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ID Title Author Corrected Date of Publication (TCP Date of Publication) STC Words Pages
A52443 Discourses upon trade, principally directed to the cases of the interest, coynage, clipping, increase of money North, Dudley, Sir, 1641-1691. 1691 (1691) Wing N1280; ESTC R5762 21,202 42

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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