Some Considerations of the Lowering of Interest [22]
Consumption; and from Hoarding up by others, which is a sort of Ingrossing. Hence it is that other Commodities have sometimes a quicker, sometimes a slower Vent: For no body lays out his Money in them but according to the use he has of them, and that has bounds. But every body being ready to receive Money without bounds, and keep it by him, because it answers all things: Therefore the Vent of Money is always sufficient, or more than enough. This being so, its quantity alone is enough to regulate and determine its value, without considering any Proportion between its quantity and vent, as in other Commodities. 12. Therefore the lessening of Use, not bringing one Penny of Money more into the Trade or Exchange of any Country, but rather drawing it away from Trade, and so making it less, does not at all sink its Value, and make it buy less of any Commodity, but rather more. 13. That which raises the natural Interest of Money, is the same that raises the Rent of Land, (i.e.) its aprness to bring in Yearly to him that manages it, a greater Overplus of Income above his Rent, as a Reward to his Labour. That which causes this in Land is the greater quantity of its Product, in proportion to the same Vent of that particular Fruit, or the same quantity of Product, in proportion to a greater Vent of that single Commodity: but that which causes increase of Profit to the Borrower of Money, is the less quantity of Money, in proportion to Trade, or to the Vent of all Commodities, taken together, &vice versa. 14. The natural Value of Money, as it is apt to yield such an yearly Income by Interest, depends on the whole quantity of the then passing Money of the kingdom, in proportion to the whole Trade of the Kingdom, (i.e.) the general Vent of all the Commodities. But the natural Value of Money, in exchanging for any one Commodity, is the quantity of the Trading Money of the Kingdom, design'd for that Commodity, in proportion to that single Commodity and its Vent. For though any single Man's Necessity and Want either of Money, or any species of Commodity, being known, may make him pay dearer for Money, or that Commodity: Yet this is but a particular Case, that does not at the same time alter this constant and general Rule. 15. That supposing Wheat a standing Measure, that is, That there is constantly the same quantity of it in proportion to its Vent, we shall find Money to run the same variety of Changes in its Value, as all other Commodities do. Now that Wheat in England does come nearest to a standing Measure, is evident, by comparing Wheat with other Commodities, Money, and the Yearly Income of Land in Hen. 7. time and now. For supposing that primo Hen. 7. N. let 100 Acres of Land to A. for 6 d per An. per Acre, Rack-rent; and to B. another 100 Acres of Land, of the same Soil and yearly worth with the former, for a Bushel of Wheat per Acre, Rack-rent, (a Bushel of Wheat about that time being probably sold for about 6 d.) it was then an equal Rent. If therefore these Leases were for Years yet to come, 'tis certain that he that paid 6 d. per Acre, would pay now 50 s. per An. and he that paid a Bushel of Wheat per Acre, would pay about 25 l. per An. which would be near about the yearly Value of the Land, were it to be let now. The reason whereof is this, That there being ten times as much Silver now in the World, (the Discovery of the West-Indies having made the Plenty) as there was then, it is Nine Tenths less worth now than it was at that time; that is, it will exchange for Nine Tenths less of any Commodity now, which bears the same proportion to its Vent as it did 200 years since; which, of all other Commodities, Wheat is likeliest to do. For in England, and this part of the World, Wheat being the constant and most general Food, not altering with the Fashion, nor growing by chance; but as the Farmers sow more or less of it, which they endeavour to proportion, as near as can be guessed, to the Consumption, abstracting the Over-plus of the precedent Year in their Provision for the next; and vice versa, it must needs fall out,