improvident Landholder will not fail to have Money for his Wares with Gain whether the Kingdom get by his Trade or no and he will keep his Money rather employ'd in Trade which brings him in profit for the Merchant may get by a Trade that makes the Kingdom poor than lay it out in Land whose Rents he sees sinking and foresees by the course of Trade is likely to continue on to do so When a Nation is running to decay and ruine the Merchant and Monied Man do what you can will be sure to starve last Observe it where you will the decays that come upon and bring to Ruine any Country do constantly first fall upon the Land and though the Country Gentleman who uâ—ually securely relies upon so much a year as was given in at his Marriage Settlement and thinks his Land an unmoveable Fund for such an Income be not very forward to think so yet this nevertheâ—ess is an undoubted truth that he is more concern'd in Trade and ouâ—ht to take a greater care that it be wâ—ll manag'd and preserved than even the Merchant himself for he will certainly findâ— that when a decay of Trade has carried away one part of our Money out of the Kingdom and the other is kept in the Merchant and Tradesmans Hands that no Laws he can make nor any little Arts of Shifting Property amongst our selves will bring it back to him again But his Rents will fall and his Income every day lessen till general Industry and Frugality join'd to a well order'd Trade shall restore to the Kingdom the Riches and Wealth it had formerly This by the way if well consider'd might let us see that Taxes however contrived and out of whose Hand soever immediately taken do in a Country where their great Fund is in Land for the most part terminate upon Land Whatsoever the People is chiefly maintainâ—d by that the Government supports it self on Nay perhaps it will be found that those Taxes which seem least to affect Land will most surely of all other â—aâ— the Rents which is an evil the hardest to be recovered for Rents once fâ—â—len are not eâ—sily raised again A Tax laid upon Land seems hard to the Landholder because it is so much Money going visibly out of his Pocket and 〈…〉 ease to â—imself the Landholder iâ—â—â—â—â—ys foâ—ward to lay it upon Commodities but 〈…〉 throughâ—y considâ—â— it and 〈◊〉 the Effects he will find he Buys this seeming Ease at a very dear rate and though he pays not this Tax immediately out of his own Purse yet there will be more wanting there at the end of the year than that comes to with the lessening of his Rents which is a settled and lasting evil that will stick upon him beyond the present Payment To make this clear let us suppose in the present State of Affairs in England that the Rents of England are Twelve Millions and that the Charge and Necessities of the Government requires a supply of Three Millions from the Parliament which is laid on Land Here is one fourth part of his yearly Income goes immediately out of the Landlords and Landholders Pocket This is a Burthen very apt to be felt he readily perceives what goes thus out of his Estate who actually pays the Money out of his Pocket or finds it deducted out of his Rent at Quarter-day for Taxes but though this be a Quarter of his yearly Income and out of an Estate of Four Hundred pounds a year the publick Tax now openly takes away One hundred Yet this influences not at all the yearly Rent of the Land which the Rack-renter or under Tenant pays it being the same thing to him whether he pays all his Rent to the King or his Landlord or ½ or ¼ or none at all to the King the Case is all one to him what hand receives his Rent when due so Trade flourishes and his Commodities go off well he will be able to pay his Rent on This lessens not any more the Value of his Farm than an high or a low chief Rent does paid out of it to the Lord of the Fee and the Tenant's Bargain and Profit is the same whether the Land be charg'd or not charg'd with an Annuity payable to another Man We see this in College Leases where though the College Tenant pays for it to the College some years five times as much as he does others upon the varying Rate of Corn yet the Under Tenant feels not this Alteration in the least nor finds a Reason to have his Rent abated because a greater part of it is diverted from his Landlord All this is but changing the hand that receives the Rent without any influence at all upon the yearly Value of the Estate which will not be let for one Penny more or less to the Renter however or amongst whomsoever the Rent he pays be divided From hence it is evident That Taxes laid on Land do not in the least make Rents fall But suppose to shift off the Burthen from the Land some Country Gentlemen should think fit to raise these three Millions upon Commodities to let the Land go free First it is to be considered That since the publick Wants require three Millions for that we suppos'd for Argument sake let it be three Millions or one Million that 's all one and so much must go into the King's Coffers or else the Necessities of the Government will not be supplied That for raising these three Millions on Commodities and bringing so much into the Exchâ—quer there must go a great deal more than three Millions out of the Subjâ—cts Pockets For a Tax of that nature cannot be levied by Officers to watch every little Rivulet of Trade without a great Chaâ—ge especially at first trial But supposing no more Charge in raising it than of a Land Tax and that there are only â— Millions to be paid t is evident that to do this out of Commodities they must to the Coâ—â—umer bâ— raised ¼ in their Price so that every tâ—â—â—g to him that uses it must be ¼ dâ—â—â—er â—et us see now who at long run 〈◊〉 pay this ¼ and where it will light 'T is pâ—ain the Merchant and Broker neither will nor câ—n for if he pays 1 â— more for Commodities than he did he will sell them at a Price proportionably raised The poor Labourer and Handicraftsman cannot for he just lives from hand to mouth already and all his Food Cloathing and Utensils costing ¼ more than they did before either his Wages must rise with the Price of things to make him live or else not being able to maintain himself and Family by his Labour he comes to the Parish and then the Land bears the Burthen a heavier way If the Labourer's Wages be rais'd in proportion to the encreas'd Rates of things the Farmer who pays ¼ more for Wages as well as all other things whil'st he sells his Corn and Wool either at the same rate or lower at the Market since the
Tax laid upon it makes People less forward to buy must either have his Rent abated or else break and run away in his Landlord's Debt and so the yearly Value of the Land is brought down and who then pays the Tax at the years end but the Landlord when the Tenant not able to raise his Rent by his Commodities either runs away in his Landlords Debt or cannot be cotinued in the Farm without abatement of Rent For when the yearly charge in his Farm is greater by the increase of the Labourers Wages and yet his product Sells â—eaâ—er by reason of the Tax laid on his Commodities How will the Farmer be able to make up his Rent at Quarter Day For this may be worth our Notice that any Tax laid on Foreign Commodities in England raises its price and makes the Importer get more for his Commodity But on the contrary a Tax laid on your Native Product and home made Commodities lessens their price and makes them yield less to the first Seller The Reason whereof is plain For the Merchant Importing no Commodity but what the necessity or fashionable Wantonness of your People gives him Vent for will not only proportion his Gain to the Cost and Risque he has been at before Landing but will expect profit of his Money paid here for any Tax laid on it and take advantage from thence to raise his price above what his Tax comes to and if he cannot do that he will Trade no more in that Commodity For it being not the Product of his Farm he is not tied to bring it to Market if he finds its price not answer his Expectation there but turns himself to other Wares which he finds your Markets take off better A Merchant will never continue to Trade in Wares which the change of Fashion or humour amongst your People have made less vendible though he may be sometimes caught by a sudden alteration But that seldom happens in the course of Trade so as to influence the great bulk of it For things of Necessity must still be had and things of Fashion will be had as long as Men have Money or Credit whatever rates they cost and the rather because they are dear For it being Vanity not Use that makes the Expensive Fashions of your people the Emulation is who shall have the finest that is the dearest things not the most convenient or useful How many things do we value and buy because they come at dear rates from Iapan and China which if they were our own Manufacture or Product to be had common and for a little Money would be contemned and neglected Have not several of our own Commodities offered to sale at reasonable Rates been despised and the very same eagerly bought and brag'd of when sold for French at a double Price You must not think therefore that the raising their Price will lessen the vent of fashionable Foreign Commodities amongst you as long as Men have any way to purchase them but rather increase it French Wine is become a Modiâ—h Drink amongst us and a man is asham'd to Entertain his Friend or almost to Dine himself without it The Price is in the Memory of Man rais'd from 6 d. to 2 s. and does this hinder the drinking of it No the quite contrary a Man's way of Living is commended because he will give any rate for it and a Man will give any rate rather than pass for a poor Wretch or Penurious Curmudgeon that is not able or knows not how to live well nor use his Friends civilly Fashion is for the most part nothing but the Ostentation of Riches and therefore the high price of what serves to that rather increases than lessens its vent The contest and glory is in the Expence not the Usefulness of it and People are then thought and said to live well when they can make a shew of rare and foreign things and such as their Neighbours cannot go to the Price of Thus we see how Foreign Commodities fall not in their price by Taxes laid on them because the Merchant is not necessitated to bring to your Market any but Fashionable Commodities and those go off the better for their high rate But on the contrary your Land 〈◊〉 being forced to bring his Commodities to Market such as his Land and Industry affords them common and known things must sell them there at such price as he can get This the buyer knows and these home-bred Commodities being seldom the Favourites of your People or any farther acceptable than as great conveniency recommends them to the Vulgar or Downright necessity to all As soon as a Tax is laid on them every one makes as sparing a use of them as he can that he may save his Money for other necessary or creditable Expences whereby the price they yield the first seller is mightily abated and so the yearly value of the Land which produces them lessen'd too If therefore the laying of Taxes upon Commodities does as it is evident affect the Land that is out at Rack-rent it is plain it does equally affect all the other Land in England too and the Gentâ— will but the worst way increase their own Charges that is by lessening theiâ— Yearly Value of their Estates if they hope to ease their Land by charging Commodities It is in vain in a Country whose great Fund is Landâ— to hope to lay the publick charge of the Government on any thing else there at last it will terminate The Merchant do what you can will not bear it the Labourer cannot and therefore the Landholder must and whether he were best do it by laying it directly where it will at last settle or by letting it come to him by the sinking of his Rents which when they are once fallen every one knows are not easily raised again let him consider Holland is brought as an instance of laying the Charge of the publique upon Trade and 't is possible excepting some few small Free Towns the only place in the World that could be brought to favour this way But yet when examin'd will be found to shew the quite contrary and be a clear proof that lay the Taxes how you will Land every where in proportion bears the greater share of the burthen The publick Charge of the Government is 't is said in the United Provinces laid on Trade I grant it is the greatest part of it But is the Land Excus'd or Eas'd by it By no means but on the contrary so loaded that in many places ½ in others ¼ in others 1 â— of the Yearly value does not come in to the owners Pocket and if I have not been misinformed the Land in some places will not pay the Taxes so that we may say that the Charge of the Government came not upon Commodities till the Land could not bear it The burthen unavoidably settles upon the Land first and when it has pressed it so that it can yield no more Trade must be brought
Trade or else lye still too in great Sums which is the same stop of Money or a greater Add to this That to pay the Creditor that lent him his Rent he must gather up Money by degrees as the Sale of his Commodities shall bring it in and so makes a greater stop and greater want of Money since the borrowed Money that paid the Landholder the 25th of March must be supposed to lye still some time in the Creditor's hand before he lent it the Tenant and the Money that pays the Creditor three Months after must lye still some time in the Tenant's Nor does the Landlord pay away his Rent usually as soon as he receives it but by degrees as his Occasions call for it we cannot but suppose that between the Landlord and Tenant there must necessarily be at least ¼ of the yearly Revenue of the Land constantly in their hands Indeed considering that most part of the Rents of England being paid at our Lady-day and Michaelmas and that the same Money which pays me my Rent from my Tenant the 25th of March or thereabouts cannot pay my next Neighbour his Rent from his Tenant at the same time much less one more remote in another Country it might seem requisite to suppose half the yearly Revenue of the Land to be necessarily employed in paying of Rent For to say that some Tenants break and pay not their Rent at all and others pay not till two three four five six c. Months after Quarter-day and so the Rent is not all paid at one time is no more than to say That there is Money wanting to the Trade For if the Tenant fail the Landlord he must fail his Creditor and he his and so on till somebody break and so Trade decay for want of Money But since a considerable part of the Land of England is in the Owners hands who neither pay nor receive great Sums for it at a certain day and because too which is the chief Reason we are not to consider here how much Money is in any one man's or any one sort of mens hands at any one time for that at other tâ—mes may be distributed into other hands and serve other parts of Trade but how much Money is necessary to be in each man's hands all the Year round taking one time with another i. e. having 200 l. in his hand one month is to be reckonâ—d as 100 l. in his hand three months and so proportionably I think we may well suppose ¼ of the yearly Revenue to be constantly in the Landlords or Tenants hands whereâ— by the by we may observe That it were better for Trade and consequentâ—y for every body â—or more Money woâ—â—d be stirring and less would do tâ—e business if Rents were paid by 〈◊〉 Inâ—â—rvals than six months For suâ—â—â—sing I let a Farm at 52 l. per An. iâ— my Rent be paid half yearly there is reâ—â—â—â—ed 26 l. to be employed in the Payment of it in â—ne entire Sum. if it â—e paid well and if it be not paid well 〈◊〉 â—â—nt of so 〈◊〉 Money to be spared to that purpose there is so much want of Money and Trade is still endamag'd by it a great part whereof must necessarily lie still before it come out of my Tenants Chest to my Hands If it be paid once a Quarter 13 l. alone will do it and less Money is laid up for it and stop'd a less while in its course But should it be paid every Week one single 20 s. will pay the Rent of 52 l. per Annum whence would follow this double benefit First that a great deal less Money would serve for the Trade of a Country And Secondly That less of the Money would lie still the contrary whereof must needs happen where growing Debts are to be paid at larger distances and in greater Sums Thirdly As for the Brokers since they too must lay up the Money coming in by Retail either to go to Market and buy Wares or to pay at the day appointed which is often Six Months for those Wares they have already we cannot suppose them to have less by them one with another than One Twentieth part of their yearly Returns whether the Money be their own or they be Indebted so much or more it matters not if it be neceâ—sary they should have constantly by them comparing one time with another at least One Twentieth part of their yearly Return Indeed in some great Towns where the Bankers are ready at hand to buy Bills or any other way to lend Money for short time at great Interest there perhaps the Merchant is not forced to keep so much Money by him as in other places where they have not such a Supply But if you consider what Money to do this must necessarily be constantly lodg'd in the Bankers Hands to which if you add what part of the Money of a Country Scholars of all sorts Women Gamesters and great Mens menial Servants and all such that do not contribute at all to Trade either as Landholders Labourers or Brokers will unavoidably have constantly in their Hands it cannot well be thought that less than One Fiftieth part of the Labourers Wages One Fourth part of the Landholders yearly Revenue and One Twentieth part of the Brokers yearly Returns in ready Money will be enough to drive the Trade of any Country At least to put it beyond Exception low enough it cannot be imagin'd that less than one moiety of this i. e. less than One Hunderd part of the Labourers yearly Wages One Eighth part of the Landholders yearly Revenue and One Fortieth part of the Brokers yearly Returns in ready Money can be enough to move the several Wheels of Trade and keep up Commeree in that Life and Thriving posture it should be And how much the ready Cash of any Country is short of this proportion so much must the Trade be impair'd and hindred for want of Money But however these measures may be mistaken this is evident that the multiplying of Brokers hinders the Trade of any Country by making the Circulation the Money goes larger and in that Circuit more stops so that the Returns must necessarily be flower and â—cantier to the prejudice of Trade Besides that they Eat up too great a share of the Gains of Trade by that means Starving the Labourer and impoverishing the Landholder whose Interest is chiefly to be taken care of it being a settled unmoveable Concernment in the Commonwealth And therefore it would be convenient to hinder as much as is possible any one from Selling any of our Native Commodities but he that makes it Shopkeepers in this being worse than Gamesters for they do not only keep so much of the Money of a Country constantly in their Hands but also make the publick pay them for their keeping of it though Gaming too upon the account of Trade as well as other Reasons may well deserve to be restrain'd since Gamesters in order to their Play
exchange For a Farmer that carries a Bushel â— Wheat to Market and a Labourer thâ—â— carries Half a Crown shall find that the Money of one as well as Corn of the other shall at some times purchase him more or less Leather or Salt according as they are in greater Plenty and Scarcity one to another So that in Exchange of coin'd Silver for any other Commodity which is buying and selling the same measure governs the Proportion you receive as if you exchang'd Lead or Wheat or any other Commodity which is nothing else but their Quantity in Proportion to their vent If then change of Use makes not your Silver more in Spâ—ciâ— or your Wheat or other Commodities less it will not have any Influence at all to make it exchange for less of Wheat or any other Commodity than it will have on lead to make it exchange for less Wheat or any other Commodity Money therefore in buying and selling being perfectly in the same Condition with other Commodities and subject to all the same Laws of Value let us next see how it comes to be of the same Nature with Land by yielding a certain yearly Income which we call Use or Interest For Land produces naturally something new and profitable and of Value to Mankind but Money is a barren thing and produces nothing but by Compact transfers that Profit that was the Reward of one man's Labour into another man's Pocket That which occasions this is the unequal Distribution of Money which Inequality has the same effect too upon Land that it has upon Money For my having more Money in my hand than I can or am dispos'd to use in buying and selling makes me able to lend and another's want of so much Money as he could employ in Trade makes him willing to borrow But why then and for what Consideration doth he pay Use For the same Reason and upon as good Consideration as the Tenant pays Rent for your Land For as the unequal Distribution of Land you having more than you can or will manure and another less brings you a Tenant for your Land and the same unequal Distribution of Money I having more than I can or will employ and another less brings me a Tenant for my Money So my Money is apt in Trade by the Industry of the Borrower to produce more than 6 per Cent. to the Borrower as well aâ— your Land by the Labour of the Tenant is apt to produce more Fruits than his Rent comes to and therefore deserves to be paid for as well as Land by an yearly Rent For though the Usurer's Money would bring in no yearly profit if he did not lend it suppoâ—ing he employ it not himself and so his Six per Cent. may seem to be the Fruit of another Mans Labour yet he shares not near so much of the profit of anothers Mans Labour as he that lets Land to a Tenant for without the Tenants Industry supposing as before the owner would not manage it himself his Land would yield him little or no Profit so that the Rent he receives is a greater Portion of the Fruit of his Tenants Labour than the Use is at 6 per Cent for generally he that Borrows 1000 l. at Six per Cent. and so pays 60 l. per Aâ—num Use gets more above his Use in one year by his Industry than he that Rents a Farm of 60 l. per Annum gets in two above his Rent though his Labour be harder It being evident therefore that he that has skill in Traffick but has not Money enough to Exercise it has not only reason to Borrow Money to drive his Trade and get a livelyhood but as much Reason to pay Use for that Money as he that not having Land of his own yet has Skill in Husbandry has not only reason to Rent Land but to pay Money for the Use of it It follows that Borrowing Money upon Use is not only by the necessity of Affairs and the Constitution of humane Societyâ— unavoidable to some Men but that also to receive Profit for the Loan of Money is as equitable and lawful as receiving Rent for Land and more tolerable to the Borrower notwithstanding the Opinion of some over-scrupulous Men. This being so one would expect that the rate of Interest should be the Measure of the value of Land in number of years Purchase for which the Fee is Sold For 100 l. per Annum being equal to 100 l. per Annum and so to perpetuity and 100 l. per Annum being the Productâ— of 1000 l. when Interest is at 10 per Cent. of 1250 l. when Interest is at 8 per Cent. of 1666 l. or thereabouts when Interest is at 6 per Cent. of 2000 l. when Money is at 5 per Cent. of 2500 l. when Money is at 4 per Cent. One would conclude I say that Land should Sell in proportion to Use according to these following Rates viz. When Money is at 10 per Cent. for 10 years purchase When Money is at 8 per Cent. for 12 1 â— years purchase When Money is at 6 per Cent. for 16 â— â— years purchase When Money is at 5 per Cent. for 20 years purchase When Money is at 4 per Cent. for 25 years purchase But Experience tells us that neither in Queen Elizabeth nor King Iames the First Reigns when Interest was at Ten per Cent. was Land Sold for Ten or when it was at Eighth per Cent for 12 ½ years purchase or any thing near the low rate that high Use requir'd if it were true that the rate of Interest govern'd the price of Land any more than Land now yields 25 years purchase because a great part of the Monied Men will now lett their Money upon good Security at Four per Cent. Thus we see in fact how little this Rule has held at home and he that will look into Holland will find that the Purchase of Land was not raised there when their Interest fell This is certain and past doubt that the legal Interest can never regulate the price of Land since it is plain that the price of Land has never changed with it in the several Changes have been made in the rate of Interest by Law nor now that the rate of Interest is by Law the same through all England is the price of Land every where the same it being in some parts constantly sold for 4 or 5 years Purchase more than in others Whether you or I can tell the Reason of this it matters not to the Question in hand but it being really so this is plain Demonstration against those who pretend to advance and regulate the price of Land by a Law concerning the Interest of Money But yet I will give you some of my Guesses why the price of Land is not regulated as at first sight it seems it should be by the Interest of Money Why it is not regulated by the legal Use is manifest because the rate of
quarters of England and into a greater number of Hands according to the Exigences of Trade If Money were to be hired as Land is or to be had as Corn or Wooll from the Owner himself and known good security be given for it it might then probably be had at the Market which is the true Rate and would be a constant gauge of your Trade and Wealth But when a kind of Monopoly by consent has put this general Commodity into a few hands it may need Regulation though what the stated Rate of Interest should be in the constant change of Affairs and â—lux of Money is hard to determine Possibly it may be allowed as a reasonable Proposal that it should be within such Bounds 〈…〉 quite Lâ—t up the Merchants and Tradesmans profit and discourage their Industry nor on the other hand so low as should hinder Men from Risquing their Money in other Mens Hands and so rather chuse to keep it out of Trade than venture it upon so small profit When it is too high it so hinders the Merchants gain that he will not Borrow when too low it so hinders the Monied Mans profit that he will not Lend and both these ways it is a hindrance to Trade But this being perhaps too general and loose a Rule let me add that if one would consider Money and Land alone in relation one to another perhaps it is now at Six per Cent. in as good a proportion as is possible Six per Cent. being a little higher than Land at Twenty years Purchase which is the Rate pretty near that Land has generally carried in England it never being much over nor under For supposing 100 l. in Money and Land of 5 l. per Annum be of equal value which is Land at Twenty years purchase 'T is necessary for the making their value truly equal that they should produce an equal Income which the 100 l. at 5 l. per Cent. Interest is not likely to do 1. Because of the many and sometimes long intervals of Barrenness which happen to Money more than Land Money at Use when return'd into the Hands of the Owner usually lies dead there till he gets a new Tenant for it and can put it out again and all this time it produces nothing But this happens not to Land the growing product whereof turns to account to the owner even when it is in his Hands or is allow'd for by the Tenant antecedently to his entring upon the Farm For though a Man who Borrows Money at Midsummer never begins to pay his Interest from our Lady-Day or one moment backwards yet he who Rents a Farm at Midsummer may have as much reason to begin his Rent from our Lady-Day as if he had then entred upon it Besides the dead intervals of ceasing Profit which happen to Money more than Land there is another Reason why the Profit and Income of Money let out should be a little higher than that of Land and that is because Money out at Interest â—â—â—s a greater Risque than Land does The â—oâ—â—ower may break and run away with the Money and then not only the 〈◊〉 due but all the future Profit with the Principal is lost forever But in Land a Man can lose but the Rent due for which usually too the Stock upon the Land is sufficient security and if a Tenant run away in Arrear of some Rent the Land remains that cannot be carried away or lost Should a Man Purchase good Land in Middlesex of 5 l. per Annum at Twenty years Purchase and other Land in Rumney-Marsh or elsewhere of the same yearly value but so situated that it were in danger to be swallowed of the Sea and be utterly lost it would not be unreasonable he should expect to have it under twenty years Purchase suppose 16 ½ This is to bring it to just the case of Land at twenty years Purchase and Money at Six per Cent. where the uncertainty of securing ones Money may well be allowed that advantage of greater Profit and therefore perhaps the legal Interest now in England at Six per Cent is as reasonable and convenient a Rate as can well be set by a standing Rule especially if we consider that the Law requires not a Man to pay Six per Cent but ties up the Lender from taking more so that if ever it falls of it self the Monied man is sure to find it and his Interest will be brought down to it High Interest is thought by some a Prejudice to Trade but if we will look back we shall find that England never throve so well nor was there ever brought into England so great an increase of Wealth since as in Queen Elizabeth's and King Iames I. and King Charles I. time when Money was at 10 and 8 per Cent. I will not say high Interest was the Cause of it for I rather think that our thriving Trade was the Cause of high Interest every one craving Money to employ in a profitable Commerce But this I think I may reasonably infer from it That lowering of Interest is not a sure way to improve either our Trade or Wealth To this I hear some say That the Dutch Skilful in all Arts of promoting Trade to out do us in this as well as all other Advancements of it have observed this Rule That when we fell Interest in England from 10 to 8. they presently sunk Interest in Holland to 4 per Cent. and again when we lower'd it to 6 they fell it to 3 per Cent. thereby to keep the Advantage which the lowness of Interest gives to Trade From whence these men readily conclude That the falling of Interest will aâ—â—ance Trade in England To which I answer 1. That this looks like an Argument rather made for the present Occasion to mislead those who are credâ—lous enough to swallow it than arising from 〈◊〉 Reason and matter of Fact For if lowering Interest were so advantageous to Trade why did the Dutch so constantly take their measures only by us and not as well by some other of their Neighbours with whom they have as great or greater Commerce than with us This is enough at first sight to make one suspect this to be Dust only rais'd to throw in Peoples eyes and a Suggestion made to serve a Purpose For 2. It will not be found true That when we abated Interest here in England to 8. the Dutch sunk it in Holland to 4 per Cent. by Law or that there was any Law made in Holland to limit the Rate of Interest to 3 per Cent. when we reduced it in England to 6. It is true Iohn De Witt when he managed the Affairs of Holland setting himself to lessen the publick Debt and having actually paid some and getting Money in a readiness to pay others sent notice to all the Creditors That those who would not take 4 per Cent. should come and receive their Money The Creditors finding him in earnest and knowing not how
Money does not follow the Standard of the Law but the price of the Market and Men not observing the legal and forced but the Natural and Current Interest of Money regulate their Affairs by that But why the rate of Land does not follow the Current Interest of Money requires a farther Consideration All Things that are Bought and Sold raise and fall their price in proportion as there are more Buyers or Sellers Where are a great many Sellers to a few Buyers there use what Art you will the thing to be Sold will be cheap on the other side turn the Tables and raise up a great many Buyers for a few Sellers and the same thing will immediately grow dear this Rule holds in Land as well as all other Commodities and is the Reason why in England at the same time that Land in some places is at seventeen or eighteen years purchase it is about others where there are proâ—itable Manuâ—actures at two or three and twenty years Purchase because there Men thriving and getting Money by their Industry and willing to leave their Estates to their Children in Land as the surest and most lasting Provision and not so liable to Casualties as Money in untrading or unskillful Hands there are many Buyers ready always to Purchase but few Sellers for the Land thereabout being already possessed by that sort of Industrious and Thriving Men they have neither need nor will to sell In such places of Manufacture the Riches oâ— the one not arising from the squandring and waste of another as it doth in other places where Men live lazily upon the product of the Land the Industry of the People bringing in increase of Wealth from remote Parts makes plenty of Money there without the impoverishing of their Neighbours And when the thriving Tradesman has got more than he can well employ in Trade his next Thoughts are to look out for a Purchase but it must be a Purchase in the Neighbourhood where the Estate may be under his Eye and within convenient distance that the Care and Pleasure of his Farm may not take him off from the Engagements of his Calling nor remove his Children too far from him or the Trade he breeds them up in And this seems to me the Reason why in places wherein thriving Manufactures have erected themselves Land has been observed to Sell quicker and for more years Purchase than in others as about Hallifax in the North Taunton and Exeter in the West This is that then which makes Land as well as other Things dear plenty of Buyers and but few Sellers and so by the Rule of Contraries plenty of Sellers and few Buyers makes Land cheap He that will justly estimate the value of any thing must consider its quantity in proportion to its vent for this alone regulates the Price for the value of any thing compar'd with its self or with a standing Measure is greater as its quantity is less in proportion to its vent but in comparing it or exchanging it with any other thing the quantity and vent too of that must be allowed for in the computation of their Value But because the desire of Money is constantly almost every where the same its vent varies very little but as its greater scarcity enhanses its price and increases the scramble there being nothing else that does easily supply the want of it The leâ—sening its quantity therefore always increaseâ— its Price and makes an equal portion of it exchange for a greater of any other thing Thus it comes to pass that there is no manner of settled proportion between the value of an Ounce of Silver and any other Commodity for either varying its quantity in that Country or the Commodity changing its quantity in proportion to its vent their respective values change i. e. less of one will barter for more of the other though in the ordinary way of speaking 't is only said that the price of the Commodity not of the Money is changed For example half an Ounce of Silver in England will exchange sometimes for a Bushel of Wheat sometimes for ½ sometimes but ¼ c. and this it does equally whether by Use it be apt to bring in to the Owner 6 100 of its own Weight per annum or nothing at all it being only the change of the quantity of Wheat to its Vent supposing we have still the same Summ of Money in the Kingdom or else the change of the quantity of our Money in the Kingdom supposing the quantity of Wheat in respect to its vent be the same too that makes the change in the price of Wheat for if you alter the quantity or vent on either side you presently alter the Price but no other way in the World For it is not the Being Adding Increasing or Diminishing of any good quality in any Commodity that makes its Price greater or less but only as it makes its quantity or vent greater or less in proportion one to another This will easily appear by Two or Three Instances 1. The Being of any good and useful quality in any thing neither increases its Price nor indeed makes it have any Price at all but only as it lessens its quantity or increases its vent each of these in proportion to one another What more useful or necessary things are there to the Being or Well-being of Men than Air and Water and yet these have generally no Price at all nor yield any Money because their quantity is immensly greater than their vent in most places of the World but as soon as ever Water for Air still offers its self every where without restraint or inclosure and therefore is no where of any Price comes any where to be reduced into any proportion to its consumption it begins presently to have a Price and is sometimes sold dearer than Wine and hence it is that the best and most useful things are commonly the cheapest because though their Consumption be great yet the bounty of Providence has made their production large and suitable to it 2. Nor does the Adding an excellency to any Commodity raise its Price unless it increase its Consumption For suppose there should be taught a way which should be published to the knowledge of every one to make a Medicine of Wheat alone that should infallibly Cure the Stone 't is certain the discovery of this quality in that Grain would give it an excellency very considerable and yet this would not increase the Price of it one Farthing in Twenty Bushels because its quantity or vent would not hereby to any sensible degree be alter'd 3. Neither does the Increasing of any good quality in any sort of things make it yield more for though Teasels be much better this Year than they were last they are not one jot dearer unless they be fewer too or the consumption of them greater 4. Nor does the Lessening the good qualities of any sort of Commodity lessen its Price which is evident in Hops that are
dearness of Food and Labour in general in Holland and the cheapness of it in England If N. has 10000 l. in Holland which the greater advantage he could make of it in England either by Use or Purchase tempts him to transfer into England 't is probable he will give as much to a Merchant in Holland to pay him 10000 l. in England as the ensurance of that time between Holland and England is worth which if it be in a Country where the Exportation of Bullion is Prohibited he must pay the more because his Venture if he carry it in Specie will be greater and upon this ground perhaps the Prohibiting the Exportation of Money out of England under Penalties may be of some use by making the rate of the exchange greater upon those Countries who Import upon us more than they Export in Commodities and so retain some part of the Money which their over-ballance of Trade would carry away from us though after all if we are over-ballanc'd in Trade it must go But since the Holland Merchant cannot receive N 's 10000 l. in Money in Holland and pay him 10000 l. in England unless his over-ballance of Trade make English-Men indebted to him 10000 l. in Money which he is not like to take in Commodity I think the over-ballance of Trade is that which chiefly raises the exchange in any Country and that plenty of Money in any Country does it only for so much of the Money as is transfer'd either to be let out to Use or to be spent there and though lending to Foreigners upon Use doth not at all alter the ballance of Trade between those Countries yet it does alter the exchange between those Countries for so much as is lent upon Use by not calling away the Money that should follow the over-ballance of Trade but letting it rest there as if it were accounted for all one as if the ballance of Trade were for so much altered But this being not much in comparison of the generâ—â— Traffick between two Nations or at leaâ—â— varying slower the Merchant too regulating the exchange and not the Usurer I suppose it is the present ballance of Trade on which the exchange immediâ—ately and chiefly depends unless some accident shall make a great deal of Money be remitted at the same time from one place to another which will for the timeraise the exchange all one as an oveâ—-ballance of Trade and indeed when examin'd is generally very little different from itâ— To be able to estimate the Par with the rise and fall of the exchange it is necessary to know the intrinsick value iâ— how much Silver is in the Coins of thâ— two Countries by which you reckon and charge the Bill of Exchange Sir If I have been led a little too fâ—â— from one thing to another in the consideratâ—â—on of Money I beg your Pardon hâ— puâ—â—â— that these Particulars will afford some ligâ—â— to our present subject To return to the Price of Land by which has been abovesaid it is evident That the Years purchase of Land do not increase with the fall of Interest and the abating that good quality in Money of yielding yearly Six pâ—r Cenâ— to Four does not presently so sink its Value in respect of Land that 1 â— part more is requir'd in exchange that is That falling of Interest from Six to Four will not raise Land from Twenty to Thirty years purchase The raising and falling of the Price of Land as of other things depends much on the quantity of Land set to Sale compar'd with the quantity of Money design'd for that Traffick or which amounts to the same thing upon the number of Buyers and Sellers for where there are many Sellers and few Purchasers though Interest be lessened Land will be cheap as I have already shew'd At least this is certain That making a Law to reduce Interest will not raise the Price of Lands It will only by driving it more into the Bankers hands leave the Country barer of Money whereby if the Price of Land about London should be accidently raised that of remoter Countries would thereby have fewer Purchasers and at lower Rates This being so that the low rate of Land depends much on the great number of Sellers in proportion to Purchasers the next thing to be inquir'd into is What makes plenty of Sellers and to that the Answer is obvious general ill Husbandry and the consequence of it Debts If a neglect of Government and Religion ill Examples and depraved Education have introduced Debauchery and Art or Chance has made it fashionable for Men to live beyond their Estates Debts will increase and multiply and draw with them a necessity on Men first of Incumbring and then Selling their Estates This is generally the cause why Men part with their Land And I think there is scarce one of an hundred that thinks of Selling his Patrimony till Mortgages have pretty well Eat into the Freehold and the weight of growing Debts force a Man whether he will or no out of his Possessions When almost is there ever a clear and unincumbred Estate set to Sale 'T is seldom a thriving Man turns his Land into Money to make the greater advantage The Examples of it are so rare that they are scarce of any Consideration in the number of Sellers This I think may be the Reason why in Queen Elizabeth's days when Sobriety Frugality and Industry brought in daiâ—y Increase to the growing Wealth of the Kingdom â—and kept up its price and Sold for more years Purchase than corresponded to the Interest of Money then busily imployâ—d in a thriving Trade which made the natural Interest much higher than it is now as well as the Parliament then set it higher by Law On the contrary side what makes scarcity of Purchasers 1. The same Reason Ill Husbandry When the Tradesman lives up to the height of his Income and the vanity of Expences either drains the Merchants Coffers or keeps them from over-flowing he seldom thinks of Purchasing Buying of Land is the result of a full and satiated Gain and Men in Trade seldom think of laying out their Money upon Land till their profit has brought them in more than their Trade can well employ and their idle Bags cumbring their counting Houses put them upon emptying them on a purchase 2. Another Thing that makes a scarcity of Buyers of Land are doubtful and ill Titles where these are frequent and fatal one can no more expect that Men who have Money should be forward to Purchase than Ships richly laden to venture themselves amongst Rocâ—s and Quicksands 'T is no wonder such Seas should not be much frequented where the Examples and remains of daily Wrecks shew the â—olly and hazard of the venture in the number of those who have Miscarried 3. A general decay of Trade discourages Men from Purchasingâ— for this threatens an Universal Poverty which is sure to fall first and heaviest upon Land The Merchant who furnishes the
must make up it would follow That they would have less to lay out in Cloaths as well as other things and so would either wear them longer or pay less for them If a Clothier finds a want of Vent he must either Sell cheaper or not at all If he Sells cheaper he must also pay less both for Wool and Labour And if the Labourer hath less Wages he must also pay less for Corn Butter Cheese Flesh or else forbear some of these quite In all which cases the Price of Wool Corn Flesh and the other Products of Land are brought down and the Land bears the greatest part of the loss For where-ever the Consumption or Vent of any Commodity is stopt there the Stop continues on till it comes to the Land-holder And where-ever the Price of any Commodity begins to fall how many hands soever there be between that and the Land-holder they all take reprisals one upon another till at last it comes to the Land-holder and there the abatement of Price of any of his Commodities lessens his Income and is a clear loss The Owner of Land which produces the Commodity and the last Buyer who consumes it are the two extreams in Commerce And though the falling of any sort of Commodity in the Land-holder's hand does not prove so to the last consumer the Arts of intervening Brokers and Ingrossers keeping up the Price to their own advantage yet whenever want of Money or want of desire in the consumer make the Price low that immediately reaches the first producer no body between having any Interest to keep it up Now as to the two first causes of falling of Rents falling of Interest has no Influence at all In the latter â—it has a great part Because it makes the Money of England less by making both English-Men and Foreigners withdraw or withhold their Money For that which is not let loose into Trade is all one whil'st hoarded up as if it were not in Being I have heard it brought for a reason why Interest should be reduced to Four per Cent That thereby the Landholder who bears the burthen of the Publick Charge may â—e in some degrâ—e eased by falling of Interest This Argument will be put right if you 〈◊〉 it will case the Forrower and say the less on the Lender but it concern not the Land in general unless you will suppose all Land-holders in Debt 〈…〉 we may yet think that Men in â—â—gland who have Land have Money too and that Landed Men as well aâ— others by their Providence and good Husbandry accommodating their Expences to their Income keep themselves from going backwards in the World That which is urged as most deserving consideration and remedy in the case is That it is hard and unreasonable that one who has Mortgaged half his Land should yet pay Taxes for the whole whil'st the Mortgage goes away with the clear profit of an high Interest To this I answer 1. That if any Man has run himself in Debt for the Service of his Country 't is fit the Publick should reimburse him and set him free This is a care that becomes the Publick Justice That Men if they receive no Rewards should at least be kept from Suffering in having Served their Country But I do not remember the Polity of any Nation who altered their Constitution in favour of those whose mismanagement had brought them behind-hand possibly as thinking the Publick little beholding to those who had misimploy'd the Stock of their Country in the excess of their private Expences and by their Example spread a fashion that carries ruine with it Mens paying Taxes of Mortgaged Lands is a punishment for ill-husbandry which ought to be discouraged but it concerns very little the Frugal and the Thrifty 2. Another thing to be said in reply to this is That it is with Gentlemen in the Country as with Tradesmen in the City If they will own Titles to greater Estates than really they have it is their own faults and there is no way left to help them from paying for them The Remedy is in their own hands to discharge themselves when they please And when they have once Sold their Land and paid their Debts they will no longer pay Taxes for what they own without being really theirs There is another way also whereby they may be relieved as well as a great many other inconveniencies remedied and that is by a Registry For if Mortgages were Registred I and Taxes might reach them and order the Lender to pay his proportion I have met with Patrons of Four per Cent who amongst many other fine things they tell us of affirm That if Interest were reduc'd to Four per Cent then sâ—me Men would borrowing Money at this low Rate pay their Debts Others would borrow more than they now do and improve their Land Others would borrow more and imploy it in Trade and Manufacture Gilded words indeed were there any thing substantial in them These Men talk as if they meant to shew us not only the Wisdom but Riches of Solomon and make Gold and Silver as common as the Stones in the Street but at last I fear 't will be but Wit without Money and I wish it amount to that 'T is without question That could the Country-man and the Trades-man take up Money cheaper than now they do every Man would be forward to Borrow and desire that he might have other Mens Money to imploy to his advantage and therefore I confess those who contend for Four per Cent have found out a way to set Mens Months a watering for Money at that Rate and to increase the number of the Borrowers in England if any body can imagine it would be an advantage to increase them But to answer all their fine Projects I have but this one short question to ask them Will Four per Cent increase the number of the Lenders If it will not as any Man at the very first hearing will shrewdly suspect it will not then all the Plenty of Money these Conjurers bestow upon us for Improvement of Land Paying of Debts and Advancement of Trade is but like the Gold and Silver which Old Women believe others Conjurers bestow sometimes by whole Lapfuls on poor credulous Girls which when they bring to the light is found to be nothing but wither'd Leaves and the possessors of it are still as much in want of Money as ever Indeed I grant it would be well for England and I wish it were so that the plenty of Money were so great amongst us that every Man could borrow as much as he could use in Trade for Four per Cent nay that Men could borrow as much as they could imploy for Six per Cent. But even at that Rate the Borrowers already are far more than the Lenders Why else doth the Merchant upon occasion pay Six per Cent and often above that rate for Brokage And why doth the Country Gentleman of 1000 l. per Annum find