Money and trade considered : $b With a proposal for supplying the nation with moneyLaw, John
General
Money and trade considered : $b With a proposal for supplying the nation with money
Law, John
Banks and banking -- Scotland; Currency question -- Great Britain
’Tis thought our import and expence abroad this last year exceeded
our export by a very considerable sum, so to make the ballance equal
we must not only retrench equal to the money which was sent out last
year; but like-ways so much more as the want of that money, and of the
addition the bank made to our money may have lessen’d the yearly value.
so tho’ ’tis possible that coining the plate and regulating trade may
bring the ballance to our side, yet ’tis to be fear’d the consequences
will show that it is not very practicable; for that and other reasons
already given. however they may assist, but in regulating our import,
regard ought to be had that the sale of our goods abroad be no way
hindred, for if that is not taken care of, we shall lose more for
want of a market, than we shall save by importing less. and tho’ all
necessary care be taken, yet the assistance may reasonably be expected
from these measures, will not relieve us; they may keep us lingring in
the state we are, expos’d to confusion at home, and to insults from
abroad.
Most people think scarcity of money is only the consequence of a
ballance due; but ’tis the cause as well as the consequence, and the
effectual way to bring the ballance to our side, is to add to the money.
Our poor have been computed 200000, our people were then more than now,
but our poor may be as many as then; suppose only 100000, and by the
addition to our money 50000 of them were imployed, and only for one
half of the year, their labour to be payed 3 pence, and worth 3 pence
more to the imployer, their consumption a penny more than now: the
yearly value of the nation would be increas’d by such labour 189583
lib. 6 sh. and 8 pence.
If the country people about Perth and Stirling, have to the value of
20000 l. of linen, serges, and other manufacture more than is bought
up; tho’ these goods exported will yield 20 or 30 per cent. profit,
yet the owners can’t export them, the goods being in so many different
hands, and not having correspondents abroad to whom they could trust
the sale of them. A. B. and C. are satisfied for that profit to take
the trouble and hazard of exporting them, but money being scarce they
cannot get any to borrow, tho’ their security be good; nor cannot
well have credit for the goods from so many different people they are
strangers to. if they could have credit for them, yet these country
people must be idle till A. B. and C. pay them out of their returns
from abroad. so for want of money to exchange by, goods fall in value,
and manufacture decays.
It cannot well be known what sum will serve the occasions of the
nation, for as manufacture and trade advance, the demand for money will
increase; but the many poor we have always had, is a great presumption
we have never had money enough.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account