Discourses upon trade, principally directed to the cases of the interest, coynage, clipping, increase of money North, Dudley, Sir, 1641-1691. 1691 Approx. 61 KB of XML-encoded text transcribed from 21 1-bit group-IV TIFF page images. Text Creation Partnership, Ann Arbor, MI ; Oxford (UK) : 2005-12 (EEBO-TCP Phase 1). A52443 Wing N1280 ESTC R5762 13085803 ocm 13085803 97304 This keyboarded and encoded edition of the work described above is co-owned by the institutions providing financial support to the Early English Books Online Text Creation Partnership. This Phase I text is available for reuse, according to the terms of Creative Commons 0 1.0 Universal . The text can be copied, modified, distributed and performed, even for commercial purposes, all without asking permission. Early English books online. (EEBO-TCP ; phase 1, no. A52443) Transcribed from: (Early English Books Online ; image set 97304) Images scanned from microfilm: (Early English books, 1641-1700 ; 393:24) Discourses upon trade, principally directed to the cases of the interest, coynage, clipping, increase of money North, Dudley, Sir, 1641-1691. [13], 23, [5] p. Printed for Tho. Basset ..., London : 1691. Written by Dudley North. Cf. BM. Reproduction of original in Huntington Library. Created by converting TCP files to TEI P5 using tcp2tei.xsl, TEI @ Oxford. Re-processed by University of Nebraska-Lincoln and Northwestern, with changes to facilitate morpho-syntactic tagging. Gap elements of known extent have been transformed into placeholder characters or elements to simplify the filling in of gaps by user contributors. 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Copies of the texts have been issued variously as SGML (TCP schema; ASCII text with mnemonic sdata character entities); displayable XML (TCP schema; characters represented either as UTF-8 Unicode or text strings within braces); or lossless XML (TEI P5, characters represented either as UTF-8 Unicode or TEI g elements). Keying and markup guidelines are available at the Text Creation Partnership web site . eng Finance -- Early works to 1800. 2003-05 TCP Assigned for keying and markup 2003-05 Apex CoVantage Keyed and coded from ProQuest page images 2005-03 Jonathan Blaney Sampled and proofread 2005-05 Apex CoVantage Rekeyed and resubmitted 2005-06 Jonathan Blaney Sampled and proofread 2005-06 Jonathan Blaney Text and markup reviewed and edited 2005-10 pfs Batch review (QC) and XML conversion Discourses UPON TRADE ; Principally Directed to the CASES OF THE Interest of MONEY . Coynage of MONEY . Clipping of MONEY . Increase of MONEY . LONDON : Printed for Tho. Basset , at the George in Fleet-street . 1691. THE PREFACE . THese Papers came directed to me , in order , as I suppose , to be made Publick : And having transmitted them to the Press , which is the only means whereby the University of Mankind is to be inform'd , I am absolv'd of that Trust. The Author is pleas'd to conceal himself ; which after perusal of his Papers , I do not ascribe to any Diffidence of his Reasons , the Disgusts of Great Men , nor overmuch Modesty , which are the ordinary Inducements for lying hid ; but rather to avoid the Fatigue of digesting , and polishing his Sentiments into such accurate Method , and clean Style , as the World commonly expects from Authors : I am confident he seeks only the Publick Good , and little regards Censure for the want of Neatness , and Dress , whereof he seems to make a slight account , and to rely wholly upon the Truth , and Justice of his Matter ; yet he may reasonably decline the being noted , for either a careless , or an illiterate Person . The Publick is an acute , as well as merciless Beast , which neither over-sees a Failing , nor forgives it ; but stamps judgment and Execution immediately , thô upon a Member of itself ; and is no less Ingrateful than common Beggars , who affront their Benefactors , without whose Charity their Understandings would starve . Wherefore I cannot but excuse our Friend's Retiredment , and shall take advantage of his absence so far , as to speak of his Discourses with more freedom , then I verily believe his Presence would bear . As for the Style , you will find it English , such as Men speaks , which , according to Horace , is the Law and Rule of Language . Nor do I perceive that the Gentleman intended more than his Title holds forth ; common Discourses , which possibly were taken by an Amanuensis , and dispatcht without much Correction . Surely no Man would refuse the Conversation of an ingenious Friend , because he doth not speak like Tully ; And if the Conversation be so desirable , why should we , quarrel with the same thing in Writing ? Nay , it is very impolitick , by such Exactions of Labour and Pains , to discourage all Ingenious Persons from medling in Print , whereby we lose the benefit of their Judgment , in matters of common concern . Words are indeed a Felicity , which some have in great perfection ; but many times , like a fair Face , prove Temptations to Vice ; for I have known very good Sence neglected , and post-poned to an Elegance of Expression ; whereas if Words are wanted , the whole Effort is made by pure strength of Reason , and that only is relied on . The Lawyers in their Deeds , wave all the Decorums of Language , and regard only incontrovertible Expressions . The Merchants in their Policies and Exchanges , use no one Word but what is necessary to their Point , because the Matter and Substance only is intended , and not the Dress ; Why then should Reasoners be incumbred , beyond what is necessary to make their Reason understood ? To speak very short , and yet clear , is a Vertue to be envyed ; and if directed to Persons , or Assemblies whose business is great , or made so by many Mens interposing in it , it is absolutely necessary ; for your Discourse , if it be tedious , is better spared than the time ; but it is not so in dealing with lazy Ignorance of any sort , or an Earitching Rabble , who are actually impertinent ( as well as impetuous ) and not sensible of cheat . And I may add , That in Writing unless in the Epistolary way , ( which being supposed hasty , ought to be short and figurative ) an abundance of Words is more pardonable than obscurity , or want of Sence , because we take our own time , and have leisure to peruse it . I will grant that amongst opulent and idle Persons , as well as Schollars , whose business lies in Words , the bare polishing of Language , is one of the most commendable Entertainments ; and to them we resign it ; for to Men of business , it is the most hateful thing , I mean , meer Idleness . I grant also , that delicacy of Words , now most used in Poetry , is useful for disposing way-ward People to learn , or make them endure to read . But the World is not at such low ebb of Curiosity in this Age. Men are forward enough to run their Noses into Books , especially such as deal in Faction and Controversie : And it were well if they were either Wrote or Read with as much Integrity as Industry ; we have no need of Sugar-plum devices to wheedle Men into Reading , they are Inquisitive enough ; and if the Subject be their own Interest , I am of Opinion , if you can make 'em understand it , you may trust them . As for the Method used in these Papers , there is so little of it affected , that I am afraid some will say there is none at all : I never thought that true Method consisted in affected Divisions , and Sub-divisions , Firsts , Seconds , Sub-firsts , &c. tho' all that is very useful in Works intended to be consulted as Repertories ; but where the Understanding is to be informed , it is meer trash , and the business is often lost in it . And in such Designs it is enough , if Things lie in the Order of Nature , and the Conclusion is not put before the Premisses , so that the course of the Argument is limpid , and intelligible : A Friend of mine used to say , That if the First Chapter were before the Second , it was all the Method he cared for , meaning only what I have observed , which I suppose you will find here . This drudgery of Digesting , is another Excise upon Sence , which keeps back a great deal of it from coming forth ; and without a singular tallent , and much exercise , it makes composing extreamly difficult . I do not understand why other Men , as well as Mountaigne , may not be indulged to ramble in Essays , provided the Sence fails not . The Scalligerana , Pirroana , Pensees , and Mr. Selden's Table-talk , are all heaps of incoherent scraps ; yet for the wit and spirit esteemed ; therefore let that which is most valuable , Reason and Truth be encouraged to come abroad , without imposing such chargeable Equipages upon it , whereby Writers are made to resemble Brewers Horses , very useful Animals , but arrant Drudges . Methinks when I meet with a great deal of Firsting , and Seconding , I smell one who conceits himself an Author , a Creature as fulsome as any other sort of Impertinents . If there be Reason , and that understood , what could the formal Methodist add ? Let me have the Cockle , and who will take the gay shell . Now after all this it will be injust , not to say some . what of the Subject-matter of these Discourses , which is Commerce and Trade ; and the Author's manner of Treating it . He seems to be of a Temper different from most , who have medled with this Subject in Publick ; for it is manisest , his Knowledge and Experience of Trade is considerable , which could not be attained , unless he were a Trader himself ; and yet it is not to be collected from any thing he says , of what Nature his dealing hath been ; for he speaks impartially of Trade in general , without warping to the Favour of any particular Interest . It hath been observed formerly , when Merchants have been consulted , and the Questions concerned only Trade in general , they agreed in Opinion ; but when opposite Interests were concerned , they differed toto caelo . As for his Opinion touching Interest of Money , wherein he is clear , that it should be left freely to the Market , and not be restrained by Law , he is lyable to the same suspicion , which attends those of a different judgment ; that is , partiality to his own Interest ; the difference is only in the supposed Cause , which in the one , is Wealth , and in the other Want. He hath given his judgment with his Reasons , which every one is free to canvas ; and there is no other means whereby a wise and honest Person can justifie his Opinions in Publick Concerns . In the next place , I find Trade here Treated at another rate , than usually hath been ; I mean Philosophically : for the ordinary and vulgar conceits , being meer Husk and Rubbish , are waved ; and he begins at the quick , from Principles indisputably true ; and so proceeding with like care , comes to a Judgment of the nicest Disputes and Questions concerning Trade . And this with clearness enough , for he reduceth things to their Extreams , wherein all discriminations are most gross and sensible , and then shews them ; and not in the state of ordinary concerns , whereof the terms are scarce distinguishable . This Method of Reasoning hath been introduc'd with the new Philosophy , the old dealt in Abstracts more than Truths ; and was employed about forming Hypotheses , to fit abundance of precarious and insensible Principles ; such as the direct or oblique course of the Atomes in vacuo , Matter and Form , Privation , solid Orbs , fuga vacui , and many others of like nature ; whereby they made sure of nothing ; but upon the appearance of Des Carte's excellent dissertation de Methodo , so much approved and accepted in our Ages , all those Chymera's soon dissolved and vanisht . And hence it is , that Knowledge in great measure is become Mechanical ; which word I need not interpret farther , than by noting , it here means , built upon clear and evident Truths . But yet this great . Improvement of Reason which the World hath lately obtained , is not diffus'd enough , and resides chiefly with the studious and learned , the common People having but a small share ; for they cannot abstract , so as to have a true and just thought of the most ordinary things , but are possest and full of the vulgar Errors of sense : Except in some few things that fail within the compass of their day-labour , and so gives them an Experience ; As when a Common-Seaman , with all his Ignorance , proves a better Mechanick , for actual Service , than the Professor himself , with all his Learning . The case of Trade is the same ; for although to buy and sell , be the Employment of every man , more or less ; and the Common People , for the most part , depend upon it for their daily subsistence ; yet there are very few who consider Trade in general upon true Principles , but are satisfied to understand their own particular Trades , and which way to let themselves into immediate gain . And out of this active Sphere nothing is so fallacious , and full of Error , as mens Notions of Trade . And there is another Reason , why this matter seems less understood , than in truth it is . For whenever Men consult for the Publick Good , as for the advancement of Trade , wherein all are concerned , they usually esteem the immediate Interest of their own to be the common Measure of Good and Evil. And there are many , who to gain a little in their own Trades , care not how much others suffer ; and each Man strives , that all others may be forc'd , in their dealings , to act subserviently for his Profit , but under the covert of the Publick . So Clothiers would have men be forc'd to buy their Manufacture ; and I may mention such as sell Wool , they would have men forc'd to buy of them at an high Price , though the Clothier loseth . The Tinners would have their Tin dear , though the Merchant profits little : And in general all those who are lazy , and do not , or are not active enough , and cannot look out , to vent the Product of their Estates , or to Trade with it themselves , would have all Traders forc'd by Laws , to bring home to them sufficient Prizes , whether they gain or lose by it . And all the while , not one of them will endure to be under a force , to Sell , or Let their own Estates at lower rates , than the free Market of things will produce . Now it is no wonder , that out of these Ingredients a strange Medley of Error should result , whereby seldom any Publick Order , which hath been establisht , and intended , or at least pretended for the good of Trade in general , hath had a suitable Effect ; but on the contrary , hath for the most part proved prejudicial , and thereupon , by common consent , been discontinued . But this is too copious Matter for a Preface , and tho' many Instances occur , I leave all , and return to the matter of Vulgar Errors in Trade . It is not long since there was a great noise with Inquiries into the Balance of Exportation and Importation ; and so into the Balance of Trade , as they called it . For it was fancyed that if we brought more Commodities in , than we carried out , we were in the High-way to Ruin. In like manner have we heard much said against the East-India Trade , against the French Trade , with many other like politick conceits in Trade ; most of which , Time and better Judgment hath disbanded ; but others succeed in their room , according as new Persons find Encouragement to invent , and inspire , for promoting their private Interest , by imposing on those , who desire to be cunning . And now we complain for want of Money in specie , that Bullion is Exported or mis-employed to other uses , than making Money ; and ascribe the deadness of Trade , especially of Corn , and Cattel in the Country , to this ; and hope by a Regulation of the Bullion-Trade , and stinting the Price , except it be in Money , to make a through Reformation , and give new Life to all things , with much more , ejusdem farina , which I do not particularize , this being enough for a taste . Now it may appear strange to hear it said , That the whole World as to Trade , is but as one Nation or People , and therein Nations are as Persons . That the loss of a Trade with one Nation , is not that only , separately considered , but so much of the Trade of the World rescinded and lost , for all is combined together . That there can be no Trade unprofitable to the Publick ; for if any prove so , men leave it off ; and where-ever the Traders thrive , the Publick , of which they are a part , thrives also . That to force Men to deal in any prescrib'd manner , may profit such as happen to serve them ; but the Publick gains not , because it is taking from one Subject , to give to another . That no Laws can set Prizes in Trade , The Rates of which , must and will make themselves : But when such Laws do happen to lay any hold , it is so much Impediment to Trade , and therefore prejudicial . That Money is a Merchandize , whereof there may be a glut , as well as a scarcity , and that even to an Inconvenience . That a People cannot want Money to serve the ordinary dealing , and more than enough they will not have . That no Man shall be the richer for the making much Money , nor have any part of it , but as he buys it for an equivalent price . That the free Coynage is a perpetual Motion sound out , whereby to Melt and Coyn without ceasing , and so to feed Goldsmiths and Coyners at the Publick Charge . That debasing the Coyn is defrauding one another , and to the Publick there is no sort of Advantage from it ; for that admits no Character , or Value , but Intrinsick . That the sinking Money by Allay or Weight is all one . That Exchange and ready Money , are the same , nothing but Carriage and re-carrige being saved . That Money Exported in Trade is an increase to the Wealth of the Nation ; but spent in War , and Payments abroad , is so much Impoverishment . In short , That all favour to one Trade or Interest against another , is an Abuse , and cuts so much of Profit from the Publick . With many other like Paradoxes , no less strange to most men , than true in themselves ; but in my Opinion , clearly slowing from the Principles , and Discourses that follow , which you may freely peruse and censure , for now I have done . Perhaps my unknown Confident may think me too sawcy , for putting my Oar into his Boat , and I will not excuse my self to him , otherwise than by demanding the same Liberty he hath taken ; that is , to have a fling at the World ; and as yet the Advantage is his , for he hath two , and better , for my one . And so Farewel . A DISCOURSE Concerning the Abatement of INTEREST . ARguments for Abatement of Interest are many , viz. I. When Interest is less , Trade is incourag'd , and the Merchant can be a Gainer ; whereas , when it is great , the Usurer , or Money-owner takes all . II. The Dutch , with whom Interest is low , Trade cheaper , and under-sell us . III. Land falls in value , as Interest riseth . With divers others , whereof the Facts may be true , but proceed from another Cause , and conduce nothing to the purpose for which they are alledg'd . I shall not formally apply my self to answer all the Arguments and Discourses , that commonly are found in Pamphlets , and Conversation upon this Subject ; as if I were to Advocate the Cause of Interest : But give my thoughts impartially in the whole matter , with regard to the Profit of the whole Nation , and to no particular Persons project : Wherein I hope to propose , that which may resolve any doubt that can be raised , and leave every one to apply it , as they think fit . The Question to be considered is , Whether the Government have reason by a Law , to prohibit the taking more than 4 l. per Cent. Interest for Money lent , or to leave the Borrower and Lender to make their own Bargains . In the Disquisition of this , many things are to be considered , and particularly such as relate to Trade , of which a true Notion will set right a World of Mistakes , wherefore that now shall be chiefly treated of . Trade is nothing else but a Commutation of Superfluities ; for instance : I give of mine , what I can spare , for somewhat of yours , which I want , and you can spare . Thus Trade , whilst it is restrained within the limits of a Town , Country , or Nation , signifieth only the Peoples supplying each other with Conveniences , out of what that Town , Country , or Nation assords . And in this , he who is most diligent , and raiseth most Fruits , or maketh most of Manufactory , will abound most in what others make , or raise ; and consequently be free from Want , and enjoy most Conveniences , which is truly to be Rich , altho' there were no such thing as Gold , Silver , or the like amongst them . Mettals are very necessary for many Uses , and are to be reckon'd among the Fruits and Manufactories of the World. And of these , Gold and Silver being by nature very fine , and more scarce than others , are higher prized ; and a little of them is very reasonably esteem'd equal in value with a great quantity of other Mettals , &c. For which reason , and moreover that they are imperishable , as well as convenient for easie stowage and removal , and not ▪ from any Laws , they are made a Standard , or common Measure to deal with ; and all Mankind concur in it , as every one knows , therefore I need not inlarge further in this matter . Now it is to be consider'd , that Mankind being fallen into a way of commuting in this manner , to serve their occasions , some are more provident , others more profuse ; some by their Industry and Judgment raise more Fruits from the Earth , than they consume in supplying their own occasions ; and then the surplus remains with them , and is Property or Riches . And Wealth thus contracted , is either commuted for other Mens Land ( supposing all Men to have had some ) or massed up in heaps of Goods ; be the same of Mettals , or any thing valuable . And those are the Rich , who transmit what they have to their Posterity ; whereby particular Families become rich ; and of such are compounded Cities , Countries , Nations , &c. And it will be found , that as some particular Men in a Town grow richer , and thrive better than others ; so also do Nations , who by Trade serving the occasions of their Neighbours , supply themselves with what they have occasion for from abroad ; which done , the rest is laid up , and is Silver , Gold , &c. for as I said , these being commutable for every thing , and of small bulk , are still preferr'd to be laid up , till occasion shall call them out to supply other Necessaries wanted . Now Industry and Ingenuity having thus distinguisht Men into Rich and Poor ; What is the consequence ? One rich Man hath Lands , not only more than he can manage , but so much , that letting them out to others , he is supplied with a large over-plus , so needs no farther care . Another rich Man hath Goods ; that is , Mettals , Manufactures , &c. in great quantity , with these he serves his own occasions , and then commutes the rest in Trade ; that is , supplies others with what they want , and takes in exchange what they had of , beyond their own occasions , whereby managing cunningly , he must always advance . Now as there are more Men to Till the Ground than have Land to Till , so also there will be many who want Stock to manage ; and also ( when a Nation is grown rich ) there will be Stock for Trade in many hands , who either have not the skill , or care not for the trouble of managing it in Trade . But as the Landed Man letts his Land , so these still lett their Stock ; this latter is call'd Interest , but is only Rent for Stock , as the other is for Land. And in several Languages , hiring of Money , and Lands , are Terms of common use ; and it is so also in some Countries in England . Thus to be a Landlord , or a Stock-lord is the same thing ; the Landlord hath the advantage only in this : That his Tenant cannot carry away the Land , as the Tenant of the other may the Stock ; and therefore Land ought to yield less profit than Stock , which is let out at the greater hazard . These things consider'd , it will be found , that as plenty makes cheapness in other things , as Corn , Wool , &c. when they come to Market in greater Quantities than there are Buyers to deal for , the Price will fall ; so if there be more Lenders than Borrowers , Interest will also fall ; wherefore it is not low Interest makes Trade , but Trade increasing , the Stock of the Nation makes Interest low . It is said , that in Holland Interest is lower than in England . I answer , It is ; because their Stock is greater than ours . I cannot hear that they ever made a Law to restrain Interest , but am certainly informed , that at this day , the Currant Interest between Merchant and Merchant , when they disburse Money for each others Account , is 6 per Cent. and the Law justifies it . I allow Money is many times lent at 3 , and 4 per Cent. but it is upon Mortgages , out of which the State hath a Duty , and by the course of Titles there , such dealing is perfectly safe ; and this is still by private consent and agreement , and not by co ersion and order of Law. The like often happens here , when poor Widows and Orphans purchase the Security of their Livelihoods , and punctual Payment , by lending at small Interest , to such as need not the Money . It might not be amiss in this place , to say somewhat of the Publick Banks that are in Forreign Parts , as Amsterdam , Venice , &c. but that is a Subject I have not time to dilate upon : I shall only say , that it is a cunning way of supplying the Government once with a great Sum ; and as long as the Government stands , it is no loss to them that have the Credit , nor no great Inconveniency ; for all Bills of Exchange are made by Law payable in Bank , and not otherwise ; for Dealers in Exchanges it is best that way , and such as want their Money , find no difficulty in selling their Credits , the price of which riseth and falleth according to Demanders , as of other things . I do not understand that true , two Banks pay any Interest ; it is true there are several Funds , viz. The Mint in Venice , and the Chamber in Amsterdam , with several others in those , and other Cities , where Money is put out at Interest for Lives , and several other ways , and at different Rates , more or less , according to the Credit these Funds have , which are the Security ; and these may , by mistake , be called the Banks , which they are not , being only such as the Chamber of London , East-India-House , &c. were . I do not believe , but the Usurer , according to the saying , will take half a Loaf , rather than no Bread : But I averr , that high Interest will bring Money out from Hoards , Plate , &c. into Trade , when low Interest will keep it back . Many Men of great Estates , keep by them for State and Honour , great Quantities of Plate , Jewels , &c. which certainly they will be more inclin'd to do , when Interest is very low , than when it is high . Such as have nothing to subsist by , but the Interest of Money , must either let it out , or Trade with it themselves , and be contented with what they can get ; but that hinders not , but very many other Men , who are rich , and not so prest , may , if Interest be very low , choose to make use of their Stocks in Jewels , Plate , &c. rather than run the hazards , and be at the trouble of dealing with necessitous and knavish Men , such as many Borrowers are , for inconsiderable gains . So that it cannot be denied , but the lowering of Interest may , and probably will keep some Money from coming abroad into Trade ; whereas on the contrary , high Interest certainly brings it out . Next is to be considered , that Dealings between Borrowers and Lenders are of two kinds : 1. Upon Mortgage , or Pawn . 2. Upon Personal Security , and that either by single Bond , or with Sureties ; all which , as they differ in goodness , so ought in reason to bear different Prizes . Shall any Man be bound to lend a single Person , upon the same Terms , as others lend upon Mortgages , or Joynt Obligations ? Then again it is to be considered , that the Moneys imployed at Interest in this Nation , are not near the Tenth part , disposed to Trading People , wherewith to manage their Trades ; but are for the most part lent for the supplying of Luxury , and to support the Expence of Persons , who though great Owners of Lands , yet spend faster than their Lands bring in ; and being loath to sell , choose rather to mortgage their Estates . So that in truth an Ease to Interest , will rather be a Support to Luxury , than to Trade ; the poor Trading Man , who hath but a narrow Stock , or none at all , supplies himself by buying Goods of rich Men at time , and thereby pays Interest , not at the rate of 5 , 6 , or 8 , but 10 , 12 , and more per Cent. And this is not in the Power of any Legislature to prevent , or remedy . It may be said , let him take Money at Interest , and not buy at Time. But then Men must be found , that will lend ; the Legislative must provide a Fund to borrow upon . The Trade of setting out Ships , runs very much upon this course , wherein it is usual to Bum'em ( as they call it ) at 36 per Cent. And this cannot be remedied ; and if it were , it would be a stop , as well to the Building , as the setting out of many Ships ; whereby , after all , not only the publick , but the private Persons concern'd are Gainers for the most part . Thus when all things are considered , it will be found best for the Nation to leave the Borrowers and the Lender to make their own Bargains , according to the Circumstances they lie under ; and in so doing you will follow , the course of the wise Hollanders , so often quoted on this account : and the consequences will be , that when the Nation thrives , and grows rich , Money will be to be had upon good terms , but the clean contrary will fall out , when the Nation grows poorer and poorer . Let any one Answer me , why do not the Legislators in those poor Countries , where Interest is at 10 , & 12 per Cent , make such Laws to restrain Interest , and reduce it for the good of the People ? If they should attempt it , it wou'd soon appear , that such Laws would not be effectual to do it . For when there are more Borrowers than Lenders , as in poor Countries , where if a rich Man hath 100 l. to dispose , and there are four , five or more Men striving for it ; the Law would be evaded by underhand Bargains , making Loans in Goods , drawing Bills , and a thousand ways beside ; which cannot be prevented . It is probable that when Laws restrain Interest of Money , below the Price , which the Reason of Trade settles , and Traders cannot ( as we will suppose ) evade the Law , or not without great difficulty , or hazard , and have not Credit to borrow at Legal Interest , to make , or increase their Stock ; so much of Trade is lopt off ; and there cannot be well a greater obstruction to diminish Trade then that would be . The consideration of all these Matters , makes out an universal Maxime , That as more Buyers than Sellers raiseth the price of a Commodity , so more Borrowers than Lenders , will raise Interest . And the State may with as much Justice make a Law that Lands which heretofore have been Lett for 10 s. per Acre , shall not now be Lett for above 8 s. per Acre , as that Money , or Stock , from 5 per Cent , shall be Lett for 4 per Cent , the Property being as good , and as much the Substance of the Kingdom in the one , as in the other . I will not say any thing to the Theological Arguments against Interest of Moneys ; by those 3 per Cent is no more lawful , than 4 , or 12. But this I shall maintain Politically , that if you take away Interest , you take away Borrowing , and Lending . And in consequence the Gentry , who are behind hand , be it for what cause soever , must sell , and cannot Mortgage ; which will bring down the Price of Land. And the Trader whatever his skill is , if he hath no Stock , must either sit still , or buy at Time , which is Interest under another Name . And they who are poor , will always be so , and we should soon relapse into the state of One Thousand Years ago . And whereas the Stock of the Nation is now reckon'd great , let it be fairly valued , and it will be found much less than it seems to be ; for all the Monies that are owing upon Land Securities , must be struck off , and not estimated ; or else you will have a wrong Account ; for if a Gentleman of 500 l. per Annum , owes 8000 l. and you value his Land , and the Lender's Stock both , you make an account of the same thing twice . And whereas we make great Accounts of Money'd Men in the Nation , in truth there are but few ; for suppose all that have lent upon Mortgage , had Land for their Moneys , as indeed in strictness of Law they have , there wou'd be but few Money'd Men in the Nation left . The borrowing of Money of one , to pay another , call'd , Robbing of Peter to pay Paul , so much practis'd now a-days , makes us think the Nation far richer than it is . A Discourse of COYNED MONEY . IN the former Discourse , it hath been already made appear , that Gold and Silver for their scarcity , have obtained in small quantities , to equal in value far greater quantities of other Metals , &c. And farther , from their casie Removal , and convenient Custody , have also obtained to be the common Measure in the World between Man and Man in their dealings , as well for Land , Houses , &c. as for Goods and other Necessaries . For the greater Improvement of this Convenience , and to remove some Difficulties , which would be very troublesome , about knowing quantities and qualities in common and ordinary dealing : Princes and States have made it a matter of Publick concern , to ascertain the Allay , and to determine the Weights , viz. the quantities of certain Pieces , which we call Coyn , or Money ; and such being distinguish'd by Stamps , and Inscriptions , it is made difficult , and highly Penal to Counterseit them . By this means the Trade of the World is made easie , and all the numerous species of several Commodities have a common Measure . Besides the Gold and Silver being thus coyned into Money , and so become more usesul for Commerce than in the Log or Block , hath in all places , except in England since the free Coynage , reasonably obtained a greater value than it had before : And that not only above the real charge of making it so , but is become a State-Revenue ( except as before ) tho' not very great . Whereas if Silver coyned and uncoyned bore the same rate , as it doth with us in England , where it is coyned at the Charge of the Publick , it will be lyable frequently to be melted down , as I shall shew anon . Money being thus the Common Measure of Buying and Selling , every body who hath any thing to sell , and cannot procure Chapmen for it , is presently apt to think , that want of Money in the Kingdom , or Country is the cause why his Goods do not go off ; and so , want of Money , is the common Cry ; which is a great mistake , as shall be shewn . I grant all stop in Trade proceeds from some cause ; but it is not from the want of specifick Money , there being other Reasons for it ; as will appear by the following Discourse . No Man is richer for having his Estate all in Money , Plate , &c. lying by him , but on the contrary , he is for that reason the poorer . That man is richest , whose Estate is in a growing condition , either in Land at Farm , Money at Interest , or Goods in Trade : If any man , out of an humour , should turn all his Estate into Money , and keep it dead , he would soon be sensible of Poverty growing upon him , whilst he is eating out of the quick stock . But to examine the matter closer , what do these People want , who cry out for Money ? I will begin with the Beggar ; he wants , and importunes for Money : What would he do with it if he had it ? buy Bread , &c. Then in truth it is not Money , but Bread , and other Necessaries for Life that he wants . Well then , the Farmer complains , for the want of Money ; surely it is not for the Beggar 's Reason , to sustain Life , or pay Debts ; but he thinks that were more Money in the Country , he should have a Price for his Goods . Then it seems Money is not his want , but a Price for his Corn , and Cattel , which he would sell , but cannot . If it be askt , if the want of Money be not , what then is the reason , why he cannot get a price ? I anwer , it must proceed from one of these three Causes . 1. Either there is too much Corn and Cattel in the Country , so that most who come to Market have need of selling , as he hath , and few of buying : Or , 2. There wants the usual vent abroad , by Transportation , as in time of War , when Trade is unsafe , or not permitted . Or , 3. The Consumption fails , as when men by reason of Poverty , do not spend so much in their Houses as formerly they did ; wherefore it is not the increase of specifick Money , which would at all advance the Farmers Goods , but the removal of any of these three Causes , which do truly keep down the Market . The Merchant and Shop-keeper want Money in the same manner , that is , they want a Vent for the Goods they deal in , by reason that the Markets fail , as they will always upon any cause , like what I have hinted . Now to consider what is the true source of Riches , or in the common Phrase , plenty of Money , we must look a little back , into the nature and steps of Trade . Commerce and Trade , as hath been said , first springs from the Labour of Man , but as the Stock increases , it dilates more and more . If you suppose a Country to have nothing in it but the Land it self , and the Inhabitants ; it is plain that at first , the People have only the Fruits of the Earth , and Metals raised from the Bowels of it , to Trade withal , either by carrying out into Foreign Parts , or by selling to such as will come to buy of them , whereby they may be supplyed with the Goods of other Countries wanted there . In process of time , if the People apply themselves industriously , they will not only be supplied , but advance to a great overplus of Forreign Goods , which improv'd , will enlarge their Trade . Thus the English Nation will sell unto the French , Spaniards , Turk , &c. not only the product of their own Country , as Cloath , Tin , Lead , &c. but also what they purchase of others , as Sugar , Pepper , Callicoes , &c. still buying where Goods are produc'd , and cheap , and transporting them to Places where they are wanted , making great advantage thereby . In this course of Trade , Gold and Silver are in no sort different from other Commodities , but are taken from them who have Plenty , and carried to them who want , or desire them , with as good profit as other Merchandizes . So that an active prudent Nation groweth rich , and the sluggish Drones grow poor ; and there cannot be any Policy other than this , which being introduc'd and practis'd , shall avail to increase Trade and Riches . But this Proposition , as single and plain as it is , is seldom so well understood , as to pass with the generality of Mankind ; but they think by force of Laws , to retain in their Country all the Gold and Silver which Trade brings in ; and thereby expect to grow rich immediately : All which is a profound Fallacy , and hath been a Remora , whereby the growing Wealth of many Countries have been obstructed . The Case will more plainly appear , if it be put of a single Merchant , or if you please to come nearer the point , of a City or County only . Let a Law be made , and what is more , be observ'd , that no Man whatsoever shall carry any Money out of a particular Town , County , or Division , with liberty to carry Goods of any sort : so that all the Money which every one brings with him , must be left behind , and none be carried out . The consequence of this would be , that such Town , or County were cut off from the rest of the Nation ; and no Man would dare to come to Market with his Money there ; because he must buy , whether he likes , or not : and on the other side , the People of that place could not go to other Markets as Buyers , but only as Sellers , being not permitted to carry any Money out with them . Now would not such a Constitution as this , soon bring a Town or County to a miserable Condition , with respect to their Neighbours , who have free Commerce , whereby the Industrious gain from the slothful and luxurious part of Mankind ? The Case is the same , if you extend your thought from a particular Nation , and the several Divisions , and Cities , with the Inhabitants in them , to the whole World , and the several Nations , and Governments in it . And a Nation restrained in its Trade , of which Gold and Silver is a principal , if not an essential Branch , would suffer , and grow poor , as a particular place within a Country , as I have discoursed . A Nation in the World , as to Trade , is in all respects like a City in a Kingdom , or Family in a City . Now since the Increase of Trade is to be esteem'd the only cause that Wealth and Money increase , I will add some farther Considerations upon that subject . The main spur to Trade , or rather to Industry and Ingenuity , is the exorbitant Appetites of Men , which they will take pains to gratifie , and so be disposed to work , when nothing else will incline them to it ; for did Men content themselves with bare Necessaries , we should have a poor World. The Glutton works hard to purchase Delicacies , wherewith to gorge himself ; the Gamester , for Money to venture at Play ; the Miser , to hoard ; and so others . Now in their pursuit of those Appetites , other Men less exorbitant are benefitted ; and tho' it may be thought few profit by the Miser , yet it will be found otherwise , if we consider , that besides the humour of every Generation , to dissipate what another had collected , there is benefit from the very Person of a covetous Man ; for if he labours with his own hands , his Labour is very beneficial to them who imploy him ; if he doth not work , but profit by the Work of others , then those he sets on work have benefit by their being employed . Countries which have sumptuary Laws , are generally poor ; for when Men by those Laws are confin'd to narrower Expence than otherwise they would be , they are at the same time discouraged from the Industry and Ingenuity which they would have imployed in obtaining wherewithal to support them , in the full latitude of Expence they desire . It is possible Families may be supported by such means , but then the growth of Wealth in the Nation is hindered ; for that never thrives better , then when Riches are tost from hand to hand . The meaner sort seeing their Fellows become rich , and great , are spurr'd up to imitate their Industry . A Tradesman sees his Neighbour keep a Coach , presently all his Endeavours is at work to do the like , and many times is beggered by it ; however the extraordinary Application he made , to support his Vanity , was beneficial to the Publick , tho' not enough to answer his false Measures as to himself . It will be objected , That the Home Trade signifies nothing to the enriching a Nation , and that the increase of Wealth comes out of Forreign Trade . I answer , That what is commonly understood by Wealth , viz. Plenty , Bravery , Gallantry , &c. cannot be maintained without Forreign Trade . Nor in truth , can Forreign Trade subsist without the Home Trade , both being connected together . I have toucht upon these matters concerning Trade , and Riches in general , because I conceive a true Notion of them , will correct many common Errors , and more especially conduce to the Proposition I chiefly aim to prove ; which is , that Gold and Silver , and , out of them , Money are nothing but the Weights and Measures , by which Traffick is more conveniently carried on , then could be done without them : and also a proper Fund for a surplusage of Stock to be deposited in . In confirmation of this , we may take Notice , That Nations which are very poor , have scarce any Money , and in the beginnings of Trade have often made use of something else ; as Sueden hath used Copper , and the Plantations , Sugar and Tobacco , but not without great Inconveniences ; and still as Wealth hath increas'd , Gold and Silver hath been introduc'd , and drove out the others , as now almost in the Plantations it hath done . It is not necessary absolutely to have a Mint for the making Money plenty , tho' it be very expedient ; and a just benefit is lost by the want of it , where there is none ; for it hath been observed , that where no Mints were , Trade hath not wanted a full supply of Money ; because if it be wanted , the Coyn of other Princes will become currant , as in Ireland , and the Plantations ; so also in Turky , where the Money of the Country is so minute , that it is inconvenient for great Payments ; and therefore the Turkish Dominions are supplied by almost all the Coyns of Christendom , the same being currant there . But a Country which useth Forreign Coyns , hath great disadvantage from it ; because they pay strangers , for what , had they a Mint of their own , they might make themselves . For Coyned Money , as was said , is more worth than Uncoyned Silver of the same weight and allay ; that is , you may buy more Uncoyned Silver , of the same fineness with the Money , than the Money weighs ; which advantage the Stranger hath for the Coynage . If it be said , That the contrary sometimes happens , and coyned Money shall be current for less than Bullion shall sell for . I answer , That where-ever this happens , the Coyned Money being undervalued , shall be melted down into Bullion , for the immediate Gain that is had from it . Thus it appears , that if you have no Mint whereby to increase your Money , yet if you are a rich People , and have Trade , you cannot want Specifick Coyn , to serve your occasions in dealing . The next thing to be shewed is , That if your Trade pours in never so much Money upon you , you have no more advantage by the being of it Money , then you should have were it in Logs , or Blocks ; save only that Money is much better for Transportation than Logs are . For when Money grows up to a greater quantity than Commerce requires , it comes to be of no greater value , than uncoyned Silver , and will occasionally be melted down again . Then let not the care of Specifick Money torment us so much ; for a People that are rich cannot want it , and if they make none , they will be supplied with the Coyn of other Nations ; and if never so much be brought from abroad , or never so much coyned at home , all that is more than what the Commerce of the Nation requires , is but Bullion , and will be treated as such ; and coyned Money , like wrought Plate at Second hand , shall sell but for the Intrinsick . I call to witness the vast Sums that have been coyned in England , since the free Coynage was set up ; What is become of it all ? no body believes it to be in the Nation , and it cannot well be all transported , the Penalties for so doing being so great . The case is plain , it being exported , as I verily believe little of it is , the Melting-Pot devours all . The rather , because that Practice is so easie , profitable , and safe from all possibility of being detected , as every one knows it is . And I know no intelligent Man who doubts , but the New Money goes this way . Silver and Gold , like other Commodities , have their ebbings and flowings : Upon the arrival of Quantities from Spain , the Mint commonly gives the best price ; that is , coyned Silver , for uncoyned Silver , weight for weight . Wherefore is it carried into the Tower , and coyned ? not long after there will come a demand for Bullion , to be Exported again : If there is none , but all happens to be in Coyn , What then ? Melt it down again ; there 's no loss in it , for the Coyning cost the Owners nothing . Thus the Nation hath been abused , and made to pay for the twisting of straw , for Asses to eat . If the Merchant were made to pay the price of the Coynage , he would not have sent his Silver to the Tower without Consideration ; and coyned Money would always keep a value above uncoyned Silver : which is now so far from being the case , that many times it is considerably under , and generally the King of Spain's Coyn here is worth One penny per Ounce more than our New Money . This Nation , for many Years last past , hath groaned , and still groans under the abuse of clipt Money , which with respect to their Wisdom , is a great mistake ; and the Irish whom we ridicule so much , when in Peace , would not be so gulled , but weighed their ( Pieces of Eight ) Cobbs , as they call them , Piece by Piece ; this Errour springs from the same Source with the rest , and needs no other Cure then will soon result from Non-currency . Whereof I shall set down my thoughts . There is great fear , that if clipt Money be not taken , there will be no Money at all . I am certain , that so long as clipt Money is taken , there will be little other : And is it not strange , that scarce any Nation , or People in the whole World , take diminisht Money by Tale , but the English ? What is the reason that a New Half-crown-piece , if it hath the least snip taken from the edge , will not pass ; whereas an Old Half-crown clipt to the very quick , and not intrinsically worth Eighteen Pence , shall be currant ? I know no reason , why a Man should take the one , more than the other ; I am sure , that if New Money should pass clipt , there would soon be enough served so . And I do not in the least doubt , unless the currency of clipt Money be stopt , it will not be very long before every individual piece of the Old Coynes be clipt . And if this be not remedied , for fear of the Evil now , how will it be born hereafter , when it will be worse ? surely at length it will become insupportable , and remedy itself as Groats have done ; but let them look out , in whose time it shall happen ; we are all shoving the Evil-Day as far off as may be , but it will certainly come at last . I do not think the great Evil is so hard to be remedied , nor so chargeable as some have judged ; but if rightly managed , it may be done with no intolerable loss , some there will be , and considerable ; but when I reflect where it will fall , I cannot think it grievous . The general Opinion is , That it cannot be done otherwise , then by calling in of all the Old Money , and changing of it , for doing which the whole Nation must contribute by a general Tax ; but I do not approve of this way , for several Reasons . For it will be a matter of great trouble , and will require many hands to execute , who will expect , and deserve good pay ; which will add to the Evil , and increase the Charge of the Work ; and the Trust of it , is also very great , and may be vastly abused . Now before I give any Opinion for the doing this thing , let some estimate be made of the loss , wherein I will not undertake to compute the Total , but only how the same may fall out in One Hundred Pound : There may be found in it Ten Pound of good New Money , then rests Ninety Pound ; and of that I will suppose half to be clipt Money , and half good ; so there will be but Five and Forty , in One Hundred Pounds , whereupon there will be any loss ; and that will not surely be above a Third part : so I allow 15 l. per Cent. for the loss by clipt Money , which is with the most , and in such Computes , it is safest to err on that side . Now in case it should be thought fit , that the King should in all the Receipts of the Publick Revenue , forbid the taking of clipt Coyn , unless the Subject were content to pay it by weight at 5 s. 2 d. per Ounce , every Piece being cut in Two , ( which must be especially and effectually secured to be done ) I grant it would be a great surprize , but no great cause of Complaint when nothing is required , but that the Publick Revenue may be paid in lawful English Money . And those who are to make Payments , must either find good Money , or clip in two their cropt Money , and part with it on such terms ; by this Example it would likewise be found , that in a short time , all Men would refuse clipt Money in common Payment . Now let us consider , where the loss would light , which I have estimated to be about 15 per Cent. We are apt to make Over estimates of the Quantities of current Money ; for we see it often , and know it not again ; and are not willing to consider how very a little time it stays in a place ; and altho' every one desires to have it , yet none , or very few care for keeping it , but they are forthwith contriving to dispose it ; knowing that from all the Money that lies dead , no benefit is to be expected , but it is a certain loss . The Merchant and Gentleman keep their Money for the most part , with Goldsmiths , and Scriveners ; and they , instead of having Ten Thousand Pounds in Cash by them , as their Accounts shew they should have , of other Mens ready Money , to be paid at sight , have seldom One Thousand in Specie ; but depend upon a course of Trade , whereby Money comes in as fast as it is taken out : Wherefore I conclude , that the Specifick Money of this Nation is far less than the common Opinion makes . Now suppose all the loss by clipt Money should happen and fall where the Cash is , it would be severe in very few Places . It could do no great harm to Hoards of Money ; because those who intend to keep Money , will be sure to lay up that which is good . It would not signifie much to the poor Man , for he many times hath none ; and for the most part , if he hath any , it is very little , seldome Five Shillings at a time . The Farmer is supposed to pay his Landlord , as fast as he gets Money ; so it is not likely he should be catcht with much : Wherefore it will light chiefly upon Trading Men , who may sometimes be found with Hundreds by them ; and frequently not with many Pounds . Those who happen to have such great Cashes at such time would sustain loss . In short , clipt Money is an Evil , that the longer it is born with , the harder will the Cure be . And if the Loss therein be lain on the Publick , ( as the Common Project is ) the Inconveniences are ( as hath been shewed ) very great ; but in the other way of Cure it is not such a terrìble Grievance , as most Men have imagined it would be . So to conclude , when these Reasons , which have been hastily and confusedly set down , are duly considered , I doubt not but we shall joyn in one uniform Sentiment : That Laws to hamper Trade , whether Forreign , or Domestick , relating to Money , or other Merchandizes , are not Ingredients to make a People Rich , and abounding in Money , and Stock . But if Peace be procured , easie Justice maintained , the Navigation not clogg'd , the Industrious encouraged , by indulging them in the participation of Honours , and Imployments in the Government , according to their Wealth and Characters , the Stock of the Nation will increase , and consequently Gold and Silver abound , Interest be easie , and Money cannot be wanting . Postscript . Upon farther Consideration of the Foregoing Matters , I think fit to add the following Notes . WHEN a Nation is grown Rich , Gold , Silver , Jewels , and every thing useful , or desirable , ( as I have already said ) will be plentiful ; and the Fruits of the Earth will purchase more of them , than before , when People were poorer : As a fat Oxe in former Ages , was not sold for more Shillings , than now Pounds . The like takes place in Labourers Wages , and every thing whatever ; which confirms the Universal Maxim I have built upon , viz. That Plenty of any thing makes it cheap . Therefore Gold and Silver being now plentiful , a Man hath much more of it for his labour , for his Corn , for his Cattle , &c. then could be had Five Hundred Years ago , when , as must be owned , there was not near so much by many parts as now . Notwithstanding this , I find many , who seem willing to allow , that this Nation at present , abounds with Gold and Silver , in Plate and Bullion ; but are yet of Opinion , That coyned Money is wanted to carry on the Trade , and that were there more Specifick Money , Trade would increase , and we should have better Markets for every thing . That this is a great Error , I think the foregoing Papers makes out : but to clear it a little farther , let it be considered , that Money is a Manufacture of Bullion wrought in the Mint . Now if the Materials are ready , and the Workmen also , 't is absurd to say , the Manufacture is wanted . For instance : Have you Corn , and do you want Meal ? Carry the Corn to the Mill , and grind it . Yes ; but I want Meal , because others will not carry their Corn ; and I have none : say you so ; then buy Corn of them , and carry it to the Mill your self . This is exactly the Case of Money . A very rich Man hath much Plate , for Honour and Show ; whereupon a poorer Man thinks , if it were coyned into Money , the Publick , and his self among the rest , would be the better for it ; but he is utterly mistaken ; unless at the same time you oblige the rich Man to squander his new coyn'd Money away . For if he lays it up , I am sure the matter is not mended : if he commutes it for Diamonds , Pearl , &c. the Case is still the same ; it is but changed from one hand to another : and it may be the Money is dispatcht to the Indies to pay for those Jewels : then if he buys Land , it is no more than changing the hand , and regarding all Persons , except the Dealers only , the Case is still the same . Money will always have an Owner , and never goeth a Beggar for Entertainment , but must be purchast for valuable consideration in solido . If the use of Plate were prohibited , then it were a sumptuary Law , and , as such , would be a vast hindrance to the Riches and Trade of the Nation : for now seeing every Man hath Plate in his House , the Nation is possest of a solid Fund , consisting in those Mettals , which all the World desire , and would willingly draw from us ; and this in far greater measure than would be , if Men were not allowed that liberty . For the poor Tradesman , out of an ambition to have a Piece of Plate upon his Cupboard , works harder to purchase it , than he would do if that humour were restrain'd , as I have said elsewhere . There is required for carrying on the Trade of the Nation , a determinate Sum of Specifick Money , which varies , and is sometimes more , sometimes less , as the Circumstances we are in requires . War time calls for more Money than time of Peace , because every one desires to keep some by him , to use upon Emergencies ; not thinking it prudent to rely upon Moneys currant in dealing , as they do in times of Peace , when Payments are more certain . This ebbing and flowing of Money , supplies and accommodates itself , without any aid of Politicians . For when Money grows scarce , and begins to be hoarded , then forthwith the Mint works , till the occasion be filled up again . And on the other side , when Peace brings out the Hoards , and Money abounds , the Mint not only ceaseth , but the overplus of Money will be presently melted down , either to supply the Home Trade , or for Transportation . Thus the Buckets work alternately , when Money is scarce , Bullion is coyn'd ; when Bullion is scarce , Money is melted . I do not allow that both should be scarce at one and the same time ; for that is a state of Poverty , and will not be , till we are exhausted , which is besides my subject . Some have fancied , that if by a Law the Ounce of Silver were restrained to 5 s. value , in all dealings , and at the Tower the same were coyned into 5 s. 4 d. or 5 s. 6 d. per Ounce , all the Plate in England would soon be coyned . The answer to this , in short , is : That the Principle they build upon is impossible . How can any Law hinder me from giving another Man , what I please for his Goods ? The Law may be evaded a thousand ways . As be it so : I must not give , nor he receive above 5 s. per Ounce for Silver ; I may pay him 5 s. and present him with 4. d. or 6 d. more ; I may give him Goods in barter , at such , or greater profit ; and so by other contrivances , ad Infinitum . But put case it took effect , and by that means all the Silver in England were coyned into Money ; What then ? would any one spend more in Cloaths , Equipages , House-keeping , &c. then is done ? I believe not ; but rather the contrary : For the Gentry and Commonalty being nipt in their delight of seeing Plate , &c. in their Houses , would in all probability be dampt in all other Expences : Wherefore if this could be done , as I affirm it cannot , yet instead of procuring the desired effect , it would bring on all the Mischiefs of a sumptuary Law. Whenever the Money is made lighter , or baser in allay , ( which is the same thing ) the effect is , that immediately the price of Bullion answers . So that in reality you change the Name , but not the thing : and whatever the difference is , the Tenant and Debtor hath it in his favour ; for Rent and Debts will be paid less , by just so much as the intrinsick value is less , then what was to be paid before . For example : One who before received for Rent or Debt , 3 l. 2 s. could with it buy twelve Ounces , or a Pound of Sterling Silver ; but if the Crown-piece be worse in value than now it is , by 3 d. I do averr , you shall not be able to buy a Pound of such Silver under 3 l. 5 s. but either directly , or indirectly it shall cost so much . But then it is said , we will buy an Ounce for 5 , s. because 't is the Price set by the Parliament , and no body shall dare to sell for more . I answer , If they cannot sell it for more , they may coyn it ; And then what Fool will sell an Ounce of Silver for 5 s. when he may coyn it into 5 s. 5 d. ? Thus we may labour to hedge in the Cuckow , but in vain ; for no People ever yet grew rich by Policies ; but it is Peace , Industry , and Freedom that brings Trade and Wealth , and nothing else . FINIS .