some considerations of the lowering of interest-第4章

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　One　hundred　thousand　Pounds　of　our　Money　must　go　out　every　Year　to　pay　for　that　over…plus；　which　our　Commodities　do　not　pay　for。　'Tis　ridiculous　to　say；　that　Bills　of　Exchange　shall　pay　our　Debts　abroad：　That　cannot　be；　till　Scrips　of　Paper　can　be　made　current　Coin。　The　English　Merchant；　who　has　no　Money　owing　him　abroad；　cannot　expect　to　have　his　Bills　paid　there。　Or　if　he　has　Credit　enough　with　a　Correspondent；　to　have　his　Bills　answered：　This　pays　none　of　the　Debt　of　England；　but　only　changes　the　Creditor。　And　if　upon　the　general　ballance　of　Trade；　English　Merchants　owe　to　Foreigners　One　hundred　thousand　pounds；　or　a　Million；　if　Commodities　do　not；　our　Money　must　go　out　to　pay　it；　or　else　our　Credit　be　lost；　and　our　Trade　stop；　and　be　lost　too。　　　　　A　kingdom　grows　Rich；　or　Poor　just　as　a　Farmer　doth；　and　no　otherwise。　Let　us　suppose　the　whole　Isle　of　Portland　one　Farm；　and　that　the　Owner；　besides　what　serves　his　Family；　carries　to　Market　to　Weymouth　and　Dorchester；　&c。　Cattle；　Corn；　Butter；　Cheese；　Wooll；　or　Cloth；　Lead　and　Tin；　all　Commodities　produced　and　wrought　within　his　Farm　of　Portland；　to　the　value　of　a　Thousand　Pounds；　yearly；　and　for　this；　brings　whome　in　Salt；　Wine；　Oyl；　Spice；　Linnen　and　Silks；　to　the　value　of　Nine　hundred　Pounds；　and　the　remaining　Hundred　Pounds　in　Money。　'Tis　evident　he　grows　every　year　a　hundred　Pounds　Richer；　and　so　at　the　end　often　years　will　have　clearly　got　a　Thousand　Pounds。　If　the　Owner　be　a　better　Husband；　and　contenting　himself　with　his　Native　Commodities；　buy　less　Wine；　Spice；　and　Silk；　at　Market；　and　so　bring　home　Five　hundred　Pounds　in　Money　yearly；　instead　of　a　Thousand　Pounds；　at　the　end　of　ten　years　he　will　have　Five　thousand　pounds　by　him；　and　be　so　much　Richer。　He　Dies；　and　his　Son　succeeds；　a　fashionable　young　Gentleman；　that　cannot　Dine　without　Champane　and　Burgundy；　nor　Sleep　but　in　a　Damask　Bed；　whose　Wife　must　spread　a　long　Train　of　Brocard；　and　his　Children　be　always　in　the　newest　French　cut　and　Stuff。　He　being　come　to　the　Estate；　keeps　on　a　very　busie　Family。　the　Markets　are　weekly　frequented；　and　the　Commodities　of　his　Farm　carried　out；　and　Sold；　as　formerly；　but　the　Returns　are　made　something　different；　the　fashionable　way　of　Eating；　Drinking；　Furniture　and　Clothing　for　himself　and　Family；　requires　more　Sugar　and　Spice；　Wine　and　Fruit；　Silk　and　Ribons；　than　in　his　Fathers　time；　so　that　instead　of　Nine　hundred　Pounds　per　Annum；　he　now　brings　home　of　consumable　Commodities；　to　the　value　of　Eleven　hundred　Pounds　yearly。　What　comes　of　this？　He　lives　in　Splendor；　'tis　true；　but　this　unavoidably　carries　away　the　Money　his　Father　got；　and　he　is　every　year　an　Hundred　Pounds　Poorer。　To　his　Expences；　beyond　his　Income；　add　Debauchery；　Idleness；　and　Quarrels　amongst　his　Servants；　whereby　his　Manufactures　are　disturbed；　and　his　Business　neglected；　and　a　general　Disorder　and　Confusion　through　his　whole　Family　and　Farm：　This　will　tumble　him　down　the　Hill　the　faster；　and　the　Stock；　which　the　Industry；　Frugality；　and　good　Order　of　his　Father　had　laid　up；　will　be　quickly　brought　to　an　end；　and　he　fast　in　Prison。　A　Farm　and　a　kingdom　in　this　respect　differ　no　more　than　as　greater　and　less。　We　may　Trade；　and　be　busie；　and　grow　Poor　by　it；　unless　we　regulate　our　Expences；　If　to　this　we　are　Idle；　Negligent；　Dishonest；　Malitious；　and　disturb　the　Sober　and　Industrious　in　their　Business；　let　it　be　upon　what　pretence　it　will；　we　shall　Ruine　the　faster。　　　　　So　that　whatever　this　Author；　or　any　one　else　may　say；　Money　is　brought　into　England　by　nothing　but　spending　here　less　of　Foreign　Commodities；　than　what　we　carry　to　Market　can　pay　for；　Nor　can　Debts　we　owe　to　Foreigners　be　paid　by　Bills　of　Exchange；　till　our　Commodities　Exported；　and　Sold　beyond　Sea；　have　produced　Money　or　Debts　due　there；　to　some　of　our　Merchants。　For　nothing　will　pay　Debts　but　Money　or　Moneys　worth；　which　three　or　four　Lines　writ　in　Paper　cannot　be。　If　such　Bills　have　an　intrinsick　value；　and　can　serve　instead　of　Money；　why　do　we　not　send　them　to　Market　instead　of　our　Cloth；　Lead　and　Tin；　and　at　an　easier　rate　purchase　the　Commodities　we　want？　All　that　a　Bill　of　Exchange　can　do；　is　to　direct　to　whom　Money　due；　or　taken　up　upon　Credit　in　a　Foreign　Country；　shall　be　paid：　And　if　we　trace　it；　we　shall　find；　that　what　is　owing　already　became　so；　for　Commodities；　or　Money；　carried　from　hence：　And　if　it　be　taken　up　upon　Credit；　it　must　（let　the　Debt　be　shifted　from　one　Creditor　to　another　as　often　as　you　will）　at　last　be　paid　by　Money　or　Goods；　carried　from　hence；　or　else　the　Merchant　here　must　turn　Bankrupt。　　　　　We　have　seen　how　Riches　and　Money　are　got；　kept；　or　lost；　in　any　Country；　and　that　is　by　consuming　less　of　Foreign　Commodities　than　what；　by　Commodities　or　Labour　is　paid　for。　This　is　in　the　ordinary　course　of　things：　But　where　great　Armies　and　Alliances　are　to　be　maintained　abroad　by　Supplies　sent　out　of　any　Country；　there　often；　by　a　shorter　and　more　sensible　way；　the　Treasure　is　diminished。　But　this　since　the　holy　War；　or　at　least　since　the　Improvement　of　Navigation　and　Trade；　seldom　happening　to　England；　whose　Princes　have　found　the　enlarging　their　Power　by　Sea；　and　the　securing　our　Navigation　and　Trade；　more　the　Interest　of　this　Kingdom　than　Wars　or　Conquests　on　the　Continent；　Expences　in　Arms　beyond　Sea　have　had　little　Influence　on　our　Riches　or　Poverty。　The　next　thing　to　be　considered；　is；　how　Money　is　necessary　to　Trade。　　　　　The　Necessity　of　a　certain　Proportion　of　Money　to　Trade；　（I　conceive）　lyes　in　this；　That　Money　in　its　Circulation　driving　the　several　Wheels　of　Trade；　whilst　it　keeps　in　that　Channel　（for　some　of　it　will　unavoidably　be　dreined　into　standing　Pools）　is　all　shared　between　the　Landholder；　whose　Land　affords　the　Materials；　The　Labourer；　who　works　thenm；　The　Broker；　（i。e。）　Merchant　and　Shopkeeper；　who　distributes　them　to　those；　that　want　them；　And　the　Consumer；　who　spends　them。　Now　Money　is　necessary　to　all　these　sorts　of　Men；　as　serving　both　for　Counters　and　for　Pledges；　and　so　carryingwith　it　even　Reckoning；　and　Security；　that　he；　that　receives　it；　shall　have　the　same　Value　for　it　again；　of　other　things　that　he　wants；　whenever　he　pleases。　The　one　of　these　it　does　by　its　Stamp　and　Denomination；　the　other　by　its　intrinsick　Value；　which　is　its　Quantity。　　　　　For　Mankind；　having　consented　to　put　an　imaginary　Value　upon　Gold　and　Silver　by　reason　of　their　Durableness；　Scarcity；　and　not　being　very　liable　to　be　Counterfeited；　have　made　them　by　general　consent　the　common　Pledges；　whereby　Men　are　assured；　in　Exchange　for　them　to　receive　equally　valuable　things　to　those　they　parted　with　for　any　quantity　of　these　Metals。　By　which　means　it　comes　to　pass；　that　the　intrinsick　Value　regarded　in　these　Metals　made　the　common　Barter；　is　nothing　but　the　quantity　which　Men　give　or　receive　of　them。　For　they　having　as　Money　no　other　Value；　but　as　Pledges　to　procure；　what　one　wants　or　desires；　and　they　procuring　what　we　want　or　desire；　only　by　their　quantity；　'tis　evident；　that　the　intrinsick　Value　of　Silver　and　Gold　used　in　Commerce　is　nothing　but　their　quantity。　　　　　The　Necessity　therefore　of　a　Proportion　of　Money　to　Trade；　depends　on　Money　not　as　Counters；　for　the　Reckoning　may　be　kept；　or　transferred　by　Writing；　but　on　Money　as　a　Pledge；　which　Writing　cannot　supply　the　place　of：　Since　the　Bill；　Bond；　or　other　Note　of　Debt；　I　receive　from　one　Man　will　not　be　accepted　as　Security　by　another；　he　not　knowing　that　the　Bill　or　Bond　is　true　or　legal；　or　that　the　Man　bound　to　me　is　honest　or　responsible；　and　so　is　not　valuable　enough　to　become　a　current　Pledge；　nor　can　by　publick　Authority　be　well　made　so；　as　in　the　Case　of　Assigning　of　Bills。　Because　a　Law　cannot　give　to　Bills　that　intrinsick　Value；　which　the　universal　Consent　of　Mankind　has　annexed　to　Silver　and　Gold。　And　hence　Foreigners　can　never　be　brought　to　take　your　Bills；　or　Writings　for　any　part　of　Payment；　though　perhaps　they　might　pass　as　valuable　Considerations　among　your　own　People；　did　not　this　very　much　hinder　it；　viz。　That　they　are　liable　to　unavoidable　Doubt；　Dispute；　and　Counterfeiting；　and　require　other　Proofs　to　assure　us　that　they　are　true　and　good　Security；　than　our　Eyes　or　a　Touchstone。　And　at　best　this　Course；　if　practicable；　will　not　hinder　us　from　being　Poor；　but　may　be　suspected　to　help　to　make　us　so；　by　keeping　us　from　feeling　our　Poverty；　which　in　Distress　will　be　sure　to　find　us　with　greater　disadvantage。　Though　it　be　certain　it　is　better　than　letting　any　part　of　our　Trade　fall　for　want　of　current　Pledges；　and　better　too　than　borrowing　Money　of　our　Neighbours　upon　Use；　if　this　way　of　Assigning　Bills　can　be　made　so　easie；　safe　and　universal　at　home；　as　to　hinder　it。　　　　　To　return　to　the　business　in　hand；　and　shew　the　necessity　of　a　Proportion　of　Money　to　Trade。　Every　Man　must　have　at　least　so　much　Money；　or　so　timely　Recruits；　as　may　in　hand；　or　in　a　short　distance　of　time；　satisfie　his　Creditor　who　supplies　him　with　the　necessaries　of　Life；　or　of　his　Trade。　For　no　body　has　any　longer　these　necessary　Supplies；　than　he　has　Money；　or　Credit；　which　is　nothing　else　but　an　Assurance　of　Money　in　some　short　time。　So　that　it　is　requisite　to　Trade　that　there　should　be　so　much　Money；　as　to　keep　up　the　Landholders；　Labourers　and　Brokers　Credit：　And　therefore　ready　Money　must　be　constantly　exchang'd　for　Wares　and　Labour；　or　follow　within　a　short　time　after。　　　　　This　shews　the　necessity　of　some　Proportion　of　Money　to　Trade：　But　what　Proportion　that　is；　is　hard　to　determine；　because　it　depends　not　barely　on　the　quantity　of　Money；　but　the　quickness　of　its　Circulation。　The　very　same　Shilling　may　at　one　time　pay　Twenty　Men　in　Twenty　days；　at　another；　rest　in　the　same　Hands　One　hundred　days　together。　This　makes　it　impossible　exactly　to　Estimate　the　quantity　of　Money　needful　in　Trade：　But　to　make　some　probable　guess；　we　are　to　consider；　how　much　Money　it　is　necessary　to　suppose　must　rest　constantly　in　each　Man's　Hands；　as　requisite　to　the　carrying　on　of　Trade。　　　　　First　therefore　the　Labourers；　living　generally　but　from　hand　to　mouth；　and　indeed；　considered　as　Labourers　in　order　to　Trade；　may　well　enough　carry　on　their　part；　if　they　have　but　Money　enough　to　buy　Victuals；　Cloaths；　and　Tools：　All　which　may　very　well　be　provided；　without　any　great　Sum　of　Money　lying　still　in　their　Hands。　The　Labourers　therefore；　being　usually　paid　once　a　Week；　（if　the　times　of　Payment　be　seldomer；　there　must　be　more　Money　for　the　carrying　on　this　part　of　Trade）　we　may　suppose　there　is　constantly　amongst　them；　one　with　another；　or　those　who　are　to　pay　them；　always　one　Weeks　Wages　in　ready　Money。　For　it　cannot　be　thought；　that　all；　or　most　of　the　Labourers　pay　away　all　their　Wages　constancy；　as　soon　as　they　receive　it；　and　live　upon　Trust　till　next　Pay　Day。　This　the　Farmer　and　Tradesman　could　not　well　bear；　were　it　every　Labourer's　Case；　and　every　one　to　be　trusted：　And　therefore　they　must　of　necessity　keep　some　Money　in　their　Hands；　to　go　to　Market　for　Victuals；　and　to　other　Tradesmen　as　poor　as　themselves；　for　Tools；　and　lay　up　Money　too　to　buy　Cloaths；　or　pay　for　those　they　bought　upon　Credit。　Which　Money　thus　necessarily　resting　in　their　Hands；　we　cannot　imagine　to　be；　one　with　another；　much　less　than　a　Weeks　Wages；　that　must　be　in　their　Pockets；　or　ready　in　the　Farmer's　Hands。　For　he　who　employs　a