Further Considerations [2]
importance of the matter made him desire every one to contribute what he could to the clearing of it, and setting it in a true light. And I must do him this Right, to think, that he prefers the publick Good to his private Opinion; and therefore is willing his Proposals and Arguments should be with freedom examin'd to the bottom, that if there be any mistake in them, no body may be misled by his Reputation and Authority, to the prejudice of his Country. Thus I understand his Poscscript, and thus I shall endeavour to comply with it. I shall to the best of my skill, examine his Arguments with all respect to him, and Fidelity to Truth, as far as I can discover it. The frankness of his proceeding in particular with me, assures me he is so great a Lover of Truth and Right, that he will not think himself injur'd when that is defended; and will be glad when it is made plain, by whose Hand soever it be. This is what has made me publish these Papers, without any derogation to Mr. Lowndes, or so much as a suspition that he will take it amiss. I judge of him by my self. For I shall think my self oblig'd to any one, who shall shew me, or the Publick, any material mistake in any thing I have here said, whereon any part of the Question turns.
FURTHER CONSIDERATIONS CONCERNING RAISING THE VALUE OF MONEY.
SILVER is the Instrument and Measure of Commerce in all the Civilized and Trading parts of the World. It is the Instrument of Commerce by its intrinsick value. The intrinsick value of Silver consider'd as Money, is that estimate which common consent has placed on it, whereby it is made Equivalent to all other things, and consequently is the universal Barter or Exchange which Men give and receive for other things they would purchase or part with for a valuable consideration: And thus as the Wise Man tells us, Money answers all things. Silver is the Measure of Commerce by its quantity, which is the Measure also of its intrinsick value. If one grain of Silver has an intrinsick value in it, two grains of Silver have double that intinsick value, and three grains treble, and so on proportionably. This we have daily Experience of, in common buying and selling. For if one Ounce of Silver will buy, i.e. is of equal value to one Bushel of Wheat, two Ounces of Silver will buy two Bushels of the same Wheat, i.e. has double the value. Hence it is evident, that an equal quantity of Silver is always of equal value to an equal quantity of Silver. This common Sense, as well as the Market, teaches us. For Silver being all of the same nature and goodness, having all the same qualities, 'tis impossible but it should in the same quantity have the same value. For if a less quantity of any Commodity be allowed to be equal in value to a greater quantity of the same sort of Commodity, it must be for some good quality it has which the other wants. But Silver to Silver has no such difference. Here it will be asked, is not some Silver finer than other? I answer, one mass of mixed Metal not discerned by the Eye to be any thing but Silver, and therefore called Silver, may have a less mixture ofbaser Metal in it than another, and so in common speech is said to be finer Silver. So Ducatoons having a less mixture of Copper in them than our English Coin has, are said to be finer Silver. But the truth is, the Silver that is in each is equally fine, as will appear when the baser Metal is separate from it. And 'tis of this pure or fine Silver I must be understood when I mention Silver; not regarding the Copper or Lead which may chance to be mixed with it. For example: Take an Ounce of fine Silver, and One fourth of an Ounce of Copper, and melt them together, one may say of the whole mass, that it is not fine Silver, but it is true there is an Ounce of fine Silver in it; and though this mass weighing one Ounce and a quarter be not of equal value to one Ounce and a quarter of fine Silver, yet the Ounce of fine Silver in it is, when separate from the Copper, of equal value to any other Ounce of Silver. By this Measure of Commerce,
FURTHER CONSIDERATIONS CONCERNING RAISING THE VALUE OF MONEY.
SILVER is the Instrument and Measure of Commerce in all the Civilized and Trading parts of the World. It is the Instrument of Commerce by its intrinsick value. The intrinsick value of Silver consider'd as Money, is that estimate which common consent has placed on it, whereby it is made Equivalent to all other things, and consequently is the universal Barter or Exchange which Men give and receive for other things they would purchase or part with for a valuable consideration: And thus as the Wise Man tells us, Money answers all things. Silver is the Measure of Commerce by its quantity, which is the Measure also of its intrinsick value. If one grain of Silver has an intrinsick value in it, two grains of Silver have double that intinsick value, and three grains treble, and so on proportionably. This we have daily Experience of, in common buying and selling. For if one Ounce of Silver will buy, i.e. is of equal value to one Bushel of Wheat, two Ounces of Silver will buy two Bushels of the same Wheat, i.e. has double the value. Hence it is evident, that an equal quantity of Silver is always of equal value to an equal quantity of Silver. This common Sense, as well as the Market, teaches us. For Silver being all of the same nature and goodness, having all the same qualities, 'tis impossible but it should in the same quantity have the same value. For if a less quantity of any Commodity be allowed to be equal in value to a greater quantity of the same sort of Commodity, it must be for some good quality it has which the other wants. But Silver to Silver has no such difference. Here it will be asked, is not some Silver finer than other? I answer, one mass of mixed Metal not discerned by the Eye to be any thing but Silver, and therefore called Silver, may have a less mixture ofbaser Metal in it than another, and so in common speech is said to be finer Silver. So Ducatoons having a less mixture of Copper in them than our English Coin has, are said to be finer Silver. But the truth is, the Silver that is in each is equally fine, as will appear when the baser Metal is separate from it. And 'tis of this pure or fine Silver I must be understood when I mention Silver; not regarding the Copper or Lead which may chance to be mixed with it. For example: Take an Ounce of fine Silver, and One fourth of an Ounce of Copper, and melt them together, one may say of the whole mass, that it is not fine Silver, but it is true there is an Ounce of fine Silver in it; and though this mass weighing one Ounce and a quarter be not of equal value to one Ounce and a quarter of fine Silver, yet the Ounce of fine Silver in it is, when separate from the Copper, of equal value to any other Ounce of Silver. By this Measure of Commerce,