some considerations of the lowering of interest-第5节

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ought　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　on　Money　as　a　Pledge；　which　Writing　cannot　supply　the　place　of：　Since　the　Bill；　Bond；　or　other　Note　of　Debt；　I　receive　from　one　Man　will　not　be　accepted　as　Security　by　another；　he　not　knowing　that　the　Bill　or　Bond　is　true　or　legal；　or　that　the　Man　bound　to　me　is　honest　or　responsible；　and　so　is　not　valuable　enough　to　become　a　current　Pledge；　nor　can　by　publick　Authority　be　well　made　so；　as　in　the　Case　of　Assigning　of　Bills。　Because　a　Law　cannot　give　to　Bills　that　intrinsick　Value；　which　the　universal　Consent　of　Mankind　has　annexed　to　Silver　and　Gold。　And　hence　Foreigners　can　never　be　brought　to　take　your　Bills；　or　Writings　for　any　part　of　Payment；　though　perhaps　they　might　pass　as　valuable　Considerations　among　your　own　People；　did　not　this　very　much　hinder　it；　viz。　That　they　are　liable　to　unavoidable　Doubt；　Dispute；　and　Counterfeiting；　and　require　other　Proofs　to　assure　us　that　they　are　true　and　good　Security；　than　our　Eyes　or　a　Touchstone。　And　at　best　this　Course；　if　practicable；　will　not　hinder　us　from　being　Poor；　but　may　be　suspected　to　help　to　make　us　so；　by　keeping　us　from　feeling　our　Poverty；　which　in　Distress　will　be　sure　to　find　us　with　greater　disadvantage。　Though　it　be　certain　it　is　better　than　letting　any　part　of　our　Trade　fall　for　want　of　current　Pledges；　and　better　too　than　borrowing　Money　of　our　Neighbours　upon　Use；　if　this　way　of　Assigning　Bills　can　be　made　so　easie；　safe　and　universal　at　home；　as　to　hinder　it。　　　　　To　return　to　the　business　in　hand；　and　shew　the　necessity　of　a　Proportion　of　Money　to　Trade。　Every　Man　must　have　at　least　so　much　Money；　or　so　timely　Recruits；　as　may　in　hand；　or　in　a　short　distance　of　time；　satisfie　his　Creditor　who　supplies　him　with　the　necessaries　of　Life；　or　of　his　Trade。　For　no　body　has　any　longer　these　necessary　Supplies；　than　he　has　Money；　or　Credit；　which　is　nothing　else　but　an　Assurance　of　Money　in　some　short　time。　So　that　it　is　requisite　to　Trade　that　there　should　be　so　much　Money；　as　to　keep　up　the　Landholders；　Labourers　and　Brokers　Credit：　And　therefore　ready　Money　must　be　constantly　exchang'd　for　Wares　and　Labour；　or　follow　within　a　short　time　after。　　　　　This　shews　the　necessity　of　some　Proportion　of　Money　to　Trade：　But　what　Proportion　that　is；　is　hard　to　determine；　because　it　depends　not　barely　on　the　quantity　of　Money；　but　the　quickness　of　its　Circulation。　The　very　same　Shilling　may　at　one　time　pay　Twenty　Men　in　Twenty　days；　at　another；　rest　in　the　same　Hands　One　hundred　days　together。　This　makes　it　impossible　exactly　to　Estimate　the　quantity　of　Money　needful　in　Trade：　But　to　make　some　probable　guess；　we　are　to　consider；　how　much　Money　it　is　necessary　to　suppose　must　rest　constantly　in　each　Man's　Hands；　as　requisite　to　the　carrying　on　of　Trade。　　　　　First　therefore　the　Labourers；　living　generally　but　from　hand　to　mouth；　and　indeed；　considered　as　Labourers　in　order　to　Trade；　may　well　enough　carry　on　their　part；　if　they　have　but　Money　enough　to　buy　Victuals；　Cloaths；　and　Tools：　All　which　may　very　well　be　provided；　without　any　great　Sum　of　Money　lying　still　in　their　Hands。　The　Labourers　therefore；　being　usually　paid　once　a　Week；　（if　the　times　of　Payment　be　seldomer；　there　must　be　more　Money　for　the　carrying　on　this　part　of　Trade）　we　may　suppose　there　is　constantly　amongst　them；　one　with　another；　or　those　who　are　to　pay　them；　always　one　Weeks　Wages　in　ready　Money。　For　it　cannot　be　thought；　that　all；　or　most　of　the　Labourers　pay　away　all　their　Wages　constancy；　as　soon　as　they　receive　it；　and　live　upon　Trust　till　next　Pay　Day。　This　the　Farmer　and　Tradesman　could　not　well　bear；　were　it　every　Labourer's　Case；　and　every　one　to　be　trusted：　And　therefore　they　must　of　necessity　keep　some　Money　in　their　Hands；　to　go　to　Market　for　Victuals；　and　to　other　Tradesmen　as　poor　as　themselves；　for　Tools；　and　lay　up　Money　too　to　buy　Cloaths；　or　pay　for　those　they　bought　upon　Credit。　Which　Money　thus　necessarily　resting　in　their　Hands；　we　cannot　imagine　to　be；　one　with　another；　much　less　than　a　Weeks　Wages；　that　must　be　in　their　Pockets；　or　ready　in　the　Farmer's　Hands。　For　he　who　employs　a　Labourer　at　a　Shilling　per　Day；　and　pays　him　on　Saturday　Nights；　cannot　be　supposed　constancy　to　receive　that　six　Shillings　just　the　same　Saturday：　It　must　ordinarily　be　in　his　Hands　one　time　with　another；　if　not　a　whole　Week；　yet　several　Days　before。　　　　　This　was　the　ordinary　Course；　whil'st　we　had　Money　running　in　the　several　Channels　of　Commerce：　But　that　now　very　much　failing；　and　the　Farmer　not　having　Money　to　pay　the　Labourer；　supplies　him　with　Corn；　which　in　this　great　Plenty　the　Labourer　will　have　at　his　own　Rate；　or　else　not　take　it　of　fhis　Hands　for　Wages。　And　as　for　the　Workmen；　who　are　employed　in　our　Manufactures；　especially　the　Woollen　one；　these　the　Clothier；　not　having　ready　Money　to　pay；　furnishes　with　the　necessaries　of　Life；　and　so　trucks　Commodities　for　Work；　which；　such　as　they　are；　good　or　bad；　the　Workman　must　take　at　his　Master's　Rate；　or　sit　still　and　starve：　Whil'st　by　this　means；　this　new　sort　of　Ingrossers　or　Forestallers；　having　the　feeding　and　supplying　this　numerous　Body　of　Wor