Money and Trade Considered [29]
may discharge any more Notes to be given out, and order what Notes are then out to be called in. That after 3 months from the Date of the Act, Scots and Forreign Money be reduced to the English Standard. The English Crown to 60 pence, and the other Money in Proportion to its value of Silver. The 40 pence to 38 pence, the new Mark to 13 pence 1/12 the old Mark to its Weight, the Ducatdowns to 68 pence. Dollars to their Weight. Guineas not to pass 22 sh. That after 4 Months no Scots Money, (except what shall be coin'd after the Act) nor any Forreign Money except the English Money, be received in any payments, or be sold as Bullion but at the Mint. That for what old Money or Bullion is brought to the Mint, the Mint return to the full value in new Money of 12 pence, 6 pence, and 3 pence Pieces; of eleven Denires fine, the 12 pence of 3 Drops 3 Grains weight, the other Pieces to weigh in proportion: The Expense of Coinage to be payed out of the Funds appropriat to that use. That for 3 Months, after the Act, the new Money pass for 13 pence, 6 pence half-penny, and 3 pence 1/4. That after 3 Months, Bullion and wrought Plate be of eleven Denires fine, and 5 sh. and 2 d. the Ounce of Silver, Gold not to pass 4 lib. The Paper-money propos'd will be equal in value to Silver, for it will have a value of Land pledg'd, equal to the same Sum of Silver- money, that it is given out for. If any Losses should happen, one 4th of the Revenue of the Commission, will in all appearance be more than sufficient to make them good. This Paper-money will not fall in value as Silver-money has fallen, or may fall: Goods or Money fall in value, if they increase in Quantity, or if the Demand lessens. But the Commission giving out what Sums are demanded, and taking back what Sums are offer'd to be return'd; This Paper-money will keep its value, and there will always be als much Money as there is occasion, or imployment for, and no more. If a Contract for Paper-Money could be satisfied by paying the same Quantity of Silver Money, than that Paper-Money could not rise above the Value of Silver, and would fall with it. But as the Paper Money is a different Species from Silver, so it will not be lyable to any of the changes Silver Money is lyable to. Tho the Parliament could give Silver Money to the People, in als great Quantity as there were Occasion: the Parliament could not justly
know what Sum would serve the Country, for the Demand changes. If the Quantity of Money is less than the Demand, the Landed Man is wrong'd: For a 100 lib. then being more Valuable, will buy a greater Quantity of the Landed Mans Goods. If the Quantity of Money is greater than the Demand, the Money'd Man is wrong'd, for a 100 lib. then is not so Valuable, so will not buy the same Quantity of Goods a 100 lib. bought before. If the Commission do not give out Money when it is demanded, where good Security is offer'd; 'tis a hardship on the Person who is refus'd, and a Loss to the Country: For few if any borrow Money to keep by them; and if employ'd it brings a Profit to the Nation, tho the Employer loses. If the Commission did not take back what Sums were offer'd to be return'd, it were a hardship on the Money'd Man, who has a Sum payed him, and does not know how to employ it; and the Quantity being greater than the Demand for it, if would fall in Value. After the Method propos'd, the Quantity being always equal to the Demand for it, it will keep its Value, and buy the same Quantity of Goods 50 years hence, as now: unless the Goods alter in their Value, from any Change in their Quantity, or in the Demand for them. Suppose this Commission had been establisht 200 years ago, Land then at 14 years Purchase, Money at 10 per cent, victual at 8 shil. and 4 Pence the Chalder, and Paper Money to have been given out upon Land; 8 shil and 4 pence of that Paper Mony, would now have been equal to a Chalder of Victual, and to 8 lib. 6 sh. and 4 pence Silver-money: Because
know what Sum would serve the Country, for the Demand changes. If the Quantity of Money is less than the Demand, the Landed Man is wrong'd: For a 100 lib. then being more Valuable, will buy a greater Quantity of the Landed Mans Goods. If the Quantity of Money is greater than the Demand, the Money'd Man is wrong'd, for a 100 lib. then is not so Valuable, so will not buy the same Quantity of Goods a 100 lib. bought before. If the Commission do not give out Money when it is demanded, where good Security is offer'd; 'tis a hardship on the Person who is refus'd, and a Loss to the Country: For few if any borrow Money to keep by them; and if employ'd it brings a Profit to the Nation, tho the Employer loses. If the Commission did not take back what Sums were offer'd to be return'd, it were a hardship on the Money'd Man, who has a Sum payed him, and does not know how to employ it; and the Quantity being greater than the Demand for it, if would fall in Value. After the Method propos'd, the Quantity being always equal to the Demand for it, it will keep its Value, and buy the same Quantity of Goods 50 years hence, as now: unless the Goods alter in their Value, from any Change in their Quantity, or in the Demand for them. Suppose this Commission had been establisht 200 years ago, Land then at 14 years Purchase, Money at 10 per cent, victual at 8 shil. and 4 Pence the Chalder, and Paper Money to have been given out upon Land; 8 shil and 4 pence of that Paper Mony, would now have been equal to a Chalder of Victual, and to 8 lib. 6 sh. and 4 pence Silver-money: Because