Some　Considerations　of　the　Consequences　of　the　Lowering　of　Interest　and　the　Raising　the　Value　of　Money
  by　John　Locke；　1691。
  Some　Considerations　of　the　Consequences　of　the　Lowering　of　Interest　and　the　Raising　the　Value　of　Money　In　a　letter　sent　to　a　Member　of　Parliament；　1691　London　Printed　for　Awnsham　and　John　Churchill；　at　the　Black　Swan　in　Pater…Noster…Row；
  Sir；　These　Notions；　concerning　Coinage；　having　for　the　main；　as　you　know；　been　put　into　Writing　above　Twelve　Months　since；　as　those　other　concerning　Interest；　a　great　deal　above　to　many　Years：　I　put　them　now　again　into　your　Hands　with　a　Liberty　（since　you　will　have　it　so）　to　communicate　them　further；　as　you　please。　If；　upon　a　Review；　you　continue　your　favourable　Opinion　of　them；　and　nothing　less　than　Publishing　will　satisfie　you；　I　must　desire　you　to　remember；　That　you　must　be　answerable　to　the　World　for　the　Stile；　which　is　such　as　a　man　writes　carelesly　to　his　Friend；　when　he　seeks　Truth；　not　Ornament；　and　studies　only　to　be　right；　and　to　be　understood。　I　have　since　you　saw　them　last　Year；　met　with　some　new　Objections　in　Print；　which　I　have　endeavoured　to　remove；　and　particularly；　I　have　taken　into　Consideration　a　Printed　Sheet；　entituled；　Remarks　upon　a　Paper　given　in　to　the　Lords；　&c。　Because　one　may　naturally　suppose；　That　he　that　was　so　much　a　Patron　of　that　Cause　would　omit　nothing　that　could　be　said　in　favour　of　it。　To　this　I　must　here　add；　That　I　am　just　now　told　from　Holland；　That　the　States；　finding　themselves　abused　by　Coining　a　vast　quatity　of　their　base　＇Schillings＇　Money；　made　of　their　own　Ducatoons；　and　other　finer　Silver；　melted　down；　have　put　a　stop　to　the　Minting　of　any　but　fine　Silver　Coin；　till　they　should　settle　their　Mint　upon　a　new　Foot。　　　　　I　know　the　sincere　Love　and　Concern　you　have　for　your　Country；　puts　you　constantly　upon　casting　about　on　all　hands　for　any　means　to　serve　it；　and　will　not　suffer　you　to　overlook　any　thing　you　conceive　may　be　of　any　the　least　use；　though　offer'd　you　from　the　meanest　Capacities：　You　could　not　else　have　put　me　upon　looking　out　my　old　Papers　concerning　the　reducing　of　Interest　to　4　per　Cent。　which　have　so　long　lain　by　forgotten；　Upon　this　new　Survey　of　them　I　find　not　my　thought　now　to　differ　from　those　I　have　near　Twenty　years　since：　They　have　to　me　still　the　Appearance　of　Truth；　nor　should　I　otherwise　venture　thme　so　much　as　to　your　sight。　If　my　Notions　are　wrong；　my　Intention；　I　am　sure；　is　right：　And　whatever　I　have　failed　in；　I　shall　at　least　let　you　see　with　what　Obedience　I　am；　　　　　　　　　　　　　　　　　　　　　　　　　　　　　Sir；　Nov。　7；　1691。　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　Your　most　humble　Servant。
  SIR；　I　HAVE　so　little　Concern　in　Paying　or　Receiving　of　Interest；　that　were　I　in　no　more　Danger　to　be　misled　by　Inability　and　Ignorance；　than　I　am　to　be　biassed　by　Interest　and　Inclination；　I　might　hope　to　give　you　a　very　perfect　and　clear　Account　of　the　Consequences　of　a　Law；　to　reduce　Interest　to　Four　per　Cent。　But　since　you　are　pleased　to　ask　my　Opinion；　I　shall　endeavour　fairly　to　state　this　Matter　of　Use　with　the　best　of　my　Skill。　　　　　The　first　thing　to　be　consider'd；　is；　Whether　the　Price　of　the　Hire　of　Money　can　be　regulated　by　Law。　And　to　that　I　think；　generally　speaking；　one　may　say；　'tis　manifest　it　cannot。　For　since　it's　impossible；　to　make　a　Law　that　shall　hinder　a　Man　from　giving　away　his　Money　or　Estate　to　whom　he　pleases；　it　will　be　impossible；　by　any　Contrivance　of　Law；　to　hinder　Men；　skill'd　in　the　Power　they　have　over　their　own　Goods；　and　the　ways　of　Conveying　them　to　others；　to　purchase　Money　to　be　Lent　them　at　what　Rate　soever　their　Occasions　shall　make　it　necessary　for　them　to　have　it。　For　it　is　to　be　Remembred；　That　no　Man　borrows　Money；　or　pays　Use；　out　of　mere　Pleasure：　'Tis　the　want　of　Money　drives　Men　to　that　Trouble　and　Charge　of　Borrowing：　And　proportionably　to　this　Want；　so　will　every　one　have　it；　whatever　Price　it　cost　him。　Wherein　the　Skilful；　I　say；　will　always　so　manage　it；　as　to　avoid　the　Prohibition　of　your　Law；　and　keep　out　of　its　Penalty；　do　what　you　can。　What　then　will　be　the　unavoidable　Consequences　of　such　a　Law？　　　　　1。　It　will　make　the　Difficulty　of　Borrowing　and　Lending　much　greater；　whereby　Trade　（the　Foundation　of　Riches）　will　be　obstructed。　　　　　2。　It　will　be　a　Prejudice　to　none　but　those　who　most　need　Assistance　and　Help；　I　mean　Widows　and　Orphans；　and　others　uninstructed　in　the　Arts　and　Managements　of　more　skilful　Men；　whose　Estates　lying　in　Money；　they　will　be　sure；　especially　Orphans；　to　have　no　more　Profit　of　their　Money；　than　what　Interest　the　Law　barely　allows。　　　　　3。　It　will　mightily　encrease　the　Advantage　of　Bankers　and　Scriveners；　and　other　such　expert　Brokers：　Who　skilled　in　the　Arts　ofputting　out　Money　according　to　the　true　and　natural　Value；　which　the　present　State　of　Trade；　Money　and　Debts；　shall　always　raise　Interest　to；　they　will　infallibly　get；　what　the　true　Value　of　Interest　shall　be；　above　the　Legal。　For　Men　finding　the　Convenience　of　Lodging　their　Money　in　Hands；　where　they　can　be　sure　of　it　at　short　Warning；　the　Ignorant　and　Lazy　will　be　forwardest　to　put　it　into　these　Mens　hands；　who　are　known　willingly　to　receive　it；　and　where　they　can　readily　have　the　whole；　or　a　part；　upon　any　sudden　Occasion；　that　may　call　for　it。　　　　　4。　I　fear　I　may　reckon　it　as　one　of　the　probable　Consequences　of　such　a　Law；　That　it　is　likely　to　cause　great　Perjury　in　the　Nation；　a　Crime；　than　which　nothing　is　more　carefully　to　be　prevented　by　Lawmakers；　not　only　by　Penalties；　that　shall　attend　apparent　and　proved　Perjury；　but　by　avoiding　and　lessening；　as　much　as　may　be；　the　Temptations　to　it。　For　where　those　are　strong；　（as　they　are　where　Men　shall　Swear　for　their　own　Advantage）　there　the　fear　of　Penalties　to　follow　will　have　little　Restraint；　especially　if　the　Crime　be　hard　to　be　proved。　All　which　I　suppose　will　happen　in　this　Case；　where　ways　will　be　found　out　to　receive　Money　upon　other　Pretences　than　for　Use；　to　evade　the　Rule　and　Rigour　of　the　Law：　And　there　will　be　secret　Trusts　and　Collusions　amongst　Men；　that　though　they　may　be　suspected；　can　never　be　proved　without　their　own　Confession。　I　have　heard　very　sober　and　observing　Persons　complain　of　the　Danger　Mens　Lives　and　Properties　are　in；　by　the　frequency　and　fashionableness　of　Perjury　amongst　us。　Faith　and　Truth；　especially　in　all　Occasions　of　attesting　it　upon　the　solemn　Appeal　to　Heaven　by　an　Oath；　is　the　great　Bond　of　Society：　This　it　becomes　the　Wisdom　of　Magistrates　carefully　to　support；　and　render　as　sacred　and　awful　in　the　Minds　of　the　People　as　they　can。　But　if　ever　Frequency　of　Oaths　shall　make　them　be　looked　on　as　Formalities　of　Law；　or　the　Custom　of　straining　of　Truth　（which　Mens　Swearing　in　their　own　Cases　is　apt　to　lead　them　to）　has　once　dipt　Men　in　Perjury；　and　the　Guilt　with　the　Temptation　has　spread　it　self　very　wide；　and　made　it　almost　fashionable　in　some　Cases；　it　will　be　impossible　for　the　Society　（these　Bonds　being　dissolved）　to　subsist：　All　must　break　in　Pieces；　and　run　to　Confusion。　That　Swearing　in　their　own　Case　is　apt；　by　degrees　to　lead　Men　into　as　little　Regard　of　such　Oaths；　as　they　have　of　their　ordinary　Talk；　I　think　there　is　reason　to　suspect；　from　what　has　been　observed　in　something　of　that　kind；　Masters　of。　Ships　are　a　sort　of　Men　generally　Industrious　and　Sober；　and　I　suppose　may　be　thought；　for　their　Number　and　Rank；　to　be　equally　Honest　to　any　other　sort　of　Men：　And　yet；　by　the　Discourse　I　have　had　with　Merchants　in　other　Countries；　I　find；　That　they　think　in　those　Parts；　they　take　a　great　Liberty　in　their　Custom…house　Oaths；　to　that　degree；　that　I　remember　I　was　once　told；　in　a　Trading　Town　beyond　Sea；　of　a　Master　of　a　Vessel；　there　esteemed　a　sober　and　fair　Man；　who　yet　could　not　hold　saying；　God　forbid　that　a　Custom…house　Oath　should　be　a　Sin。　I　say　not　this；　to　make　any　Reflection　upon　a　sort　of　Men；　that　I　think　as　uncorrupt　as　any　other；　and　who；　I　am　sure；　ought　in　England　to　be　cherished　and　esteem'd　as　the　most　industrious　and　most　beneficial　of　any　of　its　Subjects。　But　I　could　not　forbear　to　give　this　here　as　an　Instance；　how　dangerous　a　Temptation　it　is；　to　bring　Men　customarily　to　Swear；　where　they　may　have　any　Concernment　of　their　own。　And　it　will　always　be　worthy　the　Care　and　Consideration　of　Law…makers；　to　keep　up　the　Opinion　of　an　Oath　High　and　Sacred；　as　it　ought　to　be；　in　the　Minds　of　the　People；　which　can　never　be　done；　where　frequency　of　Oaths；　biassed　by　Interest；　has　establisht　a　neglect　of　them；　and　Fashion　（which　it　seldom　fails　to　do）　has　given　Countenance　to　what　Profit　rewards。　　　　　But　that　Law　cannot　keep　Men　from　taking　more　Use　than　you　set　（the　want　of　Money　being　that　alone　which　regulates　its　Price）　will　perhaps　appear；　if　we　consider　how　hard　it　is　to　set　a　Price　upon　Wine　or　Silks；　or　other　unnecessary　Commodities；　but　how　impossible　it　is　to　set　a　Rate　upon　Victuals　in　a　time　of　Famine。　For　Money　being　an　universal　Commodity；　and　as　necessary　to　Trade；　as　Food　is　to　Life；　every　body　must　have　it；　at　what　Rate　they　can　get　it；　and　unavoidably　pay　dear　when　it　is　scarce；　and　Debts；　no　less　than　Trade；　have　made　Borrowing　in　Fashion。　The　Bankers　are　a　clear　Instance　of　this：　For　some　Years　since；　the　Scarcity　of　Money　having　made　it　in　England　worth　r