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 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 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 als much Land as 2500 lib. in Paper.
Since it is very practicable to make Land Money, it would be contrair to Reason to limit the Industry of the People, by making it depend on a Species 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 Masters Hand, and the Debitors Person and Estate expos'd to the Law, being engadg'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't 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 its self in Order, and resist its Enemies.
These Reasons consider'd, the Question then will be, Whether we will Improve the Country als much as it is capable, without being at any Expense 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 with't England were als 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't 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, Idon'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.
ERRATA,Page 49. Line 8. late read Tale.
Page 74. l. 18 3. read 30.
Page 83. l. 2 raised, read rated.
Pag. 116 Par I. last Line for 208333 lib. read 189583 lib.
FINIS.