cent., and in Holland not limited by law, our neighbour merchants undersell us, because they live more frugally, and are content with less profit.

3. "Interest being lower in Holland than in England, their contributions to war, works of piety, and all charges of the state, are cheaper to them than

Answ. This needs a little explication. Contributions, greater or less, I understand; but contributions cheaper or dearer, I confess I do not. If they manage their wars and charges cheaper than we, the blame is not to be laid on high or low interest.

4." Interest being so high, prevents the building of shipping, which is the strength and safety of our island, most merchant-ships being built in Holland."

Answ. Though this argument be now gone, such ships being prohibited by a law, I will help the author to one as good. The Dutch buy our rape-seed, make it into oil, bring it back to us, and sell it with advan tage. This may be as well said to be from high interest here, and low there. But the truth is, the industry and frugality of that people make them content to work cheaper, and sell at less profit than their neighbours, and so get the trade from them..

5. "The high rate of usury makes land sell so cheap,' being not worth more than fourteen or fifteen years' purchase; whereas in Holland, where interest is at six, it is worth above twenty-five. So that a low interest raises the price of land. Where money is dear, land is cheap."

Answ. This argument plainly confesses, that there is something else regulates the price of land besides the rate of interest; else, when money was at ten per cent.o here, should land have been at ten years' purchase, whereas he confesses it then to have been at fourteen or fifteen. One may suppose, to favour his hypothesis, he was not forward to speak the most of it. And interest, as he says, being at six per cent. in Holland, land there should have sold, by that rule, for sixteen and an half year's purchase; whereas he says, it was worth about twenty→→

"That money in

five. And Mr. Manly says, p. 33, France being at seven per cent., noble land sells for thirty-four and thirty-five years' purchase, and ordinary land for twenty-five." So that the true conclusion from hence is, not what our author makes, but this, That it is not the legal interest, but something else, that governs the rate of land. I grant his position, That where money is dear, land is cheap, and vice versa. But it must be so by the natural not legal interest. For where money will be lent on good security at four or five per cent. it is a demonstration that there is more than will be ventured on ordinary credit in trade. And when this plenty becomes general, it is a sign there is more money than can be employed in trade; which cannot but put many upon seeking purchases, to lay it out in land, and so raise the price of land, by making more buyers than sellers.

6. "It is not probable lenders will call in their money, when they cannot make greater interest any where. Besides, their security upon land will be better."

Answer. Some unskilful and timorous men will call in their money; others put it into the bankers' hands. But the bankers and skilful will keep it up, and not lend it, but at the natural use, as we have shown. But how securities will be mended, by lowering of interest, is, I confess, beyond my comprehension.

Of raising our Coin.

BEING now upon the consideration of interest and money, give me leave to say one word more on this occasion, which may not be wholly unseasonable at this time. I hear a talk up and down of raising our money, as a means to retain our wealth, and keep our money from being carried away. I wish those that use the phrase of raising our money had some clear notion annexed to it; and that then they would examine," Whether, that being true, it would at all serve to those ends for which it is proposed ??? £ ? ®ན

VOL. V.

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The raising of money, then, signifies one of these two things; either raising the value of our money, or raising the denomination of our coin.

The raising the value of money, or any thing else, is nothing but the making a less quantity of it exchange for any other thing than would have been taken for it before; v. g. If 5s. will exchange for, or (as we call it) buy a bushel of wheat; if you can make 4s. buy another bushel of the same wheat, it is plain the value of your money is raised, in respect of wheat, one-fifth. But thus nothing can raise or fall the value of your money, but the proportion of its plenty, or scarcity, in proportion to the plenty, scarcity, or vent of any other commodity with which you compare it, or for which you would exchange it. And thus silver, which makes the intrinsic value of money, compared with itself, under any stamp or denomination of the same or different countries, cannot be raised. For an ounce of silver, whether in pence, groats, or crown-pieces, stivers, or ducatoons, or in bullion, is, and always eternally will be, of equal value to any other ounce of silver, under what stamp or denomination soever; unless it can be shown that any stamp can add any new or better qualities to one parcel of silver, which another parcel of silver wants.

Silver, therefore, being always of equal value to silver, the value of coin, compared with 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 alloyed, (i. e. mixed with some baser metals) fine silver, (i. e. silver separated from all alloy) is usually dearer than so much silver alloyed, or mixed with baser metals. Because, besides the weight of the silver, those who have need of fine (i. e. unmixed silver; as gilders, wire-drawers, &c.) must, according to their need, besides an equal weight of silver, mixed with other metals, give san overplus to reward the refiner's skill and pains. And in this case, fine silver and alloyed or mixed silver are

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considered as two distinct commodities. But no money being coined here, or almost any where, 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, 5s. or a crown, were to weigh an ounce, (as it does now, wanting about 16 grains) whereof one-twelfth were copper, and eleventwelfths silver, (for thereabouts it is) it is plain here, it is the quantity of silver gives the value to it. For let another piece be coined 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 raised, and from henceforth our crown-pieces coined 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 nobody 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, oil, 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 one ounce may do the same. For if the abating one-twentieth 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 three-pence, or a single penny, being called 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 nobody 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 suppose, now proposed.

1. The raising of one species of your coin, beyond its intrinsic 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 as 60, 12, 6, and 4. Now, if in the mint there should be coined groats, or testers, that, being of the same alloy with our other money, had but two-thirds of the weight that those species are coined at now; or else, being of the same weight, were so alloyed, as to have one-third of the silver, required by the present standard, changed 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) it is plain, those species would be raised one-third part; that passing for 6d. which had but the silver of 4d. in it; and would be all one, as if a groat should by law be made current for 6d. and every 6d. in payment pass for 9d. This is truly raising these species: but is no more in effect, than if the mint should coin clipped 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 public 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 public, that, besides the opportunity it gives to domestic coiners to cheat you with lawful money, it puts it into the hands of foreigners to fetch