some considerations of the lowering of interest-第23章

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uld　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　prejudicial　or　ineffectual。　If　the　design　ofyour　Law　take　place；　the　kingdom　loses　by　it：　If　the　inconvenience　be　felt　and　avoided；　your　Law　is　eluded。　　　　　Money　is　the　measure　of　Commerce；　and　of　the　rate　of　every　thing；　and　therefore　ought　to　be　kept　（as　all　othermeasures）　as　steady　and　invariable　as　may　be。　But　this　cannot　be；　if　your　Money　be　made　of　two　Metals；　whose　proportion；　and　consequently　whose　price；　constantly　varies　in　respect　of　one　another。　Silver；　for　many　Reasons；　is　the　fittest　of　all　metals　to　be　this　measure；　and　therefore　generally　made　use　of　for　Money。　But　then　it　is　very　unfit　and　inconvenient；　that　Gold；　or　any　other　Metal；　should　be　made　current　Legal　Money；　at　a　standing　settled　Rate。　This　is　to　set　a　Rate　upon　the　varying　value　of　Things　by　Law；　which　justly　cannot　be　done；　and　is；　as　I　have　shewed；　as　far　as　it　prevails；　a　constant　damage　and　prejudice　to　the　Country；　where　it　is　practised。　Suppose　Fifteen　to　one　be　now　the　exact　Par　beween　Gold　and　Silver。　What　Law　can　make　it　lasting；　and　establish　it　so；　that　next　Year；　or　wenty　Years　hence；　this　shall　be　the　just　value　of　Gold　to　Silver；　and　that　one　Ounce　of　Gold　shall　be　just　worth　fifteen　Ounces　of　Silver；　neither　more　nor　less？　'Tis　possible；　the　East…India　Trade　sweeping　away　great　Sums　of　Gold；　may　make　it　scarcer　in　Europe。　Perhaps　the　Guinea　Trade；　and　Mines　of　Peru；　affording　it　in　greater　abundance；　may　make　it　more　plentiful；　and　so　its　value　in　respect　of　Silver；　come　on　the　one　side　to　be　as　sixteen；　or　on　the　other　as　fourteen　to　one。　And　can　any　Law　you　shall　make　alter　this　proportion　here；　when　it　is　so　every　where　else　round　about　you？　If　your　Law　set　it　at　fifteen；　when　it　is　at　the　free　Market　Rate；　in　the　Neighbouring　Countries；　as　sixteen　to　one；　Will　they　not　send　hither　their　Silver　to　fetch　away　your　Gold　at　One　sixteen　loss　to　you？　Or　if　you　will　keep　its　Rate　to　Silver；　as　fifteen　to　one；　when　in　Holland；　France；　and　Spain；　its　Market　value　is　but　fourteen；　Will　they　not　send　hither　their　Gold；　and　fetch　away　your　Silver　at　One　fifteen　loss　to　you？　This　is　unavoidable；　if　you　will　make　Money　of　both　Gold　and　Silver　at　the　same　time；　and　set　Rates　upon　them　by　Law　in　respect　of　one　another。　　　　　What　then？　（Will　you　be　ready　to　say）　would　you　have　Gold　kept　out　of　England？　Or　being　here；　would　you　have　it　useless　to　Trade；　and　must　there　be　no　Money　made　of　it？　I　answer；　Quite　the　contrary；　'Tis　fit　the　kingdom　should　make　use　of　the　Treasure　it　has。　'Tis　necessary　your　Gold　should　be　Coin'd；　and　have　the　king's　Stamp　upon　it　to　secure　Men；　in　receiving　it；　that　there　is　so　much　Gold　in　each　piece。　But　'tis　not　necessary　that　it　should　have　a　fixed　value　set　on　it　by　publick　Authority：　'Tis　not　convenient　that　it　should　in　its　varying　proportion　have　a　settled　price。　Let　Gold　as　other　Commodities；　find　its　own　Rate。　And　when；　by　the　king's　Image　and　Inscription；　it　carries　with　it　a　publick　Assurance　of　its　weight　and　fineness；　the　Gold　Money　so　Coin'd　will　never　fail　to　pass；　at　the　known　Market　Rate；　as　readily；　as　any　other　Species　of　your　Money。　Twenty　Guineas；　though　designed　at　first　for　20　l。　go　now　as　current　for　21　l。　10　s。　as　any　other　Money；　and　sometimes　for　more；　as　the　Rate　varies。　The　value　or　price　of　any　thing；　being　only　the　respective　estimate　it　bears　to　some　other；　which　it　comes　in　Competition　with；　can　only　be　known　by　the　quantity　of　the　one；　which　will　exchange　for　a　certain　quantity　of　the　other。　There　being　no　two　things　in　Nature；　whose　proportion；　and　use　does　not　vary；　'tis　impossible　to　set　a　standing　regular　price　between　them。　The　growing　plenty　or　scarcity　of　either　in　the　Market；　（whereby　I　mean　the　ordinary　places；　where　they　are　to　be　had　in　Traffick）　or　the　real　Use；　or　changing　fashion　of　the　place　bringing　either　of　them　more　into　demand　than　formerly；　presency　varies　the　respective　value　of　any　two　Things。　You　will　as　fruiCesly　endeavour　to　keep　two　different　Things　steadily　at　the　same　price　one　with　another；　as　to　keep　two　Things　in　an　AEquilibrium；　where　their　varying　weig