Political Arithmetick (1899)/Chapter IX

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Political Arithmetick
by William Petty, edited by Charles Henry Hull

Chapter IX

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related portals: Economic theory

Political Arithmetick was first published in 1690. According to Petty's list it was written in 1676. This edition is from the The Economic Writings of Sir William Petty, edited by Charles Henry Hull, and published in 1899 (vol. 1, pages 233-313)

2389640Political Arithmetick — Chapter IXCharles Henry HullWilliam Petty

Chap. IX.

That there is Mony sufficient to drive the Trade of the Nation.

SInce his Majesties happy Restauration, it was thought fit to call in, and new Coin the mony, which was made in the times of Usurpation. Now it was observed by the general consent of Cashiers, that the said mony (being by frequent Revolutions well mixed with old) was about a seventh part thereof: and that the said mony being called in, was about 800000l. and consequently the whole five Millions six hundred thousand pound^[1]. Whereby it is probable that (some allowance being given for hoarded mony) the whole Cash of England was then about six Millions, which I conceive is sufficient to drive the Trade of England, not doubting but the rest of his Majesties Dominions have the like means to do the same respectively. |[111]|

If there be six Millions of Souls in England, and that each spendeth 7l. per annum, then the whole expence is forty two Millions, or about eight hundred thousand pound per week^[2]; and consequently, if every Man did pay his expence weekly, and that the Money could circulate within the compass of a Week, then less than one Million would answer the ends proposed. But forasmuch as the Rents of the Lands in England (which are paid half yearly) are eight Millions per annum, there must be four Millions to pay them. And forasmuch as the Rent of the Housing of England, paid quarterly, are worth about four Millions per ann. there needs but one Million to pay the said Rents; wherefore six Millions being enough to make good the three sorts of Circulations above mentioned, I conceive what was proposed, is competently proved, at least until something better be held forth to the contrary. |[112]|

↑ R,'or 5 millions & a halfe' inserted.
↑ See Treatise of Taxes, p. 56, where the expense of the people of England is estimated at 50 millions, and compare A moderate Computation of the Expences in Provisions, spent in the... Places within the Bills... observed by a scrutinous Enquiry into most of the Particulars. By John Seller, sen. London, sold by Richard Baldwin, 1691. Sellers makes the average expenditure £27.1749 per capita.

[1] R,'or 5 millions & a halfe' inserted.

[2] See Treatise of Taxes, p. 56, where the expense of the people of England is estimated at 50 millions, and compare A moderate Computation of the Expences in Provisions, spent in the... Places within the Bills... observed by a scrutinous Enquiry into most of the Particulars. By John Seller, sen. London, sold by Richard Baldwin, 1691. Sellers makes the average expenditure £27.1749 per capita.

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