some considerations of the lowering of interest-第7部分

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el：　Half　an　Ounce　of　Silver；　that　the　Year　before　would　have　bought　three　Bushels　of　Oats；　will　this　year　still　buy　one　Bushel：　And　at　the　same　time　half　an　Ounce　of　Silver；　that　would　the　Year　before　have　bought　Fifteen　pounds　of　Lead；　will　still　buy　the　same　quantity。　So　that　at　the　same　time　Silver；　in　respect　of　Wheat；　is　nine　Tenths　less　worth　than　it　was；　in　respect　of　Oats　two　Thirds　less　worth；　and　in　respect　of　Lead；　as　much　worth　as　before。　　　　　The　fall　therefore　or　rise　of　Interest；　making　immediately　by　its　change　neither　more　nor　less　Land；　Money；　or　any　sort　of　Commodity　in　England；　than　there　was　before；　alters　not　at　all　the　Value　of　Money；　in　reference　to　Commodities。　Because　the　measure　of　that　is　only　the　Quantity　and　Vent；　which　are　not　immediately　chang'd　by　the　Change　of　Interest。　So　far　as　the　Change　of　Interest　conduces　in　Trade　to　the　bringing　in　or　carrying　out　Money　or　Commodities；　and　so　in　time　to　the　varying　their　Proportions　here　in　England　from　what　it　was　before；　so　far　the　change　of　Interest　as　all　other　things　that　promote　or　hinder　Trade　may　alter　the　Value　of　Money　in　reference　to　Commodities。　But　that　is　not　in　this　place　to　be　considered。　　　　　This　is　perfectly　the　Value　of　Money　in　respect　of　Consumable　Commodities。　But　the　better　to　understand　it　in　its　full　latitude；　in　respect　both　of　consumable　Commodities；　and　Land　too；　we　must　consider；　First；　That　the　Value　of　Land　consists　in　this；　That　by　its　constant　production　of　saleable　Commodities　it　brings　in　a　certain　yearly　Income。　Secondly；　the　Value　of　Commodities　consists　in　this；　That　as　portable　and　useful　things；　they　by　their　Exchange　or　Consumption；　supply　the　Necessaries　or　Conveniencies　of　Life。　Thirdly；　In　Money　there　is　a　double　Value；　answering　to　both　of　these；　first　as　it　is　capable　by　its　Interest　to　yield　us　such　a　yearly　Income：　and　in　this　it　has　the　Nature　of　Land；　（the　Income　of　one　being　called　Rent；　of　the　other　Use）　only　with　this　difference；　That　the　Land　in　its　Soil　being　different；　as　some　fertile；　some　barren；　and　the　Products　of　it　very　various；　both　in　their　Sorts；　goodness　and　vent；　is　not　capable　of　any　fixed　estimate　by　its　quantity：　But　Money；　being　constantly　the　same；　and　by　its　Interest　giving　the　same　sort　of　Product　through　the　whole　Country；　is　capable　of　having　a　fixed　yearly　Rate　set　upon　it　by　the　Magistrate；　but　Land　is　not。　But　though　in　the　Uniformity　of　its　legal　Worth；　One　hundred　pound　of　lawful　Money　being　all　through　England　equal　in　its　current　Value　to　any　other　One　hundred　pounds　of　lawful　Money；　（because　by　vertue　of　the　Law　it　will　every　where　pass　for　as　much　Ware　or　Debt；　as　any　other　Hundred　pounds）　is　capable　to　have　its　yearly　Hire　valued　better　than　Land：　Yet　in　respect　of　the　varying　need；　and　necessity　of　Money；　（which　changes　with　the　increase　or　decay　of　Money　or　Trade　in　a　Country）　it　is　as　little　capable　to　have　its　yearly　Hire　fixed　by　Law；　as　Land　it　self。　For　were　all　the　Land　in　Rumney…Marsh；　Acre　for　Acre；　equally　good；　that　is；　did　constantly　produce　the　same　quantity　of　equally　good　Hay　or　Grass；　one　as　another；　the　Rent　of　it；　under　that　Consideration　of　every　Acre　being　of　an　equal　Worth；　would　be　capable　ofbeing　regulated　by　Law；　and　one　might　as　well　Enact；　That　no　Acre　of　Land　in　Rumney…Marsh　shall　be　let　for　above　Forty　Shillings　per　An。　as　that　no　Hundred　pound；　shall　be　let　for　above　Four　pounds　per　An。　But　no　body　can　think　it　fit　（since　by　reason　of　the　equal　Value　of　that　Land　it　can）　that　therefore　the　Rent　of　the　Land　in　Rumney…Marsh　should　be　Regulated　by　Law。　For　supposing　all　the　Land　in　Rumney…Marsh；　or　in　England；　were　all　of　so　equal　a　W　orth；　that　any　one　Acre；　compared　at　the　same　time　to　any　one　other；　were　equally　good　in　respect　of　its　Product；　yet　the　same　Acre；　compar'd　with　it　self　in　different　times；　would　not　in　respect　ofRent　be　of　equal　Value。　And　therefore　it　would　have　been　an　unreasonable　thing；　if　in　the　time　of　Henry　7。　the　Rent　of　Land　in　Rumney…Marsh　had　been　settled　by　a　Law；　according　to　the　judg'd　Value　of　it　at　that　time；　and　the　same　Law；　limiting　the　Rent　perhaps　to　5　s。　per　Acre；　have　continued　still。　The　Absurdity　and　Impracticableness　of　this　every　one　sees　at　the　first　Proposal；　and　readily　concludes　within　himself；　that　things　must　be　left　to　find　their　own　Price；　and　it　is　impossible　in　this　their　constant　mutability　for　Human　Foresight　to　set　Rules　and　Bounds　to　their　constantly…varying　Proportion　and　Use；　which　will　always　regulate　their　Value。　　　　　They　who　consider　things　beyond　their　Names；　will　find；　That　Money；　as　well　as　all　other　Commodities；　is　liable　to　the　same　Changes　and　Inequalities：　Nay　in　this　respect　of　the　Variety　of　its　Value；　brought　in　by　time　in　the　Succession　of　Affairs；　the　Rate　of　Money　is　less　capable　of　being　regulated　by　a　Law　in　any　Country　than　the　Rent　of　Land。　Because　to　the　quick　Changes；　that　happen　in　Trade；　this　too　must　be　added；　That　Money　may　be　brought　in；　or　carried　out　of　the　kingdom；　which　Land　cannot；　and　so　that　be　truly　worth　6　or　8　per　Cent。　this　Year；　which　would　yield　but　4　the　last。　　　　　2。　Money　has　a　Value；　as　it　is　capable　by　Exchange　to　procure　us　the　Necessaries　or　Conveniencies　of　Life；　and　in　this　it　has　the　Nature　of　a　Commodity；　only　with　this　difference；　That　it　serves　us　commonly　by　its　Exchange；　never　almost　by　its　Consumption。　But　though　the　use　Men　make　of　Money　be　not　in　its　Consumption；　yet　it　has　not　at　all　a　more　standing　settled　Value　in　Exchange　with　any　other　thing；　than　any　other　Commodity　has；　but　a　more　known　one；　and　better　fitted　by　Name；　Number；　and　Weight；　to　enable　us　to　reckon　what　the　Proportion　of　Scarcity　and　Vent　of　one　Commodity　is　to　another。　For　supposing；　as　before；　that　half　an　Ounce　of　Silver　would　last　Year　exchange　for　one　Bushel　of　Wheat；　or　for　15　l。　weight　of　Lead；　if　this　Year　Wheat　be　Ten　times　scarcer；　and　Lead　in　the　same　quantity　to　its　Vent　as　it　was；　is　it　not　evident　that　half　an　Ounce　of　Silver　will　still　exchange　for　15　l。　of　Lead；　though　it　will　exchange　but　for　One　Tenth　of　a　Bushel　of　Wheat；　and　he　that　has　use　of　Lead　will　as　soon　take　15　l。　weight　of　Lead；　as　half　an　Ounce　of　Silver；　for　One　Tenth　of　a　Bushel　of　Wheat；　and　no　more。　So　that　if　you　say；　that　Money　now　is　Nine　Tenths　less　worth；　than　it　was　the　former　Year；　you　must　say　so　of　Lead　too；　and　all　other　things；　that　keep　the　same　Proportion　to　Money　which　they　had　before。　The　variation　indeed　is　first　and　most　taken　notice　｛of｝　in　Money：　Because　that　is　the　universal　measure　by　which　People　reckon；　and　used　by　every　body　in　the　valuing　of　all　Things。　For　calling　that　half　Ounce　of　Silver　Half　a　Crown；　they　speak　properly；　and　are　readily　understood　when　they　say；　Half　a　Crown；　or　two　Shillings　and　six　Pence；　will　now　buy　One　Tenth　of　a　Bushel　of　Wheat；　but　do　not　say；　That　15　l。　of　Lead　will　now　buy　One　Tenth　of　a　Bushel　of　Wheat；　because　it　is　not　generally　used　to　this　sort　of　Reckoning：　nor　do　they　say　Lead　is　less　worth　than　it　was；　though　in　respect　of　Wheat　Lead　be　Nine　Tenths　worse　than　it　was；　as　well　as　Silver：　only　by　the　Tale　of　Shillings　we　are　better　enabled　to　judge　of　it：　Because　these　are　measures　whose　Ideas　by　constant　use　are　setled　in　every　English　Man's　mind。　　　　　This　I　suppose　is　the　true　Value　of　Money　when　it　passes　from　one　to　another　in　Buying　and　Selling；　where　it　runs　the　same　Changes　of　higher　and　lower；　as　any　other　Commodity　doth：　For　one　equal　quantity　whereof　you　shall　receive　in　Exchange　more；　or　less　of　another　Commodity　at　one　time；　than　you　do　at　another。　For　a　Farmer　that　carries　a　Bushel　of　Wheat　to　Market；　and　a　Labourer　that　carries　Half　a　Crown；　shall　find　that　the　Money　of　one；　as　well　as　Corn　of　the　other；　shall　at　some　times　purchase　him　more　or　less　Leather　or　Salt；　according　as　they　are　in　greater　Plenty　and　Scarcity　one　to　another。　So　that　in　Exchanging　Coin'd　Silver　for　any　other　Commodity；　（which　is　buying　and　selling）　the　same　measure　governs　the　Proportion　you　receive；　as　if　you　exchang'd　Lead；　or　Wheat；　or　any　other　Commodity。　That　which　regulates　the　Price；　i。e。　the　quantity　given　for　Money　（which　is　called　buying　and　selling）　for　an　other　Commodity；　（which　is　called　Bartring）　is　nothing　else　but　their　quantity　in　Proportion　to　their　vent。　If　then　lowering　of　Use　makes　not　your　Silver　more　in　Specie；　or　your　Wheat　or　other　Commodities　less；　it　will　not　have　any　Influence　at　all　to　make　it　exchange　for　less　of　Wheat；　or　any　other　Commodity；　than　it　will　have　on　Lead；　to　make　it　exchange　for　less　Wheat；　or　any　other　Commodity。　　　　　Money　therefore　in　buying　and　selling　being　perfectly　in　the　same　Condition　with　other　Commodities；　and　subject　to　all　the　same　Laws　of　Value；　let　us　next　see　how　it　comes　to　be　ofthe　same　Nature　with　Land；　by　yielding　a　certain　yearly　Income；　which　we　call　Use　or　Interest。　For　Land　produces　naturally　something　new　and　profitable；　and　of　Value　to　Mankind；　but　Money　is　a　barren　thing；　and　produces　nothing；　but　by　Compact　transfers　that　Profit　that　was　the　Reward　of　one　Man's　Labour　into　another　Man's　Pocket。　That　which　occasions　this；　is　the　unequal　Distribution　of　Money；　which　Inequality　has　the　same　effect　too　upon　Land；　that　it　has　upon　Money。　For　my　having　more　Money　in　my　Hand　than　I　can；　or　am　disposed　to　use　in　buying　and　selling；　makes　me　able　to　lend：　And　another's　want　of　so　much　Money　as　he　could　employ　in　Trade；　makes　him　willing　to　borrow。　But　why　then；　and　for　what　Consideration　doth　he　pay　Use？　For　the　same　Reason；　and　upon　as　good　Consideration；　as　the　Tenant　pays　Rent　for　your　Land。　For　as　the　unequal　Distribution　of　Land；　（you　having　more　than　you　can　or　will　manure；　and　another　less）　brings　you　a　Tenant　for　your　Land；　and　the　same　unequal　Distribution　of　Money；　（I　having　more　than　I　can　or　will　employ；　and　another　less）　brings　me　a　Tenant　for　my　Money：　So　my　Money　is　apt　in　Trade；　by　the　Industry　of　the　Borrower；　to　produce　more　than　Six　per　Cent。　to　the　Borrower；　as　well　as　your　Land；　by　the　Labour　of　the　Tenant；　is　apt　to　produce　more　Fruits；　than　his　Rent　comes　to；　and　therefore　deserves　to　be　paid　for；　as　well　as　Land；　by　a　Yearly　Rent。　For　though　the　Usurer's　Money　would　bring　him　in　no　Yearly　profit；　if　he　did　not　lend　it；　（supposing　he　employs　it　not　himself）　and