AsthisincreaseoftheFineinthepurchaseofLandisnotanadvantagetothekingdom，soneitherisittotheLandholder，whoistheperson，thatbearingthegreatestpartoftheburthensoftheKingdom，ought，Ithink，tohavethegreatestcaretakenofhim，andenjoyasmanyPrivileges，andasmuchWealth，asthefavouroftheLawcan（withregardtothePublick-weal）conferuponhim。Butprayconsider：TheraisingthePriceofLandinSalebyincreasingthenumberofYearsPurchasetobepaidforit，givestheadvantagenottotheLandholder，buttohimthatceasestobeso。HethathasnolongertheLandhasthemoreMoney，andhewhohastheLandisthepoorer。ThetrueadvantageoftheLandholderis，thathisCorn，Flesh，andWool，sellbetter，andyieldagreaterprice;thisindeedisaprofit，thatbenefitstheowneroftheLand，andgoesalongwithit：ItisthisaloneraisestheRent，andmakesthePossessorricher：andthiscanonlybedonebyincreasingourWealth，anddrawingmoreMoneyintoEngland，whichthefallingofInterest，andthereby（ifitcouldeffectit）raisingthePurchaseofLandissofarfromdoing，thatitdoesvisiblyanddirectlyonewayhinderourincreaseofWealth，thatis，byhindringForeignerstocomehere，andbuyLand，andsettleamongstus。Wherebywehavethisdoubleloss;FirstwelosetheirPersons，increaseofPeoplebeingtheincreasebothofStrengthandRiches。SecondlywelosesomuchMoney。Fortho’whateveranEnglishmangivestoanotherforLand，thoughraisedtoFortyYearsPurchase，benotoneFarthingadvantagetothekingdom;yetwhateveraForeigner，whopurchasesLandhere，givesforit，issomucheveryFarthingcleargaintotheNation：ForthatMoneycomesclearin，withoutcarryingoutanythingforit，andiseveryFarthingofitasperfectGaintotheNationasifitdrop’ddownfromtheClouds。
Butfarther，ifconsiderationbetobehadonlyofSellersofLand，theloweringofInteresttoFourperCent。willnotbeintheirfavour，unless，byit，youcanraiseLandtoThirtyYearsPurchase，whichisnotatalllikely：AndIthinknoBodybyfallingofInteresttoFourperCent。hopestogetChapmenfortheirLandatthatRate。Whatsoevertheyhaveless，ifLawcanregulateInterest，theyloseoftheirvalueofLand，Moneybeingthusabased。SothattheLandedmanwillscarcefindhisaccountneitherbythisLaw，whenitcomestotrial。Andatlast，I
imagine，thiswillbetheresultofallsuchAttempts，thatExperiencewillshew，thatthepriceofThingswillnotberegulatedbyLaws，thoughtheendeavoursafteritwillbesuretoprejudiceandinconvenienceTrade，andputyourAffairsoutofOrder。
Ifthisbeso，thatInterestcannotberegulatedbyLaw，orthatifitcould，yetthereducingofittoFourperCent。woulddomoreharmthangood：Whatthenshouldthere（willyousay）benoLawatalltoregulateInterest？Isaynotso。For，1。ItisnecessarythatthereshouldbeastatedRateofInterest，thatinDebtsandForbearances，whereContracthasnotsetleditbetweentheParties，theLawmightgiveaRule，andCourtsofJudicaturemightknowwhatDamagestoallow。Thismay，andthereforeshould，beRegulated。
2。ThatinthepresentcurrentofrunningCash，whichnowtakesitscoursealmostalltoLondon，andisIngrossedbyaveryfewHandsinComparison，youngMen，andthoseinWant，mightnottooeasilybeexposedtoExtortionandOppression;andthedextrousandcombiningMoneyJobbersnothavetoogreatandunboundedaPower，toPreyupontheIgnoranceorNecessityofBorrowers。Therewouldnotbemuchdangerofthis，ifMoneyweremoreequallydistributedintotheseveralquartersofEngland，andintoagreaternumberofHands，accordingtotheExigencesofTrade。
IfMoneyweretobehired，asLandis;ortobehadasCorn，orWool，fromtheOwnerhimself;andknowngoodsecuritybegivenforit，itmightthenprobablybehadattheMarket（whichisthetrue）Rate，andthatrateofInterestwouldbeaconstantgaugeofyourTradeandWealth。ButwhenakindofMonopoly，byconsent，hasputthisgeneralCommodityintoafewHands，itmayneedRegulation，thoughwhatthestatedRateofInterestshouldbeintheconstantchangeofAffairs，andfluxofMoney，ishardtodetermine。PossiblyitmaybeallowedasareasonableProposal，thatitshouldbewithinsuchBounds，asshouldnotontheonesidequiteEatuptheMerchants，andTradesman’sProfit，anddiscouragetheirIndustry;norontheotherhandsolow，asshouldhinderMenfromRisquingtheirMoneyinotherMensHands，andsoratherchusetokeepitoutofTrade，thanventureituponsosmallprofit。Whenitistoohigh，itsohinderstheMerchantsgain，thathewillnotBorrow;whentoolow，itsohinderstheMoniedMan’sprofit，thathewillnotLend;andboththesewaysitisahinderancetoTrade。
Butthisbeingperhapstoogeneral，andlooseaRule，letmeadd，thatifonewouldconsiderMoneyandLandalone，inrelationonetoanother，perhapsitisnowatSixperCent。inasgoodaproportionasispossible，SixperCent。beingalittlehigherthanLand，atTwentyYearsPurchase，whichistheRateprettynear，thatLandhasgenerallycarriedinEngland，itneverbeingmuchovernorunder。Forsupposing100l。inMoney，andLandof5
l。perAnnum，beofequalvalue，whichisLandatTwentyYearsPurchase：’Tisnecessaryforthemakingtheirvaluetrulyequal，thattheyshouldproduceanequalIncome，whichthe100l。at5
l。perCent。Interestisnotlikelytodo。
1。Becauseofthemany，andsometimeslongintervalsofBarrenness，whichhappentoMoney，morethanLand。MoneyatUse，whenreturn’dintotheHandsoftheOwner，usuallyliesdeadthere，tillhegetsanewTenantforit，andcanputitoutagain;andallthistimeitproducesnothing。ButthishappensnottoLand，thegrowingproductwhereofturnstoaccounttotheOwner，evenwhenitisinhisHands，orisallow’dforbytheTenant，antecedentlytohisentringupontheFarm。ForthoughaManthatBorrowsMoneyatMidsummer，neverbeginstopayhisInterestfromourLady-Day，oronemomentbackwards，yethewhoRentsaFarmatMidsummer，mayhaveasmuchreasontobeginhisRentfromourLady-Day，asifhehadthenentreduponit。
2。BesidesthedeadintervalsofceasingProfit，whichhappentoMoneymorethanLand，thereisanotherReason，whytheProfitandIncomeofMoneyletout，shouldbealittlehigherthanthatofLand;andthatis，becauseMoneyoutatInterestrunsagreaterRisque，thanLanddoes。TheBorrowermaybreak，andrunawaywiththeMoney，andthennotonlytheInterestdue，butallthefutureProfit，withthePrincipal，islostforever。ButinLandaMancanlosebuttheRentdue，forwhichusuallytootheStockupontheLandissufficientsecurity：AndifaTenantrunawayinArrearofsomeRent，theLandremains，thatcannotbecarriedaway，orlost。ShouldaManPurchasegoodLandinMiddlesexof5l。perAnnum，atTwentyYearsPurchase，andotherLandinRumney-Marsh，orelsewhereofthesameYearlyvalue，butsosituated，thatitwereindangertobeswallowedoftheSea，andbeutterlylost，itwouldnotbeunreasonable，thatheshouldexpecttohaveitunderTwentyYearsPurchase;supposeSixteenandanhalf。ThisistobringittojustthecaseofLandatTwentyYearsPurchase，andMoneyatSixperCent。wheretheuncertaintyofsecuringonesMoneymaywellbeallowedthatadvantageofgreaterProfit;andthereforeperhapsthelegalInterestnowinEnglandatSixperCent。isasreasonableandconvenientaRateascanwellbesetbyastandingRule，especiallyifweconsiderthattheLawrequiresnotaMantopaySixperCent。buttiesuptheLenderfromtakingmore。Sothatifeveritfallsofitself，theMonied-manissuretofindit，andhisInterestwillbebroughtdowntoit。
HighInterestisthoughtbysomeaPrejudicetoTrade：Butifwelookback，weshallfind，thatEnglandneverthrovesowell，norwasthereeverbroughtintoEnglandsogreatanincreaseofWealthsince，asinQueenElizabeth’sandKingJamesI。andKingCharlesI。time，whenMoneywasatTenandEightperCent。IwillnotsayhighInterestwasthecauseofit。ForIratherthinkthatourthrivingTradewastheCauseofhighInterest，everyonecravingMoneytoemployinaprofitableCommerce。ButthisI
thinkImayreasonablyinferfromit，ThatloweringofInterestisnotasurewaytoimproveeitherourTradeorWealth。
TothisIhearsomesay，ThattheDutch，SkilfulinallArtsofpromotingTrade，toout-dousinthis，aswellasallotherAdvancementsofit，haveobservedthisRule，viz，ThatwhenwefellInterestinEnglandfromTentoEight，theypresentlysunkInterestinHollandtoFourperCent。andagain，whenwelower’dittoSixtheyfellittoThreeperCent。therebytokeeptheAdvantagewhichthelownessofInterestgivestoTrade。FromwhencetheseMenreadilyconclude，ThatthefallingofInterestwilladvanceTradeinEngland。TowhichIanswer，1。ThatthislookslikeanArgument，rathermadeforthepresentOccasion，tomisleadthosewhoarecredulousenoughtoswallowit，thanarisingfromtrueReason，andmatterofFact。
ForifloweringofInterestweresoadvantageoustoTrade，whydidtheDutchsoconstancytaketheirmeasuresonlybyus，andnotaswellbysomeotheroftheirNeighbours，withwhomtheyhaveasgreatorgreaterCommercethanwithus？Thisisenoughatfirstsighttomakeonesuspectthis，tobeDustonlyraised，tothrowinPeopleseyes，andaSuggestionmadetoserveaPurpose。
For，2。Itwillnotbefoundtrue，ThatwhenweabatedInteresthereinEnglandtoEight，theDutchsunkitinHollandtoFourperCent。byLaw;orthattherewasanyLawmadeinHollandtolimittheRateofInteresttoThreeperCent。whenwereduceditinEnglandtoSix。Itistrue，JohndeWitt，whenhemanagedtheAffairsofHolland，settinghimselftolessenthepublickDebt，andhavingactuallypaidsome，andgettingMoneyinareadinesstoPayothers，sentnoticetoalltheCreditors，ThatthosewhowouldnottakeFourperCent。shouldcomeandreceivetheirMoney。TheCreditorsfindinghiminearnest，andknowingnothowotherWisetoemploytheirMoney，acceptedhisTerms，andchangedtheirObligationsintoFourperCent。whereasbeforetheywereatFive，andso（thegreatLoansoftheCountrybeingtotheState）
itmightbesaidinthissense，ThattheRateofInterestwasreducedloweratthattime：ButthatitwasdonebyaLaw，forbiddingtotakehigherInterestthanFourperCent。thatI
deny，andrequireanyonetoshew。IndeedupongoodSecurityonemightlatelyhaveborrowedMoneyinHollandatThree，andThreeandanhalfperCent。butnotbyvertueofanyLaw，butthenaturalRateofInterest。AndIappealtotheMenlearnedintheLawofHolland，whetherlastYear（andIdoubtnotbutitissostill）aManmightnotlawfullylendhisMoneyforwhatInteresthecouldget，andwhetherintheCourtsheshouldnotrecovertheInteresthecontractedfor，ifitwereTenperCent。SothatifMoneybetobeborrowedbyhonestandresponsibleMen，atThree，orThreeandanhalfperCent。itisnotbytheforceofStatutesandEdicts;butbythenaturalCourseofthings，whichwillalwaysbringInterestupongoodSecuritylow，wherethereisagreatdealofMoneytobelent，andlittlegoodSecurity，inproportion，tobehad。HollandisaCountrywheretheLandmakesaverylittlepartoftheStockoftheCountry。TradeistheirgreatFund;andtheirEstatesliegenerallyinMoney：Sothatall，whoarenotTraders，generallyspeaking，areLenders：OfwhichtherearesomanywhoseIncomedependsuponInterest，thatiftheStateswerenotmightilyinDebt，butpaideveryonetheirPrincipal，insteadoftheFourperCent。Use，whichtheygive，therewouldbesomuchmoreMoneythancouldbeused，orwouldbeventuredinTrade，thatMoneytherewouldbeatTwoperCent。orunder，unlesstheyfoundawaytoputitoutinForeignCountries。
Interest，IgranttheseMen，islowinHolland：ButitissonotasaneffectofLaw，orthepolitickContrivanceoftheGovernment，topromoteTrade;butastheConsequenceofgreatPlentyofreadyMoney，whentheirInterestfirstfell。Isaywhenitfirstfell：Forbeingoncebroughtlow，andthePublickhavingborrowedagreatpartofprivateMensMoney，andcontinuinginDebt，itmustcontinuesothoughthePlentyofMoney，whichfirstbroughtInterestlow，wereverymuchdecay’d，andagreatpartoftheirWealthwerereallygone。FortheDebtoftheStateaffordingtotheCreditorsaconstantYearlyIncome，thatislook’donasasafeRevenue，andaccountedasvaluableasifitwereinLand;andaccordinglytheybuyitoneofanother;andwhethertherebeanyMoneyinthepublickCoffersorno，he，whohastothevalueofTenthousandpoundsowinghimfromtheStates，mayselliteverydayintheWeek，andhavereadyMoneyforit。ThisCreditissogreatanadvantagetoprivateMen，whoknownotelsewhattodowiththeirStocks，thatweretheStatesnowinaconditiontobegintopaytheirDebts，theCreditors，ratherthantaketheirMoneyouttoliedeadbythem，wouldletitstayin，atlowerInterest，astheydidsomeYearssince，whentheywerecall’dontocomeandreceivetheirMoney。ThisisthestateofInterestinHolland：TheirplentyofMoney，andpayingtheirpubliqueDebts，sometimesinceloweredtheirInterest。ButitwasnotdonebythecommandandlimitationofaLaw，norinconsequenceofourreducingitherebyLawtoSixperCent。ForI
deny，thatthereisanyLawthereyet，toforbidlendingofMoneyforaboveThree，orSix，orTenperCent。Whateversomeheresuggest，everyonetheremayhireouthisMoneyasfreelyashedoesanythingelse，forwhatratehecanget;andtheBargainbeingmade，theLawwillinforcetheBorrowertopayit。
IgrantlowInterest，whereallMenconsenttoit，isanadvantagetoTrade，ifMerchantswillregulatetheirGainsaccordingly，andMenbeperswadedtolendtothem：Butcanitbeexpected，whenthePubliquegivesSeven，orEight，orTenperCent。thatprivateMen，whoseSecurityiscertainlynobetter，shallhaveitforFour？Andcantherebeanythingstranger，thanthatthesameMenwholookon，andthereforeallowhighUseasanencouragementtolendingtotheChequer，shouldthinklowUseshouldbringMoneyintoTrade？TheStatesofHollandsomefewYearssince，paidbutFourperCent。fortheMoneytheyowed：
Ifyouproposethemforanexample，andInterestbetoberegulatedbyaLaw，trywhetheryoucandosohere，andbringMentolendittothePubliqueatthatRate。Thiswouldbeabenefittothekingdom，andabateagreatpartofourpubliqueCharge。Ifyoucannotdothat，confess，that’tisnottheLawinHollandhasbroughttheInteresttheresolow，butsomethingelse，andthatwhichwillmaketheStates，oranybodyelsepaydearernow，ifeithertheirCreditbeless，orMoneytherescarcer。
AninfalliblesignofyourdecayofWealthisthefallingofRents，andtheraisingofthemwouldbeworththeNationsCare：
Forinthat，andnotinthefallingofInterestliesthetrueadvantageoftheLandedman，andwithhimofthePublick。Itmaybethereforenotbesidesourpresentbusiness，toenquireintothecauseofthefallingofRentsinEngland。
1。EithertheLandisgrownBarrener，andsotheProductisless，andconsequentlytheMoneytobereceivedforthatProductisless。ForitisevidentthathewhoseLandwaswonttoproduce100BushelsofWheatcommunibusannis，ifbylongTillage，andbadHusbandryitwillnowproducebut50Bushels，theRentwillbeabatedhalf。Butthiscannotbesuppos’dgeneral。
2。OrtheRentofthatLandislessen’d。1。BecausetheuseoftheCommodityceases：AstheRentsmustfallinVirginia，weretakingofTobaccoforbidinEngland。2。OrbecausesomethingelsesuppliestheroomofthatProduct：AstherateofCopis-landswillfalluponthediscoveryofCoalMines。3。Or，becausetheMarketsaresuppliedwiththesameCommodity，cheaperfromanotherplace。AsthebreedingCountriesofEnglandmustneedsfalltheirRents，bytheimportationofIrishCattle。4。Or，becauseaTaxlaidonyourNativeCommodities，makeswhattheFarmersells，cheaper;andLabour，andwhathebuysdearer。
3。Or，theMoneyintheCountryisless。FortheexigenciesandusesofMoneynotlesseningwithitsquantity，anditbeinginthesameproportiontobeimploy’danddistributedstillinallthepartsofitscirculation，somuchasitsquantityislessen’d，somuchmusttheshareofeveryone，thathasarighttothisMoney，betheless;whetherhebeLandholder，forhisGoods;orLabourer，forhisHire;orMerchant，forhisBrokage。
ThoughtheLandholderusuallyfindsitfirst。BecauseMoneyfailing，andfallingshort，PeoplehavenotsomuchMoneyasformerlytolayout，andsolessMoneyisbroughttoMarket，bywhichthepriceofthingsmustnecessarilyfall。TheLabourerfeelsitnext。ForwhentheLandholder’sRentfalls，hemusteitherbatetheLabourer’sWages，ornotimploy，ornotpayhim;
whicheitherwaymakeshimfeelthewantofMoney。TheMerchantfeelsitlast。Forthoughhesellless，andatalowerrate，hebuysalsoourNativeCommodities，whichheExports，atalowerratetoo：andwillbesuretoleaveourNativeCommoditiesunbought，upontheHandsoftheFarmer，orManufacturer，ratherthanExportthemtoaMarket，whichwillnotaffordhimReturnswithProfit。
IfoneThirdoftheMoneyimployedinTradewerelock’dup，orgoneoutofEngland，mustnottheLandholdersnecessarilyreceiveoneThirdlessfortheirGoods，andconsequentlyRentsfall;AlessquantityofMoneybyoneThirdbeingtobedistributedamongstanequalnumberofReceivers？lndeed，PeoplenotperceivingtheMoneytobegone，areapttobejealousoneofanother;andeachsuspectinganothersinequalityofGaintorobhimofhisshare，everyonewillbeimployinghisskill，andpower，thebesthecan，toretrieveitagain，andtobringMoneyintohisPocketinthesameplentyasformerly。Butthisisbutscramblingamongstourselves，andhelpsnomoreagainstourwant，thanthepullingofashortCoverletwill，amongstChildren，thatlyetogether，preservethemallfromtheCold。
Somewillstarve，unlesstheFatheroftheFamilyprovidebetter，andenlargethescantyCovering。ThispullingandcontestisusuallybetweentheLanded-manandtheMerchant。FortheLabourer’sshare，beingseldommorethanabaresubsistence，neverallowsthatbodyofMentimeoropportunitytoraisetheirThoughtsabovethat，orstrugglewiththeRicherfortheirs，（asonecommonInterest，）unlesswhensomecommonandgreatDistress，unitingtheminoneuniversalFerment，makesthemforgetRespect，andemboldensthemtocarvetotheirWantswitharmedforce：AndthensometimestheybreakinupontheRich，andsweepalllikeadeluge。Butthisrarelyhappensbutinthemal-administrationofneglectedormis-manag’dGovernment。
Theusualstruggleandcontest，asIsaidbefore，inthedecaysofWealthandRiches，isbetweentheLandedManandtheMerchant，withwhomImayherejointheMoniedMan。TheLandedManfindshimselfaggrieved，bythefallingofhisRents，andthestreightningofhisFortune;whilsttheMoniedMankeepsuphisGain，andtheMerchantthrivesandgrowsrichbyTrade。ThesehethinksstealhisIncomeintotheirPockets，buildtheirFortunesuponhisRuin，andIngrossmoreoftheRichesoftheNationthancomestotheirshare。Hethereforeendeavours，byLaws，tokeepupthevalueofLands，whichhesuspectslessenedbytheothersexcessofProfit：Butallinvain。Thecauseismistaken，andtheremedytoo。’TisnottheMerchantsnorMoniedMan’sGainsthatmakesLandfall：ButthewantofMoneyandlesseningofourTreasurewastedbyextravagantExpences，andamis-manag’dTrade，whichtheLandalwaysfirstfeels。IftheLandedGentlemanwillhave，andbyhisexamplemakeitfashionabletohave，moreClaret，Spice，Silk，andotherForeignConsumableWares，thanourExportationofCommoditiesdoesexchangefor。MoneymustunavoidablyfollowtoballancetheAccount，andpaytheDebt。AndthereforeIfearthatanotherProposal，Iheartalkedof，tohindertheExportationofMoneyandBullion，willshewmoreourneedofcaretokeepourMoneyfromgoingfromus，thanawayandmethod，howtopreserveithere。
’TisDeathinSpaintoexportMoney。Andyetthey，whofurnishalltheWorldwithGoldandSilver，haveleastofitamongstthemselves。TradefetchesitawayfromthatlazyandindigentPeople，notwithstandingalltheirartificialandforcedcontrivancestokeepitthere。ItfollowsTradeagainsttherigouroftheirLaws;andtheirwantofForeignCommoditiesmakesitopenlybecarriedoutatNoon-Day。NaturehasbestowedMinesonseveralpartsoftheWorld：ButtheirRichesareonlyfortheIndustriousandFrugal。Whomeverelsetheyvisit，’tiswiththeDiligentandSoberonlytheystay。AndiftheVertue，andprovidentwayofLivingofourAncestors（contentwithourNativeconveniencesofLife，withoutthecostlyItchaftertheMaterialsofPrideandLuxuryfromabroad）werebroughtinfashionandcountenanceagainamongstus;thisalonewoulddomoretokeep，andincreaseourWealth，andinrichourLand，thanallourPaperhelpsaboutInterest，Money，Bullion，&c。whichhowevereagerlywemaycatchat，willnot，Ifear，withoutbetterHusbandry，keepusfromsinking，whatevercontrivanceswemayhaverecourseto。
’TiswithaKingdom，aswithaFamily。Spendinglessthanourown。Commoditieswillpayfor，isthesureandonlywayfortheNationtogrowRich。Andwhenthatbeginsonceseriouslytobeconsider’d，andourfacesandstepsareinearnestturn’dthatway，wemayhopetohaveourRentsrise，andthepublickStockthriveagain。Tillthen，weinvain，Ifear，endeavourwithnoise，andweaponsofLaw，todrivetheWolffromourown，tooneanothersDoors：TheBreedoughttobeextirpatedoutoftheIsland。ForWant，broughtinbyillmanagement，andnursedupbyexpensiveVanity，willmaketheNationPoor，andsparenobody。
IfThreeMillionswerenecessaryforthecarryingontheTradeofEngland，whereofOneMillionwerefortheLandholder，tomaintainhim;andanotherwereforthepaymentoftheLabourerandHandicraftsman;andtheThirdweretheshareoftheBrokers，comingtothemfortheircareandpainsindistributing;IfOneMillionofthisMoneyweregoneoutoftheKingdom，mustnottherebeOneThirdlesstobesharedamongstthemfortheproductoftheirLand，theirLabourandtheirDistribution？Idonotsaytheywillfeelitatthesametime。ButtheLandholderhavingnothing，butwhattheProductofhisLandwillyield;andtheBuyeraccordingtothePlentyorScarcityofMoneyhehas，alwayssettingthePriceuponwhatisofferedtoSale;TheLandholdermustbecontenttotaketheMarket-Rate，forwhathebringsthither，whichalwaysfollowingthescarcityorplentyofMoney，ifanypartofourMoneybegone，heissurefirsttofinditinthepriceofhisCommodities。FortheBrokerandMerchant，thoughheSellcheaper，yetheBuyscheapertoo：AndhewillbesuretogetbyhisReturns，orletaloneaCommodity，whichwillnotproducehimGain：Andwhatsoeverissoletalone，andleftuponhands，alwaysturnstotheLandholdersloss。
SupposingthatofourWoollenManufacture，ForeignMarketstookoffonehalf，andtheotherhalfwereconsumedamongstourselves：Ifasensiblepart，（asOneThird）ofourCoinweregone，andsoMenhadequallyOneThirdlessMoneythantheyhad（for，’tiscertain，itmustbetantamount，andwhatI’scapeofOneThirdless，anothermustmakeup）itwouldfollow，ThattheywouldhavelesstolayoutinCloaths，aswellasotherthings，andsowouldeitherwearthemlonger，orpaylessforthem。IfaClothierfindsawantofVent，hemusteitherSellcheaperornotatall：IfheSellscheaper，hemustalsopayless，bothforWoolandLabour：AndiftheLabourerhathlessWages，hemustalsopaylessforCorn，Butter，Cheese，Flesh，orelseforbearsomeofthesequite。Inallwhichcases，thePriceofWool，Corn，Flesh，andtheotherProductsofLandarebroughtdown，andtheLandbearsthegreatestpartoftheloss。Forwhere-evertheConsumptionorVentofanyCommodityisstopt，theretheStopcontinuesontillitcomestotheLandholder。Andwhere-everthePriceofanyCommoditybeginstofall，howmanyHandssoevertherebebetweenthatandtheLandholder，theyalltakereprisalsoneuponanother，tillatlastitcomestotheLandholder;andtheretheabatementofPrice，ofanyofhisCommodities，lessenshisIncome，andisaclearloss。TheOwnerofLand，whichproducestheCommodity，andthelastBuyer，whoconsumesit，arethetwoextreamsinCommerce。AndthoughthefallingofanysortofCommodityintheLandholder’sHand，doesnotprovesotothelastconsumer，theArtsofinterveningBrokersandIngrosserskeepingupthePricetotheirownadvantage：YetwheneverwantofMoney，orwantofdesireintheconsumer，makethePricelow，thatimmediatelyreachesthefirstProducer：NobodybetweenhavinganyInteresttokeepitup。
Now，astothetwofirstcausesoffallingofRents，fallingofInteresthasnoInfluenceatall。Inthelatter，ithasagreatpart：BecauseitmakestheMoneyofEnglandless，bymakingbothEnglish-MenandForeignerswithdraworwith-holdtheirMoney。ForthatwhichisnotletlooseintoTrade，isallonewhil’stHoardedup，asifitwerenotinBeing。
Ihavehearditbroughtforareason，whyInterestshouldbereducedtoFourperCent。ThattherebytheLandholder，whobearstheburthenofthePublickCharge，maybe，insomedegreeeasedbyfallingofInterest。
ThisArgumentwillbeputright，ifyousayitwilleasetheBorrower，andlaythelossontheLender：ButitconcernsnottheLandingeneral，unlessyouwillsupposeallLandholdersinDebt。
ButIhope，wemayyetthinkthatMeninEngland，whohaveLand，haveMoneytoo;andthatLandedMen，aswellasothers，bytheirprovidenceandgoodHusbandry，accommodatingtheirExpencestotheirIncome，keepthemselvesfromgoingbackwardsintheWorld。
Thatwhichisurged，asmostdeservingconsiderationandremedyinthecase，is，Thatitishardandunreasonable，thatone，whohasMortgagedhalfhisLand，shouldyetpayTaxesforthewhole，whil’sttheMortgageegoesawaywiththeclearprofitofanhighInterest。TothisIanswer，1。ThatifanyManhasrunhimselfinDebt，fortheServiceofhisCountry，’tisfitthePublickshouldreimbursehim，andsethimfree。Thisisacare，thatbecomesthePublickJustice;
ThatMen，iftheyreceivenoRewards，should，atleast，bekeptfromSuffering，inhavingServedtheirCountry。ButIdonotrememberthePolityofanyNation，whoalteredtheirConstitution，infavourofthose，whosemismanagementhadbroughtthembehind-hand;possiblyasthinkingthePublicklittlebeholdingtothose，whohadmisemployedtheStockoftheirCountry，intheexcessoftheirprivateExpences，and，bytheirExample，spreadafashionthatcarriesruinwithit。MenspayingTaxesofMortgagedLands，isapunishmentforill-husbandry，whichoughttobediscouraged：ButitconcernsverylittletheFrugalandtheThrifty。
2。Anotherthingtobesaidinreplytothis，is，ThatitiswithGentlemenintheCountry，aswithTradesmenintheCity。IftheywillownTitlestogreaterEstatesthanreallytheyhave，itistheirownfaults，andthereisnowaylefttohelpthemfromPayingforthem。TheRemedyisintheirownhands，todischargethemselveswhentheyplease。AndwhentheyhaveonceSoldtheirLand，andpaidtheirDebts，theywillnolongerpayTaxes，forwhattheyown，withoutbeingreallytheirs。Thereisanotherwayalso，wherebytheymayberelieved，aswellasagreatmanyotherinconvenienciesremedied;andthatisbyaRegistry：ForifMortgageswereRegistred，LandTaxesmightreachthem，andordertheLendertopayhisproportion。
IhavemetwithPatronsofFourperCent。who（amongstmanyotherfinethingstheytellusof）affirm，ThatifInterestwerereducedtoFourperCent。thensomeMenwouldborrowMoneyatthislowRate，andpaytheirDebts;Otherswouldborrowmorethantheynowdo，andimprovetheirLand;OtherswouldborrOwmore，andimployitinTradeandManufacture。Gildedwordsindeed，werethereanythingsubstantialinthem！TheseMentalk，asiftheymeanttoshewus，notonlytheWisdom，butRichesofSolomon，andwouldmakeGoldandSilverascommon，astheStonesintheStreet：Butatlast，Ifear，’willbebutWitwithoutMoney;and，Iwishitamounttothat。’Tiswithoutquestion，ThatcouldtheCountryman，andtheTradesmantakeupMoneycheaper，thannowtheydo，everyManwouldbeforwardtoBorrow，anddesire，thathemighthaveotherMensMoneytoimploytohisadvantage。I
confess，thosewhocontendforFourperCent。havefoundoutaway，tosetMensMouthsawateringforMoneyatthatRate，andtoincreasethenumberoftheBorrowersinEngland;ifanybodycanimagineitwouldbeanadvantagetoincreasethem。ButtoansweralltheirfineProjects，Ihavebutthisoneshortquestiontoaskthem：WillFourperCent。increasethenumberoftheLenders？
Ifitwillnot，asanyManattheveryfirsthearing，willshrewdlysuspectitwillnot，thenalltheplentyofMoneytheseConjurersbestowuponus，forImnprovementofLand，PayingofDebts，andAdvancementofTrade，isbutliketheGoldandSilver，whichOldWomenbelieve，otherConjurersbestowsometimes，bywholeLapfuls，onpoorcredulousGirls，which，whentheybringtothelight，isfoundtobenothingbutwither’dLeaves;andthePossessorsofitarestillasmuchinwantofMoneyasever。
IndeedIgrantitwouldbewellforEngland，andIwishitwereso，thattheplentyofMoneyweresogreatamongstus，thateveryMancouldborrowasmuchashecoulduseinTrade，forFourperCent。nay，thatMencouldborrowasmuchastheycouldimployforSixperCent。ButevenatthatRate，theBorrowersalreadyarefarmorethantheLenders。WhyelsedoththeMerchantuponoccasion，paySixperCent。andoftenabovethatrateforBrokage？AndwhydoththeCountryGentlemanofOnethousandpoundsperAnnumfinditsodifficult，withallthesecurityhecanbring，totakeupaThousandpound？AllwhichproceedsfromthescarcityofMoney，andbadSecurity;twoCauses，whichwillnotbelesspowerfultohinderBorrowing，aftertheloweringofInterest：andIdonotsee，howanyonecanimaginethatreducingUsetoFourPerCent。shouldabatetheirforce;orhowlesseningtheRewardoftheLender，withoutdiminishinghisRisque，shouldmakehimmoreforwardandreadytoLend。SothattheseMen，whilsttheytalk，thatatFourperCent。Menwouldtakeup，andimploymoreMoneytothePublickadvantage，dobutpretendtomultiplythenumberofBorrowersamongus，ofwhichitiscertainwehavetoomanyalready。WhilsttheythussetMenalongingfortheGoldendaysofFourperCent。methinkstheyusethepoorindigentDebtor，andneedyTradesman，asIhaveseenpratlingJack-Dawsdosometimestheiryoung，whokawingandflutteringabouttheNest，setalltheiryoungonesagaping，buthavingnothingintheiremptyMouthsbutNoiseandAir，leavethemashungryasbefore。
’TistruetheseMenhavefoundoutbyacunningproject，how，bytherestraintofLaw，tomakethepriceofMoneyOneThirdcheaper，andthentheytellJohnaNokes，thatheshallhaveTenthousandpoundsofittoemployinMerchandise，orCloathing;andJohnaStilesshallhaveTwentythousandpoundsmoretopayhisDebts;andsodistributethisMoneyasfreelyasDegodidhisLegacies，whichtheyaretohave，evenwheretheycangetit。ButtilltheseMencaninstructtheforwardBorrowerswheretheyshallbefurnished，theyhaveperhapsdonesomethingtoincreaseMensdesire，butnotmadeMoneyonejoteasiertocomeby。Andtilltheydothat，allthissweetginglingofMoneyintheirDiscoursesgoesjusttotheTuneof，IfalltheWorldwereOatmeal。MethinkstheseUndertakers，whil’sttheyhaveputMeninhopesofBorrowingmoreplentifullyateasierRates，forthesupplyoftheirWantsandTrades，haddonebettertohavebethoughtthemselvesofaway，howMenneednotBorrowuponUseatall：Forthiswouldbemuchmoreadvantageous，andaltogetherasFeisible。ItisaseasietodistributeTwentypairofShooesamongstThirtyMen，iftheypaynothingforthematall，asiftheypaid4s。apair。Tenofthem（notwithstandingtheStatuteRateshouldbereducedfrom6s。to4s。apair）willbenecessitatedtositstillBarefoot，asmuch，asiftheyweretopaynothingforShooesatall。JustsoitisinaCountry，thatwantsMoneyinproportiontoTrade。ItisaseasietocontrivehoweveryManshallbesuppliedwithwhatMoneyheneeds（i。e。
canimployinimprovementsofLand，payinghisDebts，andReturnsofhisTrade）fornothing，asforFourperCent。EitherwehavealreadymoreMoneythantheOwnerswillLend，orwehavenot。IfpartoftheMoneywhichisnowinEngland，willnotbeLentattherateInterestisatpresentat，willMenbemorereadytoLend，andBorrowersbefurnishedforallthosebravePurposesmoreplentifully，whenMoneyisbroughttoFourperCent？IfPeopledoalreadylendalltheMoneytheyhave，abovetheirownoccasions，whencearethose，whowillborrowmoreatFourperCent。tobesupplied？OristheresuchplentyofMoney，andscarcityofBorrowers，thatthereneedsthereducingofInteresttoFourperCent。tobringMentotakeit？
AlltheimaginablewaysofincreasingMoneyinanyCountry，arethesetwo：EithertodigitinMinesofourown，orgetitfromourNeighbours。ThatFourperCent。isnotofthenatureoftheDeusing-rod，orVirgulaDivina，abletodiscoverMinesofGoldandSilver，Ibelievewilleasilybegrantedme。ThewayofgettingfromForeigners，iseitherbyforce，borrowing，ortrade。
Andwhateverwaysbesidesthese，Menmayfansie，orpropose，forincreasingofMoney，（excepttheyintendtosetupforthePhilosophersStone）wouldbemuchthesamewithaDistractedMan’sdevicethatIknew，who，inthebeginningofhisDistemperfirstdiscover’dhimselftobeoutofhisWits，bygettingtogether，andboilingagreatnumberofGroats，withadesign，ashesaid，tomakethemplim，i。e。growthicker。ThatFourperCent。willRaiseArmies，DisciplineSoldiers，andmakeMenValiant，andfittertoconquerCountries，andinrichthemselveswiththeSpoils，Ithinkwasneverpretended。AndthatitwillnotbringinmoreofourNeighboursMoneyuponLoan，thanwehaveatpresentamongus，issovisibleinitsself，thatitwillnotneedanyProof;thecontendersforFourperCent。lookinguponitasanundeniableTruth，andmakinguseofitasanArgumenttoshewtheadvantageitwillbetotheNation，bylesseningtheUsepaidtoForeigners，whouponfallingofUsewilltakehometheirMoney。Andforthelastwayofincreasingour。Money，bypromotingofTrade，howmuchloweringofInterestisthewaytothat，Ihave，Isuppose，shew’dyoualready。
HavinglatelymetwithalittleTract，IntituledALettertoaFriendconcerningUsury。Printedthispresentyear1690;whichgivesinshort，theArgumentsofsomeTreatisesPrintedmanyyearssince，forthelowereingofInterest;Itmaynotbeamiss，brieflytoconsiderthem。
1。AHighInterestdecaysTrade。TheadvantagefromInterestisgreaterthantheProfitfromTrade，whichmakestherichMerchantsgiveover，andputouttheirStocktoInterest，andthelesserMerchantsBreak。
Answ。ThiswasPrintedin1621，whenInterestwasat10perCent。AndwhetherEnglandhadeveramoreflourishingTrade，thanatthattime，mustbelefttothejudgmentofthose，whohaveconsider’dthegrowingStrengthandRichesofthisKingdominQ。E。andKingJ。the1stReigns。NotthatIimputeittohighInterest，buttootherCausesIhavemention’d，whereinUsuryhadnothingtodo。ButifthisbethoughtanArgumentnowin1690，whenthelegalInterestis6perCent。Idesirethose，whothinkfittomakeuseofit，tonamethoserichMerchants，whohavegivenoverandputouttheirStockstoInterest。
2。Interestbeingat10perCent。andinHollandat6;ourNeighbourMerchantsunderselus。
Answ。ThelegalInterestbeingherenowat6perCent。andinHollandnotlimitedbyLaw，ourNeighbourMerchantsunderselus，becausetheylivemorefrugally，andarecontentwithlessprofit。
3。InterestbeinglowerinHollandthaninEngland，theirContributionstoWar，worksofPiety，andallChargesoftheState，arecheapertothemthantous。
Answ。ThisneedsalittleExplication。Contributionsgreaterorless，Iunderstand：butContributionscheaperordearer，I
confessIdonot。IftheymanagetheirWarsandChargescheaperthanwe，theblameisnottobelaidonhigh，orlowInterest。
4。Interestbeingsohigh，preventsthebuildingofShipping，whichisthestrengthandsafetyofourIsland，mostMerchantShipsbeingbuiltinHolland。
Answ。ThoughthisArgumentbenowgone，suchShipsbeingProhibitedbyaLaw，IwillhelptheAuthortooneasgood。TheDutchbuyourRape-seed，makeitintoOil，bringitbacktous，andsellitwithadvantage。ThismaybeaswellsaidtobefromhighInteresthere，andlowthere。ButtheTruthis，thelndustryandFrugalityofthatPeople，makesthemcontenttoworkcheaper，andsellatlessprofitthantheirNeighbours，andsogettheTradefromthem。
5。ThehighRateofUsurymakesLandsellsocheap，beingnotworthmorethan14or15YearsPurchase;whereasinHolland，whereInterestisat6，itisworthabove25。SothatalowInterestraisesthePriceofLand。WhereMoneyisdearLandischeap。
Answ。ThisArgumentplainlyconfesses，ThatthereissomethingelseregulatesthePriceofLand，besidestheRateofInterest。elsewhenMoneywasat10PerCent。here，Landshouldhavebeenat10YearsPurchase，whereasheconfessesitthentohavebeenat14or15。Onemaysuppose，tofavourhisHypothesis，hewasnotforwardtospeakthemostofit。AndInterest，ashesays，beingat6PerCent。inHolland，LandthereshouldhaveSoldbythatRuleforSixteenandanhalfYearsPurchase，whereashesaysitwasworthaboveTwentyfive。AndMr。Manlysays，（p。
33）ThatMoneyinFrancebeingat7perCent。NobleLandsellsfor34and35YearsPurchase，andordinaryLandfor25。SothatthetrueConclusionfromhenceis，notwhatourAuthormakes，butthis;That’tisnotthelegalInterest，butsomethingelse，thatgovernstheRateofLand。IgranthisPosition，ThatwhereMoneyisdear，Landischeap，andvicevers？Butitmustbesobythenatural，notlegalInterest。ForwhereMoneywillbelentongoodSecurityat4or5perCent。’tisaDemonstration，thatthereismorethanwillbeventuredonordinaryCreditinTrade。AndwhenthisPlentybecomesgeneral，’tisasign，thereismoreMoney，thancanbeEmployedinTrade;whichcannotbutputmanyuponseekingPurchases，tolayitoutinLand，andsoraisethePriceofLand，bymakingmoreBuyers，thanSellers。
6。’TisnotprobableLenderswillcallintheirMoney，whentheycannotmakegreaterInterestanywhere。Besides，theirSecurityuponLandwillbebetter。
Answ。SomeunskilfulandtimorousMenwillcallintheirMoney;othersputitintotheBanker’sHands。ButtheBankersandSkilfulwillkeepitup，andnotlendit，butatthenaturalUse，aswehaveshewn。ButhowSecuritieswillbemendedbyloweringofInterest，is，Iconfess，beyondmyComprehension。
OfRaisingourCoin。
BEINGnowupontheConsiderationofInterestandMoney，givemeleavetosayoneWordmoreonthisoccasion，whichmaynotbewhollyunseasonableatthistime。IhearaTalkupanddownofraisingourMoney，asameanstoretainourWealth，andkeepourMoneyfrombeingcarriedaway。IwishthosethatusethePhraseofraisingourMoney，hadsomeclearNotionannexedtoit;andthatthentheywouldexamine，Whether，thatbeingtrue，itwouldatallservetothoseEnds，forwhichispropos’d。
TheraisingofMoneythensignifiesoneofthesetwothings;
eitherraisingtheValueofourMoney，orraisingtheDenominationofourCoin。
TheraisingoftheValueofMoney，oranythingelse，isnothing，butthemakingalessquantityofitexchangeforanyotherthing，thanwouldhavebeentakenforitbefore。v。g。If5
s。willexchangefor，or，（aswecallit）buyaBushelofWheat;
ifyoucanmake4s。buyanotherBushelofthesameWheat，itisplaintheValueofyourMoneyisraised，inrespectofWheatOneFifth。ButthusnothingcanraiseorfallthevalueofyourMoney，buttheproportionofitsPlenty，orScarcity，inproportiontothePlenty，Scarcity，orVentofanyotherCommodity，withwhichyoucompareit，orforwhichyouwouldexchangeit。AndthusSilver，whichmakestheIntrinsickValueofMoney，compar’dwithitself，underanyStamporDenominationofthesameordifferentCountries，cannotberaised。ForanOunceofSilver，whetherinPence，Groats，orCrownPieces，StiversorDucatoons，orinBullion，isandalwayseternallywillbeofequalValuetoanyotherOunceofSilver，underwhatStamporDenominationsoever;unlessitcanbeshewnthatanyStampcanaddanynewandbetterqualitiestooneparcelofSilver，whichanotherparcelofSilverwants。
SilverthereforebeingalwaysofequalValuetoSilver，thevalueofCoin，compar’dwithCoin，isgreater，less，orequal，onlyasithasmore，lessorequalSilverinit：Andinthisrespect，youcanbynomannerofwayraiseorfallyourMoney。
IndeedmostoftheSilveroftheWorld，bothinMoneyandVesselsbeingalloy’d，（i。e。mixedwithsomebaserMetals）fineSilver（i。e。SilverseparatedfromallAlloy）isusuallydearerthansomuchSilveralloy’d，ormixedwithbaserMetals。Because，besidestheWeightoftheSilver，thosewhohaveneedoffine（i。e。
unmix’d）Silver;asGilders，Wyre-drawers，&c。mustaccordingtotheirneed，besidesanequalWeightofSilvermixedwithotherMetals，giveanOverplustorewardtheRefiner’sSkillandPains。
AndinthisCase，fineSilver，andalloy’dormixedSilverareconsideredastwodistinctCommodities。ButnoMoneybeingCoin’dofpurefineSilver，thisconcernsnottheValueofMoneyatall;
whereinanequalquantityofSilverisalwaysofthesameValuewithanequalquantityofSilver，lettheStamp，orDenominationbewhatitwill。
AllthenthatcanbedoneinthisgreatmysteryofRaisingMoney，isonlytoaltertheDenomination，andcallthataCrownnow，whichbeforebytheLawwasbutapartofaCrown。ForExample：Supposing，accordingtotheStandardofourLaw，5s。oraCrown，weretoweighanOunce，（asitdoesnow，wantingabout16Grains）whereofonetwelfthwereCopper，andeleventwelfthsSilver，（forthere-aboutsitis）’tisplainhere’tisthequantityofSilvergivestheValuetoit。ForletanotherPiecebeCoin’dofthesameWeight，whereinhalftheSilveristakenout，andCopperorotherAlloyputintotheplace，everyoneknowsitwillbeworthbuthalfasmuch。FortheValueoftheAlloyissoinconsiderableasnottobereckoned。ThisCrownnowmustberais’d，andfromhenceforthourCrownPiecesCoin’doneTwentiethlighter;whichisnothingbutchangingtheDenomination，callingthataCrownnow，whichyesterdaywasbutapart，viz。NineteentwentiethsofaCrown;wherebyyouhaveonlyraised19partstotheDenominationformerlygivento20。ForI
thinknobodycanbesosenseless，astoimagine，that19GrainsorOuncesofSilvercanberaisedtotheValueof20;orthat19
GrainsorOuncesofSilvershallatthesametimeexchangefor，orbuyasmuchCorn，Oyl，orWine，as20;whichistoraiseittotheValueof20。Forif19OuncesofSilvercanbeworth20
OuncesofSilver，orpayforasmuchofanyotherCommodity，then18，10，or1Ouncemaydothesame。ForiftheabatingOneWentiethofthequantityoftheSilverofanyCoin，doesnotlessenitsValue，theabatingNineteentwentiethsofthequantityoftheSilverofanyCoin，willnotabateitsValue。AndsoasingleThreepence，orasinglePenny，beingcall’daCrown，willbuyasmuchSpice，orSilk，oranyotherCommodity，asaCrown-piece，whichcontains20or60timesasmuchSilver;whichisanAbsurditysogreat，ThatIthinknobodywillwantEyestosee，andSensetodisown。
Now，thisraisingyourMoney，orgivingalessquantityofSilvertheStampandDenominationofagreater，maybedonetwoways。
1。ByraisingoneSpeciesofyourMoney。
2。ByraisingallyourSilverCoinatonce，proportionably;
whichisthethingIsuppos’d，nowpropos’d。
1。TheraisingofoneSpeciesofyourCoin，beyonditsintrinsickValue，isdonebyCoininganyoneSpecies，（whichinaccountbearssuchaproportiontotheotherSpeciesofyourCoin）withlessSilverinit，thanisrequiredbythatvalueitbearsinyourMoney。
ForExample，ACrownwithusgoesfor60Pence，aShillingfor12Pence，aTesterfor6Pence，andaGroatfor4Pence：Andaccordingly，theproportionofSilverineachofthem，oughttobeat60。12。6。and4。Now，ifintheMintthereshouldbeCoin’dGroats，orTesters，thatbeingofthesameAlloywithourotherMoney，hadbutTwothirdsoftheWeight，thatthoseSpeciesareCoin’datnow;orelse，beingofthesameWeight，weresoalloy’dastohaveOnethirdoftheSilverrequiredbythepresentStandardchang’dintoCopper;andshouldthus，byLaw，bemadeCurrent;（therestofyourSilverMoneybeingkepttothepresentStandardinWeightandFineness）’tisplain，thoseSpecieswouldberaisedOnethirdpart;thatpassingfor6dwhichhadbuttheSilverof4dinit;andwouldbealloneasifaGroatshouldbyLawbemadeCurrentfor6d;andevery6dinpaymentpassfor9d。ThisistrulyraisingtheseSpecies：Butisnomoreineffect，thaniftheMintshouldCoinclip’dMoney。Andhas，besidestheCheatthatisput，bysuchbaseorlightMoney，oneveryparticularMan，thatreceivesit，thathewantsOnethirdofthatrealvaluewhichthePublickoughttosecurehim，intheMoney，itobligeshimtoreceiveasLawfulandCurrent;Ithas，Isay，thisgreatandunavoidableinconveniencetothePublick，That，besidestheopportunitiesitgivestoDomestickCoinerstoCheatyouwithlawfulMoney，itputsitintotheHandsofForeignerstofetchawayyourMoneywithoutanyCommoditiesforit。ForiftheyfindthatTwo-PennyweightofSilver，markedwithacertainImpression，shallhereinEnglandbeequivalentto3dweightmark’dwithanotherImpression;theywillnotfailtostampPiecesofthatFashion;andsoImportingthatbaseandlowCoin，will，hereinEngland，receive3d。for2d。，andquicklycarryawayyourSilverinexchangeforCopper，orbarelythechargeofCoynage。
ThisisunavoidableinallCountrieswhereanyoneSpeciesoftheirMoneyisdisproportionateinitsintrinsickValue，（i。e。initsdueproportionofSilvertotherestoftheMoneyofthatCountry）aninconveniencesocertainlyattendingtheallowanceofanybaseSpeciesofMoneytobeCurrent，thattheKingofFrancecouldnotavoidit，withallhiswatchfulness。Forthough，byEdict，hemadehis4SolsPieces，（whereof15weretopassforaFrenchCrown，though20ofthemhadnotsomuchSilverinthem，aswasinaFrenchCrownPiece）passintheInlandpartsofhiskingdom，15foraCrowninallPayments;yethedurstnotmakethemCurrentinhisSea-portTowns，forfear，thatshouldgiveanopportunitytotheirImportation。ButyetthisCautionservednottheturn。TheywerestillImported;and，bythismeans，agreatlossanddamagebroughtuponhisCountry。Sothathewasforcedtocrythemdown，andsinkthemtoneartheirintrinsickValue。
WherebyagreatmanyparticularMen，whohadquantitiesofthatSpeciesintheirHands，lostagreatpartoftheirEstates;andeveryonethathadany，lostproportionablybyit。
IfwehadGroatsorSix-PencesCurrentbyLaw，amongstus，thatwantedOnethirdoftheSilverwhichtheynowhavebytheStandard，tomakethemofequalValuetoourotherSpeciesofMoney;whocanimagine，thatourNeigbourswouldnotpresentlypourinquantitiesofsuchMoneyuponus，tothegreatlossandprejudiceofthekingdom？ThequantityofSilverthatisineachPieceorSpeciesofCoin，beingthat，whichmakesitsrealandintrinsickValue，thedueproportionsofSilveroughttobekeptineachSpecies，accordingtotherespectiveRatesetoneachofthembyLaw。Andwhenthisisevervariedfrom，itisbutaTricktoservesomepresentoccasion;butisalwayswithlosstotheCountrywheretheTrickisplay’d。
2。TheotherwayofraisingMoneyisbyraisingallyourSilverCoinatonce，theproportionofaCrown，aShilling，andaPenny，inreferencetooneanother，beingstillkept，（viz。ThataShillingshallweighOnefifthofaCrownPiece，andaPennyweighOnetwelfthofaShilling，inStandardSilver）Butoutofeveryoneofthese，youabateOnetwentiethoftheSilver，theywerewonttohaveinthem。
IfalltheSpeciesofMoney，be，as’tiscall’draisedbymakingeachofthemtohaveOnetwentiethlessofSilverinthemthanformerly;andsoyourwholeMoneybelighterthanitwas：
Thesefollowingwillbesomeoftheconsequencesofit。
1。ItwillroballCreditorsofOnetwentieth（or5perCent。）oftheirDebts，andallLandlordsOnewentiethoftheirquitRentsforever;andinallotherRentsasfarastheirformerContractsreach，of5perCent。oftheiryearlyIncome;
andthiswithoutanyadvantagetotheDebtor，orFarmer。ForhereceivingnomorepoundsSterlingforhisLandorCommodities，inthisnewlighterCoin，thanheshouldhavedoneofyouroldandweightierMoney，getsnothingbyit。Ifyousayyes，hewillreceivemoreCrown，Half-Crown，andShillingPieces，forwhathenowSellsfornewMoney，thanheshouldhavedoneiftheMoneyoftheoldStandardhadcontinued;youconfessyourMoneyisnotraisedinValue，butinDenomination;sincewhatyournewPieceswantinWeight，mustnowbemadeupintheirnumber。Butwhichwaysoeverthisfalls，’tiscertain，thePublick（whichmostMenthink，oughttobetheonlyreasonofchangingasettledLaw，anddisturbingthecommoncurrentcourseofthings）receivesnottheleastProfitbyit：Nay，asweshallseebyandby，itwillbeagreatChargeandLosstothekingdom。Butthis，atfirstsight，isvisible;ThatinallPaymentstobereceiveduponprecedentContracts，ifyourMoneybeineffectraised，theReceiverwilllose5perCent。ForMoneyhavingbeenLent，andLeasesandotherBargainsmade，whenMoneywasofthesameWeightandFinenessthatitisnow，uponConfidencethatunderthesamenamesofPounds，ShillingsandPence，theyshouldreceivethesamevalue，（i。e。thesameqiantityofSilver）bygivingthedenominationnowtolessquantitiesofSilverbyOnetwentieth，youtakefromthem5perCent。oftheirdue。
WhenMengotoMarkettobuyanyotherCommoditieswiththeirnew，butlighterMoney，theywillfind20s。oftheirnewMoneywillbuynomoreofanyCommoditythan19wouldbefore。ForitnotbeingthedenominationbutthequantityofSilver，thatgivesthevaluetoanyCoin，19GrainsorpartsofSilver，howeverdenominatedormarked，willnomorebeworth，orpassfor，orbuysomuchofanyotherCommodityas20GrainsofSilverwill，than19s。willpassfor20s：IfanyonethinksaShillingoraCrowninnamehasitsvaluefromthedenomination，andnotfromthequantityofSilverinit，letitbetried;andhereafterletaPennybecalledaShilling，oraShillingbecalledaCrown。I
believenobodywouldbecontenttoreceivehisDebtsorRentsinsuchMoney：WhichthoughtheLawshouldraisethus，yetheforeseesheshouldloseEleventwelfthsbytheone，andbytheotherFourfifthsofthevaluehereceived;andwouldfindhisnewShilling，whichhadnomoreSilverinitthanOnetwelfthofwhataShillinghadbefore，wouldbuyhimofCorn，Cloth，orWinebutOnewelfthofwhatanoldShillingwould。Thisisasplainlysointheraising，asyoucallit，yourCrownto5s。and3d。or（whichisthesamething）makingyourCrownOnetwentiethlighterinSilver。Theonlydifferenceis，thatinonethelossissogreat，（itbeingEleventwelfths）thateverybodysees，andabhorsitatfirstproposal;butintheother（itbeingbutOnetwentieth，andcoveredwiththedeceitfulnameofraisingourMoney）Peopledonotsoreadilyobserveit。lfitbegoodtoraisetheCrownPiecethiswayOnetwentieththisWeek，IsupposeitwillbeasgoodandprofitabletoraiseitasmuchagainthenextWeek。Forthereisnoreason，whyitwillnotbeasgoodtoraiseitagainanotherOnetwentieththenextWeek，andsoon;
wherein，ifyouproceedbut10Weekssuccessively，youwillbyNew-Years-DaynexthaveeveryHalf-CrownraisedtoaCrown，tothelossofonehalfofPeoplesDebtsandRents，andtheKing’sRevenue，besidestheConfusionofallyouraffairs：AndifyoupleasetogooninthisbeneficialwayofraisingyourMoney，youmaybythesameArtbringaPenny-weightofSilvertobeaCrown。
Silver，i。e。thequantityofpureSilverseparablefromtheAlloy，makestherealvalueofMoney。Ifitdoesnot，CoinCopperwiththesameStampanddenomination，andseewhetheritwillbeofthesamevalue。IsuspectyourStampwillmakeitofnomoreworth，thantheCopper-MoneyofIrelandis，whichisitsweightinCopper，andnomore。ThatMoneylostsomuchtoIreland，asitpassedforabovetherateofCopper。ButyetIthinknobodysufferedsomuchbyitashe，bywhoseAuthorityitwasmadecurrent。
IfSilvergivethevalue，youwillsaywhatneedistherethenofthechargeofCoinage？MaynotMenExchangeSilverbyWeight，forotherthings;maketheirBargains，andkeeptheirAccountsinSilverbyweight？Thismightbedone，butithastheseinconveniencies。
1。TheweighingofSilvertoeveryonewehadoccasiontopayitto，wouldbeverytroublesome，foreveryonemustcarryaboutScalesinhisPocket。
2。Scaleswouldnotdothebusiness。For，inthenextplace，everyonecannotdistinguishbetweenfineandmix’dSilver：Sothatthoughhereceivedthefullweight，hewasnotsurehereceivedthefullweightofSilver;sincetheremightbeamixtureofsomeofthebaserMetals，whichhewasnotabletodiscern。Thosewhohavehadthecare，andgovernmentofPolitickSocieties，introducedCoinage，asaremedytothosetwoinconveniencies。TheStampwasaWarrantyofthepublick，thatundersuchadenominationtheyshouldreceiveapieceofsuchaweight，andsuchafineness;thatis，theyshouldreceivesomuchSilver。AndthisisthereasonwhythecounterfeitingtheStampismadethehighestCrime，andhastheweightofTreasonlaiduponit：BecausetheStampisthepublickvoucheroftheintrinsickvalue。TheRoyalAuthoritygivesthestamp;theLawallowsandconfirmsthedenomination：Andbothtogethergive，asitwere，thepublickfaith，asasecurity，thatSumsofMoneycontractedforundersuchdenominations，shallbeofsuchavalue，thatis，shallhaveinthemsomuchSilver。For’tisSilverandnotNamesthatpayDebtsandpurchaseCommodities。IfthereforeIhavecontractedforTwentyCrowns，andtheLawthenhasrequired，thateachofthoseCrownsshouldhaveanOunceofSilver;’tiscertainmyBargainisnotmadegood，Iamdefrauded（andwhetherthepublickfaithbenotbrokenwithme，Ileavetobeconsidered）if，payingmeTwentyCrowns，theLawallowsthemtobesuchashavebutNineteentwentiethsoftheSilver，theyoughttohave，andreallyhadinthem，whenImademyContract。
2。ItdiminishesalltheKing’sRevenue5perCent。ForthoughthesamenumberofPounds，Shillings，andPencearepaidintotheExchequeraswerewont，yettheseNamesbeinggiventoCointhathaveeachofthemOnetwentiethlessofSilverinthem;
andthatbeingnotasecretconcealedfromStrangers，nomorethanfromhisownSubjects，theywillsellthekingnomorePitch，Tarr，orHemp，for20Shillings，aftertheraisingyourMoney，thantheywouldbeforefor19：or，tospeakintheordinaryphrase，theywillraisetheirCommodities5perCent。asyouhaverais’dyourMoney5perCent：And’tiswelliftheystopthere。Forusuallyinsuchchanges，anout-crybeingmadeofyourlesseningyourCoin，thosewhohavetodealwithyou，takingtheadvantageoftheallarm，tosecurethemselvesfromanylossbyyournewTrick，raisetheirpriceevenbeyondtheParofyourlesseningyourCoin。
Ihearoftwoinconvenienciescomplainedof，which’tisproposedbythisprojecttoRemedy。
Theoneis，ThemeltingdownofourCoin：Theother，ThecarryingawayofourBullion。Thesearebothinconveniencieswhich，Ifear，welieunder：ButneitherofthemwillbeintheleastremovedorpreventedbytheproposedalterationofourMoney。
1。ItispastdoubtthatourMoneyiswelteddown。TheReasonwhereofisevidentlythecheapnessofCoinage。ForaTaxonWinepayingtheCoinage，theparticularOwnerspaynothingforit。Sothat100OuncesofSilverCoin’d，comestotheOwneratthesameRate，as100OuncesofStandardSilverinBillion。FordeliveringintotheMinthisSilverinBars，hehasthesamequantityofSilverdeliveredouttohimagaininCoin，withoutanyChargestohim。Whereby，ifatanytimehehasoccasionforBullion，’tisthesamethingtomeltdownourmill’dMoney，astobuyBillionfromabroad，ortakeitinExchangeforotherCommodities。ThusourMinttotheonlyadvantageofourOfficers，butatthepublickcost，LaboursinVain，aswillbefound。ButyetthismakesyounothaveonejotlessMoneyinEngland，thanyouwouldhaveotherwise;butonlymakesyouCointhat，whichotherwisewouldnothavebeenCoin’d，norperhapsbeenbroughthither：Andbeingnotbroughthitherbyanover-ballanceofyourExportation，cannotstaywhenitishere。ItisnotanysortofCoinage，does，orcankeepyourMoneyhere：ThatwhollyandonlydependsupontheBallanceofyourTrade。AndhadalltheMoneyinkingCharlestheII。andKingJamestheII。time，beenMintedaccordingtothisnewproposal，thisrais’dMoneywouldhavebeengoneaswellastheother，andtheremainderbeennomore，nornolessthanitisnow。ThoughIdoubtnotbuttheMintwouldhaveCoin’dasmuchofitasithasofourpresentmill’dMoney。Theshortisthis。
Anover-ballanceofTradewithSpainbringsyouinBullion;cheapCoinage，whenitishere，carriesitintotheMint，andMoneyismadeofit;butifyourExportationwillnotBallanceyourImportationintheotherpartsofyourTrade，awaymustyourSilvergoagain，whetherMoniedornotMonied。ForwhereGoodsdonot，SilvermustpayfortheCommoditiesyouspend。
ThatthisissowillappearbytheBooksoftheMint，wheremaybeseenhowmuchmill’dMoneyhasbeenCoin’dinthetwolastReigns。AndinaPaperIhavenowinmyHands，（supposedwrittenbyaMannotwhollyignorantintheMint）’tisconfessed，ThatwhereasOnethirdoftheCurrentPaymentsweresometimesinceofmill’dMoney，thereisnotnowOnetwentieth。Gonethenitis。
Butletnotanyonemistakeandthinkitgone，becauseinourpresentCoinage，anOuncewantingabout16GrainsisdenominatedaCrown：Orthat（asisnowproposed）anOuncewantingabout40
Grains，beingCoin’dinonepiece，anddenominatedaCrown，wouldhavestop’dit，orwill（ifourMoneybesoalter’d）forthefuturefixithere。CoinwhatquantityofSilveryouplease，inonepiece，andgiveitthedenominationofaCrown;whenyourMoneyistogo，topayyourForeignDebts，（orelseitwillnotgooutatall）yourheavyMoney，（i。e。thatwhichisweightaccordingtoitsDenomination，bytheStandardoftheMint）willbethat，whichwillbemelteddown，orcarriedawayinCoinbytheExporter，whetherthepiecesofeachSpeciesbebytheLawbiggerorless。ForwhilstCoinageiswhollypaidforbyaTax，whateveryoursizeofMoneybe，hethathasneedofBulliontosendbeyondSea，orofSilvertomakePlate，needbuttakemill’dMoney，andmeltitdown，andhehasitascheap，asifitwereinpiecesofEight，orotherSilvercomingfromabroad;theStamp，whichsowellsecurestheweightandfinenessofthemill’dMoney，costingnothingatall。
Tothisperhapswillbesaid，Thatifthisbetheeffectofmill’dMoney，thatitissoapttobemelteddown，itwerebettertoreturntotheoldwayofCoiningbytheHammer。TowhichI
answerbynomeans。For，1。CoinagebytheHammerlesssecuresyoufromhavingagreatpartofyourMoneymelteddown。ForinthatwaytherebeingagreaterinequalityintheweightofthePieces，somebeingtooheavy，andsometoolight，thosewhoknowhowtomaketheiradvantageofit，cullouttheheavypieces，meltthemdown，andmakeabenefitoftheover-weight。
2。CoinagebytheHammerexposesyoumuchmoretothedangeroffalseCoin。BecausetheToolsareeasilymadeandconcealed，andtheworkcarriedonwithfewerHands，andlessnoisethanaMill;wherebyfalseCoinersarelessliabletodiscovery。