some considerations of the lowering of interest-第8章

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as　its　greater　scarcity　enhanses　its　Price；　and　increases　the　scramble；　there　being　nothing　else　that　does　easily　supply　the　want　of　it。　The　lessening　its　quantity；　therefore；　always　increases　its　Price；　and　makes　an　equal　portion　of　it　exchange　for　a　greater　of　any　other　thing。　Thus　it　comes　to　pass；　that　there　is　no　manner　of　settled　proportion　between　the　value　of　an　Ounce　of　Silver；　and　any　other　Commodity：　For　either　varying　its　quantity　in　that　Country；　or　the　Commodity　changing　its　quantity　in　proportion　to　its　vent；　their　respective　values　change；　i。e。　less　of　one　will　barter　for　more　of　the　other：　Though　in　the　ordinary　way　of　speaking；　'tis　only　said；　that　the　price　of　the　Comnmodity；　not　of　the　Money　is　changed。　For　example；　half　an　Ounce　of　Silver　in　England；　will　exchange　sometimes　for　a　whole　Bushel　of　Wheat；　sometimes　for　half；　sometimes　but　a　quarter；　and　this　it　does　equally；　whether　by　Use　it　be　apt　to　bring　in　to　the　Owner　Six　in　the　Hundred　of　its　own　Weight　per　Annum；　or　nothing　at　all：　It　being　only　the　change　of　the　quantity　of　Wheat　to　its　Vent；　supposing　we　have　still　the　same　Summ　of　Money　in　the　Kingdom；　or　else　the　change　of　the　quantity　of　our　Money　in　the　Kingdom；　supposing　the　quantity　of　Wheat；　in　respect　to　its　Vent　be　the　same　too；　that　makes　the　change　in　the　Price　of　Wheat。　For　if　you　alter　the　quantity　or　vent　on　either　side；　you　presently　alter　the　Price；　but　no　other　way　in　the　World。　　　　　For　it　is　not　the　Being；　Adding；　Increasing　or　Diminishing　of　any　good　quality　in　any　Commodity；　that　makes　its　Price　greater　or　less；　but　only　as　it　makes　its　quantity　or　vent　greater　of　less；　in　proportion　one　to　another。　This　will　easily　appear　by　Two　or　Three　Instances。　　　　　1。　The　Being　of　any　good；　and　useful　quality　in　any　thing　neither　increases　its　Price；　nor　indeed　makes　it　have　any　Price　at　all；　but　only　as　it　lessens　its　quantity　or　increases　its　vent；　each　of　these　in　proportion　to　one　another。　What　more　useful　or　necessary　things　are　there　to　the　Being　or　Well…being　of　Men；　than　Air　and　Water；　and　yet　these　have　generally　no　Price　at　all；　nor　yield　any　Money：　Because　their　quantity　is　immensly　greater　than　their　vent　in　most　places　of　the　World。　But；　as　soon　as　ever　Water　（for　Air　still　offers　it　self　every　where；　without　restraint　or　inclosure；　and　therefore　is　no　where　of　any　Price）　comes　any　where　to　be　reduced　into　any　proportion　to　its　consumption；　it　begins　presently　to　have　a　Price；　and　is　sometimes　sold　dearer　than　Wine。　Hence　it　is；　that　the　best；　and　most　useful　things　are　commonly　the　cheapest；　because；　though　their　Consumption　be　great；　yet　the　Bounty　of　Providence　has　made；　their　production　large；　and　suitable　to　it。　　　　　2。　Nor　does　the　Adding　an　excellency　to　any　Commodity；　raise　its　Price；　unless　it　increase　its　Consumption。　For　suppose　there　should　be　taught　a　way　（which　should　be　published　to　the　knowledge　of　every　one）　to　make　a　Medicine　of　Wheat　alone；　that　should　infallibly　Cure　the　Stone：　'Tis　certain　the　discovery　of　this　quality　in　that　Grain；　would　give　it　an　excellency　very　considerable：　And　yet　this　would　not　increase　the　Price　of　it　one　Farthing　in　Twenty　Bushels；　because　its　quantity　or　vent　would　not　hereby；　to　any　sensible　degree；　be　alter'd。　　　　　3。　Neither　does　the　Increasing　of　any　good　quality；　in　any　sort　of　things　make　it　yield　more。　For　though　Teasels　be　much　better　this　Year；　than　they　were　last；　they　are　not　one　jot　dearer；　unless　they　be　fewer　too；　or　the　consumption　of　them　greater。　　　　　4。　Nor　does　the　lessening　the　good　qualities　of　any　sort　of　Commodity　lessen　its　Price；　which　is　evident　in　Hops；　that　are　usually　dearest　those　Years　they　are　worst。　But　if　it　happen　to　be　a　Species　of　Commodity；　whose　defects　may　be　supplyed　by　some　other；　the　making　of　it　worse　does　lessen　its　Price；　because　it　hinders　its　Vent。　For　if　Rye　should　any　Year　prove　generally　smutty　or　grown；　no　question　it　would　yield　less　Money　than　otherwise；　because　the　deficiency　of　that　might　be；　in　some　measure；　made　up　by　Wheat；　and　other　Grain。　But　if　it　be　a　sort　of　Commodity　whose　use　no　other　known　thing　can　supply；　'tis　not　its　being　better　or　worse；　but　its　quantity　and　vent　is　that　alone　which　regulates；　and　determines　its　value。　　　　　To　apply　this　now　to　Money；　as　capable　of　different　Rates　of　Interest。　To　Money　considered　in　its　proper　use；　as　a　Commodity　passing　in　exchange　from　one　to　another；　all　that　is　done　by　Interest；　is　but　the　adding　to　it　by　agreement　or　publick　Authority；　a　faculty；　which　naturally　it　has　not；　of　increasing　every　Year　Six　per　Cent。　Now　if　publick　Authority　sink　Use　to　Four　per　Cent。　'tis　certain　it　diminishes　this　good　quality　in　Money　one　Third。　But　yet　this　making　the　Money　of　England　not　one　Farthing　more　than　it　was；　it　alters　not　the　Measures　upon　which　all　changeable　Commodities　increase　or　sink　their　price；　and　so　makes　not　Money　Exchange　for　less　of　any　Commodity；　than　it　would　without　this　alteration　of　its　Interest。　If　lessening　Use　to　Four　per　Cent。　should　at　all　alter　the　quantity　of　Money；　and　make　it　less；　it　would　make　Money；　as　it　has　the　Nature　of　a　Commodity；　dearer；　i。e。　a　less　quantity　of　Money　would　Exchange　for　a　greater　quantity　of　another　Commodity；　than　it　would　before。　This　perhaps　will　appear　a　little　plainer　by　these　following　particulars。　　　　　1。　That　the　Intrinsick　Natural　worth　of　any　Thing；　consists　in　its　fitness　to　supply　the　Necessities　or　serve　the　Conveniencies　of　human　Life；　and　the　more　necessary　it　is　to　our　Being；　or　the　more　it　contributes　to　our　Well…being　the　greater　is　its　worth：　But　yet；　　　　　2。　That　there　is　no　such　Intrinsick　Natural　settled　value　in　any　Thing；　as　to　make　any　assign'd　quantity　of　it；　constantly　worth　any　assigned　quantity　of　another。　　　　　3。　The　Marketable　value　of　any　assign'd　quantities　of　two　or　more　Commodities；　are　pro　hic　&　nunc；　equal；　when　they　will　Exchange　one　for　another。　As　supposing　one　Bushel　of　Wheat；　two　Bushels　of　Barley；　Thirty　pound　of　Lead；　and　one　Ounce　of　Silver；　will　now　in　the　Market　be　taken　one　for　another；　they　are　then　of　equal　worth：　And　our　Coin　being　that　which　Englishmen　reckon　by；　an　Englishman　would　say；　that　now　one　Bushel　of　Wheat；　two　Bushels　of　Barley；　thirty　Pound　of　Lead；　and　one　Ounce　of　Silver；　were　equally　worth　five　Shillings。　　　　　4。　The　change　of　this　Marketable　value　of　any　Commodity　in　respect　of　an　other　Commodity　or　in　respect　of　a　standing　common　Measure；　is　not　the　altering　of　any　Intrinsick　value　or　quality　in　the　Commodity；　（for　musty　and　smutty　Corn　will　Sell　dearer　at　one　time　than　the　clean　and　sweet　at　another）　but　the　alteration　of　some　proportion；　which　that　Commodity　bears　to　something　else。　　　　　5。　This　proportion　in　all　Commodities；　whereof　Money　is　one；　is　the　proportion　of　their　quantity　to　the　vent。　The　Vent　is　nothing　else；　but　the　passing　of　Commodities　from　one　owner　to　another　in　Exchange；　and　is　then　call'd　quicker；　when　a　greater　quantity　of　any　species　of　Commodity；　is　taken　off　from　the　Owners　of　it；　in　an　equal　space　of　time。　　　　　6。　This　Vent　is　regulated；　i。e。　made　quicker　or　slower；　as　greater　or　less　quantities　of　any　Saleable　Commodity　are　remov'd　out　of　the　way；　and　course　of　Trade；　separated　from　publick　Commerce；　and　no　longer　lie　within　the　reach　of　Exchange。　For　though　any　Commodity　should　shift　Hands　never　so　fast；　and　be　Exchanged　from　one　Man　to　another；　yet　if　they　were　not　thereby　exempted　from　Trade　and　Sale；　and　did　not　cease　to　be　any　longer　Traffick；　this　would　not　at　all　make；　or　quicken　their　Vent。　But　this　seldom　or　never　happening；　makes　very　little　or　no　alteration。　　　　　7。　Things　are　removed　out　of　the　Market　or　Hands　of　Commerce；　and　so　their　Vent　altered　three　ways；　1。　By　Consumption；　when　the　Commodity　in　its　Use　is　destroy'd；　as　Meat；　Drink；　and　Cloths；　&c。　all　that　is　so　consumed　is　quite　gone　out　of　the　Trade　of　the　World。　2。　By　Exportation；　and　all　that　is　so　carried　away；　is　gone　out　of　the　Trade　of　England；　and　concerns　Englishmen　no　more　in　the　price　of　their　Commodities　among　themselves　for　their　own　use；　than　if　it　were　out　of　the　World。　3。　By　buying　and　laying　up　for　a　Man's　private　Use。　For　what　is　by　any　of　these　ways　shut　out　of　the　Market；　and　no　longer　moveable　by　the　Hand　of　Commerce；　makes　no　longer　any　part　of　Merchantable　Ware；　and　so　in　respect　of　Trade；　and　the　quantity　of　any　Commodity；　is　not　more　considerable　than　if　it　were　not　in　being。　All　these　three　terminating　at　last　in　Consumption　of　all　Commodities；　（excepting　only　Jewels　and　Plate；　and　some　few　others　which　wear　out　but　insensibly）　may　properly　enough　pass　under　that　Name。　Ingrossing　too　has　some　influence　on　the　present　Vent：　But　this　inclosing　some　considerable　part　of　any　Commodity；　（for　if　the　ingrossing　be　of　all　the　Commodity；　and　it　be　of　general　Use；　the　price　is　at　the　will　of　the　Ingrosser）　out　of　the　free　common　of　Trade　only　for　some　time；　and　afterwards　returning　again　to　Sale；　makes　not　usually　so　sensible　and　general　an　alteration　in　the　Vent　as　the　others　do：　But　yet　influences　the　price；　and　the　Vent　more；　according　as　it　extends　its　self　to　a　larger　portion　of　the　Commodity；　and　Hoards　it　up　longer。　　　　　8。　Most　other　portable　Commodities　（excepting　Jewels；　Plate；　&c。）　decaying　quickly　in　their　Use；　but　Money　being　less　consumed　or　increased；　i。e。　by　slower　Degrees　removed　from；　or　brought　into　the　free　Commerce　of　any　Country；　than　the　greatest　part　of　other　Merchandize；　and　so　the　proportion　between　its　quantity　and　Vent；　altering　slower　than　in　most　other　Commodities；　it　is　commonly　look'd　on　as　a　standing　measure　to　judge　of　the　value　of　all　Things；　especially　being　adapted　to　it　by　its　Weight　and　Denomination　in　Coinage。　　　　　9。　Money；　whilst　the　same　quantity　of　it　is　passing　up　and　down　the　Kingdom　in　Trade；　is　really　a　standing　measure　of　the　falling　and　rising　value　of　other　Things　in　Reference　to　one　another：　and　the　alteration　of　price　is　truly　in　them　only。　But　if　you　increase　or　lessen　the　quantity　of　Money　current　in　Traffick　in　any　place；　then　the　alteration　of　value　is　in　the　Money：　And　if　at　the　same　time　Wheat　keep　its　proportion　of　Vent　to　quantity；　Money　to　speak　truly　alters　its　worth；　and　Wheat　does　not；　though　it　Sell　for　a　greater　or　less　price　than　it　did　before。　For　Money　being　look'd　upon　as　the　standing　measure　of　other　Commodities；　Men　consider　and　speak　of　it　still；　as　if　it　were　a　standing　measure；　though　when　it　has　varied　its　quantity；　'tis　plain　it　is　not。　　　　　10。　But　the　value　or　price　of　all　Commodities；　amongst　which　Money　passing　in　Trade　is　truly　one；　consisting　in　proportion；　you　alter　this；　as　you　do　all　other　proportions；　whether　you　increase　one；　or　lessen　the　other。　　　　　11。　In　all　other　Commodities；　the　Owners　when　they　design　them　for　Traffick；　endeavour　as　much　as　they　can　to　have　them　vented　and　gone；　i。e。　removed　out　of　the　reach　of　Commerce；　by　Consumption；　Exportation；　or　laying　up：　But　Money　never　lying　upon　Peoples　Hands；　or　wanting　Vent；　（for　any　one　may　part　with　it　in　Exchange　when　he　pleases；）　the　provident　publick；　and　private　care；　is　to　keep　it　from　Venting　or　Consuming；　i。e。　from　Exportation　which　is　its　proper　Consumption；　and　from　Hoarding　up　by　others；　which　is　a　sort　of　Ingrossing。　Hence　it　is　that　other　Commodities　have　sometimes　a　quicker；　som