The benefits which do grow to the State by the not raising of Money,and the Prejudices which do grow by the raising of it.
The Benefit which groweth to the State by the not raising of money,is only this,To avoid alteration:But the Prejudices which are alledged to grow by the raising of it,are many;First,by the Injustice and Oppression which all they undergo who contract for Money current,at the time of the Contract,and are after paid with extream Disadvantage in other Money really less in value,though in Name the same:and although to this it be said,The Creditor is not interested herein,because he paieth away the Money which he receiveth at the same rate he received it;yet that answer is not satisfactory,because admitting this Position for true,That when the Intrinsical value is diminished,the Price of things bought with Money doth rise in Proportion,the Creditor when he paieth out his Money at the same rate,at which he received it cannot notwithstanding with it buy the same Commodities,which he might have bought with the Money,for which he contracted,and consequently is diminished so much thereby,as the price of things is raised.
And although I did in a former Chapter shew,That the price of things doth rise by experience,as the value of Money is raised,yet because the Truth or Falsehood of this Position doth mainly import all the Deliberations incident to this subject of Money,as I have formerly observed in some Experiments where it did so fall out;so I will now set down the Reasons,why of necessity it must be so,as One reason is this:
When the Merchant stranger brings his Commodities,whether he intends to make his return in Moneys or in Commodities,he maketh his own sale by the measure of the Money here,and then examines how much this Money will amount to in the Moneys of his own Countrey,where he bought his Commodities;and if he find the Money here diminished in intrinsical value,he must then demand so much the higher price,or else he cannot make his Accompt.
