some considerations of the lowering of interest-第21章

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rugally；　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　ofthe　State；　are　cheaper　to　them　than　to　us。　　　　　Answ。　This　needs　a　little　Explication。　Contributions　greater　or　less；　I　understand：　but　Contributions　cheaper　or　dearer；　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；　most　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　Dutch　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　lndustry　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　Rate　of　Usury　makes　Land　sell　so　cheap；　being　not　worth　more　than　14　or　15　Years　Purchase；　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。　　　　　Answ。　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　Sixteen　and　an　half　Years　Purchase；　whereas　he　says　it　was　worth　above　Twenty　five。　And　Mr。　Manly　says；　（p。　33）　That　Money　in　France　being　at　7　per　Cent。　Noble　Land　sellsfor　34　and　35　Years　Purchase；　and　ordinary　Land　for　25。　So　that　the　true　Conclusion　from　hence　is；　not　what　our　Author　makes；　but　this；　That　'tis　not　the　legal　Interest；　but　something　else；　that　governs　the　Rate　of　Land。　I　grant　his　Position；　That　where　Money　is　dear；　Land　is　cheap；　and　vice　vers？　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。　'tis　a　Demonstration；　that　there　is　more　than　will　be　ventured　on　ordinary　Credit　in　Trade。　And　when　this　Plenty　becomes　general；　'tis　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。　'Tis　not　probable　Lenders　will　call　in　their　Money；　when　they　cannot　make　greater　Interest　any　where。　Besides；　their　Security　upon　Land　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　Use；　as　we　have　shewn。　But　how　Securities　will　be　mended　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　annexed　to　it；　and　that　then　they　would　examine；　Whether；　that　being　true；　it　would　at　all　serve　to　those　Ends；　for　which　is　propos'd。　　　　　The　raising　of　Money　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　other　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　One　Fifth。　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　Intrinsick　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　Pence；　Groats；　or　Crown　Pieces；　Stivers　or　Ducatoons；　or　in　Bullion；　is　and　always　eternally　will　be　of　equal　Value　to　any　other　Ounce　of　Silver；　under　what　Stamp　or　Denomination　soever；　unless　it　can　be　shewn　that　any　Stamp　can　add　any　new　and　better　qualities　to　one　parcel　of　Silver；　which　another　parcel　of　Silver　wants。　　　　　Silver　therefore　being　always　of　equal　Value　to　Silver；　the　value　of　Coin；　compar'd　with　Coin；　is　greater；　less；　or　equal；　only　as　it　has　more；　less　or　equal　Silver　in　it：　And　in　this　respect；　you　can　by　no　manner　of　way　raise　or　fall　your　Money。　Indeed　most　of　the　Silver　of　the　World；　both　in　Money　and　Vessels　being　alloy'd；　（i。e。　mixed　with　some　baser　Metals）　fine　Silver　（i。e。　Silver　separated　from　all　Alloy）　is　usually　dearer　than　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。　unmix'd）　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　of　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　the　Denomination；　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　s。　or　a　Crown；　were　to　weigh　an　Ounce；　（as　it　does　now；　wanting　about　16　Grains）　whereof　one　twelfth　were　Copper；　and　eleven　twelfths　Silver；　（for　there…abouts　it　is）　'tis　plain　here　'tis　the　quantity　of　Silver　gives　the　Value　to　it。　For　let　another　Piece　be　Coin'd　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　reckoned。　This　Crown　now　must　be　rais'd；　and　from　henceforth　our　Crown　Pieces　Coin'd　one　Twentieth　lighter；　which　is　nothing　but　changing　the　Denomination；　calling　that　a　Crown　now；　which　yesterday　was　but　a　part；　viz。　Nineteen　twentieths　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　Grains　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；　10；　or　1　Ounce　may　do　the　same。　For　if　the　abating　One　Wentieth　of　the　quantity　of　the　Silver　of　any　Coin；　does　not　lessen　its　Value；　the　abating　Nineteen　twentieths　of　the　quantity　of　the　Silver　of　any　Coin；　will　not　abate　its　Value。　And　so　a　single　Threepence；　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。