some considerations of the lowering of interest-第5章
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years end； their Million of Money； （though their Law make it Death to export it） will be all brought into England； 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 Eleven hundred thousand pounds。 If such a Trade as this be managed amongst us； and continue Ten Years； 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 overballance of Trade。 For we Importing every Year One hundred thousand pounds worth of Commodities more than we Export； and there being no Foreigners that will give us One hundred thousand pounds every year for nothing； it is unavoidable； that One hundred thousand Pounds of our Money must go out every Year to pay for that over…plus； which our Commodities do not pay for。 'Tis 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 English 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 answered： 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 One hundred thousand pounds； or a Million； if Commodities do not； our Money must go out to pay it； 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 Cloth； Lead and Tin； all Commodities produced and wrought within his Farm of Portland； to the value of a Thousand Pounds； yearly； and for this； brings whome in Salt； Wine； Oyl； Spice； Linnen and Silks； to the value of Nine hundred Pounds； and the remaining Hundred Pounds in Money。 'Tis evident he grows every year a hundred Pounds Richer； and so at the end often years will have clearly got a Thousand Pounds。 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 Five hundred Pounds in Money yearly； instead of a Thousand Pounds； at the end of ten years he will have Five thousand pounds 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； Furniture and Clothing for himself and Family； requires more Sugar and Spice； Wine and Fruit； Silk and Ribons； than in his Fathers time； so that instead of Nine hundred Pounds per Annum； he now brings home of consumable Commodities； to the value of Eleven hundred Pounds yearly。 What comes of this？ He lives in Splendor； 'tis true； but this unavoidably carries away the Money his Father got； and he is every year an Hundred Pounds 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 faster； and the Stock； which 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 differ no more than as greater and less。 We may Trade； and be busie； and grow Poor by it； unless we regulate our Expences； If to this we are Idle； Negligent； Dishonest； 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。 If such Bills 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； we shall find； that what is owing already became so； for Commodities； or Money； carried from hence： And if it be taken up upon Credit； it must （let the Debt be shifted 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 maintained 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 Landholder； whose Land affords the Materials； The Labourer； who works thenm； The Broker； （i。e。） Merchant and Shopkeeper； 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 carryingwith 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 its Quantity。 For Mankind； having consented to put an imaginary Value upon Gold and Silver by reason of their Durableness； Scarcity； and not being very liable to be Counterfeited； have made them by general consent the common Pledges； whereby Men are assured； in Exchange for them to receive equally valuable things to those they parted with for any quantity of these Metals。 By which means it comes to pass； that the intrinsick Value regarded in these Metals made the common Barter； is nothing but the quantity which Men give or receive of them。 For they having as Money no other Value； but as Pledges to procure； what one wants or desires； and they procuring what we want or desire； only by their quantity； 'tis evident； that the intrinsick Value of Silver and Gold used in Commerce is nothing but their quantity。 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 o
