ButthoughintheUniformityofitslegalWorth，OnehundredpoundoflawfulMoneybeingallthroughEnglandequalinitscurrentValuetoanyotherOnehundredpoundsoflawfulMoney，（becausebyvertueoftheLawitwilleverywherepassforasmuchWareorDebt，asanyotherHundredpounds）iscapabletohaveitsyearlyHirevaluedbetterthanLand：Yetinrespectofthevaryingneed，andnecessityofMoney，（whichchangeswiththeincreaseordecayofMoneyorTradeinaCountry）itisaslittlecapabletohaveitsyearlyHirefixedbyLaw，asLanditself。
　　ForwerealltheLandinRumney-Marsh，AcreforAcre，equallygood，thatis，didconstantlyproducethesamequantityofequallygoodHayorGrass，oneasanother，theRentofit，underthatConsiderationofeveryAcrebeingofanequalWorth，wouldbecapableofbeingregulatedbyLaw;andonemightaswellEnact，ThatnoAcreofLandinRumney-MarshshallbeletforaboveFortyShillingsperAn。asthatnoHundredpound，shallbeletforaboveFourpoundsperAn。Butnobodycanthinkitfit（sincebyreasonoftheequalValueofthatLanditcan）thatthereforetheRentoftheLandinRumney-MarshshouldbeRegulatedbyLaw。ForsupposingalltheLandinRumney-Marsh，orinEngland，wereallofsoequalaWorth，thatanyoneAcre，comparedatthesametimetoanyoneother，wereequallygoodinrespectofitsProduct，yetthesameAcre，compar’dwithitselfindifferenttimes，wouldnotinrespectofRentbeofequalValue。Andthereforeitwouldhavebeenanunreasonablething，ifinthetimeofHenry7。theRentofLandinRumney-MarshhadbeensettledbyaLaw，accordingtothejudg’dValueofitatthattime，andthesameLaw，limitingtheRentperhapsto5s。perAcre，havecontinuedstill。TheAbsurdityandImpracticablenessofthiseveryoneseesatthefirstProposal，andreadilyconcludeswithinhimself，thatthingsmustbelefttofindtheirownPrice;anditisimpossibleinthistheirconstantmutabilityforHumanForesighttosetRulesandBoundstotheirconstantly-varyingProportionandUse，whichwillalwaysregulatetheirValue。
　　TheywhoconsiderthingsbeyondtheirNames，willfind，ThatMoney，aswellasallotherCommodities，isliabletothesameChangesandInequalities：NayinthisrespectoftheVarietyofitsValue，broughtinbytimeintheSuccessionofAffairs，theRateofMoneyislesscapableofbeingregulatedbyaLawinanyCountrythantheRentofLand。BecausetothequickChanges，thathappeninTrade，thistoomustbeadded，ThatMoneymaybebroughtin，orcarriedoutofthekingdom，whichLandcannot;andsothatbetrulyworth6or8perCent。thisYear，whichwouldyieldbut4thelast。
　　2。MoneyhasaValue，asitiscapablebyExchangetoprocureustheNecessariesorConvenienciesofLife，andinthisithastheNatureofaCommodity;onlywiththisdifference，ThatitservesuscommonlybyitsExchange，neveralmostbyitsConsumption。ButthoughtheuseMenmakeofMoneybenotinitsConsumption，yetithasnotatallamorestandingsettledValueinExchangewithanyotherthing，thananyotherCommodityhas，butamoreknownone，andbetterfittedbyName，Number，andWeight，toenableustoreckonwhattheProportionofScarcityandVentofoneCommodityistoanother。Forsupposing，asbefore，thathalfanOunceofSilverwouldlastYearexchangeforoneBushelofWheat，orfor15l。weightofLead;ifthisYearWheatbeTentimesscarcer，andLeadinthesamequantitytoitsVentasitwas，isitnotevidentthathalfanOunceofSilverwillstillexchangefor15l。ofLead，thoughitwillexchangebutforOneTenthofaBushelofWheat;andhethathasuseofLeadwillassoontake15l。weightofLead，ashalfanOunceofSilver，forOneTenthofaBushelofWheat，andnomore。Sothatifyousay，thatMoneynowisNineTenthslessworth，thanitwastheformerYear，youmustsaysoofLeadtoo，andallotherthings，thatkeepthesameProportiontoMoneywhichtheyhadbefore。Thevariationindeedisfirstandmosttakennotice{of}
　　inMoney：BecausethatistheuniversalmeasurebywhichPeoplereckon，andusedbyeverybodyinthevaluingofallThings。ForcallingthathalfOunceofSilverHalfaCrown，theyspeakproperly，andarereadilyunderstoodwhentheysay，HalfaCrown，ortwoShillingsandsixPence，willnowbuyOneTenthofaBushelofWheat，butdonotsay，That15l。ofLeadwillnowbuyOneTenthofaBushelofWheat，becauseitisnotgenerallyusedtothissortofReckoning：nordotheysayLeadislessworththanitwas，thoughinrespectofWheatLeadbeNineTenthsworsethanitwas，aswellasSilver：onlybytheTaleofShillingswearebetterenabledtojudgeofit：BecausethesearemeasureswhoseIdeasbyconstantusearesetledineveryEnglishMan’smind。
　　ThisIsupposeisthetrueValueofMoneywhenitpassesfromonetoanotherinBuyingandSelling;whereitrunsthesameChangesofhigherandlower，asanyotherCommoditydoth：ForoneequalquantitywhereofyoushallreceiveinExchangemore，orlessofanotherCommodityatonetime，thanyoudoatanother。
　　ForaFarmerthatcarriesaBushelofWheattoMarket，andaLabourerthatcarriesHalfaCrown，shallfindthattheMoneyofone，aswellasCornoftheother，shallatsometimespurchasehimmoreorlessLeatherorSalt，accordingastheyareingreaterPlentyandScarcityonetoanother。SothatinExchangingCoin’dSilverforanyotherCommodity，（whichisbuyingandselling）thesamemeasuregovernstheProportionyoureceive，asifyouexchang’dLead，orWheat，oranyotherCommodity。ThatwhichregulatesthePrice，i。e。thequantitygivenforMoney（whichiscalledbuyingandselling）foranotherCommodity，（whichiscalledBartring）isnothingelsebuttheirquantityinProportiontotheirvent。IfthenloweringofUsemakesnotyourSilvermoreinSpecie，oryourWheatorotherCommoditiesless，itwillnothaveanyInfluenceatalltomakeitexchangeforlessofWheat，oranyotherCommodity，thanitwillhaveonLead，tomakeitexchangeforlessWheat，oranyotherCommodity。
　　MoneythereforeinbuyingandsellingbeingperfectlyinthesameConditionwithotherCommodities，andsubjecttoallthesameLawsofValue，letusnextseehowitcomestobeofthesameNaturewithLand，byyieldingacertainyearlyIncome，whichwecallUseorInterest。ForLandproducesnaturallysomethingnewandprofitable，andofValuetoMankind;butMoneyisabarrenthing，andproducesnothing，butbyCompacttransfersthatProfitthatwastheRewardofoneMan’sLabourintoanotherMan’sPocket。Thatwhichoccasionsthis，istheunequalDistributionofMoney;whichInequalityhasthesameeffecttoouponLand，thatithasuponMoney。FormyhavingmoreMoneyinmyHandthanI
　　can，oramdisposedtouseinbuyingandselling，makesmeabletolend：Andanother’swantofsomuchMoneyashecouldemployinTrade，makeshimwillingtoborrow。Butwhythen，andforwhatConsiderationdothhepayUse？ForthesameReason，anduponasgoodConsideration，astheTenantpaysRentforyourLand。ForastheunequalDistributionofLand，（youhavingmorethanyoucanorwillmanure，andanotherless）bringsyouaTenantforyourLand;andthesameunequalDistributionofMoney，（IhavingmorethanIcanorwillemploy，andanotherless）bringsmeaTenantformyMoney：SomyMoneyisaptinTrade，bytheIndustryoftheBorrower，toproducemorethanSixperCent。totheBorrower，aswellasyourLand，bytheLabouroftheTenant，isapttoproducemoreFruits，thanhisRentcomesto;andthereforedeservestobepaidfor，aswellasLand，byaYearlyRent。ForthoughtheUsurer’sMoneywouldbringhiminnoYearlyprofit，ifhedidnotlendit，（supposingheemploysitnothimself）andsohisSixperCent。mayseemtobetheFruitofanotherMan’sLabour，yethesharesnotnearsomuchoftheprofitofanotherMan’sLabour，ashethatletsLandtoaTenant。ForwithouttheTenantsIndustry（supposingasbefore，theownerwouldnotmanageithimself）hisLandwouldyieldhimlittleornoProfit。SothattheRenthereceivesisagreaterPortionoftheFruitofhisTenantsLabour，thantheUseisatSixperCent。ForgenerallyhethatborrowsOnethousandpoundsatSixperCent。andsopaysSixtypoundsperAnnumUse，getsmoreabovehisUseinoneYear，byhisIndustry，thanhethatRentsaFarmofSixtypoundsperAnnumgetsintwo，abovehisRent，thoughhisLabourbeharder。
　　Itbeingevidenttherefore，thathethathasskillinTraffick，buthasnotMoneyenoughtoExerciseit，hasnotonlyreasontoborrowMoneytodrivehisTrade，andgetalivelihood;
　　butasmuchReasontopayUseforthatMoney;ashe，whohavingskillinHusbandrybutnoLandofhisowntoemployitin，hasnotonlyreasontoRentLand，buttopayMoneyfortheUseofit;
　　Itfollows，thatBorrowingMoneyuponUseisnotonlybythenecessityofAffairs，andtheConstitutionofHumaneSociety，unavoidabletosomeMen，butthatalsotoreceiveProfitfortheLoanofMoney，isasequitableandlawful，asreceivingRentforLand，andmoretolerabletotheBorrower，notwithstandingtheOpinionofsomeover-scrupulousMen。
　　Thisbeingso，onewouldexpect，thattherateofInterestshouldbetheMeasureofthevalueofLandinnumberofYearsPurchase，forwhichtheFeeissold：For100l。perAnnumbeingequalto100l。perAnnum，andsoontoperetuity;and100l。perAnnumbeingtheProductof1000l。whenInterestisat10perCent。
　　of1250l。whenInterestisat8perCent。
　　of1666l。orthereabouts，whenInterestisat6perCent。
　　of2000l。whenMoneyisat5perCent。
　　of2500l。whenMoneyisat4perCent。
　　Onewouldconclude，Isay，thatLandshouldSellinproportiontoUse，accordingtothesefollowingRates，viz。
　　WhenMoneyisat10perCent。for10yearspurchase。
　　8121/2
　　6162/3
　　520
　　425
　　ButExperiencetellsus，thatneitherinqueenElizabeth，norkingJamestheFirstReigns，whenInterestwasatTenperCent。
　　wasLandSoldforTen;orwhenitwasatEightperCent。forwelveandanhalfyearspurchase，oranythingnearthelowratethathighUserequired（ifitweretrue，thattherateofInterestgovern’dthepriceofLand）anymorethanLand，nowyieldsTwentyFiveYearsPurchase，becauseagreatpartoftheMoniedMenwillnowlettheirMoneyupongoodSecurityatFourperCent。ThusweseeinfacthowlittlethisRulehasheldathome：AndhethatwilllookintoHolland，willfind，thatthePurchaseofLandwasnotraisedthere，whentheirInterestfell。
　　Thisiscertain，andpastdoubt，thatthelegalInterestcanneverregulatethepriceofLand，sinceitisplain，thatthepriceofLandhasneverchangedwithitintheseveralChangeshavebeenmadeintherateofInterestbyLaw：NornowthattherateofInterestisbyLawthesamethroughallEngland，isthepriceofLandeverywherethesame，itbeinginsomepartsconstancysoldforfourorfiveYearsPurchasemorethaninothers。WhetheryouorIcantelltheReasonofthis，itmattersnottothequestioninhand：butitbeingreallyso，thisisplainDemonstrationagainstthose，whopretendtoadvanceandregulatethepriceofLandbyaLaw，concerningtheInterestofMoney。
　　ButyetIwillgiveyousomeofmyGuesses，whythepriceofLandisnotregulated（asatfirstsightitseemsitshouldbe）
　　bytheInterestofMoney。WhyitisnotregulatedbythelegalUseismanifest，BecausetherateofMoneydoesnotfollowtheStandardoftheLaw，butthepriceoftheMarket;andMennotobservingthelegalandforced，buttheNaturalandCurrentInterestofMoney，regulatetheirAffairsbythat。ButwhytherateofLanddoesnotfollowtheCurrentInterestofMoneyrequiresafartherConsideration。
　　AllThingsthatareBoughtandSold，raiseandfalltheirpriceinproportion，astherearemoreBuyersorSellers。WherethereareagreatmanySellerstoafewBuyers，thereusewhatArtyouwill，thethingtobeSoldwillbecheap。Ontheotherside，turntheTables，andraiseupagreatmanyBuyersforafewSellers，andthesamethingwillimmediatelygrowdear。ThisRuleholdsinLandaswellasallotherCommodities，andistheReason，whyinEnglandatthesametime，thatLandinsomeplacesisatseventeenoreighteenYearsPurchase，itisaboutothers，wherethereareprofitableManufactures，attwoorthreeandwentyYearsPurchase：Becausethere（MenthrivingandgettingMoneybytheirIndustry，andwillingtoleavetheirEstatestotheirChildreninLand，asthesurest，andmostlastingProvision，andnotsoliabletoCasualtiesasMoneyinuntradingorunskilfulHands）therearemanyBuyersreadyalwaystoPurchase，butfewSellers。FortheLandthereaboutbeingalreadypossessedbythatsortofIndustriousandThrivingMen，theyhaveneitherneed，norwill，toSell。InsuchplacesofManufacture，theRichesoftheonenotarisingfromthesquandringandwasteofanother，（asitdothinotherplaceswhereMenlivelazilyupontheproductoftheLand）theIndustryofthePeoplebringinginincreaseofWealthfromremoteParts，makesplentyofMoneytherewithouttheimpoverishingoftheirNeighbours。AndwhenthethrivingTradesmanhasgotmore，thanhecanwellemployinTrade，hisnextThoughtsaretolookoutforaPurchase，butitmustbeaPurchaseintheNeighbourhood，wheretheEstatemaybeunderhisEye，andwithinconvenientdistance，thattheCareandPleasureofhisFarmmaynottakehimofffromtheEngagementsofhisCalling，norremovehisChildrentoofarfromhim，ortheTradehebreedsthemupin。ThisseemstometheReason，whvinplaces，whereinthrivingManufactureshaveerectedthemselves，LandhasbeenobservedtoSellquicker，andformoreYearsPurchasethaninotherplaces，asaboutHallifaxintheNorth，TauntonandExeterintheWest。
　　Thisisthatthen，whichmakesLand，aswellasotherThingsdear;plentyofBuyers，andbutfewSellers：AndsobytheRuleofContraries，plentyofSellersandfewBuyersmakesLandcheap。
　　Hethatwilljustlyestimatethevalueofanything，mustconsideritsquantityinproportiontoitsvent，forthisaloneregulatesthePrice。Thevalueofanything，compar’dwithitsself，orwithastandingMeasure，isgreater，asitsquantityislessinproportiontoitsvent：Butincomparingit，orexchangingitwithanyotherthing，thequantityandventofthatthingtoomustbeallowedforinthecomputationoftheirValue。
　　ButbecausethedesireofMoneyisconstantly，almosteverywherethesame，itsventvariesverylittle，butasitsgreaterscarcityenhansesitsPrice，andincreasesthescramble，therebeingnothingelsethatdoeseasilysupplythewantofit。Thelesseningitsquantity，therefore，alwaysincreasesitsPrice，andmakesanequalportionofitexchangeforagreaterofanyotherthing。Thusitcomestopass，thatthereisnomannerofsettledproportionbetweenthevalueofanOunceofSilver，andanyotherCommodity：ForeithervaryingitsquantityinthatCountry，ortheCommoditychangingitsquantityinproportiontoitsvent，theirrespectivevalueschange，i。e。lessofonewillbarterformoreoftheother：Thoughintheordinarywayofspeaking，’tisonlysaid，thatthepriceoftheComnmodity，notoftheMoneyischanged。Forexample，halfanOunceofSilverinEngland，willexchangesometimesforawholeBushelofWheat，sometimesforhalf，sometimesbutaquarter，andthisitdoesequally，whetherbyUseitbeapttobringintotheOwnerSixintheHundredofitsownWeightperAnnum，ornothingatall：ItbeingonlythechangeofthequantityofWheattoitsVent，supposingwehavestillthesameSummofMoneyintheKingdom;orelsethechangeofthequantityofourMoneyintheKingdom，supposingthequantityofWheat，inrespecttoitsVentbethesametoo，thatmakesthechangeinthePriceofWheat。Forifyoualterthequantityorventoneitherside，youpresentlyalterthePrice，butnootherwayintheWorld。
　　ForitisnottheBeing，Adding，IncreasingorDiminishingofanygoodqualityinanyCommodity，thatmakesitsPricegreaterorless，butonlyasitmakesitsquantityorventgreaterofless，inproportiononetoanother。ThiswilleasilyappearbyTwoorThreeInstances。
　　1。TheBeingofanygood，andusefulqualityinanythingneitherincreasesitsPrice，norindeedmakesithaveanyPriceatall，butonlyasitlessensitsquantityorincreasesitsvent，eachoftheseinproportiontooneanother。WhatmoreusefulornecessarythingsaretheretotheBeingorWell-beingofMen，thanAirandWater，andyetthesehavegenerallynoPriceatall，noryieldanyMoney：BecausetheirquantityisimmenslygreaterthantheirventinmostplacesoftheWorld。But，assoonaseverWater（forAirstilloffersitselfeverywhere，withoutrestraintorinclosure，andthereforeisnowhereofanyPrice）
　　comesanywheretobereducedintoanyproportiontoitsconsumption，itbeginspresentlytohaveaPrice，andissometimessolddearerthanWine。Henceitis，thatthebest，andmostusefulthingsarecommonlythecheapest;because，thoughtheirConsumptionbegreat，yettheBountyofProvidencehasmade，theirproductionlarge，andsuitabletoit。
　　2。NordoestheAddinganexcellencytoanyCommodity，raiseitsPrice，unlessitincreaseitsConsumption。Forsupposethereshouldbetaughtaway（whichshouldbepublishedtotheknowledgeofeveryone）tomakeaMedicineofWheatalone，thatshouldinfalliblyCuretheStone：’TiscertainthediscoveryofthisqualityinthatGrain，wouldgiveitanexcellencyveryconsiderable：AndyetthiswouldnotincreasethePriceofitoneFarthinginTwentyBushels，becauseitsquantityorventwouldnothereby，toanysensibledegree，bealter’d。
　　3。NeitherdoestheIncreasingofanygoodquality，inanysortofthingsmakeityieldmore。ForthoughTeaselsbemuchbetterthisYear，thantheywerelast，theyarenotonejotdearer，unlesstheybefewertoo，ortheconsumptionofthemgreater。
　　4。NordoesthelesseningthegoodqualitiesofanysortofCommoditylessenitsPrice;whichisevidentinHops，thatareusuallydearestthoseYearstheyareworst。ButifithappentobeaSpeciesofCommodity，whosedefectsmaybesupplyedbysomeother，themakingofitworsedoeslessenitsPrice;becauseithindersitsVent。ForifRyeshouldanyYearprovegenerallysmuttyorgrown，noquestionitwouldyieldlessMoneythanotherwise，becausethedeficiencyofthatmightbe，insomemeasure，madeupbyWheat，andotherGrain。ButifitbeasortofCommoditywhoseusenootherknownthingcansupply，’tisnotitsbeingbetterorworse，butitsquantityandventisthatalonewhichregulates，anddeterminesitsvalue。
　　ToapplythisnowtoMoney，ascapableofdifferentRatesofInterest。ToMoneyconsideredinitsproperuse，asaCommoditypassinginexchangefromonetoanother，allthatisdonebyInterest，isbuttheaddingtoitbyagreementorpublickAuthority，afaculty，whichnaturallyithasnot，ofincreasingeveryYearSixperCent。NowifpublickAuthoritysinkUsetoFourperCent。’tiscertainitdiminishesthisgoodqualityinMoneyoneThird。ButyetthismakingtheMoneyofEnglandnotoneFarthingmorethanitwas，italtersnottheMeasuresuponwhichallchangeableCommoditiesincreaseorsinktheirprice，andsomakesnotMoneyExchangeforlessofanyCommodity，thanitwouldwithoutthisalterationofitsInterest。IflesseningUsetoFourperCent。shouldatallalterthequantityofMoney，andmakeitless，itwouldmakeMoney，asithastheNatureofaCommodity，dearer，i。e。alessquantityofMoneywouldExchangeforagreaterquantityofanotherCommodity，thanitwouldbefore。Thisperhapswillappearalittleplainerbythesefollowingparticulars。
　　1。ThattheIntrinsickNaturalworthofanyThing，consistsinitsfitnesstosupplytheNecessitiesorservetheConvenienciesofhumanLife;andthemorenecessaryitistoourBeing，orthemoreitcontributestoourWell-beingthegreaterisitsworth：Butyet，2。ThatthereisnosuchIntrinsickNaturalsettledvalueinanyThing，astomakeanyassign’dquantityofit，constantlyworthanyassignedquantityofanother。
　　3。TheMarketablevalueofanyassign’dquantitiesoftwoormoreCommodities，areprohic&nunc，equal，whentheywillExchangeoneforanother。AssupposingoneBushelofWheat，twoBushelsofBarley，ThirtypoundofLead，andoneOunceofSilver，willnowintheMarketbetakenoneforanother，theyarethenofequalworth：AndourCoinbeingthatwhichEnglishmenreckonby，anEnglishmanwouldsay，thatnowoneBushelofWheat，twoBushelsofBarley，thirtyPoundofLead，andoneOunceofSilver，wereequallyworthfiveShillings。
　　4。ThechangeofthisMarketablevalueofanyCommodityinrespectofanotherCommodityorinrespectofastandingcommonMeasure，isnotthealteringofanyIntrinsickvalueorqualityintheCommodity;（formustyandsmuttyCornwillSelldeareratonetimethanthecleanandsweetatanother）butthealterationofsomeproportion，whichthatCommoditybearstosomethingelse。
　　5。ThisproportioninallCommodities，whereofMoneyisone，istheproportionoftheirquantitytothevent。TheVentisnothingelse，butthepassingofCommoditiesfromoneownertoanotherinExchange;andisthencall’dquicker，whenagreaterquantityofanyspeciesofCommodity，istakenofffromtheOwnersofit，inanequalspaceoftime。
　　6。ThisVentisregulated，i。e。madequickerorslower，asgreaterorlessquantitiesofanySaleableCommodityareremov’doutoftheway，andcourseofTrade;separatedfrompublickCommerce;andnolongerliewithinthereachofExchange。ForthoughanyCommodityshouldshiftHandsneversofast，andbeExchangedfromoneMantoanother;yetiftheywerenottherebyexemptedfromTradeandSale，anddidnotceasetobeanylongerTraffick，thiswouldnotatallmake，orquickentheirVent。Butthisseldomorneverhappening，makesverylittleornoalteration。
　　7。ThingsareremovedoutoftheMarketorHandsofCommerce，andsotheirVentalteredthreeways;1。ByConsumption，whentheCommodityinitsUseisdestroy’d，asMeat，Drink，andCloths，&c。allthatissoconsumedisquitegoneoutoftheTradeoftheWorld。2。ByExportation;andallthatissocarriedaway，isgoneoutoftheTradeofEngland，andconcernsEnglishmennomoreinthepriceoftheirCommoditiesamongthemselvesfortheirownuse，thanifitwereoutoftheWorld。3。BybuyingandlayingupforaMan’sprivateUse。ForwhatisbyanyofthesewaysshutoutoftheMarket，andnolongermoveablebytheHandofCommerce，makesnolongeranypartofMerchantableWare，andsoinrespectofTrade，andthequantityofanyCommodity，isnotmoreconsiderablethanifitwerenotinbeing。AllthesethreeterminatingatlastinConsumptionofallCommodities，（exceptingonlyJewelsandPlate，andsomefewotherswhichwearoutbutinsensibly）mayproperlyenoughpassunderthatName。IngrossingtoohassomeinfluenceonthepresentVent：ButthisinclosingsomeconsiderablepartofanyCommodity，（foriftheingrossingbeofalltheCommodity，anditbeofgeneralUse，thepriceisatthewilloftheIngrosser）outofthefreecommonofTradeonlyforsometime，andafterwardsreturningagaintoSale，makesnotusuallysosensibleandgeneralanalterationintheVentastheothersdo：Butyetinfluencestheprice，andtheVentmore，accordingasitextendsitsselftoalargerportionoftheCommodity，andHoardsituplonger。
　　8。MostotherportableCommodities（exceptingJewels，Plate，&c。）decayingquicklyintheirUse，butMoneybeinglessconsumedorincreased，i。e。byslowerDegreesremovedfrom，orbroughtintothefreeCommerceofanyCountry，thanthegreatestpartofotherMerchandize;andsotheproportionbetweenitsquantityandVent，alteringslowerthaninmostotherCommodities，itiscommonlylook’donasastandingmeasuretojudgeofthevalueofallThings，especiallybeingadaptedtoitbyitsWeightandDenominationinCoinage。
　　9。Money，whilstthesamequantityofitispassingupanddowntheKingdominTrade，isreallyastandingmeasureofthefallingandrisingvalueofotherThingsinReferencetooneanother：andthealterationofpriceistrulyinthemonly。ButifyouincreaseorlessenthequantityofMoneycurrentinTraffickinanyplace，thenthealterationofvalueisintheMoney：AndifatthesametimeWheatkeepitsproportionofVenttoquantity，Moneytospeaktrulyaltersitsworth，andWheatdoesnot，thoughitSellforagreaterorlesspricethanitdidbefore。ForMoneybeinglook’duponasthestandingmeasureofotherCommodities，Menconsiderandspeakofitstill，asifitwereastandingmeasure，thoughwhenithasvarieditsquantity，’tisplainitisnot。
　　10。ButthevalueorpriceofallCommodities，amongstwhichMoneypassinginTradeistrulyone，consistinginproportion，youalterthis，asyoudoallotherproportions，whetheryouincreaseone，orlessentheother。
　　11。InallotherCommodities，theOwnerswhentheydesignthemforTraffick，endeavourasmuchastheycantohavethemventedandgone，i。e。removedoutofthereachofCommerce，byConsumption，Exportation，orlayingup：ButMoneyneverlyinguponPeoplesHands，orwantingVent，（foranyonemaypartwithitinExchangewhenhepleases;）theprovidentpublick，andprivatecare，istokeepitfromVentingorConsuming，i。e。fromExportationwhichisitsproperConsumption;andfromHoardingupbyothers，whichisasortofIngrossing。HenceitisthatotherCommoditieshavesometimesaquicker，sometimesaslowerVent：
　　FornobodylaysouthisMoneyinthembutaccordingtotheusehehasofthem，andthathasbounds。ButeverybodybeingreadytoreceiveMoneywithoutbounds，andkeepitbyhim，becauseitanswersallthings：ThereforetheVentofMoneyisalwayssufficient，ormorethanenough。Thisbeingso，itsquantityaloneisenoughtoregulateanddetermineitsvalue，withoutconsideringanyProportionbetweenitsquantityandvent，asinotherCommodities。
　　12。ThereforethelesseningofUse，notbringingonePennyofMoneymoreintotheTradeorExchangeofanyCountry，butratherdrawingitawayfromTrade，andsomakingitless，doesnotatallsinkitsValue，andmakeitbuylessofanyCommodity，butrathermore。
　　13。ThatwhichraisesthenaturalInterestofMoney，isthesamethatraisestheRentofLand，（i。e。）itsaprnesstobringinYearlytohimthatmanagesit，agreaterOverplusofIncomeabovehisRent，asaRewardtohisLabour。ThatwhichcausesthisinLandisthegreaterquantityofitsProduct，inproportiontothesameVentofthatparticularFruit，orthesamequantityofProduct，inproportiontoagreaterVentofthatsingleCommodity：butthatwhichcausesincreaseofProfittotheBorrowerofMoney，isthelessquantityofMoney，inproportiontoTrade，ortotheVentofallCommodities，takentogether，&viceversa。
　　14。ThenaturalValueofMoney，asitisapttoyieldsuchanyearlyIncomebyInterest，dependsonthewholequantityofthethenpassingMoneyofthekingdom，inproportiontothewholeTradeoftheKingdom，（i。e。）thegeneralVentofalltheCommodities。ButthenaturalValueofMoney，inexchangingforanyoneCommodity，isthequantityoftheTradingMoneyoftheKingdom，design’dforthatCommodity，inproportiontothatsingleCommodityanditsVent。ForthoughanysingleMan’sNecessityandWanteitherofMoney，oranyspeciesofCommodity，beingknown，maymakehimpaydearerforMoney，orthatCommodity：YetthisisbutaparticularCase，thatdoesnotatthesametimealterthisconstantandgeneralRule。
　　15。ThatsupposingWheatastandingMeasure，thatis，ThatthereisconstantlythesamequantityofitinproportiontoitsVent，weshallfindMoneytorunthesamevarietyofChangesinitsValue，asallotherCommoditiesdo。NowthatWheatinEnglanddoescomenearesttoastandingMeasure，isevident，bycomparingWheatwithotherCommodities，Money，andtheYearlyIncomeofLandinHen。7。timeandnow。ForsupposingthatprimoHen。7。N。
　　let100AcresofLandtoA。for6dperAn。perAcre，Rack-rent;
　　andtoB。another100AcresofLand，ofthesameSoilandyearlyworthwiththeformer，foraBushelofWheatperAcre，Rack-rent，（aBushelofWheataboutthattimebeingprobablysoldforabout6d。）itwasthenanequalRent。IfthereforetheseLeaseswereforYearsyettocome，’tiscertainthathethatpaid6d。perAcre，wouldpaynow50s。perAn。andhethatpaidaBushelofWheatperAcre，wouldpayabout25l。perAn。whichwouldbenearabouttheyearlyValueoftheLand，wereittobeletnow。Thereasonwhereofisthis，ThattherebeingtentimesasmuchSilvernowintheWorld，（theDiscoveryoftheWest-IndieshavingmadethePlenty）astherewasthen，itisNineTenthslessworthnowthanitwasatthattime;thatis，itwillexchangeforNineTenthslessofanyCommoditynow，whichbearsthesameproportiontoitsVentasitdid200yearssince;which，ofallotherCommodities，Wheatislikeliesttodo。ForinEngland，andthispartoftheWorld，WheatbeingtheconstantandmostgeneralFood，notalteringwiththeFashion，norgrowingbychance;butastheFarmerssowmoreorlessofit，whichtheyendeavourtoproportion，asnearascanbeguessed，totheConsumption，abstractingtheOver-plusoftheprecedentYearintheirProvisionforthenext;andviceversa，itmustneedsfallout，thatitkeepsthenearestProportiontoitsConsumption，（whichismorestudiedanddesignedinthisthanotherCommodittes）ofanything，ifyoutakeitfor7or20Yearstogether：Tho’
　　perhapsthePlentyorScarcityofoneYear，causedbytheAccidentsoftheSeason，mayverymuchvaryitfromtheimmnediatelyprecedent，orfollowing。Wheattherefore，inthispartoftheWorld，（andthatGrainwhichistheconstantgeneralFoodofanyotherCountry）isthefittestMeasuretojudgeofthealteredValueofthingsinanylongtractofTime：AndthereforeWheathere，RiceinTurkey，&c。isthefittestthingtoreserveaRentin，whichisdesignedtobeconstantlythesameforallfutureAges。ButMoneyisthebestMeasureofthealter’dValueofthingsinafewYears：BecauseitsVentisthesame，anditsquantityaltersslowly。ButWheat，oranyotherGrain，cannotserveinsteadofMoney：BecauseofitsBulkinessandtooquickChangeofitsquantity。ForhadIaBond，topayme100BushelsofWheatnextYear，itmightbethreeFourthsLossorGaintome;
　　toogreatanInequalityandUncertaintytobeventuredinTrade，BesidesthedifferentGoodnessofseveralParcelsofWheatinthesameYear。
　　16。ThatsupposinganyIslandseparatefromtheCommerceoftherestofMankind，ifGoldandSilver，orwhateverelse，（soitbelasting）betheirMoney，iftheyhavebutacertainquantityofit，andcangetnomore，thatwillbeasteadystandingMeasureoftheValueofallotherthings。
　　17。ThatifinanyCountrytheyuseforMoneyanylastingMaterial，whereofthereisnotanymoretobegot，andsocannotbeincreas’d;orbeingofnootheruse，therestoftheWorlddoesnotvalueit，andsoitisnotliketobediminished;thisalsowouldbeasteadystandingMeasureoftheValueofotherCommodities。
　　18。ThatinaCountrywheretheyhadsuchastandingMeasure，anyquantityofthatMoney（ifitwerebutsomuchthateverybodymighthavesome）wouldservetodriveanyproportionofTrade，whethermoreorless，therebeingCountersenoughtoreckonby，andthevalueofthePledgesbeingstillsufficient，asconstantlyencreasingwiththePlentyoftheCommodity。Butthesethreelast，beingbuiltonSuppositionsthatarenotliketobefoundinthePracticeofMankind，sinceNavigationandCommercehavebroughtallpartsacquaintedwithoneanother，andintroducedtheuseofGoldandSilverMoneyintoallTradingpartsoftheWorld;theyserverathertogiveussomelightintothenatureofMoney，thantoteachhereanewMeasureofTraffick。Thoughitbecertain，thatthatpartoftheWorld，whichbredmostofourGoldandSilver，usedleastofitinexchange，anduseditnotforMoneyatall。
　　19。ThatthereforeinanyCountrythathathCommercewiththerestoftheWorld，itisalmostimpossiblenowtobewithouttheuseofSilverCoin;andhavingMoneyofthat，andAccountskeptinsuchMoney，itisimpossibletohaveanystanding，unalterablemeasureofthevalueofthings。Forwhil’sttheMinessupplytoMankindmorethanwastesandconsumesinitsuse，thequantityofitwilldailygrowgreaterinrespectofotherCommodities，anditsvalueless。
　　20。ThatinaCountrythathathopenCommercewiththerestoftheWorld，andusesMoneymadeofthesameMaterialswiththeir。Neighbours，anyquantityofthatMoneywillnotservetodriveanyquantityofTrade;buttheremustbeacertainproportionbetweentheirMoneyandTrade。Thereasonwhereofisthis，becausetokeepyourTradegoingwithoutloss，yourCommoditiesamongstyou，mustkeepanequal，or，atleast，nearthePriceofthesameSpeciesofCommoditiesintheNeighbourCountries：Whichtheycannotdo，ifyourMoneybefarlessthaninotherCountries;forthen，eitheryourCommoditiesmustbesoldverycheap，oragreatpartofyourTrademuststandstill;
　　therenotbeingMoneyenoughintheCountrytopayforthem（intheirshiftingofhands）atthathighprice，whichthePlenty，andconsequentlylowValueofMoneymakesthematinanotherCountry。FortheValueofMoneyingeneralisthequantityofalltheMoneyintheWorld，inproportiontoalltheTrade：ButthevalueofMoneyinanyoneCountry，isthepresentquantityoftheCurrentMoneyinthatCountry，inproportiontothepresentTrade。Supposingthen，thatwehadnowinEnglandbuthalfasmuchMoney，aswehadsevenYearsago，andyethadstillasmuchyearlyProductofCommodities，asmanyHandstoworkthem，andasmanyBrokerstodispersethem，asbefore;andthattherestoftheWorldweTradewith，hadasmuchMoney，astheyhadbefore，（for’tislikelytheyshouldhavemorebyourMoietysharedamongstthem）’tiscertain，thateitherhalfourRentsshouldnotbepaid，halfourCommoditiesnotvented，andhalfourLabourersnotimployed，andsohalftheTradebeclearlylost;orelse，thateveryoneofthesemustreceivebuthalftheMoney，fortheirCommoditiesandLabour，theydidbefore，andbuthalfsomuchasourNeighboursdoreceiveforthesameLabourandthesamenaturalProduct，atthesametime。SuchastateofPovertyasthis，thoughitwillmakenoscarcityofourNativeCommoditiesamongstus，yetitwillhavetheseillconsequences。
　　1。ItwillmakeourNativeCommoditiesventverycheap。
　　2。ItwillmakeallForeignCommoditiesverydear，bothwhichwillkeepusPoor。FortheMerchantmakingSilverandGoldhisMeasure，andconsideringwhattheForeignCommoditycostshim（i。e。howmanyOuncesofSilver）intheCountrywhereMoneyismorePlenty，i。e。Cheaper;andconsideringtoo，howmanyOuncesofSilveritwillyieldhiminanotherCountry，willnotpartwithithere，butforthesamequantityofSilver，orasmuchasthatSilverwillbuyhereofourCommodity，whichwillbeagreatdealmorethaninanotherplace。SothatinallourexchangeofNativeforForeignCommodities，weshallpaydoubletheValuethatanyotherCountrydoes，whereMoneyisingreaterPlenty。
　　Thisindeedwillmakeadearness，and，intime，ascarcityofForeignCommodities;whichisnottheworstinconveniencythatitbringsuponus，supposingthemnotabsolutelynecessary。But，3。ItendangersthedrawingawayourPeople，bothHandicrafts，Mariners，andSoldiers，whoareapttogowheretheirPayisbest，whichwillalwaysbewherethereisgreatestplentyofMoney;andintimeofWar，mustneedsbringgreatdistress。
　　21。UponthisMeasuretooitis，ThatthevariationofexchangeofMoney，betweenseveralCountries，doessomewhatdepend。Foritiscertain，thatoneOunceofSilverisalwaysofequalvaluetoanotherOunceofSilverconsideredinitsIntrinsickworth，orinreferencetotheuniversalTradeoftheWorld：But’tisnotofthesamevalueatthesametime，inseveralpartsoftheWorld，butisofmostworthinthatCountrywherethereistheleastMoney，inproportiontoitsTrade：AndthereforeMenmayaffordtogive20OuncesofSilverinoneplace，toreceive18or19OuncesofSilverinanother。Butthisisnotall：Tothisthen，（tofindoutthealterationoftheexchange）theover-ballanceoftheTrademustbetakenintoconsideration。ThesetwotogetherregulatetheexchangeinalltheCommerceoftheWorld，andinboththehigherrateofexchangedependsupononeandthesamething，viz。thegreaterplentyofMoneyinoneCountry，thanintheother;Onlywiththisdifference，thatwheretheover-ballanceofTraderaisestheexchangeabovethePar，thereitistheplentyofMoney，whichprivateMerchantshaveinoneCountry，whichtheydesiretoremoveintoanother：ButwheretheRichesoftheCountryraisestheexchangeabovethePar，thereitistheplentyoftheMoneyinthewholeCountry。InonetheMerchanthasmoreMoney（orDebts，whichisallone）inaForeignCountrythanhisTradetherewillemploy，andsoiswillingtoallowuponexchangetohimabroad，thatshallpayhimreadyMoneyathome，1，2，3，&c。
　　perCent。moreorless，proportionablyashisorhisCountrymensplentyofreadyMoneyabroad，thedangerofleavingitthere，orthedifficultyofbringingithomeinSpecie，andhispresentneedofMoneyathomeisgreaterorless：Intheother，thewholeCountryhasmoreMoney，thancanwellbeimploy’dintheTradethereof，oratleast，theproportionoftheMoneytotheTradeisgreaterthanintheNeighbouringCountry，wheretheexchangeisbelowthePar。
　　For，supposingtheballanceofTradetobeequalbetweenEnglandandHolland，butthatthereisinHollandagreaterplentyofMoney，thaninEngland，（whichwillappearbythelownessoftheNaturalUseinHolland，andtheheighthoftheNaturalUseinEngland;andalsobythedearnessofFoodandLabouringeneralinHolland，andthecheapnessofitinEngland。）IfN。hasTenthousandpoundsinHolland，whichthegreaterAdvantagehecouldmakeofitinEngland，eitherbyUse，orPurchase，temptshimtotransferintoEngland，’tisprobablehewillgiveasmuchtoaMerchantinHollandtopayhimTenthousandpoundsinEngland，astheensuranceatthattimebetweenHollandandEnglandisworth。IfthishappentobeinaCountry，wheretheExportationofBullionisProhibited，hemustpaythemore：BecausehisVenture，ifhecarryitinSpecie，willbegreater。And，uponthisground，perhaps，theProhibitingtheExportationofMoneyoutofEngland，underPenalties，maybeofsomeuse，bymakingtherateoftheexchangegreatertothoseCountries，whichImportuponusmore，thantheyExportinCommodities;andsoretainsomepartoftheMoneywhichtheirover-ballanceofTradewouldcarryawayfromus，thoughafterall，ifweareover-ballanc’dinTradeitmustgo。
　　But，sincetheHollandMerchantcannotreceiveN’sTenthousandpoundsinMoneyinHolland，andpayhimTenthousandpoundsinEngland，unlesshisover-ballanceofTrademakeEnglish-MenindebtedtohimTenthousandpoundsinMoney，whichheisnotliketotakeinCommodities。Ithinktheover-ballanceofTradeisthatwhichchieflyraisestheexchangeinanyCountry，andthatplentyofMoneyinanyCountrydoesitonlyforsomuchoftheMoneyasistransfer’deithertobeletouttoUse，ortobespentthere。AndthoughLendingtoForeigners，uponUse，dothnotatallaltertheballanceofTradebetweenthoseCountries，yetitdoesaltertheexchangebetweenthoseCountriesforsomuchasislentuponUse，bynotcallingawaytheMoney，thatshouldfollowtheover-ballanceofTrade，butlettingitrestthere，asifitwereaccountedfor;alloneasiftheballanceofTradewereforsomuchaltered。ButthisbeingnotmuchincomparisonofthegeneralTraffickbetweentwoNations，oratleastvaryingslower，theMerchanttooregulatingtheexchange，andnottheUsurer。IsupposeitisthepresentballanceofTrade，onwhichtheexchangeimmediatelyandchieflydepends，unlesssomeaccidentshallmakeagreatdealofMoneyberemittedatthesametime，fromoneplacetoanother，whichwillforthattimeraisetheexchangealloneasanover-ballanceofTrade;andindeed，whenexamin’disgenerallyverylittledifferentfromit。
　　TobeabletoestimatetheParwiththeriseandfalloftheexchange，itisnecessarytoknowtheintrinsickvalue，i。e。howmuchSilverisintheCoinsofthetwoCountries，bywhichyoureckonandchargetheBillofExchange。
　　Sir，IfIhavebeenledalittletoofarfromonethingtoanother，intheconsiderationofMoney，IbegyourPardon，hopingthattheseParticularswillaffordsomelighttoourpresentSubject。
　　ToreturntothePriceofLand，’Tisevidentbywhathasbeenabove-said，ThattheYearsPurchaseofLanddonotincreasewiththefallofInterest，andtheabatingthatgoodqualityinMoneyofyieldingYearlySixperCent。toFour，doesnotpresentlysosinkitsValue，inrespectofLand，thatOneThirdmoreisrequiredinexchange：FallingofInterestfromSixtoFour，willnotraiseLandfromTwentytoThirtyyearsPurchase。TherisingandfallingofthePriceofLand，asofotherthings，dependsmuchonthequantityofLand，settoSale，compar’dwiththequantityofMoneydesign’dforthatTraffick，orwhichamountstothesamething，uponthenumberofBuyersandSellers。ForwheretherearemanySellersandfewPurchasers，thoughInterestbelessened，Landwillbecheap，asIhavealreadyshew’d。Atleast，thisiscertain，ThatmakingaLawtoreduceInterest，willnotraisethePriceofLands：Itwillonly，bydrivingitmoreintotheBankersHands，leavetheCountrybarerofMoney，whereby，ifthepriceofLandaboutLondon，shouldbeaccidentallyraised，thatofremoterCountieswouldtherebyhavefewerPurchasers，andatlowerRates。
　　Thisbeingso，thatthelowrateofLanddependsmuchonthegreatnumberofSellersinproportiontoPurchasers，thenextthingtobeinquir’dinto，is，WhatmakesplentyofSellers？andtothattheAnswerisobvious，generalillHusbandry，andtheconsequenceofit，Debts。IfaneglectofGovernmentandReligion，illExamples，anddepravedEducation，haveintroduc’dDebauc’hery。andArtorChancehasmadeitfashionableforMentolivebeyondtheirEstates，Debtswillincreaseandmultiply，anddrawwiththemanecessityonMen，firstofIncumbring，andthenSellingtheirEstates。ThisisgenerallythecausewhyMenpartwiththeirLand：AndIthinkthereisscarceoneofanhundred，thatthinksofSellinghisPatrimony，tillMortgageshaveprettywellEatintotheFreehold;andtheweightofgrowingDebtsforceaMan，whetherhewillorno，outofhisPossessions。WhenalmostisthereeveraclearandunincumbredEstatesettoSale？’TisseldomathrivingManturnshisLandintoMoneytomakethegreateradvantage：TheExamplesofitaresorare，thattheyarescarceofanyConsiderationinthenumberofSellers。
　　ThisIthinkmaybetheReason，whyinQueenElizabeth’sdays（whenSobriety，Frugality，andIndustry，broughtindailyIncrease，tothegrowingWealthoftheKingdom）LandkeptupitsPrice，andSoldformoreYearsPurchase，thancorrespondedtotheInterestofMoney，thenbusilyimploy’dinathrivingTrade，whichmadethenaturalInterestmuchhigherthanitisnow，aswellastheParliamentthensetithigherbyLaw。
　　Onthecontraryside，whatmakesscarcityofPurchasers？
　　1。ThesameReason，IllHusbandry。WhentheTradesmanlivesuptotheheighthofhisIncome，andthevanityofExpenceseitherdrainstheMerchantsCoffers，orkeepsthemfromover-flowing，heseldomthinksofPurchasing。BuyingofLandistheresultofafullandsatiatedGain：AndMeninTradeseldomthinkoflayingouttheirMoneyuponLand，tilltheirProfithasbroughttheminmore，thantheirTradecanwellemploy;andtheiridleBagscumbringtheirCountingHouses，putthemuponemptyingthemonaPurchase。
　　2。AnotherthingthatmakesascarcityofBuyersofLand，aredoubtfulandillTitles：Wherethesearefrequentandfatal，onecannomoreexpect，thatMen，whohaveMoney，shouldbeforwardtoPurchase，thanShipsrichlyladentoventurethemselvesamongstRocksandQuicksands。’TisnowondersuchSeasshouldnotbemuchfrequented，wheretheExamples，andremainsofdailyWrecks，shewthefolly，andhazardoftheVenture，inthenumberofthosewhohaveMiscarried。
　　3。AgeneraldecayofTradediscouragesMenfromPurchasing：
　　ForthisthreatensanUniversalPoverty，whichissuretofallfirstandheaviestuponLand。TheMerchantwhofurnishestheimprovidentLandholder，willnotfailtohaveMoneyforhisWareswithGain，whethertheKingdomgetbyhisTradeorno;andhewillkeephisMoneyratheremployedinTrade，whichbringshiminprofit，（fortheMerchantmaygetbyaTradethatmakesthekingdomPoor）thanlayitoutinLand，whoseRentsheseessinking，andforeseesbythecourseofTrade，islikelytocontinueontodoso：WhenaNationisrunningtodecayandruin，theMerchant，andMoniedMan，dowhatyoucan，willbesuretostarvelast：Observeitwhereyouwill，thedecaysthatcomeupon，andbringtoRuinanyCountry，doconstantlyfirstfallupontheLand：AndthoughtheCountryGentleman，（whousuallysecurelyreliesuponsomuchaYearaswasgiveninathisMarriageSettlement，andthinkshisLandanunmoveableFundforsuchanIncome）benotveryforwardtothinkso：Yetthisneverthelessisanundoubtedtruth，thatheismoreconcern’dinTrade，andoughttotakeagreatercare，thatitbewellmanag’d，andpreserv’d，thaneventheMerchanthimself。Forhewillcertainlyfind，whenadecayofTradehascarriedawayonepartofourMoneyoutofthekingdom，andtheotheriskeptintheMerchantandTradesman’sHands，thatnoLawshecanmake，noranylittleArtsofShiftingPropertyamongstourselves，willbringitbacktohimagain;buthisRentswillfall，andhisIncomeeverydaylessen，tillgeneralIndustry，andFrugalityjoin’dtoawellorder’dTrade，shallrestoretothekingdomtheRichesandWealthithadformerly。
　　Thisbytheway，ifwellconsider’dmightletussee，thatTaxes，howevercontriv’d，andoutofwhoseHandsoeverimmediatelytaken，doinaCountry，wheretheirgreatFundisinLand，forthemostpartterminateuponLand。WhatsoeverthePeopleischieflymaintainedby，thattheGovernmentsupportsitselfon：Nay，perhapsitwillbefound，thatthoseTaxeswhichseemleasttoaffectLand，willmostsurelyofallother，falltheRents。ThiswoulddeservetobewellconsideredintheraisingofTaxes，lesttheneglectofitbringupontheCountryGentlemananEvilwhichhewillbesurequicklytofeel，butnotbeableveryquicklytoremedy。ForRentsoncefallenarenoteasilyraisedagain。ATaxlaiduponLandseemshardtotheLandholder，becauseitissomuchMoneygoingvisiblyoutofhisPocket：Andthereforeasaneasetohimself，theLandholderisalwaysforwardtolayituponCommodities。Butifhewillthroughlyconsiderit，andexaminetheEffects，hewillfindheBuysthisseemingEaseataverydearrate：AndthoughhepaysnotthisTaximmediatelyoutofhisownPurse，yethisPursewillfinditbyagreaterwantofMoneythereattheendoftheyear，thanthatcomesto，withthelesseningofhisRentstoboot;
　　whichisasettledandlastingevil，thatwillstickuponhimbeyondthepresentPayment。
　　Tomakethisclear，letussupposeinthepresentStateofAffairsinEngland，thattheRentsofEnglandareTwelveMillions，andthattheChargeandNecessitiesoftheGovernmentrequiresasupplyofThreeMillionsfromtheParliament，whichislaidonLand。HereisonefourthpartofhisYearlyIncomegoesimmediatelyoutoftheLandlordsandLandholdersPocket。ThisisaBurthenveryapttobefelt。TheCountryGentleman，whoactuallypaystheMoneyoutofhisPocket，orfindsitdeductedoutofhisRentatQuarter-dayforTaxes，seesandverysensiblyobserveswhatgoesthusoutofhisEstate。ButthoughthisbeaQuarterofhisyearlyIncome，andoutofanEstateofFourhundredpoundsaYear，thepublickTaxnowopenlytakesawayOnehundred：YetthisinfluencesnotatalltheyearlyRentoftheLand，whichtheRack-renter，orunderTenantpays：Itbeingthesamethingtohim，whetherhepaysallhisRenttotheKing，orhisLandlord，orhalf，oraquarter，ornoneatalltotheKing;
　　theCaseisallonetohim，whatHandreceiveshisRent，whendue：SoTradeNourishes，andhisCommoditiesgooffwell，hewillbeabletopayhisRenton。ThislessensnotanymoretheValueofhisFarm，thananhighoralowchiefRentdoespaidoutofittotheLordoftheFee：TheTenant’sBargainandProfitisthesame，whethertheLandbecharg’d，ornotcharg’dwithanAnnuitypayabletoanotherMan。WeseethisinCollegeLeases，wherethoughtheCollegeTenantpaysforittotheCollegesomeyearsfivetimesasmuchashedoesothers，uponthevaryingRateofCorn：YettheUnderTenantfeelsnotthisAlterationintheleast，norfindsaReasontohavehisRentabated，becauseagreaterpartofitisdivertedfromhisLandlord。AllthisisbutchangingtheHand，thatreceivestheRent，withoutanyinfluenceatallupontheyearlyValueoftheEstate;whichwillnotbeletforonePennymoreorlesstotheRenter，however，oramongstwhomsoever，theRenthepays，bedivided。Fromhenceitisevident，ThatTaxeslaidonLanddonotintheleastmakeRentsfall。
　　Butsuppose，toshiftofftheBurthenfromtheLand，someCountryGentlemenshouldthinkfittoraisethesethreeMillionsuponCommodities，tolettheLandgofree。First，itistobeconsider’d，ThatsincethepublickWantsrequirethreeMillions，（forthatwesupos’dforArgumentsake;letitbethreeMillions，oroneMillion，that’sallone;）andsomuchmustgointotheKing’sCoffers;orelsetheNecessitiesoftheGovernmentwillnotbesupplied;ThatforraisingthesethreeMillionsonCommodities，andbringingsomuchintotheExchequer，theremustgoagreatdealmorethanthreeMillionsoutoftheSubjectsPockets。ForaTaxofthatnaturecannotbeleviedbyOfficers，towatcheverylittleRivuletofTrade，withoutagreatCharge，especiallyatfirsttrial。ButsupposingnomoreChargeinraisingit，thanofaLandTax，andthatthereareonlythreeMillionstobepaid，’tisevidentthattodothisoutofCommodities，theymusttotheConsumerberaisedaquarterintheirPrice;sothateverything，tohimthatusesit，mustbeaquarterdearer。Letusseenowwhoatlongrunmustpaythisquarter，andwhereitwilllight。’Tisplain，theMerchantandBroker，neitherwillnorcan;forifhepaysaquartermoreforCommoditiesthanhedid，hewillsellthemataPriceproportionablyraised。ThepoorLabourerandHandicraftsmancannot：Forhejustlivesfromhandtomouthalready，andallhisFood，ClothingandUtensils，costingaquartermorethantheydidbefore，eitherhisWagesmustrisewiththePriceofthings，tomakehimlive;orelse，notbeingabletomaintainhimselfandFamilybyhisLabour，hecomestotheParish;andthentheLandbearstheBurthenaheavierway。IftheLabourer’sWagesberais’dinproportiontotheencreas’dRatesofthings，theFarmer，whopaysaquartermoreforWages，aswellasallotherthings，whilsthesellshisCornandWool，eitheratthesamerate，orlower，attheMarket，（sincetheTaxlaiduponitmakesPeoplelessforwardtobuy）musteitherhavehisRentabated，orelsebreakandrunawayinhisLandlord’sDebt：AndsotheyearlyValueoftheLandisbroughtdown。AndwhothenpaystheTaxattheYearsend，buttheLandlord：WhentheTenant，notabletoraisehisRentbyhisCommodities，eitherrunsawayinhisLandlord’sDebt，orcannotbecontinuedintheFarmwithoutabatementofRent？ForwhentheyearlychargeinhisFarmisgreaterbytheincreaseoftheLabourersWages，andyethisproductSellscheaperbyreasonoftheTaxlaidonhisCommodities;howwilltheFarmerbeabletomakeuphisRentatQuarter-Day？ForthismaybeworthourNotice，thatanyTaxlaidonForeignCommoditiesinEngland，raisesitsprice，andmakestheImportergetmoreforhisCommodity。ButonthecontraryaTaxlaidonyourNativeProduct，andhome-madeCommodities，lessenstheirprice，andmakesthemyieldlesstothefirstSeller。
　　TheReasonwhereofisplain。FortheMerchantImportingnoCommoditybutwhatthenecessity，orfashionableWantonnessofyourPeoplegiveshimVentfor，willnotonlyproportionhisGain，totheCostandRisquewhichhehasbeenatbeforeLanding;
　　butwillexpectprofitofhisMoneypaidhere，foranyTaxlaidonit;andtakeadvantagefromthencetoraisehispriceabovewhathisTaxcomesto;andifhecannotdothat，hewillTradenomoreinthatCommodity。ForitbeingnottheProductofhisFarm，heisnottiedtobringittoMarket，ifhefindsitspricenotanswerhisExpectationthere，butturnshimselftootherWares，whichhefindsyourMarketstakeoffbetter。AMerchantwillnevercontinuetoTradeinWares，whichthechangeofFashion，orHumour，amongstyourPeople，hasmadelessvendible，thoughhemaybesometimescaughtbyasuddenalteration。ButthatseldomhappensinthecourseofTrade，soastoinfluencethegreatbulkofit。ForthingsofNecessitymuststillbehad，andthingsofFashionwillbehadaslongasMenhaveMoneyorCredit，whateverRatestheycost，andtheratherbecausetheyaredear。ForitbeingVanitynotUsethatmakestheExpensiveFashionofyourPeople，theEmulationis，whoshallhavethefinest，thatis，thedearestthings，notthemostconvenientoruseful。Howmanythingsdowevalueorbuy，becausetheycomeatdearratesfromJapanandChina，whichiftheywereourownManufactureorProduct，commontobehad，andforalittleMoney，wouldbecontemnedandneglected？HavenotseveralofourownCommoditiesofferedtoSaleatreasonableRatesbeendespised，andtheverysameeagerlyboughtandbrag’dof，whensoldforFienchatadoublePrice？YoumustnotthinkthereforethattheraisingtheirPricewilllessentheVentofFashionableForeignCommoditiesamongstyou，aslongasMenhaveanywaytopurchasethem，butratherincreaseit。FrenchWineisbecomeaModishDrinkamongstus，andaManisasham’dtoEntertainhisFriend，oralmosttoDinehimselfWithoutit。ThePriceisintheMemoryofManrais’dfrom6d。to2s。anddoesthishindertheDrinkingofit？No，thequitecontrary，aMan’swayofLivingiscommended，becausehewillgiveanyRateforit：AndaManwillgiveanyRateratherthanpassforapoorWretch，orPenuriousCurmudgeon，thatisnotableorknowsnothowtolivewell，norusehisFriendscivilly。
　　FashionisforthemostpartnothingbuttheOstentationofRiches，andthereforethehighpriceofwhatservestothat，ratherincreasesthanlessensitsVent。ThecontestandgloryisintheExpence，nottheUsefulnessofit;andPeoplearethenthought，andsaidtolivewell，whentheycanmakeashewofrareandforeignthings，andsuchastheirNeighbourscannotgotothePriceof。
　　ThusweseehowForeignCommoditiesfallnotintheirPricebyTaxeslaidonthem，becausetheMerchantisnotnecessitatedtobringtoyourMarketanybutFashionableCommodities，andthosegooffthebetterfortheirhighrate。ButonthecontraryyourLandholderbeingforcedtobringhisCommoditiestoMarket，suchashisLandandIndustryaffordsthem，commonandknownthings，mustsellthemthereatsuchpriceashecanget。Thisthebuyerknows;andthesehome-bredCommoditiesbeingseldom，theFavouritesofyourPeople，oranyfartheracceptable，thanasgreatconveniencyrecommendsthemtotheVulgar，ordownrightnecessitytoall，assoonasaTaxislaidonthem，everyonemakesassparingauseofthemashecan，thathemaysavehisMoneyforothernecessary，orcreditableExpences，wherebythepricetheyyieldthefirstSellerismightilyabated，andsotheyearlyvalueoftheLand，whichproducesthem，lessen’dtoo。
　　IfthereforethelayingofTaxesuponCommoditiesdoes，asitisevident，affecttheLand，thatisoutatRack-rent，itisplainitdoesequallyaffectalltheotherLandinEnglandtoo，andtheGent。will，buttheworstway，increasetheirownCharges，thatisbylesseningtheYearlyValueoftheirEstates，iftheyhopetoeasetheirLand，bychargingCommodities。ItisinvaininaCountrywhosegreatFundisLand，tohopetolaythepublickchargeoftheGovernmentonanythingelse;thereatlastitwillterminate。TheMerchant（dowhatyoucan）willnotbearit，theLabourercannot，andthereforetheLandholdermust：Andwhetherhewerebestdoit，bylayingitdirectly，whereitwillatlastsettle，orbylettingitcometohimbythesinkingofhisRents，whichwhentheyareoncefalleneveryoneknowsarenoteasilyraisedagain，lethimconsider。
　　HollandisbroughtasaninstanceoflayingtheChargeofthepubliqueuponTrade，and’tispossibly（exceptingsomefewsmallFreeTowns）theonlyplaceintheWorldthatcouldbebroughttofavourthisway。Butyetwhenexamin’dwillbefoundtoshewthequitecontrary，andbeaclearProof，thatlaytheTaxeshowyouwill，Landeverywhere，inproportion，bearsthegreatershareoftheburthen。ThepublickChargeoftheGovernment，’tissaid，is，intheUnitedProvinces，laidonTrade。Igrantitis，thegreatestpartofit;ButistheLandExcus’dorEas’dbyit？Bynomeans，butonthecontrarysoloaded，thatinmanyplaceshalf，inothersaquarter，inothersoneeighthoftheYearlyvaluedoesnotcomeintotheownersPocket：AndifIhavenotbeenmisinformed，theLandinsomeplaceswillnotpaytheTaxes：
　　Sothatwemaysay，thattheChargeoftheGovernmentcamenotuponCommoditiestilltheLandcouldnotbearit。TheburthenunavoidablysettlesupontheLandfirst，andwhenithaspresseditso，thatitcanyieldnomore，TrademustbebroughtininaidtohelptosupporttheGovernmentratherthanletallsink：ButthefirststressisalwaysuponLand，andasfarasthatwillreach，itisunavoidablycarried，layyourTaxeshowyouwill。
　　’TisknownwhatashareofthepublickchargesoftheGovernmentissupportedbytheTradeofAmsterdamalone，asIrememberthatoneTownpaysThirty-sixintheHundredofallthepublickTaxesraisedintheUnitedProvinces。ButaretheLandsofGuelderlandeas’dbyit？LetanyoneseeinthatCountryofLandmorethanTrade，whattheymakeclearoftheirRevenues，andwhethertheCountryGentlementheregrowrichontheirLand，whilsttheMerchanthavingtheTaxeslaidonhisCommerceisimpoverish’d？
　　OnthecontraryGuelderlandissolowandoutofCash，thatAmsterdamhasbeenfainformanyYearstolaydowntheTaxesforthem，whichis，ineffect，topaytheTaxesofGuelderlandtoo。
　　Struggleandcontriveasyouwill，layyourTaxesasyouplease，theTraderswillshiftitofffromtheirownGain;theMerchantswillbeartheleastpartofit，andgrowpoorlast。InHollanditself，whereTradeissoloaded，who，Ipray，growsrichest，theLand-holderortheTrader？Whichofthemispinch’d，andwantsMoneymost？ACountrymaythrive，theCountryGentlemangrowrich，andhisRentsencrease（forsoithasbeenhere）
　　whilsttheLandisTaxed：ButIchallengeanyonetoshewmeaCountry，whereinthereisanyconsiderablepublickChargeraised，wheretheLanddoesnotmostsensiblyfeelit，andinproportionbearmuchthegreaterpartofit。
　　WemustnotthereforeimputethefallingoftheRents，orofthepriceofLand，tohighInterest;Nor，ifillHusbandryhaswastedourRiches，hopebysuchkindofLawstoraisethemtotheirformervalue。IhumblyconceiveweshallinvainendeavouritbythefallofInterest：ThenumberofBuyersmustbeincreased，andSellerslessen’d，whichmustbedonebyotherways，thanregulatingofInterest，orelsetheLanded-manwillneitherfindChapmenforhisLand，norfortheCornthatgrowsonit，attheratehedesires。
　　ButcouldanActofParliament，bringdownInteresttoFourperCent。andtheloweringofthatimmediatelyraisethePurchasersFinefrom20to25YearsPurchase;yetitmaybedoubted，whetherthisbefittobemadeintoaLaw，becauseitwouldbeofnoadvantagetotheKingdom。ForwhatprofitwoulditbetotheNationtomakeaLaw，thathewhosellsLandshouldinsteadofFourhaveFivehundredpoundsofthePurchaser？ThisindeedalittlealtersthedistributionoftheMoney，wehaveamongstusEnglishmenhereathome，butneitherhelpstocontinuewhatwehave，norbringsinmorefromabroad：WhichbeingtheonlyconcernmentoftheKingdom，inreferencetoitsWealth，isapttobesupposedbyuswithoutdoorstobetheonlycareofaParliament。Foritmattersnot，soitbehereamongstus，whethertheMoneybeinThomasorRichardsHands，provideditbesoorder’d，that，whoeverhasit，maybeencouragedtoletitgointothecurrentofTrade，fortheimprovementofthegeneralstock，andwealthoftheNation。