some considerations of the lowering of interest-第23部分

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ch　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；　but　all　Payments　whatsoever；　that　are　contracted　for　before　this　alteration　of　our　Money。　　　　　2。　If　it　be　true；　what　he　affirms；　That　an　Ounce　of　Money　doth　equal　an　Ounce　of　Silver　in　value　abroad；　but　not　at　home；　then　this　part　of　the　Undertaking　will　also　fail。　For　I　deny　that　the　Stamp　on　our　Money　does　any　more　debase　it　here　at　home　than　abroad；　or　make　the　Silver　in　our　Money　not　equal　in　value　to　the　same　weight　of　Silver　every　where。　The　Author　would　have　done　well　to　have　made　it　out；　and　not　left　so　great　a　Paradox　only　to　the　credit　of　a　single　Assertion。　　　　　Remarks。　And　for　what　is　said　in　this　Bill　to　prevent　Exportation；　relates　only　to　the　keeping　in　our　own　Coin；　and　Bullion；　and　leaves　all　Foreign　to　be　Exported　still。　　　　　Awswer。　What　the　Author　means　by　our　own　and　Foreign　Bullion；　will　need　some　Explication。　　　　　Remarks。　There　is　now　no　such　thing　as　Payments　made　in　weighty　and　Mill'd　Money。　　　　　Answer。　I　believe　there　are　very　few　in　Town；　who　do　not　very　often　receive　a　mill'd　Crown　for　5　s。　and　a　mill'd　half　Crown　for　2　s。　6　d。　But　he　means　I　suppose　in　great　and　entire　Sums　of　mill'd　Money。　But　I　ask；　if　all　the　clip'd　Money　were　called　in；　whether　then　all　the　Payments　would　not　be　in　weighty　Money；。　and　that　not　being　call'd　in；　whether　if　it　be　lighter　than　your　new　mill'd　Money；　the　new　mill'd　Money　will　not　be　melted　down　as　much　as　the　old？　Which　I　think　the　Author　there　confesses；　or　else　I　understand　him　not。　　　　　Remark。　Nor　will　this　any　way　interrupt　Trade；　for　Trade　will　find　its　own　course；　the　Denomination　of　Money　in　any　Country　no　way　concerning　that。　　　　　Awswer。　The　Denomination　to　a　certain　Weight　of　Money；　in　all　Countries；　concerns　Trade；　and　the　alteration　of　that　necessarily　brings　disturbance　to　it。　　　　　Remark。　For　if　so　be　it　occasions　the　Coining　more　Money。　　　　　Answer。　He　talks　as　if　it　would　be　the　occasion　of　Coining　more　Money。　Out　of　what？　Out　of　Money　already　Coin'd；　or　out　of　Bullion？　For　I　would　be　glad　to　know　where　it　is。　　　　　Remarks。　It　may　be　some　gain　to　those　that　will　venture　to　melt　down　the　Coin；　but　very　small　loss　（if　any）　to　those　thatshall　be　paid　in　the　New：　'Tis　not　to　be　denied；　but　that　where　any　Man　has　a　Rent…SEC；　that　can　never　be　more；　this　may　somewhat　affect　it；　but　so　very　little；　'twill　scarce　ever　at　all　be　perceived。　　　　　Answer。　As　much　as　it　will　be　gain　to　melt　down　their　Coin；　so　much　loss　will　it　be　to　those　who　are　paid　in　the　new。　Viz。　5　Per　Cent。　which　I　suppose；　is　more　than　the　Author　would　be　willing　to　lose；　unless　he　get　by　it　another　way。　　　　　Rem。　And　if　the　alteration　designed　should　have　the　effect　of　making　our　Native　Commodities　any　way　dearer。　　　　　Answ。　Here　the　Author　confesses；　that　proportionably　as　your　Money　is　raised；　the　Price　of　other　things　will　be　raised　too。　But　to　make　amends；　he　says；　Rem。　It　does　at　the　same　time　make　the　Land　which　produces　them；　of　more　than　so　much　more　in　value。　　　　　Answ。　This　more　than　so　much　more　in　value；　is　more　than　our　Author；　or　any　body　else　for　him；　will　ever　be　able　to　make　out。　　　　　The　Price　of　Things　will　always　be　estimated　by　the　quantity　of　Silver　is　given　in　exchange　for　them。　And　if　you　make　your　Money　less　in　Weight；　it　must　be　made　up　in　Tale。　This　is　all　this　great　mystery　of　raising　Money；　and　raising　Land。　For　Example；　The　Mannor　of　Blackacre　would　yesterday　have　yielded　One　hundred　thousand　Crowns；　which　Crown…pieces；　let　us　suppose　numero　rotundo；　to　weigh　each　of　them　an　Ounce　of　Standard　Silver。　To　day　your　new　Coin　comes　in　play；　which　is　5　Per　Cent　lighter。　There's　your　Money　raised：　The　Land　now　at　Sale　yields　One　hundred　and　five　thousand　Crowns；　which　is　just　the　same　One　hundred　thousand　Ounces　of　Standard　Silver。　There's　the　Land　raised。　And　is　not　this　an　admirable　Invention；　for　which　the　Publick　ought　to　be　at　above　One　hundred　thousand　pounds　Charge　for　new　Coinage；　and　all　your　Commerce　put　in　disorder？　And　then　to　recommend　this　Invention；　you　are　told；　as　a　great　Secret；　That；　Had　not　Money；　from　time　to　time；　been　raised　in　its　Denomination；　Lands　had　not　so　risen　too。。　which　is　to　say；　Had　not　your　Money　been　made　lighter；　fewer　Pieces　of　it　would　have　bought　as　much　Land　as　a　greater　number　does　now。　　　　　Rem。　The　loss　of　Payments　there　spoken　of；　will；　in　no　sort；　be　so　great　as　if　the　Parties　to　whom　these　Debts　are　owing；　were　now　bound　to　receive　them　in　the　Money　now　Passes；　and　then　to　melt　the　same　down；　so　at　this　they　will　have　no　cause　to　complain。　　　　　Answ。　A　very　good　Argument！　The　Clippers　have　rob'd　the　Publick　of　a　good　part　of　their　Money　（which　Men　will；　some　time　or　other；　find　in　the　Payments　they　receive）　and　'tis　desired　the　Mint　may　have　a　liberty　to　be　before…hand　with　those　to　whom　Debts　are　owing。　They　are　told　they　will　have　no　reason　to　Complain　of　it；　who　suffer　this　loss；　because　it　is　not　so　great　as　the　other。　The　damage　is　already　done　to　the　Publick；　by　Clipping。　Where　at　last　it　will　light；　I　cannot　tell。　But　Men　who　receive　Clip'd　Money；　not　being　forced　to　melt　it　down；　do　not　yet　receive　any　loss　by　it。　When　Clip'd　Money　will　no　longer　change　for　weighty；　then　those　who　have　Clip'd　Money　in　their　hands；　will　find　the　loss　of　it。　　　　　Rem。　'Twill　make　the　Customs　better　paid；　because　there　will　be　more　Money。　　　　　Ans。　That　there　will　be　more　Money　in　Tale；　'tis　possible：　That　there　will　be　more　Money　in　Weight　and　Worth　the　Author　ought　to　shew。　And　then；　whatever　becomes　of　the　Customs；　（which　I　do　not　hear　are　unpaid　now）　the　king　will　lose　in　the　Excise　above　Thirty　thousand　pounds　per　Annum。　For　in　all　Taxes　where　so　many　Pounds；　Shillings；　or　Pence　are　determined　by　the　Law　to　be　paid；　there　the　king　will　lose　5　Per　Cent。　The　Author　here　as　in　other　places；　gives　a　good　reason　for　it。　For；　His　Majesty　being　to　pay　away　this　Money　by　Tale；　as　he　received　it；　it　will　be　to　him　no　loss　at　all。　　　　　As　if　my　receiving　my　Rents　in　full　Tale；　but　in　Money　of　undervalue　5　Per　Cent。　were　not　so　much　loss　to　me；　because　I　was　to　pay　it　away　again　by　Tale。　Try　it　at　50　Per　Cent。　The　odds　only　is；　That　one　being　greater　t