17. But the fundamental solution of this Question depends upon a real and not an imaginary way of computing the prices of Commodities; in order to which real way I premise these suppositions: First, then, suppose there be in a Territory a thousand people, let these people be supposed sufficient to Till this whole Territory as to the Husbandry of Corn, which we will suppose to contain all necessaries for like, as in the Lords Prayer we suppose the word Bread doth; and let the production of a Bushel of this corn be supposed of equal labour to that of producing an ounce of Silver. Suppose again that a tenth part of this Land, and tenth of the people, viz. an hundred of them, can produce Corn enough for the whole; suppose that the Rent of Land (found out as above-mentioned) be a fourth part of the whole product, (about which proportion it really is, as we may perceive by paying a fourth Sheaf instead of Rent in some places) suppose also that whereas but an hundred are necessary for this Husbandry, yet that two hundred have taken up the Trade; and suppose that where a Bushel of Corn would suffice, yet men out of delicacy will use two, making use of the Flower onely of both.
Now the Inferences from hence are;
First, That the goodness of badness, or the value of Land depends upon the greater or lesser share of the product given for it in proportion to the simple labour bestowed to raised the said Product.
Secondly, That the proportion betwee Corn and Silver signifie onley an artificial value, not a natural; because the comparison if bewteen a thing naturally useful, and a thing in its self unnecessary, which (by the way) is part of the reason why there are not so great changes and leaps n the prodceed of Silver as of other commdodities.
Thirdly, That natural dearness and cheapness depends upon the few or more hands requisite to necessaries of Nature: As Corn is cheaper where one man produces Corn for ten, then where he can do the like but for six; and withal, according as the Climate disposes men to a necessity of spending more or less. But Political Cheapness depends upon the paucity of Supernumerary Interlopers into any Trade over and above all that are necessary, viz. Corn will be twice as dear whre are two hundred Husbandmen to do the same work which an hundred could perform: the proportion thereof being compounded with the proportion of superfluous expence, (viz. if to the cause of dearness abovementioned be added to the double Expence to what is necessary) then the natural price will appear quadrupled; and this quadruple Price is the true Political Price computed upon naturall grounds.
And this again proportioned to the common artificall Standard Silver gives what was sought; that is, the true Price Currant.
18. But forasmuch as almost all Commodities have their Substitutes or Succedanea, and that almost all uses may be answered serveral wayes; and for that novelty, surprize, example of Superiors, and opinion of unexaminable effects do adde or take away from the price of Things, we must adde these contingent Causes to the permanent Causes abovementioned, in the judicious foresight and computation whereof lies the excellency of a Merchant.
Now to apply this Digression, I say, that to encrease Money, it is as well necessary to know how to abate the raise, the price of Commodities, and that of Money, which was the scope of the said Digression.
19. To conclude this whole Chapter, we say, that raising or embasing of Moneys is a very pittiful and unequal way of Taxing the people; and 'tis a sign that the State sinketh, which catcheth hold on such Weeds as are accompanied with the dishonour of impressing a Princes Effigies to justifie Adulterate Commodities, and the breach of Publick Faith, such as is the calling a thing what it really is not.
