I rather think that the Hollanders and Flemmings will raise their Money proportionably to what we raise ours, and then in all Respects we are just as we were, till we rise higher than they, and then they higher than we; which will beget perpetual Wranglings and Wars in Trade.
I thought now to have done with this Article, but can’t omit one thing.
Which is that when you raise the Value of Money, you Naturally raise the Value of Silver, which is high enough already; and then indeed England will become the Best Market for Silver, because all Countries will sell it to us and get sufficiently by the Bargain: they’ll buy good peny-worths of our Commodities, giving us high Valued Silver for it, till we have a glut of Silver and the Price of Silver falls and then I suppose the Intrinsic Value of the Money falls too. Tho’ I confess as bad Consequences may follow too great an Intrinsic Value.
I speak nothing of the Confusions and Jealousie which will arise from hence, but there’s a long Chain of ill Consequences, and therefore I hope it will be allow’d as a Maxime.
That if our Silver Coin hath less than a real Value, it will not answer the Intentions of the Government.
CHAP. V.
Of Exportation of Coin’d Silver.
’Tis too well known, that when the Balance of Trade comes to be examined, we fall short of several of our Neighbours very considerably: By this Means the Exchange doth not only fall very low, but will become altogether insufficient for our present Occasions; so that as long as the War continues, there is an absolute Necessity that we export so much Silver and Gold in Specie as the Balance wants on our Side.
But this Exportation would not be at all prejudicial to us, if the Importation could be made equal to the Exportation, and a Balance in this Particular only would do our Business.
In vain therefore we labour to find out a Way to force a National Trade above what the State of Europe in general, or our own Nation in particular will allow; if that were not the Case, where would be the Inconvenience of a War? This is an Evil never to be cured, but in Times of Peace. But our Comfort is, that even in these Times of War War the Nation notwithstanding the balance of Trade, appears as wealthy as ever, excepting only in the Article of Coyn, so that it is not only fruitless but very needless to speak now of the balance of Trade either in general, or upon any Article but that of Money: Besides if we should begin at that end it would be a round about way, and so long in compassing, that we may be at the last gasp before we attain our end. He would be accounted no good Physician who in the case of an Hæmorrhage when the danger is very present should talk of Diet Drinks and Alteratives, whereas an actual and immediate application to the part affected, or a sudden revulsion is more to the purpose. But be the balance of Trade in general how it will, ’tis impossible it should be suddenly remedied, if at all during the War.
But if we can balance a little between that Article of Trade which relates to the Importation of Bullion, it will be soon much better with us than it is at present, ’tis something if we can give present ease, and not increase the Danger; and more if we can lessen the Danger which the want of ease seems to threaten.