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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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