some considerations of the lowering of interest-第13章

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l　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　them；　as　before；　and　that　the　rest　of　the　World　we　Trade　with；　had　as　much　Money；　as　they　had　before；　（for　'tis　likely　they　should　have　more　by　our　Moiety　shared　amongst　them）　'tis　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　the　same　natural　Product；　at　the　same　time。　Such　a　state　of　Poverty　as　this；　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　shall　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。　　　　　21。　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　'tis　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。　These　two　together　regulate　the　exchange　in　all　the　Commerce　of　the　World；　and　in　both　the　higher　rate　of　exchange　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　employ；　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　less：　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　is　in　Holland　a　greater　plenty　of　Money；　than　in　England；　（which　will　appear　by　the　lowness　of　the　Natural　Use　in　Holland；　and　the　heighth　of　the　Natural　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　Ten　thousand　pounds　in　Holland；　which　the　greater　Advantage　he　could　make　of　it　in　England；　either　by　Use；　or　Purchase；　tempts　him　to　transfer　into　England；　'tis　probable　he　will　give　as　much　to　a　Merchant　in　Holland　to　pay　him　Ten　thousand　pounds　in　England；　as　the　ensurance　at　that　time　between　Holland　and　England　is　worth。　If　this　happen　to　be　in　a　Country；　where　the　Exportation　of　Bullion　is　Prohibited；　he　must　pay　the　more：　Because　his　Venture；　ifhe　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　to　those　Countries；　which　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　Ten　thousand　pounds　in　Money　in　Holland；　and　pay　him　Ten　thousand　pounds　in　England；　unless　his　over…ballance　of　Trade　make　English…Men　indebted　to　him　Ten　thousand　pounds　in　Money；　which　he　is　not　like　to　take　in　Commodities。　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　general　Traffick　between　two　Nations；　or　at　least　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　immediately　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　that　time　raise　the　exchange　all　one　as　an　over…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。e。　how　much　Silver　is　in　the　Coins　of　the　two　Countries；　by　which　you　reckon　and　charge　the　Bill　of　Exchange。　　　　　Sir；　If　I　have　been　led　a　little　too　far　from　one　thing　to　another；　in　the　consideration　of　Money；　I　beg　your　Pardon；　hoping　that　these　Particulars　will　afford　some　light　to　our　present　Subject。　　　　　To　return　to　the　Price　of　Land；　'Tis　evident　by　what　has　been　above…said；　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　per　Cent。　to　Four；　does　not　presently　so　sink　its　Value；　in　respect　of　Land；　that　One　Third　more　is　required　in　exchange：　Falling　of　Interest　from　Six　to　Four；　will　not　raise　Land　from　Twenty　to　Thirty　years　Purchase。　The　rising　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　Purchaser