Benjamin Franklin

Name: A Modest Enquiry into the Nature and Necessity of Paper Currency
Author: Benjamin Franklin

A Modest Enquiry into the Nature and Necessity of Paper Currency (1729)

Summary

“A Modest Enquiry into the Nature and Necessity of Paper Currency”, published in 1729, is a work by Benjamin Franklin. It explores elements such as plentiful Currency, Interest and Men.

Quotes from A Modest Enquiry into the Nature and Necessity of Paper Currency (Benjamin Franklin)

Benjamin Franklin, A Modest Enquiry into the Nature and Necessity of Paper Currency (1729)

“ And since a Plentiful Currency will be so great a Cause of advancing this Province in Trade and Riches, and increasing the Number of its People; which, tho' it will not sensibly lessen the Inhabitants of Great Britain, will occasion a much greater Vent and Demand for their Commodities here; and allowing that the Crown is the more powerful for its Subjects increasing in Wealth and Number, I cannot think it the Interest of England to oppose us in making as great a Sum of Paper Money here, as we, who are the best Judges of our own Necessities, find convenient. ”

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Source: Wikisource

Benjamin Franklin, A Modest Enquiry into the Nature and Necessity of Paper Currency (1729)

“ There is no Science, the Study of which is more useful and commendable than the Knowledge of the true Interest of one's Country; and perhaps there is no Kind of Learning more abstruse and intricate, more difficult to acquire in any Degree of Perfection than This, and therefore none more generally neglected. Hence it is, that we every Day find Men in Conversation contending warmly on some Point in Politicks, which, altho' it may nearly concern them both, neither of them understand any more than they do each other. ”

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Source: Wikisource

Benjamin Franklin, A Modest Enquiry into the Nature and Necessity of Paper Currency (1729)

“ Since Men will always be powerfully influenced in their Opinions and Actions by what appears to be their particular Interest: Therefore all those, who wanting Courage to venture in Trade, now practise Lending Money on Security for exhorbitant Interest, which in a Scarcity of Money will be done notwithstanding the Law, I say all such will probably be against a large Addition to our present Stock of Paper Money; because a plentiful Currency will lower Interest, and make it common to lend on less Security. ”

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Source: Wikisource

Benjamin Franklin, A Modest Enquiry into the Nature and Necessity of Paper Currency (1729)

“ For they very well know, that People will have little Heart to advance Money in Trade, when what they can get is scarce sufficient to purchase Necessaries, and supply their Families with Provision. Much less will they lay it out in advancing new Manufactures; nor is it possible new Manufactures Should turn to any Account, where there is not Money to pay the Workmen, who are discouraged by being paid in Goods, because it is a great Disadvantage to them. ”

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Source: Wikisource

Benjamin Franklin, A Modest Enquiry into the Nature and Necessity of Paper Currency (1729)

“ Now as Trade in general will decline where there is not a plentiful Currency, so Ship-Building must certainly of Consequence decline where Trade is declining.
Thirdly, Want of Money in a Country discourages Labouring and Handicrafts Men (which are the chief Strength and Support of a People) from coming to settle in it, and induces many that were settled to leave the Country, and seek Entertainment and Employment in other Places, where they can be better paid. ”

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Source: Wikisource

Benjamin Franklin, A Modest Enquiry into the Nature and Necessity of Paper Currency (1729)

“ All those who are any way Dependants on such Persons as are above mentioned, whether as holding Offices, as Tenants, or as Debtors, must at least appear to be against a large Addition; because if they do not, they must sensibly feel their present Interest hurt. ”

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Source: Wikisource

Benjamin Franklin, A Modest Enquiry into the Nature and Necessity of Paper Currency (1729)

“ And yet, after such Men are possessed of as much Land as they can purchase, it will then be their Interest to have Money made Plentiful, because that will immediately make Land rise in Value in their Hands. Now it ought not to be wondered at, if People from the Knowledge of a Man's Interest do sometimes make a true Guess at his Designs; for, Interest, they say, will not Lie.
3. Lawyers, and others concerned in Court Business, will probably many of them be against a plentiful Currency ”

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Source: Wikisource

Benjamin Franklin, A Modest Enquiry into the Nature and Necessity of Paper Currency (1729)

“ And if in two Neighbouring Countries the Traders of one, by Reason of a greater Plenty of Money, can borrow it to trade with at a lower Rate than the Traders of the other, they will infallibly have the Advantage, and get the greatest Part of that Trade into their own Hands; For he that trades with Money he hath borrowed at 8 or 10 per cent cannot hold Market with him that borrows his Money at 6 or 4. ”

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Source: Wikisource

Benjamin Franklin, A Modest Enquiry into the Nature and Necessity of Paper Currency (1729)

“ For what can be more disheartning to an industrious labouring Man, than this, that after he hath earned his Bread with the Sweat of his Brows, he must spend as much Time, and have near as much Fatigue in getting it, as he had to earn it. ”

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Source: Wikisource

Benjamin Franklin, A Modest Enquiry into the Nature and Necessity of Paper Currency (1729)

“ Now the Value of House Rent rising, and Interest becoming low, many that in a Scarcity of Money practiced Usury, will probably be more inclined to Building; which will likewise sensibly enliven Business in any Place ”

Benjamin Franklin

Summary

Quotes from A Modest Enquiry into the Nature and Necessity of Paper Currency (Benjamin Franklin)

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