some considerations of the lowering of interest-第7章
按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！
f Lead will as soon take 15 l。 weight of Lead； as half an Ounce of Silver； for One Tenth of a Bushel of Wheat； and no more。 So that if you say； that Money now is Nine Tenths 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 which they had before。 The variation indeed is first and most taken notice ｛of｝ in Money： Because that is the universal measure by which People reckon； and used by every body in the valuing of all Things。 For calling that half Ounce of Silver Half a Crown； they speak properly； and are readily understood when they say； Half a Crown； or two Shillings and six Pence； will now buy One Tenth of a Bushel of Wheat； but do not say； That 15 l。 of Lead will now buy One Tenth of a Bushel of Wheat； because it is not generally used to this sort of Reckoning： nor do they say Lead is less worth than it was； though in respect of Wheat Lead be Nine Tenths worse than it was； as well as Silver： only by the Tale of Shillings we are better enabled to judge of it： Because these are measures whose Ideas by constant use are setled in every English Man's mind。 This I suppose is the true Value of Money when it passes from one to another in Buying and Selling； where it runs the same Changes of higher and lower； as any other Commodity doth： For one equal quantity whereof you shall receive in Exchange more； or less of another Commodity at one time； than you do at another。 For a Farmer that carries a Bushel of Wheat to Market； and a Labourer that 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 Exchanging 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。 That which regulates the Price； i。e。 the quantity given for Money （which is called buying and selling） for an other Commodity； （which is called Bartring） is nothing else but their quantity in Proportion to their vent。 If then lowering of Use makes not your Silver more in Specie； 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 ofthe 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 disposed 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 Six per Cent。 to the Borrower； as well as 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 a Yearly Rent。 For though the Usurer's Money would bring him in no Yearly profit； if he did not lend it； （supposing he employs it not himself） and so his Six per Cent。 may seem to be the Fruit of another Man's Labour； yet he shares not near so much of the profit of another Man's 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 Six per Cent。 For generally he that borrows One thousand pounds at Six per Cent。 and so pays Sixty pounds per Annum Use； gets more above his Use in one Year； by his Industry； than he that Rents a Farm of Sixty pounds 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 livelihood； but as much Reason to pay Use for that Money； as he； who having skill in Husbandry but no Land of his own to employ it in； 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 Society； 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 on to peretuity； and 100 l。 per Annum being the Product 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。 8 12 1/2 6 16 2/3 5 20 4 25
But Experience tells us； that neither in queen Elizabeth； nor king James the First Reigns； when Interest was at Ten per Cent。 was Land Sold for Ten； or when it was at Eight per Cent。 for welve and an half years purchase； or any thing near the low rate that high Use required （if it were true； that the rate of Interest govern'd the price of Land） any more than Land； now yields Twenty Five Years Purchase； because a great part of the Monied Men will now let 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 constancy sold for four or five 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 Money does not follow the Standard of the Law； but the price of the Market； and Men not observing the legal and forced； but the Natural and Current Interest of Money； regulate their Affairs by that。 But why the rate of Land does not follow the Current Interest of Money requires a farther Consideration。 All Things that are Bought and Sold； raise and fall their price in proportion； as there are more Buyers or Sellers。 Where there are a great many Sellers to a few Buyers； there use what Art you will； the thing to be Sold will be cheap。 On the other side； turn the Tables； and raise up a great many Buyers for a few Sellers； and the same thing will immediately grow dear。 This Rule holds in Land as well as all other Commodities； and is the Reason； why in England at the same time； that Land in some places is at seventeen or eighteen Years Purchase； it is about others； where there are profitable Manufactures； at two or three and wenty Years Purchase： Because there （Men thriving and getting Money by their Industry； and willing to leave their Estates to their Children in Land； as the surest； and most lasting Provision； and not so liable to Casualties as Money in untrading or unskilful Hands） there are many Buyers ready always to Purchase； but few Sellers。 For the Land thereabout being already possessed by that sort of Industrious and Thriving Men； they have neither need； nor will； to Sell。 In such places of Manufacture； the Riches of the one not arising from the squandring and waste of another； （as it doth in other places where Men live lazily upon the product of the Land） the Industry of the People bringing in increase of Wealth from remote Parts； makes plenty of Money there without the impoverishing of their Neighbours。 And when the thriving Tradesman has got more； than he can well employ in Trade； his next Thoughts are to look out for a Purchase； but it must be a Purchase in the Neighbourhood； where the Estate may be under his Eye； and within convenient distance； that the Care and Pleasure of his Farm may not take him off from the Engagements of his Calling； nor remove his Children too far from him； or the Trade he breeds them up in。 This seems to me the Reason； whv in places； wherein thriving Manufactures have erected themselves； Land has been observed to Sell quicker； and for more Years Purchase than in other places； as about Hallifax in the North； Taunton and Exeter in the West。 This is that then； which makes Land； as well as other Things dear； plenty of Buyers； and but few Sellers： And so by the Rule of Contraries； plenty of Sellers and few Buyers makes Land cheap。 He that will justly estimate the value of any thing； must consider its quantity in proportion to its vent； for this alone regulates the Price。 The value of any thing； compar'd with its self； or with a standing Measure； is greater； as its quantity is less in proportion to its vent： But in comparing it； or exchanging it with any other thing； the quantity and vent of that thing too must be allowed for in the computation of their Value。 But because the desire of Money is constantly； almost every where the same； its vent varies very little； but as its greater scarcity enhanses its Price； and increases the scramble； there being nothing else tha
