of the known weight and fineness. And these practices have been compassed by Bankers and Cashiers, for oblique Considerations, from the Favourites of such Princes and States. |5|
Qu. 15. It is then the Honour of England that no such Tricks have been practiced, though in the greatest Streights that ever that State hath been in?
Answ. It hath been their Wisdom, and consequently their Honour to keep up a Rule and Measure of trade amongst themselves, and with all Nations.
Qu. 16. But is there no Case wherein Money may be justly and honourably raised?
Answ. Yes, in order to Regulation and Equalizing of Species of Coines; As when two Species of one Weight and Fineness are taken at different Rates, then the one may be raised or the other depressed: But this must be rated by the estimation of the whole World as near as it can be known, and not by any private Notion; and the like may be done between Gold and Silver[1].
Qu. 17. What do you think of the rising or falling of the Price of Lands, from this following Instance, viz. A piece of Land was sold 60 Years ago for 1000l. that is, for a 1000 Jacobusses; and the same Land is now sold for 1000l. or 1000 Guineas, and the Guinea is but 5⁄6 the weight of the Jacobus. Is the Land cheaper now than 60 Years ago?
Answ. It looks like a Demonstration that it is: Yet if Gold be not Money, but a Commodity next like to Money, and that Silver be only Money; then we must see whether 1000 Jacobusses would then purchase no more Silver than 1000 Guineas will do now: For if so, the Land was heretofore and now sold for the same Quantity of Money, though not of Gold; and is neither risen nor fallen by what hath been instanced.
Qu. 18. What is the difference between retrenching or raising of Money, and imbasing the Mettle of the same, as by mixing Copper with Silver?
- ↑ Petty's opinion upon the point here involved has been diversely interpreted by Lord Liverpool, Coins of the Realm (1880), pp. 137—141 and by S. Dana Horton, The Silver Pound, 165—171.
