Selected quad for the lemma: life_n
Text snippets containing the quad
|
ID |
Title |
Author |
Corrected Date of Publication (TCP Date of Publication) |
STC |
Words |
Pages |
|
B23805
|
Reasons for the abatement of interest to four in the hundred and the objections against it fairly stated and briefly and fully answered / by E.H.
|
E. H.
|
1692
(1692)
|
Wing H21
|
18,351
|
71
|
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-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
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