Money and Trade Considered [22]
Land (being preferable to Money for many Reasons) is valued now at 20 years Purchase, tho Money is at 6 per cent: So that land then may have been valued 14 years purchase, 140 lib. As the Quantity of Money has encreas'd since that time, much more than the Demand for it; and as the same Quantity of Silver has receive'd a higher Denomination, so of Consequence Money is of lesser value: A lesser Interest is given for it: A greater Quantity of it is
given for the same Quantity of Goods, and the Land is worth more years purchase. The value of such Land now, the Acre rented at 2 Bolls, victual at 8 lib. 6 sh and 6 pence, Money at 6 per cent, so land at 20 years purchase, would be 8000 lib. By this Computation Money is only worth the 20th part of Goods, and the 57th part of Land, it was worth 200 years ago. Part of this difference is from the Improvement made on Land, and the greater Demand for Land, the Quantity being the same, whereby its value is greater: The rest of the Difference is, from the Money being more enceas'd in quantity, than in Demand, whereby its Value is lesser, and its use lower: As likewise from its being alter'd in the Denomination. There was then a greater Quantity of Silver in the same number of pence thanthere is now: Which appears by several Acts of Parliament made about that time. Anno 1475, in the 8 Par. of K. James the 3. The Ounce of Silver was order'd to be sold for 12 sh. Scots and 12 Groats was made of the Ounce of Silver. The 3d. of November 1554, by an Act of the Town Council of Edinburgh, the Ounce of Silver was order'd to be sold at 18 sh. and 8 pennies Scots; But these Acts does not mention the Fineness the Silver was of. Suppose the same number of pence had twice or 4 times the Value of Silver in them that they have now: Then Silver is only fallen to one Tenth, or one Fifth of the Value it had to Goods; and to one 28th, or one 14 of the Value it had to Land. But still Money is fallen to one 20th of the Value it had to Goods, and to one 57th of the Value it had to Land. The Manner of lending Money in France, and I suppose in other Roman Catholick Countries; is by way of perpetual Interest, redeemable by the Debitor, and which the Creditor may dispose or assign, but can never demand the Principal. And it is Usury by Law to take any Interest for Money, if the Crditor has power to call for the Principal, tho the Term of payment be many years after the Money is lent. Suppose the manner of lending in Scotland was the same 200 years ago, and that A.B. having 768 Acres of Land, rented at a Boll of Victual the Acre, the yearly Rent 48 Chalder, at 5 lib. Scots the Chalder, 20 lib. sterl. C.D. worth a 100 lib: in Money, tohave lent it to A.B. and Interest being at 10 per cent, to have received an annual interest of 10 lib. which he left to his Son, and thought he provided sufficiently for him, 10 lib. being equal to, or worth 24 Chalder of Victual. But Interest being lowered to 6 per cent, Money being rais'd in the Denomination, and of less value by its greater Quantity: the 6 lib. now payed for the Annual Interest of that 100 lib. is not worth one Chalder of Victual. And 384 Acres, or the half of A.B.'s Land 200 years ago only equal to a 100, or a 140 lib; is now worth 57 times that Sum, the Rental supposed to be doubled, and its value at 20 years purchase. In France it has been observ'd, that about 200 years ago, the same Land was in 30 years worth double the Money it was worth before. So Land worth a 100 lib. anno 1500, was worth 200 lib. anno 1530. 400 lib. anno 1560. and so on, till within these 50 or 60 years it has continued near the same Value. In England, 20 times the Quantity of Money is given for Goods, that was given 200 years ago. In these Countries 'tis thought Goods have rose; but Goods have kept their value, 'tis Money has fallen.
Most Goods have increas'd in Quantity, equal or near as the Demand for them has encreas'd; and are at or near the Value they had 200 years
given for the same Quantity of Goods, and the Land is worth more years purchase. The value of such Land now, the Acre rented at 2 Bolls, victual at 8 lib. 6 sh and 6 pence, Money at 6 per cent, so land at 20 years purchase, would be 8000 lib. By this Computation Money is only worth the 20th part of Goods, and the 57th part of Land, it was worth 200 years ago. Part of this difference is from the Improvement made on Land, and the greater Demand for Land, the Quantity being the same, whereby its value is greater: The rest of the Difference is, from the Money being more enceas'd in quantity, than in Demand, whereby its Value is lesser, and its use lower: As likewise from its being alter'd in the Denomination. There was then a greater Quantity of Silver in the same number of pence thanthere is now: Which appears by several Acts of Parliament made about that time. Anno 1475, in the 8 Par. of K. James the 3. The Ounce of Silver was order'd to be sold for 12 sh. Scots and 12 Groats was made of the Ounce of Silver. The 3d. of November 1554, by an Act of the Town Council of Edinburgh, the Ounce of Silver was order'd to be sold at 18 sh. and 8 pennies Scots; But these Acts does not mention the Fineness the Silver was of. Suppose the same number of pence had twice or 4 times the Value of Silver in them that they have now: Then Silver is only fallen to one Tenth, or one Fifth of the Value it had to Goods; and to one 28th, or one 14 of the Value it had to Land. But still Money is fallen to one 20th of the Value it had to Goods, and to one 57th of the Value it had to Land. The Manner of lending Money in France, and I suppose in other Roman Catholick Countries; is by way of perpetual Interest, redeemable by the Debitor, and which the Creditor may dispose or assign, but can never demand the Principal. And it is Usury by Law to take any Interest for Money, if the Crditor has power to call for the Principal, tho the Term of payment be many years after the Money is lent. Suppose the manner of lending in Scotland was the same 200 years ago, and that A.B. having 768 Acres of Land, rented at a Boll of Victual the Acre, the yearly Rent 48 Chalder, at 5 lib. Scots the Chalder, 20 lib. sterl. C.D. worth a 100 lib: in Money, tohave lent it to A.B. and Interest being at 10 per cent, to have received an annual interest of 10 lib. which he left to his Son, and thought he provided sufficiently for him, 10 lib. being equal to, or worth 24 Chalder of Victual. But Interest being lowered to 6 per cent, Money being rais'd in the Denomination, and of less value by its greater Quantity: the 6 lib. now payed for the Annual Interest of that 100 lib. is not worth one Chalder of Victual. And 384 Acres, or the half of A.B.'s Land 200 years ago only equal to a 100, or a 140 lib; is now worth 57 times that Sum, the Rental supposed to be doubled, and its value at 20 years purchase. In France it has been observ'd, that about 200 years ago, the same Land was in 30 years worth double the Money it was worth before. So Land worth a 100 lib. anno 1500, was worth 200 lib. anno 1530. 400 lib. anno 1560. and so on, till within these 50 or 60 years it has continued near the same Value. In England, 20 times the Quantity of Money is given for Goods, that was given 200 years ago. In these Countries 'tis thought Goods have rose; but Goods have kept their value, 'tis Money has fallen.
Most Goods have increas'd in Quantity, equal or near as the Demand for them has encreas'd; and are at or near the Value they had 200 years