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ID Title Author Corrected Date of Publication (TCP Date of Publication) STC Words Pages
A25994 Several assertations proved in order to create another species of money than gold and silver Asgill, John, 1659-1738. 1696 (1696) Wing A3932; ESTC R16480 21,802 88

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SEVERAL ASSERTIONS PROVED In Order to Create another Species of MONEY THAN GOLD AND SILVER SEVERAL ASSERTIONS PROVED c. First Assertion That there seemeth a Necessity of creating another Species of Money than Gold and Silver BY Necessity I don't mean an absolute Necessity but such a Necessity that either this must be done or a worse thing will ensue for want of it The past Contracts now depending in the Kingdom for payment of Moneys in Specie do far surmount all the Species of Money in the Kingdom and because Money is become more valuable than Bills of Credit therefore they that have the demands of it do and will demand it and the more they demand it the higher the price rises so that the price multiplies the demands and the demands advance the price which renders the performance of these past Contracts to be impossible And thus the Kingdom stands Stock-jobbed by being obliged to deliver what they have not And yet these Contracts tho' they are impossible to be performed are lawful for by the Law where the Condition of a Bond is impossible the Bond it self is absolute and the Obligee may sue for the Penalty and have Judgment and if in this Case the Plaintiffs happen to be more than the Defendants they may have Execution too but if the Defendants come to be more than the Plaintiffs there 's an end of the Law And notwithstanding that the whole Moneys of the Kingdom stand anticipated by the past Contracts the present Exigencies and the growing Contracts call for as much more and 't is impossible to answer these Demands but by the Money due on the former Contracts taking it from whence 't is already due and lending it to the present Wants and thus the Publick have had the greatest part of their late Supplyes which I don't observe as a misapplication of the Moneys under our Necessities but as an Evidence of our Necessities Therefore for preserving the peace of the Kingdom in relation to the past Contracts and for raising the present and future Supplyes there doth seem a Necessity of creating another Species of Money than Gold and Silver Second Assertion That this Necessity is no Cause to discourage Proceedings in publick or private Affairs but rather to force us upon an Invention which otherwise we should not find out All the Improvements in the World have been produced from the Necessities of Men putting them upon Invention according to that saying Venter largitor Artium Shame invented our Cloathing Cold our Houses Hunger our Food Sickness our Physick and Rapine our Laws Laws necessitated Trade Trade necessitated Money and the multiplyed occasions for Money doth now put us upon a necessity of inventing another Species of it and therefore we must find it out What if the Spaniards Mines were exhausted or the Laws of their Countrey prohibiting the Exportation of them observed must the whole World stand still As Silver and Gold were invented for Money when they were to be had so when we cann't have that we must invent something else which may be had instead of it The whole World once lay open for Man and Beasts to be Tenants in common of it all but while it lay so it was incapable of improvement because no Man could preserve the benefit of his own Labour to himself and this forced men upon Agreements to inclose and that every Man should have a Property in his own Inclosure which was the first initiating of Laws and this Law forced Trade For the Earth consisting of divers Veins of different qualities distant from one another one man came to have occasion of something which lay in alieno solo another man's Inclosure and so they exchanged with one another but the things exchanged not being always equal in value nor to be delivered at the same time and place put men upon an Invention of Pledges or security for the things delivered until the value thereof should be returned in another Commodity and these at first were but particular Tokens between one man and another 'till by degrees Silver and Gold having acquired a certain value from the uses made of it for other things became the common pledge of the World and by further degrees the Values thereof came to be ascertained by Laws which hath advanced it to an extravagant price contrary to the original intention of it The sole use of Money as Money is but to keep an Account of other things by it is a Tool in Trade found out by the Policy of Man and that it might not grow into any other use the first Law of the World foreseeing the mischief forbid those that had it from taking Interest for the Loan of it from any but those whom they designed to impoverish by it But since this prohibited use of it hath advanced it above its original institution we must invent something else instead of it as they who had the first Occasions of Money did invent Gold and Silver And therefore this Necessity is no Cause to discourage us from proceeding in publick or private Affairs but rather to force us upon an Invention which otherwise we should not find out Third Assertion That all Proposals for making Bills of Credit current Money directly by Act of Parliament can be of no use in this Invention For 1. These Proposals are Unjust being more than the Law doth in relation to the Coyns of the Kingdom The Law never makes the Coyns of the Kingdom to be current in any Payments but where they are agreed to be paid but these Proposals would make these Bills current in Payments in which they were never agreed for therefore they are unjust 2. They are Illegal I mean they are an Inversion of Laws which the Legislative Power have no power to do their Name defines their power not to be absolute but only a power of making Laws and the intent of all Laws being for the preservation of Life and Property whatever violates this Intent is no Law Should an Act pass that every Man in the Kingdom should kill himself or give his Estate to any one else that would do it for him this would be no Law nor any Man's Life or Estate bound by it Now some Men have turned their Properties into Land and some into Money and all by Agreements with one another and should an Act pass that a Man who hath agreed for and purchased 500 l. per Annum in Land should convey that Estate to any Man who would pay him 10000 l. in Gold or Silver this would be no Law then by the same parity of Reason should an Act pass that any Man who hath contracted for 10000 l. to be paid him in Money should assign this Contract to any one who would convey to him 500 l. per Annum in Land this would be no Law for if such Acts should be admitted as Laws they put an end to all Laws Men cann't deal but by Agreements with one another and if the