Money and Trade Considered [17]
for. But it will prove otherwise when Examined. The Bank by which most payments are made, receive and pay in Bank Money, which is better than the English: Ducatdowns are at 3 Guilders, and other Bank Money in proportion; And I'm inform'd the current Money has Silver in it to the Value or near, except some of their Skellings which are worse than others: The making them worse was not design'd, it was an abuse occasioned by too many Towns having Power to Coin: Which abuse was stopt so soon as known, and that Species cry'd down to 5 Stivers and a half.
Some propose the Money may be rais'd, to give the little we have left a better Circulation, and to bring out hoarded Money. The lowering it by degrees to take place in 3 or 4 Months, will have the same Effect; And other good Consequences: For, from what has been said, page 30 and 31. There is reason to think, if the Money were lower'd to the English Standard, Exchange would be on our side, and a Ballance due us: Providing the Export, the Import, and Expense abroad continued as now. There is another Argument for raising the Money, which is, that some goods don't yield Profit enought abroad, so are not exported. (Ex.) If Serges worth in Scotland a 100 lib. are worth 120 in Holland, the Merchant won't export them for 20 per cnet profit: But if the Money is rais'd 20 per cent, and Goods keep at the Prices they had before, the same Money that bought 100 lib. of Serges, buying now to the value of 120 lib. And these Goods being worth in Holland 144 lib: That Addition to the Profit by raising the Money, will occasion the Export of them. This is the same as if a Merchant who had a 100 different sorts of Goods, and was offer'd 30 per cent Profit upon 90 of them; but no body offering above 20 per cent Profit for the other 10 Sorts, should add a Quarter to the measure by which he measur'd his goods, and sell all the 100 Sorts for the same Price he sold them before: As this merchant would find himself a considerable Loser by this Expedient, so will a Nation who raises their Money. For the same Reason, it would be a great loss to Scotland if all Goods were allowed to be exported without duty; some ought to be free of Duty, and some not, according to their Value Abroad. The true and safe way to encourage the Export of such Goods, as do not yield great enough Profit; is by a Draw-back. (Ex.) If Serges sent to Holland give only 20 per cent profit, 10 per cent given as a Draw-back will encourage their Export: The Draw-back given to the Merchant is not lost to the Nation, and what is got by the Manufacture or Export of the Goods, is gain'd by the Nation. A Draw-back is the best Method yet known for encouraging Trade, and it may be made appear, that 10 or 15000 applyed that way, will occasion an Addition to the Export to the Value of a 100000 lib. Nor is any part of that 10 or 15000 lib. lost to the Nation; For, if A.B. and C. Scotsmen get such draw-back, it is the same thing to the Nation, as if it had not been given. When Draw-backs are payed out of Funds for the support of the Government, little Money is applyed that way; Because, so much is taken from the Prince: But, if there was a National Fund for the encouragement of Trade, that Nation might improve Trade, and undersel other Nations that did not follow the same Measure. But this supposing there was Money in the Country to imploy the People. Coining the Plate were a loss of the Fashion, which may be valued one 6th, and would add little to the Money: the Plate at the Restauration was inconsiderable, having been call'd in a little before. Since there may have been wrough one year with another about 60 stone weight; of that a great part has been melted down, or exported, the Remainder won't be of great value. What Plate has been imported belongs to a few Men of Quality, who will send it out of the Country rather than lose the Fashion; and in that they do a Service to the Country, providing they don't spend it abroad, because wrought Plate will sell for more Silver
Some propose the Money may be rais'd, to give the little we have left a better Circulation, and to bring out hoarded Money. The lowering it by degrees to take place in 3 or 4 Months, will have the same Effect; And other good Consequences: For, from what has been said, page 30 and 31. There is reason to think, if the Money were lower'd to the English Standard, Exchange would be on our side, and a Ballance due us: Providing the Export, the Import, and Expense abroad continued as now. There is another Argument for raising the Money, which is, that some goods don't yield Profit enought abroad, so are not exported. (Ex.) If Serges worth in Scotland a 100 lib. are worth 120 in Holland, the Merchant won't export them for 20 per cnet profit: But if the Money is rais'd 20 per cent, and Goods keep at the Prices they had before, the same Money that bought 100 lib. of Serges, buying now to the value of 120 lib. And these Goods being worth in Holland 144 lib: That Addition to the Profit by raising the Money, will occasion the Export of them. This is the same as if a Merchant who had a 100 different sorts of Goods, and was offer'd 30 per cent Profit upon 90 of them; but no body offering above 20 per cent Profit for the other 10 Sorts, should add a Quarter to the measure by which he measur'd his goods, and sell all the 100 Sorts for the same Price he sold them before: As this merchant would find himself a considerable Loser by this Expedient, so will a Nation who raises their Money. For the same Reason, it would be a great loss to Scotland if all Goods were allowed to be exported without duty; some ought to be free of Duty, and some not, according to their Value Abroad. The true and safe way to encourage the Export of such Goods, as do not yield great enough Profit; is by a Draw-back. (Ex.) If Serges sent to Holland give only 20 per cent profit, 10 per cent given as a Draw-back will encourage their Export: The Draw-back given to the Merchant is not lost to the Nation, and what is got by the Manufacture or Export of the Goods, is gain'd by the Nation. A Draw-back is the best Method yet known for encouraging Trade, and it may be made appear, that 10 or 15000 applyed that way, will occasion an Addition to the Export to the Value of a 100000 lib. Nor is any part of that 10 or 15000 lib. lost to the Nation; For, if A.B. and C. Scotsmen get such draw-back, it is the same thing to the Nation, as if it had not been given. When Draw-backs are payed out of Funds for the support of the Government, little Money is applyed that way; Because, so much is taken from the Prince: But, if there was a National Fund for the encouragement of Trade, that Nation might improve Trade, and undersel other Nations that did not follow the same Measure. But this supposing there was Money in the Country to imploy the People. Coining the Plate were a loss of the Fashion, which may be valued one 6th, and would add little to the Money: the Plate at the Restauration was inconsiderable, having been call'd in a little before. Since there may have been wrough one year with another about 60 stone weight; of that a great part has been melted down, or exported, the Remainder won't be of great value. What Plate has been imported belongs to a few Men of Quality, who will send it out of the Country rather than lose the Fashion; and in that they do a Service to the Country, providing they don't spend it abroad, because wrought Plate will sell for more Silver