some considerations of the lowering of interest-第25章

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is　weight　for　it；　he　will；　in　selling　his　Goods；　either　contract　to　be　paid　in　weighty　Money；　or　else　raise　the　Price　of　his　Commodities；　according　to　the　diminish'd　quantity　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　Half　per　Cent。　or　more；　above　the　value　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　Sixty…three　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　Sum　of　63　Guilders；　the　Ducatoons　were　either　melted　down　in　their　Mints；　（for　the　making　of　these　Three　Guilder　Pieces；　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　their　Payment　in　Three　Guilder　Pieces；　or　any　other　Species。　Thus　Ducatoons　became　scarce。　So　that　now　he　that　will　be　paid　in　Ducatoons　must　allow　Half　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；　'tis　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　wve　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　stopt　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　One　fourth）　of　our　Money。　For　that　will　be　really　the　case；　when　the　increase　of　Clip'd　Money　makes　it　hard　to　get　weighty；　when　Men　begin　to　put　a　difference　of　value　between　that　which　is　weighty；　and　light　Money；　and　will　not　Sell　their　Commodities；　but　for　Mony　that　is　Weight；　and　will　make　their　Bargains　accordingly。　　　　　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　considered　the　raising　of　Silver　Coin；　and　that　has　been　only　by　Coining　it　with　less　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。　This　too；　now　that　we　are　upon　the　Chapter　of　Raising　of　Money；　it　may　not　be　unseasonable　to　open　a　little。　The　raising　I　mean　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　Fifteen　and　an　half　times　more　worth　than　Silver；　there　being　about　Fifteen　and　an　half　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。　6　d。）　they　would　be　raised　indeed；　but　to　the　loss　of　the　Kingdom。　For　by　this　Law　Gold　being　rais'd　5　per　Cent。　above　its　natural　true　value；　Foreigners　would　find　it　worth　while　to　send　their　Gold　hither；　and　so　fetch　away　our　Silver　at　5　per　Cent。　profit；　and　so　much　loss　to　us。　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　either　Selling　it　at　the　Mint；　where　it　will　yield　so　much；　or　having　it　Coin'd　into　Guinea's：　And　then　（going　to　Market　with　his　Guinea's）　he　may　buy　our　Commodities　at　the　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　inconveniency　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　Coined　in　K。　James　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　it　self。　But　on　the　other　side；　if　you　should　by　a　Law　set　the　value　of　Gold　above　its　Par；　then　People　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　respect　of　Gold；　you　make　a　Law　to　do　it；　w