have been of late years so rackt up in Rents that it may be they will not yield more years purchase now according to the present Rents than they would have done many years past and yet may double the Money they were then bought or sold for because the Rents might be much less then Where Use for Money is high Land is cheap in other parts of the World as well as in England and it must be so that it is so Spain Scotland and Ireland do abundantly attest in those Kingdoms Interest is high and Land cheap In Italy and Holland Usury is lower and Land dearer That it must be so according to the rate of Interest is evident from Reason for who are so stupid as to give more than Ten or Twelve years purchase for Land if Interest was at 10 per Cent. when at single Interest they may double their Money in ten years If high Interest brings down the price of Land certainly low Interest must raise it Whilst Use is at 6 per Cent. especially when Land is loaded with Taxes few will buy the Interest of Money being at least 2 per Cent. more than the Rent of Land If Interest be reduced to Four in the hundred it would not so much over-run the Rent of Land and consequently more Men would be inclin'd to buy and could affored to give a better price than now they can for Interest fets the price in buying and selling Land If Usury was reduced to Four in the Hundred we might reasonably enough expect that 10 l. per Ann. in Land being now worth 200 l. would within few years be worth 300 l. the disproportion betwixt the Rent of Land and Interest of Money being so much less and the value of Money being thereby so considerably abated That 300 l. at 4 per Cent. in twenty years will bring in no more than 200 l. at 6 per Cent. in twenty years doth now And there is great Reason that the exchange betwixt Land Money and Goods should be even for why should the Country Gentlemen give 6 per Cent. for Money or Goods when his Land will bring in but four I believe I might say not three at this time why should the Gentleman pay 2 per Cent. more for all the Goods he buys of the Merchant viz. for Silks Linnen c. than the Merchant gives for his Wooll Corn or Cattel This being the Case I do not question but the Nobility and Gentry having so great a share in Parliament will in due time before it be too late reflect upon the great odds in the exchange and promote a Law to regulate the Ballance such a Law will certainly prevent many noble Mannors and goodly Farms from being so quickly devour'd by Taylor 's and Mercer's Bills for Gentlemen may then expend more pay better and run into Debt less CHAP. III. That it will improve Rents or at least enable the Farmer to pay his Rent better THat an Abatement of Interest will improve Rents or at least enable the Farmer to pay his Rent better than he can whilst Money is at 6 per Cent. It will raise the Rent of some Estates and keep up the Rent of others For the Farmer must make up his Accounts as the Merchants do The Interest of the Stock must be reckon'd as well as the Rent of Land so that the taking 2 l. per Cent. from the Stock being added to the Rent of the Land so much is the Rent of the Land rais'd or the Farm so much the cheaper to the Tenant As for instance a Farm that is now worth 50 l. per Ann. and requires 300 l. to Stock it will be worth 56 l. per Annum when Interest is reduced to four in the Hundred there being Six pounds a year taken from the Stock and added to the Rent and the Farmer shall make the same account of profit from the Farm as he doth now Interest is at 6 per Cent. Interest being so high Discourse of Trade in England is the cause of the fall of Rents for Trade being thereby confin'd to a quick return and the Merchant not being able to lay up any quantity of Goods he exports less of our own growth and the plenty of our Native Stock brings down the Rent of Land for the Rent of Land that produceth the Stock must fall as the price of the Stock doth Whereas if Interest was at 4 per Cent. it would make the Rent more certain and raise the value of Land If Usury was at Four in the hundred there would always be a Magazine of Corn and Wooll in England which would be a great advantage to the Farmer for there are years of plenty and scarcity and there are more Farmers Discouse of Trade undone in plentiful years than recover themselves in years of scarcity for when the price is very low the Crop will not pay the charge of Plowing Sowing Reaping Thrashing and carrying to the Market and when it is dear all Farmers that lost by Plenty are not so fortunate as to have a Crop Now if Interest was at 4 per Cent. Corn and Wooll in years of plenty would be bought and laid up to be sold in years of scarcity And by this means the buying in years of plenty would keep the price from falling too low and the selling in years of scarcity would prevent it from rising too high whereby Corn and Wooll would always be bought and sold at a moderate price and the Farmer 's Stock and the Rent of Land would be more certain Estates let in Leases whether for Lives or Years will be very much advanced by low Interest for the Tenant being furnisht more readily and easily with Money may afford to renew oftner and give greater Fines and will be enabled to pay his yearly Rent more punctually than now he can The Clergy as well as Gentry Tradesmen and Farmers will equally find the benefit of 4 per Cent. the Tythe of all Improvements being their Inheritance will flow in plentifully to them without Fraud or Murmur when the Farmer can well afford it such of them as enjoy Church-Leases may justly enough and without oppressing their Tenants enlarge their Fines whereas otherwise they can hardly expect to keep up the present reserv'd Rents and I fear they are very sensible that Tenants come in slowly to renew I might upon this head properly enough and without much difficulty shew That to lower Interest will very much encourage and promote Building for Houses would be built Cheaper and let Dearer that it would be a great invitation to improve Lands by good Husbandry that it would multiply Artificers and revive our dying Manufactures and put Artizans upon seeking out ways of making such Commodities as we daily spend and buy from Foreign parts tho we are or may be accommodated with them at home But so many ingenious Pieces are in print which the Reader may every where be furnisht with that it would be a needless Repetition
may multiply People and the multiplication of People may cause a greater Fertility in that Country so the Abatement of Interest causeth an encrease of Wealth and the encrease of Wealth may cause a further Abatement of Interest Since our first Abatement Discourse of Trade of Interest the Riches and Splendour of this Kingdom is very much increas'd as appears from the new Buildings fine Furniture and number of Coaches from our Shipping and Navigation from the improvement of our Customs which doth not proceed so much from the advancement of the Rates of Goods as from the encrease of the bulk of Trade for tho some Foreign Commodities and Manufactures are advanc'd yet others of our Native Commodities and Manufactures are considerably abated in the Book of Rates England hath been enrich'd constantly and proportionably to and after our several Abatements of Interest by Law from an Unlimited Rate to Ten from Ten to Eight and from Eight to Six in the Hundred And I think it may reasonably be hoped that a further Abatement will produce more Riches as well here as it hath done in Holland As it hath been in England so my Author saith it is in all Europe and other parts of the World insomuch that to know whether any Country be Rich or Poor or in what proportion it is so The resolution of this Question viz. What Interest do they pay for Money will tell you for all Countries are at this day Richer or Poorer in an exact proportion to what they pay and have usually paid for the Interest of Money That an Abatement of Interest would encrease Trade which is the cause of Riches and would raise the value of Land and keep up Rents was the opinion of the Parliament in the 21 Jac. 1. and of another in the 12 Car. 2. as appears in the Preamble to those Acts which I desire the Reader once more to look over again That they were not mistaken in their Sentiments is evident from Seventy years Observation beyond all Contradiction insomuch that it must be granted by all Englishmen for it can no longer be made a Question That to abate Interest will advance Land and encrease Trade and consequently is the cause of Riches It is confest on all hands that in Holland Interest is lower than in England but some are pleas'd to say That is not the effect of Laws but proceeds only from the Plenty of Money for in Holland there is no Law restraining Usury To which I answer out of my Anonymous Author in his Discourse of Trade That it may be true that in Holland there hath not lately been any Law to limit Usury to the present Rate it is now at viz. 3 or 4 per Cent. yet most certain it is that many years since there were Laws in Holland that reduc'd Interest to 8 6 and afterwards to 5 per Cent. An. 1640. and in the year 1655. to 4. per Cent. as he affirms pag. 31. and no doubt but they would by Law lessen Usury still were it necessary at this time It having always been the policy of that State to keep down the Interest of their Money 3 or 4 per Cent. under the Rate of what is usually paid in their Neighbouring Countries we never yet abated our Interest but they soon after abated theirs Interest hath been at 6 per Cent. in Holland but after it was reduc'd to Eight in England it was reduc'd to Four in Holland and now being at Six here 't is there at Three so that they have always kept the same advantage in Trade from our over-ballance by Usury well understanding the Profit they have from thence It may not be impertinent to recite here so much of the French King's Edict as concerns this matter for perhaps all may not elsewhere come to the sight of it He found that Ten or Eight in the Hundred did ruine many good Families hindered the Traffick and Commerce of Merchandize and made Tillage cheap and Handicrafts to be neglected many desiring through the easiness of a deceitful Gain to live idlely rather than give themselves to Arts or to Till or Husband their Lands For these Reasons he did forbid all Usury at an higher Rate than 6 l. 5 sh. in the Hundred This Edict was ratify'd in the Court of Parliament I have transcrib'd this out of a discourse of Trade pag. 51. Should I pursue all the advantages to Trade which may reasonably be hoped for from an Abatement of Interest or should I enumerate all the benefits which will redound to the Kingdom by the encouragement and encrease of Trade this Piece would swell into a large Volume I need not tell you of what great use the lowering of Interest would be to the Government That the King might with much less Charge build Ships and set out his Fleet that all Ammunition and other Necessaries for the Army would be much cheaper That upon all occasions he would be more readily suppli'd with Money These Considerations alone are of no small Concernment to the Nation for the more easily the Government can be maintain'd the less Taxes will be wantting It would be unnecessary to add any more upon this Head which relates to Trade I make no doubt but the Reasons alledg'd will convince the Merchant and Trades-man That a further Abatement of Interest will be no prejudice to them but will highly advance their Calling I proceed now to the next thing propounded to the Consideration of the Reader wherein I shall endeavour to satisfie the Landed-man That to lessen Usury will be of very great advantage to him by raising the Value of Land in Purchase and by enabling his Tenants to give more for his Farm or at least to pay his Rents fooner CHAP. II. That Abatement of Interest will raise the Value of Land THE inseparable Affinity betwixt Trade and Land is so obvious to every Man's understanding that I think it will not be deni'd but when Trade flourisheth Land always bears a good price and the Landlord's Rents are well paid When Trade decays Rents are never well paid and the price of Land falls too on the other hand when Rents fall and Farmers break then Shopkeepers fail and Merchants give over The Interest of one is so interwoven with the others that it cannot be ill with Trade but Land will fall nor ill with Land but Trade will feel it This Observation is by experience found so true that no Trader or Landed-man can make the least doubt of it That Land in England hath risen in value as Interest hath Discourse of Trade been abated is matter of fact and every Owner of Land can best judge of this look but into your Ancestors Deeds of Purchase made Seventy years ago and you will find that Land was then fold for 10 or 12 years Purchase but an enquiry into the gross Sum of Money paid will be more exact and less fallible than to make an estimate by the years Purchase for many Farms
for they may be laid up cheaper there than here It is impossible for the Ibid. Merchant when he hath bought his Goods to know what he shall sell them for The value of them depends upon the differences betwixt the Occasion and the Quantity tho that be the chiefest of the Merchants care to observe yet it depends upon so many Circumstances that it is impossible to know it therefore if the plenty of the Goods hath brought down the Price the Merchant layeth them up till the Quantity is consum'd and the Price riseth but the English Merchant cannot lay up his but with disadvantage for by that time the Price is risen so as to pay Charges and Interest at 6 per Cent. the same Goods are sent for from Holland and bring down the Price for they are laid up there at 3 per Cent. and can therefore be sold Cheaper For want of considering Ibid. this in England many an English Merchant hath been undone for tho by observing the Bill of Lading he was able to make some guess of the Stock imported here and therefore hath kept his Goods by him for a Rise Yet not knowing what Stock there was in Holland hath not been able to sell his Goods to Profit the same sort of Goods being brought from thence before the Price riseth high enough to pay Ware-house-room and Interest So that now the greatest part of the English Trade is driven by a quick return every day Buying and Selling according to a Bill of Rate every day printed By this means the English Trade is narrow'd and confin'd the King loseth the Revenue of Importation and Exportation which he would have if England was the Magazine of Europe and the Nation loseth the profit which would arise from the hands imploy'd in Freight and Shipping High Interest decays Trade sor where the Advantage from Usury is greater than the Profit from Trade there the rich Merchants give over and put out their Stock to Usury and the poorer Merchants and others who carry on a Trade with borrow'd Money must break Nay further whilst Interest is at Six per Cent. few will run the hazard at Sea even in time of Peace for their gain of Eight or Nine per Cent. And how then can we expect any Foreign Trade in time of War When Interest was at Ten in the Hundred no wise man would follow any Trade whereby he could not promise himself Fourteen or Twelve per Cent. gain at least Now Interest goes at Six per Cent. the hopes of Nine or at least Eight is necessary the infallible consequence whereof is That all Trades that will not afford a clear profit of Nine or at least Eight per Cent. we must neglect and give away to such who can Trade for less Gain and must do so for ever unless we bring our Interest to a nearer proportion with our Neighbours Abatement of Interest will multiply Traders as well in England as it hath done in Holland already to such a degree that almost all their People of both Sexes are Traders and the many Traders will oblige the Merchants to sell for less Profit by which means the bulk of Trade will be increas'd which will be no disadvantage to the Nation tho private men should gain less And this is the true reason why many considerable Merchants who continue on their Trades are against the lessening of Interest If Intrest be abated to Four in the Hundred Who will not that can leave his Children an Estate of a thousand or two thousand Pound bring them up to Arithmetick Merchants Accounts and put them out to Trades well knowing that the bare Use of their Money or the product of it in Land will scarcely maintain them Two per Cent. extraordinary in Interest is an heavier burthen upon the Merchants than Four per Cent. extraordinary in Customs because Customs run only upon Goods Imported or Exported and that but once whereas Use falls as well upon Ships as Goods and must be yearly paid on both and the Ships in many bulky Trades are of four times the value of the Goods An Anonymous Author in his discourse of Trade pag. 10. saith That the Trade of England was inconsiderable and the Merchants very mean and few when Interest was at 10 per Cent. and that within Ten years after Interest was brought down to Eight in the Hundred viz. An. 1635. there were more Merchants to be found worth each 1000 l. and upwards than could be found before the year 1600 worth 100 l. each And now since Interest hath been at 6 per Cent. there are more to be found upon the Exchange worth 10000 l. than were then to be met with worth 1000 l. The encrease of our Trade hath always follow'd not preceded the Abatement of Use by Law if this be doubted ask the Discourse of Trade Aged and they will tell you that 500 l. with a Daughter Sixty years ago was esteem'd a larger Portion than 2000 l. now Gentlewomen in those days would think themselves well dress'd in a Searge Gown which a Chamber-maid now will be asham'd to be seen in The Citizens now are richer in Cloaths Houshold-Goods Plate Jewels than the richest Nobility and Gentry were then Where Interest is high the people are poor and Money scarce as for instance in Spain Scotland and Ireland where Money lately was and for what I know still is at 10 and 12 per Cent. the Inhabitants are poor ill fed and meanly clad tho Ireland and Spain are very fruitful Countries and to the last all the Gold and Silver of the Indies are brought I come now to decide a Question often started in this Controversy viz. Whether the lowness of Interest be the cause or the effect of Riches Many who write against the Abatement of Interest do assert That it is not the cause but the effect of Riches In answer to this lest what hath been said upon this Subject should not fully satisfie the Curiosity of the Reader I will here add something more First I presume this Postulatum will be granted That Trade doth imploy the Poor doth multiply Home-Artificers doth fill the Nation with People doth carry out the Product of our Land doth bring in Money all which are the cause of Riches This being granted I will not be so disingenious as to affirm that Riches will not bring Interest down but what can be inferr'd from thence that a low Interest cannot be the cause of Riches No certainly that Inference can never be made for if Trade be that which enricheth a Nation and if the lowering of Interest advanceth Trade which I hope is before sufficiently prov'd then it follows That the Abatement of Interest is doubtless a principal cause of Riches for it is not absurd nor improper to say That the same thing may be both a Cause and an Effect Peace may cause Plenty and Plenty preserve Peace Fear beget Hatred and Hatred may beget Fear The Fertility of a Country
to pass through all these Branches which have been so well handled by others long since The great Incumbrances of Gentlemens Estates of what pernicious consequence they have been and must be to the whole Kingdom is manifest enough For if Gentlemen become insolvent or but bad Pay-masters Tradesmen who are forced to depend upon them must be so too When the charge upon Land is light and Rents well paid then the Nobility and Gentry who have always been the constant support of the Crown will be abler to serve the King both with Purse and Person and would recover that Power and Reputation in their Countries which formerly they had on the other hand if the Nobility and Gentry should be so weakened in their Estates and Credits that they could contribute little to the Aid and Assistance of the Prince what could we expect but that our Peace must soon be disturb'd the Government shaken and the Kingdom ruin'd This Consideration is of no small Importance for it is scarcely imaginable that the Interest of the Landed-men should at any time be sever'd from that of the Crown because Land being visible and immoveable is always most responsible to the Law I hope this Digression will not seem impertinent tho it neither relates to the value or Rent of Land I will in this place only offer one thing more to be consider'd by the Landed-men Suppose a Gentleman that hath 600 l. per Annum should have 300 l. per Annum in his hands and hath no Money to stock it with will not his Circumstances be very hard to borrow at 6 per Cent. when it is too well known that he cannot with all his care and trouble make the Rent of his Land in many places half will he not let his Land lye untill'd and without stock rather then run himself into Debt That a great part of the Land in England is now untenanted I appeal to all those who have any share or Interest in it Is it not therefore high time to enable the Fere-holder to manage it at a more easy Charge And will not an Abatement of Interest do it CHAP. IV. The Objections against the Abatement of Interest fairly stated and clearly answer'd HAVING by what hath been alledg'd in the foregoing Chapters endeavour'd to maintain and I hope to the satisfaction of the Readers That the lessening of Usury to 4 per Cent. will increase Trade and raise the value of Land and keep up Rents I intend in this to state the Objections fairly which are commonly made against it and will study to answer them as plainly and fully as I can in so short a discourse Object 1. That Foreigners will call in their Loans Answ In this Objection Four things seem to be insinuated viz. 1. That an high Interest being so great an invitation to lend doth fill any Countrey with Money 2. That we are now suppli'd with abundance by Merchants beyond the Seas 3. That it is for our advantage to borrow from them And lastly That if Interest be lessen'd they will call it in If any of these be false the Objection is then out of doors for my part I can scarcely believe any of the Four Insinuations true If high Interest fills any Countrey with Money what is the reason that in Ireland Scotland and Spain and other parts of the World where Interest hath been and is High they have so little And how comes it to pass That in Italy and Holland Money is so plentiful where Interest is much lower How much Money is lent by Foreigners is not easie to find out the greatest part I guess comes from the Dutch Merchants and very probable it is it may be paid in by Bills of Exchange which way of lending doth not bring in Gold or Silver for if one English man lend to another English-man be the Interest high or low between them Two nothing is got or lost to the Nation But if Foreigners do transmit over Gold or Silver it is no advantage to us to borrow for in all Loans the Gain is the Lenders not the Borrowers As for instance If the Dutch lend to the English an 100000 l. and let it continue here till it comes to 200000 l. they at length carry home both Principal and Interest which Interest is a clear loss to the Nation and a manifest Gain to the Dutch After all Why should we imagine the Dutch will call in their Debts here to put it out for less there Certainly they will not be so extravagant The usual reply to this is That their Security is better Truly I cannot say so unless they were as safe from the French as they are secure in their Titles from Law-Suits by the help of a Registry I rather think they will be glad whilst the French do daily approach nearer and nearer to them to transmit more hither But if upon lowering of Interest they should call it home it would be better for the Nation if they did for then perhaps they will draw back their Effects in our Native Commodities Object 2. That the value of the principal Money will be abated by lessening the Interest so that every Man whose whole Estate is in Money will by such a Law lose a Third part of it Answ This is a great mistake for the lowering of the Interest a Third will not lessen the value of the Principal for an 100 l. will buy as much Goods of some sort more after such a Law is made as it would before it will buy as much Corn Wool Cloath and all things else as now except Land for the lowering of Interest will chiefly fall upon foreign Stock or Wares and the Merchant may afford to sell his Goods 2 per Cent. Cheaper and will gain as much by them as he did when Money was at 6 per Cent. and almost ¾ of every Gentleman's Fxpence is in Foreign Wares as Wine Spices Silks Linnen c. In such Goods there will be 2 per Cent. sav'd in the Price so that they may then maintain themselves almost as well with 40 l. a year as they can now with 60 l. But what if the Principal should sink in value Is all the Cash in the Kingdom equivalent to the value of all the Land in England No certainly for I have very good reason to believe that all the Coin in the Nation doth not exceed Ten Millions and the Annual Rents of England are at least Twelve as I could easily make appear if there was occasion for it and consequently the Land of England at Twenty years Purchase is worth above Twenty times more than the Money wherefore it is not difficult to know which is most for the advantage of England to keep up the Interest of Money or to raise the Value of Land Object 3. That such as are indebted will not be able to take up Money to pay off their Debts and so will be put to great Streights and Difficulties and many will be undone and ruin'd Answ
be anticipated upon a borrowing Clause shall sooner be brought in and that will be of great use to the Nation so that what is here urged against lessening Use is when well weighed a very strong reason for it but what if Money should flow in will it not find a way out Have we any ground to fear it will be lockt up there I am sure there is no such danger in time of Peace and much less during a chargeable War Object 7. That Widows and Orphans will suffer much by an abatement of Interest Those who have Sixty Pound a year for a 1000 l. will then have but Forty Answ I answer thus This will not be a general prejudice because they are few in number in respect of the whole Nation for they are scarcely one to twenty of the whole People and of those not one in Forty will suffer by an abatement of Interest for these reasons many of them have Land or Annuities and such persons may gain more by the rise of Land than they will lose by the fall of Use-money Many Executors allow Orphans no Interest and yet justifie themselves by Law to such Orphans it will be no damage to lessen the Legal Rate of Interest Their Portions will be of the same esteem and of the same value to buy every thing except Lands and they were never given them with that intent for then their Parents might as well have given them Lands So that it is only the income of their Portions that will be lessened and that but for a short time till the young men set up their Trades or till the Maidens or Widows marry But how severe soever the lowering of Interest from Six to Four in the Hundred may be to Widows Orphans or younger Brothers yet they will have as much Rent for their Money as the Gentry and their Elder Brothers have for their Land for the Land of England doth not yield Four in the Hundred After Interest is reduced to Four in the hunnred many will leave their Children Annuities or Estates running in Trade as they do in Holland and Italy whereby the abatement of Interest will become profitable not prejudicial to them and advantageous to the whole Nation by enlarging Trade Object 8. That Gentlemen must give more with their Daughters for Portions by which means a great part of the Inheritance of such Gentlemen's Estates will be lessen'd and more incumber'd Answ This Objection is founded upon a Supposition that the value of the Principal Money is sunk and therefore they must give greater Portions but that is a mistake for 1000 l. will be as much valued by a Trades-man as it is now it will buy as much Goods of some sort more after Usury is abated as it will now Foreign Stocks or Wares may be Sold 2 l. per Cent. cheaper than now they can be afforded for and the greatest part of the Ladies expence is in Foreign Wares so that they may then maintain themselves almost as well with forty Pounds a year as they can now with threescore But if larger Portions should be requisite the Gentleman will be better able to raise them for his Rents will be better paid and his Land will sell for a third part more so that his Estate will be less incumber'd then before Object 9. Others object That an Abatement of Interest by a Law is not practicable nor would it be conducive to the end aim'd at tho they confess a low Interest doth most encourage Trade and advance Land Answ Some Men fancy That such a Law would be only advantageous to Scriveners who will have more for Procuration and Continuation If this should happen tho I see no reason for it the Borrower might afford to give more to the Scrivener when he pays less to the Usurer Interest hath been abated twice in England by Act of Parliament within the space of fifty years with very good success and great advantage to the Kingdom and what should hinder its effect now more than formerly If a Law will not do it why do the Usurers always oppose the passing of an Act to that purpose The true Reason seems to be because they are wise enough to know that a Law will certainly do it as it hath done already tho they would perswade others to the contrary Octject 10. Many assert That low Interest is not the Cause but the effect of Riches or otherwise say they Why are not all Countries rich they having it in their Power to make themselves so by a low-stated Interest by Law Answ That low Interest is the cause of Riches I appeal to the Judgment of the Parliament in the 21 Jac. and of that in the 12 Car. 2. who ascribe the decay of Trade the fall of Rents the discouragement of all Improvements and good Husbandry to the height of Interest and those wise Considerations did induce them to pass two Acts as may be seen by the preamble to the Acts reducing Usury from Ten to Eight and from Eight to Six in the Hundred The Authority of so many wise and worthy Patriots and the visible usefulness of those Acts confirm'd by Seventy years Experience is I doubt not of so great weight that no Man without immodesty can deny that low Interest is the cause of Riches Vide p. 31. to p. 39. Object 11. Lastly some alledge That all the Reasons urged for reducing Interest to Four in the Hundred will hold as strongly against all Vsury Answ To this I answer No for many Improvements are made with borrow'd Money and several considerable Trades are carri'd on with Loans which would fall or decay unless Money could be had readily and freely 'T is true if Money'd men would lend their Money freely and gratis upon all occasions then doubtless Trade would flourish most and Land be advanced to its highest Value but since the Usurer is not so publick-spirited it is necessary that a moderate Interest should be allowed to invite him to part with his Money frankly but why so great as to discourage Trade and wholly to depress Land nay to exceed the Rent of it I see no occasion My Lord Bacon in his time in his Essay upon Usury thought it expedient that Use should be brought to 5 l. in the Hundred and highly reasonable that the Rent of Land should always exceed the Interest of Money and I am sure at Four in the Hundred it will not do that I have now gone through all the Objections of moment that ever I could find in Print or meet with in Conversation I have answered every one of them distinctly with as much brevity and perspicuity as possibly I could If through inadvertency I have omitted any I ask the Reader 's pardon how many more Objections soever may occur this short Answer will serve for all We have often and continually felt the good Effects of an Abatement of Interest and therefore we may reasonably expect the like advantage the Objections were the same then as now and can have no greater force nor be of worser consequence I wish what is said may give satisfaction if it doth not I hope this Subject which is of so general concernment and publick use to the whole Nation will be better handled by a more acceptable and successful Pen. The CONCLVSION THE raising the value of Land at this time seems most necessary the Nation being engaged in such a chargeable War For the Land is the Fund that ever hath maintain'd and must still support and preserve the Government Have not all our late Taxes been raised upon Land Excise Customs upon Home-Commodities which Duty ariseth from the product of Land or Impositions upon foreign Goods the last of which doth tho not so immediately fall upon Land For the Gentry and consumer of foreign Wares must pay at least so much dearer as the Duty amounts to If the Charge of our Government and Defence should increase as they have lately and I am afraid must still the Power of France being so formidable and should Their Majesties Customs decline as they must unless we have a free and uninterrupted Trade at Sea then I would gladly be informed from any Projector how this happy Settlement can be kept up or the French kept out without a General Excise or an Extraordinary great and lasting Land-Tax Money must be granted in proportion to future Exigencies how great soever they may be There is no true Englishman but will chearfully give his Money when Life Fortune and Family are at Stake I need not remind any Gentleman how Rents fall and Tenants break tho very honest and industrious But one thing I desire all Gentlemen especially such who have no Places to consider seriously in what manner after what poor fashion they must live if but half of their Estates be thrown into their own hands I doubt they will find it very difficult to stock that half and when Taxes and all other Charges are paid and the usual deductions made not to reckon Casualties I fear they will see very little Money Nothing but an abatement of Interest can effectually reach the Usurer who must otherwise grow rich in time of War whilst others labour under heavy pressures In a word no Law can be of greater advantage to the Nation than an Act to reduce Interest to 4 l. per Cent. it will produce the most general good with the least private disadvantage it will give great satisfaction to the whole Kingdom it will make an abundant recompensation for the Great Taxes and heavy Impositions which the necessities of Publick Affairs have required the Parliament to lay upon the People and it will enable the Landed-men to bear exceeding Taxes with great ease and chearfulness No Consideration whatsoever hath induced me to expose these lines to publick view and censure but the deep sense I have of the Free-holder's and Farmer 's Poverty the visible decay of Trade the prospect of the pitiful condition of the Ancient Nobility and Gentry who have not been brought up to Husbandry if once their whole Estates should be Untenanted nothing else hath brought this Treatise forth therefore I hope if I be mistaken in the Remedy propounded the Candid and Ingenuous Reader will easily forgive me and acquaint the World with a more speedy and effectual way to raise the value of Land and increase Trade FINIS