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Struggle against this dangerous phenomenon he offered simplification of transfer deed of the debt
Obligations when the last are used as currency, because
It as he spoke, "will reimburse defect at least half of cash
Money which we use in the country ". Other author - Petti who stood
Absolutely away from this collision of interests, - stated
The similar point of view when he explained "natural" falling of norm
Percent with 10 to 6 increase in quantity of money ("Political arithmetics",
1676) also recommended granting of percentage loans as approaching
Means for the country at which it is too much "coin" (142).
Such reasonings, naturally, were in use not only in England.
For example, several years later (in 1701 and 1706) the French merchants and
Statesmen complained of shortage of a coin (disette des especes)
As on the reason of high interest rates also tried to lower the levied
Usurers percent by increase in monetary circulation (143).
Great Lock was, apparently, the first, who in the dispute with Petti (144)
Has formulated in the abstract form communication between norm of percent and quantity
Money. It challenged the offer of Petti on an establishment of the maximum norm
Percent on the ground that it as is almost impracticable, as well as
The fixed maximum of the ground rent, as "natural cost
The money, expressed in their ability to bring in the annual income in shape
Percent, depends on the relation of all quantity addressing in kingdom
Money to all trade of kingdom (i.e. To a total sum of sales of all
The goods) "(145). Lock explains that money has double cost: 1)
The cost of their use expressed in percent, "and in this respect they
Have the same nature, as the earth, but only the income of the earth is called
The rent, and from money - advantage (use) "(146), and 2) an exchange value," and in
This relation they have the same nature, as the goods ", and their barter
Cost "depends only on abundance or money pressure in relation to
To abundance or defect of these goods, instead of from percent size ". Such
In the image, Lock was the ancestor of two related variants
The quantitative theory. First, he asserts that the norm of percent depends
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