Money Answers All Things [34]
Page 7 also says, that they have since the Year 1602, buried above 150 Millions of Silver, which hath been brought into Europe.(21*) 'Tis by this Practice they keep all their Goods and Manufactures at such low Rates, that all Europe thinks it not only worth while to trade with them, but to carry prodigious Quantities of Silver(22*) to purchase their Commodities, whilst our Goods cannot possibly find much Vend with them, being so much dearer than theirs, as we see the Great Circulation of Gold amongst us, makes our Goods in respect of the Prices of theirs, who this Way prevent the Money they gain by Trade from raising the Prices of their Commodities. Thus will they not always preserve the Balance of Trade in their Favour, but make many other Nations carry their Money to them; besides what Use they may make of such immense Wealth, if any Exigence or Design should oblige them to use it; which Wealth is as many times more powerful to them than it would be to us, as the Wages of their labouring People are lower than ours. But an Objection arises here, which though it allows, that if all the Things our Gentry consume and use were our own natural Produce, they would, as I have proved, be the richer for executing this Proposal; yet since they consume so many foreign Goods, as perhaps constitute half their Expence, viz. Teas, Sugars, Fruits, Linens, Cambrick, Laces, Wines, etc. the Prices of which depend so much on what they cost at the Places they are brought from, that they can receive but little Alteration by the Execution of this Proposal; the Gentry therefore will not be the richer for such a Reduction of Labour, and Prices of our natural Produce, as would hereby be effected. To which I answer, That all Nations have some Commodities peculiar to them, which therefore are undoubtedly designed to be the Foundation of Commerce between the several Nations, and produce a great deal of Employment by maritime Affairs, etc. for Mankind, which probably, without such Peculiarities, could not be; and in this Respect, I suppose we are distinguished, as well as other Nations; and I have before taken Notice, that if one Nation be by Nature more distinguished in this Respect than another, as they will by that Means gain more Money than such other Nations, so the Prices of all their Commodities and labour will be higher in such Proportion, as my fourth Maxim demonstrates; and consequently, they will not be a Jot the richer or more powerful for having more Money than their Neighbours. But if we import any kind of Goods cheaper than we can now raise them, which otherwise might as well be raised at home; in this Case, undoubtedly, 'tis indispensibly necessary for us to practice the Method I prescribe, which is the only one, by which we ever can be enabled to raise all such Commodities at home, and thereby furnish so many new Branches of Employment and Trade for our own People, and remove the Inconvience of receiving any Goods from abroad, which we can any ways raise on as good Terms our selves; and as this should be done to prevent every Nation from finding their Account with us, by any such Commodities whatsoever, so this would more effectually shut out all such foreign Goods than any Law can do. And as this is all the Prohibition and Restraint, whereby any foreign Trade should be obstructed, so if this Method be continually observed and practised, as it most certainly ought, our Gentry would find themselves the richer, notwithstanding their Consumption of such other foreign Goods, as being the Peculiarities of other Nations, we may be obliged to import. For if, when we have increased our Produce to so great a Degree, as to reduce the Rates of Labour considerably too, and have thereby enabled ourselves to raise many Kinds of Goods, which we now import, cheaper than we now import them, which is the necessary Consequence of executing this Proposal; I say, when we have thus raised all we can at home, and thereby put our Trade into a flourishing State, the Goods we import after this is done, being cheaper than we can raise