some considerations of the lowering of interest-第19章

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o　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；　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　Peo