The Money propos'd is after this manner. The Proprietor to coin pieces of Paper figur'd Number 1, Number 2, and so on; Number 4 to be equal to a certain measure of Corn. The Poor and other Labourers would be satisfied to take Number 4 for the Wages of a days labour, provided it be so contriv'd that Number 4 purchase them the measure of Corn;For as that Corn can be barter'd with other Goods, so Number 4 would purchase an equal value of any other Goods.
To make Number 4 equal to that measure of Corn, the Proprietor calls his Tennents together; tells them for the future, he will have his Rent payed in Paper, so renews their Leafes, and where a 100measures of Corn was payed, they oblidge themselves to pay him Number 400. The other kinds the Proprietor was payed in are valued, according to the Value they had in Barter with Corn; and Leases made for Paper.
The Proprietor coins Paper to the value of a years Rent, imploys such as are willing to work, and gives them Paper-money as the price of their Labour. The Tennent gives Corn or any other Goods he has to the Labourers for Paper-money, and teh Proprietor receives it for his Rent. But as the Consumption of the labouring Man may be suppos'd to be only equal to Number 2; So the Tennents cannot get the whole Sum issued by the Proprietor, and consequently not enought to pay their Rent. If this were not remeeded, the labouring Men being Masters of the remaining part of the Paper, and having no occasion for more Goods from the Tennents, might raise the value of the Paper. To prevent this, the Proprietor coins a greater Quantity, which brings a part of the poor and idle of the Continent to the Island, and occasions a greater Consumption, whereby the Tennents are able to pay their rents in paper as contracted for. The Addition to the people is an advantage to the Island; for it adds to the power of the Island, and their labour is worth double what they consume.
This Money tho it has no value but what the proprietor gives it, by receiving it in payments of his Rent; yet it will be esteem'd equal to the product payed before.
If the Proprietor would give it a value in Land, computing after this Manner: An Acre of Land pays Number 100, at 20 years purchase worth Number 2000. And dispone the Property of Land for Paper at that Value; Who would not be satisfied to receive or contract for that Money, since it not only bought the Product, but the Property of Land at a reasonable price.
Money is not the value for which Goods are exchanged, but the Value by which they are Exchanged: The use of Money is to buy Goods, and Silver while Money is of no other use.
Tho Silver were our product, yet it is not so proper to be made Money as Land. Land is what produces every thing, Silver is only the product. Land does not increase or decrease in Quantity, Silver or any other product may. So land is more certain in its value than Silver, or any other Goods.
Land is capable of Improvement, and the Demand for it may be greater; so it may be more valuable. Silver cannot be suppos'd, to be applyed to any other Uses, than it is now apply'd to; or that the Demand will encrease more than the Quantity.
Land cannot lose any of its Uses, so will not be less valuable;Silver may lose the Use of Money it is now apply'd to, so be reduc'd to its Value as a Mettal.
It may likewise lose a part of its Uses as a Mettal, these Uses being supply'd by other Goods: So loses a part of its Value as a Mettal. But nothing can supply the Uses of Land.
Land may be convey'd by Paper, and thereby has the other Qualities necessary in Money, in a greater degree than Silver.
Land has other Qualities fitting it for the Use of Money, that Silver has not.
Land apply'd to the Use of Money, does not lose any of the other Uses it is apply'd to: Silver cannot serve the Use of Money, and any of its other Uses as a Mettal.
Trade and Money depend mutually on one another; when Trade decayes, Money lessens; and when Money lessens, Trade decayes. Power and Wealth consists in Numbers of People, and Magazines of Home and Forreign Goods; these depend on Trade, and Trade on Money. So while Trade and Money may be affected directly and consequently; that what is hurtful to either, must be so to both, Power and Wealth will be precarious.
From whence it is evident, that Land is more Qualified for the Use of Money than Silver; and preferable for that Use tho Silver were the Product of Scotland: Being more certain in its Value, and having the Qualities necessary in Money, in a greater degree: With other Qualities that Silver has not. So more capable of being the general Measure by which Goods are valued, the Value by which Goods are Exchanged, and in which Contracts are taken.
If 2000 lib. of Paper Money, is equal to the property of Land worth 2000 lib. in Silver; then that 2000 lib. of Paper Money, is equal to 2000 lib. of Silver.
What buys Land, will buy every thing the Land produces; and what buys the Product of Land, will buy all other Goods whether Home or Forreign. If Wine is brought from France, the Merchant designs to lay out his Money on Goods, at Interest, or on Land: The Commission does not receive Silver Money, so he cannot have a Bond from the Commission, unless he give the Value in Paper; and many of the Landed Men won't take Silver for their Goods or Lands, having occasion for Paper to pay the Commission. So the Merchant will choose to sell his Wines for Paper Money, because it will purchase him Goods, Bonds or Lands where Silver Money will, being equally valuable: And in cases where Silver Money will not.
And this is supposing Silver were equally Qualified for the Use of Money, as Land is. But as Silver is an uncertain Value, and is given for much more than its Value as a Mettal; and has not all the Qualities necessary in Money, nor in so great a degree as Paper Money:
So Paper Money will for these other Reasons be prefer'd to Silver.
Some Object that a Paper Money tho upon a good Fund, and Current in the Country; Yet will not be valued Abroad, equal to what it were in Scotland.
