Page images
PDF
EPUB
[blocks in formation]

IN A LETTER SENT TO A MEMBER OF PARLIAMENT, 1691.

VOL. V.

SOME

CONSIDERATIONS

OF THE

CONSEQUENCES

OF THE

LOWERING OF INTEREST,

AND

RAISING THE VALUE

OF

MONEY.

SIR, These notions concerning coinage having, for the main, as you know, been put into writing above twelve months since; as those other, concerning interest, a great deal above so many years : I put them now again into your hands, with a liberty (since you will have it so) to communicate them farther, as you please. If, upon a review, you continue your favourable opinion of them, and nothing less than publishing will satisfy you, I must desire you to remember, that you must be answerable to the world for the style, which is such as a man writes carelessly to his friend, when he seeks truth, not ornament; and studies only to be in the right, and to be understood. I have, since you saw them last year, met with some new objections in print, which I have endeavoured to remove; and particularly I have taken into consideration a printed sheet, entitled, “ Remarks upon a Paper given in to the Lords, &c.” Because one

he

may naturally suppose, that he, that was so much a patron of that.cause, would omit nothing that could be a said in favour of it. To this I must here add, that I am just now told from Holland, “ That the States, AME finding themselves abused, by coining a vast quantity of their base [schillings] money, made of their own ducatoons, and other finer silver, melted down, have put a stop to the minting of any but fine silver coin, till they should settle a mint upon a new foot.”

I know the sincere love and concern you have for your country puts you constantly upon casting about, IX on all hands, for any means to serve it; and will not of suffer you to overlook any thing you conceive may be at of any the least use, though offered you from the meanest capacities : you could not else have put me upon looking out my old papers, concerning the reducing of interest to 4 per cent. which have so long a lain by forgotten. Upon this new survey of them, I find not my thoughts now to differ from those I had to near twenty years since: they have to me still the appearance of truth; nor should I otherwise venture de them so much as to your sight. If my notions are wrong, my intention I am sure is right; and whatever I have failed in, I shall at least let you see with what obedience I am,

Sir,

Your most humble servant. Nov. 7, 1691.

SIR, I HAVE so little concern in paying or receiving of • interest,” that were I in no more danger to be misled by inability and ignorance, than I am to be biassed by interest and inclination, I might hope to give you a very perfect and clear account of the consequences of a law to reduce interest to 4 per cent. But, since you are pleased to ask my opinion, I shall endeavour fairly to state this matter of use, with the best of my skill.

The first thing to be considered is, “ Whether the price of the hire of money can be regulated by law ?

« PreviousContinue »