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.

Of Riches, and the Value of Things.

ALL the Arguments in Mr. Lock's Book against the raising the Value of Money, are drawn from this single Supposition, That there is an Intrinsick Value in Silver, which is the Price or Estimate that Common Consent hath placed on it, by which it comes to be the Measure of the Value of all other Things: which, if that should not be true, then all his Consequences must be mistaken.

And to prove that he is so, It will be necessary to discourse of RICHES in gene∣ral, and to shew how the Value of Things do arise.

By Riches, is meant all such Things as are of great Value.

By Value, is to be understood the Price of Things; that is, what any thing is worth to be sold: according to the old Maxim, Valet quantum vendi potest.

The Value of all Things, arise from their Use.

Things of no Use, are of no Value; as the English Phrase is, They are good for no∣thing.

There are two general Uses by which all Things have a Value: They are either use∣ful to supply the Wants of the Body, or the Wants of the Mind.

Things that have a Value from being ne∣cessary to supply the Wants of the Body, are all such Things as are useful to support Life, such as all sorts of Food and Physick.

Things that have their Value by being useful to supply the Wants of the Mind, are all such Things that satisfy Desire, (Desire implies Want; it is the Appetite of the Mind, and as natural as Hunger to the Body:) such are all those Things that are any ways useful

to satisfy the Mind, by contributing to the Ease, Pleasure, or Pomp of Life.

By supplying these two general Wants, all sorts of Things have a Value: But the greatest Number of them have their Value from supplying the Wants of the Mind; and Things of the greatest Value are used, to set orth the Pomp of Life; such as all sorts of fine Draperies, Gold; Silver, Pearl, Diamonds, and all sorts of precious Stones. They are used to adorn and deck the Body. They are Badges of Riches, and serve to make distin∣ction of Preference amongst men.

These two general Wants Mankind is born with, and they are so natural to him, that he is better distinguished by what he wants, than what he enjoys. A Poor Man wants a Pound, a Rich Man an Hundred, others Thousands, and a Prince Hundreds of Thou∣sands. Desire and Wants increase with Riches. And from thence it is, that the Con∣tented Man is the only Rich Man, because he wants nothing.

Things that supply the Wants of the Bo∣dy, and support Life, may be accounted to have a real and natural value: They are at all times and in all places of value; and if any things could have an Intrinsick Value in them∣selves, they would be Cattel and Corn; and therefore in Ancient times the computation of

Riches was by the number of Cattel, ac∣cording to the saying, Pauperis est numerare pecus.

Some are of an opinion, that there is a re∣al Intrinsick value in Gold and Silver, and that they are only to be accounted Riches or Treasure.

This, it seems, has been an ancient opi∣nion, which Ovid endeavours to con∣fute by the Story of Midas. For Bacchus be∣ing entertained by Midas at a Feast, told him, in requital, he would give him whatsoever he should desire; and being of an opinion that Gold was the only Riches, desir'd that whatsoever he touch'd might be turn'd into Gold. His request was granted, with which he was very well pleased; but being hungry, was convinc'd of his Mistake: For as soon as he touch'd his Wine and Meat, they turn'd into Gold; and Midas had been starv'd, had not Bacchus for his kind entertainment sent him to a River to wash in, and gave him leave to change his Gold for Water, after he had experienc'd that Water was of more va∣lue to quench his thirst than Gold.

Things that supply the wants of the Mind, have only an Imaginary or Artificial Value, which depends only on opinion, and change their Values according to the Humor and Fancy of the persons that use them; and

are like rich Apparel, that lose their Va∣lue because they are out of fashion.

It is the occasion and usefulness of things that creates the Value of them: And it is the Plenty or Scarcity of things, in respect of their occasion or use, that makes them of greater or lesser Value: Plenty makes things Cheap, and Scarcity Dear.

By this rule the Value of all things is go∣verned; because the Value of things depend∣ing only on their use, if there be more than can be used, the remainder can be of no Use, and so of no Value. For the two common wants of the Body and Mind being either for Food or Ornament; those Commodities that are for Food are perishable, and if not us'd in time, are lost and good for nothing; and those Commodities that are for Ornament, Plenty making them common and cheap, lose their use, and from thence their Va∣lue.

Rarity and Scarcity are the chief reasons for the value of those things that are us'd for Ornament, and not for any excellent quality in the things themselves. That's the reason that a Bracelet of Glass-Beads is of more va∣lue in Guiney than a Bracelet of Gold; because it is there more rare, those people being not acquainted with the Art of making Glass, and having more plenty of Gold than Glass;

and by the same reason, Knives, and things made of Iron and Steel are of more value in those Countries where there are no Iron-Mines, and have plenty of Silver-Mines: And if the value of things were to arise from the Qualities that belong to them, those Things that are made of Iron and Steel, ought to have a greater Value than those that are made of Silver, because they are much more useful.

There is nothing that troubles this Con∣troversy more, than for want of distinguish∣ing betwixt Value and Vertue.

Value is only the Price of Things: That can never be certain, because it must be then at all times, and in all places, of the same Value; therefore nothing can have an In∣trinsick Value.

But Things have an Intrinsick Vertue in themselves, which in all places have the same Vertue; as the Loadstone to attract Iron, and the several qualities that belong to Herbs, and Drugs, some Purgative, some Diuretical, &c. But these things, though they may have great Virtues, may be of small or no Value or Price, according to the place where they are plenty or scarce; as the Red-Nettle, though it be of excellent Virtue to stop Bleeding, yet here it is a Weed of no Value from its plenty: And so are Spices

and Drugs in their own Native soil of no va∣lue, but as common Shrubs and Weeds; but with us of great Value, and yet in both pla∣ces of the same Excellent Intrinsick Ver∣tues.

Things common have no Value: For no Man will pay for that which he may have for gathering.

The Plenty of one Commodity do's not alter the Value of another, unless it be for the same use. Plenty of Iron or Lead will not make either Corn or Cloth cheaper or dearer, because Iron or Lead can neither sup∣ply the want of Food or Clothing.

Gold and Silver are Commodities as well as Lead or Iron; and according to their Plenty or Scarcity will make those things that are made of them Dearer or Cheaper; to wit, Gold and Silver-Plate, Lace, &c. but they cannot make Corn, Cloth, Lead, or Iron Dearer or Cheaper, because they cannot supply the uses of those Commodities.

There is no difference or distinction in things of equal Value: That is, one Com∣modity is as good as another that's of the same Value. An Hundred Pounds worth of Lead or Iron, is of as great a value as an Hundred Pounds worth of Silver or Gold: And an Hundred Pounds worth of course Cloth is of as great a value as an Hundred Pounds worth

of fine. The Man is as Rich that has an Hundred Pounds worth of Corn or Cattel, as he that has an Hundred Pounds in Money by him, for his Corn and his Cattel may be soon turn'd into so much Money: And the Merchant and Trader are always changing their Money for Commodities, because they can get more by them than by Money; ei∣ther by Transporting of them where such Commodities are most scarce, or else by changing the shapes of them, by which they are made more Useful, and thereby of more Value.

Now if the Value of all things arise from their use: If Plenty or Scarcity makes things Dear or Cheap: If Silver be a Commodity for several uses, and more plentiful in some places than in others; then it must necessarily follow, that Silver can have no Certain or In∣trinsick Value, and if Silver be of an uncer∣tain Value, then it can never be the Instru∣ment of Commerce and Traffick: For, that which it uncertain in its own Value, can ne∣ver be a certain Measure of another Va∣lue.

Mr. Lock agrees this Consequence, and in Page 21 allows Gold, and Lead, and other Metals to be Commodities of uncertain va∣lues,

and therefore cannot be the Measure of another value; but it do's not appear to me why he has separated Silver from Gold, which in all Discourses us'd to go together; or why that should not be a Commodity as well as other Metals, which, had he pleas'd to have allow'd, would have much shorten'd the Debate.

What Mr. Lock means when he says that the Intrinsick Value of Silver is the Estimate that common consent hath placed on it, I do not well understand, therefore must be excused if I do not well answer it. If he means that the Estimate that Common consent hath placed on Sil∣ver, that Mankind have agreed to set a cer∣tain and fixt Price upon Silver; he ought to have given account how and when they made such agreement; I must confess I never hear'd of any; if there was any such, it must be lately: For there is no Goldsmith that has been any considerable time at his Trade, but has bought the same Sterling Silver for Four Shillings Eight pence, Four and Ten pence, and Five Shillings per Ounce, for which he has given Five and Eight pence, Five and Ten pence, and Six shillings per Ounce.

If he means by the Estimate that Common con∣sent hath placed on Silver, That all Governments

have agreed to make their Silver Monies equal both for Weight and Fineness, that too will prove a mistake. For the Silver Coins in all Governments in Europe have been at one time or other raised and alter'd; and they never did agree in equal Quantities of fine Silver, as will be shown in the Discourse of Money, and the Par of the several Coins.

That which I have endeavour'd to prove in this Discourse, of Riches, and the Value of Things, are these Five several Maxims, which I have here set together, because I shall have occasion to make use of them hereafter. viz.

• 1. That nothing has a Price or Value in it self.
• 2. That the Price or Value of every thing arises from the occasion or use for it.
• 3. That Plenty and Scarcity, in respect to their occasion, makes things of greater or lesser Value.
• 4. That the Plenty or Scarcity of one Com∣modity do's not alter the Prices of other Commodities which are not for the same uses.
• ...

• 5. That in Trade and Commerce there is no difference in Commodities when their Values are equal; that is, Twenty shil∣lings worth of Lead or Iron to some Merchants is the same as Twenty shil∣lings in Silver or Gold.