William Petty

“ But the only good one which I know, is, that bad and unequal Money may prevent hoarding, whereas weighty, fine, and beautiful Money doth encourage it in some few timorous Persons, but not in the Body of Trading men. ”

“ Will not some men, having occasions to buy Commodities in Forreign Parts, carry out all Money, and so not Vend or Export our own Commodities at all?
Answ. If some English Merchants should be so improvident, yet the Forreign Merchants would buy up such English Commodities as they wanted, with Money brought into England from their respective |4| Countries, or with such Commodities as England likes better than Money. For the vending of English Commodities doth not depend upon any other thing, but the use and need which Forreigners have of them. ”

“ What do you say of Money made wholly of base Metal such as Farthings, &c.?
Answ. That the want of Materials ought to be made up by the fineness of Coinage, to very near the intrinsick Value; or what is gained by the Want of either, to be part of the Kings Revenue.
Qu. 21. Which is best, Copper or Tin, for this purpose?
Answ. Copper: Because it is capable of the most imitable and durable Coinage: though the Copper be Foraign, and Tin a Native Commodity. For suppose Copper and Tin of the same Value in England ”

“ And that a Ship should come from Turkey with Money, in her Ballast also, to fetch Lead from England, which might have been carried at first by the English Ship? No: The Art of a Merchant is to consider all those Matters, so as no Prince's Proclamation concerning the Weight and Denominations of Coins, signifies anything to Forreigners when they know it, nor to his own Subjects pro futuro, what e're Disturbances it may make amongst them pro præterito. ”

“ Suppose 20s. of old Money may make but 18s. of new, who shall bear the loss of the two shillings?
Answ. Not the States: Because men would clip their own Money: But the Owner himself must bear the loss, because he might have refused light and defective Money, or put it away in time; it being sufficient that he shall have new regular beautiful Money for his old unequal Money, at the States Charge, Ounce for Ounce weight.
Qu. 5. After this Reformation of Coin, Will more Silver be carried out of England, suppose into the East Indies, then before; and to the Damage of England? ”

“ The Merchant will buy as much Scarlet as he can for 100 new Shillings, and then consider whether he shall get more Silk in the Indies for that Scarlet than for another 100 of the like Shillings: And, according to this Conjecture, he will carry Scarlet or Shillings in specie, or part one, part the other, if he be in doubt. ”

“ Qu. 26. What remedy is there if we have too little Money? |7|
Answ. We must erect a Bank, which well computed, doth almost double the Effect of our coined Money: And we have in England Materials for a Bank which shall furnish Stock enough to drive the Trade of the whole Commercial World.
Quest. 27. What if we have too much Coine?
Answ. We may melt down the heaviest, and turn it into the Splendor of Plate, in Vessels or Utensils of Gold and Silver; or send it out, as a Commodity, where the same is wanting or desired ”

“ I think there is: viz. Allowing about 12d. in Farthings, to every Family; So as if there be a Million of Families in England (as I think there be) then about 50000l. in Farthings would suffice for Change; and if such Farthings were but 1⁄5 below the intrinsick Value, a Nation would pay but 10000l. for this Convenience: But if this way of Families be not Limitation enough, you may help it by considering the smallest Piece of Silver Money current in the Nation ”

“ Qu. 10. Cannot Authority Command that men should give as much Commodity for the new retrencht Money, as for the old which weighed 1⁄3 part more?
Answ. Then the effect of such Authority would also be to take away 1⁄3 of all mens Goods, which are Commodities beyond Seas; and give the same to Forreigners, who would have them for 3⁄4 of the usual quantity of Silver: And the same Authority would take away from the Creditor 1⁄3 of the Money which was due before the Proclamation.
Qu. 11. Whereas you suppose retrenching 1⁄4 in the new Coinage ”

“ And since that time, Land being risen to 12 Years purchase, responsible Men will not give above 8. And insolent [8] Men will offer Cent. per Cent. notwithstanding the Law. Again, suppose a Man hath 100l. ”