2dly. That as silver it has fallen from the value it had, the same quantity not being worth the 5th or 10th part of what it was worth then. A moneyed man then worth a 1000 lib. was richer at that time than a landed man of 240 chalder of victual rent: but a man of such a money estate, would not now be worth one 50th part of such a land estate.
3dly, That tho’ fallen so much, yet it is given as money or sold as bullion, for much more than its value as a metal; to which it will be reduced, so soon as another money is set up.
Considering the present state of Europe, France and Spain being masters of the mines, the other nations seem to be under a necessity of setting up another money. the only reason can be given why it has not yet been done, is, that the nature of money has not been rightly understood: or they would not have continued buying silver from Spain above its value as a metal, when they had a more valuable money of their own; and every way more fitted for that use.
The receiver of silver can have no great hopes that the value of it will be greater; for ’tis not to be supposed it will be apply’d to any other uses, than it is now apply’d to, whereby the demand for it may be encreas’d: or that the quantity exported and consum’d, will be greater than the quantity imported.
Tho’ it be scarce in any particular country, yet the money’d men will have no great benefit by such scarcity, as has been shown: for unless the scarcity is the same in all places with which that country trades, money will not be valued much higher there than in other countries.
If it is alledged the mines in the West Indies may fail. ’tis the interest of the Spaniards to give out that their mines begin to fail, to keep up the price of silver; but if that were true, France ought not to have engaged her self in a war, when by the partition treaty she could have got any other parts of that monarchy that are valuable. allowing the mines do fail, we ought the rather to provide ourselves with another money.
CHAP. VI.
The proposal given in to Parliament by Dr. H. C. examined.
I did not intend to have said any thing about the Dr’s proposal, that affair having been referr’d to a committee, who are to make their report. but several people who are of opinion that the Dr’s proposal is not practicable, being against what I am to propose, because they think ’tis the same with his in some other dress: I thought it needful to give a short account of the Dr’s proposal, and in what I differ from him.
His proposal is to give out notes upon land, to be cancell’d by yearly payments of about 2 and a quarter per cent, for 45 years. and that these notes be current as silver money, to the value they are coin’d for.