Now, if it be Objected, that Five Pounds per Cent. for want of Silver, in an Hundred Pound is too little, seeing an Hundred Pound Bagg-full is entitled to no more than Twenty Shillings a Year:
I Answer,
That if a Man be contented to put in his Money into any of the New Banks, at 3 l. per Cent. ’tis better worth to lend it at 5 per Cent. per Annum, upon as good Security.
If it be reply’d, That a Man may take it out of a Bank when he will, and his Money is always at Command: I answer, It is much more so when he has it in his own Custody; For, he who shall have Four hundred Crown-pieces by him, can make as much use of it to all Intents and Purposes, but of Melting or Exporting, as if it were of an Intrinsick Value; and then sure he who having Four hundred Pieces of Money by him of a Real Worth, and applicable to any Lawful Use, can make Twenty Shillings a Year Advantage by Keeping ’em; hath much the better of him who hath Four hundred Pieces of other Money by him, of no more Real Value, nor more transferable, and hath no Profit by ’em, whilst they are in his Hands.
And whereas it may be said, No Man can be entitled to the Interest of that 20 l. due to him from the Government, unless he keeps 80 more dead by him, as a Vehicle to convey the Interest of the 20 l. to him. I answer the Government doth not intend to give Encouragement that Men should keep more Money by ’em than they have, or may have Occasion for.
That is a sort of hoarding which we are to prevent.
And therefore this 5 l. per Cent. is not given as an Interest for dead and unemploy’d Money, but to ascertain universally the real Value of it, and to take off all the Objections that are made against a mere extrinsick Value.
But if the Wisdom of the Parliament thinks fit to give 10 l. per Cent. Interest, whereby every 100 l. of new Coin’d Money will be entitled to 40 s. per Annum Interest; then the whole Interest of 500000 l. which the 2500000 l. half of the 5000000 l. wants of intrinsick Value, amounts at 10 l. per Cent. but to 50000 l. per Annum.
Or suppose by Combination ⅗ of the 5000000 l. demand Interest, then will the whole Interest amount to but 60000 l. per Annum, which with all the incident Charges, will be defrayed for little more than a Three-half-penny in the Pound Land-Tax; and for much less than 2 d. in the Pound.
And I am not at all against an Interest of 10 l. per Cent. because beside the present Advantage it gives, it doth ascertain to the People of England, not only a Promise that the Parliament will; but that there is a reason of good Husbandry likewise, why the Parliament should as soon as possible save the Nation that Annual Charge, by the paying of the principal Million that is wanting.