Money and Trade Considered [19]
yearly Value; so that a Million is sent out to pay the Ballance, the second Year 1200000 lib. and so on. This Country will be soon Poor, and the other soon Rich: But if that People who has 20 Millions of Money, will retrench in proportion to the other; they will be Rich and Powerful in comparison with the other. Considering how small a share we have of the Money of Europe, and how much Trade depends on Money: It will not be found very practicable to better our Condition, but by an addition to our Money. Or if it is practicable without it, it is much more so with it. The Bank will add little to the Money; For as Credit is voluntary, it depends on the Quantity of Money in the Country. And tho the Bank had never fail'd, yet it could not have kept its Credit much longer. Because, the Quantity of Money in Scotland is not sufficient to give a Circulation to such a Sum of Notes, as will pay the Charges of the Bank, and the Interest to the Owners. 'Tis thought the Proprietors of the Bank design to apply to the Parliament for further Priviledges: But as their design is not yet made publick, I shall only say in general, that if other Priviledges aer to be given, then it is not the same Bank; at least not on the same Establishment it was: In either of these cases, every Person should be allowed to share in it. When a Bank is Establish't every Person may have a share, upon the Terms of the Act of Parliament; and he that Offers first is preferred. Suppose upon the setting up of the Bank, A.B. and C. did not Subscribe to it, because they thought the establishment not favourable enough: So long as they who did Subscribe can support the Bank upon the Terms of the Act of Parliament, none will pretend to any share in it; unless the Subscribers are pleas'd to sell. But if other Priviledges are given, A.B. and C. as any others of the Country may desire the Books to be open'd, that they be allow'd to share in it; and any other set of Men who offer the same Security, may at the same time be allowed to set up a Bank with the same Priviledges: So every Shire in Scotland will desire one. And if new Privileges are given to this Bank, it were a hardship to refuse the same to others, who are able and willing to give the same Security, especially when the Nation stands in need of more Money than this Bank would be allowed to give out.
Chapter 5
That any Measures propos'd for encreasing the Silver Money or Establishing a Credit Promising a Payment of Silver Money are ineffectual. That Silver Money has fallen much from the Value it had. That Land is of greater Value. That Silver may lose the additional Value it received from being used as Money.
National Power and Wealth consists in numbers of People, and Magazines of Home and Forreign Goods. These depend on Trade, and Trade depends on Money. So to be Powerful and Wealthy in proportion to other Nations, we should have Money in proportion with them; for the best Laws without Money cannot employ the People, Improve the Product, or advance Manufacture and Trade. The measures have been used to preserve and encrease Money, or such as are now propos'd, are attended with Difficulties; and tho the Difficulties were remov'd, are ineffectual, and not capable to furnish Money so as to improve the Country, or extend Trade in any proportion to the Improvements and Trade of other Nations. Credit that promises a Payment of Money, cannot well be extended beyond a certain proportion it ought to have with the Money. And we have so little Money, that any Credit could be given upon it, would inconsiderable. It remains to be considered, whether any other Goods than Silver, can be made Money with the same safety and convenience. From what has been said about the nature of Money, Chap. 1 it is evident, that any other Goods which have the Qualities necessary in Money, may be made Money equal to their Value, with Safety and Convenience. There is nothing of Humour or Fancy in making Silver to be Money; it was made Money, because
Chapter 5
That any Measures propos'd for encreasing the Silver Money or Establishing a Credit Promising a Payment of Silver Money are ineffectual. That Silver Money has fallen much from the Value it had. That Land is of greater Value. That Silver may lose the additional Value it received from being used as Money.
National Power and Wealth consists in numbers of People, and Magazines of Home and Forreign Goods. These depend on Trade, and Trade depends on Money. So to be Powerful and Wealthy in proportion to other Nations, we should have Money in proportion with them; for the best Laws without Money cannot employ the People, Improve the Product, or advance Manufacture and Trade. The measures have been used to preserve and encrease Money, or such as are now propos'd, are attended with Difficulties; and tho the Difficulties were remov'd, are ineffectual, and not capable to furnish Money so as to improve the Country, or extend Trade in any proportion to the Improvements and Trade of other Nations. Credit that promises a Payment of Money, cannot well be extended beyond a certain proportion it ought to have with the Money. And we have so little Money, that any Credit could be given upon it, would inconsiderable. It remains to be considered, whether any other Goods than Silver, can be made Money with the same safety and convenience. From what has been said about the nature of Money, Chap. 1 it is evident, that any other Goods which have the Qualities necessary in Money, may be made Money equal to their Value, with Safety and Convenience. There is nothing of Humour or Fancy in making Silver to be Money; it was made Money, because