some considerations of the lowering of interest-第12章

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'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　Gentlemen　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　Traders　will　shift　it　off　from　their　own　Gain；　the　Merchants　will　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　encrease　（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　falling　of　the　Rents；　or　of　the　price　of　Land；　to　high　Interest；　Nor；　if　ill　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　grows　on　it；　at　the　rate　he　desires。　　　　　But　could　an　Act　of　Parliament；　bring　down　Interest　to　Four　per　Cent。　and　the　lowering　of　that　immediately　raise　the　Purchasers　Fine　from　20　to　25　Years　Purchase；　yet　it　may　be　doubted；　whether　this　be　fit　to　be　made　into　a　Law；　because　it　would　be　of　no　advantage　to　the　Kingdom。　For　what　profit　would　it　be　to　the　Nation　to　make　a　Law；　that　he　who　sells　Land　should　instead　of　Four　have　Five　hundred　pounds　of　the　Purchaser？　This　indeed　a　little　alters　the　distribution　of　the　Money；　we　have　amongst　us　Englishmen　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　the　Money　be　in　Thomas　or　Richards　Hands；　provided　it　be　so　order'd；　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　Landholder；　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　favour　of　the　Law　can　（with　regard　to　the　Publick…weal）　confer　upon　him。　But　pray　consider：　The　raising　the　Price　of　Land　in　Sale　by　increasing　the　number　of　Years　Purchase　to　be　paid　for　it；　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　Corn；　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　hindring　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　tho'　whatever　an　Englishman　gives　to　another　for　Land；　though　raised　to　Forty　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　that　Money　comes　clear　in；　without　carrying　out　any　thing　for　it；　and　is　every　Farthing　of　it　as　perfect　Gain　to　the　Nation　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　Four　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。　Whatsoever　they　have　less；　if　Law　can　regulate　Interest；　they　lose　of　their　value　of　Land；　Money　being　thus　abased。　So　that　the　Landed　man　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　so；　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　the　Ignorance　or　Necessity　of　Borrowers。　There　would　not　be　much　danger　of　this；　if　Money　were　more　equally　distributed　into　the　several　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　Wool；　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　that　rate　of　Interest　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　flux　of　Money；　is　hard　to　determine。　Possibly　it　may　be　allowed　as　a　reasonable　Proposal；　that　it　should　be　within　such　Bounds；　as　should　not　on　the　one　side　quite　Eat　up　the　Merchants；　and　Tradesman's　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　Man's　profit；　that　he　will　not　Lend；　and　both　these　ways　it　is　a　hinderance　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：　'Tis　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　that　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。　　　　　2。　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　runs　a　greater　Risque；　than　Land　does。　The　Borrower　may　break；　and　run　away　with　the　Money；　and　then　not　only　the　Interest　due；　but　all　the　future　Profit；　with　the　Principal；　is　lost　for　ever。　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；　that　he　should　expect　to　have　it　under　Twenty　Years　Purchase；　suppose　Sixteen　and　an　half。　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　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　James　I。　and　King　Charles　I。　time；　when　Money　was　at　Ten　and　Eight　per　Cent。　I　will　not　say　high　Interest　was　the　cause　of　it。　For　I　rather　think　that　our　thriving　Trade　was　the　Cause　ofhigh　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；　Skilfu