SomeConsiderationsoftheConsequencesoftheLoweringofInterestandtheRaisingtheValueofMoneyInalettersenttoaMemberofParliament，1691
LondonPrintedforAwnshamandJohnChurchill，attheBlackSwaninPater-Noster-Row，Sir，TheseNotions，concerningCoinage，havingforthemain，asyouknow，beenputintoWritingaboveTwelveMonthssince;asthoseotherconcerningInterest，agreatdealabovetomanyYears：I
putthemnowagainintoyourHandswithaLiberty（sinceyouwillhaveitso）tocommunicatethemfurther，asyouplease。If，uponaReview，youcontinueyourfavourableOpinionofthem，andnothinglessthanPublishingwillsatisfieyou，Imustdesireyoutoremember，ThatyoumustbeanswerabletotheWorldfortheStile;whichissuchasamanwritescareleslytohisFriend，whenheseeksTruth，notOrnament;andstudiesonlytoberight，andtobeunderstood。IhavesinceyousawthemlastYear，metwithsomenewObjectionsinPrint，whichIhaveendeavouredtoremove;andparticularly，IhavetakenintoConsiderationaPrintedSheet，entituled，RemarksuponaPapergivenintotheLords，&c。Becauseonemaynaturallysuppose，ThathethatwassomuchaPatronofthatCausewouldomitnothingthatcouldbesaidinfavourofit。TothisImusthereadd，ThatIamjustnowtoldfromHolland，ThattheStates，findingthemselvesabusedbyCoiningavastquatityoftheirbase[Schillings]Money，madeoftheirownDucatoons，andotherfinerSilver，melteddown;haveputastoptotheMintingofanybutfineSilverCoin，tilltheyshouldsettletheirMintuponanewFoot。
IknowthesincereLoveandConcernyouhaveforyourCountry，putsyouconstantlyuponcastingaboutonallhandsforanymeanstoserveit;andwillnotsufferyoutooverlookanythingyouconceivemaybeofanytheleastuse，thoughoffer’dyoufromthemeanestCapacities：YoucouldnotelsehaveputmeuponlookingoutmyoldPapersconcerningthereducingofInterestto4perCent。whichhavesolonglainbyforgotten，UponthisnewSurveyofthemIfindnotmythoughtnowtodifferfromthoseIhavenearTwentyyearssince：TheyhavetomestilltheAppearanceofTruth;norshouldIotherwiseventurethmesomuchastoyoursight。IfmyNotionsarewrong，myIntention，I
amsure，isright：AndwhateverIhavefailedin，IshallatleastletyouseewithwhatObedienceIam，Sir，Nov。7，1691。
YourmosthumbleServant。
SIR，IHAVEsolittleConcerninPayingorReceivingofInterest，thatwereIinnomoreDangertobemisledbyInabilityandIgnorance，thanIamtobebiassedbyInterestandInclination，ImighthopetogiveyouaveryperfectandclearAccountoftheConsequencesofaLaw，toreduceInteresttoFourperCent。ButsinceyouarepleasedtoaskmyOpinion，IshallendeavourfairlytostatethisMatterofUsewiththebestofmySkill。
Thefirstthingtobeconsider’d，is，WhetherthePriceoftheHireofMoneycanberegulatedbyLaw。AndtothatIthink，generallyspeaking，onemaysay，’tismanifestitcannot。Forsinceit’simpossible，tomakeaLawthatshallhinderaManfromgivingawayhisMoneyorEstatetowhomhepleases，itwillbeimpossible，byanyContrivanceofLaw，tohinderMen，skill’dinthePowertheyhaveovertheirownGoods，andthewaysofConveyingthemtoothers，topurchaseMoneytobeLentthematwhatRatesoevertheirOccasionsshallmakeitnecessaryforthemtohaveit。ForitistobeRemembred，ThatnoManborrowsMoney，orpaysUse，outofmerePleasure：’TisthewantofMoneydrivesMentothatTroubleandChargeofBorrowing：AndproportionablytothisWant，sowilleveryonehaveit，whateverPriceitcosthim。WhereintheSkilful，Isay，willalwayssomanageit，astoavoidtheProhibitionofyourLaw，andkeepoutofitsPenalty，dowhatyoucan。WhatthenwillbetheunavoidableConsequencesofsuchaLaw？
1。ItwillmaketheDifficultyofBorrowingandLendingmuchgreater;wherebyTrade（theFoundationofRiches）willbeobstructed。
2。ItwillbeaPrejudicetononebutthosewhomostneedAssistanceandHelp，ImeanWidowsandOrphans，andothersuninstructedintheArtsandManagementsofmoreskilfulMen;
whoseEstateslyinginMoney，theywillbesure，especiallyOrphans，tohavenomoreProfitoftheirMoney，thanwhatInteresttheLawbarelyallows。
3。ItwillmightilyencreasetheAdvantageofBankersandScriveners，andothersuchexpertBrokers：WhoskilledintheArtsofputtingoutMoneyaccordingtothetrueandnaturalValue，whichthepresentStateofTrade，MoneyandDebts，shallalwaysraiseInterestto，theywillinfalliblyget，whatthetrueValueofInterestshallbe，abovetheLegal。ForMenfindingtheConvenienceofLodgingtheirMoneyinHands，wheretheycanbesureofitatshortWarning，theIgnorantandLazywillbeforwardesttoputitintotheseMenshands，whoareknownwillinglytoreceiveit，andwheretheycanreadilyhavethewhole，orapart，uponanysuddenOccasion，thatmaycallforit。
4。IfearImayreckonitasoneoftheprobableConsequencesofsuchaLaw，ThatitislikelytocausegreatPerjuryintheNation;aCrime，thanwhichnothingismorecarefullytobepreventedbyLawmakers，notonlybyPenalties，thatshallattendapparentandprovedPerjury;butbyavoidingandlessening，asmuchasmaybe，theTemptationstoit。Forwherethosearestrong，（astheyarewhereMenshallSwearfortheirownAdvantage）therethefearofPenaltiestofollowwillhavelittleRestraint;especiallyiftheCrimebehardtobeproved。AllwhichIsupposewillhappeninthisCase，wherewayswillbefoundouttoreceiveMoneyuponotherPretencesthanforUse，toevadetheRuleandRigouroftheLaw：AndtherewillbesecretTrustsandCollusionsamongstMen，thatthoughtheymaybesuspected，canneverbeprovedwithouttheirownConfession。I
haveheardverysoberandobservingPersonscomplainoftheDangerMensLivesandPropertiesarein，bythefrequencyandfashionablenessofPerjuryamongstus。FaithandTruth，especiallyinallOccasionsofattestingituponthesolemnAppealtoHeavenbyanOath，isthegreatBondofSociety：ThisitbecomestheWisdomofMagistratescarefullytosupport，andrenderassacredandawfulintheMindsofthePeopleastheycan。ButifeverFrequencyofOathsshallmakethembelookedonasFormalitiesofLaw，ortheCustomofstrainingofTruth（whichMensSwearingintheirownCasesisapttoleadthemto）hasoncediptMeninPerjury，andtheGuiltwiththeTemptationhasspreaditselfverywide，andmadeitalmostfashionableinsomeCases，itwillbeimpossiblefortheSociety（theseBondsbeingdissolved）tosubsist：AllmustbreakinPieces，andruntoConfusion。ThatSwearingintheirownCaseisapt，bydegreestoleadMenintoaslittleRegardofsuchOaths，astheyhaveoftheirordinaryTalk，Ithinkthereisreasontosuspect，fromwhathasbeenobservedinsomethingofthatkind，Mastersof。
ShipsareasortofMengenerallyIndustriousandSober，andI
supposemaybethought，fortheirNumberandRank，tobeequallyHonesttoanyothersortofMen：Andyet，bytheDiscourseIhavehadwithMerchantsinotherCountries，Ifind，ThattheythinkinthoseParts，theytakeagreatLibertyintheirCustom-houseOaths，tothatdegree，thatIrememberIwasoncetold，inaTradingTownbeyondSea，ofaMasterofaVessel，thereesteemedasoberandfairMan，whoyetcouldnotholdsaying，GodforbidthataCustom-houseOathshouldbeaSin。Isaynotthis，tomakeanyReflectionuponasortofMen，thatIthinkasuncorruptasanyother;andwho，Iamsure，oughtinEnglandtobecherishedandesteem’dasthemostindustriousandmostbeneficialofanyofitsSubjects。ButIcouldnotforbeartogivethishereasanInstance，howdangerousaTemptationitis，tobringMencustomarilytoSwear，wheretheymayhaveanyConcernmentoftheirown。AnditwillalwaysbeworthytheCareandConsiderationofLaw-makers，tokeepuptheOpinionofanOathHighandSacred，asitoughttobe，intheMindsofthePeople;
whichcanneverbedone，wherefrequencyofOaths，biassedbyInterest，hasestablishtaneglectofthem;andFashion（whichitseldomfailstodo）hasgivenCountenancetowhatProfitrewards。
ButthatLawcannotkeepMenfromtakingmoreUsethanyouset（thewantofMoneybeingthatalonewhichregulatesitsPrice）willperhapsappear，ifweconsiderhowharditistosetaPriceuponWineorSilks，orotherunnecessaryCommodities;buthowimpossibleitistosetaRateuponVictualsinatimeofFamine。ForMoneybeinganuniversalCommodity，andasnecessarytoTrade，asFoodistoLife，everybodymusthaveit，atwhatRatetheycangetit;andunavoidablypaydearwhenitisscarce，andDebts，nolessthanTrade，havemadeBorrowinginFashion。
TheBankersareaclearInstanceofthis：ForsomeYearssince，theScarcityofMoneyhavingmadeitinEnglandworthreallymorethanSixperCent。mostofthosethathadnottheSkilltoletitformorethanSixperCent。andsecurethemselvesfromthePenaltyoftheLaw，putitintheBankersHands，whereitwasreadyattheirCall，whentheyhadanOpportunityofgreaterImprovement。SothattheRateyouset，profitsnottheLenders，andveryfewoftheBorrowers，whoarefaintopaythePriceforMoney，thatCommoditywouldbear，wereitleftfree;andtheGainisonlytotheBanker。AndshouldyoulessentheUsetoFourPerCent。theMerchant，orTradesman，thatBorrows，wouldnothaveitonejotcheaper，thanhehasnow;butprobablythesetwoilleffectswouldfollow。First，Thathewouldpaydearer;andSecondly，ThattherewouldbelessMoneyleftintheCountrytodrivetheTrade。FortheBankerspayingatmostbutFourperCent。andreceivingfromSixtoTenPerCent。ormore，atthatlowRatecouldbecontenttohavemoreMoneylyedeadbythem，thannowwhenitishigher：BywhichmeanstherewouldbelessMoneystirringinTrade，andagreaterScarcity;whichwouldraiseitupontheBorrowerbythisMonopoly。AndwhatapartofourTreasuretheirskillandmanagement，joinedwithotherslazinessorwantofskill，isapttodrawintotheirHands，istobeknownbythosevastSumsofMoney，theywerefoundtooweattheshuttingupoftheExchequer。Andthoughitbeverytrue，yetitisalmostbeyondBelief，ThatoneprivateGoldsmithofLondonshouldhaveCredituponhissingleSecurity，（beingusuallynothingbutaNoteunderoneofhisServantsHands）foraboveElevenhundredthousandPoundsatonce。ThesameReasons，I
suppose，willstillkeeponthesameTrade：AndwhenyouhavetakenitdownbyLawtothatRate，nobodywillthinkofhavingmorethanFourperCent。oftheBanker，thoughthosewhohaveneedofMoney，toemployitinTrade，willnotthen，anymorethannow，getitunderFiveorSix，orassomepay，SevenorEight。Andiftheyhadthen，whentheLawpermittedMentomakemoreProfitoftheirMoney，solargeaProportionoftheCashoftheNationintheirHands，whocanthink，butthatbythisLawitshouldbemoredrivenintoLombard-streetnow？therebeingmanynowwholendthematFourorFivePerCent。whowillnotLendtoothersatSix。Itwouldthereforeperhaps，bringdowntheRateofMoneytotheBorrower，andcertainlydistributeitbettertotheAdvantageofTradeintheCountry，ifthelegalUsewerekeptprettyneartothenatural;（bynaturalUse，ImeanthatRateofMoneywhichthepresentScarcityofitmakesitnaturallyat，uponanequalDistributionofit）forthenMenbeingLicensedbytheLawtotakenearthefullnaturalUse，willnotbeforwardtocarryittoLondon，toputitintotheBankersHands;butwillLendittotheirNeighboursintheCountry，whereitisconvenientforTradeitshouldbe。ButifyoulessentheRateofUse，theLender，whoseInterestitistokeepuptheRateofMoney，willratherlendittotheBanker，atthelegalInterest，thantotheTradesmanorGentleman，whowhentheLawisbroken，shallbesuretopaythefullnaturalInterest，ormore;becauseoftheingrossingbytheBanker，aswellastheRisqueintransgressingtheLaw。WhereaswerethenaturalUsesupposeSevenperCent。andthelegalSix;First，theOwnerwouldnotventurethePenaltyoftheLawforthegainingoneinSeven，thatbeingtheutmosthisMoneywouldyield：NorwouldtheBankerventuretoBorrow，wherehisGainswouldbebutOnePerCent。northeMoney’dManlendhim，whathecouldmakebetterProfitoflegallyatHome。AlltheDangerliesinthis，ThatyourTradeshouldsufferifyourbeingbehind-handhasmadethenaturalUsesohigh，thatyourTradesmancannotliveuponhisLabour，butthatyourRichNeighbourswillsoundersellyou，thattheReturnyoumakewillnotamounttopaytheUseandaffordaLivelihood。
Thereisnowaytorecoverfromthis，butbyageneralFrugalityandIndustry;orbybeingMastersoftheTradeofsomeCommodity，whichtheWorldmusthavefromyouatyourRate，becauseitcannotbeotherwheresupplied。
NowIthinktheNaturalInterestofMoneyisraisedtwoways：
First，WhentheMoneyofaCountryisbutlittleinproportiontotheDebtsoftheInhabitantsoneamongstanother。ForsupposeTenthousandpoundsweresufficienttomanagetheTradeofBermudas，andthattheTenfirstPlanterscarriedoverTwentythousandpound，whichtheyLenttotheseveralTradesmenandInhabitantsoftheCountry，wholivingabovetheirGainshadspentTenthousandpoundofthisMoney，anditweregoneoutoftheIsland。
’Tisevident，thatshouldalltheCreditorsatoncecallintheirMoney，therewouldbeagreatscarcityofMoney，whenthatemployedinTrademustbetakenoutoftheTradesmensHandstopayDebts;orelsetheDebtorswantMoney，andbeexposedtotheirCreditors，andsoInterestwillbehigh。Butthisseldomhappening，thatall，orthegreatestpartoftheCreditorsdoatoncecallfortheirMoney，unlessitbeinsomegreatandgeneralDanger，islessandseldomerfelt，thanthefollowing，unlesswheretheDebtsofthePeoplearegrowntoagreaterproportion，forthatconstantlycausingmoreBorrowers，thantherecanbeLenders，willmakeMoneyscarce，andconsequentlyInteresthigh。
Secondly，ThatwhichconstancyraisestheNaturalInterestofMoney，is，whenMoneyislittleinproportiontotheTradeofaCountry。ForinTradeeveryBodycallsforMoneyaccordingashewantsit，andthisdisproportionisalwaysfelt。ForifEnglishmenowedinallbutOneMillion，andtherewereaMillionofMoneyinEngland，theMoneywouldbewellenoughproportionedtotheDebts：ButifTwoMillionswerenecessarytocarryontheTrade，therewouldbeaMillionwanting，andthepriceofMoneywouldberaised，asitisofanyotherCommodityinaMarket，wheretheMerchandizewillnotservehalftheCustomers，andtherearetwoBuyersforoneSeller。
’TisinvainthereforetogoabouteffectuallytoreducethepriceofInterestbyaLaw;andyoumayasrationallyhopetosetafixtRateupontheHireofHouses，orShips，asofMoney。HethatwantsaVessel，ratherthanlosehisMarket，willnotsticktohaveitattheMarketRate，andfindwaystodoit，withsecuritytotheOwner，thoughtheRatewerelimitedbyaLaw：AndhethatwantsMoney，ratherthanlosehisVoyage，orhisTrade，willpaytheNaturalInterestforit;andsubmittosuchwaysofConveyance，asshallkeeptheLenderoutofthereachoftheLaw。
SothatyourAct，atbest，willserveonlytoincreasetheArtsofLending，butnotatalllessentheChargeoftheBorrower：He’tislikelyshallwithmoretrouble，andgoingfartherabout，payalsothemoreforhisMoney;unlessyouintendtobreakinonlyuponMortgagesandContractsalreadymade，and（whichisnottobesupposed）byaLaw，postfactum，voidBargainslawfullymade，andgivetoRichardwhatisPetersDue，fornootherReason，butbecauseonewasBorrower，andtheotherLender。
ButsupposingtheLawreach’dtheintentionofthePromotersofit;andthatthisActbesocontrived，thatitforcedtheNaturalpriceofMoney，andhindreditsbeingbyanyBodyLentatahigherUse，thanFourPoundPerCent。whichisplainitcannot。
Letusinthenextplacesee，whatwillbetheConsequencesofit。
1。ItwillbealosstoWidows，Orphans，andallthosewhohavetheirEstateinMoney，onethirdoftheirEstates：whichwillbeaveryhardcaseuponagreatnumberofPeople，anditiswarilytobeconsider’dbytheWisdomoftheNation，whethertheywillthusatoneblow，fineandimpoverishagreatandinnocentpartofthePeople，whohavingtheirEstatesinMoney，haveasmuchRighttomakeasmuchoftheirMoney，asitisworth，（formoretheycannot）astheLandlordhastolethisLandforasmuchasitwillyield。ToFineMenoneThirdoftheirEstates，withoutanyCrimeorOffencecommitted，seemsveryhard。
2。AsitwillbeaconsiderableLossandInjurytothemony’dMan，soitwillbenoAdvantageatalltotheKingdom。ForsoTradebenotCramp’d，andtheExportationofourNativeCommoditiesandManufacturesnothindred，itwillbenomattertotheKingdom，whoamongstourselvesGetsorLoses：onlycommonCharityteaches，thatthoseshouldbemosttakencareofbytheLaw，whoareleastcapableoftakingcareforthemselves。
3。ItwillbeaGaintotheBorrowingMerchant，ForifheBorrowatFourperCent。andhisReturnsbeTwelveperCent。hewillhaveEightPerCent。andtheLenderFour：WhereasnowtheydividetheprofitequallyatSixPerCent。ButthisneitherGetsnorLosestheKingdominyourTrade，supposingtheMerchantandLendertobebothEnglishmen：onlyitwillasIhavesaid，transferathirdpartoftheMony’dMansEstate，whohasnothingelsetoliveon，intotheMerchantsPocket;andthatwithoutanyMeritintheone，orTransgressionintheother。Privatemensinterestsoughtnotthustobeneglected，norsacrificedtoanythingbutthemanifestadvantageofthePublick。Butinthiscaseitwillbequitethecontrary。Thislosstothemony’dMenwillbeaprejudicetoTrade：SinceitwilldiscourageLendingatsuchadisproportionofProfit，toRisque;asweshallseemorebyandby，whenwecometoconsiderofwhatconsequenceitistoencourageLending，thatsononeoftheMoneyoftheNationmayliedead，andtherebyprejudiceTrade。
4。ItwillhinderTrade。FortherebeingacertainproporionofMoneynecessaryfordrivingsuchaproporionofTrade，somuchMoneyofthisasliesstill，lessenssomuchoftheTrade。Nowitcannotberationallyexpected，butthatwheretheVentureisgreat，andtheGainssmall，（asitisinLendinginEnglanduponlowInterest）manywillchooserathertohoarduptheirMoney，thanventureitabroadonsuchTerms。ThiswillbealosstotheKingdom，andsuchaloss，ashereinEnglandoughtchieflytobelookedafter：ForwehavingnoMines，noranyotherwayofgetting，orkeepingofRichesamongstusbutbyTrade，somuchofourTradeasislost，somuchofourRichesmustnecessarilygowithit;andtheover-ballancingofTradebetweenusandourNeighbours，mustinevitablycarryawayourMoney，andquicklyleaveusPoor，andexposed。GoldandSilverthoughtheyserveforfewyettheycommandalltheconvenienciesoflife;andthereforeinaplentyofthemconsistsRiches。
EveryoneknowsthatMinesalonefurnishthese：Butwithal’tisobservablethatmostCountiesstoredwiththembyNaturearepoor。ThediggingandrefiningoftheseMetalstakinguptheLabour，andwastingtheNumberofthePeople。ForwhichreasonthewisePolicyoftheChineseswillnotsuffertheMinestheyhavetobewrought。Norindeed，thingsrightlyconsidered，doGoldandSilverdrawnoutoftheMineequallyEnrich，withwhatisgotbyTrade。HethatwouldmakethelighterScalepreponderatetotheopposite，willnotsosoondoit，byaddingencreaseofnewWeighttotheemprier，asifhetookoutoftheheavierwhatheaddstothelighter，forthenhalfsomuchwilldoit。RichesdonotconsistinhavingmoreGoldandSilver，butinhavingmoreinproportion，thantherestoftheWorld，orthanourNeighbours，wherebyweareenabledtoprocuretoourselvesagreaterPlentyoftheConvenienciesofLifethancomeswithinthereachofNeighbouringkingdomsandStates，who，sharingtheGoldandSilveroftheWorldinalessproportion，wantthemeansofPlentyandPower，andsoarePoorer。NorwouldtheybeonejottheRicher，ifbythediscoveryofnewMinesthequantityofGoldandSilverintheWorldbecomingwiceasmuchasitis，theirsharesofthemshouldbedoubled。ByGoldandSilverintheWorldImustbeunderstoodtomean，notwhatlieshidintheEarth;butwhatisalreadyoutoftheMineintheHandsandPossessionsofMen。This，ifwellconsidered，wouldbenosmallencouragementtoTrade，whichisasurerandshorterwaytoRichesthananyother，whereitismanagedwithSkillandIndustry。
InaCountrynotfurnishedwithMinestherearebuttwowaysofgrowingRich，eitherConquest，orCommerce。BythefirsttheRomansmadethemselvesMastersoftheRichesoftheWorld;butI
thinkthatinourpresentcircumstances，noBodyisvainenoughtoentertainaThoughtofourreapingtheProfitsoftheWorldwithourSwords，andmakingtheSpoilandTributeofVanquishedNations，theFundforthesupplyoftheChargesoftheGovernment，withanoverplusforthewants，andequallycravingLuxury，andfashionableVanityofthePeople。
Commercethereforeistheonlywaylefttous，eitherforRichesorSubsistence，forthistheadvantagesofourSituation，aswellastheIndustryandInclinationofourPeople，boldandskilfulatSea，doNaturallyfitus：BythistheNationofEnglandhasbeenhithertoSupported，andTradeleftalmosttoitself，andassistedonlybytheNaturalAdvantagesabove-mentioned，broughtusinPlentyandRiches，andalwayssetthiskingdominarankequal，ifnotsuperiortoanyofitsNeighbours：Andwouldnodoubtwithoutanydifficultyhavecontinueditso，ifthemoreenlarged，andbetterunderstoodInterestofTrade，sincetheImprovementofNavigation，hadnotraisedusmanyRivals;andtheamazingPoliticksofsomelateReigns，letinotherCompetitorswithusfortheSea，whowillbesuretoseizetothemselveswhateverpartsofTradeourismanagement，orwantofMoney，shallletslipoutofourHands：
Andwhenitisoncelost，’willbetoolatetohope，byamistim’dCare，easilytoretrieveitagain。FortheCurrentsofrade，likethoseofWaters，akethemselvesChannels，outofwhichtheyareafterwardsashardtobediverted，asRiversthathavewornthemselvesdeepwithintheirBanks。
TradethenisnecessarytotheproducingofRiches，andMoneynecessarytothecarryingonofTrade。ThisisprincipallytobelookedafterandtakenCareof。Forifthisbeneglected，weshallinvain，byContrivancesamongstourselves，andshufflingthelittleMoneywehavefromoneanothersHands，endeavourtopreventourWants：DecayofTradewillquicklywastealltheRemainder;andthentheLanded-Man，whothinksperhapsbythefallofInteresttoraisetheValueofhisLand，willfindhimselfcruellymistaken，whentheMoneybeinggone，（asitwillbeifourTradebenotkeptup）hecangetneitherFarmertoRent，norPurchasertoBuyhisLand。WhatsoeverthereforehinderstheLendingofMoney，injuresTrade：AndsothereducingofMoney，toFourperCent。whichwilldiscourageMenfromLending，willbeaLosstotheKingdom，instoppingsomuchoftheCurrentofMoney，whichturnstheWheelsofTrade。ButallthisuponaSupposition，thattheLenderandBorrowerarebothEnglishMen。
IftheLenderbeaForeigner，bylesseningInterestfromSixtoFouryougettotheKingdomonethirdpartoftheInterestwepayYearlytoForeigners：Whichletanyoneifhepleasethinkconsiderable。ButthenuponlesseningInteresttoFourperCent。
itislikelyoneofthesethingswillhappen。ThateitheryoufallthePriceofyourNativeCommodities;OrlessenyourTrade;
OrelsepreventnotthehighUseasyouintended。ForatthetimeoflesseningyourInterest，youwantMoneyforyourTrade，oryoudonot。Ifyoudonot，thereisnoneedtopreventBorrowingatahighRateofyourNeighbours。FornoCountryborrowsofitsNeighboursbutwherethereisneedofMoneyforTrade：NobodywillborrowmoreofaForeignertoletitlyestill。AndifyoudowantMoney，Necessitywillstillmakeyouborrowwhereyoucan，andattheRatesyourNecessity，notyourLaws，shallset：
orelse，iftherebescarcityofMoney，itmusthindertheMerchant’sBuyingandExportation，andtheArtisan’sManufacture。
Nowthekingdomgetsorlosesbythis（fornoquestiontheMerchantbylowInterestgetsallthewhile）onlyproportionably（allowingtheConsumptionofForeignCommoditiestobestillthesame）asthepayingofUsetoForeignerscarriesawaymoreorlessofourMoney，thanwantofMoneyandstoppingourTradekeepsusfrombringingin，byhindringourGains，whichcanbeonlyestimatedbythose，whoknowhowmuchMoneyweborrowofForeigners，andatwhatRate;andtoo，whatProfitinTradewemakeofthatMoney。
BorrowingofForeignersuponInterestit’struecarriesawaysomeofourGain：ButyetuponExaminationitwillbefound，thatourgrowingRichorPoordependsnotatallponourborrowinguponInterestornot;butonlywhichisgreaterorless，ourImportationorExportationofconsumableCommodities。ForsupposingTwoMillionsofMoneywilldrivetheTradeofEngland，andthatwehaveMoneyenoughofourowntodoit;ifweconsumeofourownProductandManufacture，andwhatwePurchasebyitofForeignCommodities，oneMillion，butoftheotherMillionconsumenothing，butmakeareturnofTenperCent。perAn。wemusttheneveryYearbeOnehundredthousandpoundsRicher，andourStockbesomuchencreast：ButifweImportmoreconsumableCommoditiesthanweExport，ourMoneymustgoouttopayforthem，andwegrowpoorer。SupposethereforeillHusbandryhathbroughtustooneMillionStock，andweborrowtheotherMillion（aswemust，orlosehalfourTrade）atSixperCent。Ifweconsumeonemoyety，andmakestillTenperCent。perAn。ReturnoftheotherMillion，theKingdomgetsFortythousandpoundsperAn。thoughitpaySixtythousandpoundperAn。Use。SothatiftheMerchant’sReturnbemorethanhisUse，（which’tiscertainitis，orelsehewillnotTrade）andallthatissoTradedforonborrowedMoneybebuttheover-ballanceofourExportationtoourImportation，thekingdomgetsbythisBorrowingsomuchastheMerchant’sGainisabovehisUse。ButifweborrowonlyforourownExpences，wegrowdoublypoor，bypayingMoneyfortheCommodityweconsume，andUseforthatMoney;thoughtheMerchantgetsallthiswhile，bymakingReturnsgreaterthanhisUse。AndthereforeBorrowingofForeignersinitselfmakesnottheKingdomrichorpoor;foritmaydoeither：ButspendingmorethanourFruitsorManufactureswillpayfor，bringsinPoverty，andPovertyBorrowing。
ForMoney，asnecessarytoTrade，maybedoublyconsidered。
First，asinhisHandsthatpaystheLabourerandLandholder，（forhereitsmotionterminates，andthroughwhoseHandssoeveritpassesbetweenthese，heisbutaBroker）andifthisManwantMoney，（asforExample，theClothier）theManufactureisnotmade;andsotheTradestops，andislost。OrSecondly，MoneymaybeconsideredasintheHandsoftheConsumer，underwhichNameI
herereckontheMerchantwhobuystheCommoditywhenmade，toExport：AndifhewantMoney，thevalueoftheCommoditywhenmadeislessened，andsotheKingdomlosesinthePrice。IfthereforeUsebelessened，andyoucannottyeForeignerstoyourTerms，thentheilleffectsfallonlyuponyourLandholdersandArtisans：IfForeignerscanbeforc’dbyyourLawtoLendyouMoneyonlyatyourownRate，ornotLendatall，isitnotmorelikelytheywillrathertakeithome，andthinkitsaferintheirownCountryatFourperCent。thanabroadinadecaying。Country？
Norcantheirover-plusofMoneybringthemtoLendtoyou，onyourTerms：ForwhenyourMerchantswantofMoneyshallhavesunkthepriceofyourMarket，aDutchmanwillfinditmoregainstobuyyourCommodityhimself，thanLendhisMoneyatFourperCent。
toanEnglishMerchanttoTradewith。NorwilltheActofNavigationhindertheircoming，bymakingthemcomeempty，sinceevenalreadytherearethosewhothink，thatmany，whogoforEnglishMerchants，arebutDutchFactors，andTradeforothersintheirownNames。TheKingdomthereforewilllosebythisloweringofInterest，ifitmakesForeignerswithdrawanyoftheirMoney，aswellasifithindersanyofyourPeoplefromLendingtheirs，whereTradehasneedofit。
InaTreatisewritonpurposeforthebringingdownofInterest，IfindthisArgumentofForeignerscallingawaytheirMoneytotheprejudiceofourTrade，thusAnswer’d，ThattheMoneyofForeignersisnotbroughtintotheLandbyreadyCoinorBullion，butbyGoodsorBillsofExchange;andwhenitispaidmustbereturnedbyGoodsorBillsofExchange;andtherewillnotbethelessMoneyintheLand。IcouldnotbutwondertoseeaMan，whoundertooktowriteofMoneyandInterest，talksodirectlybesidesthematterinthebusinessofTrade。ForeignersMoney，hesays，isnotbroughtintotheLandbyreadyCoinorBullion，butbyGoods，orBillsofExchange。HowthendowecomebyBullionorMoney？ForGoldgrowsnot，thatIknow，inourCountry，andSilversolittle，thatOnehundredthousandthpartoftheSilverwehavenowinEngland，wasnotdrawnoutofanyMinesinthisIsland。IfhemeansthattheMoniedManinHolland，whoputsouthisMoneyatInteresthere，didnotsenditoverinBullionorSpeciehither：Thatmaybetrueorfalse;buteitherwayhelpsnotthatAuthorspurpose。ForifhepaidhisMoneytoaMerchanthisNeighbour，andtookhisBillsforithereinEngland，hedidthesamethingasifhehadsentoverthatMoney，sincehedoesbutmakethatMerchantleaveinEnglandtheMoneywhichhehasDuetohimthere，andotherwisewouldcarryaway。
No，saysourAuthor，hecannotcarryitaway，for，sayshe，whenitispaiditmustbereturnedbyGoods，OrBillsofExchange。ItmustnotbepaidandexportedinreadyMoney，sosaysourLawindeed，butthatisaLawtohedgeintheCookoe，andservestonopurpose。ForifweExportnotGoods，forwhichourMerchantshaveMoneyduetotheminHolland，HowcanitbepaidbyBillsofExchange？AndforGoods，OnehundredpoundsworthofGoodscannowherepayTwohundredpoundsinMoney。ThisbeingthatwhichI
findmanyMendeceivethemselveswithinTrade，itmaybeworthwhiletomakeitalittleplainer。
LetussupposeEnglandPeopledasitisnow。anditsWoollenManufactureinthesameStateandPerfection，thatitisatpresent;andthatwe，havingnoMoneyatall，tradewiththisourWoollenManufactureforthevalueofTwohundredthousandpoundsYearlytoSpain，wherethereactuallyisaMillioninMoney：
FurtherletussupposethatwebringbackfromSpainYearlyinOyl，Wine，andFruit，tothevalueofOnehundredthousandpounds，andcontinuetodothisTenYearstogether：’TisplainwehavehadforourtwoMillionsvalueinWoollenManufacturecarriedthither，oneMillionreturnedinWine，Oyl，andFruit：
Butwhatisbecomeoft’otherMillion？WilltheMerchantsbecontenttoloseit？Thatyoumaybesuretheywouldnot，norhaveTradedon，iftheyhadnoteveryYearReturnsmadeansweringtheirExportation。Howthenwerethe[Returnsmade？InMoneyitisevident。FortheSpaniardshavinginsuchaTrade，noDebts，northepossibilityofanyDebtsinEngland，cannotpayoneFarthingofthatotherMillionbyBillsofExchange：AndhavingnoCommoditiesthatwewilltakeoffabovethevalueofOnehundredthousandpoundsPerAnnum，theycannotpayusinCommodities。Fromwhenceitnecessarilyfollows，thattheHundredthousandpoundsperAnn。whereinweover-ballancetheminTrade，mustbepaidusinMoney;andsoattheTenyearsend，theirMillionofMoney，（thoughtheirLawmakeitDeathtoexportit）
willbeallbroughtintoEngland;asintruth，bythisover-ballanceofTrade，thegreatestpartofourMoneyhathbeenbroughtintoEnglandoutofSpain。
LetussupposeourselvesnowpossessedofthisMillionofMoney;andExportingYearlyoutofEngland，totheseveralpartsoftheWorld，consumableCommoditiestothevalueofaMillion，butImportingYearlyinCommodities，whichweconsumeamongstustothevalueofElevenhundredthousandpounds。IfsuchaTradeasthisbemanagedamongstus，andcontinueTenYears，itisevident，thatourMillionofMoneywillattheendoftheTenYearsbeinevitablyallgonefromustothem，bythesamewaythatitcametous;thatis，bytheiroverballanceofTrade。ForweImportingeveryYearOnehundredthousandpoundsworthofCommoditiesmorethanweExport，andtherebeingnoForeignersthatwillgiveusOnehundredthousandpoundseveryyearfornothing，itisunavoidable，thatOnehundredthousandPoundsofourMoneymustgoouteveryYeartopayforthatover-plus，whichourCommoditiesdonotpayfor。’Tisridiculoustosay，thatBillsofExchangeshallpayourDebtsabroad：Thatcannotbe，tillScripsofPapercanbemadecurrentCoin。TheEnglishMerchant，whohasnoMoneyowinghimabroad，cannotexpecttohavehisBillspaidthere。OrifhehasCreditenoughwithaCorrespondent，tohavehisBillsanswered：ThispaysnoneoftheDebtofEngland，butonlychangestheCreditor。AndifuponthegeneralballanceofTrade，EnglishMerchantsowetoForeignersOnehundredthousandpounds，oraMillion，ifCommoditiesdonot，ourMoneymustgoouttopayit，orelseourCreditbelost，andourTradestop，andbelosttoo。
AkingdomgrowsRich，orPoorjustasaFarmerdoth，andnootherwise。LetussupposethewholeIsleofPortlandoneFarm;
andthattheOwner，besideswhatserveshisFamily，carriestoMarkettoWeymouthandDorchester，&c。Cattle，Corn，Butter，Cheese，Wooll，orCloth，LeadandTin，allCommoditiesproducedandwroughtwithinhisFarmofPortland，tothevalueofaThousandPounds;yearly;andforthis，bringswhomeinSalt，Wine，Oyl，Spice，LinnenandSilks，tothevalueofNinehundredPounds，andtheremainingHundredPoundsinMoney。’TisevidenthegrowseveryyearahundredPoundsRicher，andsoattheendoftenyearswillhaveclearlygotaThousandPounds。IftheOwnerbeabetterHusband，andcontentinghimselfwithhisNativeCommodities，buylessWine，Spice，andSilk，atMarket，andsobringhomeFivehundredPoundsinMoneyyearly，insteadofaThousandPounds，attheendoftenyearshewillhaveFivethousandpoundsbyhim，andbesomuchRicher。HeDies，andhisSonsucceeds，afashionableyoungGentleman，thatcannotDinewithoutChampaneandBurgundy，norSleepbutinaDamaskBed;
whoseWifemustspreadalongTrainofBrocard，andhisChildrenbealwaysinthenewestFrenchcutandStuff。HebeingcometotheEstate，keepsonaverybusieFamily。theMarketsareweeklyfrequented，andtheCommoditiesofhisFarmcarriedout，andSold，asformerly，buttheReturnsaremadesomethingdifferent;
thefashionablewayofEating，Drinking，FurnitureandClothingforhimselfandFamily，requiresmoreSugarandSpice，WineandFruit，SilkandRibons，thaninhisFatherstime;sothatinsteadofNinehundredPoundsperAnnum，henowbringshomeofconsumableCommodities，tothevalueofElevenhundredPoundsyearly。Whatcomesofthis？HelivesinSplendor，’tistrue，butthisunavoidablycarriesawaytheMoneyhisFathergot，andheiseveryyearanHundredPoundsPoorer。TohisExpences，beyondhisIncome，addDebauchery，Idleness，andQuarrelsamongsthisServants，wherebyhisManufacturesaredisturbed，andhisBusinessneglected，andageneralDisorderandConfusionthroughhiswholeFamilyandFarm：ThiswilltumblehimdowntheHillthefaster，andtheStock，whichtheIndustry，Frugality，andgoodOrderofhisFatherhadlaidup，willbequicklybroughttoanend，andhefastinPrison。AFarmandakingdominthisrespectdiffernomorethanasgreaterandless。WemayTrade，andbebusie，andgrowPoorbyit，unlessweregulateourExpences;IftothisweareIdle，Negligent，Dishonest，Malitious，anddisturbtheSoberandIndustriousintheirBusiness，letitbeuponwhatpretenceitwill，weshallRuinethefaster。
SothatwhateverthisAuthor，oranyoneelsemaysay，MoneyisbroughtintoEnglandbynothingbutspendingherelessofForeignCommodities，thanwhatwecarrytoMarketcanpayfor;
NorcanDebtsweowetoForeignersbepaidbyBillsofExchange，tillourCommoditiesExported，andSoldbeyondSea，haveproducedMoneyorDebtsduethere，tosomeofourMerchants。FornothingwillpayDebtsbutMoneyorMoneysworth，whichthreeorfourLineswritinPapercannotbe。IfsuchBillshaveanintrinsickvalue，andcanserveinsteadofMoney，whydowenotsendthemtoMarketinsteadofourCloth，LeadandTin，andataneasierratepurchasetheCommoditieswewant？AllthataBillofExchangecando，istodirecttowhomMoneydue，ortakenupuponCreditinaForeignCountry，shallbepaid：Andifwetraceit，weshallfind，thatwhatisowingalreadybecameso，forCommodities，orMoney，carriedfromhence：AndifitbetakenupuponCredit，itmust（lettheDebtbeshiftedfromoneCreditortoanotherasoftenasyouwill）atlastbepaidbyMoneyorGoods，carriedfromhence，orelsetheMerchantheremustturnBankrupt。
WehaveseenhowRichesandMoneyaregot，kept，orlost，inanyCountry;andthatisbyconsuminglessofForeignCommoditiesthanwhat，byCommoditiesorLabourispaidfor。Thisisintheordinarycourseofthings：ButwheregreatArmiesandAlliancesaretobemaintainedabroadbySuppliessentoutofanyCountry，thereoften，byashorterandmoresensibleway，theTreasureisdiminished。ButthissincetheholyWar，oratleastsincetheImprovementofNavigationandTrade，seldomhappeningtoEngland，whosePrinceshavefoundtheenlargingtheirPowerbySea，andthesecuringourNavigationandTrade，moretheInterestofthisKingdomthanWarsorConquestsontheContinent，ExpencesinArmsbeyondSeahavehadlittleInfluenceonourRichesorPoverty。
Thenextthingtobeconsidered，is，howMoneyisnecessarytoTrade。
TheNecessityofacertainProportionofMoneytoTrade，（I
conceive）lyesinthis，ThatMoneyinitsCirculationdrivingtheseveralWheelsofTrade，whilstitkeepsinthatChannel（forsomeofitwillunavoidablybedreinedintostandingPools）isallsharedbetweentheLandholder，whoseLandaffordstheMaterials;TheLabourer，whoworksthenm;TheBroker，（i。e。）
MerchantandShopkeeper，whodistributesthemtothose，thatwantthem;AndtheConsumer，whospendsthem。NowMoneyisnecessarytoallthesesortsofMen，asservingbothforCountersandforPledges，andsocarryingwithitevenReckoning，andSecurity，thathe，thatreceivesit，shallhavethesameValueforitagain，ofotherthingsthathewants，wheneverhepleases。TheoneoftheseitdoesbyitsStampandDenomination;theotherbyitsintrinsickValue，whichisitsQuantity。
ForMankind，havingconsentedtoputanimaginaryValueuponGoldandSilverbyreasonoftheirDurableness，Scarcity，andnotbeingveryliabletobeCounterfeited，havemadethembygeneralconsentthecommonPledges，wherebyMenareassured，inExchangeforthemtoreceiveequallyvaluablethingstothosetheypartedwithforanyquantityoftheseMetals。Bywhichmeansitcomestopass，thattheintrinsickValueregardedintheseMetalsmadethecommonBarter，isnothingbutthequantitywhichMengiveorreceiveofthem。FortheyhavingasMoneynootherValue，butasPledgestoprocure，whatonewantsordesires;andtheyprocuringwhatwewantordesire，onlybytheirquantity，’tisevident，thattheintrinsickValueofSilverandGoldusedinCommerceisnothingbuttheirquantity。
TheNecessitythereforeofaProportionofMoneytoTrade，dependsonMoneynotasCounters，fortheReckoningmaybekept，ortransferredbyWriting;butonMoneyasaPledge，whichWritingcannotsupplytheplaceof：SincetheBill，Bond，orotherNoteofDebt，IreceivefromoneManwillnotbeacceptedasSecuritybyanother，henotknowingthattheBillorBondistrueorlegal，orthattheManboundtomeishonestorresponsible;andsoisnotvaluableenoughtobecomeacurrentPledge，norcanbypublickAuthoritybewellmadeso，asintheCaseofAssigningofBills。BecauseaLawcannotgivetoBillsthatintrinsickValue，whichtheuniversalConsentofMankindhasannexedtoSilverandGold。AndhenceForeignerscanneverbebroughttotakeyourBills，orWritingsforanypartofPayment，thoughperhapstheymightpassasvaluableConsiderationsamongyourownPeople，didnotthisverymuchhinderit，viz。ThattheyareliabletounavoidableDoubt，Dispute，andCounterfeiting，andrequireotherProofstoassureusthattheyaretrueandgoodSecurity，thanourEyesoraTouchstone。AndatbestthisCourse，ifpracticable，willnothinderusfrombeingPoor;butmaybesuspectedtohelptomakeusso，bykeepingusfromfeelingourPoverty，whichinDistresswillbesuretofinduswithgreaterdisadvantage。ThoughitbecertainitisbetterthanlettinganypartofourTradefallforwantofcurrentPledges;andbettertoothanborrowingMoneyofourNeighboursuponUse，ifthiswayofAssigningBillscanbemadesoeasie，safeanduniversalathome，astohinderit。
Toreturntothebusinessinhand，andshewthenecessityofaProportionofMoneytoTrade。EveryManmusthaveatleastsomuchMoney，orsotimelyRecruits，asmayinhand，orinashortdistanceoftime，satisfiehisCreditorwhosupplieshimwiththenecessariesofLife，orofhisTrade。FornobodyhasanylongerthesenecessarySupplies，thanhehasMoney，orCredit，whichisnothingelsebutanAssuranceofMoneyinsomeshorttime。SothatitisrequisitetoTradethatthereshouldbesomuchMoney，astokeepuptheLandholders，LabourersandBrokersCredit：AndthereforereadyMoneymustbeconstantlyexchang’dforWaresandLabour，orfollowwithinashorttimeafter。
ThisshewsthenecessityofsomeProportionofMoneytoTrade：ButwhatProportionthatis，ishardtodetermine;becauseitdependsnotbarelyonthequantityofMoney，butthequicknessofitsCirculation。TheverysameShillingmayatonetimepayTwentyMeninTwentydays，atanother，restinthesameHandsOnehundreddaystogether。ThismakesitimpossibleexactlytoEstimatethequantityofMoneyneedfulinTrade：Buttomakesomeprobableguess，wearetoconsider，howmuchMoneyitisnecessarytosupposemustrestconstantlyineachMan’sHands，asrequisitetothecarryingonofTrade。
FirstthereforetheLabourers，livinggenerallybutfromhandtomouth，andindeed，consideredasLabourersinordertoTrade，maywellenoughcarryontheirpart，iftheyhavebutMoneyenoughtobuyVictuals，Cloaths，andTools：Allwhichmayverywellbeprovided，withoutanygreatSumofMoneylyingstillintheirHands。TheLabourerstherefore，beingusuallypaidonceaWeek，（ifthetimesofPaymentbeseldomer，theremustbemoreMoneyforthecarryingonthispartofTrade）wemaysupposethereisconstantlyamongstthem，onewithanother，orthosewhoaretopaythem，alwaysoneWeeksWagesinreadyMoney。Foritcannotbethought，thatall，ormostoftheLabourerspayawayalltheirWagesconstancy，assoonastheyreceiveit，andliveuponTrusttillnextPayDay。ThistheFarmerandTradesmancouldnotwellbear，wereiteveryLabourer’sCase，andeveryonetobetrusted：AndthereforetheymustofnecessitykeepsomeMoneyintheirHands，togotoMarketforVictuals，andtootherTradesmenaspoorasthemselves，forTools;andlayupMoneytootobuyCloaths，orpayforthosetheyboughtuponCredit。WhichMoneythusnecessarilyrestingintheirHands，wecannotimaginetobe，onewithanother，muchlessthanaWeeksWages，thatmustbeintheirPockets，orreadyintheFarmer’sHands。ForhewhoemploysaLabourerataShillingperDay，andpayshimonSaturdayNights，cannotbesupposedconstancytoreceivethatsixShillingsjustthesameSaturday：ItmustordinarilybeinhisHandsonetimewithanother，ifnotawholeWeek，yetseveralDaysbefore。
ThiswastheordinaryCourse，whil’stwehadMoneyrunningintheseveralChannelsofCommerce：Butthatnowverymuchfailing，andtheFarmernothavingMoneytopaytheLabourer，supplieshimwithCorn，whichinthisgreatPlentytheLabourerwillhaveathisownRate，orelsenottakeitoffhisHandsforWages。AndasfortheWorkmen，whoareemployedinourManufactures，especiallytheWoollenone，thesetheClothier，nothavingreadyMoneytopay，furnisheswiththenecessariesofLife，andsotrucksCommoditiesforWork，which，suchastheyare，goodorbad，theWorkmanmusttakeathisMaster’sRate，orsitstillandstarve：
Whil’stbythismeans，thisnewsortofIngrossersorForestallers，havingthefeedingandsupplyingthisnumerousBodyofWorkmenoutoftheirWarehouses，（fortheyhavenowMagazinesofallsortsofWares）setthePriceuponthepoorLandholder。SothattheMarketsnowbeingdestroyed，andtheFarmernotfindingventthereforhisButter，Cheese，Bacon，andCorn，&c。forwhichhewaswonttobringhomereadyMoney，mustsellittotheseIngrossers，ontheirownTermsofTimeandRate;andallowittotheirownDay-LabourersunderthetrueMarket-price。WhatkindofInfluencethisisliketohaveuponLand，andhowthiswayRentsareliketobepaidatQuarter-day，iseasietoapprehend：And’tisnowondertoheareverydayofFarmersbreaking，andrunningaway。ForiftheycannotreceiveMoneyfortheirGoodsatMarket，’willbeimpossibleforthem，topaytheirLandlord’sRent。Ifanyonedoubtwhetherthisbeso，Idesirehimtoenquire，howmanyFarmersintheWestarebrokeandgonesinceMichaelmasslast。WantofMoneybeingtothisdegree，worksbothwaysupontheLandholder。Forfirst，theingrossingForestallerletsnottheMoneycometoMarket;butsupplyingtheWorkman，whoisemployedbyhiminManufacture，withNecessaries，imposeshisPrice，andForbearanceontheFarmer，whocannotselltotheothers。AndtheLabourer，whoisemployedbytheLandholderinHusbandry，imposesalsohisRateonhim，fortheCommoditieshetakes。FortherebeingawantofDayLabourersintheCountry，theymustbehumoured，orelsetheywillneitherworkforyou，nortakeyourCommoditiesfortheirLabour。
Secondly，asfortheLandholder，sincehisTenantscannotCointheirRentjustatquarter-day，butmustgatheritupbydegrees，andlodgeitwiththemtillPay-day;orborrowitofthose，whohaveitlyingbythem，ordogatheritupbydegrees，whichisthesamething，andmustbenecessarilysomuchMoneyforsometimelyingstill。Forall，thatispaidingreatSums，mustsomewherebegatheredupbytheRetailIncomesofaTrade，orelseliestilltooingreatSums，whichisthesamestopofMoney，oragreater。Addtothis，ThattopaytheCreditor，thatlenthimhisRent，hemustgatherupMoneybydegrees，astheSaleofhisCommoditiesshallbringitin，andsomakesagreaterstop，andgreaterwantofMoney：SincetheborowedMoneythatpaidtheLandholderthe25thofMarch，mustbesupposedtolyestillsometimeintheCreditor’shand，beforehelentittheTenant;andtheMoney，thatpaystheCreditorthreeMonthsafter，mustlyestillsometimeintheTenant’s。NordoestheLandlordpayawayhisRentusually，assoonashereceivesit，butbydegrees，ashisoccasionscallforit。Allthisconsider’dwecannotbutsuppose，thatbetweentheLandlordandTenanttheremustnecessarilybeatleastaquarteroftheYearlyRevenueoftheLandconstantlyintheirhands。Indeedconsidering，thatmostpartoftheRentsofEnglandarepaidatourLady-dayandMichaelmas，andthatthesameMoney，whichpaysmemyRentfrommyTenantthe25thofMarch，orthereabouts，cannotpaymynextNeighbourhisRentfromhisTenantatthesametime，muchlessonemoreremoteinanotherCountry，itmightseemrequisitetosupposehalftheyearlyRevenueoftheLandtobenecessarilyemployedinpayingofRent。FortosaythatsomeTenantsbreakandpaynottheirRentatall，andotherspaynottilltwo，three，four，five，six，&c。Monthsafterquarter-day，andsotheRentisnotallpaidatonetime，isnomorethantosay，ThatthereisMoneywantingtotheTrade。ForiftheTenantfailtheLandlord，hemustfailhisCreditor，andhehis，andsoon，tillsomebodybreak，andsoTradedecayforwantofMoney。ButsinceaconsiderablepartoftheLandofEnglandisintheOwnersHands，whoneitherpaynorreceivegreatSumsforitatacertainDay;
andbecausetoo，（whichisthechiefReason）wearenottoconsiderherehowmuchMoneyisinanyoneman’s，oranyonesortofmenshandsatonetime;forthatatothertimesmaybedistributedintootherhands，andserveotherpartsofTrade;buthowmuchMoneyisnecessarytobeineachman’shandsalltheYearround，takingonetimewithanother，（i。e。）havingThreehundredpoundsinhisHandonemonth，istobereckonedasOnehundredpoundinhisHandthreemonths，（andsoproportionably）I
thinkwemaywellsupposeaquarteroftheYearlyRevenuetobeconstancyintheLandlordsorTenantsHands。
Here，bytheby，wemayobserve，ThatitwerebetterforTrade，andconsequentlyforeverybody，（formoreMoneywouldbestirring，andlesswoulddothebusiness）ifRentswerepaidbyshorterintervalsthansixmonths。ForsupposingIletaFarmatFiftytwopoundsperAn。ifmyRentbepaidhalfYearly，thereisrequiredTwentysixpoundstobeemployedinthePaymentofitinoneentireSum，（ifitbepaidwell，andifitbenotpaidwell，forwantofsomuchMoneytobesparedtothatpurpose，thereissomuchwantofMoney，andTradeisstillendamag’dbyit）agreatpartwhereofmustnecessarilyliestillbeforeitcomeoutofmyTenantsChesttomyHands：IfitbepaidonceaquarterThirteenpoundalonewilldoit，andlessMoneyislaidupforit，andstop’dalesswhileinitscourse：ButshoulditbepaideveryWeek，onesinglewentyShillingswillpaytheRentofFiftytwopoundsperAnnum，whencewouldfollowthisdoublebenefit。
First，ThatagreatdeallessMoneywouldservefortheTradeofaCountry。AndSecondly，ThatlessoftheMoneywouldliestill，thecontrarywhereofmustneedshappen，wheregrowingDebtsaretobepaidatlargerdistances，andingreaterSums。
Thirdly，AsfortheBrokers，sincetheytoomustlayuptheMoneycominginbyRetail，eithertogotoMarket，andbuyWares，ortopayatthedayappointed，whichisoftensixMonths，forthoseWareswhichtheyhavealready，wecannotsupposethemtohavelessbythem，onewithanother，thanOnetwentiethpartoftheiryearlyReturns。WhethertheMoneybetheirown，ortheybeIndebtedsomuchormore，itmattersnot，ifitbenecessarytheyshouldhaveconstancybythem，comparingonetimewithanother，atleastOnetwentiethpartoftheiryearlyReturn。
IndeedinsomegreatTowns，wheretheBankersarereadyathandtobuyBills，oranyotherwaytolendMoney，forshorttimeatgreatInterest，thereperhapstheMerchantisnotforcedtokeepsomuchMoneybyhim，asinotherplaces，wheretheyhavenotsuchaSupply：Butifyouconsider，whatMoneytodothismustnecessarilybeconstantlylodgedintheBankersHandsthecasewillbemuchthesame。
TotheseSums，ifyouadd，whatpartoftheMoneyofaCountryScholarsofallsorts，Women，Gamesters，andgreatMensmenialServants，andallsuchthatdonotcontributeatalltoTrade，eitherasLandholders，Labourers，orBrokers，willunavoidablyhaveconstantlyintheirHands，itcannotwellbethought，thatlessthanOneFiftiethpartoftheLabourersWages，OneFourthpartoftheLandholdersyearlyRevenue，andoneTwentiethpartoftheBrokersyearlyReturnsinreadyMoney，willbeenoughtodrivetheTradeofanyCountry。Atleast，toputitbeyondexceptionlowenough，itcannotbeimagin’dthatlessthanonemoietyofthis，i。e。lessthanOnehundredthpartoftheLabourersyearlyWages，OneEighthpartoftheLandholdersyearlyRevenue，andOneFortiethpartoftheBrokersyearlyReturns，inreadyMoney，canbeenoughtomovetheseveralWheelsofTrade，andkeepupCommerceinthatLifeandThrivingpostureitshouldbe;andhowmuchthereadyCashofanyCountryisshort。ofthisproportion，somuchmusttheTradebeimpair’dandhindredforwantofMoney。
Buthoweverthesemeasuresmaybemistaken，thisisevident，thatthemultiplyingofBrokershinderstheTradeofanyCountry，bymakingtheCircuit，whichtheMoneygoes，larger，andinthatCircuitmorestops，sothattheReturnsmustnecessarilybeslowerandscantier，totheprejudiceofTrade：Besidesthat，theyEatuptoogreatashareoftheGainsofTrade，bythatmeansStarvingtheLabourer，andimpoverishingtheLandholder，whoseInterestischieflytobetakencareof，itbeingasettledunmoveableConcernmentintheCommonwealth。
Ifthisbeso，itispastquestion，thatallEncouragementshouldbegiventoArtificers;andthingssoorder’d，asmuchasmightbe，thatthosewhomake，shouldalsoVendandRetailouttheirownCommodities，andtheybehindredasmuchaspossiblefrompassinghereathome，throughdiversHandstothelastBuyer。LazyandUnworkingShopkeepersinthisbeingworsethanGamesters，thattheydonotonlykeepsomuchoftheMoneyofaCountryconstantlyintheirHands，butalsomakethepublickpaythemfortheirkeepingofit。ThoughGamingtoo，upontheaccountofTrade（aswellasotherReasons）maywelldeservetoberestrain’d：SinceGamesters，inordertotheirPlay，keepgreatSumsofMoneybythem，whichthereliesDead。ForthoughGamestersMoneyshiftMastersoftenerthanany，andistumbledupanddownwitheverycastofaDie，yetastothepublickitliesperfectlystill，andnomoreofitcomesintoTrade，thantheyspendinEatingorWearing。
Heretoowemayobserve，howmuchManufacturedeservestobeincourag’d：SincethatpartofTrade，thoughthemostconsiderable，isdrivenwiththeleastMoney，especiallyiftheWorkmanshipbemoreworththantheMaterials。FortotheTradethatisdrivenbyLabour，andHandicraftsMen，OnetwoandfiftiethpartoftheyearlyMoneypaidthemwillbesufficient：
ButtoaTradeofCommoditiesofourbareNativegrowth，muchgreaterproportionofMoneyisrequir’d。
Perhapsitwillbewondred，whyhavinggivensomeestimate（howwideIknownot）oftheMoneynecessaryintheHandsoftheLandholder，Labourer，andBroker，tocarryonTrade，IhavesaidnothingoftheConsumer，whomIhadmentionedbefore。TothisI
Answer，TherearesofewConsumers，whoarenoteitherLabourers，Brokers，orLandholders，thattheymakeaveryinconsiderablepartintheaccount。ForthosewhoimmediatelydependontheLandholder，ashisChildrenandServants，comeinunderthattitle，beingmaintain’dbytheRentofhisLands;andsooftherest。
Bywhathasbeensaid，wemayseewhatInjurytheLoweringofInterestisliketodousbyhinderingTrade，whenitshalleithermaketheForeignercallhomehisMoney，oryourownPeoplebackwardtoLend，theRewardnotbeingjudgedproportionabletotherisque。
ThereisanotherseemingConsequence，ofthereducingofMoneytoalowPrice，whichatfirstsighthassuchanappearanceoftruthinit，thatIhaveknownitimposeuponveryableMen，andIguessithasnosmallInfluence，atthistime，inthepromotingthisalteration，andthatis，ThattheloweringofInterestwillraisethevalueofallotherThingsinproportion。
ForMoneybeingtheCounter-ballancetoallotherThingspurchasablebyit，andlying，asitwere，intheoppositeScaleofCommerce，itlookslikeanaturalConsequence，thatasmuchasyoutakeofffromthevalueofMoney，somuchyouaddtothepriceofotherThings，whichareexchang’dforit;theraisingofthepriceofanythingbeingnomorebuttheadditiontoitsvalueinrespectofMoney，or，whichisallone，lesseningthevalueofMoney。ForExample：ShouldthevalueofGoldbebroughtdowntothatofSilver，OnehundredGuineaswouldpurchaselittlemoreCorn，Wool，orLand，thanOnehundredshillings，andsotheValueofMoneybeingbroughtlower，saythey，thepriceofotherThingswillrise;andthefallingofInterestfromSixpoundtoFourpoundperCent。istakingawaysomuchofthepriceofMoney，andsoconsequentlythelesseningitsvalue。
ThemistakeofthisplausiblewayofReasoningwillbeeasilydiscovered，whenweconsiderthatthemeasureofthevalueofMoney，inproportiontoanythingpurchasablebyit，isthequantityofthereadyMoneywehave，inComparisonwiththequantityofthatthinganditsVent;orwhichamountstothesamething，ThepriceofanyCommodityrisesorfalls，bytheproportionofthenumberofBuyersandSellers;ThisruleholdsUniversallyinallThingsthataretobeboughtandSold，bateingnowandthenanextravagantPhancyofsomeparticularPerson，whichneveramountstosoconsiderableapartofTradeastomakeanythingintheaccountworthytobethoughtanExcepriontothisRule。
TheVentofanyThingdependsuponitsNecessityorUsefulness，asConvenience，orOpinionguidedbyPhancyorfashionshalldetermine。
TheVentofanyCommoditycomestobeincreasedordecreasedasagreaterpartoftheRunningCashoftheNationisdesignedtobelaidoutbyseveralPeopleatthesametimeratherinthat，thananother，asweseeinthechangeofFashions。
IshallbeginfirstwiththeNecessariesorConvenienciesofLife，andtheConsumableCommoditiessubservientthereunto;andshew，ThattheValueofMoneyinrespectofthosedependsonlyonthePlentyorScarcityofMoneyinproportiontothePlentyandScarcityofthosethings，andnotonwhatInterestshallbyNecessity，Law，orContractbeatthattimelaidontheborrowingofMoney：andthenafterwardsIshallshewthatthesameholdsinLand。
ThereisnothingmoreconfirmedbydailyExperience，thanthatMengiveanyPortionofMoneyforwhatsoeverisabsolutelynecessary，ratherthangowithoutit。Andinsuchthings，theScarcityofthemalonemakestheirPrices。AsforExample。LetussupposehalfanOunceofSilver，orhalfaCrownnowinEngland，isworthaBushelofWheat：ButshouldtherebenextYearagreatscarcityofWheatinEngland，andaproportionablewantofallotherFood，fiveOuncesofSilverwouldperhapsinExchangepurchasebutoneBushelofWheat：SothatMoneywouldbethennineTenthslessworthinrespectofFood，thoughatthesamevalueitwasbefore，inrespectofotherThings，thatkepttheirformerproportion，intheirquantityandConsumption。
BythelikeproportionsofIncreaseandDecrease，doesthevalueofThings，moreorlessconvenient，riseandfallinrespectofMoney，onlywiththisdifference，thatthingsabsolutelynecessaryforLifemustbehadatanyRate;butThingsconvenientwillbehadonlyastheystandinpreferencewithotherConveniencies：AndthereforeinanyoneoftheseCommodities，thevaluerisesonlyasitsquantityisless，andventgreater，whichdependsuponitsbeingpreferr’dtootherThingsinitsConsumption。ForsupposingthatatthesametimethatthereisagreatscarcityofWheat，andotherGrain，therewereaconsiderablequantityofOats，MennoquestionwouldgivefarmoreforWheatthanOats，asbeingthehealthier，pleasanter，andmoreconvenientFood：ButsinceOatswouldservetosupplythatabsolutenecessityofsustainingLife，MenwouldnotrobthemselvesofallotherConvenienciesofLife，bypayingalltheirMoneyforWheat，whenOats，thatarecheaper，thoughwithsomeinconvenience，wouldsupplythatDefect。Itmaythensohappenatthesametime，thathalfanOunceofSilver，thattheYearbeforewouldbuyoneBushelofWheat，willthisYearbuybutoneTenthofaBushel：HalfanOunceofSilver，thattheYearbeforewouldhaveboughtthreeBushelsofOats，willthisyearstillbuyoneBushel：AndatthesametimehalfanOunceofSilver，thatwouldtheYearbeforehaveboughtFifteenpoundsofLead，willstillbuythesamequantity。SothatatthesametimeSilver，inrespectofWheat，isnineTenthslessworththanitwas，inrespectofOatstwoThirdslessworth，andinrespectofLead，asmuchworthasbefore。
ThefallthereforeorriseofInterest，makingimmediatelybyitschangeneithermorenorlessLand，Money，oranysortofCommodityinEngland，thantherewasbefore，altersnotatalltheValueofMoney，inreferencetoCommodities。BecausethemeasureofthatisonlytheQuantityandVent，whicharenotimmediatelychang’dbytheChangeofInterest。SofarastheChangeofInterestconducesinTradetothebringinginorcarryingoutMoneyorCommodities，andsointimetothevaryingtheirProportionshereinEnglandfromwhatitwasbefore，sofarthechangeofInterestasallotherthingsthatpromoteorhinderTrademayaltertheValueofMoneyinreferencetoCommodities。
Butthatisnotinthisplacetobeconsidered。
ThisisperfectlytheValueofMoneyinrespectofConsumableCommodities。Butthebettertounderstanditinitsfulllatitude，inrespectbothofconsumableCommodities，andLandtoo，wemustconsider，First，ThattheValueofLandconsistsinthis，ThatbyitsconstantproductionofsaleableCommoditiesitbringsinacertainyearlyIncome。Secondly，theValueofCommoditiesconsistsinthis，Thatasportableandusefulthings，theybytheirExchangeorConsumption，supplytheNecessariesorConvenienciesofLife。Thirdly，InMoneythereisadoubleValue，answeringtobothofthese，firstasitiscapablebyitsInteresttoyieldussuchayearlyIncome：andinthisithastheNatureofLand，（theIncomeofonebeingcalledRent，oftheotherUse）onlywiththisdifference，ThattheLandinitsSoilbeingdifferent，assomefertile，somebarren;andtheProductsofitveryvarious，bothintheirSorts，goodnessandvent，isnotcapableofanyfixedestimatebyitsquantity：ButMoney，beingconstantlythesame，andbyitsInterestgivingthesamesortofProductthroughthewholeCountry，iscapableofhavingafixedyearlyRatesetuponitbytheMagistrate;butLandisnot。