’Tis a plain case, that when the real Value of Money is lessen’d, the Price of every thing will Rise accordingly, be the Extrinsic Value what it will.
Two Crown-Pieces do not buy a Yard of Cloth, because they contain Ten Shillings, but because they contain almost two Ounces of Silver.
Gold and Silver are the universal Pledges and Security of all Trade, in every Nation, and what’s wanting in their Value must some way or other be made Good, more than in Name or Supposition.
’Tis True, in Holland and elsewhere, they have a base Under-Money, and there is not an Ounce of Silver, perhaps, in as many Stivers or Schillings, as are Equivalent to Ten Shillings in our Money.
But if in Holland, you can exchange so many of them, as have not an Ounce of pure Silver in ’em, for as much of their better Coin, as contains two or three Ounces of good Silver, then doubtless you can buy as good Commodities for those, as you can proportionably for their better Money; as here you might formerly have bought as much Pack-Thread for 48 Tin Farthings as for a Silver Shilling; the Reason is, because there was a recourse; and base Money will have a proportionable Value to Good, in that place where it can be changed into Good; but that’s a very different thing, from debasing the whole Species of Money throughout the Nation, so that a Man shall be forc’d always to take Under-Money, without any prospect of remedy.
I have nothing to say against an inferior sort of Money; a Verna Nummus, provided there be a Regina Pecunia too; and it is indeed a dishonouring him, whose Image and Superscription our Money bears, if we shall make use of our Money to cover over a Fraud; it is a respect we owe to the King, not to suffer his Impress upon any thing but what is really Valuable; and it is for the Nation’s Honour that the vilest of our Coin hath a real Value; but if the Wisdom of the Parliament shou’d think otherwise, yet there is a vast Difference between having the under-Money, and all the Money of the Nation of an Imaginary Value.
The Arguments that may be made use of against such an imaginary Valuation of Money, are perhaps invincible, and almost innumerable; but were there no other but this, I think it might be sufficient without any more; considering our present Case.
We must have an Army in Flanders or a War in England.
I would I had nothing to do but to make out that.
How must we pay this Army? The Royal Bank of England, ’tis said, have established there a Mint for Coining of Money to pay the Army; I desire then to know if they will be contented to receive here an undervalued Money, and pay there our Army in Money which the Flemmings will take; If they do, the Cap lies between the Flemmings and them, I wo’nt award till I know more.