If it is alledged the mines in the West Indies may fail. ’tis the interest of the Spaniards to give out that their mines begin to fail, to keep up the price of silver; but if that were true, France ought not to have engaged her self in a war, when by the partition treaty she could have got any other parts of that monarchy that are valuable. allowing the mines do fail, we ought the rather to provide ourselves with another money. CHAP. VI. _The proposal given in to Parliament by Dr. H. C. examined._ I did not intend to have said any thing about the Dr’s proposal, that affair having been referr’d to a committee, who are to make their report. but several people who are of opinion that the Dr’s proposal is not practicable, being against what I am to propose, because they think ’tis the same with his in some other dress: I thought it needful to give a short account of the Dr’s proposal, and in what I differ from him. His proposal is to give out notes upon land, to be cancell’d by yearly payments of about 2 and a quarter per cent, for 45 years. and that these notes be current as silver money, to the value they are coin’d for. If notes given out after that manner, were equal in value to silver money; then every landed man in Scotland, would desire a share of this great and certain advantage: and I don’t see how it is practicable to give every landed man a share. Supposing it practicable, 45 years purchase in these notes, will not be of so much value, as 20 years purchase of silver money. No anticipation is equal to what already is. a years rent now is worth 15 years rent 50 years hence, because that money let out at interest, by that time will produce so much. and tho’ the parliament would force these notes, yet they would not have currency, any more than if the government coin’d pieces of gold equal in weight and fineness, with a guinea, and ordered them to pass for 5 lib. These bills are propos’d to be repay’d and cancell’d in a term of years, without paying any interest, but only so much as would defray the charges of the office, which would not be above one half per cent. There would then be many lenders, but few if any borrowers, except from the land bank: for as ’tis the landed man borrows of the money’d man, he would satisfie his creditor, and have bills to lend. the money’d man would likewise have of these bills to lend, but there would be no borrowers; or if any desired to borrow, they would have these bills at a very low use. suppose at 2 per cent, then these bills would be considerably less valuable than silver. Any thing that is propos’d to have a currency as money, and is given for a lesser interest than silver money, will be of less value.