some considerations of the lowering of interest-第29章

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egin　to　put　a　difference　of　value　between　that　which　is　weighty；　and　light　Money；　and　will　not　Sell　their　Commodities；　but　for　Mony　that　is　Weight；　and　will　make　their　Bargains　accordingly。　　　　　Let　the　Country　Gentleman；　when　it　comes　to　that　pass；　consider；　what　the　decay　of　his　Estate　will　be；　when　receiving　his　Rent　in　the　Tale　of　Clip'd　Shillings；　according　to　his　Bargain；　he　cannot　get　them　to　pass　at　Market　for　more　than　their　Weight。　And　he　that　Sells　him　Salt　or　Silk；　will　bargain　for　5　s。　such　a　quantity；　if　he　pays　him　in　fair　weighty　Coin；　but　in　Clip'd　Money　he　will　not　take　under　5　s。　3　d。　Here　you　see　you　have　your　Money　without　this　new　trick　of　Coinage；　raised　5　per　Cent。　But　whether　to　any　advantage　of　the　Kingdom；　I　leave　every　one　to　judge。　　　　　Hitherto　we　have　only　considered　the　raising　of　Silver　Coin；　and　that　has　been　only　by　Coining　it　with　less　Silver　in　it；　under　the　same　Denomination。　There　is　another　way　yet　of　raising　Money；　which　has　something　more　of　reality；　though　as　little　good　as　the　former　in　it。　This　too；　now　that　we　are　upon　the　Chapter　of　Raising　of　Money；　it　may　not　be　unseasonable　to　open　a　little。　The　raising　I　mean　is；　when　either　of　the　two　richer　Metals；　（which　Money　is　usually　made　of）　is　by　Law　raised　above　its　natural　value；　in　respect　of　the　other。　Gold　and　Silver；　have；　in　almost　all　Ages；　and　parts　of　the　World　（where　Money　was　used）　generally　been　thought　the　fittest　Materials　to　make　it　of。　But　there　being　a　great　disproportion　in　the　Plenty　of　these　Metals　in　the　World；　one　has　always　been　valued　much　higher　than　the　other；　so　that　one　Ounce　of　Gold　has　exchanged　for　several　Ounces　of　Silver：　As　at　present；　our　Guinea　passing　for　21　s。　6　d。　in　Silver；　Gold　is　now　about　Fifteen　and　an　half　times　more　worth　than　Silver；　there　being　about　Fifteen　and　an　half　times　more　Silver　in　21　s。　6　d。　than　there　is　Gold　in　a　Guinea。　This　being　now　the　Market　Rate　of　Gold　to　Silver；　if　by　an　established　Law　the　Rate　of　Guinea's　should　be　set　higher；　（as　to　22　s。　6　d。）　they　would　be　raised　indeed；　but　to　the　loss　of　the　Kingdom。　For　by　this　Law　Gold　being　rais'd　5　per　Cent。　above　its　natural　true　value；　Foreigners　would　find　it　worth　while　to　send　their　Gold　hither；　and　so　fetch　away　our　Silver　at　5　per　Cent。　profit；　and　so　much　loss　to　us。　For　when　so　much　Gold　as　would　purchase　but　100　Ounces　of　Silver　any　where　else；　will　in　England　purchase　the　Merchant　105　Ounces；　what　shall　hinder　him　from　bringing　his　Gold　to　so　good　a　Market；　And　either　Selling　it　at　the　Mint；　where　it　will　yield　so　much；　or　having　it　Coin'd　into　Guinea's：　And　then　（going　to　Market　with　his　Guinea's）　he　may　buy　our　Commodities　at　the　advantage　of　5　per　Cent。　in　the　very　sort　of　his　Money；　or　change　them　into　Silver；　and　carry　that　away　with　him？　　　　　On　the　other　side；　if　by　a　Law　you　would　raise　your　Silver　Money　and　make　4　Crowns　or　20　s。　in　Silver；　equal　to　a　Guinea；　at　which　rate　I　suppose　it　was　first　Coin'd；　so　that　by　your　Law　a　Guinea　should　pass　but　for　20　s。　the　same　inconveniency　would　follow。　For　then　strangers　would　bring　in　Silver；　and　carry　away　your　Gold；　which　was　to　be　had　here　at　a　lower　rate　than　any　where　else。　　　　　If　you　say；　that　this　inconvenience　is　not　to　be　fear'd；　for　that　as　soon　as　People　found；　that　Gold　began　to　grow　scarce；　or　that　it　was　more　worth　than　the　Law　set　upon　it；　they　would　not　then　part　with　it　at　the　Statute…rate；　as　we　see；　the　broad　pieces　that　were　Coined　in　K。　James　I。　time　for　20　s。　no　body　will　now　part　with　under　23　s。　or　more；　according　to　the　Market　value。　This　I　grant　is　true；　and　it　does　plainly　confess　the　foolishness　of　making　a　Law；　which　cannot　produce　the　effect；　it　is　made　for：　As　indeed　it　will　not；　when　you　would　raise　the　price　of　Silver　in　respect　of　Gold；　above　its　natural　Market　value：　For　then；　as　we　see　in　our　Gold；　the　price　of　it　will　raise　it　self。　But　on　the　other　side；　if　you　should　by　a　Law　set　the　value　of　Gold　above　its　Par；　then　People　would　be　bound　to　receive　it　at　that　high　rate；　and　so　part　with　their　Silver　at　an　under　value。　But　supposing　that　having　a　mind　to　raise　your　Silver　in　respect　of　Gold；　you　make　a　Law　to　do　it；　what　comes　of　that？　If　your　Law　prevail；　only　this；　that　as　much　as　you　raise　Silver；　you　debase　Gold　（for　they　are　in　the　condition　of　two　things　put　in　opposite　Scales；　as　much　as　the　one　rises　the　other　falls）　and　then　your　Gold　will　be　carried　away；　with　so　much　clear　loss　to　the　kingdom　as　you　raise　Silver　and　debase　Gold　by　your　Law；　below　their　natural　value。　If　you　raise　Gold　in　proportion　to　Silver　the　same　effect　follows。　　　　　I　say；　Raise　Silver　in　respect　of　Gold；　and　Gold　in　proportion　to　Silver。　For　when　you　would　raise　the　value　of　Money；　phansie　what　you　will；　'tis　but　in　respect　of　something　you　would　change　it　for；　and　is　done　only　when　you　can　make　a　less　quantity　of　the　Metal；　which　your　Money　is　made　of；　change　for　a　greater　quantity　of　that　thing　which　you　would　raise　it　to。　　　　　The　effect　indeed　and　ill　consequence　of　raising　either　of　these　two　Metals；　in　respect　of　the　other　is　more　easily　observed　and　sooner　found　in　raising　Gold　than　Silver　Coin：　Because　your　accounts　being　kept；　and　your　reckonings　all　made　in　Pounds；　Shillings；　and　Pence；　which　are　denominations　of　Silver　Coins；　or　numbers　of　them；　if　Gold　be　made　current　at　a　rate　above　the　free　and　Market　value　of　those　two　Metals；　every　one　will　easily　perceive　the　inconvenience。　But　there　being　a　Law　for　it；　you　cannot　refuse　the　Gold　in　Payment　for　so　much。　And　all　the　Money　or　Bullion　People　will　carry　beyond　Sea　from　you；　will　be　in　Silver；　and　the　Money　or　Bullion　brought　in；　will　be　in　Gold。　And　the　same　just　will　happen　when　your　Silver　is　raised　and　Gold　debased　in　respect　of　one　another；　beyond　their　true　and　natural　proportion：　（Natural　proportion　or　value　I　call　that　respective　rate　they　find　any　where　without　the　prescription　of　Law）　For　then　Silver　will　be　that　which　is　brought　in；　and　Gold　will　be　carried　out；　and　that　still　with　loss　to　the　kingdom；　answerable　to　the　over…value；　set　by　the　Law。　Only　as　soon　as　the　mischief　is　felt；　people　will　（do　what　you　can）　raise　their　Gold　to　its　natural　value。　For　your　accounts　and　bargains　being　made　in　the　denomination　of　Silver…money；　if；　when　Gold　is　raised　above　its　proportion；　by　the　Law；　you　cannot　refuse　it　in　Payment　（as　if　the　Law　should　make　a　Guinea　current　at　22　s。　and　6　d。）　you　are　bound　to　take　it　at　that　rate　in　Payment。　But　if　the　Law　should　make　Guineas　current　at　20　s。　he　that　has　them　is　not　bound　to　Pay　them　away　at　that　rate；　but　may　keep　them　ifhe　pleases；　or　get　more　for　them　if　he　can：　Yet　from　such　a　Law；　one　ofthese　three　things　will　follow。　Either　1st；　the　Law　forces　them　to　go　at　20　s。　and　then　being　found　passing　at　that　rate；　Foreigners　make　their　advantage　of　it：　Or　2dly；　People　keep　them　up　and　will　not　part　with　them　at　the　legal　rate；　understanding　them　really　to　be　worth　more；　and　then　all　your　Gold　lies　dead；　and　is　of　no　more　use　to　Trade；　than　if　it　were　all　gone　out　of　the　kingdom：　Or　3dly；　It　passes　for　more　than　the　Law　allows；　and　then　your　Law　signifies　nothing；　and　had　been　better　let　alone。　Which　way　ever　it　succeeds　it　proves　either　prej