value to send out for corns; so only a part of the people could be
maintained: the better part would have bread, but the more necessary
part, the labouring men, would be forc’d to leave the country, or
to starve in it. nor would they fare better in England; for as the
scarcity of money has set idle many of the people of England, so there
are more already than there is employment for: and our people, at least
many of them, would meet the same fate they had endeavoured to evite.
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.
At present perhaps 3 or 400000 lib. is more than there is a demand for;
but as trade and manufacture increase, the demand for money will be
greater.
What I have propos’d to supply the country with money, may be
reduc’d to this. if an estate of a 100 l. rent is worth 2000 l. in
silver-money, and this estate can be convey’d by paper, and this paper
be capable of being divided; then that estate may be made current money
for 2000 lib. and any person who receives such paper money, receives a
value equal to the same sum of silver money, as silver is valued now.
if it is coin’d for 15 years purchase, then that paper-money will be
more valuable than silver, for 1500 lib. in that paper will purchase
land worth 2000 lib. silver-money. if it is coin’d for 25 years
purchase, then that paper money will not be so valuable as silver, for
2000 lib. in silver will buy as much land as 2500 lib. in paper.
Since it is very practicable to make land money, it would be contrary
to reason to limit the industry of the people, by making it depend on a
species that is not in our power, but in the power of our enemies; when
we have a species of our own every way more qualified.
And considering the state of this country from the great scarcity of
money; that the value of lands fall, rents are unpayed, farms are
thrown upon the master’s hand, and the debitor’s person and estate
expos’d to the law, being engag’d to pay a species of which there is
scarce any in the nation.
2. The hazard the money’d man is in from the uncertainty of the value
of money, and the danger of confusion, in which case the money’d man
may lose all.
3. The low state of trade, that many of the people who depended on
trade and liv’d well, are starving or forc’d abroad.
4. That the other degrees of the people suffer in proportion.
5. That the nation in this condition may run into confusion, and is
expos’d to its enemies.
Considering the benefit the nation will have by this addition to the
money; that the land will be improv’d, so be more valuable, rents
be well payed, and that debitors by paying a value equal to what is
contracted for, may free their persons and estates from the danger they
are now exposed to.
2. That the money’d man will receive punctual payment, in a money of a
more certain value than silver or any other goods, and be in no danger
of confusion.
3. That trade will flourish, and these who depend on it be encouraged.
4. That the condition of the other degrees of the people will be
better’d.
5. That the nation will be able to maintain itself in order, and resist
its enemies.
These reasons considered, the question then will be, whether we will
improve the country as much as it is capable, without being at any
expence for a measure of trade, or continue as we are in hopes of
silver from other nations.
It will be a great advantage to this nation, that by the register we
are capable of putting this proposal in execution, and enjoying the
benefit of it; when other nations, tho’ they resolv’d upon it, would
for some years be incapable of it. tho’ for the general good of Europe
it were to be wish’d England were as capable of it as we are.
I have not had time to put my thoughts in that order they ought to have
been, and am forc’d to leave out answers I design’d to have given to
some objections I have heard made against this proposal; but if the
parliament think good to enter upon the consideration of it, I don’t
doubt but it may be made appear to be of great and certain advantage;
that it cannot possibly be any way hurtful to the country in general,
and that it may be so ordered, as not to be hurtful to any person, but
on the contrair.
FINIS.
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Transcriber’s Notes
Punctuation for the most part has been retained as it appears in the
original publication.
Page 7: “suplpy themselves” changed to “supply themselves”
Page 108: “becanse, the” changed to “because, the”
Page 118: “of the barely.” changed to “of the barley.”
Page 123: “regulat the prices” changed to “regulate the prices”
Page 144: “by the the prince” changed to “by the prince”
Page 151: “silver mone” changed to “silver money”
Page 159: “at Whisunday” changed to “at Whitsunday”
Page 164: “The paliament” changed to “The parliament”
Page 186: “were not remeeded” changed to “were not remedied”
Page 202: “but likwise” changed to “but likewise”
Page 216: “other rea” changed to “other reasons”
Page 225: “maintain itelf” changed to “maintain itself”