some considerations of the lowering of interest-第20节

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ea…port　Towns；　for　fear；　that　should　give　an　opportunity　to　their　Importation。　But　yet　this　Caution　served　not　the　turn。　They　were　still　Imported；　and；　by　this　means；　a　great　loss　and　damage　brought　upon　his　Country。　So　that　he　was　forced　to　cry　them　down；　and　sink　them　to　near　their　intrinsick　Value。　Whereby　a　great　many　particular　Men；　who　had　quantities　of　that　Species　in　their　Hands；　lost　a　great　part　of　their　Estates；　and　every　one　that　had　any；　lost　proportionably　by　it。　　　　　If　we　had　Groats　or　Six…Pences　Current　by　Law；　amongst　us；　that　wanted　One　third　of　the　Silver　which　they　now　have　by　the　Standard；　to　make　them　of　equal　Value　to　our　other　Species　of　Money；　who　can　imagine；　that　our　Neigbours　would　not　presently　pour　in　quantities　of　such　Money　upon　us；　to　the　great　loss　and　prejudice　of　the　kingdom？　The　quantity　of　Silver　that　is　in　each　Piece　or　Species　of　Coin；　being　that；　which　makes　its　real　and　intrinsick　Value；　the　due　proportions　of　Silver　ought　to　be　kept　in　each　Species；　according　to　the　respective　Rate　set　on　each　of　them　by　Law。　And　when　this　is　ever　varied　from；　it　is　but　a　Trick　to　serve　some　present　occasion；　but　is　always　with　loss　to　the　Country　where　the　Trick　is　play'd。　　　　　2。　The　other　way　of　raising　Money　is　by　raising　all　your　Silver　Coin　at　once；　the　proportion　of　a　Crown；　a　Shilling；　and　a　Penny；　in　reference　to　one　another；　being　still　kept；　（viz。　That　a　Shilling　shall　weigh　One　fifth　of　a　Crown　Piece；　and　a　Penny　weigh　One　twelfth　of　a　Shilling；　in　Standard　Silver）　But　out　of　every　one　of　these；　you　abate　One　twentieth　of　the　Silver；　they　were　wont　to　have　in　them。　　　　　If　all　the　Species　of　Money；　be；　as　'tis　call'd　raised　by　making　each　of　them　to　have　One　twentieth　less　of　Silver　in　them　than　formerly；　and　so　your　whole　Money　be　lighter　than　it　was：　These　following　will　be　some　of　the　consequences　of　it。

　　　　1。　It　will　rob　all　Creditors　of　One　twentieth　（or　5　per　Cent。）　of　their　Debts；　and　all　Landlords　One　wentieth　of　their　quit　Rents　for　ever；　and　in　all　other　Rents　as　far　as　their　former　Contracts　reach；　of　5　per　Cent。　of　their　yearly　Income；　and　this　without　any　advantage　to　the　Debtor；　or　Farmer。　For　he　receiving　no　more　pounds　Sterling　for　his　Land　or　Commodities；　in　this　new　lighter　Coin；　than　he　should　have　done　of　your　old　and　weightier　Money；　gets　nothing　by　it。　If　you　say　yes；　he　will　receive　more　Crown；　Half…Crown；　and　Shilling　Pieces；　for　what　he　now　Sells　for　new　Money；　than　he　should　have　done　if　the　Money　of　the　old　Standard　had　continued；　you　confess　your　Money　is　not　raised　in　Value；　but　in　Denomination；　since　what　your　new　Pieces　want　in　Weight；　must　now　be　made　up　in　their　number。　But　which　way　soever　this　falls；　'tis　certain；　the　Publick　（which　most　Men　think；　ought　to　be　the　only　reason　of　changing　a　settled　Law；　and　disturbing　the　common　current　course　of　things）　receives　not　the　least　Profit　by　it：　Nay；　as　we　shall　see　by　and　by；　it　will　be　a　great　Charge　and　Loss　to　the　kingdom。　But　this；　at　first　sight；　is　visible；　That　in　all　Payments　to　be　received　upon　precedent　Contracts；　if　your　Money　be　in　effect　raised；　the　Receiver　will　lose　5　per　Cent。　For　Money　having　been　Lent；　and　Leases　and　other　Bargains　made；　when　Money　was　of　the　same　Weight　and　Fineness　that　it　is　now；　upon　Confidence　that　under　the　same　names　of　Pounds；　Shillings　and　Pence；　they　should　receive　the　same　value；　（i。e。　the　same　qiantity　of　Silver）　by　giving　the　denomination　now　to　less　quantities　of　Silver　by　One　twentieth；　you　take　from　them　5　per　Cent。　of　their　due。　　　　　When　Men　go　to　Market　to　buy　any　other　Commodities　with　their　new；　but　lighter　Money；　they　will　find　20　s。　of　their　new　Money　will　buy　no　more　of　any　Commodity　than　19　would　before。　For　it　not　being　the　denomination　but　the　quantity　of　Silver；　that　gives　the　value　to　any　Coin；　19　Grains　or　parts　of　Silver；　however　denominated　or　marked；　will　no　more　be　worth；　or　pass　for；　or　buy　so　much　of　any　other　Commodity　as　20　Grains　of　Silver　will；　than　19　s。　will　pass　for　20　s：　If　any　one　thinks　a　Shilling　or　a　Crown　in　name　has　its　value　from　the　denomination；　and　not　from　the　quantity　of　Silver　in　it；　let　it　be　tried；　and　hereafter　let　a　Penny　be　called　a　Shilling；　or　a　Shilling　be　called　a　Crown。　I　believe　no　body　would　be　content　to　receive　his　Debts　or　Rents　in　such　Money：　Which　though　the　Law　should　raise　thus；　yet　he　foresees　he　should　lose　Eleven　twelfths　by　the　one；　and　by　the　other　Four　fifths　of　the　value　he　received；　and　would　find　his　new　Shilling；　which　had　no　more　Silver　in　it　than　One　twelfth　of　what　a　Shilling　had　before；　would　buy　him　of　Corn；　Cloth；　or　Wine　but　One　welfth　of　what　an　old　Shilling　would。　This　is　as　plainly　so　in　the　raising；　as　you　call　it；　your　Crown　to　5　s。　and　3　d。　or　（which　is　the　same　thing）　making　your　Crown　One　twentieth　lighter　in　Silver。　The　only　difference　is；　that　in　one　the　loss　is　so　great；　（it　being　Eleven　twelfths）　that　every　body　sees；　and　abhors　it　at　first　proposal；　but　in　the　other　（it　being　but　One　twentieth；　and　covered　with　the　deceitful　name　of　raising　our　Money）　People　do　not　so　readily　observe　it。　lf　it　be　good　to　raise　the　Crown　Piece　this　way　One　twentieth　this　Week；　I　suppose　it　will　be　as　good　and　profitable　to　raise　it　as　much　again　the　next　Week。　For　there　is　no　reason；　why　it　will　not　be　as　good　to　raise　it　again　another　One　twentieth　the　next　Week；　and　so　on；　wherein；　if　you　proceed　but　10　Weeks　successively；　you　will　by　New…Years…Day　next　have　every　Half…Crown　raised　to　a　Crown；　to　the　loss　of　one　half　of　Peoples　Debts　and　Rents；　and　the　King's　Revenue；　besides　the　Confusion　of　all　your　affairs：　And　if　you　please　to　go　on　in　this　beneficial　way　of　raising　your　Money；　you　may　by　the　same　Art　bring　a　Penny…weight　of　Silver　to　be　a　Crown。　　　　　Silver；　i。e。　the　quantity　of　pure　Silver　separable　from　the　Alloy；　makes　the　real　value　of　Money。　If　it　does　not；　Coin　Copper　with　the　same　Stamp　and　denomination；　and　see　whether　it　will　be　of　the　same　value。　I　suspect　your　Stamp　will　make　it　of　no　more　worth；　than　the　Copper…Money　of　Ireland　is；　which　is　its　weight　in　Copper；　and　no　more。　That　Money　lost　so　much　to　Ireland；　as　it　passed　for　above　the　rate　of　Copper。　But　yet　I　think　no　body　suffered　so　much　by　it　as　he；　by　whose　Authority　it　was　made　current。　　　　　If　Silver　give　the　value；　you　will　say　what　need　is　there　then　of　the　charge　of　Coinage？　May　not　Men　Exchange　Silver　by　Weight；　for　other　things；　make　their　Bargains；　and　keep　their　Accounts　in　Silver　by　weight？　This　might　be　done；　but　it　has　these　inconveniencies。　　　　　1。　The　weighing　of　Silver　to　every　one　we　had　occasion　to　pay　it　to；　would　be　very　troublesome；　for　every　one　must　carry　about　Scales　in　his　Pocket。　　　　　2。　Scales　would　not　do　the　business。　For；　in　the　next　place；　every　one　cannot　distinguish　between　fine　and　mix'd　Silver：　So　that　though　he　received　the　full　weight；　he　was　not　sure　he　received　the　full　weight　of　Silver；　since　there　might　be　a　mixture　of　some　of　the　baser　Metals；　which　he　was　not　able　to　discern。　Those　who　have　had　the　care；　and　government　of　Politick　Societies；　introduced　Coinage；　as　a　remedy　to　those　two　inconveniencies。　The　Stamp　was　a　Warranty　of　the　publick；　that　under　such　a　denomination　they　should　receive　a　piece　of　such　a　weight；　and　such　a　fineness；　that　is；　they　should　receive　so　much　Silver。　And　this　is　the　reason　why　the　counterfeiting　the　Stamp　is　made　the　highest　Crime；　and　has　the　weight　of　Treason　laid　upon　it：　Because　the　Stamp　is　the　publick　voucher　of　the　intrinsick　value。　The　Royal　Authority　gives　the　stamp；　the　Law　allows　and　confirms　the　denomination：　And　both　together　give；　as　it　were；　the　publick　faith；　as　a　security；　that　Sums　of　Money　contracted　for　under　such　denominations；　shall　be　of　such　a　value；　that　is；　shall　have　in　them　so　much　Silver。　For　'tis　Silver　and　not　Names　that　pay　Debts　and　purchase　Commodities。　If　therefore　I　have　contracted　for　Twenty　Crowns；　and　the　Law　then　has　required；　that　each　of　those　Crowns　should　have　an　Ounce　of　Silver；　'tis　certain　my　Bargain　is　not　made　good；　I　am　defrauded　（and　whether　the　publick　faith　be　not　broken　with　me；　I　leave　to　be　considered）　if；　paying　me　Twenty　Crowns；　the　Law　allows　them　to　be　such　as　have　but　Nineteen　twentieths　of　the　Silver；　they　ought　to　have；　and　really　had　in　them；　when　I　made　my　Contract。　　　　　2。　It　diminishes　all　the　King's　Revenue　5　per　Cent。　For　though　the　same　number　of　Pounds；　Shillings；　and　Pence　are　paid　into　the　Exchequer　as　were　wont；　yet　these　Names　being　given　to　Coin　that　have　each　of　them　One　twentieth　less　of　Silver　in　them；　and　that　being　not　a　secret　concealed　from　Strangers；　no　more　than　from　his　own　Subjects；　they　will　sell　the　king　no　more　Pitch；　Tarr；　or　Hemp；　for　20　Shillings；　after　the　raising　your　Money；　than　they　would　before　for　19：　or；　to　speak　in　the　ordinary　phrase；　they　will　raise　their　Commodities　5　per　Cent。　as　you　have　rais'd　your　Money　5　per　Cent：　And　'tis　well　if　they　stop　there。　For　usually　in　such　changes；　an　out…cry　being　made　of　your　lessening　your　Coin；　those　who　have　to　deal　with　you；　taking　the　advantage　of　the　allarm；　to　secure　themselves　from　any　loss　by　your　new　Trick；　raise　their　price　even　beyond　the　Par　of　your　lessening　your　Coin。　　　　　I　hear　of　two　inconveniencies　com