Money and Trade Considered: With a Proposal for Supplying the Nation with Money

Claims Supported by This Source

1. Chapter 2: "Domestick Trade depends on the Money. A greater Quantity employs more People than a lesser." An addition to the money adds to the nation's value, even if employers lose. Each branch of foreign trade also depends on the quantity of money; if money decreases, people will be idle and exports will fall (Ch.2).
2. Ch. 7: 40 commissioners, appointed by and responsible to Parliament, lend out notes on land as collateral (up to half or two-thirds of its value, or up to the land's sale price). The committee accepts nothing but its own notes, does not issue more than 50,000 pounds at a time, and issues and retires them according to demand, so the notes maintain their value. The notes are easier to carry, divide, and harder to counterfeit than silver (Ch.7).
3. Chapter 7: "Money is not the Value for which Goods are exchanged, but the Value by which they are exchanged." Land neither increases nor decreases and has a more certain value than silver, so it is more suitable to be made into money than silver (Ch.7).
4. Chapter 8: In Scotland, trade is ruined by a scarcity of money, rents are not paid, and people leave the country. By increasing the money supply, simply employing 50,000 poor people for half a year would add 208,333 pounds, 6 shillings, and 8 pence to the nation's value annually (corrected to 189,583 pounds in the errata). "The substance of the proposal is now practiced in France, where paper passes by law" (Ch.8).

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