being the healthier, pleasanter, and more convenient food: but, since oats would serve to supply that absolute necessity of sustaining life, men would not rob themselves of all other conveniencies of life, by paying all their money for wheat, when oats, that are cheaper, though with some inconvenience, would supply that defect. It may then so happen at the same time, that half an ounce of silver, that the year before would buy one bushel of wheat, will this year buy but one-tenth of a bushel: half an ounce of silver, that the year before would have bought three bushels of oats, will this year still buy one: and at the same time half an ounce of filver, that would the year before have bought fifteen pounds of lead, will still buy the same quantity. So that at the same time filver, in respect of wheat, is nine-tenths less worth than it was, in respect of oats two-thirds less worth, and in respect of lead as much worth as before.

The fall, therefore, or rise of interest, making immediately, by its change, neither more, nor less land, money, or any sort of commodity in England, than there was before, alters not at all the value of money, in reference to commodities. Because the measure of that is only the quantity and vent, which are not immediately changed by the change of interest. So far as the change of interest conduces, in trade, to the bringing in, or carrying out money, or commodities, and so in time to the varying their proportions here in England, from what it was before; so far the change of intereft, as all other things that promote, or hinder trade, may alter the value of money, in reference to commodities. But that is not in this place to be considered.

This is perfectly the value of money, in respect of consumable commodities: but the better to understand it, in its full latitude, in respect both of consumable commodities, and land too, we must consider, first, That the value of land consists in this, that, by its constant production of saleable commodities, it brings in a certain yearly income. Secondly, The value of commodities consists in this, that, as portable and use

ful

ful things, they, by their exchange or consumption, supply the necessaries, or conveniencies of life. Thirdly, In money there is a double value, answering to both of these, first, as it is capable, by its interest, to yield us such a yearly income: and in this it has the nature of land, (the income of one being called rent, of the other use) only with this difference, that the land, in its soil being different, as some fertile, some barren, and the products of it very various, both in their sorts, goodness, and vent, is not capable of any fixed estimate by its quantity: but money being constantly the same, and by its interest giving the same sort of product, through the whole country, is capable of having a fixed yearly rate set upon it by the magistrate; but land is not. But though in the uniformity of its legal worth, one hundred pounds of lawful money being all through England equal in its current value to any other one hundred pounds of lawful money, (because by virtue of the law it will every-where pass for as much ware, or debt, as any other hundred pounds) is capable to have its yearly hire valued better than land: yet in respect of the varying need, and necessity of money, (which changes with the increase, or decay of money, or trade in a country) it is as little capable to have its yearly hire fixed by law, as land itself. ́ For were all the land in Rumney-marsh, acre for acre, equally good, that is, did constantly produce the same quantity of equally good hay, or grass, one as another, the rent of it, under that consideration, of every acre being of an equal worth, would be capable of being regulated by law; and one might as well enact, that no acre of land in Rumney-marsh shall be let for above forty shillings per annum, as that no hundred pounds shall be let for above four pounds per annum. But no-body can think it fit (since by reason of the equal value of that land it can) that therefore the rent of the land in Rumney-marsh should be regulated by law. supposing all the land in Rumney-marsh, or in England, were all of so equal a worth, that any one acre, compared at the same time to any one other, were equally good, in respect of its product; yet the same VOL. V.

D

For

acre,

acre, compared with itself in different times, would not, in respect of rent, be of equal value. And therefore, it would have been an unreasonable thing, if in the time of Henry VII. the rent of land in Rumney-marsh had been settled by a law, according to the judged value of it at that time, and the same law, limiting the rent perhaps to 5s. per acre, have continued still. The absurdity and impracticableness of this every one sees, at the first proposal, and readily concludes within himself, that things must be left to find their own price; and it is impossible, in this their constant mutability, for human foresight to set rules and bounds to their constantly varying proportion and use, which will always regulate their value.

They, who consider things beyond their names, will find, that money, as well as all other commodities, is liable to the same changes and inequalities: nay, in this respect of the variety of its value, brought in by time, in the succession of affairs, the rate of money is less capable of being regulated by a law, in any country, than the rent of land. Because, to the quick changes, that happen in trade, this too must be added, that money may be brought in, or carried out of the kingdom, which land cannot; and so that be truly worth six or eight per cent. this year, which would yield but four the last.

2. Money has a value, as it is capable, by exchange, to procure us the necessaries, or conveniencies of life, and in this it has the nature of a commodity; only with this difference, that it serves us commonly by its exchange, never almost by its consumption. But though the use men make of money be not in its consumption, yet it has not at all a more standing, settled value, in exchange with any other thing, than any other commodity has; but a more known one, and better fixed by name, number, and weight, to enable us to reckon what the proportion of scarcity and vent of one commodity is to another. For supposing, as before, that half an ounce of silver would last year exchange for one bushel of wheat, or for 15lb. weight of lead; if this year wheat be ten times scarcer, and lead in the same

quantity

quantity to its vent, as it was, is it not evident, that half an ounce of silver will still exchange for 15lb. of lead, though it will exchange but for one-tenth of a bushel of wheat? and he that has use of lead, will as soon take 15lb. weight of lead, as half an ounce of silver, for one-tenth of a bushel of wheat, and no more. So that if you say that money now is nine-tenths less worth than it was the former year, you must say so of lead too, and all other things, that keep the same proportion to money which they had before. The variation, indeed, is first and most taken notice of in money: because that is the universal measure, by which people reckon, and used by every body in the valuing of all things. For calling that half an ounce of silver half-acrown, they speak properly, and are readily understood, when they say, half-a-crown, or two shillings and sixpence, will now buy one-tenth of a bushel of wheat, but do not say, that 15lb. of lead will now buy onetenth of a bushel of wheat, because it is not generally used to this sort of reckoning: nor do they say, lead is less worth than it was, though in respect of wheat, lead be nine-tenths worse than it was, as well as silver: only by the tale of shillings, we are better enabled to judge of it: because these are measures, whose ideas by constant use are settled in every Englishman's mind.

This, I suppose, is the true value of money, when it passes form one to another, in buying and selling; where it runs the same changes of higher, or lower, as any other commodity doth: for one equal quantity whereof, you shall receive in exchange more, or less of another commodity, at one time, than you do at another. For a farmer that carries a bushel of wheat to market, and a labourer that carries half-a-crown, shall find that the money of one, as well as corn of the other, shall at some times purchase him more or less leather, or salt, according as they are in greater plenty, and scarcity, one to another. So that in exchanging coined silver for any other commodity, (which is buying and selling) the same measure governs the proportion you receive, as if you exchanged lead, or wheat, or any other commmodity. That which regulates the price, D 2

1. e.

i. e. the quantity given for money (which is called buying and selling) for another commodity, (which is called bartering) is nothing else but their quantity in proportion to their vent. If then lowering of use makes not your silver more in specie, or your wheat, or other commodities less, it will not have any influence at all to make it exchange for less of wheat, or any other commodity, than it will have on lead, to make it exchange for less wheat, or any other commodity.

Money therefore, in buying and selling, being perfectly in the same condition with other commodities, and subject to all the same laws of value, let us next see how it comes to be of the same nature with land, by yielding a certain yearly income, which we call use, or interest. For land produces naturally something new and profitable, and of value to mankind; but money is a barren thing, and produces nothing; but by compact transfers that profit, that was the reward of one man's labour, into another man's pocket. That which occafions this, is the unequal distribution of money; which inequality has the same effect too upon land, that it has upon money. For my having more money in my hand than I can, or am disposed to use in buying and selling, makes me able to lend: and another's want of so much money as he could employ in trade, makes him willing to borrow. But why then, and for what consideration doth he pay use? For the same reason, and upon as good consideration, as the tenant pays rent for your land. For as the unequal distribution of land, (you having more than you can, or will manure, and another less) brings you a tenant for your land; and the same unequal distribution of money, (I having more than I can, or will employ, and another less) brings me a tenant for my money: so my money is apt in trade, by the industry of the borrower, to produce more than six per cent. to the borrower, as well as your land, by the labour of the tenant, is apt to produce more fruits, than his rent comes to; and therefore deserves to be paid for, as well as land by a yearly rent. For though the usurer's money would bring him in no yearly profit, if he did not lend it,

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