Classic Audiobook Collection - Money and Trade Considered by John Law ~ Full Audiobook [business]

Episode Date: January 16, 2024

Money and Trade Considered by John Law audiobook. Genre: business Written at the dawn of modern finance, John Law's Money and Trade Considered sets out a bold claim: a nation's prosperity depends less on hoarded metal than on the smart circulation of credit. Speaking to the chronic shortages of coin and the economic stagnation he saw in Britain, Law builds an accessible, argumentative case that money is not merely treasure but a tool - one that can be redesigned. Moving from first principles to practical policy, he critiques how scarce cash suppresses wages, trade, and enterprise, then proposes a new system to expand the money supply through paper credit backed by land and administered through a national bank. Along the way, he tackles interest rates, prices, and the relationship between liquidity and growth, insisting that well-structured credit can unlock industry without collapsing trust. Part manifesto, part economic reasoning, the book invites listeners into the high-stakes debate over what gives money value and how governments can shape commerce. For anyone curious about the origins of central banking ideas and the perennial tension between stability and expansion, this is a foundational and provocative starting point. For ad-free listening try our premium subscription Chapters (Approximate) (00:00:00) Chapter 01 (00:14:49) Chapter 02 (00:27:50) Chapter 03 (00:40:35) Chapter 04 (00:57:10) Chapter 05 (01:10:58) Chapter 06 (01:25:00) Chapter 07 (01:38:52) Chapter 08 (01:54:25) Chapter 09 (02:09:18) Chapter 10 (02:19:34) Chapter 11 (02:33:52) Chapter 12 (02:49:14) Chapter 13 (03:02:45) Chapter 14 Learn more about your ad choices. Visit megaphone.fm/adchoices

Money and the trade considered with a proposal for supplying the nation with money by John Loo in Chapter 1. Goods have value from the uses they applied to, and their value is greater or lesser, not so much from their more or less valuable or necessary uses, as from the greater or lesser quantity of them in proportion to the demand for them. Example, water is of great use, yet of little value, because the quantity of water is much greater than the demand of it. Diamonds are of little use, yet of great value, because the demand for diamonds is much greater than the quantity of them. Goods of the same kind differ in value from any difference in their quality. One horse is better than another horse. If only if one country is better than Bali for another country. When goods change their value, from any change in the quantity, or in the demand for them,

if owes being greater quantity than last year and the demand the same or lesser, oath would be less valuable. Mr. Locke says the valuable goods is according to the quantity in proportion to the event. The vend of goods cannot be greater, than the quantity, but the demand may be greater. If the accrued wine bought from the funds be a hundred tonne, and the demand be for 500 tonne, the demand is greater than the vent, and the 100-ton will sell at a higher price,

and then if the demand were only equal to the vent. So the prices of goods are not according to the quantity in proportion to the vent, but in proportion to the demand. Before the use of money was known, goods were exchanged by barter or contract, and contracts were made payable in goods. This state of barter was inconvenient and disadvantages. First, he who desired to barter or did not always find people who wanted the goods he had, and had such goods as he desired in exchange. Second, contracts taken payable in goods were uncertain for goods of the same kind default in value.

Third, there was no measure by which the proportion of value goods headed to one another could be known. In this state of barter there was little trade and a few artsmen. The people depended on the landed men. The landed man labelled only so much of the lander. only so much of the land as served the occasions of their families, to barter for such necessaries as a land did not produce, and to lay up for seed and bad years, what remained was unlabled, or gifted on condition of vassalage and other services. The losses of difficulties that attended barter would force the land to greater consumption of the growth of their

own product and a lesser consumption of other goods. Or to supply themselves, they would turn the land to the product of the silver goods they had occasion for, though only proper to produce of one kind. So much of the land was unlabored. What was labored was not employed to that by which it would have turned to most advantage, nor the people to the labour they were most fitful. Silver as metal had value in butter as other goods, from the uses it was then applied to. As goods of the same kind differed in value, so silver differed from silver, as it was more or less fine. Silver was liable to a change in its value as other goods, from any change in its quality or in the demand for it.

Silver had the qualities which fitted it for the use of money. First, it could be brought to a standard in fairness, so was certain as to its quality. Second, it was easy of delivery. Third, it was of the same value in one place that it was another, or did for the little being easy of courage. Fourth, it could be kept without a loss or experience. expense and taking up a little room and being durable. Fifth, it could be divided without loss, an ounce in four pieces being equal in value to an ounce in one piece.

The silver having these qualities, it is reasonable to think it was used as money before it was coined. What is meant by being used as money is that silver in bullion was the measure by the value. which goods were valued, the value by which goods were exchanged, and in which contracts were made payable. He who had more goods than he had used for would choose to bother them for a silver, though he had no use for it, because a silver was certain in its quality. It was easy of delivery. It could be kept without loss or expense, and with it he could purchase other goods as he had. occasion, in whole or in part, either home or aboard, and several being divisible without loss, and of the same value in different places.

If AB had a hundred sheep, undesired to exchange them for horses, C.D. had ten horses, which were equal to or worst a hundred sheep, and was waiting to exchange. But as AB had not present occasion for the the horses, not other than be at the expense of keeping them, he would barter his sheep with E.F, who had the value to give in silver, with which he could purchase the horses at the time he had occasion. Or if E.F. had not silver, but was satisfied to give his bond for the silver, or the horses, and payable at the time A.B. wanted them. A.B. would chose to take the bond payable in silver rather than in horses, because silver was certain

in quality, and horses differed much, so silver was used as a value in which contracts were made payable. Silver was likewise used the measure by which goods were valid, because certain in quality. If AB had a hundred weight of lead, and desired to exchange it for barley. The way to know what the quantity of barley was equal in value to the lead was by the silver. If the hundred weight of lead was equal to five ounces of fire silver, and five ounces for a silver equal to 20 balls of barley, then 20 balls was the quantity of barley to be given in exchange for the lead. Silver being easy upcarriage, so equal in one place to what it was in another, was used as the measure by which goods to be delivered in different places were valued.

If a piece of wine was to be delivered at Glasgow by AB merchant there, to the order of CD merchant in Aberdeen, and the value to be delivered in oaths at Everton by CD to the order of AB. The wine could not be valued by the quantity of oats it was worse at Glasgow, nor the oats by the quantity of wine, they were worth. at Aberdeen. Wine or oath might live in quality, or be more or less valuable at the place than at the other. The wind you have known what quantity of oats was equal to the wine, was by the quantity of silver, it was worth at the places they were to be delivered.

If the piece of wine was forced at Glasgow on 20 ounces of fine silver, and 20 ounces of fine silver on both of fifty boughs of oates at Aberdeen, than fifty bows was the quantity of oaths to be given there in return for the wine. Silver being capable of stamp, and princes for the greater convenience of the people, and sit up a means to bring it to a standard, and stamp it, whereby its weight and fineness was known, without the trouble of weighing or fining.

but the stamp added nothing to the value for these reasons a silver was used as money its being coined with only consequence of its being applied to that use in buoy though not with the same convenience mr locke and others who have ruled on this subject say the general consent of men place imaginary value upon silver because of its question days feeding it for money. I cannot conceive how different nations could agree to put imagined value upon anything, especially upon silver, by which all other goods are valued, or that any one country would receive that as value, which was not valuable equal to what it was given for, or how that imaginary value could have been kept up. But suppose that France receiving silver at imaginary value, other nations received it at that value because received so in France. Then for the same reason, a crown passing in France for 76 saws

should pass in Scotland for 76 pence and in Holland for 76 divers. But on the contrary, even in France where the crown is raised, it is worse no more than be. when at 60-sauce. It is reasonable to think silver was battered as it was valued for its uses as metal, and was given the money according to its value in butter. The additional use of money silver was applied to would add to its value, because its money it remedied as disadvantages and inconveniences of butter, and consequently the demand for silver

increasing, it received an additional value equal to the greater demand its use's money occasioned. And this additional value is no more imaginary than the value of silver had in butter as metal, for such value was because it served such uses, and was greater or lesser according to the demand for silver as metal, proportioned to its quantity. The addition to its quantity, the addition to the The additional value civil received from being used as money was because of its qualities which fitted it for that use, and that value was according to the additional demand its use's money occasioned. If either of these values are imaginary, then all value is so, for no goods have any value but from the uses they are applied to. and according to the demand for them in proportion to their quantity. Thus, silver having value and qualities fitting it for money, which other goods had not, was made money,

and for the greater convenience of the people was coined. The names of the different pieces might have been number one, number two, and so on, number 60 would have been the same as the crown, for the name and stamp was only to certify that the piece had such a quantity of silver in it, of such a fineness. Goods of any other kind that have the same qualities might then and may not be made money equal to their value. and gold and copper may be made money, but neither with so much convenience as silver, and payments in copper be inconvenient by reason of its bark, and gold not being so great quantity as to serve the use of money. In countries where gold is in great quantity, it is used as money, and where gold and silver are scarce, and copper is used.

Gold is coined for the more easy exchange of that metal and copper to serve in small payments. But silver is the measure by which goods are valued, the value by which goods are exchanged, and in which contracts are made payable. As money increased, the disadvantages and inconveniences were removed. The poor and idle were employed. More of the land was labored. The product increased. Manufacturers and the trade improved.

The landed men lived better, and the people with less dependence on them. End of Section 1. Section 2 of Money and Trade Considered by John Law. This Libby-Book's recording is in the public domain. Chapter 2 Part 1 Trade is domestic or foreign. Domestic trade has the employment of the people and the exchange of

goods within the country. Foreign trade has several branches. First, the product and manufacture being more than the consumption, a part is exported, and in return, foreign goods are bought home. and second selling the goods exported at one port and loading there to sell another whereby a greater return is made that if the goods exported had been carried directly there third bringing home the product and manufacture of other countries from whence and when they are cheap to supply countries where and when they are dear First, bringing home the product of other countries and exporting it in manufacture. Fifth, freighting or hiring out ships. Domestic and foreign trade may be carried on by barter, but not for so great value as by money, nor with so much convenience.

Domestic trade depends on money. A greater quantity employs more people than a lesser quantity. A limited sum can only set a number of people to work proportion to it. And it's with little success laws are made for employing the poor or idle in countries where money is scarce. Good laws may bring the money to the full circulation is capable of, and force it to those employments that are most profitable to the country. But no laws can make it go further. nor can more people be set to work without more money to circulate so as to pay the wages of a great number.

They may be voted to work on credit, and that is not practicable, unless the credit have circulation, so should supply the workmen with necessaries. If that's supposed, then that credit is money, and we have the same effects on home and foreign trade. In addition to the money adds to the value of the country, so low the money gives interest, it is employed. And money employed embraces profit, though the employer loses. If 15 men are set to work, the whom 25 shillings is paid per day, and the improvement made by their labor be only equal to or worth 15 shillin. Yet by so much, the value of the country is increased. But the city is reasonable to suppose their labour equal to 40 shillings, so much is added to the value of the country, of which the employer gains 15 shilling.

15 may be supposed to equal the consumption of the laborers, who before lived on charity, and 10 shillin remains to them over their consumption. If a stone of wool is worth 10 shilling, and the median the cost was 2 pound. the product is improved to four times the value it had in wool. The workmen may be supposed to consume more than when they were not employed. A lower force, the nation is gainer, double the value of the product. So in addition to the money, whether the employer gains or not, adds to the national wealth, eases the country of a number of poor or idle, proportion to the money added. enable them to live better and to bear a share in the public with the other people.

The first branch of foreign trade, which is the export-imported of goods, depends on the money. If half the people are employed and the whole product manufacturer consumed, more money by employing more people will make an overpast to export. If then the goods imported balanced the goods exported, a greater addition to the money we employ yet more people, or the same people before employed, to more advantage, which by making a greater or more valuable export, we make a balance due. So if the money listens, a part of the people then employed asset idle, or employed at least advantage, the product to manufacture is less or less valuable, the export of consequences,

and balance due to foreignness. The second and third branches of foreign trade, including the trades of carriage, are monopolized out of Europe by these countries who have colonies, and in Europe by these who sell cheapest. Scotland has advantages for trade by which the merchants might undersell merchants in Holland, as cheapness of living, paying less to,

the public, having workmen, seamen, and provisions for veteran cheaper. What if the Dutch merchant's stock weighs 10,000 pounds, and his yearly expense 500, he can trade the 10% profit, and add nearly 500 pounds to his stock. Whereas the goods merchant, who stock is 500 pound, and his yield expense 50, cannot trade so cheap. If this asked how a Dutch merchant trades for has only 500-pound stock, he restricts his expense so as he can afford to trade at 10% profit. Or money being in greater quantity in Holland, whereby it is easier borrowed, and at less use, he gets credited for more at 3 or 4%.

But at rate he gains 6 or 7. And unless money be in greater quantity in 3,000, Scotland or expense retrenched, we cannot trade so cheap as the Dutch, though we have advantages for trade that they have not, and though they be under disadvantages we are not liable to. By a great quantity of money and economy, the Dutch monopolized the trades of courage even from the English. The first branch of foreign trade, bringing home the product of other countries, and exporting it in manufacture depends on the quantity of money. We are so far from competing with the Dutch in this trade that our wool was sent to Holland,

and imported from men's in manufacture, under the difficulty of prohibition on the export of the wool, and on the import of the manufacture. Yet, besides the advantages already named, which we have for trade over the Dutch, the material. The material, the material is the material. is the product of our country, and the great privileges are granted to the manufacturers here than in Holland. This alleged if the prohibition had continued, manufacturers might have come to perfection. The advantage some men made by manufacturer may have occasioned the setting up for more, while the money has been diminishing, but that money so employed has been taken for. some other years it was before employed in.

For money cannot serve in two places at one time. Tith's alleged that the aligned the rule to be exported occasioned the exploitation of the money. That at one time 5,000 pounds for Central England to buy wool. Tis asked what became of that war. The answer, it was sent to France for wine. Then, as 5,000 pounds of English rule, may be worth 8,000 or 10,000 pounds in France.

So the 5,000 pounds sent to England saved the sending out of 8 or 10,000 pounds to France. To these who don't sue examine the state of this country, it may seem odd that food should be allowed by law to be exported. But if the product of Scotland cannot be manufactured with less than 50,000 people, and the money that can be spared to manufacture, be only capable to employ 25,000, one hope the product will be lost

if it is not allowed to be exported. The fifth branch, the freighting or hiring other ships, depends on the money, and the other branches of trade, where ships are in use to be freighted by strangers, and supported by a great demand for their own trade. There are all sorts of ships are to be higher cheaper

than in other places, And the merchants are sure of such ships as are proper for the goods they load with, other countries they trade to. This trade of freighting brings the goods of other countries to Holland, though designed for sale elsewhere. A woolen manufacture from England, Portugal, use 25% profit, and to Holland 15. The English merchant will choose to send such goods to 1115%

rather than to Portugal for 25. And that that merchant who is able to trade cheaper, from the cheapness of freight, etc., is satisfied for the other ten to carry to Portugal. Most authors who have ruled on trade divided into national and private. They say a merchant may gain with the nation loses. If a thousand pounds is exported to the Indies in money,

a bullion, and a sum of pound in goods or provisions. The return was 8,000 pound, the margin gains 6,000. But as these goods are all consumed in the country, the nation loses a thousand pound of money or bullion exported. They don't consider whether the 8,000 of goods imported, all supposed to be consumed in the country, does not lessen the consumption of the product or manufacture of the country, so as to occasion an addition to the addition to the to the export, at least equal to the thousand-pound money or fully exported. But along, they do not lessen the consumption of the goods of the country, and the use of them be not at all necessary, yet these goods being worth $8,000 at home or abroad, the nation gains

$6,000. If the people consume them, any extravagant uses, that's not the food of the trade, nor for that reason should that trade be called disadvantages. It is a fault of the government who ought to hinder the two great consumption of foreign goods, especially such as might be wanted without causing great consumption of the goods of the country. That care being taken by making the vent less profitable at home than abroad, a merchants would export them or for the future lessen the import. if ye see their goods that sell for thousand pound england are only worth aboard eight hundred pounds the duty paid at their entry being returned and more given a strawback to encourage the export their rent-a-board will be more profitable than in england

a people may consume more of their own or foreign goods than the value of the product manufacture and profits by trade but their trade is not disadvantages. It is that your good consumption, and that your great consumption of the product and manufacture of the country may be as hurtful as that of foreign goods. For, if so much is consumed, that the remainder exported won't pay the consumption of foreign goods, a balance will be due,

and that balance will be sent out in money or bully. Section 3 of money and trade considered by John Lowe. This leap-book's recording is in the public domain. Chapter 2 Part 2 A nation may gain where the merchant loses, but wherever the merchant gains, the nation gains equal, and so much more as the maintenance and wages of the people employed

and the duty on the goods amounts to. If the shipping insured is lost, the nation loses, and the merchant loses nothing. But in that case, the insurer is the merchant, and the lose is equal to the nation. As trade depends on money, so the increase or decrease of the people depends on trade. If they have employment at their home, they are kept it at home. And if the trade is greater than serves to employ the people, it brings more from places where they are not employed. So William Petty widows men at 20 years' purchase. By a debt computation, a seaman whose wages 14 trillion months is valued 480 pounds.

Scotland has a very inconsiderable trade, because she has but a very small part of the money. There is a little home trade, but the country is not improved, nor the product manufactured. There is a little for the first branch of foreign trade, and that is carried on with great disadvantage to the people, who pay dearer for most foreign goods, and are worse served than other nations. If they have any cheaper, it is from their lower duty on the import. In Scotland, low prices are given for goods bought up to be exported. The merchant's profit being great. If 100 stone wool is worth in 10010 pieces of linen colors,

these 10 pieces are sold in Scotland for the value of 180 or 200 stone of such wool. Such goods as to not yield that good profit are not exported. And these that do are not exported in any quantity, the merchant's stock being small. Scotland has no part of the other branches of foreign trade, not being able to trade so cheap as other nations. Some think if interest were lowered by law, trade would increase, merchants being able to employ more money and the trade cheaper. Such law would have many inconveniences.

It is much to be doubted whether it would have any good effect. Indeed, if a loneliness of interest were the consequence of a greater quantity of money, the stock-appellate to trade would be greater, and merchants would trade cheaper from the easiness of borrowing and the lower interest of money, without any inconveniences attended. Though interest were at 3% in Holland, and continued it six in Scotland. If money wouldn't be had equal to the demand at six,

the advantages we have for trade, which the Dutch have not, would enable us to extend trade to its other branches, notwithstanding the difference of interest. If money in Scotland were equal to the demand at 6%, the Dutch could not treat so cheap in hearing. The hindrances of that trade being the consequences of the scarcity of money, money. The materials for carrying on the fishing are cheaper in Holland, but the cheapness of withdrawing alone would balance that. In the dust of these materials, as of other foreign goods

coming from the scarcity of money, that had been remedied, these materials and other foreign goods that are not the product of Holland, would be sold as cheap in Scotland. exchange is when the merchant exposes to a greater value that he imports and as many due aboard another importing to a great value that he exported has occasion for money aboard this lasts by paying money to the other of the weight and fairness without his due him or to that value and save the trouble hazard and expense to himself sending money out to the other of bringing money home and to both the expense of re-coying. So long as foreign trade, and expense kept equal, exchange was it as a par. But when the people imported for a greater value

or had other occasions aboard more than their export, and the expense of foreigners among them would balance, there was a necessity of sending out the balance in money or bullion. And the merchant for gentlemen who owed, or had occasion for money aboard to save the trouble, expense, and hazard of sending it out, and give so much percent to another as the trouble, expense, and a hazard was validate. And thus exchange rose above the par, and became a treat. Mr. Munn on Trade, page 100, says,

The exchange being against a nation is my advantage to that nation. In the supposes, if 100 pounds at London is worth no more than 90 pound of the same money at Amsterdam, the Dutch to send 500,000 pounds of growth to England, and the English 400,000 pounds of growth to Holland, it follows that the money due to the English at Amsterdam will balance 440,000 pounds due to the Dutch at London, so 60,000 pounds pays the balance. Mr. Mann does not consider that the debt goods worth 500,000 pounds, when exchange was at the par, are worth at London 555,55,000, when 90 pounded at London, and the 90,000 pounds at London. And the 400,000 pounds of English goods in Holland, are only worth 360,000 pounds, that sum being equal, by exchange to 400,000 pounds in England. So in place for England's having an advantage of 40,000 pounds, as he alleges by the exchange being against her, she pays 95,554 pounds more than if exchange had been at the par.

The exchange is above the par, this not only paid for the sum's due of balance, but affixed the whole exchange to the pace with the balance stills. It would balance 20,000 pounds, and the sums exchanged by merchants who have money, aboard with others who are owing or have an occasion for money there being six thousand pound. The bills for the six thousand pounds are sold at or near the same price with a 20,000 pound of balance. It likewise affects the exchange to countries where no balance is due. If the exchange betricks Scotland's Scotland is 3% above the par against Scotland, between Scotland, betricks England and Holland ate at the par, though no balance is due by Scotland to England, yield the exchange with England will rise. For a hundred pound in England

remitted to Scotland by Holland, will yield 103 pound. So, betwixt Scotland to England, it may be supposed to be heard at 2%, being less trouble than to remit by Holland. When goods are sold to foreigners, according to the first cost, if goods worth a hundred pound in Scotland are worth 130 pound in England, these goods will be exported, 30% being supposed enough for the charges and profit. If the price for these goods lower in Scotland from £100 to 80, the price in England will not continue at $130, it will lower proportionably,

for either Scots merchants will undersell one other, or English merchants will export these goods themselves. So if they rise in Scotland from £100 to 120, they will rise proportionably in England. Unless the English can be served with these goods cheaper from other places, or can supply the use of them with goods of another kind, this being supposed, it follows that. By so much exchanges above the par, so much all goods exported are sold cheaper, and all goods imported are sold dearer than before. If a merchant sent goods yearly to England first cost, charges and profit 6,000 pound money in England over the same standard with money in Scotland.

And no balance due, but a balance due to Holland, raising the exchange 3% above the power to Holland, and affecting the exchange to England 2%. 5,882 pound, 7 shilling in England pays the goods, that sum by exchange being easy. equal to 6,000 pounds in Scotland. So that the balance due to Holland, by raising the exchange to other countries, occasions the loss of Scotland of 117-pound, 13 shillin, on the value of 6,000 pounds sent to England. English goods are so much dearer. If the English merchant sends goods yearly to Scotland, first-cost, charges, and profit 6,000 pounds, 6,000 pounds, be paid for these goods in Scotland, being only equal to 6,000 pounds in England. If the exchange had been added the par, the Scots goods sent to England would have sold

117 pound 14 shilling more, and the English goods sent to Scotland, 120 pound less. Thus to all places with the home exchange is bugged par, and goods sent out are sold so much less, and goods brought from this are sought so much dearer as the exchange is above the par, whether send out or bought in by scouts or foreign merchants. The merchant who deals in English goods and gains no more than when exchange was at the par, though he sells dearer, nor the merchant who deals in scot's goods less, though he sells cheaper. They have both the same profit as when exchange was at the par. Scotland pays 2% more for English goods, and England 2% less for Scots goods.

All, or a great part of the loss, force it last, on a landed man in Scotland. And this the landed man in England has all, or a great part for the benefit. Nations financing the export of money or bullion to pay the balance due by trade, a lot of so much riches and very hard for to trade might have discharged the import of such goods as the people could best want, or laid a duty on them, such as might have lessened their consumption. They might have given encouragement to industry, whereby the product would have been increased and improved, or discouraged extravagant consumption, whereby the overpass for export would have been increased and improved, or this current extravagant consumption, whereby the overpass for export would have been greater.

Any one of these methods would have bought trade and exchange equal, and have made a balance due to them. But in place of these measures, they prohibit bullion and money to be exported, which could not will have any other effect than with exchange equal to the hazard. Such laws added to the export of money or bullion, which may be supposed 3% more, and these laws by such effect were hard for, making all goods exported sell yet 3% cheaper, and all goods imported 3% dearer. The stricter they were excused, the higher the exchange rose, and the more they did hurt. The balance was still centered in money or bullion by the margin.

who owed it, by the banker who gave the bills, or by the foreigner to whom it was due. End of Section 3. Section 4 of Money and the Trade considered by John Law. This Libre-Works recording is in a public domain. Chapter 2, Part 3. Suppose the money of Scotland, England, Ireland, of the same weight and fairness. Scotland took trade with no other places. To exchange it is a par. The yearly export from Scotland first cost 300,000 pounds, charges and profit, 30%. In goods imported, 280,000 pounds, charges and profit, 30%.

One half the trade to be carried on by Scots merchants, the other half by English and Dutch. Due to Scotland, four and a half of the export, carried out by their own merchants, 195,000. Due for the other half, carried out by English and Dutch, 150,000, sum, 345,000. Due by Scotland to England and Holland, for goods imported by English and Dutch

182,000 due for goods imported by Scots merchants 140,000 sum, 322,000 The expense of Scotland abroad more than of foreigners in Scotland, 40,000 pounds. If this is supposed the yearly state of the trade expense of Scotland,

then there will be a balance due of 17,000 pounds, and unless the scouts returns the consumption of foreign goods, so as to import this, or retrain the consumption of their own goods, so as to export more, or increase or improve the product, so as they export be greater or more valuable, or return in their expense abroad.

Since daily balance must be paid, it will go out in money or bullion, and occasions exchanged to rise 3%. The prohibition on the export of money three more. If Scudm exported, the nation saves the £1,000 exchange on the 17,000 of balance due, weight is lost if English merchants exported, but the loss such a rise in exchange occasions on the goods is more considerable. The $195,000 due abroad for goods sent out of Scotland by Scots merchants will be paid with $183,962

English or Dutch money. Then some be equal by exchange at 6% to $195,000 in Scotland. The $150,000. The $150,000. Due for first cost of goods carried out by English or Dutch merchants, will be paid with $141,500,000. 510-pound English for Dutch money, and that sum being equal to 150,000 in Scotland. The 182,000, and due by Scotland, for goods imported by English, Dutch merchants, will come to 192,920 pounds in Scotland.

And the 140,000 pounds for goods brought home by Scots merchants, will come to 148,400 pounds in Scotland, So the account will run does. Due to Scotland for goods exported, 183,962. Broad from abroad, first cost, 140,000. Balance of expense abroad, 40,000. Due to Scotland abroad, 3,962. due by Scotland for goods imported by English and Dutch 192,920 English and Dutch take back in goods 150,000

due to English and Dutch in Scotland 42,920 3,962 pounds due to Scotland to Scotland in Scotland in Scots money 4,199 remains due by Scotland 38,721

So the rise in exchange of 3% by the balance due of £17,000 and three more by the prohibition on the export of money occasion the loss to Scotland of £21,721, and makes the next year's balance 38,721 pounds, those treat be the same as before, of which 21,721 pounds lost by exchange, one half would be saved if money were allowed to be exported. Since the exchange being 6%

above the power, occasions the loss of 21,721 pound, then raising the money 18% percent percent, having raised the exchange with England to 14 percent, and with Holland to 30, it makes the loss proportionably greater. Scouts goods being supposed to continue into the same prices they were sold for before the money was raised, or not to rise in the same proportion with the money. Following exchange was at the par, a hundred pound of Scouts goods were sold aboard for a hundred thirty-pound English money, but a hundred fourteen-pound English money, being now equal by exchange to a hundred thirty-pound Scotland. The Scots merchant can afford to sell the same quantity of goods for a hundred fourteen

pound that he sold before at 130, and have the same profit. So foreign goods worth a hundred pound and sold in Scotland for a hundred pounds, when exchange was it as a par, cannot be sold now for less than a hundred fifty pound in Scotland. That sum being unequal to hundred hundred thousand. hundred thirty-pound English money. And the merchant's profit is no greater than where he sold the same quantity of goods for a hundred thirty-pound. It may not be improper to consider what consequences would attend the lowering the money to the English standard,

and allowing it to be exported. In the former state of trade, I have supposed to be carried on, one half by Scouts merchants, the other half by English and Dutch. But as most of the trade is carried on by Scots merchants. I shall suppose this state of trade accordingly. The one or the other will clear the matter in question. The state of trade now, and exchange suppose at 15% to England, and so did it hold it to Holland. The whole export of Scotland will be £300,000, of which 250,000 pounds carried out by Scots merchants,

and so did the 30% profit, and charges three. in English money, $282,608. Exported by foreigners for 50,000 in English money, 43,478. The whole export, 326,86. Goods imported, 306,86. 186 Spent aboard 40,000 Due of balance by Scotland

20,000 Money being lowered to the English standard and allowed by load to be exported will bring the exchange with England to 2 or 3% and with Holden to 17 or 18 Notwithstanding of the balance due For as £100 in 18 more Would that be equal to 100 pound at London

and being allowed to be exported, now would give above $1002 or 3 here for a hundred pound at London. Because the trouble in the charge of sending it to London would be valued no higher, the export, import, and expense abroad supposed to continue the same. A balance would then be due to Scotland. The state of trade exchanged at 3% of England, and proportionably to other places. Due in English money, for $325,000. First cost, charges and profit of goods sent out by Scots of merchants. $315,534.

Due in English money for $15,000 of goods exported by foreigners. $48,544. The whole export, 3654. of this deduced the value of goods imported 306,886. And as the expense aboard, 40,000, there will be a balance due to Scotland of 17,992. As this balance due to Scotland would bring exchange total power and 3% on the Scouts side, Three more, because money in England is prohibited to be exported. 100 pounds in Scotland would be worth 106 pounds in England, and proportionably in other places.

So the state of trade would then be thus. Due in English money for 325,000 a pound, first cost, charges and profit of Scots goods sent out by Scouts merchants. and 50,000 pound exported by foreigners, 397,500. Of this spent a board, 40,000, imported from a board, from 306,86. Balacen due to Scotland, 51,414. If the yearly export bills greatest are exposed, and the balance of all, only 20,000 pounds, then lowering the money to the English standard will make a balance due of 51,414 pound, though the money is not allowed to be exported. It may be objected that a certain

alteration in the exchange, lowering the value of foreign money, might hint the sale of our goods aboard. For Lining Cross boarding Scotland for £100, and sold to London for £115, used by exchange 31% profit. But if exchange were 6% on the Scots side, the profit is only 9%. It is answered. If an English merchant takes bills on Scotland for sound pound to lay out on Lening class,

the exchange then adds a par. The Lening class is sold in England according to the first cost, charges, and the euro profit. Next year, the exchange is on. on the English side, the linen sold England cheaper than before. The third year exchange returns to the par. The linen is then sold in England as the fourth year. If the first course of linen is dearer, the consumer pays the more for it.

The merchant's profit is the same. All nations in Denver get the exchange as much as it can on their side. The exchange from Holland to England is 12 or 15%. The Scotland is 30% to France 40 or 50, sometimes more. Yet that goes sale in these countries, the merchant has his profit the same as the exchange was lower. The consumer pays more for them. English cars sold at Paris, from 18 to 20 livres, the French air,

when the Lour is at 12 livres, from 20 to 23, when the Lé d'Ores is at 14 livres. because the exchange of england is dearer in proportion as the front money is raised the most goods sent from scotland are such as foreigners round want though they paid ten or twenty per cent more for them we have an exam of this in the war and during the prohibition or wars sold in holland and france for doubled at first cost now it has fallen to thirty or forty per cent profit prices are given for goods according to their first cost, charges, and the euro profit. Where prohibitions are, the hazard of exporting contrary to law is valued. Wu is of less value, not in Holland than in time of peace, because the event of their woolen manufacturer is less.

But as though wool were as valuable in Holland as before, and though a Dutch manufacturer would give 200 pounds for wool that costs only a hundred pound Scotland, rather than wanted. Yet as he knows the prohibition is taken off, and that the Scouts merchants can afford to sell cheaper, he won't buy unless he can have it at a reasonable profit. So either the Scouts merchants bring down the price, by underselling one another, or that merchant commissions it himself. If the duty will put down such goods, whose value board would bear it, the merchant would gain the same. This is the foreigner pays the duty. Besides, lowering the money may not lower the prices aboard, for as the money was wasted, and goods may have rose in proportion,

or have been made worse. So, as a hundred pound after the money is lowered, we have thirty-three crowns and there were six more silver than a hundred pound had before. So a great quantity of goods, may be bought with a hundred pound than before, or the goods may be made better, especially the linen cloth, since the material would be imported for less. But knowing that upon the lowering the money and goods sold in Scotland as before,

and were made no better, and lying that one third or more of the goods exported could not be raised in their prices aboard, because foreigners might be served cheaper with the same kind of goods from other places, or might supply the use of them with goods of another kind, or might consume less of them, yet that ought not to hinder such regulation of the money and exchange,

for a drawback might be given upon the export of such goods, whose prices aboard were not great enough to yield a reasonable profit. But the list such an alteration in this exchange when the value in foreign money should lessen the export of goods. It may not be advisable, unless a fund were given, out of which drawbacks might be paid to encourage export, and an addition be made to the money,

whereby the people may be set to work. Well, without some addition to the money, this must be supposed next year's export can be equal to the last. It will be lessened as money has lessened. A part of the people then employed being an idol, not for want of inclination to work or for want of employers, but for want of money to employ them with. End of Section 4 Section 5 of money and the trade considered by John Law. This leap work recording is in the public domain.

Chapter 3 The measures have been used to preserve and increase money, have been some countries, been opposite to what has been used in others, and opposite measures have been used in the same countries, without any different circumstances to occasion them. Some countries have raised money in the denomination, when others have lowered it, some have elated it, when others who had elated it had elated, have recognized it, some have prohibited the export of money under severe penalties, when others have by all allowed it to be exported. Some thinking to add to the money have obliged traders to bring home bullion in proportion to the goods they imported.

Most countries have tried some or all of these measures, and others of the same nature. It have tried contrary measures at one time, from what did they use immediately before, From the opinion, that since the method used had not the effect designed, a contrary would. Yet it has not been found that any of them have preserved or increased money, but on the contrary. The use of banks has been the best method yet practiced for the increase of money. And banks have been long used in Delhi, but as I am informed, the invention of them was owned into Switzerland, their money was copper which was inconvenient, my reason of its wage and bark. To remedy this inconveniency, a bank was set up where the money might be pledged, and credit given to the value,

which passed in payments, and facilitated trade. The doubt for the same reason said the Bank of Amsterdam, their money was silver, or their trade was so great as to find payments even a civil inconvenient. This bank, like that of Sweden, is a secure place where merchants may give in money and have credit to trade with. Besides the convenience of easier and quicker payments, these banks save the expense of cashiers, the expense of bags and carriage, losses by bad money, and the money is safer than in the merchant's houses.

For this less liable to file or robbery, the necessary measures being taken to prevent them. Much as you have money in the Bank of Amsterdam, and the people of other countries who deal with them, are not liable to the changes in the money by it being elayed or ordered in the denomination. For the bank receives no money but the worth of value, and is therefore called bank money,

and though raised in current payments, it goes for the value it was pledged for in bank payments. The adjutant of the bank changes a quarter or a half percent, as current money is more or less scarce. Banks feel the money is pledged equal to the credit given, are sure, for though demands are made of the whole, the bank does not fail in payment. By the constitution of this bank, the whole sum for which credit is given would to remain there to be ready at the demand. yet a sum is lent by the managers for stock to the lumber, and he thought they lend great sums on other occasions. So first they lend, they add to the money which brings a profit to the country by employing more people and extending trade. They add to the money to be lent, whereby it is easier borrowed, and it lays use.

And a bank has benefit, but the bank's less sure, and though none suffer by it. or apprehensive of danger, as credit being good. Yet if the whole demands were made, all demands greater than the remaining money, they could not all be satisfied, till the bank had called in what sums were lent. The sudden good it does will more than banished the hazard. Though once in two or three years, it failed in payment, providing the sums lent be well secured, the merchants who had money there might be disappointed of it at demand but the security being good and interest allowed money would be had on a small discount perhaps at the par

last war england seat of a bank to help the conveniences of that at amsterdam and by their constitution to increase money this bank was made above subscribers who lent the king a new to $100,000 at 8.30% for 11 years on the parliamentary fund, and for privileged bankers for that time. The sum due by the government was security to the people to make good any losses the bank might suffer. And this bank was safer than the goldsmith's notes in years before. It made a great addition to the money, having much greater sum of notes out, the money in bank. and some lent the gain which for the fund belonged to the subscribers was negotiated at profit and had the same effect in trade as money i don't know how their notes came to be at a discount whether from the circumstances of the nation or from year management the fund of the bank scotland was hundred thousand pound of which terms was paid in This bank was several than that of England, and there being a register whereby most of the sum's land was secured.

It's a note that went for five times the value of the money in bank. And by so much as these notes were willing for more than the money in bank, so much was added to the money of the nation. And this bank was more useful than that of Amsterdam or England. It's notes passing most payments, and through the whole country, The bank of Amsterdam being only for that town, and that of England were little use butted London. Their stock payments which happened to the Bank of Scotland was foreseen, and it might have been prevented. The consumption for foreign goods and expense in England being more than the export of goods did pay. The balance sent out in money lessened the credit for the bank.

for as credit's voluntary, it depends on the quantity of money in the country, any increases or decreases with it. Accordinging notes of one pound supported to the bank by furnishing paper for small payments, and thereby preventing a part of the demand for money. By these notes, the bank might have kept its credit till other methods had been taken to supply the country with money, had not reported raising the money occasioned an extraordinary demand, which in a few days exhausted the money in bank, and put stopped payments. It would not have been easy in that scarcity of money to have got enough to support the bank. Don't mean of the base credit had undertaken it. Then report of raising the money having only occasioned a demand from the people in Edinburgh.

In a short time, the notes would have come in so fast from the country that the vote money could have been got would not have answered the demand. If the Privy Council had lowered the money, the English crown to five shilling, and the other money proportion, to take place two pence per crown in three days and the other three pence in a month, the occasion of the demand being removed. in all appearance money would have been returned to the bank. If the state of the bank had been known or suspected by the people, such proclamation would have had the same effect, though the stop payment had then happened.

In that case, the support of the bank might have been the narrative of the proclamation, the security being good, fewer now would have kept their money to loss, rather than return it to the bank. and if in three days money had not come in so fast as expected their lordships by a significant proclamation might have been lowered the craft of five shilling to take place then and six pounds more in three days when the credit for the bank had been re-established the money might have been cried up if that had been necessary it acquired five shilling and five pounds and the other money in proportion as it was before. Some are against all banks where the money does not lie platy-equal to the credit. First, they say the demand may be greater than the money in bank. And secondly, if we are declining in our trade for money, we are not at all or are less sensible for it. And if the bank fail, we are in a worse condition than before. To the first it is answered, though the

had no benefit by the addition for the bank mixed to the money, not people by being supplied with money when otherwise they could not, and it less interest. In those the proprietors had no gain by it, the other conveniences, as quicker and easier payments, etc., are more than equal to that hazard. Our banknotes, goldsmiths, and banker's notes would not be preferred to money. everybody knowing such a stop may happen to the bank, and that the goddismiths and bankers may fail. The under the objections that seem as to say a merchant had a small stock and was capable of employing greater, if some were offered him without interest equal to what he had, and the more as his own increased,

should refuse it, because he might fancy himself richer than he was, and if his own stock decreased, that some land would be taken from him. In 15,000 you suppose the money in bank, and 75,000 pounds of a note out, 60,000 pounds has added to the money of the nation, without interest. For what is paid by the borrowers is got by the proprietors. As the money of the nation increases, the credit for the bank increases, and the sum of a note out is great. and so far from making the people less sensible of the condition of the country,

a sure judgment of the state of trade money may be made from the books of the bank than any other way. If trade can be carried on with 100,000 pounds and balancing due by foreigners, their same measures and greater quantity of money would make the balance greater. The noise that additional money the bank furnishes to be supposed will be lost, if by a balance due from trade the simple money increases. That credit may fail from an accident when money is plentiful, and would soon be recovered. It is only lost by scarcity of money, and such credit may support the trade, in cases where resulted and trade would sink, but cannot do prejudice. another objection is made against the bank that it encouraged the exploitation of money by furnishing sums in such species as were of most value aboard to answer this objection i shall make a supposition a b merchant has occasion for a thousand pound in holland and desires the cd banker to give him a bill for debt value there is no money due in holland to scouts of merchants

so cd must export the money to pay the bill he draws but there been no bank nor any possibility of getting a thousand pound in forty-pence pieces he sends out money of different species this does not hinder the money to go out but makes the exchange dearer by two or three per cent then would have been if forty-pence pieces could have been got no other money were left but all the marks if a balance is due and this will go out though not worth tenpence the exchange will be so much higher the profit of exporting is the same when so far from doing hurt to the country the bank by furnishing such pieces as could be exported to release the loss kept the exchange two or three per cent lower than otherwise it would have been and a civil yearly sending out a considerable sum to pay a greater balance, the higher exchange would have occasioned. End of Section 5 Section 6 of Money and Trade Considered by June Law. This lip-book's recording is in the public domain.

Chapter 4 Part 1 When I use the words raising the money, I desire to be understood raising it in the denomination, for I do not suppose it adds to the value. There is no way silver can be made more valuable, but by lessening the quantity or increasing the demand for it. If the export and consumption of silver be greater than the import, or the demand be increased, the silver will be of more value. If the quantity imported be greater than the quality, it would be greater than the export, quantity exported or consumed, or the demand lessened, silver will be of less value.

If raising or laying the money could add to its value or have any good effect on home of foreign trade, then no nation would want money. A hundred pound might be raised or later to 10 to 100 times the denomination it had, or more a silver occasion. Pettist isn't just to raise or lay money, because then all contracts are paid with a lesser value than was contracted for. In the city has bad effects on home of foreign trade, so no nation practices it that has regard to justice, or understands the nature of trade and money. If a. B. sell 12 children of veto for a hundred pound payable in six months, with which he is to pay bills of exchange of that value, would be drawn on him then from France for one he has commissioned.

And in that time, the money should waste all related to double. The £100-pound AB receives, we only pay half the bill he has to pay, being unequal to £50 of the money he contracted for. Nor was that the £100 buy the same quantity of goods of the country that the £100 bought before. It will pay where money is due, and satisfy past contracts made.

upon the face of the public, because the prince says every man shall take half what is owing him in full payment. But in bargains to be made, their value of the money will be considered, and goods will rise, though perhaps not with the proportion of money to waste, and such persons as do not raise their goods equal to the money are imposed on. When sixpence is raised to twelvepence, that sixpence is worth twelvepence, but the value of the pence is lowered to a half-pence. To explain this matter better, I shall suppose the money is raised in goods rise or not.

If goods rise, then raising the money has not the effect designed. If a piece of serge is sold for 40 shilling, and the shilling be raised to 18 pence, that a piece of surge will be sold for 3-pound. This adds to the tail of the money, and pay debts with two-thirds of what is due, but does not add to the money, and this the natural consequence of raising the money, for it is not as the sound for the higher denomination, but the value of the silver was considered.

If their man is raised and goods keep the prices they had before, then all goods exported are sold for lesser value aboard, and all goods imported are sold to the dealer, A half crown is raised to 40 pence, and that half crown buys the same quantity of goods 40 pence bought before. Then the merchant who sends goods to Holland to the value of 300 pound, which are sold for 390 pound there, would gain 220 pound on the value of 300 pound exported. Because 390 pound in Holland would be equal to, or worse by exchange it as a par, or sent in bullion, 520 pound in Scotland. Then the trade would bring no more profit to the nation, then when the return of the goods yielded only 390 pound.

4.390 pound before it was raised, and the same quantity of silver that the 520 pound raised money would have, and bought as greater a quantity of foreign goods. But that trade would be so profitable to the merchant that more people would deal in it than could get goods to buy. to buy, and a small buyer than sellers would raise the prices here, so one merchant out-sitting the other would lower the prices in Holland. But as though the prices kept low here, and our merchants kept up the prices aboard,

that that knowing the goods were so cheap in the country would buy none from our merchants, but commissioned them in return of goods they sent. Suppose the yearly export first cost $300,000 a pound, and sold the only, and sold the board 390,000 pound. The import and expense abroad for 110,000 pound, and 20,000 cent in money to pay the balance. The money raised one-third, and goods to keep the prices they had before. 225,000 pounds sent to Scotland in foreign money or goods or by exchange, would buy what was sold abroad for 390,000 pounds. The export, import, import, and export, and expense aboard continuing the same, Scotland would be due a balance of 185,000 pounds.

For, those goods were sold under the value, yet other nations would not sell their goods for less than before, or than they could have in other places. It may be alleged we have more product in the manufacture than is consumed or exported, and selling cheaper would occasion greater demand for goods aboard. The product and manufacture might be much increased if we had money to employ the people, but I'm of opinion if not any great quantity of goods more than what is consumed or exported. Allow selling cheaper would occasion greater demand, that the greater demand would occasion an increase in the product and manufacture to the value of 100,000 pounds. and allowed that the extraordinary cheapness of goods did not occasion greater consumption in the country. Yet, you would be in the same conditions as before.

20,000 pounds would be still due of balance, and the improvement would be given to foreigners for nothing. But this improvement is imaginary, but though the demand increased, yet without more money, more people could not be employed, so no further improvement could be made. It would be forced for returning near one half of the ordinary consumption foreign goods and expense aboard, not having money to pay the great balance would be due. Some think foreign money being raised would bring in money to Scotland. Those of crown were raised to 10 shilling, yet if the guidance due by Scotland, the exchange will be above the par,

and is not to be supposed an English merchant will bring crows to Scotland, when for a hundred paid in at London, he gave 105 or six of the same crowns paid him at Edinburgh. If the balance of trade was equal, foreign money raised and Scots' money not raised in proportion, foreign money would be bought in, and a greater value of Scots' money would be carried out. This is the same loss to a country where money is raised and goods do not rise in proportion. If foreigners sending money to buy goods and this money when exported is not the better so high as here, the return in goods will be so much less, besides the want of the profit we would have had on the export of our goods. If all import and full expense were discharged, Scotland would then be so much richer as there was bullying or money imported.

But if that prohibition be supposed, Scotland would be richer by keeping the money and the value it has, because a greater quantity would be brought in to buy the same quantity of goods. If it could be supposed to be without any commerce with other nations, a hundred pound may be elayed and raised to have the same effect on trade as a million, that if a stranger was suffered to come to Scotland, he might purchase a greater part of the land of goods with a small sum, and the rich man here would make a very small figure aboard. Money is measure by which all goods are valued, and unless goods raise to the full proportion the money is raised, the goods are undervalued. If the yearly value for Scotland in product and manufacture be 2 millions, at 20 years purchase, 40 millions, the money 100,000 pounds,

raising the money 20% makes it a pass for 120,000 pounds. Suppose the goods rise only 10%, then that 120,000 is equal in Scotland to 110,000 pounds of the money before it was raised, and buys the same quantity of goods. So, an addition is made of $20,000 to the deal, and of $10,000 to the value of Scouts of foreign money compared with the value of Scots' goods. By the measure by which goods are valued,

being raised in the denomination 20%, and the goods rise in only 10%. Scotland is near 4 million or 1 tenth least valuable than before. And any man who sells his income, state, we receive a tenseless silver or of any other foreign goods for it, than if he had sold it before the money was raised. France and Holland are given as examples of raising and laying the money. In France, the money is higher in the demomination than in other countries.

A debt does not hinder the money of bronze to be exported. When the Lé-Dour was at Tuviliver, the balance was against the France. exchange 10% above the power, and 110 Lydor at 12 livres were paid then at Paris, for a hundred Lydor of the same wage of fairness at Amsterdam, and passed there for nine guilders bank money, so 10% was got by exporting money from France. When the Lydro was raised to 14 livres, that did not make the balance against the France list. The exchange continued the same. 110 liu-dollar, though, and the 14 libra were paid for a bill of 100 at Amsterdam,

and the same profit was made by exporting money. If the exchange happened to be lower, it was from the balance of the trade due by France being less, and that would have lowered the exchange whether the money had been raised or not. But the reason the money, so far from bringing the balance to the first place, side and keeps the balance against the France. For as it goods do not rise to their full proportion, the money is raised. So French goods are so cheaper and foreign goods are sold dearer, which makes the balance greater, occasions greater export of money. Since idle so many for the people are that money employed, this is the product or manufacture, the yearly value of the country,

under the number for the people. He thought that that coin L'Ido and sent them to France where they pass at a 14 liver, and that the Guinness was sent from Poland to England in the time of the clipped money, because they passed there for 30 shilling. But these people are misinformed. Ever since I have known anything of exchange,

a Lidore at Amsterdam where the new world, or old has been of more value by exchange than a new Lydore at Paris. And in the time of the clipped money, a Guinea in Holland was worth more by exchange than the Guinea in England. These who were ignorant of the exchange might buy up guineas or Lydos to carry to England or France, but they would have got more by bill. There was profit then upon exporting Guinness and Lydos for, from England and France to Holland. The pound English at that time was given for eight guilders, or under.

And the exchange from Amsterdam to Paris has been these eight or ten years for the most part, considerably above the par on the Dutch side. I have known the pound English at seven guilders' thirteen stivers, and the first crown of three livres bought in Holland for 37 stivers. In London for 39 pence, halfpenny. End of Section 6. Section 7 of money and the trade considered by John Law. This libel work recording is in the public domain.

Chapter 4 Part 2 Raising the money in France is laying a tax on the people, which is sooner paid and sought to be less failed than the tax lit on any other way. When the king raises the Lüu from 12th-Lebr to 14, they are taken in and the mint for 13 Libre and given out for 14. So the king gains the libel on the Lydor, and its tax comes to 20 or 25 million of Libre, sometimes more, according to the quantitative money in the country.

But so far from adding to the money, it stops the circulation, apart being kept up till there is occasion to export it to Holland, from once a return is made by bill, of suburb are equal to the same quantity of new lydor that were exported of old ones, and eight or ten percent more, according as the exchange is on the dot side. Others who won't venture to send the money out and keep it till the new money is quite done, so see if a certain spot, which the gain would have got if they had carried the money to the mint to be re-coined. This tax was heavy on the poor sort of the people. This generally thought that Dutch money is not worth hard for it passes for, but it will prove otherwise when examined. The bank by which most payments are made receive and pay in bank money,

which is better than the English. Danked down side three guilders and other bank money in proportion. Annam informed the account of the money had silver in it to the value or near, except some of their scurlings, which are worse than others. The making them worse was not designed. It was abuse occasioned by too many towns having power to coin, which abuse was stopped so soon as no, and that species crowded down to five steruels and a half.

Some purpose the money may be raised, to give the letter we have left a better circulation, and to bring out the hooded money, then lowering it by degrees to take place in three or four months will have the same effect, and other good consequences. For, from what has been said, page 54-55, and there is a reason to think if the money were lowered to the English standard, exchange would be on our side, and the balance due to us. Providing the export, the import, and expense aboard continued as now.

There is another agreement for raising the money, which is that some goods don't yield profit enough abroad, so are not exported. If surges worth in Scotland a hundred pound, are worth 120 in Holland. The merchant will export them for 20% profit. Funny of the monies raised 20% and goods keep it the prices they had before.

The same money that bought £100 of surges, and buying now to the value of £120, and these goods being worse in Holland than £144, that addition to the profit by raising the money will occasion the export of them. This is the same as if a merchant who had a hundred different sorts of goods, and it was offered a 30% profit upon 90 of them, with a nobody offering above 20% profit.

for the other ten swords, should add a quarter to the measure by which he measured his goods, and sell all the hundred swords for the same price he sold them before. As this Martin would find himself a considerable looser by this expedient, a so were a nation who raises their money. For the same reason, it would be greater loss to Scotland if all goods were allowed to be exported without duty, and some ought to be free of duty, and some not, according to the value aboard. The true and safe way to encourage the export of such goods

as to not yield great enough profit is by drawback. If such a central homeland give only 20% profit, 10% given as drawback, we encourage the export. The drawback given to the merchant is not lost to the nation, and what is guted by the manufacturer or export of the goods is gained by the nation. A drawback is the base method yet no for encouraging trade, and it may be made appear that 10 or 15,000 applied that way will occasion addition to the export to the value of 100,000 pounds, nor as any part of that 10 or 15,000

pounds lost to the nation. For, if A.B. and C's government gets a drawback, it is the same thing to the nation, as if it had not been given. When Joebacks got paid out the funds for the support of the government, little money supplied that way, because so much is taken from the prince. But if there was a national fund for the encouragement of trade, that nation might improve trade, and undersell other nations that did not follow the same measures.

But this is supposing there was money in the country to employ the people. Coying in the plate were lots of the fashion, which may be valid for six, and would add a little to the money. The plaited the restoration was inconsiderable. Have it been called in a little before? Since there may have been wrote one year with another about 60 stone weight, of that the greater part has been melted down or exported, the remainder would be of great value. Water plate has been imported belongs to few men of quality, who will send it out of the country rather than lose their fashion, and then they do a service to the country, providing they don't spend it aboard, because a road plate will sell for more safe at London, and then it will melt to a year. If it is proposed the money be allayed, and the advantage of the allay be given to the illness of the plate,

Suppose the new money with a lay be raised to double the denomination. 5 shilling a plate with the fashion worth 6 shillings will give it the mint 10 shilling lead money. But you and then the plate will not be brought in voluntarily. For that, the plate sold in England, and the value brought back by bill, will yield from an 11 to 12 shilling exchange being above the par, and sixpens supposed to be got for the fashion of the ounce of plate. If it be necessary to coin the plate, such plate should be allowed to be exported as can be sold abroad for more than its weight, securely being given to import money or bullying to the value.

Some propose a regulation of the balance of trade, by retrenching the consumption of foreign goods, and expense England. So the balance being bold to be on our side, we may become rich by leaving within a yearly value, as we became poor by spending beyond it. Such regulation we have its difficulties. First, discharge all or a greater part of the import. We listen considerably the revenue of the quarrel, and if majesty may not seem good to give the royal sense

for such a regulation, unless equivalent be given. And second, such a regulation would not be so strictly kept, but the part of what was used to be imported would be stowing. Third, the right, The residence of her princes being in England were under necessity of heavy ministry there, employments being under the disposal of the prince.

The London being placed of more diversion than Edinburgh, the gentry will continue to go to London for places or pleasure. But allowing the royal assent of a given to such regulation, either visa or without an equivalent, and the regulation could be so strictly kept that nothing were imported contrary to that rule. And now 20,000 pound could be saved of the expense in England, so that the import and expensive board should be 6,000 pounds less than last year. Either there are other difficulties that I feel will make the regulation ineffective. First, suppose the balance last year due by us was 20,000 a pound.

The import and expensive board lessened 6,000 pounds. These who proposed this relation may think a balance will be due to us of 40,000 pounds. However the bank may have supplied us with 6,000 pounds of notes, more than the money in bank. It is 20,000 pounds is supposed to have been exported last year. Some money being less than 80,000 pounds. The next year's export may be so much less valuable. The world of that money has been set idle part of the people were they employed. And the greater balance be due than last year, notwithstanding of the regulation.

Second, 40,000 pounds of first cost of goods employed. and turned this on the spender board, lessened at the consumption of the goods of the country, and the export was by so much greater, that the consumption of the goods of the country was lessened. But this regulation occasionally a greater consumption of the goods of the country, the export will be less. Third, several merchants may have exported the goods, though they had not much profit upon the export of them, but because of the profit would be made upon the import, which being lessened may likewise lessen to export. Fourth, if Scudland discharged or put very high duty on the goods of other nations,

other nations may discharge Scots goods. Allowing there were no difficulties in regulating the balance of trade, and then the same measures were followed as are followed in Holland. It would grow richer, but their riches would increase in the same proportion, In 30 years hence, Scotland would be as poor as now in comparison with Scotland. If two countries equal in their product, people, etc., the world is a hundred thousand pound of money and living within its yearly value, so that the first year a balance is due of 20,000 pounds, the second year of 25,000 pounds, and so on.

The other country with 20 millions of money and consume more than the yearly value, so that the millions sent out to pay the balance, the second year, a million two hundred thousand pounds, and so on. This country will be soon poor, and the other be soon rich. But if that people who has 20 millions of money will return in proportion to the other, they will be rich and powerful in comparison with the other. Considering how small a share we have of the money for Europe, how much trade depends on money, it will not be found very practical to consider.

our condition, but by an addition to our money, or if it is practicable without it, it is much more so with it. The bank will add little to the money. First credit is voluntary, and it depends on the quantity of money in the country. And though the bank had never failed, yet it could not have kept its credit much longer, because the quantity of money in Scotland is not sufficient to give circulation to such a sum of notes as we pay the charges of the bank and the interest to the owners. They sought the proprietors of the bank designed to apply to the Parliament for further privileges.

But as their designs not yet made public, I shall only say in general that if other privileges are to be given, then it's not the same bank, at least not on the same establishment it was. In either of these cases, every person should be given be allowed to a share in it. When a bank established, every person may have a share upon the terms of the Act of Parliament. And he that offers first is preferred. Suppose the pounded sitting up with the bank,

A, B, and C did not subscribe to it, because they thought the establishment not failable enough. So not see who did subscribe can support the bank upon the terms of the Act of Parliament, no way pretend for any share in it. unless the subscribers are pleased to sell. What if other privileges are given,

A, B, and C as any others of the country may desire the books to be opened, that they be allowed to share in it. And any other set of men who offered the same security may to the same time be allowed to set up a bank with the same privileges. So every shine Scotland for a desire one. And if new privileges are given to this bank,

it were hardship to refuse the same to others, who are able and willing to give the same security, especially when the nation stands in need of more money than this bank would be allowed to give out. End of Section 7. Section 8 of Money and Treat Considered by John Lowe This leap-works recording is in the public domain. Chapter 5, Part 1

The national power and wealth consists in numbers of people on the magazines of home and of foreign goods. This depends on trade, and the trade depends on money. So to be powerful and wealthy in proportion to other nations, we should have money in proportion with them. For the base rules without money cannot employ the people, improve the product, or the vast manufacture and trade. The measures have been used to preserve and increase money, or such as are not proposed, are attended with difficulties, and though the difficulties were removed, are ineffectual, and not incapable to furnish money so as to improve the country or extend the trade in any proportion to the improvements and the trade of other nations. In credit, that promises payment of money cannot be extended beyond a certain proportion, it ought to have with the money, and if we have so little money that any credit could be given upon it, would be inconsiderable. It remains to be considered with any other goods than silver can be made money with the same safety and convenience.

From what has been said about the nature of money, Chapter 1, it is evident that any other goods which have the quality is necessary in money may be made money equal to their value, with safety and convenience. And there was nothing of humor or fancy in making silver to be money, and it was made money because it was thought best qualified for that use. I should endeavor to prove that another money may be established, with all the qualities necessary in money in a greater degree than silver, with other qualities that silver is not, and preferable for that use, though silver was a product of Scotland.

And that by this money, the people may be employed, the country improved, manufactured, and manufactured, and trade domestic and foreign be carried on, and the worst power attained. What I propose, will I hope be found safe and practicable, advantages in general to Scotland, and in particular to every Scotsman. But as I offered a proof, that what I shall propose is more qualified for the use of money than civil, so before I come to the proposal, I shall show some defects in civil money, that it has not and does not answer the design of money.

Money is the measure by which goods are valued, the value by which goods are exchanged, and in which contracts are made payable. Money is not a pledge, a sum quoit. It's value paid, or contract to be paid, with which it is supposed the receiver may, as his occasions require, buy an equal quantity of the same goods he has sold,

or other goods equal in value to them, and that money is the most secure value, either to receive, to contract for, or to value goods buy, which is the least liable to exchange in its value. And civil money is more uncertain in its value than other goods, so less qualified for the use of money. The power the magistrate has to order the money in the nomination of finance takes free the chief quality for which silver was made money. In countries with the money is often changed in the denomination or fairness,

it is more uncertain to contract for money than it was in the state of butter to contract for goods. If 100 ounces of silver are lent or contracted for, and a bond given for them denominated pounds, payable in a year. In that time, half a crown is raised to a crown, and 50 ounces pays the hundred land or contracted. for. And though the magistrate did never order the money in the demolition or finance, yet it is more uncertain its value than other goods. In goods of the same kind and quality differing value, from any change in the quantity or in the demand for them. In either of these

cases, goods are said to be dearer or cheaper, being more or less valuable and equal to a great or less quantity of other goods or of money. The silver in bullion or money changes its value, from any change in its quantity, or in the demand of it. In either of these cases, goods are said to be dearer or cheaper, but it is silver or money is still a cheaper, being more or less valuable, and equal to a greater or less quantity of goods.

Imperishable goods as cons and etc. increase or decrease in quantity as the demand for them increases or decreases, so the value continues equal or near the same. More durable goods as metals, materials for shipping, etc., increasing quantity beyond the demand for them, so are less valuable. Sable of money increases in quantity buys so much as it imported to Europe, more than is consumed or exported. The demand has increased, but not in proportion to the quantity. For, first, the same quantity of silver or money won't purchase the same quantity of goods as before. And secondly, 10% was paid for the use of it,

and now it is to be had at 6, in Holland at 3 or 4. An ounce of silver being worth 5 shui in 2 pence, and a crown for 60 pence, unless ordered by the prince, makes most people insensible of any change in the value for silver or money. But as one year the bow of barley sold for two crowns, and the year after for three, this difference comes from a change in quantity or demand of the barley, or of the money, and the debt of the money will occasion difference in the price, as well as that of the barley. If last year a hundred sheep was sold for a hundred clouds, and the price and sold them desires this year to buy the same number of sheep.

And though the quantity of the sheep and the demand for them be the same as last year, any of the money is increasing quantity, and the demand for it not increase in proportion, the hundred sheep will be equal in bedded more money than the year before, so the money is cheaper. If the quantity of the money and the demand for it be the same as before, yet if the sheep are lesser in quantity or demand for them greater, the hundred sheep will be equal to greater quantity of money, so the sheep are dearer. So though the magistrate did never order the money,

it is liable to change its value as silver, from any change in its quantity or in the demand for it. And the receiver is doubly uncertain with the money he refused. receives or contracts for, where he has occasion, and buy him the same goods he has sold, or other goods equal are invalided to them, because the difference may happen in the value of the money or the goods he is to buy. And this uncertainty is, though both money in goods were certain in their quality. The difference of the prices of most goods, from changes in their quantity or in the demand for them, will be much prevented if magazines

were kept. But the difference in the prices from the greater or lesser quantity or demand for money and cannot be prevented so long or surplus of money. That the money is of much less valuable than it was, will appear that the value goods, land and the money had two hundred years ago. By the ex-the-council of Edinburgh, it appears that the end of 1495, their fears for wheat were six shelling and eight pennies scouts running the ball. Anna 1520, clarified in the white French wines, were ordered to be sold in the taverns at six-penny scouts the pint, an ear at 20-penny scouts the gallon.

Anna 1526, the males belonging to the town who led for four hundred-on-marked scots, now they give thirteen thousand. The petty custom is the least than that for 115 marks. In 1932, the load of the mold containing 9 full loads, was ordered to be sold to 32 shillings at the load. Inno 1551 ordered that the best mountain bark be sold for 12 pennies scots, the second sword for 10 pennies, and the 1st sold for 8 pennies. Anna 1553, the nine fullards of more of old measure with the charity,

its order to be sold for 36 shilling scouts. The land would breed to weigh 40 ounces and the town-bred 36 ounces, the four-penny or plague loaf. Anna 1555, the beggars ordered for eatful of wheat to deliver seven score loaves at the 16 ounces low. Ben acted with the fifth Parliament of Queen Mary, end of 1555, this ordained that the wine imported upon the eastern north coast should not be sold dearer than 20 pounds scouts the tan of Bordeaux-Wai and 16 pounds of a ton of rossiwai, the pint of Bordeaux-Wi ten pennies, and the pint of Roshawai, eight pannes.

And then the wine imported upon the west coast be sold no dearer than 16 pounds of the ton of Bordeaux-Wi, and 12 or 13 pounds a 10 of all share Y. 8 p.0.0.0.0.0.0.0.0.0.0.0.0.0.0.0.0.0.0.0.0.0.0.0.0.0. The. 6. were made.0.0.0. It is reasonable to think they were in less quantity than now, proportion to the demand. so for more value. But money having increased in quantity more than in demand, and having been ordered by the prince, is falling in value, and a hundred-pound now is not worth

what a fair pound was worse before. Land may be computed to have been improved in 200 years, that the world pays no two bills the acre, paid them but one ball, which may be known from all the rentals. Money gave them 10% interest, In the 384 acres, when rented the bow of the acre, veto at 8 shilling for penny the trodler, so the property that these acres was equal to or worth a hundred pound.

For a hundred pound give a ten-pound interest. And the 384 acres paid only such a quantity of veto as was sold for ten-pound. But as land, being preferable to money for many reasons, is furthered now at 20-year-burched, though money is at 6%. so that the land then may have been valid of 14 years purchase, or 140 pound. As the quantity of money has increased since that time, much more than the demand for it, and as the same quantity of silver has received a high denomination, so for consequence, money is of lesser value,

a lesser interest is given by it, a greater quantity of it is given for the same quantity of goods, and the land is worth more years' purchase. The value set to land now, the acre rented at two bows, vetoed at 80 pounds, six shilling and sixpence. Money is six percent. So land at 20 years' purchase, would be $8,000 a pound by its computation. Money is only worse the 20th part of goods, and the 50-same was part of land it was worth 200 years ago. Part of this difference is from the improvement made on land, and the greater demand for land.

The quantity being the same, whereby its value is greater. The rates of the differences from the money being more increased in quantity than in demand, whereby its value is lesser and its use lower, as likewise from its being ordered in the demomination. There was an agreed quantitative civil in the same number of pairs than there is now, which appears by civil ex-parliament made about that time. Inno, 1375, in the 8th part of King James III, the ounce of silver was ordered to be sold for 12 shilling scouts, and 12 groups was made of the ounce of silver.

There's 3 November, 1554, ban act with the town council of 18 more, the ounce of silver was ordered to be sold at 18 shilling and 8 pennies scots. But these acts do not mention the finest the silver was of. Suppose the same number of pens had twice or full-time surveil of silver in them that they have now, then silver is only fallen to one-tenths or one-fifth of the value it had to goods, and to one-twenty-eighths, or one-fourteenth of the value it had to lend. But the steel money is fallen to one-twentieth of the value it had to goods, and to one-fifty-sevenths of the value it had to lend. The man of lending money in France, that suppose in other Roman-cathed

countries, with by a rifted interest, redeemable by pay for personal interest, redeemable by the debtor, and which the creditor may dispone or assign, but can never demand the principal, and is usually by law to take any interest for money if the creditor has power to call for the principal, though the term of payment be many years after the money is lent. Suppose the manner of lending is governed for the same 200 years ago, and that AB have been 668 acres of land, rented the bow of Vito the acre, the yearly rent, the yearly run of the year, 48-door at 5-pound Scouts-the-order, 20-pound sterling. C.D. was a hundred-pound money to have lent to A.B. and interest being at 10%, to have received an annual interest of 10-pound,

which he left to his son, and so he had provided sufficiently for him. Ten-pound being equal to, or worse, 24 children of veto. But interest being lowered to 6%, money being raised in the denomination, and of least value by its greater quantity, the six-pound now paid for the annual interest of that hundred pound is not the worst one toward of veto. On a 384 eagles, where they half a miss land 200 years ago only equal to 100 or 140 pound,

it is now worth 57 times that sum. The rental is supposed to be doubled and its value at 20 years' purchase. End of Section 8. of money in the trade considered by John Law. This Librault's recording is in the public domain. Chapter 5, Part 2 In France, it has been observed that about 200 years ago,

the same land was in 30 years first dabbed money it was worse before. So land was £100,000, was worth £200,000,000, 1530, 400 pound, and of 1560, and so on, till within these 50 or 60 years, it has continued near the same value. In England, 20 times the quantity of money is given for goods that was given 200 years ago. In these countries, they thought goods have rose, but the goods have kept their value,

these money has fallen. Most goods have increased in quantity, equal or near as the demand for them has increased, and there are at or near the value they had 200 years ago. A land is more valuable by improvement producing to a greater value, and the demand increasing the quantity being the same. And several money are of less value, being more increasing quantity than in demand. When goods will continue equal in quantity they are now to the demand, or rather different much, for the increase of most goods depends on the demand,

If the quantity will be greater than the demand for consumption and magazines, what is over is drug, so that the product will be lessened, and the land employed with some other use. If by scarcity, the quantity be lesser than the demand, that the demand will be supplied for magazines of former years. Or if the magazines are not sufficient to answer the demand, that scarcity cannot develop as supposed to last above a year or due. The land will continue to rise in value, but yet capable of improvement, and as the demand increases, but the quantity will be the same. The silver will continue to fall in value as it increases in quantity, the demand not increase in proportion. But the increase does not depend on the demand.

Most people won't allow themselves to think that the silver is cheaper or less valuable, though it appears plainly by comparing what the quantity will go to such a number. way to find silver bought 200 years ago, and what quantity for the same goods it will buy now. If a piece of one in France equal in value to 20 bills of oaths there, that quantity of oaths can never be worse more or less why, so long as the quality, quantity, and the demand of both continues the same. But any disproportion change in the quality, quantity, or demand will make the same quantity of the one equal to greater quantity of the other. So if a piece of one in France equal to awards for the crowns there, and if you always continue so, unless some

disproportionate change happen in the quantity, quality or demand of the buy or of the money. The reason is plain why soap has increased more in quantity than in demand. The Spaniards bring us great quantities into Europe as they can get rid out of their minds. But it is still valued, though not so high, and so now for it coming to Britain, yet it will be of less value in Britain, as it is in greater quantity in Europe. It may be objected that the demand of a civil is now greater than the quantity. It is answered, though the demand is greater than the quantity,

it has not increased in proportion with the quality. Two hundred years ago, money was at 10%, not from a 6-3. If the demand had increased as much as the quantity, money would give 10% as then, and be equal to the same quantity of veto or other goods that have kept their value. If AB had been southern part of the land should operate the 10% interest and desired land of 240 total of veto rent for his security, as was used to be given 200 years ago. Though no regularity the interest of money,

AB would have found no boroughs on these conditions, because several have increased more in quantity than in demand and the denomination being ordered, money is of less value, needs to be had on easier terms. If the demand had increased in the same proportion for the quantity and that the money had not been raised, the same interest would be given now as then, and the same quantity of veto to pay the interest.

For money keeping its value, leadership and the footprints would be equal to a total of veto as it was then. If $2,000 was later on pledge 200 years ago, they thought the loss on the plate was only the fashion and its interest. But if the two thousand pounds had been laid out on land, the rent of dead land would be more than the value of that plate. Though money or silver is so much falling from the value to head, either it's given as value for one half or two cents more than its feather as silver,

abstract from its use as money. Suppose silver to be no more used as money in Europe, its quantity would be the same, and the demand for it much lesser, which might lower it to a suit or more. For besides that the demand will be less, its uses as plate etc. are not so necessary the side of money. In goods given as value, good for the other uses to be valuable, equal to what they are given for.

The silver was parted as it was valued for its uses as metal, and was it first given as money, according to the value they had in barter. A civil has acquired an additional value since, that additional use it was applied to occasionally a greater demand of it. Which value people have not been sensible of? The greater quantity in making it for more. Fidder has kept it from falling so low it would have fallen if it had not been used as money,

and the same quantity had come into Europe. These are uncertain how long civil may keep that addition, value, if England set up money of another kind, and civil will not afford to one-third, because use in other places as money, but the lesser demand, besides the ordinary fall from the greater quantity coming into Europe, or the occasion an extraordinary fall, perhaps of 10%. If the new money then in England did not increase beyond the demand for it, it would keep its value and be equal to so much more civil at home or abroad than it was coined for. The civil would be of less value from the ordinary and extraordinary fall.

If England changed their money, other countries may do the same. If Holland alone kept to civil money, the price of civil may be supposed to fall immediately 50%, from the lesser demand for each of money. The hundred-pound in Holland will worth no more than 50-pound new money in England, whether sent in species or remitted by exchange. It is

more silver came into Europe, it would fall yet lower, because of its greater quantity. It may be objected that in Scotland as quantity the goods are proportioned to the demand as they have been some years ago, the money is scarcer,

the demand for it is the same or greater. So if goods and money, are higher or low-wing value from their greater or less quantity in proportion to the demand for them, money should buy its great scarcity be more valuable and equal to greater quantitative goods. Yet goods differ little in price from what they wore when money was in greater quantity. To this is answered, the value goods of money differs, when the quantity of them or demand for them changes in Europe. not as they changing in a particular country, including Scotland are at or near the same value with goods in England,

being near the same mean quantity in proportion to the demand of here. Money in Scotland is not above one-foughties part of the money in England, proportion to the people, land or product, nor above the tenth part proportion to the demand. If Scotland was incapable of any commerce with other countries, and the state it is now, money here would buy 10 times the quantity of goods it does in England or more. But Scotland has commerce with other countries, though money were much scarcer than now, or in much greater quantity than England, if there were but 10,000 pounds in Scotland or million, their value goods would not differ above 30% from whether they were abroad, because for their difference, goods may be exported,

or imported. For ambitions may raise the difference higher. Britannia, landgrins and others on traded money. There have opinion that goods in any country fall in value as money in that particular country grows scarce. That if there was no more than 500 pound England, the yearly rent of England would not exceed 500 pounds, and an ox would be sold for penny. Which opinion is wrong? Who is the ox might be exported to Holland, it would give a price in England equal or near to that it would give in Holland. If money was supposed to be equally scarce in Holland, other places as England, the ox might give no more than a penny, but that penny

would have a value than equal to £5 now, because it would purchase the same quantity who goes to England or other places that a £5.5 does now. The same answer may be given to would think in addition to the money of any particular country would undervalue it so that the same quantity of goods would cost double the money as before. If the money and credit cardinaled England be 15 millions, Scotland reckoned as 1 to 10. The money in Scotland increased to a million and a half, the demanded proportion to the demand England. Then did it to the money of Scotland would not make money of less value here, that is not a money for less value here, that is not a number of now in England. And goods in Scotland would sell their sale in England.

The product of the country would perhaps be 10 or 20% dearer to bring the equal to wallet that sells in England. But all sorts of manufacture would be cheaper, because in greater quantity, and all goods imported would be cheaper, money being easily borrowed, a merchant would deal for greater value, and the many of its states would be capacitated to trade,

and able to sell at least profit. No would land rise higher than in England, the buyer having his choice to buy elsewhere. The better security of register may be supposed to add a year's purchase or due to the value. If the money for any particular country should increase beyond the proportion that the country bears to Europe, it would undervalue money there, or according to the way of speaking, it would raise goods. But his money would be undivided everywhere the same or near to put it to there. It would be of great advantage to that country, though thereby money were less valuable.

For that country would have the whole benefit of the greater quantity and only bear share of the lesser value, according to the proportion, its money had to the money of Europe. For the Spaniards, bring money or bullying into Europe. They lessen its value, but again, by burning it. Could they have the whole benefit of the greater quantity, they only bear share of the list of value? What has been said proves, first, that the civil money is a certain value, because liable to be ordered in the fineness or denomination by the prince. A crow has no more significant than half a crown or fifteen-pence head 150 or 200 years

ago. And secondly, that silver it has fallen from the value that has had, the same quantity not been worth the fifth or tenth part of what it was worth then. A moneyed man than worth a thousand pound was richer at that time than landed man of two hundred forty dollars later rent. But the man of such a money estate would not now be worth one-fifty's part of such land estate. And sadly, that the zoo won't so much, yet it is given's money or sold as bullion for much more than its feral's metal, to which it will be reduced, so soon as another money is set up. Considering the present state of Europe,

the first in Spain being masters of the mines, the other nations seem to be under a necessity of setting for another money. The only reason can be given why it has not yet been done is that the nature of money is not being widely understood. Only would not have continued buying civil from Spain above its value as metal, when they had more valuable money of their own, and it would be more fitted for that use. The receiver for silver can have no greater hopes that the value aid will be greater, but it's not to be supposed it will be applied to any other uses than it is now applied to,

whereby the demand for it may be increased. All that the quantity exported and consumed will be greater than the quantity imported. Though it be scarce in any particular country, yet the money that may will have no great benefit by such scarcity, as has been sure. For a list, scarcity is the same in all places with which the country trades. Money will not be rated much higher there than in other countries. If it is alleged, the minds of West Indies may fail, it is the interest of the Spaniards to give out that their minds begin to fail, to keep up the price of silver.

but if that were true fras ought not to have engaged herself in the war when by the partition treaty she could have got any other parts of that monarchy that are valuable a lion of minds do fail we ought to advise to provide ourselves with another money End of Section 9. Section 10 of Money and the Trade considered by June Law. This sleep-fork's recording is in the public domain. Chapter 6 I did not intend to have said anything about the doctor's proposal, that affair having been referred to a committee, who are to make their report. But several people who are of opinion that the doctor's proposal is not practicable,

being against what I am to propose, because they think it is the sale with his in some other dress. I thought it need for to give a short account of the doctor's proposal, and in what I differ from him. His proposal is to give out the notes upon land, to be cancelled by yearly payments of about 2 and a quarter percent, for 45 years, and that these notes be current a civil money to the value they are coined for. If another given out of that manner were equal invalided civil money, then every landed man in Scotland would desire a share of this great and a certain advantage, that I don't see how it is practicable to give every landed man a share. Supposing the practicable, 45 years' purchase in these notes will not be of so much value as 20 years' purchase of civil money. No anticipation is equal to what a raid is.

The years round now is worth 15 years round 50 years hence, because then money laid out at interest, by that time we produce so much. Though the Parliament would force these notes, either they would not have a currency, any more than if the government coined pieces of gold equal invasion furnies with Guinea, and ordered them to pass for five pounds. These bills are proposed to be repaid, and cancelled in terms of years, without paying any interest, but only so much as would

defray the charges of the office, which would not be above 1.5%. There would then be many lenders, but a few if any borrowers, except from the land bank. First, if the landed man boroughs of a moneyed man, he would satisfy his creditor have bills to lend. The manied man would likewise have of these bills to lend. but there would be no borrowers, or if any desire to borrow, they would have these bills at a very low use. Suppose the 2%, then these bills would be considerably less valuable than silver. Anything that is proposed to have a currency as money is given for lesser interest on silver money will be of less value. It is not to be supposed any person will lend civil money to 2% when they can have 6% in income.

So 100-pound silver money will yield as much as 300-pound of these bills would, and the hundred-pound in silver would be equal to 300-pound in bills. That six-pound, the hundred-pound of silver yields being silver, and the six-pound, the 300-bills yields being paid in these bills, and the 1-pound silver being worth 3-pound in bills, so the 6-pound interest of the 100-pound in silver would be equal to 18-pound or the interest of 900-pound in bills. In the doubt they were given out to be repaid in 20 years at 5% for that time, or in 10 years, 10%. They would not be equally valuable with silver. Difference would not be so great as when given out for 45 years.

The advantage the nation would have by the daughter's proposal is that those, these notes sell under the value of silver money, and the 500-pound in notes were only equal to 100-pound in silver. Yet the nation would have the same advantage by the 500-pound in notes, as even an addition of 100-pound had been made to the silver money. So far as this bills, the sale under the value of the silver money, so far would exchange with other countries be raised. And if good did not keep their price, that is, if they did not sell for a greater quantity of these bills, equal to the difference betwixt them and silver. Goods exported would be undervalued, and goods imported would be overvalued,

as has been explained page 43 and 44 about exchange. The landed man would have no advantage by this proposal, unless he owed the debt. But though he received 50 pounds of these bills, for the same quantity of video he was in use to receive, 10 pound of silver money, yet that 50 pound would only be equal in value to 10 pound of silver, and purchase only the same quantity of home or foreign goods. The landed man who had his rent paid him in money would be a great loser. Forbe as much as these bills were under the federal silver, he would receive so much less than before. The landed man who owed the debt would pay his debt with the less value than was considered.

contracted for, but the credit I would lose what the debt gained. Dr. C seems to be offended my meddling this affair, having, as he says, borrowed what I know of this subject from him. Two persons might project the same thing, but so far as I can judge, what I am to propose is different from his, and what I had formed the scheme of several years before I had seen any of his papers, which is a very which I can prove if that were necessary by a person's worse I then showed it to. I have not to my knowledge and borrowed anything from Dr. C. Land indeed is the value upon which he found his proposal, and is from land that I found mine.

If for that reason I have been encroached upon his proposal, the Bank of Scotland may be said to have done the same. There were banks in Europe long before the dark, and the book's proposal, and the books have been read on the subject before and since. The foundation and go upon has been known so long as money has been lent on land, and so long as the heritable bond has been equal to a quantitative land. Whether the structure he or I have built upon that the foundation be most safe, advantageous, and practicable, that Parliament can best the judge.

Dr. C's proposal is by anispation to make a land of the country, to make a land worth 50 or 100 years purchase, and maintains that a hundred pound to be paid yearly for 10, 50 or 100 years, is valid will paid for 1,000, 5,000 or 10,000 pound of bills, and that these bills will be equal to civil money. If he can satisfy the nation that his proposal is projectable, he does a very great service, and gives a certain advantage to the landman,

without wronging the money the men. I have shown the reasons why I think the proposal is not practicable. They do not be standing an act of parliament made to force its bills. They would fall much under the value of civil. But allowing they were at first equal to civil, it is next to impossible that two different species of money shall continue equal in value to one another. Ever since receives the value from its use, and the value is rated according to its quality, quantity, and demand.

Though goods of different kinds are equal in value now, yet they will change their value from any unequal change in their quality, quantity, or demand. And as he leaves the little choice of the debtor to paying civil money or bills, he confines the value of the bills to the value of the civil money, but it can't confine the value of the civil money to the value of the bills, so that these bills must fall in value as civil money falls and may fall lower. Civil may rise above the value of these bills, but these bills cannot rise above the value of civil.

What I shall propose is to make money of land equal to its value. and the money to be equal in value to civil money, but not the liable to fall in value as the civil money falls. Any goods that have the qualities necessary in money may be made money equal to their value. Five ounces of gold is equal in value to 20 pounds, and may be made money to that value. An acre of land rented at two bills a widow, the vetoed eight pound and the land at 20 years purchase,

is equal to 20 pound, that may be made money equal to that value, which has all the quantities necessary in money. And that the egg of land cannot be counted to the value of 50 pounds, no more than the 5 ounces of gold. And though the 5 ounces of gold, the 20-pound silver money and the egg of land be now equal in value, and that they cannot will continue so. First, I have shown already Any disproportionate change in the quality, quantity,

or in the demand of the either of them will make the same quantity of the one equal to greater or lesser quantity of the others. Land is falling on appearance will keep its value best. And embrace your value, but cannot well fall, and go to simple a liable to many accidents, whereby the value may lessen,

but the kind of will rise in value. End of Section 10. Section 11 of money and trade considered by Zhong Lu. This liberal recording is in the public domain. Chapter 7, Part 1 To supply the nation with money, it is humbly proposed that a 40 commissioners be appointed by Parliament,

answer about Parliament for their administration. and the administration of the officers under them. Denomination of these officers being left to the commissioners. Then the commissioners have powered a coin notes, which notes to be received in payments were offered. Then the committee of parliament be appointed to inspect the management, that now the commissioners being members. Then the commission and committee meet a twice year

and the widest Sunday and Martin months. Their meetings to begin ten days before, to continue ten days after each term. There are three ways humbly offered to the Parliament to giving out these notes. They in their wisdom may determine which will be most safe. First, to authorize the Commission to lend the notes on land security. The data not exceeding one how,

or to a third of the value, and it is in ordinary interest. A second, to give out the full price of land, as it is valued, 20 years purchase, more or less, according to what it would have given a civil money, the commission entering into possession of such lands, by what is that granted to the commission or assignness, and the redeemable betwixt and the expiring term of years. Third, to give the full price of land, upon sale a matter of such lands, and disposed to the commission or sign this irredeemably. That any person shall have such bonds, water sets, or estates assigned or disbond to them, upon paying in the value to the commission.

That the commission don't receive other money than these notes. that no person who has contracted for these notes shall be obliged to receive silver or metal money. Then the commission have not powered a coin more than 50,000 pounds at a time. That no more be coined so long as there is 25,000 pounds remain in the office. That of a year and a half, the commission be limited to a certain sum. After that the time, have powered a coin for the sums are demanded. unless restricted by ensuing parliaments. That these who desire to have money from the commission,

giving a note to the lawyers for the commission, a month before the term, afford sums they want, with the rights of the lands they offer in pledge. And that these who have notes to pay in to their commission give warning ten days before the term. that the state of the commission, the sum of the nodes coined, the date and credit, with the highest number of the different nodes, be published every term. Then any person who shall discover two notes of the same number or of a higher number than is published, and shall have a hundred pound reward.

that the end officers being trusted with a sum of twenty-thousand to change notes with that they attend the whole year that any member of parliament may inspect the state of the commission that no notes be coined money-land or rights assigned by the commission but it is the terms of wheat sunday and martimus any presence of it of 20 commissioners, and one-third of the committee, that the revenue of the commission over what pays the charges, and what part of the parliament thinks need of all to make go to any losses may happen to the commission, be applied by way of drawback for encouraging the export and manufacture of the nation. That paper money do not rise more than 10% above civil money, so that he who contracts to pay in paper may know what he is to pay in case he cannot get paper money.

The Parliament may end into a result that the next sessions of these or the next ensuing Parliament, the State of the Commission be taken into consideration, preferable to all other business. And if you found helpful to the country, the Parliament may discharge any more than else to be given out, and order would not add an out to be called in. And that after three months from the date of the act, Scouts and the foreign money be reduced to the English standard. The English crowned was 60 pence, and the other money proportioned to its value of silver.

The 40 pence to 38 pence, the new mark to 13 pence and 112th. The older mark to its weight. the dug-downs to 68pence, dollars to their weight, gain is not to pass 22 shilling. Then after four months, no scott's money except what shall be coined after the act, nor any foreign money except the English money, be receiving any payments, or be sold as bullion but to the meat. that for what the old money or bullion is bought to the mint, the mint returned to the full value in new money of 12 pence, 6 pence, and 3 pence pieces.

Of 11 deniers fine, the 12 pence of 3 drops 3 grams weight, the other pieces to weigh in proportion. The expensive cottage to be paid out of the funds appropriated to that use. That first three months, after the act, the new money passed for thirteen pence, six pence and a half-penny, and three pence a quarter. That after three months, bullying on the road plate, be of eleven denious five, and five shilling and two penny the ounce of silver, gold not to pass four pound. The paper money proposed to be able to equal invalided silver, and five shillings. for it will have the value of land pledged equal to the same sum of civil money that it is given out for. If any losses should happen, when force of the revenue of the commission,

we in all appearance be more than sufficient to make them good. This paper money will not fall in value as civil money has fallen or may fall. Goods of money fall in value if the increase in quantity or if the debtor demand lessons. But as the commission giving out what sums are demanded and taking back what sums are offered to be returned, this paper money will be key with its value, and there will always be as much money as there is occasion or employment for, and no more. If a contract for a paper money could be satisfied by paying the same quantity of civil money, then then the paper money could not rise above the value of silver, and would fall with it.

But the people money is different species from silver, so it will not be liable to any of the changes when civil money is liable to. Although the parliament could give civil money to the people in as great quantity a silver occasion, the parliament could not just know who the son would serve the country, for the demand changes. If the quantity of money is less than the demand, the landy demand is wronged. For a hundred pound then being more valuable, we buy a greater quantity of the lengthy demand's goods. If the quantity of money is greater than the demand, the money is wronged.

For a hundred pound then is not so valuable, so we not buy the same quantity of goods a hundred pound bought before. If the commission do not give out the money when it's demanded, where good securities offered. Tis a hardship on the person who's refused, and a loss to the country. For a few, if any, borrow money to keep by them. Anything employed, it brings the profit to the nation, though the employer loses.

If the commission did not take back what sums were offered to be returned, it were a hardship on the money to man, who has a son paid him, and does not know how to employ it, and the quantity being greater than the demand for it, would hold in value. After the method proposed, the quantity being always equal to the demand for it, it will keep its value, and buy the same quantity of goods 50 years hence as now. At least the goods order in the value, from any change in the quantity or in the demand for them,

Suppose this commission had been established 200 years ago, landed then at the 14 years' purchase, money at 10% vetoed at 8 shilling and 4 pence the shoulder, and paper money to have been given out upon that. 8.0.4 pence of that paper money will now have been equal to the shoulder veto, and to 8 pound of 6 shill and 4 pence civil money. because civil money have been increased in quantity more than a demand and having been ordered in the denomination

has fallen to one-twentieth of the value it had them no good as a landed man have received less for his veto than now a dead paper money would have bought him 20 times the quantity of goods a civil money will buy the land has a more certain value

than other goods called it as not increasing quantity, or other goods may. The uses of goods may be discharged, or by custom be taken from them, and given to other goods. The use of wood may be taken from oaths and a wholly given to wheat. The use of money may be taken from silver and given to land. The use of aid and the other uses of silver's metal may be taken from silver and given to some other made. The use of food, and the other metal, also a mixture that may be more fitted for these uses. In these cases, these goods lose part of their value, a proportion to the uses are taken from

them, but the land cannot lose any of its uses. First, everything is produced by land, so the land must keep its value, because it can be turned to produce the goods that are in use. If wheat is more used and outless, as the land can produce both, it will be turned to produce what is most used, because most valuable. This money will not receive any additional value when being used as money, so the receiver will be certain he can be no loser, though after the term of years the use of money is taken from it. The land will receive an additional value from being used as a pledge upon which the money is issued and then additional value would be greater than what silver received because the land be used as a pledge to issue out money upon

without its other uses would be taken from it. On silver cannot be used as money and paid at the same time but as the land is in greater quantity than there will be occasion for to give out money poor so the additional value it receives will not be near so great as that civil money has received suppose the additional value land received for one force when it landed now at a twenty years purchase would then be at twenty-five years purchase if the parliament called in the paper money he would he would have If you had paper money could be no lose by it, though the land lost the additional value, for no more of it is given out than the value of the land abstract from its use as money. Whereas if silver was no more use as money, he who had silver would lose a half, or two thirds, and silver falling them to its value as metal.

So that this paper money proposed, having a better value than silver, and received no addition to its value from being used as money, and not being liable to any change in its value, the quantity and demand of increasing together. It is so far more qualified to be the measure by which goods are valued, the value by which goods are exchanged, and in which contracts are made payable. end of section eleven section twelve of money trade considered by junglo this report was recording is in public domain in chapter seven part two and the other qualities necessary in money are first wreaty of delivery second it is same value in one place to what it is in another and so to be kept without a loss or expense Fourth, to be divided with our laws. Fifth, to be capable of a stamp. Paper money has this qualities on a greater degree in a silver. First, it is easy of delivery.

Five hundred pound in paper will be paid in less time than five hundred silver. And second, it is narrowed value in one place to what it is another, and being of easier carriage. And third, it can be easier kept and taken up a less room in the result of the value. loss, because it may be exchanged in the office. Consumption of paper is not of so much value with the consumption of silver. The consumption of the paper is a loss to the office. The consumption of silver is a loss to the owner. In first, it can be divided without the loss, because it may be changed for lesser notes at his office. In the fifth, it is capable of a stamp, the least liable to be counterfeit. In the practice, most of the treaty nations confirms that the paper is more

qualified for the use of money than silver, providing it has value. In Holland, silver's pledged, and paper is used as money, and then the land pledge is better better than silver pledged, as evident from what has been said. In England, before the bank was set up, and gold-smiths notes for receiving payments preferable to gold or silver, which shows that the paper money had all the qualities necessary in money, so much more than the money. gold or silver, which equal the danger of goldsmith's breaking, of which there were many examples. With a look, Peter's servants on interest of money, says that one goldsmith's credit, the yearly note and round his servant's hands, went for about £11,000 at a time.

They note that bank's goodland went, though there was no money in the bank, and though the acceptance was voluntary, The security for the paper proposed will be as good. The administration may be more safe than satisfactory than that bank, or any other private bank. Gouth is more public, the commission has not any share of their profits.

But it says it will not be labelled with either banks are labelled to, from the sale of the shares. Andy seems strange the demonstration of such a commission should be doubted, with the Parliament as the nomination of the managers, would the managers are to be counterfeit as Parliament, with a choice to be so small, for one knows cannot be called so long as 25-sound is in office.

The Committee of Parliament is to be pointed to inspect the management, and the books are to be open to the abjection of any member parliament, and the state of the Commission is to be published in print. Since the nose of the bank gained upon a voluntary acceptance, and though there was no money in bank, she is reasonable to think that the paper money proposed would the least have the same counts. Being counted by law does not make it less valuable.

Here hundred bankers notes could not be sure the bank would be in the condition to give money for them, and the person he was to pay money to might refuse them, so he was more uncertain than if they had been counted by law. The civil money being to four-partridges 8 and 9% in three months, and is not to be supposed to civil be preferred paper money, same in the mouth of the bank which his paper upon the single fund invented the ordinary interest and the dowry receiver was not certain of the money it is the time it was promised or that as a person he was owning to report it received it may be objected that the paper went because civil could be good for it when demanded or at a certain time And then it was very reasonable, but would not be so in this case.

The security pledged for that paper money was a silver. The security pledged for this paper money is the land. And this man has no relation to gold or silver more than to other goods. And it were more extravagant to say, I won't take a hundred pound of salt paper money for the goods I sell, because I'm not sure if six months hence it will buy me such a quantity of silver. but silver may grow dear as it would be to say now i won't take a hundred pound in silver for the goods i sell because i am not sure if six months since it will buy me such quantity for wine for wine may go four crowns formed by a guinea though they were quantity for the same value and not ruined by the tennis part of goods four crowns bought two hundred years ago but the silver's worth a serious value and contracted four crowns for the same value and contracted four crowns for the same value and contracted four

although its value lessons every year, and though this nautica helps worse above a sort of what it is given or contracted for, obstructed from the use of money. When this paper proposed, we're not only keep its value, the increase of the quantity depending on the demand, and the quantity decreasing as demand decreases. But likewise, a land pledge is as valuable by the paper given out, abstract from its use as money, and increases in value. The objection may be made against civil money, and with good reason, or it affords faster its value than other goods,

and may soon be reduced to its value as metal. The paper money proposes equal to its sell, but to continue equal to such quantity in other goods is to have a quality that the no-goals can have, but then depends on the changes in these other goods. It is the better and more certain value, than silver money, and all the other qualities necessary in money in a much greater degree, with other qualities that the silver has not.

It is more capable of bringing made money to anything yet now. That is what is most valuable, and what increases in value more than other goods. So the paper money issued from it, in all appearance, but only keep equal to other goods, but the rise above them. Because it is extraordinary scarcity of saving scouting, of silver is garden and the inclination paper after it, for in the heaven we long uses money, there may be necessary to restrict its price to $5 trillion and two pounds, and it was so full from that value of paper, will become in greater content into Europe, and then is exported

or consumed. In the third person island belonged to one man, there are number of tenants a hundred, each ten in ten of family, in all are thousand. Why this the island is labored, part of the product, of course, the race for pasturage. Besides the tenants with its families, there are 300 poor or idol who live by charity. There is no money, but the rents are paid in kind. If one tenant has more of one product, the list of another that his family has occasion for, he borders with his neighbor.

The people of this island know nothing for manufacture, The enemy being plentiful, furnishes enough for their consumption, the overfers reached the exchange on the continent for clothes and by other goods they want. Since the overplus is only sufficient to make a return of such a quantity of goods as they consume yearly, so they have no magazines of their own or throwing goods to serve them in bad years. The mouth of magazines of arms, ammunition, etc. for their defense. They is proposed to the proprietor, only for money with established, to pay the wages of labor.

The 300 of poor might be employed in manufacturing such goods before were exported in product. In other southern with labor, the ground were idle about half of their time. They might be employed

since their additional labor would be equal to that of 500 more, which would lessen their import by providing them with part of such growth before they would form their continent. And with the export to three or four times the value it had. the return of which would furnish them with greater quantities of war in goods than they wanted for consumption which might be laid up in magazines the money proposes after this man the proprietor to coin pieces of paper figured number one

number two and so are number four to be equal to a certain measure of call the poor in other labourers would be satisfied to take number four for the wages of day's labour providing to be so contrived that number four purchased them the measure of coal. First, that corn can be bottled with other goods, so number four would purchase an equal value of any other goods. To make number four equal to that measure of corn, the proprietor calls his tenants together, tells them for the future he will have his rented pet in paper, so when you see it leaves.

And where a hundred measures of corn was paid, they pledged themselves to pay him number 400. The other kinds the proprietor was paying are valued, according to the value they had in budget of his call. The leaves are made for paper. The proprietor coins paper to the value we have years rent, employees such as are willing to work, and give them paper money as the price of their labor.

To attend the gig's call or any other goods he has to the laborers for paper money, and the proprietor receives it for his rent. But as the consumption of the labouring man may be supposed to be only equal to number two, so the tenants can't get the hosome issued by the proprietor, and cause equally not enough to pay their rent. Though these were not remedied, the labouring man being mastered as for the remaining part of the paper,

and have been no occasion for more goods from the tenants, we might waste the value for the paper. To prevent this, the proprietor calls a greater quantity which brings a part of the poor and idol over the continent to the island, location is a greater consumption, whereby the tenants are able to pay their renting paper or is contracted for. The addition to the people is an advantage to the island, but it adds for the power of the island,

and labor is worth double for what they can see. in this money though it has no value but what as proprietor gives it by receiving it in payments of his rent and it will be steamed equal to the product paid before every proprietor would give it very land computing after this manner an eager for land piece number hundred at twenty years purchase was another two thousand and disposed property of land for paper at that value he would not be satisfied to receive or contract for that money, since it not only bought the product, but the property we learned at a reasonable price. Money is not the value for which goods are exchanged, but the value by which they are exchanged.

They use monies to buy goods, and a silver where money is of no other use. In those silver where our product, and it is not so proper to be made money as land. Land is what produces everything. Silver is only the product. Land does not increase or decrease in quality, as civil in other product may.

So land is more certain its value than silver or any other goods. Land is capable of improvement. The demand for it may be greater, so it may be more valuable. A silver cannot be supposed to be applied to any other uses, that is now applied to, or then the demand will increase more than the quality. A land cannot lose any of its uses, so will not be less valuable. A silver may lose the use of money it is not applied to, so be reduced to its value as metal. It may likewise lose part of its uses as metal, and these uses being supplied by.

other goods, so loses a part of its various metal, but nothing can supply the uses for land. Land may be conveyed by paper, little by as the other qualities necessary in money, and a greater-degrader silver. Land has other qualities fitting it for the use of money that a silver has not. Land applied to the use of money does not lose any of the other uses to the other uses to the other uses to the money. other uses it is applied to. And silver cannot solve the use of money and the end of its other uses as a matter. In trade and money depend mutually on one another.

When trade decays, money lessens. The money lessens and trade decays. Power and the world consists of numbers of people, the medicines of hormone are foreign goods. And this depends on trade, the trade on money so while training money may be effected directly and consequentially that the which is hurtful to either must be so to both power and wealth will be precarious if money is established that has no intrinsic value in its extrinsic value to be such as it will not be exported nor will not be less than the demand for it within the country Worse and power will be attained, will be less precarious.

Mung is not being liable to be lessened directly, nor consequentially, when the trade not liable to decay consequently, so the power and the worse of that country will only be precarious, for what may be directly hurtful to trade. The paper money proposed being all with equal in quantity to the demand, the people will be employed, the country improved, manufactured against, and trade domestic and foreign will be carried on, and the wars and power attained, and not be liable to be exported, the people will not be set idle, etc., and the wealths and power will be less precarious.

End of Section 12 Section 13 of money and trade considered by Zhong-ul. these lead book's recordings in the public domain. Chapter 7 Part 3 From Vance it is evident that the land is more qualified for the use of money than silver, and preferable for the use to silver world product of Scotland. Being more certain in its value,

then having the quality of necessary money in a greater degree, with other qualities that the silver is not, so more capable of being the general measure by which goods are valued, the value by which goods are exchanged, and in which contracts are taken. If two thousand pounds of paper money is equal to the property of land versus two thousand pound in silver, then then two thousand of paper money is equal to two thousand pounds of silver. What buys land will buy everything the land produces, and what buys the product of land, will buy all other goods with a home of foie?

If wine is bought from France, the merchant desires to lay out his money on goods, at interest, or on land. The commission does not receive civil money, so he cannot have a bond from the commission unless he give the value in paper. And many of the landed men won't take civil for their goods or lands, having occasion for paper to pay the commission. So the merchant will choose to sell his wines for paper. money, because it will purchase in goods, bonds or lands, where civil money will be equally valuable, and in cases where civil money will not. In a day, the plowsing silver were equally qualified for the use of money as the land days. Further silver is an uncertain value, and is given for much more than its various metal, and has not all the qualities necessary in money, nor is so greater decrease paper money. increase paper money, so paper money will for these other reasons be preferred to silver.

Some object that the paper money built upon a gold fund and country it will not be valued abroad, equal to what it were in Scotland. The goods of Scotland will always be valued abroad, equal to goods of the same kind and goodness, and that money low of paper, rich by schools in Scotland, will buy goods or money are the places. If a seven pound in surges, linen cloth, etc., be worth aboard all charges paid a thousand three hundred pounds, the merchant who export such goods will give a bill for dead money at a par, having a thousand thousand for what cost him a thousand.

When a nation establishes money, if the money they set up have value equal to what it is made money for, and all the other qualities necessary in money, they ought to have no regard what value it will have in other countries. On the contrary, as every country endeavours by laws to preserve their money, if that people can't control for money that will not be valued aboard, and they will do what other countries, have by laws endeavoured in vain. And no nation keeps to silver because they are used in other countries. It is because they can find nothing so safe and convenient.

And trade betricks nations carry on by exchange of goods. And if one merchant sends out the goods of a lease value that he burns home, he has money furnished him aboard by another who brings home for a lease value that he sent out. If there is no money due to board, then the merchant who designed to import for a greater value than he exported is restricted, and can only import equal to its export, which is all the many lost regularly the trade have been endeavouring. It is objected that we are under necessity of having goods from countries who will take none of us. France does not allow money to be exported, nor any shape to import goods. shipped to imported goods, unless French goods are exported from the same port, to the value of the goods which were imported. By a law, we are forbidden to export money. But as I don't think the example of nations a good answer,

I should endeavor to give a better. Suppose the money is not a valid abroad, any of your occasion for goods from Denmark, who takes none of ours. This could be necessary here, will be valued higher than other goods that are not so necessary, and the value of Scots goods sold in other countries will be carried to Denmark, in such goods as will sell there, or in foreign money, and these necessary goods be bought home. Because the trader makes greater profit by them, than by such goods as could have been imported from that country, where the goods exported was sold. But this addition to the money we employ the people who are not idle, and as is now employed to more advantage, so the product will be increased and manufactured advanced. If the consumption of the nation continues as now,

the export will be greater and a balance due to us. In the S.D. Exchange depends on the balance, so paper money here will be equal to a greater quantity of silver money abroad. Suppose the yearly value of Scotland a million and a half, the yearly value of England 40 millions, the value of Scotland is only about one twenty-eighths part of the value of England. In the quantity and quality of the lands, then the numbers of people considered, Scotland will be at least as one to six. And if there was money to employ the people, it would be as one to six, for we have advantages peculiar to us, that do more than equal the plantation and East India traits.

England is under improved so far as might be by a greater quantity of money. We may have money equal to the demand by applying a land to that use, so a country may be improved above the proportion of one or six. But if the proposed addition to our money improved a country only so as to a strong, to bear proportion with England of 1 to 13. Our yearly value would be 3 millions, and our consumption not being half of the same number of people consuming England. If the consumption continued as now, the benefits due to Scotland would be greater than the balance due to England. And this addition to a yearly value may be thought by some people

as a supposition that's extravagant. But the desire these people will consider what consequences the plaintiff money has had in other places. As the money for England has increased, the yearly value has increased. And as the money has decreased, the yearly value has decreased. I don't doubt but the paper money proposed being given out equal to the demand, would bring the yearly value of Scotland to three millions. Not efficient other branches of foreign trade, which might be improved to a greater advantage were neglected. But I suppose the yearly value increased only half a million. A wage

a force spent in the greater consumption would put out a manufacture of the country. A force in the greater consumption are full in goods and expense a board. A force later been magazines are foreign goods. A force would still be due of balance and board home in silver. If the consumption expense increased equal to or beyond the improvement, as the paper money could not be exported, so the people would not be set idle, nor the manufacture decay. That money being like an extended entailed, we might continue to consume equal to the yearly value, but could not lessen the yearly value, nor be poor if we would. If a greater value of goods was imported that was exported, and a credit given for the balance, frowniness to pay themselves would send lesser valuable goods the year after, but such restrictions may be put on the consumption of our own and foreign goods, as may make a balance due.

And the revenue of the commission will be a greater help toward the advancing our trade in its infancy. What encourages the export of goods, encourages the manufacture of them, and then the money gave us a drawback, they not only encourage the export and manufacture, but likewise regained the reputation our goods have lost, and give them a better reputation than the goods of other nations. The drawback ought to be given to all goods, but to suggest to not yield a reasonable profit aboard, and upon condition they are found sufficient. The seal of the office of drawback, order to be applied to these goods, they will receive the drawback.

And these instructed for the drawback should give security to pay the price of such goods, with all charges, if found insufficient. When manufacturing and trade prosperous, the landed mass rent is well paid, and increases. When the decay, his win is yielded and decreases. A drawback is so effective way to encourage and promote manufacturing tree, then it would the landed man's interest to tax themselves, rather than a drawback should not be given where it is necessary. A drawback is more necessary here than in other countries, for we do not manufacture so well as other nations, We are not able to sell for the same profit, our stocks being much smaller,

and the goods of other nations will be preferred to us, because our goods are suspected. Some object that this proposal is new and has not been practiced in any nation. When the example of another nation would not determine us to follow the same measures without examining whether that nation was the better or the worse by such measures, and whether our circumstances and theirs don't differ so as to make that hurtful or ineffective to us, which was of advantage to them. On the other hand, it is no argument against anything proposed for the general good, to say it is new and what has not been practiced.

When anything proposed has been already practiced by other nations, it is a presumption in fevers of such a proposal, and it is a presumption against it if it has been refused. But a wise nation would not be determined by example to follow or refuse without examining. This proposal has not been refused. The essential part is not practiced in France, for people is current by law, and though of the manner that in all appearance ought to have hindered its currency. Yet am informed foreign bills are bought with people money, the same as with silver or gold. Indeed, some of nations in relation to money would be a very uncertain rule. First has been said page 70, opposite measures have been used in some countries to what have been used in others,

and country measures have been used in the same countries to what was used immediately before. Not because of any difference in their circumstances, but from the opinion that since the method used not as effect designed, a country would. And there are good reasons to think that the nature of money is, not yet rightly understood. Any other objections that I have yet heard against this proposal are such as may be fully answered. Any surface I can see into it, with all the application I have been capable. I cannot find any objection, but what may be fully answered. No any difficulty in the execution, but what may be removed. If there is any further thing in the positions I lay down, or any wrong consequence,

is drawn from these positions, have not been able to discover them. End of Section 13. In Section 14, I have moneyed trade considered by John Wu. This clip was recording is in the public domain. Chapter 8 The natural advantages the Dutch have for trade are the situation at the mouths of the rivers of Germany, and being near the bucket trade.

Their natural disadvantages are smallness of territory and barrenness of soil, producing little but towards forced, vultical mines, long winters, unwholesome air, merrily so obliged to great expense for foundation to their buildings, in making and keeping up the highways, and in draining the country yearly, a dangerous coast, difficult entry to their rivers, the city to defend against on one side and powerful neighbors on the other, and heavy taxes, the consequence of these other disadvantages. Yet they have so improved their few advantages that they have become a rich and powerful people. What has contributed to their riches and power was the early protection and a fever that government gave to treat.

The liberty which was given to people of different religions, their freedom of trade allowed to strangers the example of their rulers in economy but cheaply the neglect of trade in other countries particularly in spain who forced the people in the trade of flanders to holland scotland has by nature many advantages for trade a large territory of easy defence plenty of people a wholesome air mines a proper situation for the eastern and western trees, near the Bucky Tread, a safe coast, rivers of easy entry, the seas and rivers stocked with fish. But the numbers of people, in the greatest regions of other nations, are burdened to us. The land is not improved, the product is not manufactured, the efficient other advantages for foreign trade are neglected, and the reason generally given is that the laziness and the want of honesty are natural to us. If want of honesty and

laziness were natural, they would be so to mankind, or if peculiar to people, this would be so to the dirt rather than to us. The air of Holland is closer which inclines through laziness, and the country not producing real ways to maintain the inhabitants, would force them to rob or cheat their neighbours or one another. But it is more reasonable to think laziness and vaunted honesty and vices, the consequences of poverty, and the poverty the consequence of 40 administration. If the same measures had been taken Scotland for encouraging trade, as was taken Holland, We had been more powerful and rich nation than Holland. If Spain, France, and Britain, or any one of them had applied to trade as early and upon the same measures Holland did,

Holland would not have been inhabited. But by their earlier application and the wrong measures of other countries, they have got such great magazines of what's necessary for their maintenance and defense, of rich commodities to assist other nations, of materials for shipping, etc. And such a quantity of silver is deemed above its value as metal by being used as money, that in all appearance, so long as silver's uses money, the great quantity they have of it, with their great economy,

enabling them to undersell other nations, that will maintain the rank they hold in trade, and consequently in power, notwithstanding the natural disadvantages, the present application, the natural advantages of other nations. This country is more capable of an extended trade than any other country of Europe, yet it is reduced to a very low state. When trade is ruined, the national stock is wasted, the people forsake the country, the rents of land are unpaid,

Houses in towns and farmers in the country are thrown upon the owner's hands. The creditor cannot have the interest of his money to live upon, and the debtor's person and estate are exposed to the law. The landed man by helping engage his personal estate for the payment of a species, which is not his power to perform, and having no alternative, by the law his person, is it the mercy of the creditor, and it is its data to be sold for so much of that species as it will yield. If two or three-moneyed men coin their money, with the design to force their debtors to part with their estates,

and what prices they please to impose, they may bring the price of land to a 15 or 10-year's purchase. One would not take bonds in payment, and a few would be in a condition to buy. with money. If Vietnam should prove scarce, as we have not the goods or money for any value to send out the full cause, so only a part of the people could be maintained. The better part would have bred, but the more necessary part, the labouring men, would be forced to leave the country, or to stubborn it, and not would they fare better in England. Forced the scarcity of money has set idle many of the people of England, so there are more already than there is employment for, and our people, at least many of them, would admit the same fate they had endeavoured

to invite. The landing amendment would want people to labour the ground, they would perhaps get food and closing for themselves and families, but this they were earning to, in all appearance, would get nothing. For the case being general, and the landed men the stronger party, they would not suffer their liberty and estates to be taken from them. But though the law could be put in exclusion,

and as estates of the landed men were put to sale, as there would be few purchasers, the price of land would fall very low. Suppose the land was sold or given among the creditors for 15 years' purchase, or less, it would be sold for more than it were worse, for they would not find people to labor it, so many would be severance, and non-gainless. If neither of these cases happen, whether this country cannot be subsist when the condition

it is in. If this opportunity is neglected, if wrong or ineffective measures are taken, In all periods, we'll be in confusion before we have another opportunity. To raise or lead the money to coin the plate or regularly the trade, our openness measures to supply the bond of money, and he thought any one of them will bring us out for our difficult days. When they come to be examined, raising or laying the money would be found no help but a hurt to the country, whatever sicker's modalities are. The others may prove ineffectual.

They asserted an import and expensive bought this last year, exceeded our export by a considerable sum. Third make the balance equal, we must not only return equal to the money which was sent out last year. But likewise, so much more than the world of that money, and the addition that bank may draw money may have lessened at the yearly value. So though it is possible that the coin in the plate and regulating trade, may bring the balance to our side. It is to be filled, the consequences will show that it is not very practical. For that and other reason already given.

However, they will assist but in regulating our import, regard to be heard that the sale of our goods abroad be no way hindered. For if that is not taken care of, we shall lose more for want of the market, then we shall save by importing this. And though all necessary care be taken, in the assistance may reasonably be expected from these measures will not relieve us. They may keep us lingering the state we are, exposed to confusion at home and to insert from abroad.

Most people think, scarcity of money is only the consequence of balance due. What is the causes feels the consequence, and the effectual way to bring the balance to our side is to add to the money. Our poor have been computed to 200,000. Our people were them more than now, but our poor may be as many as them. Suppose only 100,000, not by the additional money, 50,000 of them were employed. They only for one half of the year. The labor to be paid three pence, and what three pence more to the employer? The exception are paying more than now. The yearly value of the nation would be increased by such labor, 189,000. 5,583 pound, 6 shillin, 8 pence. If the country people about a person sterling have to divide for 20,000 pounds of liang, surgeries, and other manufacturers more than spoiled up, though these goods exported, will either 20 or 30% profit. Yet the owners can't export them, the goods being in so many different hands, and not having corresponders aboard to whom they could trust the sale of them,

A B and C are satisfied for that profit to take the trouble and hazard of exporting them. But the money being scarce, they cannot get any to borrow, though their security be good. Nor cannot well have credit for the goods from so many different people they are strangers to. If they could have credit for them, either these country people must be idle, can A.B and C pay them out of their returns for abroad. So for want of money to exchange buy and goods fall in value, and the manufacturer decays. In Canada, well be known, all the some will serve the occasions of the nation.

For as manufacture and trade advance, the demand of money will increase. But many poor we have always had, is a great presumption you've never had money enough. England has been computed to have had 14 millions in gold and silver, and at the same time had people money for a greater sum, if England never had money enough to employ the people, 30 million would not improve England so far as they is capable of improvement. If all the people were then employed and to the best advantage, more money would bring more people from other countries.

The progress of Holland by a great quantity of money when numbers of people the consequence of much money is able to bear share in the country. the world of Europe, equal to many times the same number of acres of better land in England. Yet Holland has not the advantages for trade that England has. So that the country that can have money equal to the demand will be more powerful than any other country with the same advantages whose money is less than the demand. If money were given to a people in greater quantity than there was demand for, money would

its value, but if only given equal to the demand, it will not a fool in value. At present, perhaps 3 or 400,000 pounds is more than there is a demand for, but as a trade manufacturer increased, the demand for money will be greater. Whatever proposed to supply the country with money may be reduced to this. Even instead of a hundred-pound rent is worth $2,000 in civil money, and this state can be can read by paper, and this paper be capable of being divided. The indebted may be made the current money for $2,000,000, and any person who receives such paper money receives the value equal to the same sum of silver money, as silver is federal now. If this coin for

15 years purchase, the entire paper money will be more valuable than silver, for a son of £500 in that paper, we purchase the land for $2,000.00 civil money. If it is coined for 25 years purchase, and that by the money will not be so valuable as silver. For $2,000 in silver, you buy as much land as $2,500 in paper. Since it is very practicable to make a land money, it would be contrary to reason to limit the industry of the people by making it depend on a species that is not in our power, but in the power of our enemies. When we have a species of our own, it will be more qualified. And considering the state of this country from the great scarcity of money, that the value of the lands full, rents are unpaid, farms are thrown upon the master's hand, and the latest person is stayed exposed to the law, they engage to pay a species of which there is scarce any in the nation.

Second, they hazard the money the man is in from the uncertainty of the blood of money, and the danger of confusion, in which case the money may lose all. Third, the low state of trade That many of the people who depended on trade and lived well Are starving or forced aboard Fourth, that the other degrees of the people Suffer in proportion Fifth, that the nation in this condition May run into confusion

And is exposed to its enemies Considering the benefit the nation we have By this addition to the money that the land will be improved, so be more valuable, rents be well paid, and that the data's by paying value equal to what is contracted for may free the persons and estates from the danger they are now exposed to. Second, that the money and men will receive punctual payment, in money of more certain value than civil or in other goods, and be no danger of confusion.

Third, that the trade will flourish, and these who depend on it be encouraged. Fourth, that the condition of the other degrees of the people will be bettered. Fifth, that the nation will be able to maintain the serving order, and resist its enemies. These reasons considered, the question there will be whether we will improve the country as much as this capable, without being at an expense for measure of trade, or continue as we are in hopes of civil from other nations. It will be a great advantage of this nation that by the register we are capable of putting this proposal execution

and enjoying the benefit of it. The other nations, though they resolved upon it, would for some years be incapable of it. Though for the general good of Europe, it would be wished England were as capable of it as we are. I have done that time to put my thoughts in that order they ought to have been, and I am forced to leave out answers I designed to have given to some objections I have heard made against this proposal.

But if the Parliament think good to enter upon the consideration of it, I don't doubt but it may be made appear to be of great and certain advantage, that it cannot possibly be anywhere hurtful to the country in general, and that it may be so ordered as not to be hurtful to any person but on the contrary. End of Section 14 End of money in the trade considered, with a proposal for supplying the nation with money, by Zhongdu.