Money is the measure by which all goods are valued; and unless goods rise to the full proportion the money is raised, the goods are undervalued. if the yearly value of Scotland in product and manufacture be 2 millions, at 20 years purchase 40 millions. the money a 100000 lib. raising the money 20 per cent, makes it pass for a 120000 lib. suppose the goods rise only 10 per cent, then that a 120000 l, is equal in Scotland to a 110000 l. of the money before it was raised; and buys the same quantity of goods. so, an addition is made of 20000 lib. to the tale and of 10000 lib. to the value of Scots or foreign money, compared with the value of Scots goods: but the measure by which goods are valued, being raised in the denomination 20 per cent; and the goods rising only 10 per cent: Scotland is near 4 million, or one tenth less valuable than before. and any man who sells his estate, will receive a tenth less silver, or of any other foreign goods for it, than if he had sold it before the money was raised. France and Holland are given as examples of raising and allaying the money. in France the money is higher in the denomination than in other countries, but that does not hinder the money of France to be exported. when the lued’ore was at 12 livres, the ballance was against France, exchange 10 per cent above the par: and a 110 lued’ores at 12 livres were payed then at Paris, for a 100 lued’ores of the same weight and fineness at Amsterdam, and passing there for 9 guilders bank money; so 10 per cent was got by exporting money from France. when the lued’ore was raised to 14 livres, that did not make the ballance against France less; the exchange continued the same, 110 lued’ores tho’ at 14 livres were payed for a bill of a 100 at Amsterdam, and the same profit was made by exporting money. if the exchange happened to be lower, it was from the ballance of trade due by France being less, and that would have lowered the exchange whether the money had been raised or not. but the raising the money, so far from bringing the ballance to the French side, keeps the ballance against France: for, as their goods do not rise to the full proportion the money is raised, so French goods are sold cheaper, and foreign goods are sold dearer, which makes the ballance greater, occasions a greater export of money, sets idle so many of the people as that money employed, lessens the product or manufacture, the yearly value of the country, and the number of the people.