some considerations of the lowering of interest-第3章

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he　more　enlarged；　and　better　understood　Interest　of　Trade；　since　the　Improvement　of　Navigation；　had　not　raised　us　many　Rivals；　and　the　amazing　Politicks　of　some　late　Reigns；　let　in　other　Competitors　with　us　for　the　Sea；　who　will　be　sure　to　seize　to　themselves　whatever　parts　of　Trade　our　ismanagement；　or　want　of　Money；　shall　let　slip　out　of　our　Hands：　And　when　it　is　once　lost；　'will　be　too　late　to　hope；　by　a　mistim'd　Care；　easily　to　retrieve　it　again。　For　the　Currents　of　rade；　like　those　of　Waters；　ake　themselves　Channels；　out　of　which　they　are　afterwards　as　hard　to　be　diverted；　as　Rivers　that　have　worn　themselves　deep　within　their　Banks。　　　　　Trade　then　is　necessary　to　the　producing　of　Riches；　and　Money　necessary　to　the　carrying　on　of　Trade。　This　is　principally　to　be　looked　after　and　taken　Care　of。　For　if　this　be　neglected；　we　shall　in　vain；　by　Contrivances　amongst　our　selves；　and　shuffling　the　little　Money　we　have　from　one　anothers　Hands；　endeavour　to　prevent　our　Wants：　Decay　of　Trade　will　quickly　waste　all　the　Remainder；　and　then　the　Landed…Man；　who　thinks　perhaps　by　the　fall　of　Interest　to　raise　the　Value　of　his　Land；　will　find　himself　cruelly　mistaken；　when　the　Money　being　gone；　（as　it　will　be　if　our　Trade　be　not　kept　up）　he　can　get　neither　Farmer　to　Rent；　nor　Purchaser　to　Buy　his　Land。　Whatsoever　therefore　hinders　the　Lending　of　Money；　injures　Trade：　And　so　the　reducing　of　Money；　to　Four　per　Cent。　which　will　discourage　Men　from　Lending；　will　be　a　Loss　to　the　Kingdom；　in　stopping　so　much　ofthe　Current　ofMoney；　which　turns　the　Wheels　ofTrade。　But　all　this　upon　a　Supposition；　that　the　Lender　and　Borrower　are　both　English　Men。　　　　　If　the　Lender　be　a　Foreigner；　by　lessening　Interest　from　Six　to　Four　you　get　to　the　Kingdom　one　third　part　ofthe　Interest　we　pay　Yearly　to　Foreigners：　Which　let　any　one　if　he　please　think　considerable。　But　then　upon　lessening　Interest　to　Four　per　Cent。　it　is　likely　one　of　these　things　will　happen。　That　either　you　fall　the　Price　of　your　Native　Commodities；　Or　lessen　your　Trade；　Or　else　prevent　not　the　high　Use　as　you　intended。　For　at　the　time　of　lessening　your　Interest；　you　want　Money　for　your　Trade；　or　you　do　not。　If　you　do　not；　there　is　no　need　to　prevent　Borrowing　at　a　high　Rate　of　your　Neighbours。　For　no　Country　borrows　of　its　Neighbours　but　where　there　is　need　of　Money　for　Trade：　No　body　will　borrow　more　of　a　Foreigner　to　let　it　lye　still。　And　if　you　do　want　Money；　Necessity　will　still　make　you　borrow　where　you　can；　and　at　the　Rates　your　Necessity；　not　your　Laws；　shall　set：　or　else；　if　there　be　scarcity　of　Money；　it　must　hinder　the　Merchant's　Buying　and　Exportation；　and　the　Artisan's　Manufacture。　Now　the　kingdom　gets　or　loses　by　this　（for　no　question　the　Merchant　by　low　Interest　gets　all　the　while）　only　proportionably　（allowing　the　Consumption　of　Foreign　Commodities　to　be　still　the　same）　as　the　paying　of　Use　to　Foreigners　carries　away　more　or　less　of　our　Money；　than　want　of　Money　and　stopping　our　Trade　keeps　us　from　bringing　in；　by　hindring　our　Gains；　which　can　be　only　estimated　by　those；　who　know　how　much　Money　we　borrow　of　Foreigners；　and　at　what　Rate；　and　too；　what　Profit　in　Trade　we　make　of　that　Money。　　　　　Borrowing　of　Foreigners　upon　Interest　it's　true　carries　away　some　of　our　Gain：　But　yet　upon　Examination　it　will　be　found；　that　our　growing　Rich　or　Poor　depends　not　at　all　pon　our　borrowing　upon　Interest　or　not；　but　only　which　is　greater　or　less；　our　Importation　or　Exportation　of　consumable　Commodities。　For　supposing　Two　Millions　of　Money　will　drive　the　Trade　of　England；　and　that　we　have　Money　enough　of　our　own　to　do　it；　if　we　consume　of　our　own　Product　and　Manufacture；　and　what　we　Purchase　by　it　of　Foreign　Commodities；　one　Million；　but　of　the　other　Million　consume　nothing；　but　make　a　return　of　Ten　per　Cent。　per　An。　we　must　then　every　Year　be　One　hundred　thousand　pounds　Richer；　and　our　Stock　be　so　much　encreast：　But　if　we　Import　more　consumable　Commodities　than　we　Export；　our　Money　must　go　out　to　pay　for　them；　and　we　grow　poorer。　Suppose　therefore　ill　Husbandry　hath　brought　us　to　one　Million　Stock；　and　we　borrow　the　other　Million　（as　we　must；　or　lose　half　our　Trade）　at　Six　per　Cent。　If　we　consume　one　moyety；　and　make　still　Ten　per　Cent。　per　An。　Return　of　the　other　Million；　the　Kingdom　gets　Forty　thousand　pounds　per　An。　though　it　pay　Sixty　thousand　pound　per　An。　Use。　So　that　if　the　Merchant's　Return　be　more　than　his　Use；　（which　'tis　certain　it　is；　or　else　he　will　not　Trade）　and　all　that　is　so　Traded　for　on　borrowed　Money　be　but　the　over…ballance　of　our　Exportation　to　our　Importation；　the　kingdom　gets　by　this　Borrowing　so　much　as　the　Merchant's　Gain　is　above　his　Use。　But　if　we　borrow　only　for　our　own　Expences；　we　grow　doubly　poor；　by　paying　Money　for　the　Commodity　we　consume；　and　Use　for　that　Money；　though　the　Merchant　gets　all　this　while；　by　making　Returns　greater　than　his　Use。　And　therefore　Borrowing　of　Foreigners　in　it　self　makes　not　the　Kingdom　rich　or　poor；　for　it　may　do　either：　But　spending　more　than　our　Fruits　or　Manufactures　will　pay　for；　brings　in　Poverty；　and　Poverty　Borrowing。　　　　　For　Money；　as　necessary　to　Trade；　may　be　doubly　considered。　First；　as　in　his　Hands　that　pays　the　Labourer　and　Landholder；　（for　here　its　motion　terminates；　and　through　whose　Hands　soever　it　passes　between　these；　he　is　but　a　Broker）　and　if　this　Man　want　Money；　（as　for　Example；　the　Clothier）　the　Manufacture　is　not　made；　and　so　the　Trade　stops；　and　is　lost。　Or　Secondly；　Money　may　be　considered　as　in　the　Hands　of　the　Consumer；　under　which　Name　I　here　reckon　the　Merchant　who　buys　the　Commodity　when　made；　to　Export：　And　if　he　want　Money；　the　value　of　the　Commodity　when　made　is　lessened；　and　so　the　Kingdom　loses　in　the　Price。　If　therefore　Use　be　lessened；　and　you　cannot　tye　Foreigners　to　your　Terms；　then　the　ill　effects　fall　only　upon　your　Landholders　and　Artisans：　If　Foreigners　can　be　forc'd　by　your　Law　to　Lend　you　Money　only　at　your　own　Rate；　or　not　Lend　at　all；　is　it　not　more　likely　they　will　rather　take　it　home；　and　think　it　safer　in　their　own　Country　at　Four　per　Cent。　than　abroad　in　a　decaying。　Country？　Nor　can　their　over…plus　of　Money　bring　them　to　Lend　to　you；　on　your　Terms：　For　when　your　Merchants　want　of　Money　shall　have　sunk　the　price　of　your　Market；　a　Dutchman　will　find　it　more　gains　to　buy　your　Commodity　himself；　than　Lend　his　Money　at　Four　per　Cent。　to　an　English　Merchant　to　Trade　with。　Nor　will　the　Act　of　Navigation　hinder　their　coming；　by　making　them　come　empty；　since　even　already　there　are　those　who　think；　that　many；　who　go　for　English　Merchants；　are　but　Dutch　Factors；　and　Trade　for　others　in　their　own　Names。　The　Kingdom　therefore　will　lose　by　this　lowering　of　Interest；　if　it　makes　Foreigners　withdraw　any　of　their　Money；　as　well　as　if　it　hinders　any　of　your　People　from　Lending　theirs；　where　Trade　has　need　of　it。　　　　　In　a　Treatise　writ　on　purpose　for　the　bringing　down　of　Interest；　I　find　this　Argument　of　Foreigners　calling　away　their　Money　to　the　prejudice　of　our　Trade；　thus　Answer'd；　That　the　Money　of　Foreigners　is　not　brought　into　the　Land　by　ready　Coin　or　Bullion；　but　by　Goods　or　Bills　of　Exchange；　and　when　it　is　paid　must　be　returned　by　Goods　or　Bills　of　Exchange；　and　there　will　not　be　the　less　Money　in　the　Land。　I　could　not　but　wonder　to　see　a　Man；　who　undertook　to　write　of　Money　and　Interest；　talk　so　directly　besides　the　matter　in　the　business　of　Trade。　Foreigners　Money；　he　says；　is　not　brought　into　the　Land　by　ready　Coin　or　Bullion；　but　by　Goods；　or　Bills　of　Exchange。　How　then　do　we　come　by　Bullion　or　Money？　For　Gold　grows　not；　that　I　know；　in　our　Country；　and　Silver　so　little；　that　One　hundred　thousandth　part　of　the　Silver　we　have　now　in　England；　was　not　drawn　out　of　any　Mines　in　this　Island。　If　he　means　that　the　Monied　Man　in　Holland；　who　puts　out　his　Money　at　Interest　here；　did　not　send　it　over　in　Bullion　or　Specie　hither：　That　may　be　true　or　false；　but　either　way　helps　not　that　Authors　purpose。　For　if　he　paid　his　Money　to　a　Merchant　his　Neighbour；　and　took　his　Bills　for　it　here　in　England；　he　did　the　same　thing　as　if　he　had　sent　over　that　Money；　since　he　does　but　make　that　Merchant　leave　in　England　the　Money　which　he　has　Due　to　him　there；　and　otherwise　would　carry　away。　No；　says　our　Author；　he　cannot　carry　it　away；for；　says　he；　when　it　is　paid　it　must　be　returned　by　Goods；　Or　Bills　of　Exchange。　It　must　not　be　paid　and　exported　in　ready　Money；　so　says　our　Law　indeed；　but　that　is　a　Law　to　hedge　in　the　Cookoe；　and　serves　to　no　purpose。　For　if　we　Export　not　Goods；　for　which　our　Merchants　have　Money　due　to　them　in　Holland；　How　can　it　be　paid　by　Bills　of　Exchange？　And　for　Goods；　One　hundred　pounds　worth　of　Goods　can　no　where　pay　Two　hundred　pounds　in　Money。　This　being　that　which　I　find　many　Men　deceive　themselves　with　in　Trade；　it　may　be　worth　while　to　make　it　a　little　plainer。　　　　　Let　us　suppose　England　Peopled　as　it　is　now。　and　its　Woollen　Manufacture　in　the　same　State　and　Perfection；　that　it　is　at　present；　and　that　we；　having　no　Money　at　all；　trade　with　this　our　Woollen　Manufacture　for　the　value　of　Two　hundred　thousand　pounds　Yearly　to　Spain；　where　there　actually　is　a　Million　in　Money：　Further　let　us　suppose　that　we　bring　back　from　Spain　Yearly　in　Oyl；　Wine；　and　Fruit；　to　the　value　of　One　hundred　thousand　pounds；　and　continue　to　do　this　Ten　Years　together：　'Tis　plain　we　have　had　for　our　two　Millions　value　in　Woollen　Manufacture　carried　thither；　one　Million　returned　in　Wine；　Oyl；　and　Fruit：　But　what　is　become　of　t'other　Million？　Will　the　Merchants　be　content　to　lose　it？　That　you　may　be　sure　they　would　not；　nor　have　Traded　on；　if　they　had　not　every　Year　Returns　made　answering　their　Exportation。　How　then　were　the　＇　Returns　made？　In　Money　it　is　evident。　For　the　Spaniards　having　in　such　a　Trade；　no　Debts；　nor　the　possibility　of　any　Debts　in　England；　cannot　pay　one　Farthing　of　that　other　Million　by　Bills　of　Exchange：　And　having　no　Commodities　that　we　will　take　off　above　the　value　of　One　hundred　thousand　pounds　Per　Annum；　they　cannot　pay　us　in　Commodities。　From　whence　it　necessarily　follows；　that　the　Hundred　thousand　pounds　per　Ann。　wherein　we　over…ballance　them　in　Trade；　must　be　paid　us　in　Money；　and　so　at　the　Ten　years　end；　their　Million　of　Money；　（though　their　Law　make　it　Death　to　export　it）　will　be　all　brought　into　England；　as　in　truth；　by　this　over…ballance　of　Trade；　the　greatest　part　of　our　Money　hath　been　brought　into　England　out　of　Spain。　　　　　Let　us　suppose　our　selves　now　possessed　of　this　Million　of　Money；　and　Exporting　Yearly　out　of　England；　to　the　several　parts　of　the　World；　consumable　Commodities　to　the　value　of　a　Million；　but　Importing　Yearly　in　Commodities；　which　we　consume　amongst　us　to　the　value　of　Eleven　hundred　thousand　pounds。　If　such　a　Trade　as　this　be　managed　amongst　us；　and　continue　Ten　Years；　it　is　evident；　that　our　Million　of　Money　will　at　the　end　of　the　Ten　Years　be　inevitably　all　gone　from　us　to　them；　by　the　same　way　that　it　came　to　us；　that　is；　by　their　overballance　of　Trade。　For　we　Importing　every　Year　One　hundred　thousand　pounds　worth　of　Commodities　more　than　we　Export；　and　there　being　no　Foreigners　that　will　give　us　One　hundred　thousand　pounds　every　year　for　nothing；　it　is　unavoidable；　that　One　hundred　thousand　Pounds　of　our　Money　must　go　out　every　Year　to　pay　for　that　over…plus；　which　ou