_Now, if it be Objected, that Five Pounds_ per Cent. _for want of_ Silver, _in an Hundred Pound is too little, seeing an Hundred Pound Bagg-full is entitled to no more than Twenty Shillings a Year_:
That if a Man be contented to put in his Money into any of the New Banks, at 3 _l. per Cent._ ’tis better worth to lend it at 5 _per Cent. per Annum_, upon as good Security.
If it be reply’d, That a Man may take it out of a Bank when he will, and his Money is always at Command: I answer, It is much more so when he has it in his own Custody; For, he who shall have Four hundred Crown-pieces by him, can make as much use of it to all Intents and Purposes, but of Melting or Exporting, as if it were of an Intrinsick Value; and then sure he who having Four hundred Pieces of Money by him of a Real Worth, and applicable to any Lawful Use, can make Twenty Shillings a Year Advantage by Keeping ’em; hath much the better of him who hath Four hundred Pieces of other Money by him, of no more _Real_ Value, nor more transferable, and hath no Profit by ’em, whilst they are in his Hands.
And whereas it may be said, _No Man can be entitled to the Interest of that_ 20 l. _due to him from the Government, unless he keeps_ 80 _more dead by him, as a Vehicle to convey the Interest of the_ 20 l. _to him_. I answer the Government doth not intend to give Encouragement that Men should keep more Money by ’em than they have, or may have Occasion for.
That is a sort of hoarding which we are to prevent.
And therefore this 5 _l. per Cent._ is not given as an Interest for dead and unemploy’d Money, but to ascertain universally the real Value of it, and to take off all the Objections that are made against a mere extrinsick Value.
But if the Wisdom of the _Parliament_ thinks fit to give 10 _l. per Cent._ Interest, whereby every 100 _l._ of new Coin’d Money will be entitled to 40 _s. per Annum_ Interest; then the whole Interest of 500000 _l._ which the 2500000 _l._ half of the 5000000 _l._ wants of intrinsick Value, amounts at 10 _l. per Cent._ but to 50000 _l. per Annum_.
Or suppose by Combination ⅗ of the 5000000 _l._ demand Interest, then will the whole Interest amount to but 60000 _l. per Annum_, which with all the incident Charges, will be defrayed for little more than a Three-half-penny in the Pound Land-Tax; and for much less than 2 _d._ in the Pound.