some considerations of the lowering of interest-第28章

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elted　down　and　carried　away；　and　no　more　Coin'd；　your　Money　will；　without　the　charge　of　new　Coinage；　be；　by　that　sort　of　Artificers；　raised　above　5　per　Cent。　when　all　your　current　Money　shall　be　Clipped；　and　made　above　One　wentieth　lighter　than　the　Standard；　preserving　still　its　former　denomination。　　　　　It　will　possibly　be　here　objected　to　me；　That　we　see　100　l。　of　Clip'd　Money；　above　5　per　Cent。　lighter　than　the　Standard；　will　buy　as　much　Corn；　Cloth；　or　Wine；　as　100　l。　in　Mill'd…money；　which　is　above　One　twentieth　heavier：　Whereby　it　is　evident；　that　my　Rule　fails；　and　that　it　is　not　the　quantity　of　Silver；　that　gives　the　value　to　Money；　but　its　Stamp　and　Denomination。　To　which　I　Answer；　That　Men　make　their　Estimate　and　Contracts　according　to　the　Standard；　upon　Supposition　they　shall　receive　good　and　lawful　Money；　which　is　that　of　full　Weight：　And　so　in　effect　they　do；　whil'st　they　receive　the　current　Money　of　the　Country。　For　since　100　l。　of　Clip'd　Money　will　pay　a　Debt　of　100　l。　as　well　as　the　weightiest　mill'd…money；　and　a　new　Crown　out　of　the　Mint　will　pay　for　no　more　Flesh；　Fruit；　or　Cloth；　than　five　clip'd　Shillings；　'tis　evident　that　they　are　equivalent　as　to　the　Purchase　of　any　thing　here　at　home；　whil'st　no　body　scruples　to　take　Five　clip'd　Shillings　in　exchange　for　a　weighty　Mill'd　Crown。　But　this　will　be　quite　otherwise　as　soon　as　you　change　your　Coin；　and　（to　raise　it　as　you　call　it）　make　your　Money　One　twentieth　lighter　in　the　Mint；　for　then　no　body　will　any　more　give　an　old　Crown　of　the　former　Standard　for　one　of　the　new；　than　he　will　now　give　you　5　s。　and　3　d。　for　a　Crown：　for　so　much　then　his　old　Crown　will　yield　him　at　the　Mint。　　　　　Clip'd　and　unclip'd　Money　will　always　buy　an　equal　quantity　of　any　thing　else；　as　long　as　they　will　without　scruple　change　one　for　another。　And　this　makes；　that　the　Foreign　Merchant；　who　comes　to　sell　his　Goods　to　you；　always　counts　upon　the　Value　of　your　Money　by　the　Silver　that　is　in　it；　and　estimates　the　quantity　of　Silver　by　the　Standard　of　your　Mint；　though　perhaps　by　reason　of　clip'd　or　worn　Money　amongst　it；　any　sum　that　is　ordinarily　received　is　much　lighter　than　the　Standard；　and　so　has　less　Silver　in　it　than　what　is　in　a　like　Sum　new　Coin'd　in　the　Mint。　But　whilst　clip'd　and　weighty　Money　will　equally　change　one　for　another；　it　is　all　one　to　him　whether　he　receive　his　Money　in　clip'd　Money　or　no；　so　it　be　but　current。　For　if　he　buy　other　Commodities　here　with　his　Money；　whatever　Sum　he　contracts　for；　clip'd　as　well　as　weighty　Money　equally　pays　for　it。　If　he　would　carry　away　the　Price　of　his　Commodity　in　ready　Cash；　'tis　easily。　changed　into　weighty　Money。　And　then　he　has　not　only　the　Sum　in　tale；　that　he　contracted　for；　but　the　quantity　of　Silver　he　expected　for　his　Commodities；　according　to　the　Standard　of　our　Mint。　If　the　quantity　of　your　clip'd　Money　be　once　grown　so　great；　that　the　Foreign　Merchant　cannot　（if　he　has　a　mind　to　it）　easily　get　Weighty　Money　for　it；　but　having　sold　his　Merchandise；　and　received　Clip'd　Money　finds　a　difficulty　to　procure　what　is　weight　for　it；　he　will；　in　selling　his　Goods；　either　contract　to　be　paid　in　weighty　Money；　or　else　raise　the　Price　of　his　Commodities；　according　to　the　diminish'd　quantity　of　Silver　in　your　Current　Coin。　　　　　In　Holland；　（Ducatoons　being　the　best　Money　of　the　Country；　as　well　as　the　largest　Coin）　Men　in　Payments；　received　and　paid　those　indifferently；　with　the　other　Money　of　the　Country；　till　of　late　the　Coining　of　other　Species　of　Money；　of　baser　Alloy；　and　in　greater　quantities；　having　made　the　Ducatoons；　either　by　melting　down；　or　Exportation；　scarcer　than　formerly；　it　became　difficult　to　change　the　baser　Money　into　Ducatoons；　and　since　that；　no　body　will　pay　a　Debt　in　Ducatoons；　unless　he　be　allowed　Half　per　Cent。　or　more；　above　the　value　they　were　Coin'd　for。　　　　　To　understand　this；　we　must　take　notice；　That　Guilders　is　the　denomination；　that　in　Holland　they　usually　compute　by；　and　make　their　Contracts　in。　A　Ducatoon　formerly　passed　at　Three　Guilders；　and　Three　Stuyvers；　or　Sixty…three　Stuyvers。　There　were　then　（some　Years　since）　began　to　be　Coin'd　another　Piece；　which　was　call'd　a　Three　Guilders　Piece；　and　was　order'd　to　pass　for　Three　Guilders　or　Sixty　Stuyvers。　But　21　Three　Guilders　Pieces；　which　were　to　pass　for　63　Guilders；　not　having　so　much　Silver　in　them　as　20　Ducatoons；　which　passed　for　the　same　Sum　of　63　Guilders；　the　Ducatoons　were　either　melted　down　in　their　Mints；　（for　the　making　of　these　Three　Guilder　Pieces；　or　yet　baser　Money；　with　Profit）　or　were　carried　away　by　Foreign　Merchants；　who　when　they　carried　back　the　Product　of　their　Sale　in　Money；　would　be　sure　to　receive　their　Payment　of　the　number　of　Guilders　they　contracted　for　in　Ducatoons；　or　change　the　Money　they　received；　into　Ducatoons：　Whereby　they　carried　home　more　Silver；　than　if　they　had　taken　their　Payment　in　Three　Guilder　Pieces；　or　any　other　Species。　Thus　Ducatoons　became　scarce。　So　that　now　he　that　will　be　paid　in　Ducatoons　must　allow　Half　per　Cent。　for　them。　And　therefore　the　Merchants；　when　they　Sell　any　thing　now；　either　make　their　Bargain　to　be　paid　in　Ducatoons；　or　if　they　contract　for　Guilders　in　general；　（which　will　be　sure　to　be　paid　them　in　the　baser　Money　of　the　Country；）　they　raise　the　Price　of　their　Commodities　accordingly。　　　　　By　this　example　in　a　Neighbour　Country　we　may　see；　how　our　new　Mill'd　Money　goes　away。　When　Foreign　Trade　Imports　more　than　our　Commodities　will　pay　for；　'tis　certain；　we　must　contract　Debts　beyond　Sea；　and　those　must　be　paid　with　Money；　when　either　we　cannot　furnish；　or　they　will　not　take　our　Goods　to　discharge　them。　To　have　Money　beyond　Sea　to　pay　our　Debts；　when　our　Commodities　do　not　raise　it；　there　is　no　other　way　but　to　send　it　thither。　And　since　a　weighty　Crown　costs　no　more　here　than　a　light　one；　and　our　Coin　beyond　Sea；　is　valued　no　otherwise　than　according　to　the　quantity　of　Silver　it　has　in　it；　whether　we　send　it　in　Specie；　or　whether　wve　melt　it　down　here；　to　send　it　in　Bullion　（which　is　the　safest　way　as　being　not　Prohibited）　the　weightiest　is　sure　to　go。　But　when　so　great　a　quantity　of　your　Money　is　Clip'd；　or　so　great　a　part　of　your　weighty　Money　is　carried　away；　that　the　Foreign　Merchant；　or　his　Factor　here　cannot　have　his　Price　paid　in　weighty　Money；　or　such　as　will　easily　be　changed　into　it；　then　every　one　will　see；　（when　Men　will　no　longer　take　Five　clip'd　Shillings　for　a　Mill'd　or　weighty　Crown）　that　it　is　the　quantity　of　Silver　that　buys　Commodities　and　Pays　Debts；　and　not　the　Stamp　and　Denomination　which　is　put　upon　it。　And　then　too　it　will　be　seen；　what　a　Robbery　is　committed　on　the　Publick　by　Clipping；　Every　Grain　diminished　from　the　just　weight　of　our　Money；　is　so　much　loss　to　the　Nation；　which　will；　one　time　or　other；　be　sensibly　felt：　And　which；　if　it　be　not　taken　care　of；　and　speedily　stopt　will；　in　that　enormous　course　it　is　now　in；　quickly；　I　fear；　break　out　into　open　ill　effects；　and　at　one　blow；　deprive　us　of　a　great　part；　（perhaps；　near　One　fourth）　of　our　Money。　For　that　will　be　really　the　case；　when　the　increase　of　Clip'd　Money　makes　it　hard　to　get　weighty；　when　Men　begin　to　put　a　difference　of　value　between　that　which　is　weighty；　and　light　Money；　and　will　not　Sell