Money and Trade Considered [38]
yet 'tis to be fear'd the Consequences will show that it is not very practicable; for that and other Reasons already given, Pag. 56, and 180. However they may assist, but in regulating our Import, regard ought to be had that the sale of our Goods Abroad be no way hindered, for if that is not taken care of, we shall lose more for want of Market, than we shall save by Importing less. And tho all necessary Care be taken, yet the Assistance may Reasonably be Expected from these measures, will not relieve us; they may keep us lingering in the state we are, expos'd to Confusion at Home, and to Insults from Abroad. Most People think scarcity of Money is only the Consequence of a Ballance due; but 'tis the Cause als well as the Consequence, and the effectual way to bring the Ballance to our side, is to add to the Money. Our poor have been computed 200000, our People were then more than now, but our Poor may be als many as then; Suppose only 100000, and by the Addition to our Money 50000 of them were imployed, and only for one half of the year, their Labour to be payed 3 pence, and worth 3 pence more to the Imployer, their Consumption a penny more than now: The yearly value of the nation would be increas'd by such Labour 208333 lib. 6 sh. and 8 pence. If the Country People about Perth and Stirling, have to the value of 20000 l. of Linen, Serges, and other Manufacture more than is brought up; tho these Goods exported will yield 20 or 30 per cent profit, yet the Owners can't export them, the Goods being in so many differnt Hands, and not having Correspondents Abroad to whom they could trust the Sale of them. A.B. and C. are satisfied for that Profit to take the Trouble and Hazard of exporting them, but Money being scarce they cannot get any to borrow, tho their Security be good; Nor cannot well have Credit for the Goods from so many different People they are Strangers to. If they could have Credit for them, yet these Country People must be idle Abroad. So for want of Money to Exchange by, Goods fall in value, and Manufacture decays. It cannot well be known what Sum will serve the Occasions of the Nation, for as Manufacture and Trade advance, the Demand for Money will increase; but the many Poor we have always had, is a great Presumption we have never had Money enough. England has been computed to have had 14 Millions in Gold and Silver, and at the same time had Paper-money for a great Sum; Yet England never had Money enough to imploy the People: 50 Million would improve England so far as it is capable of Improvement. If all the People were then imployed and to the best advantage, more Money would bring more People from other Countries. The Province of Holland by a great Quantity of Money, and Numbers of People the consequence of much Money, is able to bear a share in the Wars of Europe, equal to many times the same Number of Acres of better Land in England; yet Holland has not the advantages for Trade that England has. So that Country that can have Money equal to Demand, will be more powerful than any other Country with the same Advantages, whose Money is less than the Demand. If Money were given to a People in greater Quantity than there was a Demand for, Money would fall in its value; but if only given equal to the Demand, it will not fall in value.
At present perhaps 3 or 400000 lib is more than there is a Demand for; but as Trade and Manufacture increase, the Demand for Money will be greater. What I have propos'd to supply the Country with Money, may be reduc'd to this. If an Estate of a 100 l. Rent is worth 2000 l. in Silver-money, and this Estate can be convey'd by Paper, and this Paper be capable of being divided; then that Estate may be made current Money for 2000 lib. and any person who receives such Paper-money, receives a value equal to the same Sum of Silver-money, as Silver is valued now. If it is coin'd for 15 years purchase, then that Paper- money will be more valuable than Silver, for 1500 lib. in that Paper will purchase Land worth
At present perhaps 3 or 400000 lib is more than there is a Demand for; but as Trade and Manufacture increase, the Demand for Money will be greater. What I have propos'd to supply the Country with Money, may be reduc'd to this. If an Estate of a 100 l. Rent is worth 2000 l. in Silver-money, and this Estate can be convey'd by Paper, and this Paper be capable of being divided; then that Estate may be made current Money for 2000 lib. and any person who receives such Paper-money, receives a value equal to the same Sum of Silver-money, as Silver is valued now. If it is coin'd for 15 years purchase, then that Paper- money will be more valuable than Silver, for 1500 lib. in that Paper will purchase Land worth