Selected quad for the lemma: book_n
Text snippets containing the quad
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ID |
Title |
Author |
Corrected Date of Publication (TCP Date of Publication) |
STC |
Words |
Pages |
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B23805
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Reasons for the abatement of interest to four in the hundred and the objections against it fairly stated and briefly and fully answered / by E.H.
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E. H.
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1692
(1692)
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Wing H21
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18,351
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71
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may_v multiply_v people_n and_o the_o multiplication_n of_o people_n may_v cause_v a_o great_a fertility_n in_o that_o country_n so_o the_o abatement_n of_o interest_n cause_v a_o increase_n of_o wealth_n and_o the_o increase_n of_o wealth_n may_v cause_v a_o further_a abatement_n of_o interest_n since_o our_o first_o abatement_n trade_n discourse_v of_o trade_n of_o interest_n the_o riches_n and_o splendour_n of_o this_o kingdom_n be_v very_o much_o increase_v as_o appear_v from_o the_o new_a building_n fine_a furniture_n and_o number_n of_o coach_n from_o our_o ship_n and_o navigation_n from_o the_o improvement_n of_o our_o custom_n which_o do_v not_o proceed_v so_o much_o from_o the_o advancement_n of_o the_o rate_n of_o good_n as_o from_o the_o increase_n of_o the_o bulk_n of_o trade_n for_o though_o some_o foreign_a commodity_n and_o manufacture_n be_v advance_v yet_o other_o of_o our_o native_a commodity_n and_o manufacture_n be_v considerable_o abate_v in_o the_o book_n of_o rate_n england_n have_v be_v enrich_v constant_o and_o proportionable_o to_o and_o after_o our_o several_a abatement_n of_o interest_n by_o law_n from_o a_o unlimited_a rate_n to_o ten_o from_o ten_o to_o eight_o and_o from_o eight_o to_o six_o in_o the_o hundred_o and_o i_o think_v it_o may_v reasonable_o be_v hope_v that_o a_o further_a abatement_n will_v produce_v more_o riches_n as_o well_o here_o as_o it_o have_v do_v in_o holland_n as_o it_o have_v be_v in_o england_n so_o my_o author_n say_v it_o be_v in_o all_o europe_n and_o other_o part_n of_o the_o world_n insomuch_o that_o to_o know_v whether_o any_o country_n be_v rich_a or_o poor_a or_o in_o what_o proportion_n it_o be_v so_o the_o resolution_n of_o this_o question_n viz._n what_o interest_n do_v they_o pay_v for_o money_n will_v tell_v you_o for_o all_o country_n be_v at_o this_o day_n rich_a or_o poor_a in_o a_o exact_a proportion_n to_o what_o they_o pay_v and_o have_v usual_o pay_v for_o the_o interest_n of_o money_n that_o a_o abatement_n of_o interest_n will_v increase_v trade_n which_o be_v the_o cause_n of_o riches_n and_o will_v raise_v the_o value_n of_o land_n and_o keep_v up_o rent_n be_v the_o opinion_n of_o the_o parliament_n in_o the_o 21_o jac._n 1._o and_o of_o another_o in_o the_o 12_o car._n 2._o as_o appear_v in_o the_o preamble_n to_o those_o act_n which_o i_o desire_v the_o reader_n once_o more_o to_o look_v over_o again_o that_o they_o be_v not_o mistake_v in_o their_o sentiment_n be_v evident_a from_o seventy_o year_n observation_n beyond_o all_o contradiction_n insomuch_o that_o it_o must_v be_v grant_v by_o all_o englishman_n for_o it_o can_v no_o long_o be_v make_v a_o question_n that_o to_o abate_v interest_n will_v advance_v land_n and_o increase_v trade_n and_o consequent_o be_v the_o cause_n of_o riches_n it_o be_v confess_v on_o all_o hand_n that_o in_o holland_n interest_n be_v low_a than_o in_o england_n but_o some_o be_v please_v to_o say_v that_o be_v not_o the_o effect_n of_o law_n but_o proceed_v only_o from_o the_o plenty_n of_o money_n for_o in_o holland_n there_o be_v no_o law_n restrain_v usury_n to_o which_o i_o answer_v out_o of_o my_o anonymous_n author_n in_o his_o discourse_n of_o trade_n that_o it_o may_v be_v true_a that_o in_o holland_n there_o have_v not_o late_o be_v any_o law_n to_o limit_v usury_n to_o the_o present_n rate_v it_o be_v now_o at_o viz._n 3_o or_o 4_o per_fw-la cent._n yet_o most_o certain_a it_o be_v that_o many_o year_n since_o there_o be_v law_n in_o holland_n that_o reduce_v interest_n to_o 8_o 6_o and_o afterward_o to_o 5_o per_fw-la cent._n an._n 1640._o and_o in_o the_o year_n 1655._o to_o 4._o per_fw-la cent._n as_o he_o affirm_v pag._n 31._o and_o no_o doubt_n but_o they_o will_v by_o law_n lessen_v usury_n still_o be_v it_o necessary_a at_o this_o time_n it_o have_v always_o be_v the_o policy_n of_o that_o state_n to_o keep_v down_o the_o interest_n of_o their_o money_n 3_o or_o 4_o per_fw-la cent._n under_o the_o rate_n of_o what_o be_v usual_o pay_v in_o their_o neighbour_a country_n we_o never_o yet_o abate_v our_o interest_n but_o they_o soon_o after_o abate_v they_o interest_n have_v be_v at_o 6_o per_fw-la cent._n in_o holland_n but_o after_o it_o be_v reduce_v to_o eight_o in_o england_n it_o be_v reduce_v to_o four_o in_o holland_n and_o now_o be_v at_o six_o here_o it_o be_v there_o at_o three_o so_o that_o they_o have_v always_o keep_v the_o same_o advantage_n in_o trade_n from_o our_o overbalance_n by_o usury_n well_o understand_v the_o profit_n they_o have_v from_o thence_o it_o may_v not_o be_v impertinent_a to_o recite_v here_o so_o much_o of_o the_o french_a king_n edict_n as_o concern_v this_o matter_n for_o perhaps_o all_o may_v not_o elsewhere_o come_v to_o the_o sight_n of_o it_o he_o find_v that_o ten_o or_o eight_o in_o the_o hundred_o do_v ruin_v many_o good_a family_n hinder_v the_o traffic_n and_o commerce_n of_o merchandise_n and_o make_v tillage_n cheap_a and_o handicraft_n to_o be_v neglect_v many_o desire_v through_o the_o easiness_n of_o a_o deceitful_a gain_n to_o live_v idle_o rather_o than_o give_v themselves_o to_o art_n or_o to_o till_o or_o husband_n their_o land_n for_o these_o reason_n he_o do_v forbid_v all_o usury_n at_o a_o high_a rate_n than_o 6_o l._n 5_o sh._n in_o the_o hundred_o this_o edict_n be_v ratify_v in_o the_o court_n of_o parliament_n i_o have_v transcribe_v this_o out_o of_o a_o discourse_n of_o trade_n pag._n 51._o shall_v i_o pursue_v all_o the_o advantage_n to_o trade_n which_o may_v reasonable_o be_v hope_v for_o from_o a_o abatement_n of_o interest_n or_o shall_v i_o enumerate_v all_o the_o benefit_n which_o will_v redound_v to_o the_o kingdom_n by_o the_o encouragement_n and_o increase_n of_o trade_n this_o piece_n will_v swell_v into_o a_o large_a volume_n i_o need_v not_o tell_v you_o of_o what_o great_a use_n the_o lower_a of_o interest_n will_v be_v to_o the_o government_n that_o the_o king_n may_v with_o much_o less_o charge_n build_v ship_n and_o set_v out_o his_o fleet_n that_o all_o ammunition_n and_o other_o necessary_n for_o the_o army_n will_v be_v much_o cheap_a that_o upon_o all_o occasion_n he_o will_v be_v more_o ready_o supply_v with_o money_n these_o consideration_n alone_o be_v of_o no_o small_a concernment_n to_o the_o nation_n for_o the_o more_o easy_o the_o government_n can_v be_v maintain_v the_o less_o tax_n will_v be_v want_v it_o will_v be_v unnecessary_a to_o add_v any_o more_o upon_o this_o head_n which_o relate_v to_o trade_n i_o make_v no_o doubt_n but_o the_o reason_n allege_v will_v convince_v the_o merchant_n and_o tradesman_n that_o a_o further_a abatement_n of_o interest_n will_v be_v no_o prejudice_n to_o they_o but_o will_v high_o advance_v their_o call_v i_o proceed_v now_o to_o the_o next_o thing_n propound_v to_o the_o consideration_n of_o the_o reader_n wherein_o i_o shall_v endeavour_v to_o satisfy_v the_o landed-man_n that_o to_o lessen_v usury_n will_v be_v of_o very_o great_a advantage_n to_o he_o by_o raise_v the_o value_n of_o land_n in_o purchase_n and_o by_o enable_v his_o tenant_n to_o give_v more_o for_o his_o farm_n or_o at_o least_o to_o pay_v his_o rent_n fooner_o chap._n ii_o that_o abatement_n of_o interest_n will_v raise_v the_o value_n of_o land_n the_o inseparable_a affinity_n betwixt_o trade_n and_o land_n be_v so_o obvious_a to_o every_o man_n understanding_n that_o i_o think_v it_o will_v not_o be_v deny_v but_o when_o trade_n flourish_v land_n always_o bear_v a_o good_a price_n and_o the_o landlord_n rent_n be_v well_o pay_v when_o trade_n decay_v rent_n be_v never_o well_o pay_v and_o the_o price_n of_o land_n fall_v too_o on_o the_o other_o hand_n when_o rent_n fall_v and_o farmer_n break_v than_o shopkeeper_n fail_v and_o merchant_n give_v over_o the_o interest_n of_o one_o be_v so_o interweave_v with_o the_o other_o that_o it_o can_v be_v ill_o with_o trade_n but_o land_n will_v fall_v nor_o ill_a with_o land_n but_o trade_n will_v feel_v it_o this_o observation_n be_v by_o experience_n find_v so_o true_a that_o no_o trader_n or_o landed-man_n can_v make_v the_o least_o doubt_n of_o it_o that_o land_n in_o england_n have_v rise_v in_o value_n as_o interest_n have_v trade_n discourse_v of_o trade_n be_v abate_v be_v matter_n of_o fact_n and_o every_o owner_n of_o land_n can_v best_o judge_v of_o this_o look_v but_o into_o your_o ancestor_n deed_n of_o purchase_n make_v seventy_o year_n ago_o and_o you_o will_v find_v that_o land_n be_v then_o fold_v for_o 10_o or_o 12_o year_n purchase_n but_o a_o enquiry_n into_o the_o gross_a sum_n of_o money_n pay_v will_v be_v more_o exact_a and_o less_o fallible_a than_o to_o make_v a_o estimate_n by_o the_o year_n purchase_v for_o many_o farm_n