Some Considerations of the Lowering of Interest [56]
nothing. But this loss will not affect only such Rents, as can never be more, but all Payments whatsoever, that are contracted for before this alteration of our Money. 2. If it be true, what he affirms, That an Ounce of Money doth equal an Ounce of Silver in value abroad, but not at home; then this part of the Undertaking will also fail. For I deny that the Stamp on our Money does any more debase it here at home than abroad, or make the Silver in our Money not equal in value to the same weight of Silver every where. The Author would have done well to have made it out, and not left so great a Paradox only to the credit of a single Assertion. Remarks. And for what is said in this Bill to prevent Exportation, relates only to the keeping in our own Coin, and Bullion, and leaves all Foreign to be Exported still. Awswer. What the Author means by our own and Foreign Bullion, will need some Explication. Remarks. There is now no such thing as Payments made in weighty and Mill'd Money. Answer. I believe there are very few in Town, who do not very often receive a mill'd Crown for 5 s. and a mill'd half Crown for 2 s. 6 d. But he means I suppose in great and entire Sums of mill'd Money. But I ask, if all the clip'd Money were called in, whether then all the Payments would not be in weighty Money;. and that not being call'd in, whether if it be lighter than your new mill'd Money, the new mill'd Money will not be melted down as much as the old? Which I think the Author there confesses, or else I understand him not. Remark. Nor will this any way interrupt Trade; for Trade will find its own course; the Denomination of Money in any Country no way concerning that. Awswer. The Denomination to a certain Weight of Money, in all Countries, concerns Trade; and the alteration of that necessarily brings disturbance to it. Remark. For if so be it occasions the Coining more Money. Answer. He talks as if it would be the occasion of Coining more Money. Out of what? Out of Money already Coin'd, or out of Bullion? For I would be glad to know where it is. Remarks. It may be some gain to those that will venture to melt down the Coin, but very small loss (if any) to those thatshall be paid in the New: 'Tis not to be denied, but that where any Man has a Rent-SEC, that can never be more, this may somewhat affect it; but so very little, 'twill scarce ever at all be perceived. Answer. As much as it will be gain to melt down their Coin, so much loss will it be to those who are paid in the new. Viz. 5 Per Cent. which I suppose, is more than the Author would be willing to lose, unless he get by it another way. Rem. And if the alteration designed should have the effect of making our Native Commodities any way dearer. Answ. Here the Author confesses, that proportionably as your Money is raised, the Price of other things will be raised too. But to make amends, he says, Rem. It does at the same time make the Land which produces them, of more than so much more in value. Answ. This more than so much more in value, is more than our Author, or any body else for him, will ever be able to make out. The Price of Things will always be estimated by the quantity of Silver is given in exchange for them. And if you make your Money less in Weight, it must be made up in Tale. This is all this great mystery of raising Money, and raising Land. For Example, The Mannor of Blackacre would yesterday have yielded One hundred thousand Crowns, which Crown-pieces, let us suppose numero rotundo, to weigh each of them an Ounce of Standard Silver. To day your new Coin comes in play, which is 5 Per Cent lighter. There's your Money raised: The Land now at Sale yields One hundred and five thousand Crowns, which is just the same One hundred thousand Ounces of Standard Silver. There's the Land raised. And is not this an admirable Invention, for which the Publick ought to be at above One hundred thousand pounds Charge for new Coinage, and all your Commerce put in disorder? And then to recommend this Invention, you are told, as a great Secret,