Some Considerations of the Lowering of Interest [19]
nor remove his Children too far from him, or the Trade he breeds them up in. This seems to me the Reason, whv in places, wherein thriving Manufactures have erected themselves, Land has been observed to Sell quicker, and for more Years Purchase than in other places, as about Hallifax in the North, Taunton and Exeter in the West. This is that then, which makes Land, as well as other Things dear; plenty of Buyers, and but few Sellers: And so by the Rule of Contraries, plenty of Sellers and few Buyers makes Land cheap. He that will justly estimate the value of any thing, must consider its quantity in proportion to its vent, for this alone regulates the Price. The value of any thing, compar'd with its self, or with a standing Measure, is greater, as its quantity is less in proportion to its vent: But in comparing it, or exchanging it with any other thing, the quantity and vent of that thing too must be allowed for in the computation of their Value. But because the desire of Money is constantly, almost every where the same, its vent varies very little, but as its greater scarcity enhanses its Price, and increases the scramble, there being nothing else that does easily supply the want of it. The lessening its quantity, therefore, always increases its Price, and makes an equal portion of it exchange for a greater of any other thing. Thus it comes to pass, that there is no manner of settled proportion between the value of an Ounce of Silver, and any other Commodity: For either varying its quantity in that Country, or the Commodity changing its quantity in proportion to its vent, their respective values change, i.e. less of one will barter for more of the other: Though in the ordinary way of speaking, 'tis only said, that the price of the Comnmodity, not of the Money is changed. For example, half an Ounce of Silver in England, will exchange sometimes for a whole Bushel of Wheat, sometimes for half, sometimes but a quarter, and this it does equally, whether by Use it be apt to bring in to the Owner Six in the Hundred of its own Weight per Annum, or nothing at all: It being only the change of the quantity of Wheat to its Vent, supposing we have still the same Summ of Money in the Kingdom; or else the change of the quantity of our Money in the Kingdom, supposing the quantity of Wheat, in respect to its Vent be the same too, that makes the change in the Price of Wheat. For if you alter the quantity or vent on either side, you presently alter the Price, but no other way in the World. For it is not the Being, Adding, Increasing or Diminishing of any good quality in any Commodity, that makes its Price greater or less, but only as it makes its quantity or vent greater of less, in proportion one to another. This will easily appear by Two or Three Instances. 1. The Being of any good, and useful quality in any thing neither increases its Price, nor indeed makes it have any Price at all, but only as it lessens its quantity or increases its vent, each of these in proportion to one another. What more useful or necessary things are there to the Being or Well-being of Men, than Air and Water, and yet these have generally no Price at all, nor yield any Money: Because their quantity is immensly greater than their vent in most places of the World. But, as soon as ever Water (for Air still offers it self every where, without restraint or inclosure, and therefore is no where of any Price) comes any where to be reduced into any proportion to its consumption, it begins presently to have a Price, and is sometimes sold dearer than Wine. Hence it is, that the best, and most useful things are commonly the cheapest; because, though their Consumption be great, yet the Bounty of Providence has made, their production large, and suitable to it. 2. Nor does the Adding an excellency to any Commodity, raise its Price, unless it increase its Consumption. For suppose there should be taught a way (which should be published to the knowledge of every one) to make a Medicine of Wheat alone, that should infallibly Cure the Stone: 'Tis certain the discovery