some considerations of the lowering of interest-第26章

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ney。　　　　　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　than　the　other；　would　make　more　noise。　But　our　Author's　great　refuge　in　this　is；　That　it　will　not　be　perceiv'd。　　　　　Remark。　If　all　Foreign　Commodities；　were　to　be　Purchased　with　this　new　Species　of　Money　sent　out；　we　agree；　That　with　100　l。　of　it　there　could　not　be　so　much　Silver　or　other　Commodities　bought；　as　with　100　l。　in　Crown　Pieces　as　now　Coined；　because　they　would　be　heavier；　And　all　Coin　in　any　Kingdom；　but　where　'tis　Coined；　only　goes　by　Weight；　andfor　the　same　weight　of　Silver；　the　same　every　where　still　will　be　bought；　and　so　there　will；　with　the　same　quantity　of　Goods。　And　if　those　Goods　should　cost　5　per　Cent。　more　here　in　England　than　heretofore；　and　yield　but　the　same　Money　（we　mean　by　the　Ounce　abroad）　the　same　Money　brought　home　and　Coin'd；　will　yield　the　Importer　5　per　Cent。　more　at　the　Mint　than　it　heretofore　could　do；　and　so　no　damage　to　the　Trader　at　all。　　　　　Answ。　Here　Truth　forces　from　the　Author　a　confession　of　Two　Things；　which　demonstrate　the　vanity　and　uselesness　of　the　Project。　　　　　1。　That　upon　this　change　of　your　Coin；　Foreign　Goods　will　be　rais'd。　　　　　2。　Your　own　Goods　will　cost　more　5　per　Cent。　So　that　Goods　of　all　kinds　being　thereupon　raised；　wherein　consists　the　raising　of　your　Money；　when　an　Ounce　of　Standard　Silver；　however　minc'd；　stamp'd；　or　denominated；　will　buy　no　more　Commodities　than　it　did　before？　This　confession　also　shews　the　Falshood　of　that　dangerous　supposition；　That　Money；　in　the　Kingdom　where　it　is　Coin'd；　goes　not　by　weight；　i。e。　is　not　valued　by　its　Weight。　　　　　Rem。　'Tis　true；　The　Owners　of　Silver　will　find　a　good　Market　for　if；　and　no　others　will　be　damaged；　but；　on　the　contrary；　the　making　Plenty　of　Money　will　be　an　advantage　to　all。　　　　　Answ。　I　grant　it　true；　That　if　your　Money　were　really　raised；　5　per　Cent。　the　Owners　of　Silver　would　get　so　much　by　it；　by　bringing　it　to　the　Mint　to　be　Coin'd。　But　since；　as　is　confessed；　Commodities　will　（upon　this　raising　your　Money）　be　raised　too　5　per　Cent。　this　alteration　will　be　an　advantage　to　no　body　but　the　Officers　of　the　Mint；　and　Hoarders　of　Money。　　　　　Rem。　When　Standard　Silver　was　last　raised　at　the　Mint；　（which　it　was；　from　5　s。　to　5　s。　and　2　d。　the　Ounce；　in　the　43d。　of　Eliz。）　and；　for　above　Forty　Years　after；　Silver　uncoin'd　was　not　worth　above　4　s。　10　d。　the　Ounce；　which　occasion　'd　much　Coining；　and　of　Money；　none　in　those　days　was　Exported：　Whereas　Silver　now　is　worth　but　the　very　same　5　s。　and　2　d。　the　Ounce　still　at　the　Mint；　and　is　worth　5　s。　4　d。　elsewhere。　So　that　if　this　Bill　now　with　the　Lords　does　not　happen　to　Pass；　there　can　never　any　Silver　be　ever　more　Coin'd　at　the　Mint；　and　all　the　mill'd　Money　will　in　a　very　little　time　more　be　destroyed。　　　　　Ans。　The　reason　of　so　much　Money　Coin'd　in　Queen　Elizabeth's　Time；　and　afterwards；　was　not　the　lessening　your　Crown　Pieces　from　480　to　462　Grains；　and　so　proportionably　all　the　rest　of　your　Money；　（which　is　that　the　Author　calls；　raising　Standard　Silver　from　5　s。　to　5　s。　2　d。　the　Ounce）　but　from　the　over…ballance　of　your　Trade；　bringing　then　in　Plenty　of　Bullion；　and　keeping　it　here。　　　　　How　Standard　Silver　（for　if　the　Author　speaks　of　other　Silver；　it　is　a　fallacy）　should　be　worth　its　own　Weight　in　Standard　Silver　at　the　Mint；　（i。e。　5　s。　2　d。　the　Ounce）　and　be　worth　more　than　its　own　Weight　in　Standard　Silver；　（i。e。　5　s。　4　d。　the　Ounce）　in　Lombard…street；　is　a　Paradox　that　no　body；　I　think；　will　be　able　to　comprehend；　till　it　be　better　Explain'd。　It　is　time　to　give　off　Coining；　if　the　value　of　Standard　Silver　be　lessened　by　it；　as　really　it　is；　if　an　Ounce　of　Coin'd　Standard　Silver　will　not　exchange　for　an　Ounce　of　uncoin'd　Standard　Silver　unless　you　add　15　or　16　Grains　overplus　to　it：　Which　is　what　the　Author　would　have　taken　upon　his　word；　when　he　says；　Silver　is　worth　Five　Shillings　Four　Pence　elsewhere。　　　　　Five　Shillings　Four　Pence　of　Money　Coin'd　at　the　Mint；　the　Author　must　allow　to　be　at　least　495　Grains。　An　Ounce　is　but　480　Grains。　How　then　an　Ounce　of　uncoin'd　Standard　Silver　can　be　worth　Five　Shillings　Four　Pence；　（i。e。　How　480　Grains　of　uncoin'd　Sta