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A39901 A further attempt towards the reformation of the coin with expedients for preventing the stop of commerce during the re-coinage, and supplying the mint with a sufficient quantity of bullion ... / by R. Ford. Ford, R., fl. 1696. 1696 (1696) Wing F1471; ESTC R4545 13,802 26

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our Money there will also thereby ensue this further Inconvenience viz. That our Neighbours supplying us with more Goods than we do them we thereby become their Debtors and consequently must pay what we owe them in such as they will please to accept and we may be certain they will choose to have their Returns in that whereby they shall gain most So that if our Silver be reduced to a low value they will choose to have their Returns in as much of it as they can whereby we shall be at length so drain'd of our Money as to be reduced to such a Scarcity and want of Money as I affirmed and I think have proved will be the consequence of the non-advancement of Silver and the cause of such a Poverty as will disable us to pay our Taxes and Rents and manage our Trades Which though it be but a single Instance of the Mischievous Effects of setting a low Valuation on Silver yet is one of so black and extensive a Nature and draws such a Numerous and Dismal Train of Ill Consequences along with it as will spare me the Labour of adding much more to prove the Disadvantage of such a Practice However I shall mention a second grand Inconvenience that will attend the non-advancement of Silver viz. That the making our Money of a great Weight and a low Value will mightily obstruct the Sale of our Manufactures and In-land Commodities both to our Neighbours abroad and amongst our selves at home For as to our Neighbours if our Money be made of so extraordinary Goodness they will as I said before choose to have their Returns made in that and in as few of our Goods as possible Which will cause our Commodities to fall very much on our hands for want of Buyers In the mean time our Neighbours taking as much Money and as few Goods from us as possible will thereby together with the concurrence of some other causes mentioned in the foregoing Head occasion such a want of Money as will mightily obstruct the Vent of our In-land Commodities even among our selves and so very much prejudice our Domestick as well as Foreign Commerce For a great scarcity of Money will oblige Persons to retrench their usual Expences and employ their Money in such things only as are of pure Necessity So that most of the Trades that subsist by furnishing things for the Pleasure and Ornament of Humane Life of which kind the Greater part of the Trades of the Nations subsist must necessarily droop and decline for Persons not having Money sufficient to gratifie both their Necessities and their Pleasures will be obliged to baulk the latter to serve the former or at least to disappoint one of the two and then amongst other Commodities that will fall so much by reason of the Scarcity of Money We may be certain that Corn Cattel and the other Products of Land will bear a Proportion And if a Tenant cannot make so much of the Product of his Farm as he used to do then it will be impossible for him to pay his Landlord the usual Rent So that all the Lands and Tenements must of necessity sink considerably below their present yearly Rents Which will not be the only Diskindness that this hopeful Project of Reducing the Silver to so low a Rate as 5 s. 2 d. per Ounce if it succeed will procure to the Gentlemens and Landlords Estates in England For this low Rate of Silver causing a Scarcity of Money and this Scarcity of Money naturally causing the Advancement of the Interest thereof to perhaps double the present Rate and the Advancement of the Interest of Money will certainly lower the Purchase of Lands by several Years for that when the Increase of Money was high Lands yielded but a few Years Purchase But on the contrary When the Interest of Money was lowest then Lands sold for the most Years Purchase as will be evident if we compare the Purchase of Lands in King Henry the Eighth's Time when Interest of Money was at 12 or 14 l. per Cent. per Annum with the Purchase of the same Lands now when Interest is not above a third part of what it was at that time It being always observed That as the Price of Money was advanced and thereby the Species increased that the Interest thereof fell and grew less and according as the Interest of Money fell so Land advanced several years Purchase as will be manifest if we observe how much the Land of England hath been improved since the aforesaid time of King Henry the Eighth when Interest of Money was so very high So that upon the whole we may see how much the Gentlemen and Landlords of England are obliged to these Persons for proposing such a Method of Regulating the Coin that will not only by introducing a Scarcity of Money cause all the Products and consequently the yearly Rents of Lands to fall considerably but also advance the Interest of Money and thereby lower the Purchase of Lands by several years And I conceive I have by this time so throughly represented the fatal Consequences that will ensue on the fixing Silver at a low Rate that the Impartial Reader by this time cannot but be sensible how destructive that course would be to the Publick Good I should now as I proposed enforce my Reasons for advancing the Price of Silver by representing the Advantages that would accrue to the Nation by doing thereof But these being in some measure handled under the former Head when I enumerated the ill Consequences of the contrary course And these Advantages of raising Silver being but as it were the Reverse of and directly opposite unto the Disadvantages of fixing a low Value thereon The good Effects of the one are best seen by opposing them to the bad ones of the other Method which I shall do very briefly if the setting a low Valuation on Silver will cause that it will pass but a little way in Payments the contrary method will make it go as far as possible If the former be such a Discouragement to the bringing in of Silver to be coin'd as cuts off all hopes of increasing the Quantity of our Money the latter affords all imaginable Incouragement both to the Importation of it into the Kingdom and to the carrying it into the Mint to be coin'd By which means we may hope to have as great a Plenty of good Money as ever was yet in the Nation Again If the setting too low a Valuation on Silver be a Temptation to convey it out of the Kingdom the fixing a high Rate thereon will be a means of preserving the Coin intire and unmelted And if the low Rate of Silver will obstruct the Exportation of our Commodities because our Neighbours will choose our Money before our Goods On the contrary The advancing Silver to a pretty high Rate will induce them to choose our Commodities rather than our Money and thereby incourage our Trade and Manufactures and preserve