Some Considerations of the Lowering of Interest [54]
'tis only barely asserted, &c. What has been said to this, may serve also for an Answer to the next Paragraph. Only I desire it may be taken notice of, That the Author seems to insinuate that Silver goes not in England, as in Foreign Parts, by Weight: Which is a very dangerous as well as false Position; and which, if allowed, may let into our Mint what Corruption and Debasing of our Money one pleases. Remark. That Our Trade hath heretofore furnished us with an Overplus, brought home in Gold and Silver, is true; But that we bring home from any place more Goods than we now Export to it, I do not conceive to be so. And more Goods might be sent to those parts; but by reason of the great value of Silver in this part of the World, more Money is to be got by Exporting Silver, than by any other thing that can be sent; and that is the reason ofit. And for its being melted down, and sent out, because it is so heavy, is not by their Paper denied. Answ. That we bring home from any place more Goods than we now export, (The Author tells us) he doth not conceive. Would he had told us a Reason for his Conceit. But since the Money of any Country is not presently to be changed, upon any private Man's groundless Conceit, I suppose this Argument will not be of much wveight with many Men. I make bold to call it a groundless Conceit: For if the Author please to remember the great Sums of Money are carried every Year to the East-Indies, for which we bring home consumable Commodities; (though I must own that it pays us again with advantage.) Or if he will examine, how much only two Commodities, wholly consum'd here, cost us yearly in Money, (I mean Canary Wine and Currants) more than we pay for with Goods Exported to the Canaries and Zant; besides the Over-ballance of Trade upon us in several other places, he will have little reason to say, he doth not conceive we bring home from any place more Goods than we now Export to it. As to what he says concerning the melting down and Exporting our Money, because it is heavy. If by heavy, he means, because our Crown-pieces (and the rest of our species of Money in proportion) are 23 or 24 Grains heavier than he would have them Coin'd: This, whoever grants it, I deny upon grounds, which I suppose, when examined, will be found clear and evident. Indeed when your Debts beyond Sea, to answer the Over-ballance of Foreign Importations, call for your Money, 'tis certain the heavy Money, which has the full Standard Weight, will be melted down and carried away: because Foreigners value not your Stamp or Denomination, but your Silver. He would do well to tell us what he means by the great value of Silver in this part of the World. For he speaks of it as a Cause, that draws away our Money more now than formerly; or else it might as well have been omitted as mentioned in this place: And if he mean, by this part of the World, England; 'tis scarce Sense to say, That the great Value of Silver in England should draw Silver out of England. If he means the Neighbouring Countries to England, he should have said it, and not doubtfully this part of the World. But let him, by this part of the World, mean what he will, I dare say every one will agree, That Silver is not more valu'd in this, than any other part of the World; nor in this Age, more than in our Grandfathers Days. I am sorry if it be true, what he tells us, That more Money is to be got by Exportation of Silver, than by any other thing that can be sent. This is an Evidence, that we bring home more Goods than we Export. For till that happens, and has brought us in Debt beyond Sea, Silver will not be Exported; but the Overplus of Peoples Gain, being generally laid up in Silver, it will be brought home in Silver; and so our People will value it as much as any other, in this part ofthe World. The Truth of the Case in short is this. Whenever we, by a losing Trade, contract Debts with our Neighbours; they will put agreat Value on our Silver, and more Money will be got by transporting Silver than any thing can be sent: Which comes about thus.