Further Considerations [18]
for One fifth more Money in Tale, than before the change of our Money, they too must have One fifth more in Tale of the new Money for their Wages, than they have now; and the Day-Labourer must have, not only twelve, but fifteen Pence of the new Money a day, which is the present Shilling, that he has now, or else he cannot live. So that all Foreign Commodities, with Corn and Labour, keeping up their value to the quantity of Silver, they sell for now, and not complying in the fall of their real price with the nominal raising of our Money; there is not much left wherein Landlords and Creditors are to expect the recompence of 20 per Cent. abatement of price in Commodities to make up their loss in the lightness of our Money they are paid their Rents and Debts in. 'Twould be easie to shew the same thing concerning our other native Commodities, and make it clear, that we have no reason to expect they should abate of their present price, any more than Corn and Labour. But this is enough, and any one, who has a mind to it, may trace the rest at his leisure. And thus I fear the hopes of cheaper Penny-worths, which might beguile some Men into a belief, that Landlords and Creditors would receive no less by the proposed new Money, is quite vanished. But if the promise of better Penny-worths and a fall of all Commodities Twenty per Cent. should hold true, this would not at all relieve Creditors and Landlords, and set them on equal terms with their Neighbours: Because the cheap Penny-worths will not be for them alone; but every body else, as well as they, will share in that advantage; so that their Silver being diminished One fifth in their Rents and Debts, which are paid them, they would still be Twenty per Cent. greater losers than their unhoarding neighbours, and Forty per Cent. greater losers than the Hoarders of Money; Who will certainly get Twenty per Cent. in the Money, whatever happens in the price of things; And Twenty per Cent. more in the cheapness of Commodities, if that promised recompence be made good to Creditors and Landlords. For the Hoarders of Money (if the price of things falls) will buy as cheap as they. So that whatever is said of the cheapness of Commodities, 'tis Demonstration, (whether that proves true or no) That Creditors, and Landlords, and all those who are to receive Money upon Bargains made before the proposed change of our Coin, will unavoidably lose Twenty per Cent. One thing Mr. Lowndes says in this Paragraph very remarkable, which I think decides the Question. His words p. 78. are these, That if the value of the Silver in the Coins (by an extrinsick denomination) be raised above the value or Market price of the same Silver reduc'd to Bullion, the Subject would be proportionably injured and defrauded, as they wereformerly in the case of base Moneys Coin'd by publique Authority. It remains therefore only to shew, that the Market-price of Standard Bullion is not one fifth above our Coin that is to be raised, and then we have Mr. Lowndes of our side too against its raising. I think it is abundantly proved already, that Standard Bullion neither is, nor can be worth one fifth more than our Lawful weighty Money: And if it be not, by Mr. Lowndes's confession, there is no need of raising our present legal mill'd Money to that degree; and 'tis only our clip'd Money that wants amendment: And when that is recoin'd and reduced all to mill'd and lawful Money, that then too will have no need of raising. This I shall now prove out of Mr. Lowndes's own words here. Mr. Lowndes in the forecited words compares the value of Silver in our Coin, to the value of the same Silver reduc'd to Bullion; which he supposing to be as four to five, makes that the measure of the raising our Money. If this be the difference of Value between Silver in Bullion, and Silver in Coin; and it be true, that four Ounces of Standard Bullion be worth five Ounces of the same Silver Coin'd; Or, which is the same thing, that Bullion will sell by the Ounce for six Shillings and five Pence unclip'd Money; I will take the boldness to advise