Money Answers All Things [65]
and these living on the Labour of the rest makes another one per cent in all two, or double of that Proportion. See Fog's Journal of January 20th, 1732-3.
27. See the last Paragraph of the Spectator, no. 200.
28. The Sum coin'd in Queen Elizabeth's Time, who reform'd most of the old Specie, shews we then had not much Money amongst us; whereas the Sums coin'd in the Reigns of King Charles IId, and King James IId, being 6 Millions and an Half of Gold, and 2,200,000 in Silver, shew we had a vast Balance in our Favour, near 9 Millions being coin'd during these two Reigns. And this suggests that my Argument is just, that asserts the vast Increase of People during these Reigns, was owing to such a vast Balance of Trade in our Favour.
29. Mr Richard Bradley, Professor of Botany in the University of Cambridge, and Fellow of the Royal Society, in his Philosophical Inquiry into the ate sever Winter, and Scarcity and Dearness of Provisions, printed 1729, page 5 and 6, says, "It was generally computed that we had in England, in the Year 1715, about 13 Millions Sterling Money; of which it was reckon'd there were about 11 Millions circulating: But since the Year 1720, and from thence to 1724 or 1725, there were scarce 7 Millions supposed to circulate; which, he says, must necessarily hurt the poorer Sort of People;" and I say, every other sort in general with them, though not in the same Degree, perhaps, because, we know, as the Proverb says, the weakest must go to the Wall.
30. Fog's Journal of January 20, 1738 says, the Interest due to Foreigners upon the Publick Funds, may be put at 400,000 l. per Annum: If so, we must owe them at least 10 Millions; for that Sum at 4 per cent comes to but 400,000 l. and if we reckon the Interest lower, the Principal must be greater in such Proportion.
31. That the Trade of this Metropolis is so much worse than it formerly was, is ascribed to the Peace, which hath open'd the Trade of all the Ports of the Kingdom, so that they can carry on Foreign Trade in most of them, which during the War was chiefly carried on at this Port only, the Trade of the other Ports not being considerable enough to obtain Convoys, without which hardly any foreign Trade could be carried on in War time. In answer to which, I shall only observe, that all the Ports in the Kingdom whereas open and free to carry on foreign Trade, during most part of the Period, in which it hath been shewn the People in London, Westminister, and Suburbs doubled, as those Ports have been since the Utrecht Peace.
32. Let us see how many Gentlemen we may be supposed to have in the Kingdom, by dividing the whole Rental of 20 Millions into L. 500 per Annum, for each Gentlemen, at a Medium; which I am sure is cutting it into as Pieces as it can be reasonably imagin'd there are Gentlemen that subsist solely on their Estates. Now 20 Millions divided by 500 gives 40,000, the Number of Gentlemen which, on this Supposition, live on their Estates in this
Kingdom; But if we consider how many large Estates there are, and how few Gentlemen can subsist on L. 500 per annum, as the Prices of Things now go, it's very likely there are near this Number of Gentlemen that subsist solely on their Estates. And yet this Number, which, including their Families, with Servants and all, I shall put at 8 souls at a Medium, is but 1/25 Part of 8 Millions of People, which are supposed to be the least we have in the Kingdom. the rest therefore, except such as have Places under the Government, must necessarily be subsisted by Trade or Labour; and their Number must, by this Rule, be more than 19/20 of all the People in the Kingdom, as I have asserted above.
33. Leghorn, Nov. 7. The Emperor hath strictly prohibited the Exportation of Corn from Naples and Sicily. -- Whence we hope the Demand for British Corn in Spain and Italy, will be so great, as to save our Farmers from the inevitable Ruin which must otherwise have attended them. London and Whitehall Evening Posts of Nov. 17, 1733.
34. If the Wants of the People are too much abridged, they must on that Account
27. See the last Paragraph of the Spectator, no. 200.
28. The Sum coin'd in Queen Elizabeth's Time, who reform'd most of the old Specie, shews we then had not much Money amongst us; whereas the Sums coin'd in the Reigns of King Charles IId, and King James IId, being 6 Millions and an Half of Gold, and 2,200,000 in Silver, shew we had a vast Balance in our Favour, near 9 Millions being coin'd during these two Reigns. And this suggests that my Argument is just, that asserts the vast Increase of People during these Reigns, was owing to such a vast Balance of Trade in our Favour.
29. Mr Richard Bradley, Professor of Botany in the University of Cambridge, and Fellow of the Royal Society, in his Philosophical Inquiry into the ate sever Winter, and Scarcity and Dearness of Provisions, printed 1729, page 5 and 6, says, "It was generally computed that we had in England, in the Year 1715, about 13 Millions Sterling Money; of which it was reckon'd there were about 11 Millions circulating: But since the Year 1720, and from thence to 1724 or 1725, there were scarce 7 Millions supposed to circulate; which, he says, must necessarily hurt the poorer Sort of People;" and I say, every other sort in general with them, though not in the same Degree, perhaps, because, we know, as the Proverb says, the weakest must go to the Wall.
30. Fog's Journal of January 20, 1738 says, the Interest due to Foreigners upon the Publick Funds, may be put at 400,000 l. per Annum: If so, we must owe them at least 10 Millions; for that Sum at 4 per cent comes to but 400,000 l. and if we reckon the Interest lower, the Principal must be greater in such Proportion.
31. That the Trade of this Metropolis is so much worse than it formerly was, is ascribed to the Peace, which hath open'd the Trade of all the Ports of the Kingdom, so that they can carry on Foreign Trade in most of them, which during the War was chiefly carried on at this Port only, the Trade of the other Ports not being considerable enough to obtain Convoys, without which hardly any foreign Trade could be carried on in War time. In answer to which, I shall only observe, that all the Ports in the Kingdom whereas open and free to carry on foreign Trade, during most part of the Period, in which it hath been shewn the People in London, Westminister, and Suburbs doubled, as those Ports have been since the Utrecht Peace.
32. Let us see how many Gentlemen we may be supposed to have in the Kingdom, by dividing the whole Rental of 20 Millions into L. 500 per Annum, for each Gentlemen, at a Medium; which I am sure is cutting it into as Pieces as it can be reasonably imagin'd there are Gentlemen that subsist solely on their Estates. Now 20 Millions divided by 500 gives 40,000, the Number of Gentlemen which, on this Supposition, live on their Estates in this
Kingdom; But if we consider how many large Estates there are, and how few Gentlemen can subsist on L. 500 per annum, as the Prices of Things now go, it's very likely there are near this Number of Gentlemen that subsist solely on their Estates. And yet this Number, which, including their Families, with Servants and all, I shall put at 8 souls at a Medium, is but 1/25 Part of 8 Millions of People, which are supposed to be the least we have in the Kingdom. the rest therefore, except such as have Places under the Government, must necessarily be subsisted by Trade or Labour; and their Number must, by this Rule, be more than 19/20 of all the People in the Kingdom, as I have asserted above.
33. Leghorn, Nov. 7. The Emperor hath strictly prohibited the Exportation of Corn from Naples and Sicily. -- Whence we hope the Demand for British Corn in Spain and Italy, will be so great, as to save our Farmers from the inevitable Ruin which must otherwise have attended them. London and Whitehall Evening Posts of Nov. 17, 1733.
34. If the Wants of the People are too much abridged, they must on that Account