Book contents
- Frontmatter
- Contents
- Acknowledgements
- Introduction
- Chronology
- Bibliographical notes
- A note on the text and the edition
- Biographical notes
- Bibliography
- Political Essays
- 1 Of the liberty of the press
- 2 That politics may be reduced to a science
- 3 Of the first principles of government
- 4 Of the origin of government
- 5 Of the independency of Parliament
- 6 Whether the British government inclines more to absolute monarchy, or to a republic
- 7 Of parties in general
- 8 Of the parties of Great Britain
- 9 Of superstition and enthusiasm
- 10 Of civil liberty
- 11 Of the rise and progress of the arts and sciences
- 12 Of national characters
- 13 Of commerce
- 14 Of refinement in the arts
- 15 Of money
- 16 Of interest
- 17 Of the balance of trade
- 18 Of the jealousy of trade
- 19 Of the balance of power
- 20 Of taxes
- 21 Of public credit
- 22 Of some remarkable customs
- 23 Of the original contract
- 24 Of passive obedience
- 25 Of the coalition of parties
- 26 Of the Protestant succession
- 27 Idea of a perfect commonwealth
- Appendix: Excerpts from Hume's History of England
- Notes
- Index
- Title in the Series
16 - Of interest
Published online by Cambridge University Press: 05 June 2012
- Frontmatter
- Contents
- Acknowledgements
- Introduction
- Chronology
- Bibliographical notes
- A note on the text and the edition
- Biographical notes
- Bibliography
- Political Essays
- 1 Of the liberty of the press
- 2 That politics may be reduced to a science
- 3 Of the first principles of government
- 4 Of the origin of government
- 5 Of the independency of Parliament
- 6 Whether the British government inclines more to absolute monarchy, or to a republic
- 7 Of parties in general
- 8 Of the parties of Great Britain
- 9 Of superstition and enthusiasm
- 10 Of civil liberty
- 11 Of the rise and progress of the arts and sciences
- 12 Of national characters
- 13 Of commerce
- 14 Of refinement in the arts
- 15 Of money
- 16 Of interest
- 17 Of the balance of trade
- 18 Of the jealousy of trade
- 19 Of the balance of power
- 20 Of taxes
- 21 Of public credit
- 22 Of some remarkable customs
- 23 Of the original contract
- 24 Of passive obedience
- 25 Of the coalition of parties
- 26 Of the Protestant succession
- 27 Idea of a perfect commonwealth
- Appendix: Excerpts from Hume's History of England
- Notes
- Index
- Title in the Series
Summary
Nothing is esteemed a more certain sign of the flourishing condition of any nation than the lowness of interest: And with reason; though I believe the cause is somewhat different from what is commonly apprehended. Lowness of interest is generally ascribed to plenty of money. But money, however plentiful, has no other effect, if fixed, than to raise the price of labour. Silver is more common than gold; and therefore you receive a greater quantity of it for the same commodities. But do you pay less interest for it? Interest in Batavia and Jamaica is at 10 per cent. in Portugal at 6; though these places, as we may learn from the prices of every thing, abound more in gold and silver than either London or Amsterdam.
Were all the gold in England annihilated at once, and one and twenty shillings substituted in the place of every guinea, would money be more plentiful or interest lower? No surely: We should only use silver instead of gold. Were gold rendered as common as silver, and silver as common as copper; would money be more plentiful or interest lower? We may assuredly give the same answer. Our shillings would then be yellow, and our halfpence white; and we should have no guineas. No other difference would ever be observed; no alteration on commerce, manufactures, navigation, or interest; unless we imagine, that the colour of the metal is of any consequence.
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- Hume: Political Essays , pp. 126 - 135Publisher: Cambridge University PressPrint publication year: 1994
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