some considerations of the lowering of interest-第8章

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re　exchang'd　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；　One　hundred　Guineas　would　purchase　little　more　Corn；　Wool；　or　Land；　than　One　hundred　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　Six　pound　to　Four　pound　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；　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；　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　Exceprion　to　this　Rule。　　　　　The　Vent　of　any　Thing　depends　upon　its　Necessity　or　Usefulness；　as　Convenience；　or　Opinion　guided　by　Phancy　or　fashion　shall　determine。　　　　　The　Vent　of　any　Commodity　comes　to　be　increased　or　decreased　as　a　greater　part　of　the　Running　Cash　of　the　Nation　is　designed　to　be　laid　out　by　several　People　at　the　same　time　rather　in　that；　than　another；　as　we　see　in　the　change　of　Fashions。　　　　　I　shall　begin　first　with　the　Necessaries　or　Conveniencies　of　Life；　and　the　Consumable　Commodities　subservient　thereunto；　and　shew；　That　the　Value　ofMoney　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　by　Necessity；　Law；　or　Contract　be　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　half　an　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　proportionable　want　of　all　other　Food；　five　Ounces　of　Silver　would　perhaps　in　Exchange　purchase　but　one　Bushel　of　Wheat：　So　that　Money　would　be　then　nine　Tenths　less　worth　in　respect　of　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　preferr'd　to　other　Things　in　its　Consumption。　For　supposing　that　at　the　same　time　that　there　is　a　great　scarcity　of　Wheat；　and　other　Grain；　there　were　a　considerable　quantity　of　Oats；　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　one　Tenth　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　Fifteen　pounds　of　Lead；　will　still　buy　the　same　quantity。　So　that　at　the　same　time　Silver；　in　respect　of　Wheat；　is　nine　Tenths　less　worth　than　it　was；　in　respect　of　Oats　two　Thirds　less　worth；　and　in　respect　of　Lead；　as　much　worth　as　before。　　　　　The　fall　therefore　or　rise　of　Interest；　making　immediately　by　its　change　neither　more　nor　less　Land；　Money；　or　any　sort　of　Commodity　in　England；　than　there　was　before；　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。　So　far　as　the　Change　of　Interest　conduces　in　Trade　to　the　bringing　in　or　carrying　out　Money　or　Commodities；　and　so　in　time　to　the　varying　their　Proportions　here　in　England　from　what　it　was　before；　so　far　the　change　of　Interest　as　all　other　things　that　promote　or　hinder　Trade　may　alter　the　Value　of　Money　in　reference　to　Commodities。　But　that　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　Money　there　is　a　double　Value；　answering　to　both　of　these；　first　as　it　is　capable　by　its　Interest　to　yield　us　such　a　yearly　Income：　and　in　this　it　has　the　Nature　of　Land；　（the　Income　of　one　being　called　Rent；　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；　goodness　and　vent；　is　not　capable　of　any　fixed　estimate　by　its　quantity：　But　Money；　being　constantly　the　same；　and　by　its　Interest　giving　the　same　sort　of　Product　through　the　whole　Country；　is　capable　of　having　a　fixed　yearly　Rate　set　upon　it　by　the　Magistrate；　but　Land　is　not。　But　though　in　the　Uniformity　of　its　legal　Worth；　One　hundred　pound　of　lawful　Money　being　all　through　England　equal　in　its　current　Value　to　any　other　One　hundred　pounds　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　increase　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　ofbeing　regulated　by　Law；　and　one　might　as　well　Enact；　That　no　Acre　of　Land　in　Rumney…Marsh　shall　be　let　for　above　Forty　Shillings　per　An。　as　that　no　Hundred　pound；　shall　be　let　for　above　Four　pounds　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　W　orth；　that　any　one　Acre；　compared　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　ofRent　be　of　equal　Value。　And　therefore　it　would　have　been　an　unreasonable　thing；　if　in　the　time　of　Henry　7。　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　Absurdi