Front Page Titles (by Subject) CHAP. XIII.: Of the Benefits which do grow unto the State by the raising of Moneys, and the Prejudices which do by not raising of it. - A Select Collection of Scarce and Valuable Tracts on Money
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CHAP. XIII.: Of the Benefits which do grow unto the State by the raising of Moneys, and the Prejudices which do by not raising of it. - John Ramsay McCulloch, A Select Collection of Scarce and Valuable Tracts on Money 
A Select Collection of Scarce and Valuable Tracts on Money from the Originals of Vaughan, Cotton, Petty, Lowndes, Newton, Prior, Harris, and Others, with a Preface, Notes, and Index (London: Printed for the Political Economy Club, 1856).
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Of the Benefits which do grow unto the State by the raising of Moneys, and the Prejudices which do by not raising of it.
THEY which propound to have our Moneys of Gold and Silver raised to a parity at the least with other Nations in general, have their aim and scope but upon one only Benefit to redound thereby to the Common-wealth, which is, the encrease of Money and the Materials thereof; but with that there are many other important Benefits concurring; as.
First, The encrease of Trade and Manufactures, which are always best managed, where Money doth most abound. The venting of domestical Commodities, for that if our own Moneys be as high in value, as those of other Nations, our own Commodities must be vented with them whether we have need of their Commodities, or they have need of ours; because there will be no Profit to fetch their Commodities with our Moneys: and again, the raising of our Moneys doth make Commodities vented in other parts at an higher price; because, when our Neighbours do raise their Moneys, they do still hold in common estimation that Proportion in value to our Moneys, which they held before they were raised, though in Intrinsical value they want so much thereof as they are raised, by which means our Commodities being sold for the same Rates which they were sold for before, are sold for so much less as the Intrinsical value is impaired: But if our Moneys were likewise raised, then our Merchants must of necessity sell our Commodities at higher Rates in name than they did before, or else they should not make their Reckonings. The abundance likewise of Money doth enable Tenants the better to pay their Rents, and all men in general to keep up and maintain their Credits, and to pay all publick Charges and Contributions; and these Benefits may suffice in general without specifying many others, which have concurrency with these or consequently from them.
And for the Prejudices, which do grow by the not raising of our Moneys in a parity to other Nations, they are easily expressed by these, for admitting these Benefits to grow by the raising of Money, the Prejudices which will grow by the not raising of them, will be the contrary to these.
But the main knot of the business is to prove, that the raising of Moneys doth really encrease the quantity of Money in any State, or doth preserve it from diminution. For that they do alledge these reasons:
First, The Practice of all antiquity, in all States whatsoever, which could not possibly fall out except there were found an inevitable necessity to raise themselves to a parity with their Neighbours, of which the Examples are laid down in the former part of this Treatise; but specially that of the thirteenth of Henry the Fourth is very pregnant, where, by advice of Parliament, Money was raised, the reason being alledged, That for want of raising it, the Realm was impoverished and exhausted of Money.
A second Reason which they alledge is the general and constant observation, that when Moneys are raised they grow plentiful, whereof we do see with our eyes an evident demonstration in this Kingdom, for that Gold having been raised in price of late years is grown much more plentiful than it was in the days of Queen Elizabeth: but the Silver having not been raised in Proportion, is grown very scant and rare in respect of the abundance which was then seen.
But these are rather Authorities and Observations than Reasons; but the main Reason whereon the maintainers of this side do stand is this, When your Money is richer in substance and lower in price than that of your Neighbour Nations, as our Silver is than the Silver in the Low-Countries, how can you expect that the Merchant, who only seeketh his profit, will ever bring hither any Silver, when he can sell it in the Low Countries at a higher Rate, and make more money of it here by returning of it from thence hither, or by Exchange, or by Commodities? or, if any Merchant do bring Silver hither, it is to sell it to such who will give a higher rate for it, than can be produced at the Mint, as the price of our Silver Coins now stands; in which manner although there be much brought over, yet being sold in that sort, it is not only directly against the Law but turns to no use of the Common-wealth.
And again, whatsoever laws are made against Transportation of our Moneys, if our Silver be so rich as the Merchant by transporting it into the Low-Countries, or elsewhere, can make profit by returning it in Commodities, or by Exchange; or that, which is yet more clear and evident, by returning it in Gold, must not our Silver be inevitably exhausted? And certainly these Reasons seem to me so evident to sence and apprehension, that instead of propounding the Arguments I should resolve the Question, if the reasons on the other side did not appear at the least as cleer and strong as these, to which I will now proceed.