neither more or less Land Money or any sort of Commodity in England than there was before immediately by its change alters not at all the Value of Money in reference to Commodities because the measure of that is only the Quantity and Vent which are not immediately chang'd by the Change of Interest but only as the Change of Interest in Trade conduces to the bringing in or carrying out Money or Commodity and so in time varying their Proportion here in England from what it was before which is not in this place to be considered This is perfectly the Value of Money in respect of Consumable Commodities But the better to understand it in its full latitude in respect both of consumable Commodities and Land too we must consider First That the Value of Land consists in this That by its constant production of saleable Commodities it brings in a certain yearly Income Secondly the Value of Commodities consists in this That as portable and useful things they by their Exchange or Consumption supply the Necessaries or Conveniencies of Life Thirdly In Mâ—râ—y there is a double Value answering to both of these first as it is capable by its Interest to yield us such an yearly Income and in this it has the Nature of Land the Income of one being called Renâ— of the other Use only with this difference That the Land in its Soil being different as some fertile some barren and the Products of it very various both in their Sorts and Value too according as their Quantity and Vent varies but Moneyâ— constantly the same and by its Interest giving the same sort of Product through the whole Country is capable of having a sixed yearly Rate set upon it by the Magistrate but â—and is not But though in the Uniformity of its legal Worth 100 l. of lawful Money being all through England equal in its current Value to any other 100 l. of lawful Money because by vertue of the Law it will every where pass for as much Ware or Debt as any other hundred pounds is capable to have its yearly Hire valued better than Land yet in respect of the varying need and necessity of Money which changes with the encrease or decay of Money or Trade in a Country it is as little capable to have its yearly Hire fixed by Law as Land it self For were all the Land in Rumney-Marsh Acre for Acre equally good that is did constantly produce the same quantity of equally good Hay or Grass one as another the Rent of it under that Consideration of every Acre being of an equal Worth would be capable of being regulated by Law and one might as well Enact That no Acre of Land in Rumney-Marsh shall be let for above 40 s. per An. as that no 100 l. shall be let for above 4 l. per An. But no body can think it fit since by reason of the equal Value of that Land it can that therefore the Rent of the Land in Rumney-Marsh should be Regulated by Law For supposing all the Land in Rumney-Marsh or in England were all of so equal a Worth that any one Acre compar'd at the same time to any one other were equally good in respect of its Product yet the same Acre compar'd with it self in different times would not in respect of Rent be of equal Value And therefore it would have been an unreasonable thing if in the time of Henry â— the Rent of Land in Rumney-Marsh had been settled by a Law according to the judg'd Value of it at that time and the same Law limiting the Rent perhaps to 5 s. per Acre have continued still The Absurdity and Impracticableness of this every one sees at the first Proposal and readily concludes within himself That things must be left to find their own Priceâ— and it is impossible in this their constanâ— mutability for human Foresight to seâ— Rules and Bounds to thâ— constantly-varying Proportion and Use which will alwayâ— regulate their Value They who consider things beyond their Names will find That Money as well as all other Commodities is liable to the same Changes and Inequalities Nay in this respect of the Variety of its Value brought in by time in the Succession of Affairs the Rate of Money is less capable of being regulated by a Law in any Country than the Rent of Land because of the quick Changes that happen in Trade this too must be added That Money may be brought in or carried out of the Kingdom which Land cannot and so that be truly worth 6 or 8 per Cent. this year which would yield but 4 the last 2. Money has a Value as it is capable by Exchange to procure us the Necessaries or Conveniencies of Life and in this it has the Nature of a Commodity only with this difference That it serves us commonly by its Exchange never almost by its Consumption but has not at all a more standing settled Value in Exchange with any other thing than any other Commodity has but a more known one and better sixed by Name Number and Weight to enable us to reckon what the Proportion of Scarcity and Vent of one Commodity is to another For supposing as before that half an Ounce of Silver would last year exchange for one Bushel of Wheat or for 15 l. weight of Lead if this year Wheat be 10 times scarcer and Lead in the same quantity to its Vent as it was is it not evident that half an Ounce of Silver will still exchange for 15 l. of Lead though it will exchange but for One Tenth of a Bushel of Wheat and he that has use of Lead will as soon take 15 l. weight of Lead as â— Ounce of Silver for One Tenth of a Bushel of Wheat and no more so that if you say that Money now is 9 10 less worth than it was the former year you must say so of Lead too and all other things that keep the same Proportion to Money they were in before only this Variation is first observed in Money because it is the measure by which People reckon For calling that half Ounce of Silver Half a Crown they are understood better when they say Half a Crown or two Shillingâ— and six pence will now but 1 10 of a Bushel of Wheat but do not say that 15 l. of Lead will now but 1 10 of a Busheâ— of Wheat because it is not generally used to this sort of Reckoning nor do theâ— say Lead is less worth than it was though in respect of Wheat Lead be 〈…〉 worse than it was as well as Silver only by the Tale of Shillings we are better enabled to judge of it This I suppose is the true Value of Mâ—â—ney when it passes from one to anotheâ— in buying and selling where it runs the same Changes of higher and lower as anâ— other Commodity doth for one equâ—â— quantity whereof you shall receive more or less of another Commodity at onâ— time than you do at another in
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
passing in Trade is truly one consisting in proportion you alter this as you do all other proportions whether you increase one or lessen the other In all other Commodities the Owners when they design them for Traffick endeavour as much as they can to have them vented and gone i. e. removed out of the reach of Commerce and Exchange by Consumption Exportation or laying up which Vent is sometimes slower and sometimes quicker But Money never lying upon Peoples Hands or wanting Vent for any one may part with it in Exchange when he pleases the endeavour of the Publick and almost every Body is to keep it from Venting or Consuming i. e. Exportation or Hoarding up which is its proper Consumption The Vent of Money therefore being always sufficient or more than enough its quantity alone is enough to regulate and determine its value without considering any Proportion between its quantity and vent as in other Commodities 10. Therefore lessening of Use not bringing one Penny of Money more into the Trade or Exchange of any Country but rather drawing it away from Trade and so making it less does not at all sink its Value and make it buy less of any Commodity but rather more 11. That which raises the natural Interest of Money is the same that raises the Rent of Land i. e. its aptness to bring in yearly to him that manages it a greater Overplus of Income above his Rent as a Reward to his Labour That which causes this in Land is the greater quantity of its Product in Proportion to the same Vent of that particular Fruit or the same quantity of Product in proportion to a greater Vent of that single Commodity but that which causes encrease of Profit to the Borrower of Money is the less quantity of Money in proportion to Trade or to the Vent of all Commodities taken together vice versa 12. The natural Value of Money as it is apt to yield such an yearly Income by Interest depends on the whole quantity of the then passing Money of the Kingdom in proportion to the whole Trade of the Kingdom i. e. the general Vent of all the Commodities But the natural Value of Money in exchanging for any one Commodity is the quantity of the Trading Money of the Kingdom designed for that Commodity in proportion to that single Commodity and its Vent For though any single man's Necessity and Want either of Money or any species of Commodity being known may make him pay dearer for Money or that Commodity yet this is but a particular Case that does not at the same time alter this constant and general Rule 13. That supposing Wheat a standing Measure that is That there is constantly the same quantity of it in proportion to its Vent we shall find Money to run the same Variety of Changes in its Value as all other Commodities do Now that Wheat in England does come nearest to a standing Measure is evident by comparing Wheat with other Commodities Money and the yearly Income of Land in Hen. 7. time and now For supposing 1 Hen. 7. N. let 100 Acres of Land to A. for 6 d. per An. per Acre Rack-rentâ— and to B. another 100 Acres of Land oâ— the same Soil and yearly worth with the former for a Bushel of Wheat per Acreâ— Rack-rent a Bushel of Wheat about that time being probably sold for about 6 d. it was then an equal Rent If therefore these Leases were for years yet to come 't is certain that he that paid 6 d. per Acre would pay now 50 s. per An. and he that paid a Bushel of Wheat per Acre would pay about 25 l. per An. which would be neâ—r about the yearly Value of the Landâ— were it to be let now The reason where of is this That there being ten times aâ— much Silver now in the World the Discovery of the Wâ—st-Indiâ—s having made the Plenty as there was then it is 9 1â— less worth now than it was at that time that is it will exchange for 9 1â— less of any Commodity now which bears the same Proportion to its Vent as it did 200 years since which of all other Commoditiesâ— Wheat is likeliest to do For in England and this part of the World Wheat being thâ— constant and most general Food not altering with the Fashion not growing by chance but as the Farmers sow more or less of it which they endeavour to proportion as near as can be guessed to the Consumption abstracting the Over-plus of the precedent year in their Provision for the next and vice versâ it must needs fall out that it keeps the nearest Proportion to its Consumption which is more studied and designed in this than other Commodities of any thing if you take it for 7 or 20 years together though perhaps the Plenty or Scarcity of one year caused by the Accidents of the Season may very much vary it from the immediately precedent or the following Wheat therefore in this part of the World and that Grain which is the constant general Food of any other Country is the fittest Measure to judge of the alter'd Value of things in any long tract of Time And therefore Wheat here Rice in Turkey c. is the fittest thing to reserve a Rent in which is designed to be constantly the same for all future Ages But Money is the best Measure of the alter'd Value of things in a few years because its Vent is the same and its quantity alters slowly But Wheat or any other Grain cannot serve instead of Moneyâ— because of its Bulkiness and too quick Change of its quantity For had I a Bond to pay me 100 Bushels of Wheat next year it might be ¾ Loss or Gain to me too great an Inequality and Uncertainty to be ventur'd in Trade besides the different Goodness of several Parcels of Wheat in the same year 14. That supposing any Island separate from the Commerce of the rest of Mankind if Gold and Silver or whatever else so it be lasting be their Money if they have but a certain quantity of it and can get no more that will be a steady standing Measure of the Value of all other things 15. That if in any Country they use for Money any lasting Material whereof there is not any more to be got and so cannot be encreas'd or being of no other use the rest of the World does not value it and so it is not like to be diminished this also would be a steady standing Measure of the Value of other Commodities 16. That in a Country where they had such a standing Measure any quantity of that Money if it were but so much that every body might have some would serve to drive any proportion of Trade whether more or less there being Counters enough to reckon by and the Value of the Pledges being still sufficient as constantly encreasing with the Plenty of the Commodity But these three last being built on Suppositions that are
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
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
it first Because Money failing and falling short people have not so much Money as formerly to lay out and so less Money is brought to Market by which the price of things must necessarily fall The Labourer feels it next For when the Landholder's Rent falls he must either bate the Labourer's Wages or not imploy or not pay him which either way makes him feel the want of Money The Merchant feels it last For though he sell less and at a lower rate he buys also our Native Commodities which he Exports at a lower rate too and will be sure to leave our Native Commodities unbought upon the hands of the Farmer or Manufacturer rather than Export them to a Market which will not afford him Returns with profit If one Third of the Money imploy'd 〈◊〉 Trade were locked up or gone out of England must not the Land-holders necessarily receive â…“ less for their Goods and consequently their Rents fall A less quantity of Money by â…“ being to be distributed amongst an equal number of Receivers Indeed People not perceiving the Money to be gone are apt to be jealous one of anotherâ— and each suspecting anothers inequality of Gain to rob him of his share every one will be imploying his skill and power the best he can to retrieve it again and to bring Money into his Pocket in the same plenty as formerlyâ— But this is but scrambling amongst 〈◊〉 selves and helps no more against 〈◊〉 want than the pulling off a short Cover let will amongst Children that lye togeâ—ther preserve them all from the Colâ—â— Some will starve unless the Father of thâ—â—amily provide better and enlarge 〈◊〉 scanty Garments This pulling and conâ—â—â— is usually between the Landed Man arâ— the Merchant For the Labourer's share bâ—â—ing seldom more than a bare subsistencâ— never allows that body of Men time 〈◊〉 opportunity to raise their Thoughts aboâ—â— that or 〈◊〉 with the Richer 〈◊〉 theirsâ— as one common Interest unleâ—â— when some common and great Distreâ—â— uniting them in one universal Fermeâ— makes them forget Respect and embâ—â—dens them to carve to their Wants 〈◊〉 armed force And then sometimes the break in upon the Rich and sweep â— like a deluge But this rarely happens 〈◊〉 in the mal-administration of neglected mis-manag'd Government The usual struggle and contest as I said before in the decays of Wealth and Riches is between the Landed Man and the Merchant with whom I may here joyn the Money'd Man The Landed Man finds himself aggrieved by the falling of his Rents and the streightning of his Fortune and thinking the Merchant whom he sees flourish and thrive eats up his Profit and builds up a Fortune upon his Ruines he therefore endeavours by Laws to keep up the value of Lands which he suspects lessened by the others excess of Profit But all in vain The cause is mistaken and the remedy too 'T is not the Merchants nor Monâ—y'd Man's Gains that makes Land fall but the loss of the Kingdom in our decay of Trade which the Land always first feels If the Landed Gentleman will have and by his example make it fashionable to have more Claret Spiâ—â— Silk and other Foreign consumable Wares than our Exportation of Commodities does exchange for Money must unavoidably follow to ballance the Account and pay the Debt And therefore I fear that another Proposal I hear talked of to hinder the Exportation of Mâ—ney and Bullion will shew more our need of care to keep our Money from going from us than a way and method how to preserve it here 'T is death in Spain to export Money And yet they who furnish all the World with Gold and Silver have least of it amongst themselves Trade fetches it away from that lazy and indigent People notwithstanding all their artificial and forced contrivances to keep it there It follows Trade against the rigour of their Laws and their want of Foreign Commodities makes it openly be carried out at Noon-day Nature has bestow'd Mines on several parts of the World But their Riches are only for the industrious and frugal Whomever else they visit 't is with the diligent and sober only they stay And if the Vertue and provident way of living of our Ancestors content with our native conveniences of Life without the costly itch after the Materials of Pride and Luxury from abroad were brought in fashion and countenance again amongst us this alone would do more to keep increase our Wealth and inrich our Land than all our Paper helps about Interest Money Bulliâ—n c. which however eagerly we may catch at will not I fear without better Husbandry keep us from sinking whatever contrivances we may have recourse to 'T is with a Kingdom as with a Family Spending less than our own Commodities will pay for is the sure and only way for the Nation to grow Rich. And when that begins once seriously to be consider'd and our faces and steps are in earnest turn'd that way we may hope to have our Rents rise and the publick Stock thrive again Till then we in vain I fear endeavour with noise and weapons of Law to drive the Wolf from our own to one anothers doors The breed ought to be extirpated out of the Island For Want brought in by ill management and nursed up by expensive Vanity will make the Nation Poor and spare no body If Three Millions were necessary for the carrying on the Trade of England whereof One Million were for the Land-holder to maintain him another were for the payment of the Labourer and Handicraftsman and the Third were the share of the Brokers coming to them for their care and pains in distributing If One Million of this Money were gone out of the Kingdom must not there be â…“ part less to be shared amongst them for the product of their Land their Labour and their Distribution I do not say they will feel it at the same time But the Landholder having nothing but what the Product of his Land will yield and the Buyer according to the Plenty or Scarcity of Money he has always setting the Price upon what is offered to Sale The Land-holder must be content to take the Market-Rate for what he brings thither which always following the scarcity or plenty of Money if any part of our Money be gone he is sure first to find it in the price of his Commodities For the Broker and Merchant though he Sell cheaper yet he Buys cheaper too and he will be sure to get by his Returns or let alone a Commodity which will not produce him Gains and whatsoever is so let alone and left upon hands always turns to the Land-holders loss Supposing that of our Woollen Manufacture Foreign Markets took off one half and the other half were consumed amongst our selves if a sensible part as â…“ of our Money were gone and so Men had equally â…“ less than they had for 't is certain it must be tantamount and what I 'scape of â…“ less another
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
keep great Sums of Money by them which there lies Dead for though Gamesters Money shift Masters oftner than any and is tumbled up and down with every cast of a Die yet as to the publick lies perfectly still and no more of it comes into Trade than they spend in Lating or Wearing Here too we may observe how much Manufacture deserves to be incourag'd since that part of Trade though the most considerable is driven with the least Money especially if the Workmanship be more worth than the Materials For to the Trade that is driven by Labour and Handicrafts Men One two and fiftieth part of the yearly Money paid them will be sufficient but to a Trade of Commodities of our bare Native growth much greater proportion of Money is requir'd Perhaps it will be wondered why having given some estimate how wide I know not of the Money necessary in the Hands of the Landholder Labourer and Brâ—ker to carry on Trade I have said nothing of the Consumer whom I had mentioned before But to this I Answer there are so few Consumers who are not either Labourers Brokers or Landholders For those who immediately depend on the Landholder as his Children and Servants come in under that Title being maintained by the Rent of his Land and so of the rest that they make a very inconsiderable part in the account By what has been said we may see what Injury the Lowering of Interest is like to do us by hindering Trade when it shall either make the Foreigner call home his money or your own People backward to lend the Reward not being judged proportionable to the risque There is another seeming consequence of the reducing of Money to a low Price which at first sight has such an appearance of truth in it that I have known it impose upon very able men and I guess has no small Influence at this time in the promoting this alteration aâ—d that is that the lowering of Interest will raise the value of all other Things in proportion For Money being the Câ—unter-ballance to all other Things purchasable by it and lying at it were in the opposite Scale of Commerce it looks like a natural Consequence that as much as you take off from the value of money 〈◊〉 much you add to the price of other Things which are exchanged for it the raising of the price of any thing being no more but the addition to its value in respect of money or which is all one lessening the value of money For Example Should the value of Gold be brought down to that of Silver 100 Guineas would purchase little more Corn Wool or Land than 100 Shillings and so the Value of Money being brought lower say they the price of other Things will rise and the falling of Interest from 6 to 4 per Cent. is taking away so much of the price of money and so consequently the lessening its value The mistake of this plausible way of Reasoning will be easily discovered when we consider that the measure of the value of Money in proportion to any thing purchasable by it is the quantity of the ready Money we have in Comparison with the quantity of that thing and its Vent which vent depends upon its Necessity or Usefulness as convenience of Life or Opinion guided by Fansie or Fashion shall determine or which amounts to the same thing the price of any Commodity rises or falls by the proportion of the number of Buyers and Sellers â— whereby the vent comes to be increased or decreased as a greater part of the Money we have is designed to be laid out by several People at the same time rather in one thing than another as we see in the change of Fashions This rule holds Universally in all Things that are to be Bought and Sold bateing now and then an extravagant Phancy of some particular Person which never amounts to so considerable a part of Trade as to make any thing in the account worthy to be thought an Exception to this Rule I shall begin first with the Necessaries or Conveniencies of Life and the Consumable Commodities subservient thereunto and shew That the Value of Money in respect of those depends only on the Plenty or Scarcity of Money in proportion to the Plenty and Scarcity of those things and not on what Interest shall be by Necessity Law or Contract at that time laid on the borrowing of Money and then afterwards I shall shew that the same holds in Land There is nothing more confirmed by daily Experience than that Men give any Portion of Money for whatsoever is absolutely necessary rather than go without it And in such things the Scarcity of them alone makes their Prices As for example Let us suppose 1 â— Ounce of Silver or half a Crown now in England is worth a Bushel of Wheat but should there be next year a great scarcity of Wheat in England and a proportionabâ—e want of all other Food five Ounces of Siver would perhaps in Exchange purchase but one Bushel of Wheat so that Money would be then 9 10 less worth in respect oâ— Food though at the same value it was before in respect of other Things that kept their former proportion in their Quantity and Consumption By the like proportions of Increase and Decrease does the value of Things more or less convenient rise and fall in respect of Money only with this difference that things absolutely necessary for Life must be had at any Rate but Things convenient will be had only as they stand in preference with other Conveniencies and therefore in any one of these Commodities the value rises only as its quantity is less and vent greater which depends upon its being pâ—eferr'd to other Things in its Consumption For supposing that at the same time that there is a gâ—â—at scarcity of Whâ—â—t and other Grain there were a considerable quantity of Oâ—â—s Men no question would give far more for Wheat than Oats as being the healthier pleasanter and more convenient Food but since Oats would serve to supply that absolute necessity of sustaining Life Men would not rob themselves of all other Conveniencies of Life by paying all their Money for Wheat when Oats that are cheaper though with some inconvenience would supply that Defect It may then so happen at the same time that half an Ounce of Silver that the year before would buy one Bushel of Wheat will this year buy but 1 10 of a Bushel Half an ounce of Silver that the year before would have bought three Bushels of Oats will this year still buy one Bushel and at the same time half an Ounce of Silver that would the year before have bought 15 pounds of Lead will still buy the same quantity So that at the same time Silver in respect of Wheat is 9 10 less worth than it was in respect of Oats â…” less worth and in respect of Lead as much worth as before The fall therefore or rise of Interest making
in aid to help to support the Government rather than let all sink but the first stress is always upon Land and as far as that will reach it is unavoidably carried lay your Taxes how you will 'T is known what a share of the publick charges of the Government is supported by the Trade of Amsterdam alone as I remember the 36 100 but are the Lands of Guelderland eas'd by it Let any one see in that Country of Land more than Trade what they make clear of their Revenues and whether the Country Genttlemen there grow rich on their Land whilst the Merchant having the Taxes laid on his Commerce is impoverish'd On the contrary Guelderland is so low and out of Cash that Amsterdam has been fain for many years to lay down the Taxes for them which is in effect to pay the Taxes of Guelderland too Struggle and contrive as you will lay your Taxes as you please the Merchants and Traders will shift it off from their own gain bear the least part of it and grow poor last In Holland it self where Trade is so loaded who I pray grows richest the Land-holder or the Trader Which of them is pinch'd and wants Money most A Country may thrive the Country Gentleman grow rich and his Rents increase for so it has been here whilst the Land is Taxed But I challenge any one to shew me a Country wherein there is any considerable publick charge raised where the Land does not most sensibly feel it and in proportion bear much the greater part of it We must not therefore impute the falâ—ling of the Rents or price of Land to high Interest Nor if iâ—l Husbandry has wasted our Riches hope by such kind of Laws to raise them to their former value I humbly conceive we shall in vain endeavour it by the fall of Interest The number of Buyers must be increased and Sellers lessen'd which must be done by other ways than regulating of Interest or else the Landed man will neither find Chapmen for his Land nor for the Corn that grow on it at the rate he desires But could an Act of Parliament bring down Interest to 4 per Cent. and the lowering of that immediately raise the Purchasers Fine from 20 to 25 Years purchase yet it may be doubted whetheâ— this be sit to be made into a Law becausâ— it would be of no advantage to the Kingâ—dom For what profit would it bâ— to the Nation to make a Law that 〈◊〉 who sells Land should instead of 4 havâ— 5 hundred pounds of the Purcharser Thiâ— indeed a little alters the distribution of thâ— Money we have amongst us Englishmaâ— here at home but neither helps to continue what we have nor brings in more from abroad which being the only concernment of the Kingdom in reference to its Wealth is apt to be supposed by us without doors to be the only care of a Parliament For it matters not so it be here amongst us whether it be in Thomas or Richards hands provided it be so ordered that whoever has it may be encouraged to let it go into the current of Trade for the improvement of the general stock and wealth of the Nation As this Increase of the Fine in the purchase of Land is not an advantage to the Kingdom so neither is it to the Land-holder who is the person that bearing the greatest part of the burthens of the Kingdom ought I think to have the greatest care taken of him and enjoy as many Privileges and as much Wealth as the â—avour of the Law can with regard to the Publick-weal confer upon him But pray consider to raise the Years purchase in buying of Land gives the advantage not to the Landholder but to him that ceases to be so He that has no longer the Land has the more Money and he who has the Land is the poorer The true advantage of the Landholder is that his â—orn Flesh and Wool sell better and yield a greater price this indeed is a profit that benefits the owner of the Land and goes along with it it is this alone raises the Rent and makes the Possessor richer and this can only be done by increasing our Wealth and drawing more Money into England which the falling of Interest and thereby if it could effect it raising the purchase of Land is so far from doing that it does visibly and directly one way hinder our increase of Wealth that is by hindering Foreigners to come here and buy Land and settle amongst us Whereby we have this double loss First we lose their Persons increase of people being the increase both of strength and riches Secondly we lose so much Money For though whatever an Englishman gives to another for Land though raised to 40 Years purchase be not one farthing advantage to the Kingdom yet whatever a Foreigner who purchases Land here gives for it is so much every farthing clear gain to the Nation for the Money comes clear in without carrying out any thing for itâ— and is all one as if it drop'd down from the Clouds But farther if consideration be to be had only of Sellers of Land the lowering of Interest to 4 per Cent will not be in their Favour unless by it you can raise Land to Thirty years Purchase which is not at all likely and I think no Body by falling of Interest to Four per Cent hopes to get Chapmen for their Land at that Rate and whatsoever they have less if Law can regulate Interest they lose of their value of Land Money being thus abased So that the Landedman will scarce find his account neither by this Law when it comes to trial And at last I imagine this will be the result of all such Attempts that Experience will shew that the price of Things will not be regulated by Laws though the endeavours after it will be sure to prejudice and inconvenience Trade and put your Affairs out of Order If this be thus that Interest cannot be regulated by Law or that if it could yet the reducing of it to Four per Cent. would do more harm than good What then should there will you say be no Law at all to regulate Interest I say not so for 1. It is necessary that there should be a stated Rate of Interest that in Debts and Forbearances where Contract has not setled it between the Parties the Law might give a Rule and Courts of Judicature might know what Damages to allow This may and therefore should be Regulated 2. That in the present current of running Cash which now takes its course almost all to London and is Ingrossed by a very few hands in Comparison young Men and those in want might not too easily be exposed to Extortion and Oppression and the dextrous and combining Money Jobbers not have too great and unbounded a Power to Prey upon their Ignorance or Necessity there would not be much danger of this if Money were more equally distributed into the several
otherwise to employ their Money accepted his Terms and changed their Obligations into 4 per Cent. whereas before they were at 5. and so the great Loans of the Country being to the State it might be said in this sense That the Rate of Interest was reduced lower at that time but that it was done by a Law forbidding to take higher Interest that 4 per Cent. that I deny and require any one to shew Indeed upon good Security one might lately have borrowed Money in Holland at 3 and 3 ½ per Cent. but not by vertue of any Law but the natural Rate of Interest And I appeal to the men learned in the Law of Holland whether last year and I doubt not but it is so still a man might not lawfully lend his Money for what Interest he could get and whether in the Courts he should not recover the Interest he contracted for if it were 10 per Cent. So that if Money be to be borrowed by honest and responsible Men at 3 or 3 ½ per Cent. it is not by the force of Statutes and Edicts but the natural Course of things which will always bring Interest upon good Security low where there is a great deal of Money to be lent and little good Security in proportion to be had Holland is a Country where the Land makes a very little part of the Stock of the Country Trade is their great Fund and their Estates lie generally in Money so that all who are not Traders generally speaking are Lenders Of which there are so many whose Income depends upon Interest that if the States were not mightily in Debt but paid every one their Principal instead of the 4 per Cent. Use which they give there would be so much more Money than could be used or would be ventured in Trade that Money there would be at 2 per Cent. or under unless they found a way to put it out in foreign Countries Interest I grant these Men is low in Holland but not as an effect of Law nor the politick Contrivance of the Government to promote Trade but as the Consequence of great Plenty of ready Money when their Interest first fell I say when it first fell For being once brought low and the Publick having borrowed a great part of private Mens Money and continuing in Debt it must continue so though the Plenty of Money which first brought Interest low were very much decayed and a great part of their Wealth were really gone For the Debt of the State affording to the Creditors a constant yearly Income that is looked on as a safe Revenue and accounted as valuable as if it were in Land and accordingly they buy it one of another and whether there be any Money in the publick Coffers or no he who has 10000 l. owing him from the States may sell it every day in the week and have ready Money for it this Credit is so great an advantage to private Men who know not else what to do with their Stocks that were the States now in a condition to begin to pay their Debts the Creditors rather than take their Money out to lie dead by them would let it stay in at lower Interest as they did some years since when they were call'd on to come and receive their Money This is the state of Interest in Holland Their plenty of Money and paying their publique Debts some time since lowered their Interest but it was not by Law nor in consequence of our reducing it here by Law to 6 per Cent. For I deny that there is any Law there yet to forbid lending of Money for above 3 or 6 or 10 per Cent. What ever some here suggest every one there may hire out his money as freely as he does any thing else for what rate he can get and the Bargain being made the Law will inforce the Borrower to pay it I grant low Interest where all men consent to it is an advantage to Trade if Merchants will regulate their Gains accordingly and men be perswaded to lend to them but can it be expected when the Publique gives 7 8 or 10 per Cent. that private men whose Security is certainly no better shall have it for 4 And can there be any thing stranger than that the same Men who look on and therefore allow high use as an encouragement to lending to the Chequer should think low Use should bring Money into Trade The States of Holland some few years since paid but 4 l. per Cent. for the Money they owed if you propose them for an example and Interest be to be regulated by a Law try whether you can do so here and bring Men to lend it to the Publique at that rate this would be a benefit to the Kingdom and abate a great part of our publique Charge If you cannot confess that 't is not the Law in Holland has brought the Interest there so low but something else and that which will make the States or any body else pay dearer now if either their Credit be less or Money there scarcer An infallible sign of your decay of Wealth is the falling of Rentâ— and the raising of them would be worth the Nations Care for in that and not in the falling of Interest lies the true advantage of the Landed Man and with him of the Publick It may be therefore not besides our present business to enquire into the cause of the falling of Rents in England 1. Either the Land is grown barrenner and so the Product is less and consequently the Money to be receiv'd for that Product is less for it is evident that he whose Land was wont to produce 100 Bushels of Wheat communibus annis if by long Tillage and bad Husbandry it will now produce but 50 Bushels the Rent will be abated half But this cannot be suppos'd general 2. Or the Rent of that Land is lessen'd 1. Because the use of the Commodity ceases as the Rents must fall in Virginia were taking of Tobacco forbid in England 2. Or because something else supplies the room of that Product as the rate of copis-Copis-lands will fall upon the discovery of Coal mines 3. Or because the Markets are supplied with the same Commodity cheaper from another place As the breeding Countries of England must needs fall their Rents by the importation of Irish Cattle 4. Or because a Tax laid on your Native Commodities makes what the Farmer sells cheaper and Labour and what he buys dearer 3. Or the Money in the Country is less For the exigencies and uses of Money not lessening with its quantity and it being in the same proportion to be imploy'd and distributed still in all the parts of its circulation so much as its quantity is lesseâ—'d so much must the share of every one that has a right to this Money be the less whether he be Landholder for his Goods or Labourer for his Hire or Merchant for his Brokage Though the Land-holder usually finds
it to the Value of 20. For if 19 Ounces of Silver can be worth 20 Ounces of Silver or pay for as much of any other Commodity then 18 1â— or â— Ounce may do the same For if the abating 1 20 of the quantity of Silver of any Coin does not lessen its Value the abating 1â— 20 of the quantity of the Silver of any Coin will not abate its Value And so a single Three-pence or a single Penny being call'd a Crown will buy as much Spice or Silk or any other Commodity as a Crown-Piece which contains 20 or 60 times as much Silver which is an Absurdity so great That I think no body will want Eyes to see and Sense to disown Now this raising your Money or giving a less quantity of Silver the Stamp and Denomination of a greater may be done two ways 1. By raising one Species of your Money 2. By raising all your Silver Coin at once proportionably which is the thing I suppos'd now propos'd 1. The raising of one Species of your Coin beyond its intrinsick Value is done by Coining any one Species which in account bears such a proportion to the other Species of your Coin with less Silver in it than is required by that value it bears in your Money For Example A Crown with us goes for 60 Pence a Shilling for 12 Pence a Tâ—ster for 6 Pence and a Groat for 4 Pence And accordingly the proportion of Silver in each of them ought to be as 60. 12. 6. and 4. Now if in the Mint there should be Coin'd Groats or Testers that being of the same Alloy with our other Money had but 2 â— of the Weight that those Species are Coin'd at now or else being of the same Weight were alloy'd with â…“ of Copper 〈…〉 〈…〉 and should thus by Law be made Current the rest of your Silver Money being kept to the present Standard in Weight and Fineness 't is plain those Species would be raised â…“ part that passing for 6 d which had but the Silver of 4 d in it and would be all one as if a Groat should by Law be made current for 6 d and every 6 d in payment pass for 9 d. This is truly raising the Species But is no more in effect than if the Mine should Coin clip'd Money And has besides the Cheat that is put by such base or light Money on every particular Man that receives it that he wants â…“ of that real value which the Publick ought to secure him in the Money it obliges him to receive as Lawful and Current It hasâ— I say this great and unavoidable inconvenience to the Publick That besides the opportunities it gives to Domestick Coinâ—â—â— to Cheat you with lawful Money it pâ—â—â— it into the hands of Foreigners to 〈◊〉 away your Money without any Commodities for itâ— For if they find that Two-Penny weâ—ght of Silver marked with a certain impression shall â—â—re in Eâ—gland be Equivalent to 3 d weight marked with anothâ—r impression they will not fail to 〈◊〉 Pieces of that Fashion and so importing that base and low Coin will here in England receive 3 d for 2 d and quickly carry away your Silver in exchange for Copper or barely the charge of Coynage This is unavoidable in all Countries where any one Species of their Money is disproportionate in its intrinsick Value i. e. in its due proportion of Silver to the rest of the Money of that Country which the King of France could not avoid with all his watchfulness For though by Edict he made his 4 Sâ—ls Pieces whereof 15 were to pass for â— French Crown though 20 of them had not so much Silver in them as was in a French Crown Piece pass in the Inland parts of his Kingdom 15 for a Crown in all Payments yet he durst not make them Current in his Sea-Port Towns for fear that should give an opportunity to their Importation But yet this Caution served not the turn They were still Imported and by this means a great loss and damage brought upon his Country So that he was forced to cry them down and sink them to near their intrinsick Value whereby a great many particular Men who had quantities of that Species in their hands lost a great part of their Estates and every one that had any lost proportionably by it If we had Groats or Six-Pences Current by Law amongst us that wanted â…“ of the Silver they now have by the Standard to make them of equal Value to our other Species of Money who can imagine that our Neighbours would not presently pour in quantity of such Money upon us to the great loss and prejudice of the Kingdom The quantity of Silver that is in each Piece or Species of Coin being that which makes its real and intrinsick Value the due proportions of Silver ought to be kept in each Species according to the respective Rate set on each of them by Law And when this is ever varied from it is but a Trick to serve some present occasion but is alwayâ— with loss to the Country where the Trick is play'd 2. The other way of raising Mâ—ny is by raising all your Silver Coin at once the proportion of a Crown a Shilling and a Penny in reference to one another being still kept viz. That a Shilling shall weigh 1 â— of a Crown Piece and a Penny weigh 1 12 of a Shilling in Standard Silver but out of every one of these you abate 1 20 of the Silver they were wont to have in them If all the Species of Money be as 't is call'd rais'd by making each of them to have 1 2â— less of Silver in them than formerly and so your whole Money be lighter than it was These following will be some of the consequences of it 1. It will rob all Creditors and Landlords of 1 20 or 5 per Cent of their Debts in their 〈◊〉 Rents for ever and all other Rents as far as their former Contracts reach of 5 per Cent of their yearly Income and this without any advantage to the Debtor or Farmer For he receiving no more pounds Sterling for his Land or Commodities in this new lighter Coin than he should have done of your old and weightier Money gets nothing by it If you say yes he will receive more Crown Half-Crown and Shilling Pieces for what he now Sells for new Money than he should have done if the Money of the old Standard had continued you confess your Money is not raised in Value but in Denomination since what your new Pieces want in Weight must now be made up in their number But which way ever this falls 't is certain the Publick which most Men think ought to be the only reason of changing a settled Law and disturbing the common current course of things receives not the least Profit by it nay as we shall see by and by it will be a great Charge and Loss to the Kingdom But this at first