1000000031

290 / 868

1\1 O N
h, If crown. ,1 , 6 l . 3 d. ,he gold fhilling. 14/. ond 6d.
and ,he 7 l . • nd 3 d. T IIl' wa• • neiently ,he p'"c·
tice in the Sp..nilh miou.
'r ne intele:ls \'Ilthi n Ihe fht: can be nowi fc perfl'aly
prote:(ted but by permittin~ coon!fi aos of \'alue (10m lhe
olJ tO lhe new fI .1 l}dllrd, ' whatevcr it be, and by reguLl '
tíog tlt~ foo.ing of fu~h converlioos by aél of parlia mc:nt,
according to circu01(}¡tnCes.
Far this purpofe , \ve 01:\11 examine thore ¡oteren, which
wifl chiefly meru [h~ anemian of govcrnment, whcn thl!Y
form a reguJation for the ruture of acqultting perrnanent
contr~éh already en[ered iOlO. 5uch iIS may be contrae·
ted af,erward. will natu" lIy follo\)l ,he new nandard.
The lanJ'!d ¡nteren ¡s, nO'doubt, lhe moa confi derable
iD the n:u ioo . L et U5 thercrore examine, in che fi rll
pl , wha.t regu)¿tion, it may be proper to make, in or–
der to do juUice to this great clars, wilh refpelt to th~
land-ux on one hl nd, and with rcrpe{t to their letr(es on
elle other.
T he valllation of the lands OC England was m"de many
r CalS'¡¡¡go, and r~afo:ubly ought ro be Cupported at the
re¡¡¡1 vllue of the p"uno Ucding ¡¡¡t thdt tim'!, flccording
to lhe principies . Ir••dy I,id do\Vn. T he general ..Iu, ·
tion, thereJore, of the whole king,fom \ViII riCe according
to this (cheme. This \Viii be conridered as an inju(bce ;
and no doub. i. would be (o, ir, fur ,he fU lure, .he
tax be impofed as heretofore, without ¡¡¡ttending te this
circumnance ; but ¡¡¡, lhat imporitioh is annual, as it is
on by ,he Ianded in<erefl i,(c/f, 'who 'compo(e ,he
parli¡¡¡mcnt, il is to be fuppoCed that this great claCs \Viii
at Jcarl take care of thtir own interen.
\ 'Iere lh: valualion of ,he I,nds lO be fl.ted .«ord·
ing 'o ,he Vdlualion of Ihe pound flerling of ' 7 I8 7 grain.
of whieh is commonly (uppo(ec! 'o bo Ihe
of E liz ..beth, there would be no great injury done: (his
",ould "ife ,he valualion ooly 5 p:r cm/o and the
laX in proporlion.
There is no ciar, of inh.bilao" in .11 Engl,nd ro mueh
at their eafe, and Co free fro:n taxes, as lhe clafs of C",r–
mers. By living in the conntry. and by confuming the
fruits of lhe eanh witho!.ll lhcir Cuffaing any allenation,
,h~y . void , he e/feét of many exe,re" . whieh, by ,hoCe
who live in corporuions, are fd t u?on 1II1I'IJ nrl icll'l oC
their confumption, as well ¡¡¡S 00 lhore which are im·
m(didtely loadc:1 with theCe impolitions. Fur lhis re.4fon
it will not , pcrhaps. appear unrcdronablc. ir lhe addi ti–
oaa! 5 pu ((nI . on lhe l.tnd lax \Vere thrown upon [his
cla(" .nd no' upon ,he landlord. . •
W i,h rtrpeét lO «, i, m.y be ob(erved, we
have gone upon (he fup ?ofi tion that lhe po lod Hl!rlinC in
d ie y.:ar 17:!8. was \Vonh 1718. 7 grdios oC fin e filva,
ano, 13 grain. of fine gold .
T hert: would be no inju:ticc Jone lhe Idfees or 2111 Ihe
Jands in the kin~riolll. were Ih<:ir rt::1l5 10 be f~x::d al lhe
mean prQPo' tio:'1 o(lhc(c v.llues v..'c ntlvc obf.;rnd Iww
the pounj Herling h.'5 becn gradu 1:ly J uní ndhing in in
worth Cro:n that time by the gr...d.lttl r¡fe of lhe (¡Iver.
l ""his rnC:ln propOrllon. (herdo,", \Vi II nt:a rly anr\Ver tO
what the v01lue of lh'! flllund fl.c.:r1ing wu in 174 3 ; fup.
poGn~ lhe rire:: of lhe filver 10 h:lvc: been uniformo
II m.y be fanher allcdg<d iD [. · ..OUI of lhe Iaodluró,
M O N
Iha, ,he gradu. I deb. remen, of lhe fl,nd.,d has bcen
more prcjudicial lO thei r tnteren in letting lhcir land"
.than lO (he fa rmers in difpofinJ! of lhe f. uits of them.
P roprietors e,lADot fo c:dily r.IICc thcir rents upon new
I..:;¡(t.:s, as f.trmers can r¡¡¡iCe the prices oC Ihei r grai o, ¡¡¡c–
cording tO the dcLJaremcot of (he value oC the cur rency.
T he pound fterl ing, ,hus regul'Ied 2t Ihe mean pro'
portian of in wonh, as it (litods ;H preCeot, ¡¡¡lid as it
nood in ' 728, may be realized in 1678 .6 erains offine
lil ver, aod 11 5.76 grains fine gold¡ which is 2' 4' pfr
C~IJ/ . aboye che value of the pl eCcnl cu rrency. No in·
ju ry, thcrcfore, would be done (O le(fl!es, aod 00 uorea:'
fonaLle gai n would accrae tO lhe landed ¡nteren, io ap·
poinriog convedioos of all Japd rents al 2';' ¡u r a nt. a·
bove (he value of lhe prefent curreocy.
W i,hou, • ,horough knowledge of every eireu"mfl.nce
relatine tO C rear Britaio, it is impoffi!Jle to Jay down anJ
plan. 1t is fuffi cicot, here, briefly to point OUl the prin·
cipl.. upon whieh il mu f~ be regulated.
T he next ¡meren to be coñlidered is lh¡¡¡t of the na·
tron's creditors. T he right regulatioo of their concero.
will hove a eonfoder3ble influence in eflablifhing public
cr~di, UpOD a folid I"fos, by making i, 'ppear ' o all ,he
worJd, that no pqlilical operalioo upon lhe money of
Crea t Briraio can in any refpetl eitbcr benefit or prcju.
dice the ¡nterefl of thoCe, who leod' (heir O1 oney upon the
f. ilh of ,he n2tion T he regula,i ng . Iro Ihe ¡nleren of
fo ¡:reat a body, \ViII fe rve as a rule fo r all creditors who
are in lhe Came circu mfl ¡¡¡nces, and \Vi II, UpClO other ac–
count', be produ8:l ve of grealer advantages to the nation
io time cOlning.
In J 749, 'a new reguhtion was made with the public
credi tors, ~hl'o the ioterdl of the wholc redccmable na"
tional debe \Vas redueed lO3 p~r unt o This circumUance
in(¡nilely Cacilitates lhe malter, with refpetl tO lhis clafs,
(inee, by this ionoV'iition or all forme r cODlra(ts, (he whole
nation¡¡¡1 dcbt nldy be con(jdercd as contraélcd al or po·
nerior 10 ,he 151h of D eeember '7 49.
Were Ihe nate. by any fU b· trary operadon upon money,
( which every r~Cor;nation llluH be,) to d inlin fh lhe "alue
of lhe pound flerling io which lhe parliameot al that
time bound the natioo 10 aequil (hoCe capit:"s aod the
intereH UpOIl them, woulJ nOl;&1I Europe h. )' , lh:lt lhe
B ri tl/h par!J¡¡mt:m had defrauded lheir credilors? Ir
,hereCore ,he opeminn propored 'o be p~rrorll1ed fhou l,t
havc i\ contr,HY tendeney. to \Vit, to auement lhe value
of Ihe pound flerling \Vllh which the parliaOlcnt a l lh ;¡t
time bound lhe naliol) to acquít (hoCe capilah and ¡ntereHs,
mun not all Europe alC~ aflrec, tlut lhe BI itirh parlia.
ment had dcfr,luul!u the nation ?
'T his convt!Olion with lhe ancient creditors orthe nate,
who, in conrt.'qucnce u( Ihe dcbaremcnt of the fl.,"dard,
Ol;~h t h Avt: ju:lly cl.¡imed an indl!mnlfiC,ltioo for the lofs
upon thdr cOip:tals, lt-nt al a time wht'n Ihe pound Ile r–
Jlng \V;1S al tho! valIJe o( Ih~ heavy (jlvl!r, rcmo\'cs al(
cauCe of c"'Olpl,tíot fronl th:1t qU:lner. 1 'hcre W;¡S in lhe
year 17.19, ao IO'lovatlon in aJl thcir contraas; ilnd lhty
are nClw tObe curifidl!rcd '" crediton onJy (rom the 25th
of DC'ccmh!r of that yca r.
L \:t lhe v:..I'JC of lhe pound fil!rling be In'luir.:-d into
durins one ;;c:r pr:c:ding anu oné poCleriur lO the traor.
aI!lIUQ,