The landed men would want people to labour the ground; they would perhaps get food and cloathing for themselves and families, but these they were owing to, in all appearance, would get nothing: for the case being general, and the landed men the stronger party; they would not suffer their liberty and estates to be taken from them. but tho’ the law could be put in execution, and the estates of the landed men were put to sale; as there would be few purchasers, the price of land would fall very low. suppose the land were sold or given among the creditors for 15 years purchase, or less; it would be sold for more than it were worth, for they would not find people to labour it: so many would be sufferers, and none gainers.
If neither of these cases happen; yet this country cannot well subsist in the condition ’tis in: if this opportunity is neglected, if wrong or ineffectual measures are taken, in all appearance we will be in confusion before we have another opportunity.
To raise or allay the money, to coin the plate, or regulate trade, are offer’d as measures to supply the want of money: and ’tis thought any one of them will bring us out of our difficulties. when they come to be examin’d, raising or allaying the money will be found no help but a hurt to the country, whatever our circumstances are. the others may prove ineffectual.
’Tis thought our import and expence abroad this last year exceeded our export by a very considerable sum, so to make the ballance equal we must not only retrench equal to the money which was sent out last year; but like-ways so much more as the want of that money, and of the addition the bank made to our money may have lessen’d the yearly value. so tho’ ’tis possible that coining the plate and regulating trade may bring the ballance to our side, yet ’tis to be fear’d the consequences will show that it is not very practicable; for that and other reasons already given. however they may assist, but in regulating our import, regard ought to be had that the sale of our goods abroad be no way hindred, for if that is not taken care of, we shall lose more for want of a market, than we shall save by importing less. and tho’ all necessary care be taken, yet the assistance may reasonably be expected from these measures, will not relieve us; they may keep us lingring in the state we are, expos’d to confusion at home, and to insults from abroad.
Most people think scarcity of money is only the consequence of a ballance due; but ’tis the cause as well as the consequence, and the effectual way to bring the ballance to our side, is to add to the money.
Our poor have been computed 200000, our people were then more than now, but our poor may be as many as then; suppose only 100000, and by the addition to our money 50000 of them were imployed, and only for one half of the year, their labour to be payed 3 pence, and worth 3 pence more to the imployer, their consumption a penny more than now: the yearly value of the nation would be increas’d by such labour 189583 lib. 6 sh. and 8 pence.
If the country people about Perth and Stirling, have to the value of 20000 l. of linen, serges, and other manufacture more than is bought up; tho’ these goods exported will yield 20 or 30 per cent. profit, yet the owners can’t export them, the goods being in so many different hands, and not having correspondents abroad to whom they could trust the sale of them. A. B. and C. are satisfied for that profit to take the trouble and hazard of exporting them, but money being scarce they cannot get any to borrow, tho’ their security be good; nor cannot well have credit for the goods from so many different people they are strangers to. if they could have credit for them, yet these country people must be idle till A. B. and C. pay them out of their returns from abroad. so for want of money to exchange by, goods fall in value, and manufacture decays.
It cannot well be known what sum will serve the occasions of the nation, for as manufacture and trade advance, the demand for money will increase; but the many poor we have always had, is a great presumption we have never had money enough.
England has been computed to have had 14 millions in gold and silver, and at the same time had paper-money for a great sum; yet England never had money enough to imploy the people: 50 million would not improve England so far as it is capable of improvement. if all the people were then imployed and to the best advantage, more money would bring more people from other countries. the province of Holland by a great quantity of money, and numbers of people the consequence of much money, is able to bear a share in the wars of Europe, equal to many times the same number of acres of better land in England; yet Holland has not the advantages for trade that England has. so that country that can have money equal to the demand, will be more powerful than any other country with the same advantages, whose money is less than the demand.
If money were given to a people in greater quantity than there was a demand for, money would fall in its value; but if only given equal to the demand, it will not fall in value.