So that this paper money propos’d, having a better value than silver; and receiving no addition to its value, from being used as money; and not being lyable to any change in its value, the quantity and demand encreasing and decreasing together: it is so far more qualified to be the measure by which goods are valued, the value by which goods are exchanged, and in which contracts are made payable. The other qualities necessary in money, are, 1. Easy of delivery. 2. Of the same value in one place to what it is in another. 3. To be kept without loss or expence. 4. To be divided without loss. 5. To be capable of a stamp. Paper money has these qualities in a greater degree than silver. 1. It is easier of delivery: 500 lib. in paper may be payed in less time, than 5 lib. in silver. 2. It is nearer the value in one place to what it is in another, being of easier carriage. 3. It can be easier kept; taking up less room. and without loss; because it may be exchanged at the office. the consumption of paper is not of so much value as the consumption of silver: the consumption of the paper is a loss to the office, the consumption of silver is a loss to the owner. 4. It can be divided without loss: because it may be changed for lesser notes at the office. 5. It is capable of a stamp, and less liable to be counterfeit. The practice of most trading nations confirms, that paper is more qualified for the use of money, than silver; providing it hath a value. in Holland silver is pledg’d, and paper is used as money. that land pledg’d is a better value than silver pledg’d, is evident from what has been said. in England, before the bank was set up, gold-smiths notes were received in payments preferable to gold or silver: which shows that paper money had all the qualities necessary in money, so much more than gold or silver, as to equal the danger of a gold-smith’s breaking, of which there were many examples. Mr. Lock, pag. 7th on interest of money, says, that one gold-smith’s credit (being usually a note under one of his servants hands) went for above eleven hundred thousand pounds at a time. The notes of the bank in Scotland went, tho’ there was no money in the bank, and tho’ their acceptance was voluntary. the security for the paper propos’d will be as good, the administration may be more safe and satisfactory than that bank, or any other private bank; because it is more public, and the commission has not any share of the profits. besides it will not be liable to the hazard banks are liable to, from the sale of shares.