some considerations of the lowering of interest-第14章

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ow　50　s。　per　An。　and　he　that　paid　a　Bushel　of　Wheat　per　Acre；　would　pay　about　25　l。　per　An。　which　would　be　near　about　the　yearly　Value　of　the　Land；　were　it　to　be　let　now。　The　reason　whereof　is　this；　That　there　being　ten　times　as　much　Silver　now　in　the　World；　（the　Discovery　of　the　West…Indies　having　made　the　Plenty）　as　there　was　then；　it　is　Nine　Tenths　less　worth　now　than　it　was　at　that　time；　that　is；　it　will　exchange　for　Nine　Tenths　less　of　any　Commodity　now；　which　bears　the　same　proportion　to　its　Vent　as　it　did　200　years　since；　which；　of　all　other　Commodities；　Wheat　is　likeliest　to　do。　For　in　England；　and　this　part　of　the　World；　Wheat　being　the　constant　and　most　general　Food；　not　altering　with　the　Fashion；　nor　growing　by　chance；　but　as　the　Farmers　sow　more　or　less　of　it；　which　they　endeavour　to　proportion；　as　near　as　can　be　guessed；　to　the　Consumption；　abstracting　the　Over…plus　of　the　precedent　Year　in　their　Provision　for　the　next；　and　vice　versa；　it　must　needs　fall　out；　that　it　keeps　the　nearest　Proportion　to　its　Consumption；　（which　is　more　studied　and　designed　in　this　than　other　Commodittes）　of　any　thing；　if　you　take　it　for　7　or　20　Years　together：　Tho'　perhaps　the　Plenty　or　Scarcity　of　one　Year；　caused　by　the　Accidents　of　the　Season；　may　very　much　vary　it　from　the　immnediately　precedent；　or　following。　Wheat　therefore；　in　this　part　of　the　World；　（and　that　Grain　which　is　the　constant　general　Food　of　any　other　Country）　is　the　fittest　Measure　to　judge　of　the　altered　Value　of　things　in　any　long　tract　of　Time：　And　therefore　Wheat　here；　Rice　in　Turkey；　&c。　is　the　fittest　thing　to　reserve　a　Rent　in；　which　is　designed　to　be　constantly　the　same　for　all　future　Ages。　But　Money　is　the　best　Measure　ofthe　alter'd　Value　of　things　in　a　few　Years：　Because　its　Vent　is　the　same；　and　its　quantity　alters　slowly。　But　Wheat；　or　any　other　Grain；　cannot　serve　instead　of　Money：　Because　of　its　Bulkiness　and　too　quick　Change　of　its　quantity。　For　had　I　a　Bond；　to　pay　me　100　Bushels　of　Wheat　next　Year；　it　might　be　three　Fourths　Loss　or　Gain　to　me；　too　great　an　Inequality　and　Uncertainty　to　be　ventured　in　Trade；　Besides　the　different　Goodness　of　several　Parcels　of　Wheat　in　the　same　Year。　　　　　16。　That　supposing　any　Island　separate　from　the　Commerce　of　the　rest　of　Mankind；　if　Gold　and　Silver；　or　whatever　else；　（so　it　be　lasting）　be　their　Money；　if　they　have　but　a　certain　quantity　of　it；　and　can　get　no　more；　that　will　be　a　steady　standing　Measure　of　the　Value　of　all　other　things。　　　　　17。　That　if　in　any　Country　they　use　for　Money　any　lasting　Material；　whereof　there　is　not　any　more　to　be　got；　and　so　cannot　be　increas'd；　or　being　of　no　other　use；　the　rest　of　the　World　does　not　value　it；　and　so　it　is　not　like　to　be　diminished；　this　also　would　be　a　steady　standing　Measure　of　the　Value　of　other　Commodities。　　　　　18。　That　in　a　Country　where　they　had　such　a　standing　Measure；　any　quantity　of　that　Money　（if　it　were　but　so　much　that　every　body　might　have　some）　would　serve　to　drive　any　proportion　of　Trade；　whether　more　or　less；　there　being　Counters　enough　to　reckon　by；　and　the　value　of　the　Pledges　being　still　sufficient；　as　constantly　encreasing　with　the　Plenty　of　the　Commodity。　But　these　three　last；　being　built　on　Suppositions　that　are　not　like　to　be　found　in　the　Practice　of　Mankind；　since　Navigation　and　Commerce　have　brought　all　parts　acquainted　with　one　another；　and　introduced　the　use　of　Gold　and　Silver　Money　into　all　Trading　parts　of　the　World；　they　serve　rather　to　give　us　some　light　into　the　nature　of　Money；　than　to　teach　here　a　new　Measure　of　Traffick。　Though　it　be　certain；　that　that　part　of　the　World；　which　bred　most　of　our　Gold　and　Silver；　used　least　of　it　in　exchange；　and　used　it　not　for　Money　at　all。　　　　　19。　That　therefore　in　any　Country　that　hath　Commerce　with　the　rest　of　the　World；　it　is　almost　impossible　now　to　be　without　the　use　of　Silver　Coin；　and　having　Money　of　that；　and　Accounts　kept　in　such　Money；　it　is　impossible　to　have　any　standing；　unalterable　measure　of　the　value　of　things。　For　whil'st　the　Mines　supply　to　Mankind　more　than　wastes　and　consumes　in　its　use；　the　quantity　of　it　will　daily　grow　greater　in　respect　of　other　Commodities；　and　its　value　less。　　　　　20。　That　in　a　Country　that　hath　open　Commerce　with　the　rest　of　the　World；　and　uses　Money　made　of　the　same　Materials　with　their。　Neighbours；　any　quantity　of　that　Money　will　not　serve　to　drive　any　quantity　of　Trade；　but　there　must　be　a　certain　proportion　between　their　Money　and　Trade。　The　reason　whereof　is　this；　because　to　keep　your　Trade　going　without　loss；　your　Commodities　amongst　you；　must　keep　an　equal；　or；　at　least；　near　the　Price　of　the　same　Species　of　Commodities　in　the　Neighbour　Countries：　Which　they　cannot　do；　if　your　Money　be　far　less　than　in　other　Countries；　for　then；　either　your　Commodities　must　be　sold　very　cheap；　or　a　great　part　of　your　Trade　must　stand　still；　there　not　being　Money　enough　in　the　Country　to　pay　for　them　（in　their　shifting　of　hands）　at　that　high　price；　which　the　Plenty；　and　consequently　low　Value　of　Money　makes　them　at　in　another　Country。　For　the　Value　of　Money　in　general　is　the　quantity　of　all　the　Money　in　the　World；　in　proportion　to　all　the　Trade：　But　the　value　of　Money　in　any　one　Country；　is　the　present　quantity　of　the　Current　Money　in　that　Country；　in　proportion　to　the　present　Trade。　Supposing　then；　that　we　had　now　in　England　but　half　as　much　Money；　as　we　had　seven　Years　ago；　and　yet　had　still　as　much　yearly　Product　of　Commodities；　as　many　Hands　to　work　them；　and　as　many　Brokers　to　disperse　them；　as　before；　and　that　the　rest　of　the　World　we　Trade　with；　had　as　much　Money；　as　they　had　before；　（for　'tis　likely　they　should　have　more　by　our　Moiety　shared　amongst　them）　'tis　certain；　that　either　half　our　Rents　should　not　be　paid；　half　our　Commodities　not　vented；　and　half　our　Labourers　not　imployed；　and　so　half　the　Trade　be　clearly　lost；　or　else；　that　every　one　of　these　must　receive　but　half　the　Money；　for　their　Commodities　and　Labour；　they　did　before；　and　but　half　so　much　as　our　Neighbours　do　receive　for　the　same　Labour　and　the　same　natural　Product；　at　the　same　time。　Such　a　state　of　Poverty　as　this；　though　it　will　make　no　scarcity　of　our　Native　Commodities　amongst　us；　yet　it　will　have　these　ill　consequences。　　　　　1。　It　will　make　our　Native　Commodities　vent　very　cheap。　　　　　2。　It　will　make　all　Foreign　Commodities　very　dear；　both　which　will　keep　us　Poor。　For　the　Merchant　making　Silver　and　Gold　his　Measure；　and　considering　what　the　Foreign　Commodity　costs　him　（i。e。　how　many　Ounces　of　Silver）　in　the　Country　where　Money　is　more　Plenty；　i。e。　Cheaper；　and　considering　too；　how　many　Ounces　of　Silver　it　will　yield　him　in　another　Country；　will　not　part　with　it　here；　but　for　the　same　quantity　of　Silver；　or　as　much　as　that　Silver　will　buy　here　of　our　Commodity；　which　will　be　a　great　deal　more　than　in　another　place。　So　that　in　all　our　exchange　of　Native　for　Foreign　Commodities；　we　shall　pay　double　the　Value　that　any　other　Country　does；　where　Money　is　in　greater　Plenty。　This　indeed　will　make　a　dearness；　and；　in　time；　a　scarcity　of　Foreign　Commodities；　which　is　not　the　worst　inconveniency　that　it　brings　upon　us；　supposing　them　not　absolutely　necessary。　But；　　　　　3。　It　endangers　the　drawing　away　our