some considerations of the lowering of interest-第16章

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h　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　served　not　the　turn。　They　were　still　Imported；　and；　by　this　means；　a　great　loss　and　damage　brought　upon　his　Country。　So　that　he　was　forced　to　cry　them　down；　and　sink　them　to　near　their　intrinsick　Value。　Whereby　a　great　many　particular　Men；　who　had　quantities　of　that　Species　in　their　Hands；　lost　a　great　part　of　their　Estates；　and　every　one　that　had　any；　lost　proportionably　by　it。　　　　　If　we　had　Groats　or　Six…Pences　Current　by　Law；　amongst　us；　that　wanted　One　third　of　the　Silver　which　they　now　have　by　the　Standard；　to　make　them　of　equal　Value　to　our　other　Species　of　Money；　who　can　imagine；　that　our　Neigbours　would　not　presently　pour　in　quantities　of　such　Money　upon　us；　to　the　great　loss　and　prejudice　of　the　kingdom？　The　quantity　of　Silver　that　is　in　each　Piece　or　Species　of　Coin；　being　that；　which　makes　its　real　and　intrinsick　Value；　the　due　proportions　of　Silver　ought　to　be　kept　in　each　Species；　according　to　the　respective　Rate　set　on　each　of　them　by　Law。　And　when　this　is　ever　varied　from；　it　is　but　a　Trick　to　serve　some　present　occasion；　but　is　always　with　loss　to　the　Country　where　the　Trick　is　play'd。　　　　　2。　The　other　way　of　raising　Money　is　by　raising　all　your　Silver　Coin　at　once；　the　proportion　of　a　Crown；　a　Shilling；　and　a　Penny；　in　reference　to　one　another；　being　still　kept；　（viz。　That　a　Shilling　shall　weigh　One　fifth　of　a　Crown　Piece；　and　a　Penny　weigh　One　twelfth　of　a　Shilling；　in　Standard　Silver）　But　out　of　every　one　of　these；　you　abate　One　twentieth　of　the　Silver；　they　were　wont　to　have　in　them。　　　　　If　all　the　Species　of　Money；　be；　as　'tis　call'd　raised　by　making　each　of　them　to　have　One　twentieth　less　of　Silver　in　them　than　formerly；　and　so　your　whole　Money　be　lighter　than　it　was：　These　following　will　be　some　of　the　consequences　of　it。

　　　　1。　It　will　rob　all　Creditors　of　One　twentieth　（or　5　per　Cent。）　of　their　Debts；　and　all　Landlords　One　wentieth　of　their　quit　Rents　for　ever；　and　in　all　other　Rents　as　far　as　their　former　Contracts　reach；　of　5　per　Cent。　of　their　yearly　Income；　and　this　without　any　advantage　to　the　Debtor；　or　Farmer。　For　he　receiving　no　more　pounds　Sterling　for　his　Land　or　Commodities；　in　this　new　lighter　Coin；　than　he　should　have　done　of　your　old　and　weightier　Money；　gets　nothing　by　it。　If　you　say　yes；　he　will　receive　more　Crown；　Half…Crown；　and　Shilling　Pieces；　for　what　he　now　Sells　for　new　Money；　than　he　should　have　done　if　the　Money　of　the　old　Standard　had　continued；　you　confess　your　Money　is　not　raised　in　Value；　but　in　Denomination；　since　what　your　new　Pieces　want　in　Weight；　must　now　be　made　up　in　their　number。　But　which　way　soever　this　falls；　'tis　certain；　the　Publick　（which　most　Men　think；　ought　to　be　the　only　reason　of　changing　a　settled　Law；　and　disturbing　the　common　current　course　of　things）　receives　not　the　least　Profit　by　it：　Nay；　as　we　shall　see　by　and　by；　it　will　be　a　great　Charge　and　Loss　to　the　kingdom。　But　this；　at　first　sight；　is　visible；　That　in　all　Payments　to　be　received　upon　precedent　Contracts；　if　your　Money　be　in　effect　raised；　the　Receiver　will　lose　5　per　Cent。　For　Money　having　been　Lent；　and　Leases　and　other　Bargains　made；　when　Money　was　of　the　same　Weight　and　Fineness　that　it　is　now；　upon　Confidence　that　under　the　same　names　of　Pounds；　Shillings　and　Pence；　they　should　receive　the　same　value；　（i。e。　the　same　qiantity　of　Silver）　by　giving　the　denomination　now　to　less　quantities　of　Silver　by　One　twentieth；　you　take　from　them　5　per　Cent。　of　their　due。　　　　　When　Men　go　to　Market　to　buy　any　other　Commodities　with　their　new；　but　lighter　Money；　they　will　find　20　s。　of　their　new　Money　will　buy　no　more　of　any　Commodity　than　19　would　before。　For　it　not　being　the　denomination　but　the　quantity　of　Silver；　that　gives　the　value　to　any　Coin；　19　Grains　or　parts　of　Silver；　however　denominated　or　marked；　will　no　more　be　worth；　or　pass　for；　or　buy　so　much　of　any　other　Commodity　as　20　Grains　of　Silver　will；　than　19　s。　will　pass　for　20　s：　If　any　one　thinks　a　Shilling　or　a　Crown　in　name　has　its　value　from　the　denomination；　and　not　from　the　quantity　of　Silver　in　it；　let　it　be　tried；　and　hereafter　let　a　Penny　be　called　a　Shilling；　or　a　Shilling　be　called　a　Crown。　I　believe　no　body　would　be　content　to　receive　his　Debts　or　Rents　in　such　Money：　Which　though　the　Law　should　raise　thus；　yet　he　foresees　he　should　lose　Eleven　twelfths　by　the　one；　and　by　the　other　Four　fifths　of　the　value　he　received；　and　would　find　his　new　Shilling；　which　had　no　more　Silver　in　it　than　One　twelfth　of　what　a　Shilling　had　before；　would　buy　him　of　Corn；　Cloth；　or　Wine　but　One　welfth　of　what　an　old　Shilling　would。　This　is　as　plainly　so　in　the　raising；　as　you　call　it；　your　Crown　to　5　s。　and　3　d。　or　（which　is　the　same　thing）　making　your　Crown　One　twentieth　lighter　in　Silver。　The　only　difference　is；　that　in　one　the　loss　is　so　great；　（it　being　Eleven　twelfths）　that　every　body　sees；　and　abhors　it　at　first　proposal；　but　in　the　other　（it　being　but　One　twentieth；　and　covered　with　the　deceitful　name　of　raising　our　Money）　People　do　not　so　readily　observe　it。　lf　it　be　good　to　raise　the　Crown　Piece　this　way　One　twentieth　this　Week；　I　suppo