some considerations of the lowering of interest-第32章

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ods　than　we　now　export；　（The　Author　tells　us）　he　doth　not　conceive。　　　　　Would　he　had　told　us　a　Reason　for　his　Conceit。　But　since　the　Money　of　any　Country　is　not　presently　to　be　changed；　upon　any　private　Man's　groundless　Conceit；　I　suppose　this　Argument　will　not　be　of　much　wveight　with　many　Men。　I　make　bold　to　call　it　a　groundless　Conceit：　For　if　the　Author　please　to　remember　the　great　Sums　of　Money　are　carried　every　Year　to　the　East…Indies；　for　which　we　bring　home　consumable　Commodities；　（though　I　must　own　that　it　pays　us　again　with　advantage。）　Or　if　he　will　examine；　how　much　only　two　Commodities；　wholly　consum'd　here；　cost　us　yearly　in　Money；　（I　mean　Canary　Wine　and　Currants）　more　than　we　pay　for　with　Goods　Exported　to　the　Canaries　and　Zant；　besides　the　Over…ballance　of　Trade　upon　us　in　several　other　places；　he　will　have　little　reason　to　say；　he　doth　not　conceive　we　bring　home　from　any　place　more　Goods　than　we　now　Export　to　it。　　　　　As　to　what　he　says　concerning　the　melting　down　and　Exporting　our　Money；　because　it　is　heavy。　If　by　heavy；　he　means；　because　our　Crown…pieces　（and　the　rest　of　our　species　of　Money　in　proportion）　are　23　or　24　Grains　heavier　than　he　would　have　them　Coin'd：　This；　whoever　grants　it；　I　deny　upon　grounds；　which　I　suppose；　when　examined；　will　be　found　clear　and　evident。　　　　　Indeed　when　your　Debts　beyond　Sea；　to　answer　the　Over…ballance　of　Foreign　Importations；　call　for　your　Money；　'tis　certain　the　heavy　Money；　which　has　the　full　Standard　Weight；　will　be　melted　down　and　carried　away：　because　Foreigners　value　not　your　Stamp　or　Denomination；　but　your　Silver。　　　　　He　would　do　well　to　tell　us　what　he　means　by　the　great　value　of　Silver　in　this　part　of　the　World。　For　he　speaks　of　it　as　a　Cause；　that　draws　away　our　Money　more　now　than　formerly；　or　else　it　might　as　well　have　been　omitted　as　mentioned　in　this　place：　And　if　he　mean；　by　this　part　of　the　World；　England；　'tis　scarce　Sense　to　say；　That　the　great　Value　of　Silver　in　England　should　draw　Silver　out　of　England。　If　he　means　the　Neighbouring　Countries　to　England；　he　should　have　said　it；　and　not　doubtfully　this　part　of　the　World。　But　let　him；　by　this　part　of　the　World；　mean　what　he　will；　I　dare　say　every　one　will　agree；　That　Silver　is　not　more　valu'd　in　this；　than　any　other　part　of　the　World；　nor　in　this　Age；　more　than　in　our　Grandfathers　Days。　　　　　I　am　sorry　if　it　be　true；　what　he　tells　us；　That　more　Money　is　to　be　got　by　Exportation　of　Silver；　than　by　any　other　thing　that　can　be　sent。　This　is　an　Evidence；　that　we　bring　home　more　Goods　than　we　Export。　For　till　that　happens；　and　has　brought　us　in　Debt　beyond　Sea；　Silver　will　not　be　Exported；　but　the　Overplus　of　Peoples　Gain；　being　generally　laid　up　in　Silver；　it　will　be　brought　home　in　Silver；　and　so　our　People　will　value　it　as　much　as　any　other；　in　this　part　ofthe　World。　　　　　The　Truth　of　the　Case　in　short　is　this。　Whenever　we；　by　a　losing　Trade；　contract　Debts　with　our　Neighbours；　they　will　put　agreat　Value　on　our　Silver；　and　more　Money　will　be　got　by　transporting　Silver　than　any　thing　can　be　sent：　Which　comes　about　thus。　Suppose　that　by　an　Overballance　of　their　Trade　（whether　by　a　Sale　of　Pepper；　Spices；　and　other　East…India　Commodities；　it　matters　not）　we　have　received　great　quantities　of　Goods；　within　these　two　or　three　Months；　from　Holland；　and　sent　but　little　thither；　so　that　the　accounts　ballanced　between　the　Inhabitants　of　England　and　the　United　Provinces；　we　of　England　were　a　Million　in　their　Debt：　What　would　follow　from　hence？　This：　That　these　Dutch　Creditors；　desiring　to　have　what　is　due　to　them；　give　Order　to　their　Factors　and　Correspondents　here；　to　return　it　to　them。　For　enquiring；　as　we　do；　what　are　the　effects　of　an　over…ballance　of　Trade；　we　must　not　suppose；　they　invest　their　Debts　in　Commodities；　and　return　their　Effects　that　way。　A　Million　then　being　to　be　returned　from　England　to　Holland　in　Money；　every　one　seeks　Bills　of　Exchange：　but　Englishmen　not　having　Debts　in　Holland　to　answer　this　Million；　or　any　the　least　part　of　it；　Bills　are　not　to　be　got。　This　presently　makes　the　Exchange　very　high；　upon　which　the　Bankers；　&c。　who　have　the　command　of　great　quantities　of　Money　and　Bullion；　send　that　away　to　Holland　in　Specie；　and　so　take　Money　here　to　pay　it　again　there；　upon　their　Bills；　at　such　a　rate　of　Exchange；　as　gives　them　five；　ten；　fifteen；　&c。　per　Cent。　profit：　And　thus　sometimes　a　5　s。　Piece　of　our　mill'd　Money　may　truly　be　said　to　be　worth　5　s。　3　d。　4　d。　6　d。　9　din　Holland。　And　if　this　be　the　great　value　of　Silver　in　this　part　of　the　World；　I　easily　grant　it　him。　But　this　great　value　is　to　be　remedied；　not　by　the　alteration　of　our　Mint；　but　by　the　Regulation　and　Ballance　of　our　Trade。　For　be　your　Coin　what　it　will；　our　Neighbours；　if　they　over…ballance　us　in　Trade；　will　not　only　have　a　great　value　for　our　Silver；　but　get　it　too；　and　there　will　be　more　to　be　got　by　Exporting　Silver　to　them；　than　by　any　other　Thing　can　be　sent。　　　　　Remarks。　The　alteration　ofthe　Coins　in　Spain　and　Portugal　are　no　way　at　all　like　this。　For　there　they　alter'd　in　Denomination　near　half；　to　deceive　those　they　paid；　with　paying　those　to　whom　they　owed　one　Ounce　of　Silver；　but　half　an　Ounce　for　it。　But　in　the　alteration　here　designed；　to　whoever　an　Ounce　of　Silver　was　owing；　an　Ounce　will　be　paid　in　this　Money；　it　being　here　only　designed；　that　an　Ounce　of　Money　should　equal　an　Ounce　of　Silver　in　value；　at　home；　as　well　as　abroad；　which　now　it　does　not。　　　　　Answer。　In　this　Paragraph　the　Author　Confesses　the　alteration　of　the　Coin　in　Spain　and　Poitugal　was　a　cheat；　but　the　alteration　here　design'd；　he　says；　is　not：　But　the　Reason　he　gives　for　it　is　admirable：　viz。　Because　they　there　alter'd　in　Denomination　near　half；　and　here　the　Denomination　is　alter'd　but　5　per　Cent；　for　so　in　Truth　it　is；　whatever　be　designed。　As　if　50　per　Cent。　were　a　Cheat；　but　5　per　Cent。　were　not；　because　perhaps　less　perceiveable。　For　the　two　Things　that　are　pretended　to　be　done　here　by　this　new　Coinage；　I　fear　will　both　fail；　viz。　1。　That　to　whomsoever　an　Ounce　of　Silver　is　owing；　an　Ounce　of　Silver　shall　be　paid　in　this　Money。　For　when　an　Ounce　of　Silver　is　Coin'd；　as　is　proposed；　into　5　s。　5　d。　（which　is　to　make　our　Money　5　per　Cent。　lighter　than　it　is　now）　I　that　am　to　receive　an　100　l。　per　Annum；　Fee　Farm　Rent；　shall　I　in　this　new　Money　receive　105　l。　or　barely　100　l。？　The　first　I　think　will　not　be　said。　For　if　by　Law　you　have　made　it　100　l。　'tis　certain　the　Tenant　will　pay　me　no　more。　lf　you　do　not　mean　that　400　Crowns；　or　2000　Shillings　of　your　new　Coin　shall　be　an　100　l。　but　there　must　be　5　per　Cent。　in　tale；　added　to　every　100；　you　are　at　the　charge　of　new　Coinage　to　no　other　purpose　but　to　breed　Confusion。　If　I　must　receive　100　l。　by　tale；　of　this　new　Money　for　my　Fee　Farm　Rent；　'tis　demonstration　that　I　lose　five　Ounces　per　Cent。　of　the　Silver　was　due　to　me。　This　a　little　lower　he　confesses　in　these　Words；　That　where　a　Man　has　a　Rent…SEC；　that　can　never　be　more；　this　may　somewhat　affect　it；　but　so　very　little；　that　it　will　scarce　ever　at　all　be　perceived。　This　very　little　is　5　per　Cent。　And　if　a　Man　be　cheated　of　that；　so　he　perceives　it　not；　it　goes　for　nothing。　But　this　loss　will　not　affect　only　such　Rents；　as　can　never　be　more；