IftheMoneyofanparticularCountryshouldencreasebeyondtheproportionthatCountrybearstoEurope；itwouldundervalueMoneythere，or，accordingtothewayofspeaking，itwouldraiseGoods：ButasMoneywouldbeundervaluedeverywherethesame，orneartowahtitwerethere；itwouldbeofgreatAdvantagetothatcountry，thotherebyMoneywerelessvaluable：ForthatCountrywouldhavethewholeBenefitofthegreaterQuantity，andonlybearashareofthelesservalue，accordingtotheproportionitsMoneyhadtotheMoneyofEurope。WhentheSpaniardsbringMoneyorBullionintoEurope，theylessenitsvalue，butgainbybringingit；becausetheyhavethewholebenefitofthegreaterQuantity，andonlybearashareofthelesservalue。
Whathasbeensaid，proves，1st。ThatSilverMoneyisanuncertainvalue；becauselyabletobealter’dintheFinenessorDenominationbythePrince。ACrownhasnomoreSilverinitthanhalfaCrownor15Pencehada150or200Yearsago。
2ndly。ThatasSilverithasfallenfromtheValueithad，thesameQuantitynotbeingworththe5thor10thpartofwhatitwasworththen。AMoney’dManthenwortha1000lib。wasRicheratthattimethanaLandedManof240ChalderofVictualRent：ButaManofsuchaMoneyEstate，wouldnotnowbeworthone50thpartofsuchaLandEstate。
3dly。Thatthofallensomuch，yetitisgivenasMoneyorSoldasBullion，formuchmorethanitsValueasaMettal；towhichitwillbereduced，sosoonasanotherMoneyissetup。
ConsideringthepresentstateofEurope，FranceandSpainbeingMastersoftheMines。TheotherNationsseemtobeunderanecessityofsettingupanotherMoney。TheonlyReasoncanbegivenwhyithasnotbeenrightlyunderstood：OrtheywouldnothavecontinuedbuyingSilverfromSpainaboveitsValueasaMettal，whentheyhadamorevaluableMoneyoftheirown，andeverywaymorefittedforthatUse。
TheReceiverofSilvercanhavenogreathopesthattheValueofitwillbegreater；For’tisnottobesupposeditwillbeapply’dtoanyotherUses，thanitisnowapply’dto，wherebytheDemandforitmaybeencreas’d：OrthattheQuantityExportedandConsum’d，willbegreaterthantheQuantityImported。
ThoitbescarceinanyparticularCountry，yettheMony’dMenwillhavenogreatBenefitbysuchscarcity，ashasbeenshown：ForunlessthescarcityisthesameinallplaceswithwhichthatCountryTrades，MoneywillnotbevaluedmuchhighertherethaninotherCountries。
IfitisalledgedtheMinesintheWest—Indiesmayfail。’TistheInterestoftheSpaniardstogiveoutthattheirMinesbegintofail，tokeepupthePriceofSilver；butifthatweretrue，FranceoughtnothaveengagedherselfinaWar，whenbythePartitionTreatyshecouldhavegotanyotherpartsofthatMonarchythatarevaluable。
AllowingtheMinesdofail，weoughttherathertoprovideourselveswithanotherMoney。
Chapter6
TheProposalgivenintotheParliamentbyDrH。C。ExaminedIDidnotintendtohavesaidanythingabouttheDrs。Proposal，thatAffairhavingbeenrefer’dtoaCommittee，whoaretomaketheirReport。ButSeveralisnotpracticable，beingagainstwhatIamtoPropose，becausetheythink’tisthesamewithhisinsomeotherdress：IthoughtitneedfultogiveashortAccountoftheDrs。
Proposal，andinwhatIdifferfromhim。
HisProposalistogiveoutNotesuponLand，tobecancell’dbyyearlyPaymentsofabout2andQuarterperCent，for45Years。AndthattheseNotesbecurrentasSilverMoney，tothevaluetheyarecoin’dfor。
IfNotesgivenoutafterthatmanner，wereequalinvaluetoSilver—money；TheneveryLandedManinScotland，woulddesireashareofthisgreatandcertainAdvantage：AndIdon’tseehowitispracticabletogiveeveryLandedManashare。
Supposingitpracticable，45YearsPurchaseintheseNotes，willnotbeofsomuchvalue，as20YearsPurchaseofSilverMoney。
NoAnticipationisequaltowhatalreadyis。AYearsRentnowisworth15YearsRent50Yearshence，becausethatMoneyletoutatInterest，bythattimewillproducesomuch。AndthotheParliamentwouldforcetheseNotes，yettheywouldnothaveCurrency，anymorethaniftheGovernmentCoin’dpiecesofGoldequalinWeightandFineness，withatGuinea，andorderedthemtopassfor5lib。
TheseBillsarepropos’dtoberepay’dandcancell’dinaTermofYears，withoutpayinganyInterest，butonlysomuchaswoulddefraytheChargesoftheOffice，whichwouldbeaboveonehalfpercent。
TherewouldthenbemanyLenders，butfewifanyBorrowers，exceptfromtheLand—Bank：Foras’tistheLandedManborrowsoftheMoney’dMan，hewouldsatisfiehisCreditor，andhaveBillstoLend。
TheMoney’dManwouldlikewisehaveoftheseBillstoLend，buttherewouldbenoBorrowers；OrifanydesiredtoBorrow，theywouldhavetheseBillsataverylowUse。Supposeat2percent，thentheseBillswouldbeconsiderablylessvaluablethanSilver。
Anythingthatispropos’dtohaveaCurrencyasMoney，andisgivenforalesserInterestthanSilverMoney，willbeoflessValue。
Itisnottobesuppos’danypersonwilllendSilverMoneyat2
percent，whentheycanhave6percentinEngland。Soa100lib。
SilverMoney，willyieldalsmuchas300lib。oftheseBillswould：
and100lib。inSilver，willbeequalto300lib。inBills。The6lib。
the100lib。ofSilveryields，beingSilver，andthe6lib。the300ofBillsyields，beingpayedintheseBills：and1lib。Silver，beingworth3lib。inBills；sothe6lib。Interestofthe100lib。inSilver，wouldbeequalto18libortheInterestof900lib。inBills。
Andthotheyweregivenouttoberepay’din20years，at5percentforthattime；orin10years，at10percent：theywouldnotbeequallyvaluablewithSilver。Thedifferencewouldnotbesogreat，aswhengivenoutfor45years，TheAdvantagetheNationwouldhavebytheDrs。Proposalis；thatthotheseNotessellunderthevalueofSilverMoney，and500lib。inNoteswereonlyequalto100lib。inSilver：YettheNationwouldhavethesameAdvantagebythat500lib。inNotes，asifanAdditionofa100lib。hadbeenmadetotheSilver—money。
SofarastheseBillssellunderthevalueoftheSilverMoney，sofarwouldExchangewithotherCountriesberais’d。AndifGoodsdidnotkeeptheirPrice，（i。e。）IftheydidnotsellforagreaterQuantityotheseBills，equaltothedifferencebetwixtthemandSilver：Goodsexportedwouldbeundervalued，andGoodsimportedwouldbeovervalued，ashasbeenexplain’dpage24aboutExchange。
TheLanded—manwouldhavenoAdvantagebythisProposal，unlessheowedDebt：Forthohereceiv’d50lib：oftheseBills，forthesameQuantityofVictualhewasinusetoreceive，10lib。Silver—money；
yetthat50lib。wouldonlybeequalinValueto10lib。ofSilver，andpurchaseonlythesameQuantityofHomeorForreignGoods。
TheLanded—manwhohadhisRentpay’dhiminMoney，wouldbeagreatloser。ForbyalsmuchastheseBillswereundertheValueofSilver，hewouldreceivesomuchlessthanbefore。
TheLanded—manwhoowedDebt，wouldpayhisDebtwithalessValuethanwascontractedfor：ButtheCreditorwouldlosewhattheDebitorgain’d。
Dr。C。seemstobeoffendedatmymeddlinginthisAffair，having，ashesays，borrow’dwhatIknowofthisSubjectfromhim。TwoPersonsmayprojectthesamething，butsofarasIcanjudge，whatI
amtoproposeisdifferentfromhis，andwhatIhadform’daSchemeofseveralyearsbeforeIhadseenanyofhisPapers：WhichIcanprove，ifthatwerenecessary，bypersonsofworthIthenshow’ditto。I
havenot，tomyknowledge，borrowedanythingfromDr。C。LandindeedistheValueuponwhichhefundshisProposal，and’tisuponLand，thatIfundmine：IfforthatReasonIhaveincroach’duponhisProposal，theBankofScotlandmaybesaidtohavedonethesame：
TherewereBanksinEuropelongbeforetheDrs。Proposal，andBooksahvebeenwritontheSubjectbeforeandsince。TheFundationIgouponhasbeenknownsolongasMoneyhasbeenlentonLand，andsolongasanheretableBondhasbeenequaltoaQuantityofLand。
WhethertheStructureheorIhavebuiltuponthatFundationbemostsafe，advantageousandpracticalbe，theParliamentcanbestjudge。
Dr。C’sProposalisbyAnticipation，tomakeLandworth50ora100yearsPurchase；andmaintainsthata100lib。tobepayedyearlyfor10，50ora100years，isavaluablePledgefora1000，5000，ora10000lib。ofBills：AndthattheseBillswillbeequaltoSilver—
money。IfhecansatisfietheNationthathisProposalispracticable，hedoesaverygreatService，andgivesacertainadvantagetotheLanded—man，withoutwrongingtheMoney’d—man。IhaveshowntheReasonswhyIthinktheProposalisnotpracticable；andthatnotwithstandinganyActofParliamentmadetoforcetheseBills，theywouldfallmuchunderthevalueofSilver。ButallowingtheywereatfirstequaltoSilver，itisnexttoimpossiblethattwodifferentSpeciesofMoney，shallcontinueequalinvaluetooneanother。
Everythingreceivesavaluefromitsuse，andtheValueisraised，accordingtoitsQuality，QuantityandDemand。ThoGoodsofdifferentkindsareequalinvaluenow，yettheywillchangetheirValue，fromanyunequalChangeintheirQuality，Quantity，orDemand。
AndasheleavesittothechoiceoftheDebitor，topayinSilver—moneyorBills；heconfinesthevalueoftheBills，tothevalueoftheSilver—money，butcannotconfinetheValueoftheSilver—
moneytothevalueoftheBills：SothattheseBillsmustfallinvalueasSilver—moneyfalls，andmayfalllower：Silvermayriseabovethevalueofthesebills，buttheseBillscannotriseabovethevalueofSilver。
WhatIshallpropose，istomakeMoneyofLandequaltoitsvalue；andthatMoneytobeequalinvaluetoSilver—money：AndnotlyabletofallinvalueasSilver—moneyfalls。
AndGoodsthathavetheQualitiesnecessaryinMoney，maybemadeMoneyequaltotheirvalue。5OuncesofGoldisequalinvalueto20
lib。andmaybemadeMoneytothatValue。AnAcreofLandrentedat2
BollsofVictual，theVictualat8lib。andLandat20yearspurchase，isequalto20lib。andmaybemadeMoneyequaltothatValue，forithasalltheQualitiesnecessaryinMoney。ButthatAcreofLandcannotbecoin’dtotheValueof50lib。nomorethanthe5OuncesofGold。
Andthothe5OuncesofGold，the20lib。SilverMoney，andtheAcreofLand，benowequalinvalue；yettheycannotwellcontinueso：ForasIhaveshownalready，anddisproportion’dChangeintheQuality，Quantity，orintheDemandofeitherofthem，willmakethesameQuantityoftheothers。LandiswhatinallappearancewillkeepitsValuebest，itmayriseinvalue，butcannotwellfall：GoldorSilverarelyabletomanyAccidents，wherebytheirValuemaylessen；butcannotwellriseinvalue。
ChapterVII
TheProposalwithReasonsforit。
ToSupplytheNationwithMoney，itishumblypropos’d，That40
CommissionersbeappointedbyParliament，AnswerabletoParliamentfortheirAdministration，andtheAdministrationoftheOfficersunderthem：TheNominationoftheseOfficersbeinglesttotheCommissioners。
ThattheCommissionershavePowertoCoinNotes：WhichNotestobereceivedinPayments，whereoffer’d。
ThataCommitteeofParliamentbeappointedtoinspecttheManagement，andthatnoneoftheCommissionersbeMembers。
ThattheCommissionandCommitteemeettwiceayearatWhitsunday，andMartinmass；theirMeetings，tobegin10daysbefore，andtocontinue10daysaftereachTerm。
Therearethreewayshumblyoffer’dtotheParliament，forgivingouttheseNotes：theyintheirWisdommaydeterminewhichwillbemostsafe。
1。ToauthorizetheCommissiontolendNotesonLandSecurity，theDebtnotexceedingonehalf，ortwoThirdsoftheValue：AndattheordinaryInterest。
2。TogiveoutthefullPriceofLand，asitisvalued，20yearspurchasemoreorless，accordingtowhatitwouldhavegiveninSilver—money。ThecommissionentringintoPossessionofsuchLands，byWadsetgrantedtotheCommissionorAssigneys；andredeemablebetwixtandexpiringofaTermofyears。
3。TogivethefullPriceofLand，uponSalemadeofsuchLands，anddisponedtotheCommissionorAssigneysirredeemably。
ThatanypersonshallhavesuchBonds，Wadsets，orEstatesassign’dordispon’dtothem，uponpayinginthevaluetotheCommission。
ThattheCommissiondon’treceiveotherMoneythantheseNotes。
ThatnopersonwhohascontractedfortheseNotes，shallbeobligedtoreceiveSilverorMettalMoney。
ThattheCommissionhavenotpowertocoinmorethan50000lib。
atatime，andthatnomorebecoin’dsolongasthereis25000lib。
remianingintheOffice。
ThatforayearandahalftheCommissionbelimitedtoacertainSum，afterthattimetohavepowertocoinwhatSumsaredemanded：
unlessrestrictedbyensuingParliaments。
ThatthesewhodesiretohaveMoneyfromtheCommission，giveinaNotetotheLawyersfortheCommissionaMonthbeforetheTerm，ofwhatSumstheywant，withtheRightsoftheLandstheyofferinPledge：andthatthesewhohaveNotestopayintotheCommission，givewarning10daysbeforetheTerm。
ThattheStateofCommission，theSumofNotescoin’d，theDebitandCredit，withthehighestNumberofdifferentNotes，bepublish’deveryTerm。
Thatanypersonwhoshalldiscover2NotesofthesameNumber，orofahigherNumberthanthesepublish’d，shallhavea100lib。reward。
ThattheUnder—OfficersbeinstructedwiththeSumof20000lib。
tochangeNoteswith；andthattheyattendthewholeyear。
ThatanyMemberofParliamentmayinspecttheStateoftheCommission。
ThatnoNotesbecoin’d，Moneylent，orRightsassign’dbytheCommission，butattheTermsofWhitsundayandMartinmass：Andinpresenceofatleast20Commissioners，andoneThirdoftheCommittee。
ThattheRevenueoftheCommission，overwhatpaystheCharges，andwhatparttheParliamentthinksneedfultomakegoodanyLossesmayhappentotheCommission，beapplyedbywayofDrawback，forencouragingtheExport，andManufactureoftheNation。
ThatPaper—moneydonotrisemorethan10percentabovesilvermoney；sothathewhocontractstopayinPaper，mayknowwhatheistopayincasehecannotgetPaper—Money。
TheParliamentmayenterintoaResolve，thatthenextSessionsofthisorthenextensuingParliament，theStateoftheCommissionbetakenintoConsideration，preferabletoallotherBusiness：AndiffoundhurtfultotheCountry，theParliamentmaydischargeanymoreNotestobegivenout，andorderwhatNotesarethenouttobecalledin。
Thatafter3monthsfromtheDateoftheAct，ScotsandForreignMoneybereducedtotheEnglishStandard。TheEnglishCrownto60
pence，andtheotherMoneyinProportiontoitsvalueofSilver。The40penceto38pence，thenewMarkto13pence1/12theoldMarktoitsWeight，theDucatdownsto68pence。DollarstotheirWeight。
Guineasnottopass22sh。
Thatafter4MonthsnoScotsMoney，（exceptwhatshallbecoin’daftertheAct）noranyForreignMoneyexcepttheEnglishMoney，bereceivedinanypayments，orbesoldasBullionbutattheMint。
ThatforwhatoldMoneyorBullionisbroughttotheMint，theMintreturntothefullvalueinnewMoneyof12pence，6pence，and3
pencePieces；ofelevenDeniresfine，the12penceof3Drops3Grainsweight，theotherPiecestoweighinproportion：TheExpenseofCoinagetobepayedoutoftheFundsappropriattothatuse。
Thatfor3Months，aftertheAct，thenewMoneypassfor13
pence，6pencehalf—penny，and3pence1/4。
Thatafter3Months，BullionandwroughtPlatebeofelevenDeniresfine，and5sh。and2d。theOunceofSilver，Goldnottopass4lib。
ThePaper—moneypropos’dwillbeequalinvaluetoSilver，foritwillhaveavalueofLandpledg’d，equaltothesameSumofSilver—
money，thatitisgivenoutfor。IfanyLossesshouldhappen，one4thoftheRevenueoftheCommission，willinallappearancebemorethansufficienttomakethemgood。
ThisPaper—moneywillnotfallinvalueasSilver—moneyhasfallen，ormayfall：GoodsorMoneyfallinvalue，iftheyincreaseinQuantity，oriftheDemandlessens。ButtheCommissiongivingoutwhatSumsaredemanded，andtakingbackwhatSumsareoffer’dtobereturn’d；ThisPaper—moneywillkeepitsvalue，andtherewillalwaysbealsmuchMoneyasthereisoccasion，orimploymentfor，andnomore。
IfaContractforPaper—MoneycouldbesatisfiedbypayingthesameQuantityofSilverMoney，thanthatPaper—MoneycouldnotriseabovetheValueofSilver，andwouldfallwithit。ButasthePaperMoneyisadifferentSpeciesfromSilver，soitwillnotbelyabletoanyofthechangesSilverMoneyislyableto。
ThotheParliamentcouldgiveSilverMoneytothePeople，inalsgreatQuantityastherewereOccasion：theParliamentcouldnotjustlyknowwhatSumwouldservetheCountry，fortheDemandchanges。IftheQuantityofMoneyislessthantheDemand，theLandedManiswrong’d：
Fora100lib。thenbeingmoreValuable，willbuyagreaterQuantityoftheLandedMansGoods。IftheQuantityofMoneyisgreaterthantheDemand，theMoney’dManiswrong’d，fora100lib。thenisnotsoValuable，sowillnotbuythesameQuantityofGoodsa100lib。boughtbefore。
IftheCommissiondonotgiveoutMoneywhenitisdemanded，wheregoodSecurityisoffer’d；’tisahardshiponthePersonwhoisrefus’d，andaLosstotheCountry：ForfewifanyborrowMoneytokeepbythem；andifemploy’ditbringsaProfittotheNation，thotheEmployerloses。
IftheCommissiondidnottakebackwhatSumswereoffer’dtobereturn’d，itwereahardshipontheMoney’dMan，whohasaSumpayedhim，anddoesnotknowhowtoemployit；andtheQuantitybeinggreaterthantheDemandforit，ifwouldfallinValue。
AftertheMethodpropos’d，theQuantitybeingalwaysequaltotheDemandforit，itwillkeepitsValue，andbuythesameQuantityofGoods50yearshence，asnow：unlesstheGoodsalterintheirValue，fromanyChangeintheirQuantity，orintheDemandforthem。
SupposethisCommissionhadbeenestablisht200yearsago，Landthenat14yearsPurchase，Moneyat10percent，victualat8shil。
and4PencetheChalder，andPaperMoneytohavebeengivenoutuponLand；8shiland4penceofthatPaperMony，wouldnowhavebeenequaltoaChalderofVictual，andto8lib。6sh。and4penceSilver—money：
BecauseSilver—moneyhavingincreas’dinQuantity，morethantheDemand；andhavingbeenalter’dintheDenomination，hasfallentoone20thofthevalueithadthen。NorwouldtheLanded—manhavereceiv’dlessforhisVictual，thannow；ForthatPaper—moneywouldhavebroughthim20timestheQuantityofGoods，Silver—moneywillbuy。
LandhasamorecertainValuethanothergoods，foritdoesnotencreaseinquantity，allothergoodsmay。TheUsesofGoodsmaybedischarge，orbyCustombetakenfromthem，andgiventootherGoods：
TheuseofBreadmaybetakenfromOats，andwhollygiventoWheat：
TheuseofMoneymaybetakenfromSilver，andgiventoLand：TheuseofPlate，andtheotherusesofSilverasaMettal，maybetakenfromSilver，andgiventosomeotherMettal，orsomeMixturethatmaybemorefittedfortheseuses。Inanyofthesecases，theseGoodsloseapartoftheirvalue，proportion’dtotheusesaretakenfromthem：Butlandcannotloseanyofitsuses。ForaseverythingisproducedbyLand，sotheLandmustkeepitsvalue，becauseitcanbeturn’dtoproducetheGoodsthatareinuse。IfWheatismoreus’d，andOatsless，astheLandcanproduceboth，itwillbeturn’dtoproducewhatismostused，becausemostvaluable。
ThisMoneywillnotreceiveanyadditionalValuefrombeingusedasMoney，sotheReceiverwillbecertainhecanbenoloser，thoafteraTermofyearstheuseofMoneyistakenfromit。TheLandwillreceiveanadditionalValue，frombeingusedasthePledgeuponwhichtheMoneyisissued；andthatadditionalValuewouldbegreaterthanwhatSilverreceived：Because，thoLandbeusedasthePledgetoissueoutMoneyupon，yetnoneofitsotheruseswouldbetakenfromit：
Silvercannotbeus’dasMoneyandPlateatthesametime。ButasLandisingreaterQuantitythantherewillbeoccasionfortogiveoutMoneyupon；sotheadditionalValueitreceives，willnotbenearsogreatasthatSilver—Moneyhasreceiv’d。
SupposetheAdditionalValueofLandreceivedwereone4th，Landnowat20yearsPurchase，wouldthenbeat25yearsPurchase。IftheParliamentcall’dinthePaperMoney，hewhohadPaperMoneycouldbenoloserbyit，thotheLandlosttheAdditionalValue；FornomoreofitisgivenoutthantheValueoftheLandabstractfromitsUseasMoney，hewhohadSilverwouldlooseahalf，or2Thirds；SilverfallingthentoitsValueasaMettal。
SothatthisPaperMoneypropos’d，havingabetterValuethanSilver；andreceivingnoAdditiontoitsValue，frombeingusedasMoney；andnotbeinglyabletoanychangeinitsValue，theQuantityandDemandencreasinganddecreasingtogether：ItissofarmoreQualifiedtobethemeasurebywhichGoodsarevalued，theValuebywhichGoodsareExchanged，andinwhichContractsaremadepayable。
TheotherQualitiesnecessaryinMoney，Are，1。EasyofDelivery。
2。OfthesameValueinoneplacetowhatitisinanother。
3。TobekeptwithoutLossorExpense。
4。Tobedividedwithoutloss。
5。TobecapableofaStamp。
PaperMoneyhastheseQualitiesinagreaterdegreethanSilver。
1。ItiseasierofDelivery：500lib。inPapermaybepayedinlesstime，than5lib。inSilver。
2。Itisnearerthevalueinoneplacetowhatitisinanother，beingofeasiercarriage。
3。Itcanbeeasierkept；takinguplessroom。Andwithoutloss：
BecauseitmaybeExchangedattheOffice。TheConsumptionofPaperisnotofsomuchvalueastheConsumptionofSilver：TheConsumptionofthePaperisalosstotheOffice，theConsumptionofSilverisalosstotheOwner。
4。Itcanbedividedwithoutloss：BecauseitmaybechangedforlesserNotesattheOffice。
5。ItiscapableofaStamp，andlessliabletobeCounterfeit。
ThePracticeofmostTradingNationsconfirms，thatPaperismoreQualifiedfortheUseofMoney，thanSilver；providingithaveaValue。InHollandSilverispledg’d，andPaperisusedasMoney。ThatLandpledg’disabetterValuethanSilverpledg’d，isevidentfromwhathasbeensaid。InEngland，beforetheBankwassetup，Gold—
smithsNoteswerereceivedinPaymentspreferabletoGoldorSilver：
WhichshowsthatPaperMoneyhadalltheQualitiesnecessaryinMoney，somuchmorethanGoldorSilver，astoequaltheDangerofaGold—
smithsbreaking，orwhichthereweremanyExamples。Mr。Lock，pag。7thonInterestofMoney，says，thatoneGold—smith’sCredit（beingusuallyaNoteunderoneofhisServantsHands）wentforaboveElevenhundredthousandPoundsatatime。
TheNotesoftheBankinScotlandwent，thotherewasnoMoneyintheBank，andthotheirAcceptancewasvoluntary。TheSecurityforthePaperpropos’dwillbealsGood，theAdministrationmaybemoresafeandsatisfactorythanthatBank，oranyotherprivatBank；becauseitismorepublick，andtheCommissionhasnotanyshareoftheprofits。
BesidesitwillnotbeliabletotheHazardBanksareliableto，fromtheSaleofshares。
AnditseemsstrangethattheAdministrationofsuchaCommissionshouldbedoubted，whentheParliamenthastheNominationoftheManadgers；whentheManadgersaretobeaccountabletotheParliament；
whentheTrustistobesosmall，formoreNotescannotbeCoin’dsolongas25000lib。isintheOffice；aCommitteeofParliamentistobeappointedtoinspecttheManadgement，theBooksaretobeopentotheInspectionofanyMemberofParliament，andtheStateoftheCommissionistobepublishedinPrint。
SincetheNotesoftheBankwentuponavoluntaryAcceptance，thotherewasnoMoneyinBank；’tisReasonabletothinkthePaperMoneypropos’dwillatleasthavethesameCurrency：BeingCurrentbyLawdoesnotmakeitlessvaluable。HewhotookBankNotes，couldnotbesuretheBankwouldbeinaConditiontogiveMoneyforthem；andthePersonhewastopayMoneyto，mightrefusethem：Sohewasmoreuncertain，thaniftheyhadbeencurrentbyLaw。
TheSilverMoneybeingtofallbetwixt8and9percentin3
months，itisnottobesuppos’dthatSilverwillbeprefer’dtoPaperMoney；sincetheNotesoftheBank，whichisPaperuponthesameFund，wentattheordinaryInterest：AndthotheReceiverwasnotcertainoftheMoneyatthetimeitwaspromised，orthatthepersonhewasOwingtowouldreceiveit。
ItmaybeObjected，thatPaperwentbecauseSilvercouldbegotfortiwhenDemanded，oratacertaintime。
Thatwasveryreasonable，butwouldnotbesointhiscase：TheSecuritypledg’dforthatPaperMoney，wasSilver。TheSecuritypledg’dforthisPaperMoney，isLand。ThisMoneyhasnoRelationtoGoldorSilver，morethantootherGoods。Anditweremoreextravaganttosay，Iwon’ttakea100lib。inSilverfortheGoodsIsell；
becauseIamnotsureif6Monthshence，itwillbuymesuchaQuantityofWine，forWinemaygrowdearer。
4Crownswon’tbuyaGuinea，thotheywereCoin’dforthesameValue；norwon’tbuythe10thpartofGoods4Crownsbought200Yearsago，yetSilverisreceiv’dasaValue，andContractedfor，thoitsValuelessenseveryYear，andtho’tisnotperhapsworthaboveaThirdofwhat’tisgivenorContractedfor，abstractfromtheUseofMoney。
ThisPaperpropos’dwillnotonlykeepitsValue；theencreaseoftheQuantitydecreasingastheDemanddecreases：ButlikewisetheLandpledg’disalsvaluableasthePapergivenout，abstractfromitsUseasMoney，andencreasesinValue。
TheObjectionmaybemadeagainstSilverMoney，andwithgoodReason；foritfallsfasterinitsValuethanotherGoods，andmaysoonbereducedtoitsValueasaMettal。
ThePaperMoneyPropos’disequaltoitsself；buttocontinueequaltosuchaQuantityofanyotherGoods，istohaveaQualitythatnoGoodscanhave：ForthatdependsontheChangesintheseotherGoods。IthasabetterandmorecertainValuethanSilverMoney，andalltheotherQualitiesnecessaryinMoneyinamuchgreaterDegree，withotherQualitiesthatSilverhasnot，andismorecapableofbeingmadeMoneythananythingyetknown。Landiswhatismostvaluable，andwhatencreasesinValuemorethanotherGoods；sothePaperMoneyissuedfromit，willinallappearancenotonlykeepequaltootherGoods，butriseabovethem。
BecauseoftheextraordinaryscarcityofSilverinScotland，andtheInclinationPeoplehavetoit，fromitshavingbeenlongusedasMoney；ItmaybenecessarytorestrictitsPriceto5sh。and2pencetheOunce：ButitwillsoonfallfromthatvalueofPaper，ifitcomeingreaterquantityintoEurope，thanisexportedorconsum’d。
SupposeandIslandbelongingtooneman，theNumberofTennentsa100，eachTennant10inFamily，inalla1000；bythesetheIslandislabour’d，parttotheproductofCorns，therestforPasturage：
BesidestheTennentsandtheirFamilies，thereare300PoororIdle，wholivebyCharity。ThereisnotMoney，butRentsarepayedinkind，andifoneTennanthasmoreofoneProduct，andlessofanotherthanhisFamilyhasoccasionfor，heBarterswithhisNeighbour。
ThePeopleofthisIslandknownothingofManufacture；TheIslandbeingplentiful，furnishesenoughfortheirConsumption，andanOverpluswhichtheyexchangeontheContinentforCloaths，andwhatotherGoodstheywant：ButasthatOverplusisonlysufficienttomakeaReturnofsuchaquanityofGoodsastheyconsumeyearly，sotheyhavenoMagazinesoftheirownorforreignGoodstoservetheminbadyears，nornoMagazinesofArms，Ammunition，etc。fortheirdefence。
’Tispropos’dtotheProprietor，thatifaMoneywereestablish’ttopaytheWagesofLabour，the300PoormightbeimployedinmanufacturingsuchGoodsasbeforewereexportedinproduct；Andasthe1000thatlabourtheGroundwereidleonehalfoftheirtime，theymightbeimployedsoastheiradditionalLabourwouldbeequaltothatof500more，whichwouldlessentheirImportbyprovidingthemwithapartofsuchGoodsasbeforetheybroughtfromtheContinent，andraisetheirExportto3or4timesthevalueithad：ThereturnofwhichwouldfurnishthemwithgreaterQuantitiesofForreignGoodsthantheywantedforConsumption，whichmightbelaidupinMagazines。
TheMoneypropos’disafterthismanner。TheProprietortocoinpiecesofPaperfigur’dNumber1，Number2，andsoon；Number4tobeequaltoacertainmeasureofCorn。ThePoorandotherLabourerswouldbesatisfiedtotakeNumber4fortheWagesofadayslabour，provideditbesocontriv’dthatNumber4purchasethemthemeasureofCorn；
ForasthatCorncanbebarter’dwithotherGoods，soNumber4wouldpurchaseanequalvalueofanyotherGoods。
TomakeNumber4equaltothatmeasureofCorn，theProprietorcallshisTennentstogether；tellsthemforthefuture，hewillhavehisRentpayedinPaper，sorenewstheirLeafes，andwherea100
measuresofCornwaspayed，theyoblidgethemselvestopayhimNumber400。TheotherkindstheProprietorwaspayedinarevalued，accordingtotheValuetheyhadinBarterwithCorn；andLeasesmadeforPaper。
TheProprietorcoinsPapertothevalueofayearsRent，imployssuchasarewillingtowork，andgivesthemPaper—moneyasthepriceoftheirLabour。TheTennentgivesCornoranyotherGoodshehastotheLabourersforPaper—money，andtehProprietorreceivesitforhisRent。ButastheConsumptionofthelabouringManmaybesuppos’dtobeonlyequaltoNumber2；SotheTennentscannotgetthewholeSumissuedbytheProprietor，andconsequentlynotenoughttopaytheirRent。Ifthiswerenotremeeded，thelabouringMenbeingMastersoftheremainingpartofthePaper，andhavingnooccasionformoreGoodsfromtheTennents，mightraisethevalueofthePaper。Topreventthis，theProprietorcoinsagreaterQuantity，whichbringsapartofthepoorandidleoftheContinenttotheIsland，andoccasionsagreaterConsumption，wherebytheTennentsareabletopaytheirrentsinpaperascontractedfor。TheAdditiontothepeopleisanadvantagetotheIsland；foritaddstothepoweroftheIsland，andtheirlabourisworthdoublewhattheyconsume。
ThisMoneythoithasnovaluebutwhattheproprietorgivesit，byreceivingitinpaymentsofhisRent；yetitwillbeesteem’dequaltotheproductpayedbefore。
IftheProprietorwouldgiveitavalueinLand，computingafterthisManner：AnAcreofLandpaysNumber100，at20yearspurchaseworthNumber2000。AnddisponethePropertyofLandforPaperatthatValue；WhowouldnotbesatisfiedtoreceiveorcontractforthatMoney，sinceitnotonlyboughttheProduct，butthePropertyofLandatareasonableprice。
MoneyisnotthevalueforwhichGoodsareexchanged，buttheValuebywhichtheyareExchanged：TheuseofMoneyistobuyGoods，andSilverwhileMoneyisofnootheruse。
ThoSilverwereourproduct，yetitisnotsopropertobemadeMoneyasLand。Landiswhatproduceseverything，Silverisonlytheproduct。LanddoesnotincreaseordecreaseinQuantity，Silveroranyotherproductmay。SolandismorecertaininitsvaluethanSilver，oranyotherGoods。
LandiscapableofImprovement，andtheDemandforitmaybegreater；soitmaybemorevaluable。Silvercannotbesuppos’d，tobeapplyedtoanyotherUses，thanitisnowapply’dto；orthattheDemandwillencreasemorethantheQuantity。
LandcannotloseanyofitsUses，sowillnotbelessvaluable；
SilvermaylosetheUseofMoneyitisnowapply’dto，sobereduc’dtoitsValueasaMettal。
ItmaylikewiseloseapartofitsUsesasaMettal，theseUsesbeingsupply’dbyotherGoods：SolosesapartofitsValueasaMettal。ButnothingcansupplytheUsesofLand。
Landmaybeconvey’dbyPaper，andtherebyhastheotherQualitiesnecessaryinMoney，inagreaterdegreethanSilver。
LandhasotherQualitiesfittingitfortheUseofMoney，thatSilverhasnot。
Landapply’dtotheUseofMoney，doesnotloseanyoftheotherUsesitisapply’dto：SilvercannotservetheUseofMoney，andanyofitsotherUsesasaMettal。
TradeandMoneydependmutuallyononeanother；whenTradedecayes，Moneylessens；andwhenMoneylessens，Tradedecayes。PowerandWealthconsistsinNumbersofPeople，andMagazinesofHomeandForreignGoods；thesedependonTrade，andTradeonMoney。SowhileTradeandMoneymaybeaffecteddirectlyandconsequently；thatwhatishurtfultoeither，mustbesotoboth，PowerandWealthwillbeprecarious。
Fromwhenceitisevident，thatLandismoreQualifiedfortheUseofMoneythanSilver；andpreferableforthatUsethoSilverweretheProductofScotland：BeingmorecertaininitsValue，andhavingtheQualitiesnecessaryinMoney，inagreaterdegree：WithotherQualitiesthatSilverhasnot。SomorecapableofbeingthegeneralMeasurebywhichGoodsarevalued，theValuebywhichGoodsareExchanged，andinwhichContractsaretaken。
If2000lib。ofPaperMoney，isequaltothepropertyofLandworth2000lib。inSilver；thenthat2000lib。ofPaperMoney，isequalto2000lib。ofSilver。
WhatbuysLand，willbuyeverythingtheLandproduces；andwhatbuystheProductofLand，willbuyallotherGoodswhetherHomeorForreign。IfWineisbroughtfromFrance，theMerchantdesignstolayouthisMoneyonGoods，atInterest，oronLand：TheCommissiondoesnotreceiveSilverMoney，sohecannothaveaBondfromtheCommission，unlesshegivetheValueinPaper；andmanyoftheLandedMenwon’ttakeSilverfortheirGoodsorLands，havingoccasionforPapertopaytheCommission。SotheMerchantwillchoosetosellhisWinesforPaperMoney，becauseitwillpurchasehimGoods，BondsorLandswhereSilverMoneywill，beingequallyvaluable：AndincaseswhereSilverMoneywillnot。
AndthisissupposingSilverwereequallyQualifiedfortheUseofMoney，asLandis。ButasSilverisanuncertainValue，andisgivenformuchmorethanitsValueasaMettal；andhasnotalltheQualitiesnecessaryinMoney，norinsogreatadegreeasPaperMoney：
SoPaperMoneywillfortheseotherReasonsbeprefer’dtoSilver。
SomeObjectthataPaperMoneythouponagoodFund，andCurrentintheCountry；YetwillnotbevaluedAbroad，equaltowhatitwereinScotland。
TheGoodsofScotlandwillalwayesbevaluedAbroad，equaltoGoodsofthesamekindandgoodness；andthatMoneythoofPaper，whichbuysGoodsinScotland，willbuyGoodsorMoneyinotherplaces。
Ifa1000lib。inSerges，LinenCloth，etc。beworthAbroadallChargespayed1300lib。theMerchantwhoExportssuchGoods，willgiveaBillforthatMoneyatthePar，having1300lib。forwhatcosthima1000。
WhenaNationestablishesaMoney，iftheMoneytheysetup，haveaValueequaltowhatitismadeMoneyfor，andalltheotherQualitiesnecessarinMoney；theyoughttohavenoregardwhatValueitwillhaveinotherCountries。Onthecontrair，aseveryCountryendeavoursbyLawstopreservetheirMoney，ifthatPeoplecancontriveaMoneythatwillnotbevaluedAbroad；theywilldowhatotherCountrieshavebyLawsendeavour’dinvain。
NoNationkeepstoSilverbecauseitisusedinotherCountries，itisbecausetheycanfindnothingsosafeandconvenient。TradebetwixtNationsiscarriedonbyExchangeofGoods，andifoneMerchantsendsoutGoodsofalessValue，thanhebringsHome；hehasMoneyfurnish’dhimAbroad，byanotherwhobringshomeforalessValuethanhesentout：IfthereisnoMoneydueAbroad，thentheMerchantwhodesignedtoImportforagreaterValuethanheExported，isrestricted；andcanonlyImportequaltohisExport，whichisallthemanyLawstoregulateTradehavebeenendeavouring。
ItisObjectedthatweareunderanecessityofhavingGoodsfromCountrieswhowilltakenotofours。FrancedoesnotallowMoneytobeExported，noranyShiptoImportGoods，unlessFrenchGoodsareExportedfromthesamePort，totheValueoftheGoodswereImported。
ByourLawweareforbidtoExportMoney。ButasIdon’tthinktheExampleofNationsagoodanswer，Ishallendeavourtogiveabetter。
SupposeourMoneyisnotvaluedAbroad，andwehaveoccasionforGoodsfromDenmark，whotakesnoneofours。TheseGoodsbeingnecessaryhere，willbevaluedhigherthanotherGoodsthatarenotsonecessary；andtheValueofScotsGoodsSoldinotherCountries，willbecarriedtoDenmark，insuchGoodsaswillsellthere，orinForreignMoney，andthesenecessaryGoodsbebroughtHome：BecausetheTradermakesagreaterProfitbythem，thanbysuchGoodsascouldhavebeenImported，fromtheCountrywheretheGoodsExportedwereSold。
ButasthisAdditiontotheMoney，willemploythePeoplearenowIdle，andthesenowemploy’dtomoreAdvantage：SotheProductwillbeencreas’d，andManufactureadvanc’d。IftheConsumptionoftheNationcontinueasnow，theExportwillbegreater，andaBallanceduetous：
AndastheExchangedependsontheBallance，soPaperMoneyhere，willbeequaltoagreaterQuantityofSilverMoneyAbroad。
SupposetheyearlyValueofScotlandaMillionandahalf，theyearlyValueofEngland40Millions；theValueofScotland，isonlyaboutone28thpartoftheValueofEngland。YettheQuantityandQualityoftheLands，andtheNumbersofPeopleconsider’d；Scotlandwillbeatleastasoneto6。AndiftherewasMoneytoemploythePeople，wewouldbeasoneto6；forwehaveAdvantagespeculiartous，thatdomorethanequalthePlantationandEast—IndiaTrades。
Englandisnotimprov’dsofarasitmightbe，byagreaterQuantityofMoney。WemayhaveMoneyequaltotheDemand，byapplyingourLandtothatUse。Soourcountrymaybeimprov’dabovetheproportionofoneto6。Butifthepropos’dAdditiontoourMoney，improvedtheCountryonlysoastobearaproportionwithEnglandofoneto13，ouryearlyValuewouldbe3Millions：AndourConsumptionnotbeinghalfwhatthesameNumberofPeopleconsumeinEngland；iftheConsumptioncontinuedasnow，theBallanceduetoScotlandwouldbegreater，thantheBallanceduetoEngland。
ThisAdditiontoourYearlyvaluemaybethoughtbysomePeople，aSuppositionthat’sextravagant，butIdesirethesepeoplewillconsiderwhatConsequencestheplentyofMoneyhashadinotherplaces。AstheMoneyofEnglandhasincreas’d，theyearlyValuehasincreas’d；andastheMoneyhasdecreas’d，theyearlyvaluehasdecreas’d。
Idon’tdoubtthatthePaper—moneypropos’dbeinggivenoutequaltotheDemand，wouldbringtheyearlyvalueofScotlandto3Millions，thotheFishingandotherBranchesofforreignTrade（whichmightbeimprov’dtogreatadvantage）wereneglected。Butsupposetheyearlyvalueincreas’donlyhalfaMillion，ofwhicha4thspentinagreaterConsumptionoftheProductandManufactureoftheCountry，a4thinthegreaterConsumptionofForreignGoodsandExpenseabroad，a4thlaidupinMagazinesofForreignGoods，a4thwouldstillbedueofBallanceandbroughthomeinSilver。
IftheConsumptionandExpenseincreas’dequalto，orbeyondtheImprovement；asthePaper—moneycouldnotbeexported，sothepeoplewouldnotbesetidle，northeManufacturedecay：ThatMoneybeinglikeanEstateintail’d。Wemightcontinuetoconsumeequaltotheyearlyvalue，butcouldnotlessentheyearlyvalue，norbepooreifwecould。
IfagreatervalueofGoodswasimportedthanwasexported，andCreditgivenfortheBallance；forreignerstopaythemselves，wouldsendalesservalueofGoodstheyearafter。ButsuchRestrictionsmaybeputontheConsumptionofourownandforreignGoods，asmaymakeaBallancedue。
TheRevenueoftheCommissionwillbeagreathelptowardtheadvancingourTradeinitsInfancy：WhatincouragestheExportofGoods，incouragestheManufactureofthem；AndtheMoneygivenasaDraw—back，willnotonlyencouragetheExportandManufacture；butlikewiseregaintheReputationourGoodshavelost，andgivethemabetterReputationthantheGoodsofotherNations。
TheDraw—backoughtnottobegiventoallGoods，butsosuchasdonotyieldareasonableProfitAbroad；anduponconditiontheyarefoundsufficient。
TheSealoftheOfficeofDraw—backoughttobeapply’dtothesegoodsthatreceivetheDraw—bakc；andtheseintrustdwiththeDraw—
bakc，shouldgivesecuritytopaythepriceofsuchGoods，withallcharges，iffoundinsufficient。
WhenManufactureandTradeprospers，thelandedMansRentiswellpayed，andincreases：Whentheydecay，hisRentisillpay’d，anddecreases，aDrawbackissoeffectualaway，toencourageandpromoteManufactureandTrade；ThatitwerethelandedMensinteresttoTaxthemselves，ratherthanaDraw—backshouldnotbegiven，whereitisnecessary。
ADraw—backismorenecessaryherethaninotherCountries，forwedonotmanufacturesowellasotherNations：WearenotabletosellforthesameProfit，ourStocksbeingmuchsmaller；AndtheGoodsofotherNationswillbepreferr’dtoours，becauseourGoodsaresuspected。
SomeobjectthatthisProposalisnew，andhasnotbeenpractis’dinanyNation。
TheExampleofanotherNationoughtnottodetermineus，tofollowthesamemeasures，withoutexaminingwhetherthatNationwasthebetterortheworsebysuchmeasures；andwhetherourCircumstancesandtheirsdon’tdifferso，astomakethathurfulorineffectualtous，whichwasofadvantagetothem。ontheotherhand，itisnoArgumentagainstanythingpropos’dforthegeneralgood，tosayitisnew，andwhathasnotbeenpractis’d。
Whenanythingpropos’dhasbeenalreadypractis’dbyotherNations，’tisaPresumptioninfavoursofsuchaProposal；andit’saPresumptionagainstit，ifithasbeenrefused：ButawiseNationoughtnottobedeterminedbyExample，tofolloworrefusewithoutexamining。
ThisProposalhasnotbeenrefus’d。Theessentialpartisnowpractis’dinFrance，forPaperiscurrentbyLaw：Andthoafteramannerthatinallappearanceoughttohavehindreditscurrency，yetI’minform’dforreignBillsareboughtwithPapermoney，thesameaswithSilverorGold。
TheExampleofNationsinrelationtoMoneywouldbeaveryuncertainRule。Forashasbeensaidpage35，oppositemeasureshavebeenus’dinsomeCountriestowhathavebeenusedinothers，andcontrarymeasureshavebeenusedinthesameCountriestowhatwasusedimmediatelybefore，notbecauseofanydifferenceintheirCircumstances，butfromtheOpinion，thatsincetheMethodusedhadnottheeffectdesign’d，acontrarywould；AndtherearegoodReasonstothinkthattheNatureofMoneyisnotyetrightlyunderstood。
AnyotherObjectionsthatIhaveyetheardagainstthisProposal，aresuchasmaybefullyanswered，andsofarasIcanseeintoit，withalltheApplicationIhavebeencapableof，IcannotfindanyObjectionbutwhatmaybefullyanswer’d；noranydifficultyintheExecution，butwhatmayberemoved：IfthereisanyFallacyinthePositionIlaydown，oranywrongConsequencesdrawnfromthesePositions，Ihavenotbeenabletodiscoverthem。
Chapter8
ThelowConditionthisCountryisreducedto，notwithstandingitsnaturalAdvantages。
ThenaturalAdvantagestheDutchhaveforTrade，are，theirSituationattheMouthsoftheRiversofGermany，andbeingnearthebulkyTrade。
TheirnaturalDisadvantagesare，smalnessofTerritory，barrennessofSoil，producinglittlebutwhat’sforc’t；wantofMines；
longWinters；unwholsomeAir；Marishy，sooblig’dtogreatExpenseforFundationtotheirBuildings，inmakingandkeepinguptheHigh—ways，andindrainingtheCountryyearly；adangerousCoast；difficultEntrytotheirRivers；theSeatodefendagainstononeside，andpowerfulNeighboursontheother；andheavyTaxes，theConsequenceoftheseotherDisadvantages。
Yettheyhavesoimprov’dtheirfewAdvantages，thattheyarebecomearichandpowerfulPeople。WhathascontributtotheirRichesandPower，wastheearlyProtectionandFavourtheGovernmentgavetoTrade；theLibertywasgiventoPeopleofdifferentReligions；thefreedomofTradeallowedtoStrangers；theExampleoftheirRulerstoOEconomy；butchieflytheneglectofTradeinothercountries，particularlyinSpain，whoforc’tthePeopleandTradeofFlanderstoHolland。
ScotlandhasbyNaturemanyAdvantagesforTrade；alargeTerritory；ofeasiedefence；plentyofPeople；awholsomeAir；Mines；
aproperSituationfortheEasternandWesternTrades；nearthebulkyTrade；asafeCoast；RiversofeasieEntry；theSeasandRiversstocktwithFish。
ButNumbersofPeople，thegreatestRichesofotherNations，areaburdentous；theLandisnotimprov’d，theProductisnotmanufactur’d；theFishing，andotherAdvantagesforforreignTradeareneglected：andtheReasongenerallygivenis，thatLazinessandwantofHonestyarenaturaltous。
IfwantofHonestyandLazinesswereNatural，theywouldbesotoMankind；orifpeculiartoaPeople，thiswouldbesototheDutchratherthantous：TheAirofHollandisgrosserwhichinclinestoLaziness；andtheCountrynotproducingwherewithtomaintaintheInhabitants，wouldforcethemtoRoborCheattheirNeighbours，oroneanother。ButitismoreReasonabletothinkLazinessandwantofHonestyareVices，theconsequencesofPoverty；andPovertytheconsequenceofafaultyAdministration。IfthesamemeasureshadbeentakeninScotlandforencouragingTrade，aswastakeninHolland，wehadbeenamorePowerfulandRicherNationthanHolland。IfSpain，FranceandBrittain，oranyoneofthemhadapply’dtoTrade，alsearly，anduponthesamemeasuresHollanddid；HollandwouldnothavebeenInhabit。ButbytheirearlyApplication，andthewrongmeasuresofotherCountries，theyhavegotsuchgreatMagazinesofwhatsnecessarfortheirmaintenanceandDefence；ofRichCommoditiestoselltootherNations，ofmaterialsforShipping，etc。andsuchaQuantityofSilver，esteem’daboveitsvalueasMettalbybeingusedasMoney：ThatinallappearancesolongasSilverisusedasMoney，thegreatQuantitytheyhaveofit，withtheirgreatOeconomy，enablingthemtounder—sellotherNations：TheywillmaintaintheRangtheyholdinTrade，andconsequentlyinPower；notwithstandingthenaturalDisadvantages，thepresentApplication，andnaturalAdvantagesofotherNations。
ThisCountryismorecapableofanextendedTradethananyotherCountryofEurope，yetitisreduc’dtoaverylowstate。Tradeisruin’d；thenationalStockiswasted；thePeopleforsaketheCountry；
theRentsofLandareunpay’d；HousesinTowns，andFarmsintheCountryarethrownupontheOwnersHands；theCreditorcannothavetheInterestofhisMoneytoLiveupon；andtheDebitorsPersonandEstateareexpos’dtotheLaw。
TheLandedMan，byhavingengadgedhisPersonandEstateforthePaymentofaSpecies，whichisnotinhispowertoperform；andhavingnoAlternative：BytheLawhisPersonisatthemercyoftheCreditor，andhisEstatetobeSoldforsomuchofthatSpeciesasitwillyield。If2or3Money’dMencallintheirMoney，withadesigntoforcetheirDebitorstopartwiththeirEstates，atwhatPricestheypleasetoimpose：TheymaybringthePriceofLandto15or10YearsPurchase。FortheywouldnottakeBondsinPayment，andfewornonewouldbeinaconditiontobuywithMoney。
IfVictualshouldprovescarce，aswehavenotGoodsorMoneyforanyValuetosendoutforCorns；soonlyapartofthePeoplecouldbemaintained：ThebetterpartwouldhaveBread，butthemorenecessarypart，theLabouringMenwouldbeforc’ttoleavetheCountry，ortostarveinit。NowwouldtheyfarebetterinEngland；forasthescarcityofMoneyhassetIdlemanyofthePeopleofEngland，sotherearemorealreadythanthereisEmploymentfor：AndourPeople，atleastmanyofthem，wouldmeetthesamefatetheyhadendeavouredtoevite。
TheLandedMenwouldwantPeopletoLabourtheGround；theywouldperhapsgetFoodandCloathingforthemselvesandFamilies，butthesetheywereOwingto，inallappearance，wouldgetnothing：Forthecasebeinggeneral，andtheLandedMenthestrongerparty；theywouldnotsuffertheirLibertyandEstatestobetakenfromthem。ButthotheLawcouldbeputinExecution，andtheEstatesoftheLandedMenwereputtoSale；astherewouldbefewPurchasers，thepriceofLandwouldfallverylow。SupposetheLandwereSoldorgivenamongtheCreditorsfor15Yearspurchase，orless；itwouldbesoldformorethanitwereworth，fortheywouldnotfindPeopletoLabourit：Somanywouldbesufferers，andnonegainers。
Ifneitherofthesecaseshappen；yetthisCountrycannotwellsubsistinthecondition’tisin：IfthisOpportunityisneglected，ifwrongorineffectualmeasuresaretaken，inallappearancewewillbeinconfusionbeforewehaveanotherOpportunity。
ToraiseorallaytheMoney，toCointhePlate，orregulateTrade，areoffer’dasmeasurestosupplythewantofMoney：And’tisthoughtanyoneofthemwillbringusoutofourDifficulties。WhentheycometobeExamin’d，raisingorallayingtheMoneywillbefoundnohelpbutahurttotheCountry，whateverourCircumstancesare。Theothersmayproveineffectual。
’TisthoughtourImportandExpenseAbroadthislastyearexceedourExportbyaveryconsiderableSum，sotomaketheBallanceequalwemustnotonlyretrenchequaltotheMoneywassentoutlastYear；
butlikewisesomuchmoreasthewantofthatMoney，andoftheAdditiontotheBankmadetoourMoney，andoftheAdditiontheBankmadetoourMoneymayhavelessen’dtheyearlyValue。Sotho’tispossiblethatCoiningthePlateandRegulatingTrademaybringtheBallancetoourside，yet’tistobefear’dtheConsequenceswillshowthatitisnotverypracticable；forthatandotherReasonsalreadygiven，Pag。56，and180。Howevertheymayassist，butinregulatingourImport，regardoughttobehadthatthesaleofourGoodsAbroadbenowayhindered，forifthatisnottakencareof，weshalllosemoreforwantofMarket，thanweshallsavebyImportingless。AndthoallnecessaryCarebetaken，yettheAssistancemayReasonablybeExpectedfromthesemeasures，willnotrelieveus；theymaykeepuslingeringinthestateweare，expos’dtoConfusionatHome，andtoInsultsfromAbroad。
MostPeoplethinkscarcityofMoneyisonlytheConsequenceofaBallancedue；but’tistheCausealswellastheConsequence，andtheeffectualwaytobringtheBallancetoourside，istoaddtotheMoney。
Ourpoorhavebeencomputed200000，ourPeoplewerethenmorethannow，butourPoormaybealsmanyasthen；Supposeonly100000，andbytheAdditiontoourMoney50000ofthemwereimployed，andonlyforonehalfoftheyear，theirLabourtobepayed3pence，andworth3pencemoretotheImployer，theirConsumptionapennymorethannow：
Theyearlyvalueofthenationwouldbeincreas’dbysuchLabour208333lib。6sh。and8pence。
IftheCountryPeopleaboutPerthandStirling，havetothevalueof20000l。ofLinen，Serges，andotherManufacturemorethanisbroughtup；thotheseGoodsexportedwillyield20or30percentprofit，yettheOwnerscan’texportthem，theGoodsbeinginsomanydifferntHands，andnothavingCorrespondentsAbroadtowhomtheycouldtrusttheSaleofthem。A。B。andC。aresatisfiedforthatProfittotaketheTroubleandHazardofexportingthem，butMoneybeingscarcetheycannotgetanytoborrow，thotheirSecuritybegood；NorcannotwellhaveCreditfortheGoodsfromsomanydifferentPeopletheyareStrangersto。IftheycouldhaveCreditforthem，yettheseCountryPeoplemustbeidleAbroad。SoforwantofMoneytoExchangeby，Goodsfallinvalue，andManufacturedecays。
ItcannotwellbeknownwhatSumwillservetheOccasionsoftheNation，forasManufactureandTradeadvance，theDemandforMoneywillincrease；butthemanyPoorwehavealwayshad，isagreatPresumptionwehaveneverhadMoneyenough。
Englandhasbeencomputedtohavehad14MillionsinGoldandSilver，andatthesametimehadPaper—moneyforagreatSum；YetEnglandneverhadMoneyenoughtoimploythePeople：50MillionwouldimproveEnglandsofarasitiscapableofImprovement。IfallthePeoplewerethenimployedandtothebestadvantage，moreMoneywouldbringmorePeoplefromotherCountries。TheProvinceofHollandbyagreatQuantityofMoney，andNumbersofPeopletheconsequenceofmuchMoney，isabletobearashareintheWarsofEurope，equaltomanytimesthesameNumberofAcresofbetterLandinEngland；yetHollandhasnottheadvantagesforTradethatEnglandhas。SothatCountrythatcanhaveMoneyequaltoDemand，willbemorepowerfulthananyotherCountrywiththesameAdvantages，whoseMoneyislessthantheDemand。
IfMoneyweregiventoaPeopleingreaterQuantitythantherewasaDemandfor，Moneywouldfallinitsvalue；butifonlygivenequaltotheDemand，itwillnotfallinvalue。
Atpresentperhaps3or400000libismorethanthereisaDemandfor；butasTradeandManufactureincrease，theDemandforMoneywillbegreater。
WhatIhavepropos’dtosupplytheCountrywithMoney，maybereduc’dtothis。IfanEstateofa100l。Rentisworth2000l。inSilver—money，andthisEstatecanbeconvey’dbyPaper，andthisPaperbecapableofbeingdivided；thenthatEstatemaybemadecurrentMoneyfor2000lib。andanypersonwhoreceivessuchPaper—money，receivesavalueequaltothesameSumofSilver—money，asSilverisvaluednow。Ifitiscoin’dfor15yearspurchase，thenthatPaper—
moneywillbemorevaluablethanSilver，for1500lib。inthatPaperwillpurchaseLandworth2000lib。Silver—money。Ifitiscoin’dfor25yearspurchase，thenthatpaper—moneywillnotbesovaluableasSilver，for2000lib。inSilverwillbuyalsmuchLandas2500lib。inPaper。
SinceitisverypracticabletomakeLandMoney，itwouldbecontrairtoReasontolimittheIndustryofthePeople，bymakingitdependonaSpeciesisnotinourpower，butinthepowerofourEnemies；whenwehaveaSpeciesofourowneverywaymorequalified。
AndconsideringthestateofthisCountryfromthegreatscarcityofMoney；thattheValueofLandsfall，Rentsareunpayed，FarmsarethrownupontheMastersHand，andtheDebitorsPersonandEstateexpos’dtotheLaw，beingengadg’dtopayaSpeciesofwhichthereisscarceanyintheNation。
2。TheHazardtheMoney’dManisinfromtheuncertaintyoftheValueofMoney，andthedangerofConfusioninwhichcasetheMoney’dManmayloseall。
3。ThelowstateofTrade，thatmanyofthePeoplewhodependedonTradeandLiv’dwell，arestarvingorforc’tAbroad。
4。ThattheotherdegreesofthePeoplesufferinproportion。
5。ThattheNationinthisConditionmayrunintoConfusion，andisexpos’dtoitsEnemies。
ConsideringtheBenefittheNationwillhavebythisAdditiontotheMoney；ThattheLandwillbeimprov’dsobemorevaluable，Rentsbewellpayed，andthatDebitorsbypayingaValueequaltowhatisContractedfor，mayfreetheirPersonsandEstatesfromthedangertheyarenowexposedto。
2。ThattheMoney’dManwillreceivepunctualPayment，inaMoneyofamorecertainValuethanSilveroranyotherGoods，andbeinnodangerofConfusion。
3。ThatTradewillFlourish，andthesewhodependonitbeEncouraged。
4。ThattheConditionoftheotherDegreesofthePeoplewillbebetter’d。
5。ThattheNationwillbeabletomaintainitsselfinOrder，andresistitsEnemies。
TheseReasonsconsider’d，theQuestionthenwillbe，WhetherwewillImprovetheCountryalsmuchasitiscapable，withoutbeingatanyExpenseforaMeasureofTrade，orcontinueasweareinhopesofSilverfromotherNations。
ItwillbeagreatAdvantagetothisNation，thatbytheRegisterwearecapableofputtingthisProposalinExecution，andenjoyingtheBenefitofit；whenotherNations，thotheyresolv’duponit，wouldforsomeyearsbeincapableofit。ThoforthegeneralGoodofEuropeitweretobewith’tEnglandwerealscapableofitasweare。
IhavenothadtimetoputmyThoughtsinthatOrdertheyoughttohavebeen，andamforc’ttoleaveoutAnswersIdesign’dtohavegiventosomeObjectionsIhaveheardmadeagainstthisProposal；ButiftheParliamentthinkGoodtoenterupontheConsiderationofit，I
don’tdoubtbutitmaybemadeappeartobeofgreatandcertainAdvantage；thatitcannotpossiblybeanywayhurtfultothecountryingeneral，andthatitmaybesoOrdered，asnottobehurtfultoanyPerson，butonthecontrair。
ERRATA，Page49。Line8。latereadTale。
Page74。l。183。read30。
Page83。l。2raised，readrated。
Pag。116ParI。lastLinefor208333lib。read189583lib。