Some Considerations of the Lowering of Interest [57]
That, Had not Money, from time to time, been raised in its Denomination, Lands had not so risen too.. which is to say, Had not your Money been made lighter, fewer Pieces of it would have bought as much Land as a greater number does now. Rem. The loss of Payments there spoken of, will, in no sort, be so great as if the Parties to whom these Debts are owing, were now bound to receive them in the Money now Passes, and then to melt the same down; so at this they will have no cause to complain. Answ. A very good Argument! The Clippers have rob'd the Publick of a good part of their Money (which Men will, some time or other, find in the Payments they receive) and 'tis desired the Mint may have a liberty to be before-hand with those to whom Debts are owing. They are told they will have no reason to Complain of it, who suffer this loss; because it is not so great as the other. The damage is already done to the Publick, by Clipping. Where at last it will light, I cannot tell. But Men who receive Clip'd Money, not being forced to melt it down, do not yet receive any loss by it. When Clip'd Money will no longer change for weighty, then those who have Clip'd Money in their hands, will find the loss of it. Rem. 'Twill make the Customs better paid, because there will be more Money. Ans. That there will be more Money in Tale, 'tis possible: That there will be more Money in Weight and Worth the Author ought to shew. And then, whatever becomes of the Customs, (which I do not hear are unpaid now) the king will lose in the Excise above Thirty thousand pounds per Annum. For in all Taxes where so many Pounds, Shillings, or Pence are determined by the Law to be paid, there the king will lose 5 Per Cent. The Author here as in other places, gives a good reason for it. For, His Majesty being to pay away this Money by Tale, as he received it, it will be to him no loss at all. As if my receiving my Rents in full Tale, but in Money of undervalue 5 Per Cent. were not so much loss to me, because I was to pay it away again by Tale. Try it at 50 Per Cent. The odds only is, That one being greater than the other, would make more noise. But our Author's great refuge in this is, That it will not be perceiv'd. Remark. If all Foreign Commodities, were to be Purchased with this new Species of Money sent out; we agree, That with 100 l. of it there could not be so much Silver or other Commodities bought, as with 100 l. in Crown Pieces as now Coined; because they would be heavier; And all Coin in any Kingdom, but where 'tis Coined, only goes by Weight; andfor the same weight of Silver, the same every where still will be bought; and so there will, with the same quantity of Goods. And if those Goods should cost 5 per Cent. more here in England than heretofore, and yield but the same Money (we mean by the Ounce abroad) the same Money brought home and Coin'd, will yield the Importer 5 per Cent. more at the Mint than it heretofore could do, and so no damage to the Trader at all. Answ. Here Truth forces from the Author a confession of Two Things, which demonstrate the vanity and uselesness of the Project. 1. That upon this change of your Coin, Foreign Goods will be rais'd. 2. Your own Goods will cost more 5 per Cent. So that Goods of all kinds being thereupon raised; wherein consists the raising of your Money, when an Ounce of Standard Silver, however minc'd, stamp'd, or denominated, will buy no more Commodities than it did before? This confession also shews the Falshood of that dangerous supposition, That Money, in the Kingdom where it is Coin'd, goes not by weight, i.e. is not valued by its Weight. Rem. 'Tis true, The Owners of Silver will find a good Market for if, and no others will be damaged; but, on the contrary, the making Plenty of Money will be an advantage to all. Answ. I grant it true, That if your Money were really raised, 5 per Cent. the Owners of Silver would get so much by it, by bringing it to the Mint to be Coin'd. But since, as is confessed, Commodities will (upon this raising your Money) be raised too 5 per