1000000031

]\'1 O N

:l8ion of lhe month of Dcccmbcr 17.19. T he

g,rc~t

fums

uorrowed and

r·1iJ

IllCk

lhe r"lUon

dmiog

Ihat

pe–

riod wdl

f~lrni {h

d.na

fulli .;:i¡,:nt

(Of

that

C,dCu)cltion.

L et

Ihis

v~llle

(11e pounJ

J:..t,!

fpecified in Iroy graios uf

hnc fih'l.'r

élDc.I

fine gdd uullion,

Wllhollt

mcntionio& any

denoOl:nation of monl!y

a.:~orJ.llg

to the exttél: proportion

of lhe metals ;H th:.tl lime.

AoJ lel

lhis

pound be: call-

thc p ,u,:.1

o/II.1/i'II ... /

crrdil.

This 6rH ('}'c: ratioo b...ing dClcrmincd, let ít be cnatlc:d.

that

Ihe

pound ficrJi ng.

by .....

hich

lhe

Oate

c.o

borrow

for the ruture, and that in wl1lch

lhe

creditors are

be:

paid. (hall be

lhe

c:u é\ me..o

proponian

bctwt:en

lhe

quantities of golJ

afu..!

fih'::r

abo,': rpl'cificd .

acconling

Ihe aCurtl proponian 01

lhe

met.tls

the time

fueh

pay·

ments

fh,,1I b:

made; or that the funu O\all be borrowed

or .cquitled, one half in gold .nd one half ia fih'<r, a,

the re(pedive requifilions of lhe ereditorsor oC the nale,

when borrowing. AII d. b" eOl1t"aed pollerior tO1749,

m~y

.be made ,hable tO coorcrfions.

The

conrequencc of

t11is

rcgul.nion

will be

the inrcnfa·

ble

cna~llilh",cnl

of a

b.nk

money. NOlbing would be

nore diffieult'

enttbldh.

by a po!itive revolution, than

fuch an invari ...

ble

me~rure ;

and

nOlhin~

will

be found fa

e.Cy

as 10 let il enablilh ilCel f by ilS own adnnl.ges,

T his bank money will be li,ble to mueh fe\Ver ineonve·

·niences ,han that of AmHerJam. T hcre the perfons

tranC.éling mult be upon Ihe CpOI; here, Ihe lIerling eur'

.reney mal', e"ery quoner

a year, be . djufled by Ihe

cxchequer

thi, invarif\ble rlandarcl, for the bcne!i t of

JiI.ll

debtors and ercditors, " ho incline tOprofil of

the

llabilily of Ihis m.,Cure of value.

This (cheme i, JiJble to no inconveniente [rom

the

va·

riation or lhe metals, Jet thcm be ever fo frequent, or

'nrd

be dc:termined ; becauCe upon every occdion where

there is lhe, fmaJJefl doubt as to the allu.d proportiun,

tbc: oplion competent

crediwfI tO be paid half in filver

aod half in gold will

remo~e.

Sueh a regul«ion \ViII alfo hove Ihi. good effetl. Ih.t

will

give

th~

nation more jufl ideas of

the

nature of

010'

'Tley, and conrequcntly of the influence ir ought

have

upon prices,

If the ••llle of th e pound flerl ing (hall be fOllnd

ha.e

been by accidenl ler, in D ccember

749,

lhanit isal pre·

fenl; orif

prefent the currency be found below what has

co:nmonly been finee

1749.

in jullice to lhe creditors, and

to prevent all complainrs, lhe nation may graDt them'the

mean propo"ion of Ihe value

Ihe pound nerling from

) 749

1760; or .ny olher whieh may

parliamenl

"ppear re. fon.ble.

This

~eg"lalion

mufl app'" cquit. ble in Ih. eyes of all

.Europe; and lhe flrongelt proof uf i, will be, Ihal il w'¡l

DOI produce ,he

Cmall.fl

dfeél prejudicial to Ihe inlerefl

or Ihe ioreign credilor" Thc cou rre of exchange with

regard 10 Ihem \Vdl fland preeiCely .. befare.

A Dutch. · French, or German ereditor,

\ViII

rcceive

the fame . alue for his inleren in the Englinl fl ocks as

hereto(ore. This mu(l Cilence all clamours al home, bt"ing

[he moH con\'¡ncing proof. Ihd.t lhe ncw regulation of the

coin will have madc: no .d,eration uron Ihe real v:lIue uf

. ny man's propcrty,

lt:t

him ue tlt.:btor or creditor.

M O N

The interd l or

cl!cry

oth-: r deoomir. .. ,ion of crcJilOrs,

whofe conlrAéts are of

f,dh d,n",

m.,}' te

regel.ltcd up–

on ,he r..mc

PIIIIC'Plc.:S.

B 'I WhE

re dc: bu

are:

of an olJ

1t,lnd, ng, juf!i..:c: ,lclll:mds. that ;utt:ntion be.! had lO lhl!

"\'.thlC

uf muney

Ihe Timé ui COotlela lng. NOlhíng bu t

Ihe tl;!!JIJ¡t y

0 1

the Englllh t.:'Jin, v.:hc: n cumparcd

wlth

lhat

otller n,lciol1s,

( ,lO Ol¡.¡kc:

fuch

propo{.J.1 appc::ar

extra–

ordlo.Hy.

Nmlnng is bella k..nown in France

lilao

this

Ibpul.lliun added la oblig.nions,

ArgaJ/ nu

" un

d,·

j our:

IhAt is

f~ y ,

th.H lhe fum

(11,,11

be repaid in cuio

~hc

i'olnlt

IOlrinfic v:.tlue wítb " hu

hal

beeo lenL

\ Vhy

fhould fu ch

CldUre be thOllght rea(onai·le for guarding

people ag.o nH arbrirr"I'Y upcrJlions uFon

the

numerar)

v.dlle of the coin, and not be fOllnd juH upon evel y

oc~

c,,{ion whert Ihe

numerar

value

it is found

be cheln..

ged,

let

th~

cau(e be what it \Vdl

T he

next Inleren

\Ve {h all examine

is ,hat or trade.

'Vhen men

J\'Cf\uained lhe age or t\\'enty one,

tbey

hlve

no more ocetl fioo ror guardians . This Ola}' be:

applic:d

traders: they can party",ith their pen evcry inconveni ..

ence whit.:h

may

refult to olher people from (he ch,¿nges

upon moof' y. providcd oóly the

]~ws

permit thero to do

Ihemfelves jullice wilh refpetl 10 Ihéir engafemenlS. Thi.

c1"t"s demOlnJs

more lhan

ri~ht

tOcooven ..Illecipro–

cal ubligations ioto

denominatiul~s

or coin or lhe

f"me

inuinfic vAlu e with thofe lhe)' ha\'e eont raéled in.

The next ¡ntereH

that of buyers aod fellers; that ¡s,

or manufaél urers with rt'gard tO confumers, and of fer–

"ams

with refpell

tú

thole wbo hire their perfonal fcr–

vice.

The inleren of this claCs requires a mbfl part icular at–

tention. They mufl, lilerally Ipeaking, be pU l to fehool,

aod taughl Ihe 6rU principies of Iheir trade, whieh' is

buying and fell ing 1'hey mufl leam to judge of priee by

the erbins of filvoc

~nd

gold Ihey receive : They are ehil–

Oren

0 1

mercanl ile mother, howc9'cr warlike the father',

diCpoGlion m.y be.

it be Ihe inleren of Ihe flate Iha,

their

bodi~s

be renrle red robufi and aétlve,

i.t

lefs

Ihe int('Ten

Ihe (late that their minds be infiruéted

the Grfl prinCIpie of Ihe trade they exerciCe.

f or Ihi. purpofe, tables of converGon fro,,\ Ihe old

flanJard tOlhe

new

mufi be m;¡dc, and ordered to be put

up in every

m:iH~et,

in every (hop, A-il dUlits. aJl ex...

cifes, muíl be convcned in the rame manner. Unifo,rnity

mnfl be

m.de

10 appe.r every whe re.

T~e

Cmalldl de–

vialion (, 0m Ih is \VIII be . lIumbling block ,to Ihe mulll–

lude .

Nnt oaly the inleren of Ihe

individu.ls

of the claC,

we are

prrrcnt conCidering, demands·the nation's care

and anention In thi s particular: bUl lhe profperity or tracle,

and Ihe wcll-being of ,he n.tioa, are .ICo deeply inle–

reneu in the execution.

The whote dclieacy of t

intricate combinations of

COOlmu ce dt'pcnds upon

jufi and equ,lble \'lbr4tion

price!, accurding

:.S

ci rCUn,lh\DCeS llt:m

:J.nd

¡t.. The

l1l~re

Ihcrefore lhe InClullraous clalres are inllru{led

t..he pran..

ciples which ¡ofluence pricc:s , the more eafily

\ViII

the

m.~ehine mO\le. A \VorKmilO theo lea rns 10 link h.s pn,c

wil hout r:-&rct, and cao r"i fe- it without avidit )'. ' ''hen

principIes ar

cnOI

undc dluod, priccs c¡¡nnct gt'ndy fall,

Ih<y