some considerations of the lowering of interest-第19节

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usion　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。　　　　　2。　By　raising　all　your　Silver　Coin　at　once；　proportionably；　which　is　the　thing　I　suppos'd；　now　propos'd。

　　　　1。　The　raising　of　one　Species　of　your　Coin；　beyond　its　intrinsick　Value；　is　done　by　Coining　any　one　Species；　（which　in　account　bears　such　a　proportion　to　the　other　Species　of　your　Coin）　with　less　Silver　in　it；　than　is　required　by　that　value　it　bears　in　your　Money。　　　　　For　Example；　A　Crown　with　us　goes　for　60　Pence；　a　Shilling　for　12　Pence；　a　Tester　for　6　Pence；　and　a　Groat　for　4　Pence：　And　accordingly；　the　proportion　of　Silver　in　each　of　them；　ought　to　be　at　60。　12。　6。　and　4。　Now；　if　in　the　Mint　there　should　be　Coin'd　Groats；　or　Testers；　that　being　of　the　same　Alloy　with　our　other　Money；　had　but　Two　thirds　of　the　Weight；　that　those　Species　are　Coin'd　at　now；　or　else；　being　of　the　same　Weight；　were　so　alloy'd　as　to　have　One　third　of　the　Silver　required　by　the　present　Standard　chang'd　into　Copper；　and　should　thus；　by　Law；　be　made　Current；　（the　rest　of　your　Silver　Money　being　kept　to　the　present　Standard　in　Weight　and　Fineness）　'tis　plain；　those　Species　would　be　raised　One　third　part；　that　passing　for　6　d　which　had　but　the　Silver　of　4　d　in　it；　and　would　be　all　one　as　if　a　Groat　should　by　Law　be　made　Current　for　6　d；　and　every　6　d　in　payment　pass　for　9　d。　This　is　truly　raising　these　Species：　But　is　no　more　in　effect；　than　if　the　Mint　should　Coin　clip'd　Money。　And　has；　besides　the　Cheat　that　is　put；　by　such　base　or　light　Money；　on　every　particular　Man；　that　receives　it；　that　he　wants　One　third　of　that　real　value　which　the　Publick　ought　to　secure　him；　in　the　Money；　it　obliges　him　to　receive　as　Lawful　and　Current；　It　has；　I　say；　this　great　and　unavoidable　inconvenience　to　the　Publick；　That；　besides　the　opportunities　it　gives　to　Domestick　Coiners　to　Cheat　you　with　lawful　Money；　it　puts　it　into　the　Hands　of　Foreigners　to　fetch　away　your　Money　without　any　Commodities　for　it。　For　if　they　find　that　Two…Penny　weight　of　Silver；　marked　with　a　certain　Impression；　shall　here　in　England　be　equivalent　to　3　d　weight　mark'd　with　another　Impression；　they　will　not　fail　to　stamp　Pieces　of　that　Fashion；　and　so　Importing　that　base　and　low　Coin；　will；　here　in　England；　receive　3　d。　for　2　d。；　and　quickly　carry　away　your　Silver　in　exchange　for　Copper；　or　barely　the　charge　of　Coynage。　　　　　This　is　unavoidable　in　all　Countries　where　any　one　Species　of　their　Money　is　disproportionate　in　its　intrinsick　Value；　（i。e。　in　its　due　proportion　of　Silver　to　the　rest　of　the　Money　of　that　Country）　an　inconvenience　so　certainly　attending　the　allowance　of　any　base　Species　of　Money　to　be　Current；　that　the　King　of　France　could　not　avoid　it；　with　all　his　watchfulness。　For　though；　by　Edict；　he　made　his　4　Sols　Pieces；　（whereof　15　were　to　pass　for　a　French　Crown；　though　20　of　them　had　not　so　much　Silver　in　them；　as　was　in　a　French　Crown　Piece）　pass　in　the　Inland　parts　of　his　kingdom；　15　for　a　Crown　in　all　Payments；　yet　he　durst　not　make　them　Current　in　his　Sea…port　Towns；　for　fear；　that　should　give　an　opportunity　to　their　Importation。　But　yet　this　Caution