The Prices of all Things in this Kingdom, some Centuries ago, were vastly lower than they are now. In the Reign of King Henry the Eighth, it was enacted, that Butchers should sell their Meat by Weight; Beef at an Half-penny, and Mutton at Three-farthings per Pound: And if we look back to the Reign of King Edward the Third, we find Wheat was sold at two Shillings per Quarter, a fat Ox for a Noble, a fat sheep for Six-pence, six Pidgeons for a Penny, a fat Goose for Two-pence, a Pig for a Penny; and other Things in Proportion. See Baker's Chronicle.
Now, since the great Difference of the Prices of these Things now, to what they then sold for, is undoubtedly owing solely to the great Quantity of Gold and Silver, which since that Time hath been brought into this Kingdom by Trade, which hath furnished us with so much more Money, to pay such a vast deal more as we now must, and do give for them; it follows, that the Prices of Things will certainly rise in every Nation, as the Gold and Silver increase amongst the People; and, consequently, that where the Gold and Silver decrease in any Nation, the Prices of all Things must fall proportionably to such Decrease of Money, or the People must be distress'd; unless the Number of People decrease in as great Proportion as the Cash decreaseth in any such Nation.
V. Banking, so far as one is paid with the Money of another, that is, where more Cash Notes are circulated, than all the Cash the Bankers are really possessed of will immediately answer and make good; I say, so long as this Credit is maintain'd, it hath the same Effect, as if there was so much more Cash really circulating and divided amongst the People; and will be attended with these Consequences, that as the Price of Things will hence be rais'd, it must and will make us the Market, to receive the Commodities of every Country whose Prices of Things are cheaper than ours. And though we should lay on Duties, or prohibit such Goods, this will not prevent the Mischief, because we shall not be able to carry our Commodities thus raised to any Nation, where Things are cheaper than ours; and because such Nations will hence be enabled to set up many of our Manufactures, etc. and by their Cheapness so interfere in our Trade at all other foreign Markets, as to turn the Balance of Trade against us, which will diminish the Cash of the Nation. The same Thing must be understood of all publick Securities whatever, that operate as Money amongst us.