A discourse concerning coining the new money lighter in answer to Mr. Lock's Considerations about raising the value of money / by Nicholas Barbon, Esq.

THE CONTENTS, OR, CHIEF SUBSTANCE of Mr. LOCK's Book.

• THAT Silver is the Instrument and Measure of Commerce by its Intrinsick Value.
• The Intrinsick Value of Silver is the Estimate which common consent hath placed on it.
• Silver is the Measure of Commerce by its Quantity, which is also the Mea∣sure of its Intrinsick Value. It is the Quantity of Silver men give, take, and contract for, that they Estimate the Value of other things by, and

• give and take in exchange for all other Commodities.
• That Money differs from Vncoined Sil∣ver only in this, That the Quantity of Silver in each Piece is ascertained by its stamp; which is set there to be a Publick Voucher for its Weight and Fineness.
• That the Par of Money is a certain num∣ber of Pieces of the Coin of one Coun∣trey, containing in them an equal Quan∣tity of Silver to that in another num∣ber of pieces of the Coin of another Countrey.
• That plenty of Money in a Countrey is only made and preserved by the Bal∣lance of Trade.

From these Propositions Mr. Lock argues,

That it will be no Advantage to raise the Value of the Money, but a great Loss to all the Creditors and Landed Men of England.

For Bullion or Vncoined Silver ha∣ving an Intrinsick Value, can never rise

nor fall: And money differing only from Silver in this, That the Stamp ascertains the weight and fineness of the Silver in the money, Silver can never be of a higher price than the money: For an equal Quantity of Silver will al∣ways be of the same value to an equal Quantity of Silver.

That if the value of the money be rais'd, the value of all Goods will rise accordingly. For Silver being the Mea∣sure of Commerce by its Quantity; and it is the Quantity of Silver that men contract for in selling their Goods; if there be a less Quantity of Silver in a Crown-Piece, it will buy a less Quan∣tity of Goods: Or if the Crown be rais'd to Six shillings, those Goods that us'd to be sold for a Crown will then cost Six shillings.

That it will be the same in all Fo∣reign Commodities and Foreign Ex∣change: For the Foreign Exchange and Par of money being only from an equal Quantity of Silver in the diffe∣rent Coins of the several Countries; if the money be made lighter, there

must then be a greater number of pieces to make the Par, or Foreign Exchange by Foreign money equal, or else the Quantity of Silver will not be equal to that in the Foreign Coin: So that the Foreign Exchange and Price of all Fo∣reign Goods will rise in proportion to what the value of the money is rais'd. That which cost Twenty pounds before, will cost five and twenty if the money be raised a fifth; because there will be no greater a Quantity of Silver in Five and twenty pounds, than there was in Twenty before the money was raised.

That the raising the value of the money will not prevent the carrying it away, because that depends upon the Ba∣lance of Trade. For if there be more Foreign Goods bought of any Nation and Imported, than there are of the Na∣tive Commodities Exported, the Balance must be paid in money, which will al∣ways carry it out to pay the Debt till the Balance of that Nation be alter'd; which is, by Exporting more of the Native Commodities, and Importing less of the Foreign.

That there will be a great loss to all the Creditors and Landlords of England; for they letting their Land by the same rule which is by the Quantity of Silver in the money; if the money be made lighter by a fifth part, they will lose a fifth part by their Rent: They'll re∣ceive but Eighty pounds instead of an Hundred, because there will be no more Silver in an Hundred, than there was before in Eighty.

That there will be the same loss to the Creditors when they are paid their Bonds, Debts and Contracts; so that the raising of the money will put a very great Loss and Hardship upon Landlords and Cre∣ditors, and bring no advantage to the Nation.

The contrary Propositions in Answer to Mr. LOCK are these:

• THAT there is no Intrinsick Va∣lue in Silver, or any fixt or certain Estimate that common consent hath placed on it; but that it is a Com∣modity, and riseth and falleth as other Commodities do.
• That Money is the Instrument and Measure of Commerce, and not Sil∣ver.
• That it is the Instrument of Commerce from the Authority of that Govern∣ment where it is Coined; and that by the Stamp and Size of each piece the value is known.
• That Money differs from Vncoined Silver in this, That the Authority of the Government gives a fixt and certain

• value to each piece of Money, which is generally beyond the value of the Silver in it.
• That it is Money that men give, take and contract with for all other Com∣modities, and by which they estimate the value of all other things; having regard more to the stamp and currancy of the Money, than to the quantity of fine Silver in each piece.
• That raising the Value of the Money, will not raise the Foreign Exchange, nor Foreign Commodities.
• That if by the Balance of Trade in a Nation the Money is carried away, the only means to prevent it, is to raise the Value of the Money.
• That it is the Practice of all the Go∣vernments in Europe, to raise their Money from time to time, as the price of Silver rises.
• That the raising of the Money, will not raise the Value of any Commodities.
• That if the Money be rais'd a fifth, the Landlord will not lose any part of his Rent, nor the Creditor any part of his Debt or Contract.
• ...

• That if the Money be not rais'd, and kept above the price of Silver, it will be melted down, and carried away.
• That the Consequence will be, That for want of Money, Commerce and Trade will be at a stand, the Price of the Native Commodities, and the Rents of the Lands will fall, and that it will cause a general Clamour and Poverty in the Nation.

  To prove the Truth of these Pro∣positions, it will be necessary to dis∣course in general of these several things, viz.

• Of Riches, and the Value of Things.
• Of Money, and the Par of the seve∣ral Coins.
• Of the Balance of Trade, and Foreign Exchange.
• Of raising the Value of Money, with the Causes of it, and the Effects.