Some Considerations of the Lowering of Interest [41]
call it) buy a Bushel of Wheat; if you can make 4 s. buy another Bushel of the same Wheat, it is plain the Value of your Money is raised, in respect of Wheat One Fifth. But thus nothing can raise or fall the value of your Money, but the proportion of its Plenty, or Scarcity, in proportion to the Plenty, Scarcity, or Vent of any other Commodity, with which you compare it, or for which you would exchange it. And thus Silver, which makes the Intrinsick Value of Money, compar'd with it self, under any Stamp or Denomination of the same or different Countries, cannot be raised. For an Ounce of Silver, whether in Pence, Groats, or Crown Pieces, Stivers or Ducatoons, or in Bullion, is and always eternally will be of equal Value to any other Ounce of Silver, under what Stamp or Denomination soever; unless it can be shewn that any Stamp can add any new and better qualities to one parcel of Silver, which another parcel of Silver wants. Silver therefore being always of equal Value to Silver, the value of Coin, compar'd with Coin, is greater, less, or equal, only as it has more, less or equal Silver in it: And in this respect, you can by no manner of way raise or fall your Money. Indeed most of the Silver of the World, both in Money and Vessels being alloy'd, (i.e. mixed with some baser Metals) fine Silver (i.e. Silver separated from all Alloy) is usually dearer than so much Silver alloy'd, or mixed with baser Metals. Because, besides the Weight of the Silver, those who have need of fine (i.e. unmix'd) Silver; as Gilders, Wyre-drawers, &c. must according to their need, besides an equal Weight of Silver mixed with other Metals, give an Overplus to reward the Refiner's Skill and Pains. And in this Case, fine Silver, and alloy'd or mixed Silver are considered as two distinct Commodities. But no Money being Coin'd of pure fine Silver, this concerns not the Value of Money at all; wherein an equal quantity of Silver is always of the same Value with an equal quantity of Silver, let the Stamp, or Denomination be what it will. All then that can be done in this great mystery of Raising Money, is only to alter the Denomination, and call that a Crown now, which before by the Law was but a part of a Crown. For Example: Supposing, according to the Standard of our Law, 5 s. or a Crown, were to weigh an Ounce, (as it does now, wanting about 16 Grains) whereof one twelfth were Copper, and eleven twelfths Silver, (for there-abouts it is) 'tis plain here 'tis the quantity of Silver gives the Value to it. For let another Piece be Coin'd of the same Weight, wherein half the Silver is taken out, and Copper or other Alloy put into the place, every one knows it will be worth but half as much. For the Value of the Alloy is so inconsiderable as not to be reckoned. This Crown now must be rais'd, and from henceforth our Crown Pieces Coin'd one Twentieth lighter; which is nothing but changing the Denomination, calling that a Crown now, which yesterday was but a part, viz. Nineteen twentieths of a Crown; whereby you have only raised 19 parts to the Denomination formerly given to 20. For I think no body can be so senseless, as to imagine, that 19 Grains or Ounces of Silver can be raised to the Value of 20; or that 19 Grains or Ounces of Silver shall at the same time exchange for, or buy as much Corn, Oyl, or Wine, as 20; which is to raise it to the Value of 20. For if 19 Ounces of Silver can be worth 20 Ounces of Silver, or pay for as much of any other Commodity, then 18, 10, or 1 Ounce may do the same. For if the abating One Wentieth of the quantity of the Silver of any Coin, does not lessen its Value, the abating Nineteen twentieths of the quantity of the Silver of any Coin, will not abate its Value. And so a single Threepence, or a single Penny, being call'd a Crown, will buy as much Spice, or Silk, or any other Commodity, as a Crown-piece, which contains 20 or 60 times as much Silver; which is an Absurdity so great, That I think no body will want Eyes to see, and Sense to disown. Now, this raising your Money, or giving a less quantity of Silver the