England has been computed to have had 14 millions in gold and silver, and at the same time had paper-money for a great sum; yet England never had money enough to imploy the people: 50 million would not improve England so far as it is capable of improvement. if all the people were then imployed and to the best advantage, more money would bring more people from other countries. the province of Holland by a great quantity of money, and numbers of people the consequence of much money, is able to bear a share in the wars of Europe, equal to many times the same number of acres of better land in England; yet Holland has not the advantages for trade that England has. so that country that can have money equal to the demand, will be more powerful than any other country with the same advantages, whose money is less than the demand. If money were given to a people in greater quantity than there was a demand for, money would fall in its value; but if only given equal to the demand, it will not fall in value. At present perhaps 3 or 400000 lib. is more than there is a demand for; but as trade and manufacture increase, the demand for money will be greater. What I have propos’d to supply the country with money, may be reduc’d to this. if an estate of a 100 l. rent is worth 2000 l. in silver-money, and this estate can be convey’d by paper, and this paper be capable of being divided; then that estate may be made current money for 2000 lib. and any person who receives such paper money, receives a value equal to the same sum of silver money, as silver is valued now. if it is coin’d for 15 years purchase, then that paper-money will be more valuable than silver, for 1500 lib. in that paper will purchase land worth 2000 lib. silver-money. if it is coin’d for 25 years purchase, then that paper money will not be so valuable as silver, for 2000 lib. in silver will buy as much land as 2500 lib. in paper. Since it is very practicable to make land money, it would be contrary to reason to limit the industry of the people, by making it depend on a species that is not in our power, but in the power of our enemies; when we have a species of our own every way more qualified. And considering the state of this country from the great scarcity of money; that the value of lands fall, rents are unpayed, farms are thrown upon the master’s hand, and the debitor’s person and estate expos’d to the law, being engag’d to pay a species of which there is scarce any in the nation. 2. The hazard the money’d man is in from the uncertainty of the value of money, and the danger of confusion, in which case the money’d man may lose all. 3. The low state of trade, that many of the people who depended on trade and liv’d well, are starving or forc’d abroad. 4. That the other degrees of the people suffer in proportion. 5. That the nation in this condition may run into confusion, and is expos’d to its enemies.