some considerations of the lowering of interest-第13章

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　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；　viz；　That　when　we　fell　Interest　in　England　from　Ten　to　Eight；　they　presently　sunk　Interest　in　Holland　to　Four　per　Cent。　and　again；　when　we　lower'd　it　to　Six　they　fell　it　to　Three　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　advance　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　credulous　enough　to　swallow　it；　than　arising　from　true　Reason；　and　matter　of　Fact。　For　if　lowering　of　Interest　were　so　advantageous　to　Trade；　why　did　the　Dutch　so　constancy　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　raised；　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　Eight；　the　Dutch　sunk　it　in　Holland　to　Four　per　Cent。　by　Law；　or　that　there　was　any　Law　made　in　Holland　to　limit　the　Rate　of　Interest　to　Three　per　Cent。　when　we　reduced　it　in　England　to　Six。　It　is　true；　John　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　Four　per　Cent。　should　come　and　receive　their　Money。　The　Creditors　finding　him　in　earnest；　and　knowing　not　how　other　Wise　to　employ　their　Money；　accepted　his　Terms；　and　changed　their　Obligations　into　Four　per　Cent。　whereas　before　they　were　at　Five；　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　than　Four　per　Cent。　that　I　deny；　and　require　any　one　to　shew。　Indeed　upon　good　Security　one　might　lately　have　borrowed　Money　in　Holland　at　Three；　and　Three　and　an　half　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　Ten　per　Cent。　So　that　if　Money　be　to　be　borrowed　by　honest　and　responsible　Men；　at　Three；　or　Three　and　an　half　per　Cent。　it　is　not　by　the　force　of　Statutes　and　Edicts；　but　by　the　natural　Course　of　things；　which　will　always　bring　Interest　upon　good　Security　low；　where　there　is　a　great　deal　ofMoney　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　Four　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　Two　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　it　is　so　not　as　an　effect　of　Law；　or　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　decay'd；　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　look'd　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　to　the　value　of　Ten　thousand　pounds　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　done　by　the　command　and　limitation　of　a　Law；　nor　in　consequence　of　our　reducing　it　here　by　Law　to　Six　per　Cent。　For　I　deny；　that　there　is　any　Law　there　yet；　to　forbid　lending　of　Money　for　above　Three；　or　Six；　or　Ten　per　Cent。　Whatever　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　Seven；　or　Eight；　or　Ten　per　Cent。　that　private　Men；　whose　Security　is　certainly　no　better；　shall　have　it　for　Four？　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　Four　per　Cent。　for　the　Money　they　owed：　Ifyou　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　do　that；　confess；　that　'tis　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　Rents；　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　Landedman；　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　Barrener；　and　so　the　Product　is　less；　and　consequently　the　Money　to　be　received　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…lands　will　fall　upon　the　discovery　ofCoal　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　lessen'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　Landholder　usually　finds　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　imployed　in　Trade　were　lock'd　up；　or　gone　out　of　England；　must　not　the　Landholders　necessarily　receive　one　Third　less　for　their　Goods；　and　consequently　Rents　fall；　A　less　quantity　of　Money　by　one　Third　being　to　be　distributed　amongst　an　equal　number　of　Receivers？　lndeed；　People　not　perceiving　the　Money　to　be　gone；　are　apt　to　be　jealous　one　of　another；　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　formerly。　But　this　is　but　scrambling　amongst　our　selves；　and　helps　no　more　against　our　want；　than　the　pulling　of　a　short　Coverlet　will；　amongst　Children；　that　lye　together；　preserve　them　all　from　the　Cold。　Some　will　starve；　unless　the　Father　of　the　Family　provide　better；　and　enlarge　the　scanty　Covering。　This　pulling　and　contest　is　usually　between　the　Landed…man　and　the　Merchant。　For　the　Labourer's　share；　being　seldom　more　than　a　bare　subsistence；　never　allows　that　body　of　Men　time　or　opportunity　to　raise　their　Thoughts　above　that；　or　struggle　with　the　Richer　for　theirs；　（as　one　common　Interest；）　unless　when　some　common　and　great　Distress；　uniting　them　in　one　universal　Ferment；　makes　them　forget　Respect；　and　emboldens　them　to　carve　to　their　Wants　with　armed　force：　And　then　sometimes　they　break　in　upon　the　Rich；　and　sweep　all　like　a　deluge。　But　this　rarely　happens　but　in　the　mal…administration　of　neglected　or　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　join　the　Monied　Man。　The　Landed　Man　finds　himself　aggrieved；　by　the　falling　of　his　Rents；　and　the　streightning　of　his　Fortune；　whilst　the　Monied　Man　keeps　up　his　Gain；　and　the　Merchant　thrives　and　grows　rich　by　Trade。　These　he　thinks　steal　his　Income　into　their　Pockets；　build　their　Fortunes　upon　his　Ruin；　and　Ingross　more　of　the　Riches　of　the　Nation　than　comes　to　their　share。　He　therefo