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usion from hence is； not what our Author makes； but this； That 'tis not the legal Interest； but something else； that governs the Rate of Land。 I grant his Position； That where Money is dear； Land is cheap； and vice vers？ But it must be so by the natural； not legal Interest。 For where Money will be lent on good Security at 4 or 5 per Cent。 'tis a Demonstration； that there is more than will be ventured on ordinary Credit in Trade。 And when this Plenty becomes general； 'tis a sign； there is more Money； than can be Employed in Trade； which cannot but put many upon seeking Purchases； to lay it out in Land； and so raise the Price of Land； by making more Buyers； than Sellers。 6。 'Tis not probable Lenders will call in their Money； when they cannot make greater Interest any where。 Besides； their Security upon Land will be better。 Answ。 Some unskilful and timorous Men will call in their Money； others put it into the Banker's Hands。 But the Bankers and Skilful will keep it up； and not lend it； but at the natural Use； as we have shewn。 But how Securities will be mended by lowering of Interest； is； I confess； beyond my Comprehension。
Of Raising our Coin。
BEING now upon the Consideration of Interest and Money； give me leave to say one Word more on this occasion； which may not be wholly unseasonable at this time。 I hear a Talk up and down of raising our Money； as a means to retain our Wealth； and keep our Money from being carried away。 I wish those that use the Phrase of raising our Money； had some clear Notion annexed to it； and that then they would examine； Whether； that being true； it would at all serve to those Ends； for which is propos'd。 The raising of Money then signifies one of these two things； either raising the Value of our Money； or raising the Denomination of our Coin。 The raising of the Value of Money； or any thing else； is nothing； but the making a less quantity of it exchange for any other thing； than would have been taken for it before。 v。g。 If 5 s。 will exchange for； or； （as we call it） buy a Bushel of Wheat； if you can make 4 s。 buy another Bushel of the same Wheat； it is plain the Value of your Money is raised； in respect of Wheat One Fifth。 But thus nothing can raise or fall the value of your Money； but the proportion of its Plenty； or Scarcity； in proportion to the Plenty； Scarcity； or Vent of any other Commodity； with which you compare it； or for which you would exchange it。 And thus Silver； which makes the Intrinsick Value of Money； compar'd with it self； under any Stamp or Denomination of the same or different Countries； cannot be raised。 For an Ounce of Silver； whether in Pence； Groats； or Crown Pieces； Stivers or Ducatoons； or in Bullion； is and always eternally will be of equal Value to any other Ounce of Silver； under what Stamp or Denomination soever； unless it can be shewn that any Stamp can add any new and better qualities to one parcel of Silver； which another parcel of Silver wants。 Silver therefore being always of equal Value to Silver； the value of Coin； compar'd with Coin； is greater； less； or equal； only as it has more； less or equal Silver in it： And in this respect； you can by no manner of way raise or fall your Money。 Indeed most of the Silver of the World； both in Money and Vessels being alloy'd； （i。e。 mixed with some baser Metals） fine Silver （i。e。 Silver separated from all Alloy） is usually dearer than so much Silver alloy'd； or mixed with baser Metals。 Because； besides the Weight of the Silver； those who have need of fine （i。e。 unmix'd） Silver； as Gilders； Wyre…drawers； &c。 must according to their need； besides an equal Weight of Silver mixed with other Metals； give an Overplus to reward the Refiner's Skill and Pains。 And in this Case； fine Silver； and alloy'd or mixed Silver are considered as two distinct Commodities。 But no Money being Coin'd of pure fine Silver； this concerns not the Value of Money at all； wherein an equal quantity of Silver is always of the same Value with an equal quantity of Silver； let the Stamp； or Denomination be what it will。 All then that can be done in this great mystery of Raising Money； is only to alter the Denomination； and call that a Crown now； which before by the Law was but a part of a Crown。 For Example： Supposing； according to the Standard of our Law； 5 s。 or a Crown； were to weigh an Ounce； （as it does now； wanting about 16 Grains） whereof one twelfth were Copper； and eleven twelfths Silver； （for there…abouts it is） 'tis plain here 'tis the quantity of Silver gives the Value to it。 For let another Piece be Coin'd of the same Weight； wherein half the Silver is taken out； and Copper or other Alloy put into the place； every one knows it will be worth but half as much。 For the Value of the Alloy is so inconsiderable as not to be reckoned。 This Crown now must be rais'd； and from henceforth our Crown Pieces Coin'd one Twentieth lighter； which is nothing but changing the Denomination； calling that a Crown now； which yesterday was but a part； viz。 Nineteen twentieths of a Crown； whereby you have only raised 19 parts to the Denomination formerly given to 20。 For I think no body can be so senseless； as to imagine； that 19 Grains or Ounces of Silver can be raised to the Value of 20； or that 19 Grains or Ounces of Silver shall at the same time exchange for； or buy as much Corn； Oyl； or Wine； as 20； which is to raise it to the Value of 20。 For if 19 Ounces of Silver can be worth 20 Ounces of Silver； or pay for as much of any other Commodity； then 18； 10； or 1 Ounce may do the same。 For if the abating One Wentieth of the quantity of the Silver of any Coin； does not lessen its Value； the abating Nineteen twentieths of the quantity of the Silver of any Coin； will not abate its Value。 And so a single Threepence； or a single Penny； being call'd a Crown； will buy as much Spice； or Silk； or any other Commodity； as a Crown…piece； which contains 20 or 60 times as much Silver； which is an Absurdity so great； That I think no body will want Eyes to see； and Sense to disown。 Now； this raising your Money； or giving a less quantity of Silver the Stamp and Denomination of a greater； may be done two ways。 1。 By raising one Species of your Money。 2。 By raising all your Silver Coin at once； proportionably； which is the thing I suppos'd； now propos'd。
1。 The raising of one Species of your Coin； beyond its intrinsick Value； is done by Coining any one Species； （which in account bears such a proportion to the other Species of your Coin） with less Silver in it； than is required by that value it bears in your Money。 For Example； A Crown with us goes for 60 Pence； a Shilling for 12 Pence； a Tester for 6 Pence； and a Groat for 4 Pence： And accordingly； the proportion of Silver in each of them； ought to be at 60。 12。 6。 and 4。 Now； if in the Mint there should be Coin'd Groats； or Testers； that being of the same Alloy with our other Money； had but Two thirds of the Weight； that those Species are Coin'd at now； or else； being of the same Weight； were so alloy'd as to have One third of the Silver required by the present Standard chang'd into Copper； and should thus； by Law； be made Current； （the rest of your Silver Money being kept to the present Standard in Weight and Fineness） 'tis plain； those Species would be raised One third part； that passing for 6 d which had but the Silver of 4 d in it； and would be all one as if a Groat should by Law be made Current for 6 d； and every 6 d in payment pass for 9 d。 This is truly raising these Species： But is no more in effect； than if the Mint should Coin clip'd Money。 And has； besides the Cheat that is put； by such base or light Money； on every particular Man； that receives it； that he wants One third of that real value which the Publick ought to secure him； in the Money； it obliges him to receive as Lawful and Current； It has； I say； this great and unavoidable inconvenience to the Publick； That； besides the opportunities it gives to Domestick Coiners to Cheat you with lawful Money； it puts it into the Hands of Foreigners to fetch away your Money without any Commodities for it。 For if they find that Two…Penny weight of Silver； marked with a certain Impression； shall here in England be equivalent to 3 d weight mark'd with another Impression； they will not fail to stamp Pieces of that Fashion； and so Importing that base and low Coin； will； here in England； receive 3 d。 for 2 d。； and quickly carry away your Silver in exchange for Copper； or barely the charge of Coynage。 This is unavoidable in all Countries where any one Species of their Money is disproportionate in its intrinsick Value； （i。e。 in its due proportion of Silver to the rest of the Money of that Country） an inconvenience so certainly attending the allowance of any base Species of Money to be Current； that the King of France could not avoid it； with all his watchfulness。 For though； by Edict； he made his 4 Sols Pieces； （whereof 15 were to pass for a French Crown； though 20 of them had not so much Silver in them； as was in a French Crown Piece） pass in the Inland parts of his kingdom； 15 for a Crown in all Payments； yet he durst not make them Current in his Sea…port Towns； for fear； that should give an opportunity to their Importation。 But yet this Caution