals
             in
             the
             World
             ,
             one
             has
             always
             been
             valued
             much
             higher
             than
             the
             other
             ;
             so
             that
             one
             Ounce
             of
             Gold
             has
             exchanged
             for
             several
             Ounces
             of
             Silver
             :
             As
             at
             present
             ,
             our
             Guinea
             passing
             for
             21
             s.
             6
             d.
             in
             Silver
             ,
             Gold
             is
             now
             about
             15
             ½
             times
             more
             worth
             than
             Silver
             ;
             there
             being
             about
             15
             ½
             times
             more
             Silver
             in
             21
             s.
             6
             d.
             than
             there
             is
             Gold
             in
             a
             Guinea
             .
             This
             being
             now
             the
             Market
             Rate
             of
             Gold
             to
             Silver
             ;
             if
             by
             an
             established
             Law
             the
             Rate
             of
             
             Guinea's
             should
             be
             set
             higher
             ,
             (
             as
             to
             22
             s.
             and
             6
             d.
             )
             they
             would
             be
             raised
             indeed
             ,
             but
             to
             the
             loss
             of
             the
             Kingdom
             .
             For
             by
             this
             Law
             
               Gold
               being
               raised
            
             ,
             5
             
               per
               Cent
            
             above
             its
             natural
             true
             value
             ,
             Foreigners
             would
             find
             it
             worth
             while
             to
             send
             their
             Gold
             hither
             ,
             and
             so
             
             fetch
             away
             your
             Silver
             at
             5
             
               per
               Cent
            
             profit
             ,
             and
             so
             much
             loss
             to
             you
             .
             For
             when
             so
             much
             Gold
             as
             would
             purchase
             but
             100
             Ounces
             of
             Silver
             any
             where
             else
             ,
             will
             in
             England
             purchase
             the
             Merchant
             105
             Ounces
             ,
             what
             shall
             hinder
             him
             from
             bringing
             his
             Gold
             to
             so
             good
             a
             Market
             ;
             And
             (
             ei●her
             Selling
             it
             at
             the
             Mint
             ,
             where
             it
             will
             yield
             so
             much
             ,
             or
             having
             it
             Coin'd
             into
             
             Guinea's
             )
             either
             go
             with
             them
             to
             Market
             ,
             with
             that
             advantage
             of
             5
             
               per
               Cent
            
             in
             the
             very
             sort
             of
             his
             Money
             ,
             or
             change
             them
             into
             Silver
             ,
             and
             carry
             that
             away
             with
             him
             ?
          
           
             On
             the
             other
             side
             ,
             if
             by
             a
             Law
             you
             would
             
               raise
               your
               Silver
               Money
            
             and
             make
             4
             Crowns
             or
             20
             s.
             in
             Silver
             ,
             equal
             to
             a
             Guinea
             ,
             at
             which
             rate
             I
             suppose
             it
             was
             first
             Coin'd
             ;
             so
             that
             by
             your
             Law
             a
             Guinea
             should
             pass
             but
             for
             20
             s.
             the
             same
             inconvenience
             would
             follow
             .
             For
             then
             strangers
             would
             bring
             in
             Silver
             ,
             and
             carry
             away
             your
             Gold
             ,
             which
             was
             to
             be
             had
             here
             at
             a
             lower
             rate
             than
             any
             where
             else
             .
          
           
             If
             you
             say
             ,
             that
             this
             inconvenience
             is
             not
             to
             be
             fear'd
             ;
             for
             that
             as
             soon
             as
             people
             found
             that
             Gold
             began
             to
             grow
             scarce
             ,
             or
             that
             it
             was
             more
             worth
             than
             the
             Law
             set
             upon
             it
             ,
             they
             would
             not
             then
             part
             with
             it
             at
             the
             Statute-rate
             ;
             as
             we
             see
             the
             broad
             pieces
             that
             were
             Coin'd
             in
             K.
             Iames
             I.
             
             time
             for
             20
             s.
             no
             body
             will
             now
             part
             with
             under
             23
             s.
             or
             more
             ,
             according
             to
             the
             Market
             value
             ;
             This
             I
             grant
             is
             true
             ;
             and
             it
             does
             plainly
             confess
             the
             foolishness
             of
             making
             a
             Law
             which
             cannot
             produce
             the
             effect
             it
             is
             made
             for
             ;
             as
             indeed
             it
             will
             not
             ,
             when
             you
             would
             raise
             the
             price
             of
             Silver
             in
             respect
             of
             Gold
             ,
             above
             its
             natural
             Market
             value
             :
             For
             then
             ,
             as
             we
             see
             in
             our
             Gold
             ,
             the
             price
             of
             it
             will
             raise
             its
             self
             .
             But
             on
             the
             other
             side
             ,
             if
             you
             should
             by
             a
             Law
             set
             the
             value
             of
             Gold
             above
             its
             〈◊〉
             then
             peopl●
             would
             be
             bound
             to
             receive
             it
             at
             that
             high
             rate
             ,
             and
             so
             part
             with
             their
             Silver
             at
             an
             under
             value
             .
             But
             supposing
             that
             having
             a
             mind
             to
             
               raise
               your
               Silver
               in
               re●pect
               of
               〈◊〉
            
             (
             for
             when
             you
             would
             raise
             the
             value
             of
             Money
             ,
             fansie
             what
             you
             will
             't
             is
             but
             in
             respect
             of
             something
             you
             〈…〉
             it
             for
             ,
             and
             is
             only
             〈…〉
             make
             a
             less
             quantity
             of
             the
             〈…〉
             Money
             is
             made
             of
             change
             〈…〉
             quantity
             of
             that
             thing
             〈…〉
             to
             )
             you
             make
             a
             Law
             〈…〉
             of
             that
             ?
             If
             your
             Law
             〈…〉
             that
             as
             much
             as
             you
             〈…〉
             Gold
             (
             for
             they
             are
             〈…〉
             things
             pu●
             in
             〈…〉
             the
             one
             〈…〉
             
             clear
             loss
             to
             the
             Kingdom
             as
             you
             raise
             Silver
             and
             debase
             Gold
             by
             your
             Law
             ,
             below
             their
             natural
             value
             .
             If
             you
             raise
             Gold
             in
             proportion
             to
             Silver
             the
             same
             effect
             follows
             .
          
           
             The
             effect
             and
             ill
             consequence
             indeed
             is
             not
             so
             easily
             observed
             in
             the
             one
             as
             in
             the
             other
             :
             Because
             your
             accounts
             being
             kept
             ,
             and
             your
             reckonings
             all
             made
             in
             Pounds
             ,
             Shillings
             ,
             and
             Pence
             ,
             which
             are
             denominations
             of
             Silver
             Coins
             or
             numbers
             of
             them
             ;
             if
             Gold
             be
             made
             current
             at
             a
             rate
             above
             the
             free
             and
             Market
             value
             of
             those
             two
             Metals
             ,
             every
             one
             will
             easily
             perceive
             the
             inconvenience
             .
             But
             there
             being
             a
             Law
             for
             it
             ,
             you
             cannot
             refuse
             the
             Gold
             in
             payment
             for
             so
             much
             .
             And
             all
             the
             Money
             or
             bullion
             People
             will
             carry
             beyond
             Sea
             from
             you
             will
             be
             in
             Silver
             ,
             and
             the
             Money
             or
             bullion
             brought
             in
             ,
             will
             be
             in
             Gold
             And
             the
             same
             just
             will
             happen
             when
             your
             Silver
             is
             raised
             and
             
               Gold
               debased
            
             in
             respect
             of
             one
             another
             ,
             beyond
             their
             true
             and
             natural
             proportion
             :
             (
             
               Natural
               proportion
               or
               value
            
             I
             call
             that
             respective
             rate
             they
             find
             any
             where
             without
             the
             prescription
             of
             Law
             )
             For
             then
             Silver
             will
             be
             that
             which
             is
             brought
             in
             ,
             and
             Gold
             will
             be
             carried
             out
             ;
             and
             that
             still
             with
             loss
             to
             the
             Kingdom
             ,
             answerable
             to
             the
             over-value
             ,
             set
             by
             the
             Law.
             Only
             as
             soon
             as
             the
             mischief
             is
             felt
             ,
             people
             
             will
             (
             do
             what
             you
             can
             )
             raise
             their
             Gold
             to
             its
             natural
             value
             .
             For
             your
             accounts
             and
             bargains
             being
             made
             in
             the
             denomination
             of
             Silver-money
             ;
             if
             ,
             when
             Gold
             is
             raised
             above
             its
             proportion
             ,
             by
             the
             Law
             ,
             you
             cannot
             refuse
             it
             in
             payment
             ,
             (
             as
             if
             the
             Law
             should
             make
             a
             Guinea
             current
             at
             22
             s.
             and
             6
             d.
             you
             are
             bound
             to
             take
             it
             at
             that
             rate
             in
             payment
             ;
             but
             if
             the
             Law
             should
             make
             Guineas
             current
             at
             20
             s.
             he
             that
             has
             them
             is
             not
             bound
             to
             pay
             them
             away
             at
             that
             rate
             ,
             but
             may
             keep
             them
             if
             he
             pleases
             ,
             or
             get
             more
             for
             them
             if
             he
             can
             :
             yet
             from
             such
             a
             Law
             ,
             one
             of
             these
             3
             things
             follow
             .
             Either
             1st
             ,
             the
             Law
             forces
             them
             to
             go
             at
             20
             s.
             and
             then
             being
             found
             passing
             at
             that
             rate
             ,
             Foreigners
             make
             their
             advantage
             of
             it
             ;
             Or
             2
             ly
             ,
             People
             keep
             them
             up
             and
             will
             not
             part
             with
             them
             at
             the
             legal
             rate
             ,
             understanding
             them
             really
             to
             be
             worth
             more
             ,
             and
             then
             all
             your
             Gold
             lies
             dead
             ,
             and
             is
             of
             no
             more
             use
             to
             Trade
             than
             if
             it
             were
             all
             gone
             out
             of
             the
             Kingdom
             ;
             Or
             3
             ly
             ,
             it
             passes
             for
             more
             than
             the
             Law
             allows
             ,
             and
             then
             your
             Law
             signifies
             nothing
             ,
             and
             had
             been
             better
             let
             alone
             .
             Which
             way
             ever
             it
             succeeds
             it
             proves
             either
             prejudicial
             or
             ineffectual
             .
             If
             the
             design
             of
             your
             Law
             take
             place
             ,
             the
             Kingdom
             loses
             by
             it
             ;
             if
             the
             inconvenience
             be
             felt
             and
             avoided
             ,
             your
             Law
             is
             eluded
             .
          
           
           
             Mo●ny
             is
             measure
             of
             Commerce
             ,
             and
             of
             the
             rate
             of
             every
             thing
             ,
             and
             therefore
             
               ought
               to
               be
               kept
               (
               as
               all
               other
               measures
               )
               as
               steady
               and
               unvariable
               as
               may
               be
               .
            
             But
             this
             cannot
             be●
             if
             your
             Money
             be
             made
             
               of
               two
               Me●●l●
            
             ,
             whose
             proportion
             ,
             and
             consequently
             whose
             price
             ,
             constantly
             varies
             in
             respect
             of
             one
             another
             .
             Silver
             ,
             for
             many
             Reasons
             is
             the
             〈◊〉
             of
             all
             Metals
             to
             be
             this
             measure
             ,
             and
             therefore
             generally
             made
             use
             of
             for
             Money
             .
             But
             then
             it
             is
             very
             unfit
             and
             inconvenient
             ,
             that
             Gold
             ,
             or
             any
             other
             Met●l
             should
             be
             made
             current
             legal
             Money●
             at
             a
             standing
             settled
             Rate
             .
             This
             i●
             to
             do
             by
             Law
             ,
             what
             justly
             cannot
             be
             done
             ;
             set
             a
             Rate
             upon
             the
             varying
             value
             of
             Things
             ;
             and
             is●
             a●
             I
             have
             shew'd
             ,
             as
             far
             〈◊〉
             it
             〈◊〉
             ,
             a
             constant
             damage
             and
             prej●dice
             to
             the
             Country
             where
             it
             is
             prac●ised
             .
             Suppose
             Fifteen
             to
             One
             be
             now
             the
             exact
             p●r
             between
             G●ld
             and
             Si●ver
             ;
             〈…〉
             make
             it
             lasting
             ,
             and
             establish
             it
             so
             tha●
             next
             year
             ,
             or
             twenty
             years
             〈…〉
             just
             value
             of
             Gold
             to
             Silver●
             and
             that
             one
             Ounce
             of
             Gold
             shall
             be
             〈…〉
             Ounces
             of
             Silver
             ,
             neither
             more
             nor
             les●
             ?
             ●Tis
             possible
             ,
             the
             〈…〉
             Trade
             sweeping
             away
             great
             〈◊〉
             of
             Gold
             ,
             may
             make
             it
             scarcer
             in
             〈◊〉
             .
             Pe●haps
             the
             Guinea
             Trade
             ,
             and
             Mines
             of
             Peru
             ,
             affording
             it
             in
             a
             greater
             abundance
             ,
             
             may
             make
             it
             more
             plentiful
             ;
             and
             so
             its
             value
             in
             respect
             of
             Silver
             ,
             come
             on
             the
             one
             side
             to
             be
             as
             sixteen
             ,
             or
             on
             the
             other
             as
             fourteen
             to
             one
             .
             And
             can
             any
             Law
             you
             shall
             make
             alter
             this
             proportion
             here
             ,
             when
             it
             is
             so
             every
             where
             else
             round
             about
             you
             ?
             If
             your
             Law
             set
             it
             at
             fifteen
             ,
             when
             it
             is
             at
             the
             free
             Market
             Rate
             ,
             in
             the
             Neighbouring
             Countries
             ,
             as
             sixteen
             to
             one
             ;
             Will
             they
             not
             send
             hither
             their
             Silver
             to
             fetch
             away
             your
             Gold
             at
             1
             /
             16
             loss
             to
             you
             ?
             Or
             if
             you
             will
             keep
             its
             Rate
             to
             Silver
             ,
             as
             fifteen
             to
             one
             ,
             when
             in
             
               Holland
               ,
               France
            
             ,
             and
             Spain
             ,
             its
             Market
             value
             is
             but
             fourteen
             ;
             Will
             they
             not
             send
             hither
             their
             Gold●
             and
             fetch
             away
             your
             Silver
             at
             1
             /
             1●
             loss
             to
             you
             ?
             This
             is
             unavoidable
             ,
             if
             you
             will
             make
             Money
             of
             both
             Gold
             and
             Silver
             at
             the
             same
             time
             ,
             and
             set
             Rates
             upon
             them
             by
             Law
             in
             respect
             of
             one
             another
             .
          
           
             What
             then
             ?
             (
             Will
             you
             be
             ready
             to
             say
             )
             would
             you
             have
             Gold
             kept
             out
             of
             Engl●nd
             ?
             Or
             being
             here
             ,
             would
             you
             have
             it
             useless
             to
             Trade
             ,
             and
             must
             there
             be
             no
             Money
             made
             of
             it
             ?
             I
             answer
             ,
             Quite
             the
             contrary
             .
             'T
             is
             sit
             the
             Kingdom
             should
             make
             use
             of
             the
             Treasure
             it
             has
             .
             'T
             is
             necessary
             your
             
               Gold
               should
               be
               Coin'd
            
             ,
             and
             have
             the
             Kings
             Stamp
             upon
             it
             to
             secure
             Men
             in
             receiving
             it
             ,
             that
             there
             is
             so
             much
             Gold
             in
             each
             piece
             .
             But
             't
             is
             not
             necessary
             that
             it
             should
             
             have
             a
             fixed
             value
             set
             on
             it
             by
             publick
             Authority
             .
             'T
             is
             not
             convenient
             that
             it
             should
             in
             its
             varying
             proportion
             have
             a
             settled
             price
             .
             
               Let
               Gold
            
             ,
             as
             other
             Commodities
             ,
             
               find
               its
               own
               Rate
            
             .
             And
             when
             ,
             by
             the
             Kings
             Image
             and
             Inscription
             ,
             it
             carries
             with
             it
             a
             publick
             Assurance
             of
             its
             weight
             and
             fineness
             ;
             the
             Gold
             Money
             so
             Coin'd
             will
             never
             fail
             to
             pass
             at
             the
             known
             Market
             Rates
             ;
             as
             readily
             as
             any
             other
             Twenty
             〈◊〉
             ,
             though
             designed
             at
             first
             for
             20
             l
             ,
             go
             now
             as
             current
             for
             21
             l.
             10
             s.
             as
             any
             other
             Money
             ,
             and
             sometimes
             for
             more
             ,
             as
             the
             Rate
             varies
             .
             The
             value
             or
             price
             of
             any
             thing
             being
             only
             the
             respective
             estimate
             it
             bears
             to
             some
             other
             ,
             which
             it
             comes
             in
             Competition
             with
             ,
             can
             only
             be
             known
             by
             the
             quantity
             of
             the
             one
             which
             will
             exchange
             for
             a
             certain
             quantity
             of
             the
             other
             .
             There
             being
             no
             two
             Things
             in
             Nature
             ,
             whose
             proportion
             and
             use
             does
             not
             vary
             ,
             't
             is
             impossible
             to
             set
             a
             standing
             regular
             price
             between
             them
             .
             The
             growing
             plenty
             or
             scarcity
             of
             either
             in
             the
             Market
             ;
             (
             whereby
             I
             mean
             the
             ordinary
             places
             ,
             where
             they
             are
             to
             be
             had
             in
             Tra●fick
             )
             the
             real
             Use
             ,
             or
             changing
             fashion
             of
             the
             place
             bringing
             either
             of
             them
             more
             into
             demand
             than
             formerly
             ;
             presently
             varies
             the
             respective
             value
             of
             any
             two
             Things
             .
             You
             will
             as
             fruitlesly
             endeavour
             to
             keep
             
             two
             different
             Things
             steadily
             at
             the
             same
             price
             one
             with
             another
             ,
             as
             to
             keep
             two
             Things
             in
             an
             Aequilibrium
             ,
             where
             their
             varying
             weights
             depend
             on
             different
             Causes
             .
             Put
             a
             piece
             of
             Spunge
             in
             one
             Scale
             ,
             and
             an
             exact
             counterpoise
             of
             Silver
             in
             the
             other
             ,
             you
             will
             be
             mightily
             mistaken
             if
             you
             imagine
             ,
             that
             because
             th●t
             they
             are
             to
             day
             equal
             they
             shall
             always
             remain
             so
             .
             The
             weight
             of
             the
             Spunge
             varying
             with
             every
             change
             of
             moisture
             in
             the
             Air
             ,
             the
             Silver
             in
             the
             opposite
             Scale
             will
             sometimes
             Rise
             and
             sometimes
             Fall.
             This
             is
             just
             the
             state
             of
             
               Silver
               and
               Gold
            
             in
             regard
             of
             their
             mutual
             value
             .
             Their
             proportion
             ,
             or
             use
             ,
             may
             ,
             nay
             constantly
             does
             vary
             ,
             and
             with
             it
             their
             price
             .
             For
             being
             estimated
             one
             in
             Reference
             to
             the
             other
             ,
             they
             are
             as
             it
             were
             put
             in
             opposite
             Scales
             ,
             and
             as
             the
             one
             rises
             the
             other
             falls
             ,
             and
             so
             on
             the
             contrary
             .
          
           
             Farthings
             made
             of
             a
             baser
             Metal
             ,
             may
             on
             this
             account
             too
             deserve
             your
             Consideration
             .
             For
             whatsoever
             Coin
             you
             make
             current
             ,
             above
             the
             Intrinsick
             value
             ,
             will
             always
             be
             dammage
             to
             the
             publick
             ,
             whoever
             get
             by
             it
             .
             But
             of
             this
             I
             shall
             not
             at
             present
             enter
             into
             a
             more
             particular
             Enquiry
             .
             Only
             this
             I
             will
             confidently
             affirm
             ,
             
               That
               it
               is
               the
               Interest
               of
               every
               Country
               ,
               that
               all
               the
               current
               .
               Money
               of
               it
               should
               be
               of
               one
               and
               the
               same
               Metal
               ;
               That
               the
               several
               Species
               
               should
               be
               all
               of
               the
               same
               Alloy
               ,
               and
               none
               of
               a
               baser
               mixture
               :
               And
               that
               the
               Standard
               once
               thus
               settled
               ,
               should
               be
               Inviolably
               and
               Immutably
               kept
               to
               perpetuity
               .
            
             For
             whenever
             that
             is
             alter'd
             upon
             what
             pretence
             soever
             ,
             the
             publick
             will
             lose
             by
             it
             .
          
           
             Since
             then
             it
             will
             neither
             bring
             us
             in
             more
             Money
             ,
             Bullion
             ,
             nor
             Trade
             ;
             nor
             keep
             that
             we
             have
             here
             ;
             nor
             hinder
             our
             weighty
             Money
             of
             what
             Denomination
             soever
             from
             being
             melted
             ;
             to
             what
             purpose
             should
             the
             Kingdom
             be
             at
             the
             charge
             of
             Coining
             all
             our
             Money
             a-new
             ?
             For
             I
             do
             not
             suppose
             any
             Body
             can
             propose
             ,
             that
             we
             should
             have
             two
             sorts
             of
             Money
             at
             the
             same
             time
             ,
             one
             heavier
             ,
             and
             the
             other
             lighter
             ,
             as
             it
             comes
             from
             the
             Mint
             .
             That
             is
             very
             absurd
             to
             imagine
             .
             So
             that
             if
             all
             your
             old
             Money
             must
             be
             Coin'd
             over
             again
             ,
             it
             will
             indeed
             be
             some
             advantage
             ,
             and
             that
             a
             very
             considerable
             one
             ,
             to
             the
             Officers
             of
             the
             Mint
             .
             For
             they
             being
             allow'd
             3
             s.
             6
             d.
             for
             the
             Coinage
             of
             every
             Pound
             Troy
             ,
             which
             is
             very
             near
             5
             ½
             
               per
               Cent
            
             ;
             If
             our
             Money
             be
             Six
             Millions
             ,
             and
             must
             be
             Coin'd
             all
             over
             again
             ,
             it
             will
             cost
             the
             Nation
             to
             the
             Mint
             330000
             l.
             If
             the
             c●ipt
             Money
             must
             scape
             ,
             because
             it
             is
             already
             as
             light
             as
             your
             new
             Standard
             ;
             do
             you
             not
             own
             that
             this
             design
             of
             new
             Coinage
             is
             just
             of
             the
             Nature
             of
             C●ipping
             ?
          
           
           
             This
             business
             of
             Money
             and
             Coinage
             is
             by
             some
             Men
             ,
             and
             amongst
             them
             some
             very
             Ingenious
             Persons
             ,
             thought
             a
             great
             Mystery
             ,
             and
             very
             hard
             to
             be
             understood
             .
             Not
             that
             truly
             in
             it self
             it
             is
             so
             :
             but
             because
             interessed
             People
             that
             treat
             of
             it
             ,
             wrap
             up
             the
             Secret
             they
             make
             advantage
             of
             in
             mystical
             ,
             obscure
             ,
             and
             unintelligible
             ways
             of
             Talking
             ;
             Which
             Men
             ,
             from
             a
             preconceiv'd
             opinion
             of
             the
             difficulty
             of
             the
             subject
             ,
             taking
             for
             Sense
             ,
             in
             a
             matter
             not
             easie
             to
             be
             penetrated
             but
             by
             the
             Men
             of
             Art
             ,
             let
             pass
             for
             Current
             without
             Examination
             .
             Whereas
             ,
             would
             they
             look
             into
             those
             Discourses
             ,
             enquire
             what
             meaning
             their
             Words
             have
             ,
             they
             would
             find
             ,
             for
             the
             most
             part
             ,
             either
             their
             Positions
             to
             be
             false
             ;
             their
             Deductions
             to
             be
             wrong
             ;
             or
             (
             which
             often
             happens
             )
             their
             words
             to
             have
             no
             distinct
             meaning
             at
             all
             .
             Where
             none
             of
             these
             be
             ;
             there
             ,
             their
             plain
             ,
             true●
             honest
             Sense
             ,
             would
             prove
             very
             easie
             and
             intelligible
             ,
             if
             express'd
             in
             ordinary
             and
             direct
             Language
             .
          
           
             That
             this
             is
             so
             ,
             I
             shall
             shew
             ,
             by
             examining
             a
             Printed
             Sheet
             on
             this
             Subject
             ,
             Intituled
             ,
             
               Remarks
               on
               a
               Paper
               given
               in
               to
               the
               Lords
               ,
            
             &c.
             
          
           
             Remarks
             .
             
               'T
               is
               certain
               ,
               That
               what
               place
               soever
               will
               give
               most
               for
               Silver
               by
               weight
               ,
               it
               will
               thither
               be
               carried
               and
               Sold
               :
               And
               if
               
               of
               the
               Money
               which
               now
               passes
               in
            
             England
             ,
             
               there
               can
               be
            
             5
             s.
             5
             d.
             
               the
               Ounce
               ,
               given
               for
               Standard
               Silver
               at
               the
               Mint
               ;
               when
               but
            
             5
             s.
             4
             d.
             
               of
               the
               very
               same
               Money
               can
               be
               given
               elsewhere
               for
               it
               ;
               it
               will
               be
               certainly
               brought
               to
               the
               Mint
               ;
               and
               when
               Coined
               ,
               cannot
               be
               Sold
               ,
               (
               having
               one
               Penny
               over-value
               set
               upon
               it
               by
               the
               Ounce
               )
               for
               the
               same
               that
               other
               Plate
               may
               be
               bought
               for
               ,
               so
               will
               be
               left
               unmelted
               ;
               at
               least
               ,
               't
               will
               be
               the
               Interest
               of
               any
               Exporters
               ,
               to
               buy
               Plate
               to
               send
               out
               ,
               before
               Money
               ;
               whereas
               now
               't
               is
               his
               Interest
               to
               buy
               Money
               to
               send
               out
               before
               Plate
               .
            
          
           
             Answ.
             The
             Author
             would
             do
             well
             to
             make
             it
             intelligible
             ,
             how
             ,
             
               of
               the
               Money
               that
               now
               passes
               in
            
             England
             ,
             
               at
               the
               Mint
               can
               be
               given
            
             5
             s.
             5
             d.
             
               the
               Ounce
               for
               Standard
               Silver
               ,
               when
               but
            
             5
             s.
             4
             d.
             
               of
               the
               same
               Money
               can
               be
               given
               elsewhere
               for
               it
               .
            
             Next
             ,
             
               How
               it
               has
               one
               Penny
               over-value
               set
               upon
               it
               by
               the
               Ounce
            
             ;
             So
             that
             ,
             
               When
               Coin'd
               it
               cannot
               be
               Sold.
            
             This
             ,
             to
             an
             ordinary
             Reader
             ,
             looks
             very
             Mysterious
             ;
             and
             ,
             I
             fear
             ,
             is
             so
             ;
             as
             either
             signifying
             nothing
             at
             all
             ,
             or
             nothing
             that
             will
             hold
             .
             For
             ,
             
               
                 1.
                 
                 I
                 ask
                 who
                 is
                 it
                 at
                 the
                 Mint
                 ,
                 that
                 
                   can
                   give
                
                 5
                 s.
                 5
                 d.
                 
                   per
                   Ounce
                   ,
                   for
                   Standard
                   Silver
                   ,
                   when
                   no
                   body
                   else
                   can
                   give
                   above
                
                 5
                 s.
                 4
                 d
                 ?
                 Is
                 it
                 the
                 King
                 ,
                 or
                 is
                 it
                 the
                 Master
                 Worker
                 ,
                 or
                 any
                 of
                 the
                 Officers
                 ?
                 For
                 to
                 give
                 5
                 s.
                 5
                 d.
                 for
                 what
                 will
                 yield
                 but
                 5
                 s.
                 4
                 d.
                 
                 to
                 any
                 body
                 else
                 ,
                 is
                 to
                 give
                 1
                 /
                 ●5
                 part
                 more
                 than
                 it
                 is
                 worth
                 .
                 For
                 so
                 much
                 every
                 thing
                 is
                 worth
                 ,
                 as
                 it
                 will
                 yield
                 .
                 And
                 I
                 do
                 not
                 see
                 how
                 this
                 can
                 turn
                 to
                 account
                 to
                 the
                 King
                 ,
                 or
                 be
                 born
                 by
                 any
                 body
                 else
                 .
              
               
                 2.
                 
                 I
                 ask
                 ,
                 How
                 a
                 
                   Penny
                   over-value
                   can
                   be
                   set
                   upon
                   it
                   by
                   the
                   O●ne●
                   ;
                   so
                   that
                   it
                   cannot
                   be
                   sold
                   ?
                
                 This
                 is
                 so
                 Mysterious
                 ,
                 that
                 I
                 think
                 it
                 near
                 impossible
                 .
                 For
                 an
                 equal
                 quantity
                 of
                 Standard
                 Silver
                 will
                 always
                 be
                 just
                 worth
                 an
                 equal
                 quantity
                 of
                 Standard
                 Silver
                 .
                 And
                 it
                 is
                 utterly
                 impossible
                 to
                 make
                 64
                 parts
                 of
                 Standard
                 Silver
                 equal
                 to
                 ,
                 or
                 worth
                 65
                 parts
                 of
                 the
                 same
                 Standard
                 Silver
                 ;
                 which
                 is
                 meant
                 by
                 
                   setting
                   a
                   Penny
                   over-value
                   upon
                   it
                   by
                   the
                   Ounce
                   ,
                
                 if
                 that
                 has
                 any
                 meaning
                 at
                 all
                 .
                 Indeed
                 ,
                 by
                 the
                 Workmanship
                 of
                 it
                 ,
                 64
                 Ounces
                 of
                 Standard
                 Silver
                 may
                 be
                 made
                 not
                 only
                 worth
                 65
                 Ounces
                 ,
                 but
                 70
                 or
                 80.
                 
                 But
                 the
                 Coinage
                 ,
                 which
                 is
                 all
                 the
                 Workmanship
                 here
                 ,
                 being
                 paid
                 for
                 by
                 a
                 Tax
                 ,
                 I
                 do
                 not
                 see
                 how
                 that
                 can
                 be
                 reckon'd
                 at
                 all
                 :
                 Or
                 if
                 it
                 be
                 ,
                 it
                 must
                 raise
                 every
                 5
                 s
                 and
                 4
                 d
                 Coin'd
                 ,
                 to
                 above
                 5
                 s.
                 5
                 d.
                 If
                 I
                 carry
                 64
                 Ounces
                 of
                 Standard
                 Silver
                 in
                 Bullion
                 to
                 the
                 Mint
                 ,
                 to
                 be
                 Coin'd
                 ;
                 shall
                 I
                 not
                 have
                 just
                 64
                 Ounces
                 back
                 again
                 for
                 it
                 in
                 Coin
                 ?
                 And
                 if
                 so
                 ,
                 Can
                 these
                 64
                 Ounces
                 of
                 Coin'd
                 Standard
                 Silver
                 ,
                 be
                 possibly
                 made
                 worth
                 65
                 Ounces
                 of
                 the
                 same
                 Standard
                 Silver
                 
                 uncoin'd
                 ;
                 when
                 they
                 cost
                 me
                 no
                 more
                 ,
                 and
                 I
                 can
                 ,
                 for
                 barely
                 going
                 to
                 the
                 Mint
                 ,
                 have
                 64
                 Ounces
                 of
                 Standard
                 Silver
                 in
                 Bullion
                 turn'd
                 into
                 Coin
                 ?
                 Cheapness
                 of
                 Coinage
                 in
                 England
                 ,
                 where
                 it
                 costs
                 nothing
                 ,
                 will
                 ,
                 indeed
                 ,
                 make
                 Money
                 be
                 sooner
                 brought
                 to
                 the
                 Mint
                 ,
                 than
                 any
                 where
                 else
                 ;
                 because
                 there
                 I
                 have
                 the
                 convenience
                 of
                 having
                 it
                 made
                 into
                 Mony
                 for
                 nothing
                 .
                 But
                 this
                 will
                 no
                 more
                 keep
                 it
                 in
                 England
                 ,
                 than
                 if
                 it
                 were
                 perfect
                 Bullion
                 .
                 Nor
                 will
                 it
                 hinder
                 it
                 from
                 being
                 melted
                 down
                 ;
                 because
                 it
                 cost
                 no
                 more
                 in
                 Coin
                 than
                 in
                 Bullion
                 :
                 and
                 this
                 equally
                 ,
                 whether
                 your
                 Pieces
                 ,
                 of
                 the
                 same
                 denomination
                 ,
                 be
                 lighter
                 ,
                 heavier
                 ,
                 or
                 just
                 as
                 they
                 were
                 before
                 .
                 This
                 being
                 explain'd
                 ,
                 't
                 will
                 be
                 easie
                 to
                 see
                 ,
                 whether
                 the
                 other
                 things
                 ,
                 said
                 in
                 the
                 same
                 Paragraph
                 ,
                 be
                 true
                 or
                 false
                 ;
                 and
                 particularly
                 ,
                 whether
                 
                   't
                   will
                   be
                   the
                   Interest
                   of
                   every
                   Exporter
                   ,
                   to
                   buy
                   Plate
                   to
                   send
                   out
                   before
                   Money
                   .
                
              
            
          
           
             Remark
             .
             
               'T
               is
               only
               barely
               asserted
               ,
               That
               〈◊〉
               Silver
               be
               raised
               at
               the
               Mint
               ,
               that
               't
               will
               ●●ise
               elsewhere
               above
               it
               ;
               but
               can
               never
               be
               known
               till
               it
               be
               tried
               .
            
          
           
             Answ.
             The
             Author
             tells
             us
             in
             the
             last
             Paragraph
             ,
             That
             
               Si●v●r
               th●t
               is
               worth
               but
            
             5
             s.
             2
             d.
             
               per
               Ounce
               at
               the
               〈◊〉
               is
               w●●th
            
             5
             s.
             4
             d.
             elsewhere
             .
             This
             how
             true
             or
             what
             inconvenience
             it
             〈…〉
             not
             here
             
             examine
             .
             But
             be
             the
             Inconvenience
             of
             it
             what
             it
             will
             ,
             this
             raising
             the
             Money
             he
             proposes
             as
             a
             Remedy
             :
             And
             to
             those
             who
             say
             ,
             upon
             raising
             our
             Money
             Silver
             will
             rise
             too
             ,
             he
             makes
             this
             Answer
             ,
             That
             
               it
               can
               never
               be
               known
               ,
               whether
               it
               will
               or
               no
               ,
               till
               it
               be
               tried
               .
            
             To
             which
             I
             reply
             ,
             That
             it
             may
             be
             known
             as
             certainly
             ,
             without
             Trial
             ,
             as
             it
             can
             ,
             That
             two
             Pieces
             of
             Silver
             that
             weighed
             equally
             yesterday
             ,
             will
             weigh
             equally
             again
             to
             morrow
             in
             the
             same
             Scales
             .
          
           
             
               There
               is
               Silver
            
             ,
             (
             says
             our
             Author
             )
             
               whereof
               an
               Ounce
            
             (
             i.
             e.
             480
             Grains
             )
             
               will
               change
               for
            
             5
             s.
             4
             d.
             (
             
               i.
               e.
            
             496
             Grains
             )
             of
             our
             Standard
             Silver
             coin'd
             .
             To
             morrow
             you
             coin
             your
             Money
             lighter
             ;
             so
             that
             then
             5
             s.
             4
             d.
             will
             have
             but
             472
             Grains
             of
             coin'd
             Standard
             Silver
             in
             it
             .
             Can
             it
             not
             then
             be
             known
             ,
             without
             Trial
             ,
             whether
             that
             Ounce
             of
             Silver
             ,
             which
             to
             day
             will
             change
             for
             496
             Grains
             of
             Standard
             Silver
             coin'd
             ,
             will
             change
             to
             morrow
             but
             for
             472
             Grains
             of
             the
             same
             Standard
             Silver
             coin'd
             ?
             Or
             can
             any
             one
             imagine
             that
             480
             Grains
             of
             the
             same
             Silver
             ,
             which
             to
             day
             are
             worth
             496
             Grains
             of
             our
             coin'd
             Silver
             ,
             will
             to
             morrow
             be
             worth
             but
             472
             Grains
             of
             the
             same
             Silver
             ,
             a
             little
             differently
             coin'd
             ?
             He
             that
             can
             have
             a
             Doubt
             about
             this
             till
             it
             be
             tried
             ,
             may
             as
             well
             demand
             a
             Trial
             to
             be
             made
             ,
             to
             prove
             ,
             That
             the
             same
             thing
             is
             aequiponderent
             ,
             
             or
             aequivalent
             to
             it self
             .
             For
             I
             think
             it
             is
             as
             clear
             ,
             That
             472
             Grains
             of
             Silver
             are
             aequiponderent
             to
             496
             Grains
             of
             Silver
             ,
             as
             that
             an
             Ounce
             of
             Silver
             ,
             that
             is
             to
             day
             worth
             496
             Grains
             of
             Standard
             Silver
             ,
             should
             to
             morrow
             be
             worth
             but
             472
             Gr.
             of
             the
             same
             Standard
             Silver
             ;
             all
             Circumstances
             remaining
             the
             same
             ,
             but
             the
             different
             Weight
             of
             the
             Pieces
             stamp'd
             :
             which
             is
             that
             our
             Author
             asserts
             ,
             when
             he
             says
             ,
             That
             
               't
               is
               only
               barely
               asserted
            
             ,
             &c.
             
             What
             has
             been
             said
             to
             this
             ,
             may
             serve
             also
             for
             an
             Answer
             to
             the
             next
             Parapraph
             .
             Only
             I
             desire
             it
             may
             be
             taken
             notice
             of
             ,
             That
             the
             Author
             seems
             to
             insinuate
             that
             Silver
             goes
             not
             in
             England
             ,
             as
             in
             Foreign
             Parts
             ,
             by
             Weight
             ;
             which
             is
             a
             very
             dangerous
             as
             well
             as
             false
             Position
             ;
             and
             which
             ,
             if
             allowed
             ,
             may
             let
             into
             our
             Mint
             what
             Corruption
             and
             Debasing
             of
             our
             Money
             one
             pleases
             .
          
           
             Remark
             .
             
               That
               our
               Trade
               hath
               heretofore
               furnished
               us
               with
               an
               Overplus
               ,
               brought
               home
               in
               Gold
               and
               Silver
               ,
               is
               true
               :
               But
               that
               we
               bring
               home
               from
               any
               place
               more
               Goods
               than
               we
               now
               Export
               to
               it
               ,
               I
               do
               not
               conceive
               to
               be
               so
               .
               And
               more
               Goods
               might
               be
               sent
               to
               those
               parts
               ;
               but
               by
               reason
               of
               the
               great
               Value
               of
               Silver
               in
               this
               part
               of
               the
               World
               ,
               more
               Money
               is
               to
               be
               got
               by
               Exporting
               Silver
               ,
               than
               by
               any
               other
               thing
               that
               can
               be
               sent
               ;
               and
               that
               is
               the
               reason
               of
               it
               .
               And
               
               for
               its
               being
               melted
               down
               ,
               and
               sent
               out
               ,
               because
               it
               is
               so
               heavy
               ,
               is
               not
               by
               their
               Paper
               denied
               .
            
          
           
             Answ.
             
               That
               we
               bring
               home
               from
               any
               place
               more
               Goods
               than
               we
               now
               Export
               ,
            
             (
             the
             Author
             tells
             us
             )
             
               he
               doth
               not
               conceive
            
             .
          
           
             Would
             he
             had
             told
             us
             a
             Reason
             for
             his
             Conceit
             .
             But
             since
             the
             Money
             of
             any
             Country
             is
             not
             presently
             to
             be
             changed
             ,
             upon
             any
             private
             Man's
             groundless
             Conceit
             ,
             I
             suppose
             this
             Argument
             will
             not
             be
             of
             much
             weight
             with
             many
             Men.
             I
             make
             bold
             to
             call
             it
             a
             groundless
             Conceit
             ;
             For
             if
             the
             Author
             please
             to
             remember
             the
             great
             Sums
             of
             Money
             are
             carried
             every
             year
             to
             the
             East-Indies
             ,
             for
             which
             we
             bring
             home
             consumable
             Commodities
             ;
             (
             though
             I
             must
             own
             that
             it
             pays
             us
             again
             with
             advantage
             .
             )
             Or
             if
             he
             will
             examine
             how
             much
             only
             two
             Commodities
             ,
             wholly
             consumed
             here
             ,
             cost
             us
             yearly
             in
             Money
             ,
             (
             I
             mean
             Canary
             Wine
             and
             Currants
             )
             more
             than
             we
             pay
             for
             with
             Goods
             Exported
             to
             the
             Canaries
             and
             Zant
             ;
             besides
             the
             Over-ballance
             of
             Trade
             upon
             us
             in
             several
             other
             places
             ;
             he
             will
             have
             little
             reason
             to
             say
             ,
             
               he
               doth
               not
               conceive
               we
               bring
               home
               from
               any
               place
               more
               Goods
               than
               we
               ●ow
               Export
               to
               it
               .
            
          
           
             
               As
               to
               what
               he
               says
               concerning
               the
               melting
               down
               and
               Exporting
               our
               Money
               ,
               because
               it
               is
               heavy
            
             ;
             if
             by
             heavy
             ,
             he
             means
             ,
             because
             our
             Crown-Pieces
             (
             and
             the
             rest
             of
             our
             sp●cies
             
             of
             Money
             in
             proportion
             )
             are
             23
             or
             24
             Grains
             heavier
             than
             he
             would
             have
             them
             coin'd
             .
             This
             ,
             whoever
             grants
             it
             ,
             I
             deny
             ;
             upon
             grounds
             which
             I
             suppose
             ,
             when
             examined
             ,
             will
             be
             found
             clear
             and
             evident
             .
          
           
             Indeed
             when
             your
             Debts
             beyond
             Sea
             ,
             to
             answer
             the
             Over-ballance
             of
             foreign
             Importations
             ,
             call
             for
             your
             Money
             ;
             't
             is
             certain
             the
             heavy
             Money
             ,
             that
             is
             that
             which
             has
             the
             Standard
             Weight
             ,
             will
             be
             melted
             down
             and
             carried
             away
             ;
             because
             Foreigners
             value
             not
             your
             Stamp
             ,
             but
             your
             Silver
             .
          
           
             He
             would
             do
             well
             to
             tell
             us
             what
             he
             means
             by
             
               the
               great
               value
               of
               Silver
               in
               this
               part
               of
               the
               World.
            
             For
             he
             speaks
             of
             it
             as
             a
             Cause
             that
             draws
             away
             our
             Money
             more
             now
             than
             formerly
             ;
             or
             else
             it
             might
             as
             well
             have
             been
             omitted
             as
             mentioned
             in
             this
             place
             :
             And
             if
             he
             mean
             ,
             by
             
               this
               part
               of
               the
               World
            
             ,
             England
             ;
             't
             is
             scarce
             Sense
             to
             say
             .
             That
             the
             great
             Value
             of
             Silver
             in
             England
             should
             draw
             Silver
             out
             of
             England
             .
             If
             he
             means
             the
             Neighbouring
             Countreys
             to
             England
             ,
             he
             should
             have
             said
             it
             ,
             and
             not
             doubtfully
             
               this
               part
               of
               the
               World.
            
             But
             let
             him●
             by
             
               this
               part
               of
               the
               World
            
             ,
             mean
             what
             he
             will
             ,
             I
             dare
             say
             every
             one
             will
             agree
             ,
             That
             Silver
             is
             not
             more
             valued
             in
             this
             ,
             than
             any
             other
             part
             of
             the
             World
             ;
             nor
             in
             this
             Age
             ,
             more
             than
             in
             our
             Grandfathers
             Days
             .
          
           
           
             I
             am
             sorry
             if
             it
             be
             true
             ,
             what
             he
             tells
             us
             ,
             That
             
               more
               Money
               is
               to
               be
               got
               by
               Exportation
               of
               Silver
               ,
               than
               by
               any
               other
               thing
               that
               can
               be
               sent
               .
            
             This
             is
             an
             Evidence
             ,
             that
             
               we
               bring
               home
               more
               Goods
               than
               we
               Export
               :
            
             For
             till
             that
             happens
             ,
             and
             has
             brought
             us
             in
             Debt
             beyond
             Sea
             ,
             Silver
             will
             not
             be
             Exported
             ;
             but
             the
             Overplus
             of
             Peoples
             Gain
             ,
             being
             generally
             laid
             up
             in
             Silver
             ,
             it
             will
             be
             brought
             home
             in
             Silver
             ;
             and
             so
             our
             People
             will
             value
             it
             as
             much
             as
             any
             other
             ,
             in
             
               this
               part
               of
               the
               World.
            
             
          
           
             The
             Truth
             of
             the
             Case
             in
             short
             is
             this
             .
             Whenever
             we
             ,
             by
             a
             losing
             Trade
             ,
             contract
             Debts
             with
             our
             Neighbours
             ;
             they
             will
             put
             
               a
               great
               Value
               on
               our
               Silver
               ,
               and
               more
               Money
               will
               be
               got
               by
               transporting
               Silver
               than
               any
               thing
               can
               be
               sent
            
             :
             Which
             comes
             about
             thus
             .
             Suppose
             that
             ,
             by
             an
             Over-ballance
             of
             their
             Trade
             (
             whether
             by
             a
             Sale
             of
             Pepper
             ,
             Spices
             ,
             and
             other
             East-India
             Commodities
             ,
             it
             matters
             not
             )
             we
             have
             received
             great
             quantities
             of
             Goods
             ,
             within
             these
             two
             or
             three
             Months
             ,
             from
             H●lland
             ,
             and
             sent
             but
             little
             thither
             ;
             so
             that
             the
             Accounts
             ballanced
             between
             the
             Inhabitants
             of
             England
             and
             the
             
               United
               Provinces
            
             ,
             we
             of
             England
             were
             a
             Million
             in
             their
             Debt
             ;
             what
             would
             follow
             from
             hence
             ?
             This
             :
             That
             these
             Dutch
             Creditors
             ,
             desiring
             to
             have
             what
             is
             due
             to
             them
             ,
             give
             Order
             to
             their
             Factors
             
             and
             Correspondents
             here
             ,
             to
             return
             it
             them
             .
             For
             enquiring
             ,
             as
             we
             do
             ,
             what
             are
             the
             effects
             of
             an
             over-ballance
             of
             Trade
             ,
             we
             must
             not
             suppose
             they
             invest
             their
             Debts
             in
             Commodities
             ,
             and
             return
             their
             Effects
             that
             way
             .
             A
             Million
             then
             being
             to
             be
             returned
             from
             England
             to
             Holland
             in
             Money
             ,
             every
             one
             seeks
             Bills
             of
             Exchange
             :
             But
             Englishmen
             not
             having
             Debts
             in
             Holland
             to
             answer
             this
             Million
             ,
             or
             any
             the
             least
             part
             of
             it
             ,
             Bills
             are
             not
             to
             be
             got
             .
             This
             presently
             makes
             the
             Exchange
             very
             high
             ;
             upon
             which
             the
             Bankers
             ,
             &c.
             who
             have
             the
             command
             of
             great
             quantities
             of
             Money
             and
             Bullion
             ,
             send
             that
             away
             to
             Holland
             in
             Specie
             ,
             and
             so
             take
             Money
             here
             to
             pay
             it
             again
             there
             upon
             their
             Bills
             at
             such
             a
             rate
             of
             Exchange
             as
             gives
             them
             five
             ,
             ten
             ,
             fifteen
             ,
             
               &c.
               per
               Cent.
            
             profit
             ;
             and
             thus
             sometimes
             a
             5
             s.
             piece
             of
             our
             mill'd
             Money
             may
             truely
             be
             said
             to
             be
             worth
             5
             s.
             3
             d.
             4
             d.
             6
             d.
             9
             d.
             in
             Holland
             .
             And
             if
             this
             
               be
               the
               great
               value
               of
               Silver
               in
               this
               part
               of
               the
               World
               ,
            
             I
             easily
             grant
             it
             him
             .
             But
             this
             great
             value
             is
             to
             be
             remedied
             ,
             not
             by
             the
             alteration
             of
             our
             Mint
             ,
             but
             by
             the
             Regulation
             and
             Ballance
             of
             our
             Trade
             .
             For
             be
             your
             Coin
             what
             it
             will
             ,
             our
             Neighbours
             ,
             if
             they
             over-ballance
             us
             in
             Trade
             ,
             will
             not
             only
             have
             
               a
               great
               value
               for
               our
               Silver
               ,
            
             but
             get
             it
             too
             ;
             and
             there
             will
             be
             
             
               more
               to
               be
               got
               by
               Exporting
               Silver
               to
               them
               ,
               than
               by
               any
               other
               Thing
               can
               be
               sent
               .
            
          
           
             Remarks
             .
             
               The
               alteration
               of
               the
               Coins
               in
            
             Spain
             and
             Portugal
             
               are
               no
               way
               at
               all
               like
               this
               .
               For
               there
               they
               alter'd
               in
               Denomination
               near
               half
               ,
               to
               deceive
               those
               they
               paid
               ,
               with
               paying
               those
               to
               whom
               they
               owed
               one
               Ounce
               of
               Silver
               ,
               but
               half
               an
               Ounce
               for
               it
               .
               But
               in
               the
               alteration
               here
               designed
               ,
               to
               whoever
               an
               Ounce
               of
               Silver
               was
               owing
               ,
               an
               Ounce
               will
               be
               paid
               in
               this
               Money
               ;
               it
               being
               here
               only
               designed
               ,
               that
               an
               Ounce
               of
               Money
               should
               equal
               an
               Ounce
               of
               Silver
               in
               value
               ,
               at
               home
               ,
               as
               well
               as
               abroad
               ,
               which
               now
               it
               does
               not
               .
            
          
           
             Answer
             .
             In
             this
             Paragraph
             the
             Author
             Confesses
             the
             alteration
             of
             the
             Coin
             in
             Spain
             and
             Portugal
             was
             a
             cheat
             ;
             but
             the
             
               alteration
               here
               design'd
            
             ,
             he
             says
             ,
             
               is
               not
            
             :
             But
             the
             Reason
             he
             gives
             for
             it
             is
             admirable
             ;
             viz.
             
               Because
               they
               there
               alter'd
               in
               Denomination
               near
               half
               ,
            
             and
             here
             the
             Denomination
             is
             alter'd
             but
             5
             
               per
               Cent
            
             ;
             for
             so
             in
             Truth
             it
             is
             ,
             whatever
             be
             designed
             .
             As
             if
             50
             
               per
               Cent
            
             were
             a
             Cheat
             ,
             but
             5
             
               per
               Cent
            
             were
             not
             ;
             because
             perhaps
             less
             perceiveable
             .
             For
             the
             two
             Things
             that
             are
             pretended
             to
             be
             done
             here
             by
             this
             new
             Coinage
             ,
             I
             fear
             will
             both
             fail
             ,
             viz.
             1.
             
             That
             
               to
               whom
               〈◊〉
               an
               Ounce
               of
               Silver
               is
               owing
               ,
               an
               Ounce
               〈◊〉
               Silver
               shall
               be
               paid
               in
               this
               Money
               .
            
             For
             when
             an
             Ounce
             of
             Silver
             is
             Coin'd
             ,
             as
             is
             proposed
             ,
             
             into
             5
             s.
             5
             d.
             (
             which
             is
             to
             make
             our
             Money
             5
             
               per
               Cent.
            
             higher
             than
             it
             is
             now
             )
             I
             that
             am
             to
             receive
             an
             100
             
               l.
               per
               Annum
            
             ,
             Fee
             Farm
             Rent
             ;
             shall
             I
             in
             this
             new
             Money
             receive
             105
             l.
             or
             barely
             100
             l.
             ?
             The
             first
             I
             think
             will
             not
             be
             said
             .
             For
             if
             by
             Law
             you
             have
             made
             it
             100
             l.
             't
             is
             certain
             the
             Tenant
             will
             pay
             me
             no
             more
             .
             If
             you
             do
             not
             mean
             that
             400
             Crowns
             ,
             or
             2000
             Shillings
             of
             your
             new
             Coin
             shall
             be
             an
             100
             l.
             but
             there
             must
             be
             5
             
               per
               Cent
            
             ,
             in
             tale
             ,
             added
             to
             every
             100
             ,
             you
             are
             at
             the
             charge
             of
             new
             Coinage
             to
             no
             other
             purpose
             but
             to
             breed
             Confusion
             .
             If
             I
             must
             receive
             100
             l
             ,
             by
             tale
             ,
             of
             this
             new
             Money
             for
             my
             Fee
             Farm
             Rent
             ,
             't
             is
             demonstration
             that
             I
             lose
             five
             Ounces
             
               per
               Cent
            
             of
             the
             Silver
             was
             due
             to
             me
             .
             This
             a
             little
             lower
             he
             Confesses
             in
             these
             Words
             ,
             
               That
               where
               a
               Man
               has
               a
               Rent-SEC
               ,
               that
               can
               never
               be
               more
               ,
               this
               may
               somewhat
               affect
               it
               ,
               but
               so
               very
               little
               ,
               that
               it
               will
               scarce
               ever
               at
               all
               be
               perceived
               .
            
             This
             
               very
               little
            
             is
             5
             
               per
               Cent.
            
             And
             if
             a
             Man
             be
             cheated
             of
             that
             ,
             so
             he
             perceives
             it
             not
             ,
             it
             goes
             for
             nothing
             .
             But
             this
             loss
             will
             not
             affect
             only
             such
             Rents
             as
             can
             never
             be
             more
             ,
             but
             all
             Payments
             whatsoever
             that
             are
             contracted
             for
             before
             this
             alteration
             of
             our
             Money
             .
          
           
             2.
             
             If
             it
             be
             true
             ,
             what
             he
             affirms
             ,
             
               That
               an
               Ounce
               of
               Money
               doth
               equal
               an
               Ounce
               of
               Silver
               in
               value
               abroad
               ,
               but
               not
               at
               home
            
             ;
             then
             
             this
             part
             of
             the
             Undertaking
             will
             also
             fail
             .
             For
             I
             deny
             that
             the
             Stamp
             on
             our
             Money
             does
             any
             more
             debase
             it
             here
             at
             home
             than
             abroad
             ,
             or
             make
             the
             Silver
             in
             our
             Money
             not
             equal
             in
             value
             to
             the
             same
             weight
             of
             Silver
             every
             where
             .
             The
             Author
             would
             have
             done
             well
             to
             have
             made
             it
             out
             ,
             and
             not
             left
             so
             great
             a
             Paradox
             only
             to
             the
             credit
             of
             a
             single
             Assertion
             .
          
           
             Remarks
             .
             
               And
               for
               what
               is
               said
               in
               this
               Bill
               to
               prevent
               Exportation
               ,
               relates
               only
               to
               the
               keeping
               in
               our
               Coin
               ,
               and
               Bullion
               ,
               and
               leaves
               all
               Foreign
               to
               be
               Exported
               still
               .
            
          
           
             Answer
             .
             What
             the
             Author
             means
             by
             
               our
               own
            
             and
             
               Foreign
               Bullion
            
             ,
             will
             need
             some
             Explication
             .
          
           
             Remarks
             .
             
               There
               is
               now
               no
               such
               thing
               as
               Payments
               made
               in
               weighty
               and
               mill'd
               Money
               .
            
          
           
             Answer
             .
             I
             believe
             there
             are
             very
             few
             in
             Town
             ,
             who
             do
             not
             very
             often
             receive
             a
             mill'd
             Crown
             for
             5
             s.
             and
             a
             mill'd
             half
             Crown
             for
             2
             s.
             6
             d.
             But
             he
             means
             I
             suppose
             in
             great
             and
             entire
             Sums
             of
             mill'd
             Money
             .
             But
             I
             ask
             ,
             if
             all
             the
             clipp'd
             Money
             were
             call'd
             in
             ,
             whether
             then
             all
             the
             Payments
             would
             not
             be
             in
             weighty
             Money
             ;
             and
             that
             not
             being
             call'd
             in
             ,
             whether
             if
             it
             be
             lighter
             than
             your
             new
             mill'd
             Money
             ,
             the
             new
             mill'd
             Money
             will
             not
             be
             melted
             down
             as
             much
             as
             the
             old
             ;
             which
             I
             
             think
             the
             Author
             there
             confesses
             ,
             or
             else
             I
             understand
             him
             not
             .
          
           
             Remark
             .
             
               Nor
               will
               this
               any
               way
               interrupt
               Trade
               ;
               for
               Trade
               will
               find
               its
               own
               course
               ;
               the
               Denomination
               of
               Money
               in
               any
               Country
               no
               way
               concerning
               that
               .
            
          
           
             Answ.
             The
             Denomination
             to
             a
             certain
             Weight
             of
             Money
             ,
             in
             all
             Countries
             ,
             concerns
             Trade
             ;
             and
             the
             alteration
             of
             that
             necessarily
             brings
             disturbance
             to
             it
             .
          
           
             Remark
             .
             
               For
               if
               so
               be
               it
               occasions
               the
               Coining
               more
               Money
               ,
            
          
           
             Answ.
             He
             talks
             as
             if
             it
             would
             be
             
               the
               occasion
               of
               Coining
               more
               Money
               .
            
             Out
             of
             what
             ?
             Out
             of
             Money
             already
             Coin'd
             ,
             or
             out
             of
             Bullion
             ?
             For
             I
             would
             be
             glad
             to
             know
             where
             it
             is
             .
          
           
             Remarks
             .
             
               It
               may
               be
               some
               gain
               to
               those
               that
               will
               venture
               to
               melt
               down
               the
               Coin
               ,
               but
               very
               small
               loss
               (
               if
               any
               )
               to
               those
               that
               shall
               be
               paid
               in
               the
               New
               :
               'T
               is
               not
               to
               be
               denied
               ,
               but
               that
               where
               any
               Man
               has
               a
               Rent-SEC
               ,
               that
               can
               never
               be
               more
               ,
               this
               may
               somewhat
               affect
               it
               ;
               but
               so
               very
               little
               ,
               't
               will
               scarce
               ever
               at
               all
               be
               perceived
               .
            
          
           
             Ans.
             As
             much
             as
             it
             will
             be
             gain
             to
             melt
             down
             their
             Coin
             ,
             so
             much
             loss
             will
             it
             ●e
             to
             those
             who
             are
             paid
             in
             the
             new
             :
             〈◊〉
             5
             per
             Cent
             ●
             which
             ,
             I
             suppose
             ,
             is
             more
             than
             the
             Author
             would
             be
             willing
             to
             lose
             ,
             unless
             he
             get
             by
             it
             another
             way
             .
          
           
           
             Rem
             .
             
               And
               if
               the
               alteration
               designed
               should
               have
               the
               effect
               of
               making
               our
               Native
               Commodities
               any
               way
               dearer
               ,
            
          
           
             Ans.
             Here
             the
             Author
             confesses
             ,
             that
             proportionably
             as
             your
             Money
             is
             raised
             ,
             the
             Price
             of
             other
             things
             will
             be
             raised
             too
             .
             But
             to
             make
             amends
             ,
             he
             says
             ,
          
           
             Rem
             .
             
               It
               does
               at
               the
               same
               time
               make
               the
               Land
               which
               produces
               them
               ,
               of
               more
               than
               so
               much
               more
               in
               value
               .
            
          
           
             Ans.
             
               This
               more
               than
               so
               much
               more
               in
               value
               ,
            
             is
             more
             than
             our
             Author
             ,
             or
             any
             body
             else
             for
             him
             ,
             will
             ever
             be
             able
             to
             make
             out
             .
          
           
             The
             Price
             of
             things
             will
             always
             be
             estimated
             by
             the
             quantity
             of
             Silver
             is
             given
             in
             exchange
             for
             them
             .
             And
             if
             you
             make
             your
             Money
             less
             in
             Weight
             ,
             it
             must
             be
             made
             up
             in
             Tale.
             This
             is
             all
             this
             great
             Mystery
             of
             raising
             Money
             ,
             and
             raising
             Land.
             For
             Example
             ,
             The
             Mannor
             of
             Blackacre
             would
             yesterday
             have
             yielded
             100000
             Crowns
             ,
             which
             ,
             let
             us
             suppose
             ,
             
               numero
               re●und●
            
             ,
             to
             be
             Ounces
             a
             piece
             of
             Standard
             Silver
             .
             To
             day
             your
             new
             Coin
             comes
             in
             play
             ,
             which
             is
             5
             
               per
               Cent
            
             lighter
             .
             There
             's
             your
             Money
             raised
             .
             The
             Land
             now
             at
             Sale
             yields
             105000
             Crowns
             ,
             which
             is
             just
             the
             same
             100000
             Ounces
             of
             Standard
             Silver
             .
             There
             's
             the
             Land
             raised
             .
             And
             is
             not
             this
             an
             admirable
             Invention
             ,
             
             for
             which
             the
             Publick
             ought
             to
             be
             at
             Charges
             for
             new
             Coinage
             ,
             and
             all
             your
             Commerce
             put
             in
             disorder
             ?
             And
             then
             to
             recommend
             this
             Invention
             ,
             you
             are
             told
             ,
             as
             a
             great
             Secret
             ,
             That
             ,
             
               Had
               not
               Money
               ,
               from
               time
               to
               time
               ,
               been
               raised
               in
               its
               Denomination
               ,
               Lands
               had
               not
               so
               risen
               too
               :
            
             which
             is
             to
             say
             ,
             Had
             not
             your
             Money
             been
             made
             lighter
             ,
             fewer
             Pieces
             of
             it
             would
             have
             bought
             as
             much
             Land
             as
             a
             greater
             number
             does
             now
             .
          
           
             Rem
             .
             
               The
               loss
               of
               Payments
               therespoken
               of
               ,
               will
               ,
               in
               no
               sort
               ,
               be
               so
               great
               as
               if
               the
               Parties
               to
               whom
               these
               Debts
               are
               owing
               ,
               were
               now
               bound
               to
               receive
               them
               in
               the
               Money
               now
               passes
               ,
               and
               then
               to
               melt
               the
               same
               down
               ;
               so
               at
               this
               they
               will
               have
               no
               cause
               to
               complain
               .
            
          
           
             Ans.
             A
             very
             good
             Argument
             !
             The
             Clippers
             have
             rob'd
             the
             Publick
             of
             a
             good
             part
             of
             their
             Money
             (
             which
             Men
             will
             ,
             some
             time
             or
             other
             ,
             find
             in
             the
             Payments
             they
             receive
             )
             and
             't
             is
             desired
             the
             Mint
             may
             have
             a
             liberty
             to
             be
             before-hand
             in
             it
             .
             They
             are
             told
             they
             will
             have
             no
             reason
             to
             Complain
             at
             it
             ,
             who
             suffer
             this
             loss
             ;
             because
             it
             is
             not
             so
             great
             as
             the
             other
             .
             The
             damage
             is
             already
             done
             to
             the
             Publick
             ,
             by
             Clipping
             .
             Where
             at
             last
             it
             will
             light
             ,
             I
             cannot
             tell
             .
             But
             Men
             who
             receive
             Clip'd
             Money
             ,
             not
             being
             forced
             
               to
               melt
               it
               down
            
             ,
             do
             not
             yet
             receive
             any
             loss
             by
             it
             .
             
             When
             Clip'd
             Money
             will
             no
             longer
             change
             for
             weighty
             ,
             than
             those
             who
             have
             Clip'd
             Money
             in
             their
             hands
             ,
             will
             find
             the
             loss
             of
             it
             .
          
           
             Rem
             .
             
               'T
               will
               make
               the
               Customs
               better
               paid
               ,
            
             because
             
               there
               will
               be
               more
               Money
            
             .
          
           
             Ans.
             That
             there
             will
             be
             more
             Money
             in
             Tale
             ,
             't
             is
             possible
             :
             That
             there
             will
             be
             more
             Money
             in
             Weight
             and
             Worth
             ,
             the
             Author
             ought
             to
             shew
             .
             And
             then
             ,
             what-ever
             becomes
             of
             the
             Customs
             ,
             (
             which
             I
             do
             not
             hear
             are
             unpaid
             now
             )
             the
             King
             will
             lose
             in
             the
             Excise
             above
             30000
             
               l.
               per
               annum
            
             .
             For
             in
             all
             Taxes
             where
             so
             many
             Pounds
             ,
             Shillings
             ,
             or
             Pence
             are
             determin'd
             by
             the
             Law
             to
             be
             paid
             ,
             there
             the
             King
             will
             lose
             5
             
               per
               Cent.
            
             The
             Author
             here
             ,
             as
             in
             other
             places
             ,
             gives
             a
             good
             reason
             for
             it
             .
             For
             ,
             
               His
               Majesty
               being
               to
               pay
               away
               this
               Money
               by
               Tale
               ,
               as
               he
               received
               it
               ,
               it
               will
               be
               to
               him
               no
               loss
               at
               all
               .
            
          
           
             As
             if
             my
             receiving
             my
             Rents
             in
             full
             Tale
             ,
             but
             in
             Money
             of
             undervalue
             5
             
               per
               Cent
            
             ,
             were
             not
             so
             much
             loss
             to
             me
             ,
             because
             I
             was
             to
             pay
             it
             away
             again
             by
             Tale.
             Try
             it
             at
             50
             
               per
               Cent.
            
             The
             odds
             only
             is
             ,
             That
             one
             being
             greater
             than
             the
             other
             ,
             would
             make
             more
             noise
             .
             But
             our
             Author
             's
             great
             refuge
             in
             this
             is
             ,
             
               That
               it
               will
               not
               be
               perceived
               .
            
          
           
           
             Remark
             .
             
               If
               all
               Foreign
               Commodities
               were
               to
               be
               Purchased
               with
               this
               new
               Species
               of
               Money
               sent
               out
               ;
               we
               agree
               ,
               That
               with
            
             100
             l.
             
               of
               it
               there
               could
               not
               be
               so
               much
               Silver
               or
               other
               Commodities
               bought
               ,
               as
               with
            
             100
             l.
             
               in
               Crown
               Pieces
               as
               now
               Coined
               ;
               because
               they
               would
               be
               heavier
               ;
               And
               all
               Coin
               in
               any
               Kingdom
               ,
               but
               where
               't
               is
               Coined
               ,
               only
               goes
               by
               Weight
               ;
               and
               for
               the
               same
               weight
               of
               Silver
               ,
               the
               same
               every
               where
               still
               will
               be
               bought
               ;
               and
               so
               there
               will
               ,
               with
               the
               same
               quantity
               of
               Goods
               .
               And
               if
               those
               Goods
               should
               cost
            
             5
             per
             Cent
             
               more
               here
               in
            
             England
             
               than
               heretofore
               ,
               an●
               yield
               but
               the
               same
               Money
               (
               we
               mean
               by
               the
               Ounce
               abroad
               )
               the
               same
               Money
               brought
               ho●●●nd
               Coined
               ,
               will
               yield
               the
               Importer
            
             5
             per
             Cent
             
               more
               at
               the
               Mint
               than
               it
               heretofore
               could
               do
               ,
               and
               so
               no
               damage
               to
               the
               Trader
               at
               all
               .
            
          
           
             Answ.
             Here
             Truth
             forces
             from
             the
             Author
             a
             confession
             of
             Two
             things
             ,
             which
             demonstrate
             the
             vanity
             and
             usele●nes●
             of
             the
             Project
             .
             1.
             
             That
             upon
             this
             c●ange
             of
             your
             Coin
             ,
             Foreign
             Goods
             will
             be
             raised
             .
             2.
             
             Your
             own
             Goods
             will
             〈◊〉
             more
             5
             
               per
               Cent.
            
             So
             that
             Goods
             of
             all
             kind●
             being
             thereupon
             raised
             ;
             wherein
             con●●●
             the
             raising
             of
             your
             Money
             ,
             when
             an
             〈◊〉
             of
             Standard
             Silver
             ,
             however
             〈◊〉
             ●tamped
             ,
             or
             denominated
             ,
             will
             buy
             〈◊〉
             more
             Commodities
             than
             it
             did
             
             before
             ?
             This
             confession
             also
             shews
             the
             Falshood
             of
             that
             dangerous
             supposition
             ,
             That
             Money
             ,
             
               in
               the
               Kingdom
               where
               it
               is
               Coin'd
               ,
               goes
               not
               by
               Weight
               ,
            
             i.
             e.
             is
             not
             valued
             by
             its
             Weight
             .
          
           
             
               Rem
               .
               'T
               is
               true
               ,
               The
               Owners
               of
               Silver
               will
               find
               a
               good
               Market
               for
               it
               ,
               and
               no
               others
               will
               be
               damaged
               ;
               but
               ,
               on
               the
               contrary
               ,
               the
               making
               Plenty
               of
               Money
               will
               be
               an
               advantage
               to
               all
               .
            
          
           
             Answ.
             I
             grant
             it
             true
             ,
             That
             if
             your
             Money
             were
             really
             raised
             ,
             5
             
               per
               Cent
               ,
               the
               Owners
               of
               Silver
            
             would
             get
             so
             much
             by
             it
             ,
             by
             bringing
             it
             to
             the
             Mint
             to
             be
             Coin'd
             .
             But
             since
             ,
             as
             is
             confessed
             ,
             Commodities
             will
             (
             upon
             this
             raising
             your
             Money
             )
             be
             raised
             to
             5
             
               per
               Cent
            
             ,
             this
             alteration
             will
             be
             an
             advantage
             to
             no
             body
             but
             the
             Officers
             of
             the
             Mint
             .
          
           
             Rem
             .
             
               When
               Standard
               Silver
               was
               last
               raised
               at
               the
               Mint
               ,
            
             (
             
               which
               it
               was
               ,
               from
            
             5
             s
             to
             5
             s
             and
             2
             d
             
               the
               Ounce
               ,
               in
               the
            
             43
             d
             of
             Eliz.
             )
             
               and
               ,
               for
               above
               Forty
               Years
               after
               ,
               Silver
               uncoin'd
               was
               not
               worth
               above
            
             4
             s
             10
             d
             
               the
               Ounce
               ,
               which
               occasioned
               much
               Coining
               ;
               and
               of
               Money
               ,
               none
               in
               those
               days
               was
               Exported
               :
               Whereas
               Silver
               now
               is
               worth
               but
               the
               very
               same
            
             5
             s
             and
             2
             d
             
               the
               Ounce
               still
               at
               the
               Mint
               ,
               and
               is
               worth
            
             5
             s
             4
             d
             
               elsewhere
               .
               So
               that
               if
               this
               Bill
               now
               with
               the
               Lords
               does
               not
               happen
               to
               pass
               ,
               there
               can
               never
               any
               Silver
               
               be
               ever
               more
               Coined
               at
               the
               Mint
               ;
               and
               all
               the
               Mill'd
               Money
               will
               in
               a
               very
               little
               time
               more
               be
               destroyed
               .
            
          
           
             Answ.
             The
             reason
             of
             so
             much
             Money
             Coin'd
             in
             Queen
             
             Elizabeth's
             Time
             ,
             and
             afterwards
             ,
             was
             not
             the
             lessening
             your
             Crown
             Pieces
             from
             480
             to
             462
             gr
             .
             and
             so
             proportionably
             all
             the
             rest
             of
             your
             Money
             ,
             (
             which
             is
             that
             the
             Author
             calls
             ,
             raising
             Standard
             Silver
             from
             5
             s
             to
             5
             s
             2
             d
             the
             Ounce
             )
             but
             from
             the
             over-ballance
             of
             your
             Trade
             ,
             bringing
             then
             in
             plenty
             of
             Bullion
             ,
             and
             keeping
             it
             here
             .
          
           
             How
             Standard
             Silver
             (
             for
             if
             the
             Author
             speaks
             of
             other
             Silver
             ,
             it
             is
             a
             fallacy
             )
             should
             be
             worth
             it
             s
             own
             Weight
             in
             Standard
             Silver
             at
             the
             Mint
             ,
             (
             
               i.
               e.
            
             5
             s
             2
             d
             the
             Ounce
             )
             and
             be
             worth
             more
             than
             its
             own
             Weight
             in
             Standard
             Silver
             ,
             (
             
               i.
               e.
            
             5
             s
             4
             d
             the
             Ounce
             )
             in
             Lombard-street
             ,
             is
             a
             Paradox
             that
             no
             body
             ,
             I
             think
             ,
             will
             be
             able
             to
             comprehend
             ,
             till
             it
             be
             better
             Explain'd
             .
             It
             is
             time
             to
             give
             off
             Coining
             ,
             if
             the
             value
             of
             Standard
             Silver
             be
             lessened
             by
             it
             ;
             as
             really
             it
             is
             ,
             if
             an
             Ounce
             of
             coin'd
             Standard
             Silver
             will
             not
             exchange
             for
             an
             Ounce
             of
             uncoin'd
             Standard
             Silver
             ,
             but
             an
             Ounce
             of
             coin'd
             Standard
             Silver
             will
             not
             exchange
             for
             an
             Ounce
             of
             uncoin'd
             Standard
             Silver
             ,
             unless
             you
             add
             15
             or
             16
             grains
             overplus
             to
             it
             :
             Which
             is
             what
             the
             Author
             
             would
             have
             taken
             upon
             his
             word
             ,
             when
             he
             says
             ,
             
               Silver
               is
               worth
               Five
               Shillings
               Four
               Pence
               elsewhere
               .
            
          
           
             Five
             Shillings
             Four
             Pence
             of
             Money
             Coin'd
             at
             the
             Mint
             ,
             the
             Author
             must
             allow
             to
             be
             at
             least
             495
             grains
             .
             An
             Ounce
             is
             but
             480
             grains
             .
             How
             then
             an
             Ounce
             of
             uncoin'd
             Standard
             Silver
             can
             be
             worth
             Five
             shillings
             Four
             pence
             ,
             (
             
               i.
               e.
            
             How
             480
             grains
             of
             uncoin'd
             Standard
             Silver
             can
             be
             worth
             495
             grains
             of
             the
             same
             Standard
             Silver
             ,
             Coin'd
             into
             Money
             )
             is
             unintelligible
             ;
             unless
             the
             Coinage
             of
             our
             Mint
             lessens
             the
             Value
             of
             Standard
             Silver
             .
          
        
      
       
         
           
             SIR
             ,
          
        
         
           COIN
           and
           Interest
           are
           Two
           things
           of
           so
           great
           moment
           to
           the
           Publick
           ,
           and
           of
           so
           great
           concernment
           in
           Trade
           ,
           that
           they
           ought
           ,
           very
           accurately
           to
           be
           examin'd
           into
           ,
           and
           very
           nicely
           weigh'd
           ,
           upon
           any
           Proposal
           of
           an
           alteration
           to
           be
           made
           in
           them
           .
           I
           pretend
           not
           to
           have
           
           Treated
           of
           them
           here
           as
           they
           deserve
           .
           That
           must
           be
           the
           work
           of
           an
           abler
           Hand
           .
           I
           have
           said
           something
           on
           th●se
           Subjects
           ,
           because
           you
           required
           it
           .
           And
           ,
           I
           hope
           ,
           the
           readiness
           of
           my
           Obedience
           will
           excuse
           ,
           to
           You
           ,
           the
           Faults
           I
           have
           committed
           ,
           and
           assure
           You
           that
           I
           am
           ,
        
         
           
             SIR
             ,
          
           
             Your
             most
             humble
             servant
          
           .
        
         
           FINIS
           .
        
         
      
    
     
  

