is truly in them only. But if you increase, or lessen, the quantity of money, current in traffic, 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 looked 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, it is 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 traffic, 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 people's hands, or wanting vent, (for any one may part with it in exchange, when he pleases) the provident public 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 engrossing. Hence it is that other commodities have sometimes a quicker, sometimes a slower vent: for nobody lays out his money in them, but according to the use he has of them, and that has bounds. But every body being ready to receive money without bounds, and keep it by him, because it answers all things: therefore the vent of money is always sufficient, or more than enough. This being so, its quantity alone, is enough to regulate and determine its value, without considering any proportion between its quantity and vent, as in other commodities.

12. Therefore the lessening of use, not bringing one penny of money more into the trade or exchange of any country, but rather drawing it away from trade, and, so making it less, does not at all sink its value, and

make it buy less of any commodity, but rather

more.

13. That which raises the natural interest of money, is the same that raises the rent of land, i. e. its aptness to bring in yearly to him that manages it a greater overplus of income above his rent, as a reward to his labour. That which causes this in land, is the greater quantity of its product, in proportion to the same vent to that particular fruit, or the same quantity of product, in proportion to a greater vent of that single commodity; but that which causes increase of profit to the borrower of money, is the less quantity of money, in proportion to trade, or to the vent of all commodities, taken together, and vice versa.

14. The natural value of money, as it is apt to yield such a yearly income by interest, depends on the whole quantity of the then passing money of the kingdom, in proportion to the whole trade of the kingdom, i. e. the general vent of all the commodities. But the natural value of money, in exchanging for any one commodity, is the quantity of the trading money of the kingdom designed for that commodity, in proportion to that single commodity and its vent. For though any single man's necessity and want, either of money, or any species of commodity, being known, may make him pay dearer for money, or that commodity, yet this is but a particular case, that does not at the same time alter this constant and general rule.

15. That supposing wheat a standing measure, that is, that there is constantly the same quantity of it, in proportion to its vent, we shall find money to run the same variety of changes in its value, as all other commodities do. Now that wheat in England does come nearest to a standing measure, is evident by comparing wheat with other commodities, money, and the yearly income of land, in Henry the Seventh's time, and now; for supposing that primo Henry VII. N. let, 100 acres of land to A. for 6d. per annum per acre, rackrent, and to B. another 100 acres of land, of the same soil and yearly worth with the former, for a bushel of wheat per acre, rack-rent, (a bushel of wheat about that

time being probably sold for about 6d.) it was then an equal rent. If, therefore, these leases were for years yet to come, it is certain that he that paid but 6d. per acre, would pay now 50s. per annum, and he that paid a bushel of wheat per acre, would now pay about 251. per annum, which would be near about the yearly value of the land, were it to be let now. The reason whereof is this, that there being ten times as much silver now in the world (the discovery of the West Indies having made the plenty) as there was then, it is ninetenths less worth now than it was at that time; that is, it will exchange for nine-tenths less of any commodity now, which bears the same proportion to its vent, as it did 200 years since, which, of all other commodities, wheat is likeliest to do; for in England, and this part of the world, wheat being the constant and most general food, not altering with the fashion, not growing by chance; but as the farmers sow more or less of it, which they endeavour to proportion, as near as can be guessed, to the consumption, abstracting the overplus of the precedent year, in their provision for the next, and vice versa; it must needs fall out, that it keeps the nearest proportion to its consumption (which is more studied and designed in this than other commodities) of any thing, if you take it for seven or twenty years together: though perhaps the plenty or scarcity of one year, caused by the accidents of the season, may very much vary it from the immediately precedent, or following. Wheat, therefore, in this part of the world, (and that grain, which is the constant general food of any other country) is the fittest measure to judge of the altered value of things, in any long tract of time: and therefore, wheat here, rice in Turkey, &c. is the fittest thing to reserve a rent in, which is designed to be constantly the same for all future ages. But money is the best measure of the altered value of things in a few years because its vent is the same, and its quantity alters slowly. But wheat, or any other grain, cannot serve instead of money, because of its bulkiness, and too quick change of its quantity; for had I a bond, to

g

pay me 100 bushels of wheat next year, it might be a fourth part loss or gain to me; too great an inequality and uncertainty to be ventured in trade besides the different goodness of several parcels of wheat in the same year.

16. That supposing any island separate from the commerce of the rest of mankind; if gold and silver, or whatever else, (so it be lasting) be their money, if: they have but a certain quantity of it, and can give no more, that will be a steady, standing measure of the value of all other things.

17. That, if in any country they use for money any lasting material, whereof there is not any more to be got, and so, cannot be increased, or being of no other. use, the rest of the world does not value it, and so it is. not like to be diminished, this also would be a steady, standing measure of the value of other commodities.

18. That in a country, where they had such a standing measure, any quantity of that money (if it were but so much that every body might have some) would serve to drive any proportion of trade, whether more or less; there being counters enough to reckon by, and the value of the pledges being still sufficient, as constantly increasing with the plenty of the commodity. But these three last, being built on suppositions that are not like to be found in the practice of mankind, since navigationt and commerce have brought all parts acquainted with one another, and introduced the use of gold and silver money into all trading parts of the world; they serve rather to give us some light into the nature of money, than to teach here a new measure of traffic. Though it be certain, that that part of the world which bred most of our gold and silver used least of it in exchange, and used it not for money at all.

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19. That therefore, in any country, that hath commerce with the rest of the world, it is almost impossible now to be without the use of silver coin; and having money of that, and accounts kept in such money, is impossible to have any standing, unalterable mea sure of the value of things; for whilst the mines sup

it

ply to mankind more than wastes and consumes in its use, the quantity of it will daily grow greater, in respect of other commodities, and its value less.

20. That in a country, that hath open commerce with the rest of the world, and uses money, made of the same materials with their neighbours, any quantity of that money will not serve to drive any quantity of trade; but there must be a certain proportion between their money and trade. The reason whereof is this, because to keep your trade going without loss, your commodities amongst you must keep an equal, or at least near the price of the same species of commodities in the neighbouring countries; which they cannot do if your money be far less than in other countries: for then either your commodities must be sold very cheap, or a great part of your trade must stand still, there not being money enough in the country to pay for them (in their shifting of hands) at that high price, which the plenty, and consequently low value of money, makes them at in another country; for the value of money, in general, is the quantity of all the money in the world, in proportion to all the trade: but the value of money in any one country, is the present quantity of the current money in that country, in proportion to the present trade. Supposing then, that we had now in England but half as much money as we had seven years ago, and yet had still as much yearly product of commodities, as many hands to work them, and as many brokers to disperse them, as before; and that the rest of the world we trade with had as much money as they had before, (for it is likely they should have more by our moiety shared amongst them) it is certain, that either half our rents should not be paid, half our commodities not vented, and half our labourers not employed, and so half the trade be clearly lost; or else, that every one of these must receive but half the money for their commodities and labour they did before, and but half so much as our neighbours do receive, for the same labour, and the same natural product at the same time. Such a state of poverty as this, though it will make no scarcity of our native commodities amongst us, yet it will have these ill consequences.

VOL. V.

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