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