But as our People increase exceedingly, and will be further Brazil Subway Map increased, as I have before shewn, by the Help of a large Addition to our Currency Brazil Subway Map ; and as Land in consequence is continually rising, So, in case no Bills are emitted but what are upon Land Security, the Money-Acts in every Part punctually enforced and executed, the Payments of Principal and Interest being duly and strictly required, and the Principal bona fide sunk according to Law, it is absolutely impossible such Bills should ever sink below their first Value, or below the Value of the Land on which they are founded.
In short, there is so little Danger of their sinking that they would certainly rise as the Land rises, if they were not emitted in a proper Manner for preventing it; that is, by providing in the Act That Payment may be made, either in those Bills, or in any other Bills made current by any Act of the Legislature of this Province; and that the Interest, as it is received, may be again emitted in Discharge of Publick Debts; whereby circulating it returns again into the Hands of the Borrowers, and becomes Part of their future Payments; and thus as it is likely there will not be any Difficulty for want of Bills to pay the Office, they are hereby kept from rising above their first Value; For else, supposing there should be emitted upon mortgaged Land its full present Value in Bills; as in the Banks in Europe the full value of the Money deposited is given out in Bills; and supposing the Office would take nothing but the same Sum in those Bills in Discharge of the Land; as in the Banks aforesaid, the same Sum in their Bills must be brought in, in order to receive out the Money: In such Case the Bills would most surely rise in Value as the Land rises; as certain as the Bank Bills founded on Money would fall if that Money was falling.
Thus if I were to mortgage to a Loan-Office, or Bank, a Parcel of Land now valued at 100 in Silver, and receive for it the like Sum in Bills, to be paid in again at the Expiration of a certain Term of Years; before which, my Land rising in Value becomes worth 150 in Silver: ‘Tis plain, that if I have not these Bills in Possession, and the Office will take nothing but these Bills, or else what it is now become worth in Silver, in Discharge of my Land; I say it appears plain, that those Bills will now be worth 150 in Silver to the Possessor; and if I can purchase them for less, in order to redeem my Land, I shall by so much be a Gainer. I need not say any Thing to convince the Judicious that our Bills have not yet sunk, tho’ there is and has been some Difference between them and Silver; because it is evident that that Difference is occasioned by the Scarcity of the latter, which is now become a Merchandize, rising and falling, like other Commodities, as there is a greater or less Demand for it, or as it is more or less Plenty. Yet farther, in order to make a true Estimate of the Value of Money, we must distinguish between Money as it is Bullion, which is Merchandize, and as by being coin’d it is made a Currency: For its Value as a Merchandize, and its Value as a Currency, are two distinct Things; and each may possibly rise and fall in some Degree independent of the other. Thus if the Quantity of Bullion increases in a Country, it will proportionably decrease in Value; but if at the same Time the Quantity of current Coin should decrease supposing Payments may not be made in Bullion what Coin there is will rise in Value as a Currency, i.
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