Turning, he walked to the laboratory door and locked it.
natural Disadvantages, the present Application, and natural Advantages of other Nations. This Country is more capable of an extended Trade than any other Country of Europe, yet it is reduc'd to a very low state. Trade is ruin'd; the national Stock is wasted; the People forsake the Country; the Rents of Land are unpay'd; Houses in Towns, and Farms in the Country are thrown upon the Owners Hands; the Creditor cannot have the Interest of his Money to Live upon; and the Debitors Person and Estate are expos'd to the Law. The Landed Man, by having engadged his Person and Estate for the Payment of a Species, which is not in his power to perform; and having no Alternative: By the Law his Person is at the mercy of the Creditor, and his Estate to be Sold for so much of that Species as it will yield. If 2 or 3 Money'd Men call in their Money, with a design to force their Debitors to part with their Estates, at what Prices they please to impose: They may bring the Price of Land to 15 or 10 Years Purchase. For they would not take Bonds in Payment, and few or none would be in a condition to buy with Money. If Victual should prove scarce, as we have not Goods or Money for any Value to send out for Corns; so only a part of the People could be maintained: The better part would have Bread, but the more necessary part, the Labouring Men would be forc't to leave the Country, or to starve in it. Now would they fare better in England; for as the scarcity of Money has set Idle many of the People of England, so there are more already than there is Employment for: And our People, at least many of them, would meet the same fate they had endeavoured to evite. The Landed Men would want People to Labour the Ground; they would perhaps get Food and Cloathing for themselves and Families, but these they were Owing to, in all appearance, would get nothing: For the case being general, and the Landed Men the stronger party; they would not suffer their Liberty and Estates to be taken from them. But tho the Law could be put in Execution, and the Estates of the Landed Men were put to Sale; as there would be few Purchasers, the price of Land would fall very low. Suppose the Land were Sold or given among the Creditors for 15 Years purchase, or less; it would be sold for more than it were worth, for they would not find People to Labour it: So many would be sufferers, and none gainers. If neither of these cases happen; yet this Country cannot well subsist in the condition 'tis in: If this Opportunity is neglected, if wrong or ineffectual measures are taken, in all appearance we will be in confusion before we have another Opportunity. To raise or allay the Money, to Coin the Plate, or regulate Trade, are offer'd as measures to supply the want of Money: And 'tis thought any one of them will bring us out of our Difficulties. When they come to be Examin'd, raising or allaying the Money will be found no help but a hurt to the Country, whatever our Circumstances are. The others may prove ineffectual. 'Tis thought our Import and Expense Abroad this last year exceed our Export by a very considerable Sum, so to make the Ballance equal we must not only retrench equal to the Money was sent out last Year; but likewise so much more as the want of that Money, and of the Addition to the Bank made to our Money, and of the Addition the Bank made to our Money may have lessen'd the yearly Value. So tho 'tis
possible that Coining the Plate and Regulating Trade may bring the Ballance to our side, yet 'tis to be fear'd the Consequences will show that it is not very practicable; for that and other Reasons already given, Pag. 56, and 180. However they may assist, but in regulating our Import, regard ought to be had that the sale of our Goods Abroad be no way hindered, for if that is not taken care of, we shall lose more for want of Market, than we shall save by Importing less. And tho all necessary Care be taken, yet the Assistance may Reasonably be Expected from these measures, will not relieve us; they may keep us lingering in the state we are, expos'd to Confusion at Home, and to Insults from Abroad. Most People think scarcity of Money is only the Consequence of a Ballance due; but 'tis the Cause als well as the Consequence, and the effectual way to bring the Ballance to our side, is to add to the Money. Our poor have been computed 200000, our People were then more than now, but our Poor may be als many as then; Suppose only 100000, and by the Addition to our Money 50000 of them were imployed, and only for one half of the year, their Labour to be payed 3 pence, and worth 3 pence more to the Imployer, their Consumption a penny more than now: The yearly value of the nation would be increas'd by such Labour 208333 lib. 6 sh. and 8 pence. If the Country People about Perth and Stirling, have to the value of 20000 l. of Linen, Serges, and other Manufacture more than is brought up; tho these Goods exported will yield 20 or 30 per cent profit, yet the Owners can't export them, the Goods being in so many differnt Hands, and not having Correspondents Abroad to whom they could trust the Sale of them. A.B. and C. are satisfied for that Profit to take the Trouble and Hazard of exporting them, but Money being scarce they cannot get any to borrow, tho their Security be good; Nor cannot well have Credit for the Goods from so many different People they are Strangers to. If they could have Credit for them, yet these Country People must be idle Abroad. So for want of Money to Exchange by, Goods fall in value, and Manufacture decays. It cannot well be known what Sum will serve the Occasions of the Nation, for as Manufacture and Trade advance, the Demand for Money will increase; but the many Poor we have always had, is a great Presumption we have never had Money enough. England has been computed to have had 14 Millions in Gold and Silver, and at the same time had Paper-money for a great Sum; Yet England never had Money enough to imploy the People: 50 Million would improve England so far as it is capable of Improvement. If all the People were then imployed and to the best advantage, more Money would bring more People from other Countries. The Province of Holland by a great Quantity of Money, and Numbers of People the consequence of much Money, is able to bear a share in the Wars of Europe, equal to many times the same Number of Acres of better Land in England; yet Holland has not the advantages for Trade that England has. So that Country that can have Money equal to Demand, will be more powerful than any other Country with the same Advantages, whose Money is less than the Demand. If Money were given to a People in greater Quantity than there was a Demand for, Money would fall in its value; but if only given equal to the Demand, it will not fall in value.
At present perhaps 3 or 400000 lib is more than there is a Demand for; but as Trade and Manufacture increase, the Demand for Money will be greater. What I have propos'd to supply the Country with Money, may be reduc'd to this. If an Estate of a 100 l. Rent is worth 2000 l. in Silver-money, and this Estate can be convey'd by Paper, and this Paper be capable of being divided; then that Estate may be made current Money for 2000 lib. and any person who receives such Paper-money, receives a value equal to the same Sum of Silver-money, as Silver is valued now. If it is coin'd for 15 years purchase, then that Paper- money will be more valuable than Silver, for 1500 lib. in that Paper will purchase Land worth 2000 lib. Silver-money. If it is coin'd for 25 years purchase, then that paper-money will not be so valuable as Silver, for 2000 lib. in Silver will buy als much Land as 2500 lib. in Paper. Since it is very practicable to make Land Money, it would be contrair to Reason to limit the Industry of the People, by making it depend on a Species is not in our power, but in the power of our Enemies; when we have a Species of our own every way more qualified. And considering the state of this Country from the great scarcity of Money; that the Value of Lands fall, Rents are unpayed, Farms are thrown upon the Masters Hand, and the Debitors Person and Estate expos'd to the Law, being engadg'd to pay a Species of which there is scarce any in the Nation. 2. The Hazard the Money'd Man is in from the uncertainty of the Value of Money, and the danger of Confusion in which case the Money'd Man may lose all. 3. The low state of Trade, that many of the People who depended on Trade and Liv'd well, are starving or forc't Abroad. 4. That the other degrees of the People suffer in proportion. 5. That the Nation in this Condition may run into Confusion, and is expos'd to its Enemies. Considering the Benefit the Nation will have by this Addition to the Money; That the Land will be improv'd so be more valuable, Rents be well payed, and that Debitors by paying a Value equal to what is Contracted for, may free their Persons and Estates from the danger they are now exposed to. 2. That the Money'd Man will receive punctual Payment, in a Money of a more certain Value than Silver or any other Goods, and be in no danger of Confusion. 3. That Trade will Flourish, and these who depend on it be Encouraged. 4. That the Condition of the other Degrees of the People will be better'd. 5. That the Nation will be able to maintain its self in Order, and resist its Enemies. These Reasons consider'd, the Question then will be, Whether we will Improve the Country als much as it is capable, without being at any Expense for a Measure of Trade, or continue as we are in hopes of Silver from other Nations. It will be a great Advantage to this Nation, that by the Register we are capable of putting this Proposal in Execution, and enjoying the Benefit of it; when other Nations, tho they resolv'd upon it, would for some years be incapable of it. Tho for the general Good of Europe it were to be with't England were als capable of it as we are.
I have not had time to put my Thoughts in that Order they ought to have been, and am forc't to leave out Answers I design'd to have given to some Objections I have heard made against this Proposal; But if the Parliament think Good to enter upon the Consideration of it, I don't doubt but it may be made appear to be of great and certain Advantage; that it cannot possibly be any way hurtful to the country in general, and that it may be so Ordered, as not to be hurtful to any Person, but on the contrair.
Page 49. Line 8. late read Tale. Page 74. l. 18 3. read 30. Page 83. l. 2 raised, read rated. Pag. 116 Par I. last Line for 208333 lib. read 189583 lib.
The young Frenchman did very well what he had planned to do. His guess that the Duke would cheat proved good. As the unshod half-dozen figures that had been standing noiselessly in the entryway stole softly into the shadows of the chamber, he leaned across the table and smilingly plucked a card out of the big Englishman's sleeve.
"Merci, M. le Duc!" he laughed, rising and stepping back from the table.
The Englishman cried out, "It means the dirty work of silencing you with my bare hands!" and came at him.