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order_n day_n great_a time_n 3,904 5 3.2951 3 true
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ID Title Author Corrected Date of Publication (TCP Date of Publication) STC Words Pages
A48895 Some considerations of the consequences of the lowering of interest, and raising the value of money in a letter to a member of Parliament. Locke, John, 1632-1704. 1692 (1692) Wing L2760; ESTC R23025 87,869 202

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legal or that the man bound to me is honest or responsible and so is not valuable enough to become a current Pledge nor can by publick Authority be well made so as in the Case of Assigning of Bills because a Law cannot give to Bills that intrinsick Value which the universal Consent of mankind has annexed to Silver and Gold And hence Foreigners can never be brought to take your Bills or Writings for any part of Payment though perhaps they might pass as valuable Considerations among your own People did not this very much hinder it viz. That they are liable to unavoidable Doubt Dispute and Counterfeiting and require other Proofs to assure us they are true and good Security than our eyes or a Touchstone And at best this Course if practicable will not hinder us from being poor but may be suspected to help to make us so by keeping us from feeling our Poverty which in Distress will be sure to find us with greater disadvantage Though it be certain it is better than letting any part of our Trade fall for want of current Pledges and better too than borrowing Money of our Neighbours upon Use if this way of Assigning Bills can be made so easie safe and universal at home as to hinder it To return to the business in hand and shew the necessity of a Proportion of Money to Trade Every man therefore must have at least so much Money or so timely Recruits as may in hand or in a short distance of time satisfie the man who supplies him with the Necessaries of Life or of his Trade For no body has any longer these necessary Supplies than he has Money or Credit which is nothing else but an Assurance of Money in some short time So that it is requisite to Trade there should be so much Money as to keep up the Landholders Labourers and Brokers Credit and therefore ready Money must be constantly exchang'd for Wares and Labour or follow within a short time after This shews the necessity of some Proportion of Money to Trade but what Proportion that is is hard to determine because it depends not barely on the quantity of Money but the quickness of its Circulation which since it cannot be easily traced for the very same Shilling may at one time pay 20 men in 20 days at another rest in the same hands 100 days together to make some probable guess we are to consider how much Money it is necessary to suppose must rest constantly in each man's hands as requisite to the carrying on of Trade First therefore the Labourers living generally but from hand to mouth and indeed considered as Labourers in order to Trade may well enough carry on their part if they have but Money enough to buy Victuals Cloaths and Tools all which may very well be provided without any great Sum of Money lying still in their hands The Labourers therefore being usually paid once a Week if the times of Payment be seldomer there must be more Money for the carrying on this part of Trade we may suppose there is constantly amongst them one with another or those who are to pay them always one Weeks Wages in ready Money For it cannot be thought that all or most of the Labourers pay away all their Wages constantly as soon as they receive it and live upon Trust till next Pay day This the Farmer and Tradesman could not well bear were it every Labourer's Case and every one to be trusted and therefore they must of necessity keep some Money in their hands to go to Market for Victuals and to other Tradesmen as poor as themselves for Tools and lay up Money too to buy Cloaths or pay for those they bought upon Credit Which Money thus necessarily resting in their hands we cannot imagine to be one with another much less than a Weeks Wages that must be in their Pockets or ready in the Farmer 's hands For he who employs a Labourer at 1 s. per Day and pays him on Saturday Nights cannot be supposed constantly to receive that 6 s. just the same Saturday it must ordinarily be in his hand● one time with another if not a whole Week yet several Days before This was the ordinary Course whil'st we had Money running in the several Channels o● Commerce But that now very much failing and the Farmer not having Money to pay the Labourer supplies him with Corn which in this great Plenty the Labourer will have at his own Rate or else not take it off his hands for Wages And as for the Workmen who are employed in our Manufacture especially the Woollen one these the Clothier not having ready Money to pay furnishes with the Necessaries of Life and so truck Commodities for Work which such as they are good or bad the Workman must take at his Master's Rate or sit still and starve whil'st by this means this new sort of Ing●oners or ●oresta●lers having the feeding and supplying this numerous Body of Workmen out of their Warehouses for they have now Magazines of all sorts of Wares set the Price upon the poor Landholder So that the Markets now being destroyed and the Farmer not finding Vent there for his Butter Cheese Bacon and Corn c. for which he was wont to bring home ready Money must sell it to these Ingrossers on their own Terms of Time and Rate and allow it to their own Day-Labourers under the true Market-price which what kind of Influence it is like to have upon Land and how this way Rents are like to be paid at Quarter-day is easie to apprehend and 't is no wonder to hear every day of Farmers breaking and running away for if they cannot receive Money for their Goods at Market 't will be impossible for them to pay their Landlord's Rent And if any one doubt whether this be so I desire him to enquire how many Farmers in the West are broke and gone since Michaelmas last Want of Money being to this degree works both ways upon the Landholder For first the ingrossing Forestaller lets not the Money come to Market but supplying the Workman who is employed by him in Manufacture with Necessaries imposes his Price and Forbearance on the Farmer who cannot sell to the others And the Labourer who is employed by the Landholder in Husbandry imposes also his Rate on him for the Commodities he takes For there being a want of Day-Labourers in the Country they must be humoured or else they will neither work for you nor take your Commodities for their Labour Secondly as for the Landholder since his Tenants cannot coin their Rent just at Quarter-day but must gather it up by degrees and lodge it with them till Pay-day or borrow it of those who have it lying by them or do gather it up by degrees which is the same thing and must be necessarily so much Money for some time lying still for all that is paid in great Sums must somewhere be gathered up by the Retail Incomes of a