some considerations of the lowering of interest-第22章

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the　other　half　were　consumed　amongst　our　selves：　If　a　sensible　part；　（as　One　Third）　of　our　Coin　were　gone；　and　so　Men　had　equally　One　Third　less　Money　than　they　had　（for；　'tis　certain；　it　must　be　tantamount；　and　what　I　'scape　of　One　Third　less；　another　must　make　up）　it　would　follow；　That　they　would　have　less　to　lay　out　in　Cloaths；　as　well　as　other　things；　and　so　would　either　wear　them　longer；　or　pay　less　for　them。　If　a　Clothier　finds　a　want　of　Vent；　he　must　either　Sell　cheaper　or　not　at　all：　If　he　Sells　cheaper；　he　must　also　pay　less；　both　for　Wool　and　Labour：　And　if　the　Labourer　hath　less　Wages；　he　must　also　pay　less　for　Corn；　Butter；　Cheese；　Flesh；　or　else　forbear　some　of　these　quite。　In　all　which　cases；　the　Price　of　Wool；　Corn；　Flesh；　and　the　other　Products　of　Land　are　brought　down；　and　the　Land　bears　the　greatest　part　of　the　loss。　For　where…ever　the　Consumption　or　Vent　of　any　Commodity　is　stopt；　there　the　Stop　continues　on　till　it　comes　to　the　Landholder。　And　where…ever　the　Price　of　any　Commodity　begins　to　fall；　how　many　Hands　soever　there　be　between　that　and　the　Landholder；　they　all　take　reprisals　one　upon　another；　till　at　last　it　comes　to　the　Landholder；　and　there　the　abatement　of　Price；　of　any　ofhis　Commodities；　lessens　his　Income；　and　is　a　clear　loss。　The　Owner　of　Land；　which　produces　the　Commodity；　and　the　last　Buyer；　who　consumes　it；　are　the　two　extreams　in　Commerce。　And　though　the　falling　of　any　sort　of　Commodity　in　the　Landholder's　Hand；　does　not　prove　so　to　the　last　consumer；　the　Arts　of　intervening　Brokers　and　Ingrossers　keeping　up　the　Price　to　their　own　advantage：　Yet　whenever　want　of　Money；　or　want　of　desire　in　the　consumer；　make　the　Price　low；　that　immediately　reaches　the　first　Producer：　No　body　between　having　any　Interest　to　keep　it　up。　　　　　Now；　as　to　the　two　first　causes　of　falling　of　Rents；　falling　of　Interest　has　no　Influence　at　all。　In　the　latter；　it　has　a　great　part：　Because　it　makes　the　Money　of　England　less；　by　making　both　English…Men　and　Foreigners　withdraw　or　with…hold　their　Money。　For　that　which　is　not　let　loose　into　Trade；　is　all　one　whil'st　Hoarded　up；　as　if　it　were　not　in　Being。　　　　　I　have　heard　it　brought　for　a　reason；　why　Interest　should　be　reduced　to　Four　per　Cent。　That　thereby　the　Landholder；　who　bears　the　burthen　of　the　Publick　Charge；　may　be；　in　some　degree　eased　by　falling　of　Interest。　　　　　This　Argument　will　be　put　right；　if　you　say　it　will　ease　the　Borrower；　and　lay　the　loss　on　the　Lender：　But　it　concerns　not　the　Land　in　general；　unless　you　will　suppose　all　Landholders　in　Debt。　But　I　hope；　we　may　yet　think　that　Men　in　England；　who　have　Land；　have　Money　too；　and　that　Landed　Men；　as　well　as　others；　by　their　providence　and　good　Husbandry；　accommodating　their　Expences　to　their　Income；　keep　themselves　from　going　backwards　in　the　World。　　　　　That　which　is　urged；　as　most　deserving　consideration　and　remedy　in　the　case；　is；　That　it　is　hard　and　unreasonable；　that　one；　who　has　Mortgaged　half　his　Land；　should　yet　pay　Taxes　for　the　whole；　whil'st　the　Mortgagee　goes　away　with　the　clear　profit　of　an　high　Interest。　To　this　I　answer；　　　　　1。　That　if　any　Man　has　run　himself　in　Debt；　for　the　Service　of　his　Country；　'tis　fit　the　Publick　should　reimburse　him；　and　set　him　free。　This　is　a　care；　that　becomes　the　Publick　Justice；　That　Men；　if　they　receive　no　Rewards；　should；　at　least；　be　kept　from　Suffering；　in　having　Served　their　Country。　But　I　do　not　remember　the　Polity　of　any　Nation；　who　altered　their　Constitution；　in　favour　of　those；　whose　mismanagement　had　brought　them　behind…hand；　possibly　as　thinking　the　Publick　little　beholding　to　those；　who　had　misemployed　the　Stock　of　their　Country；　in　the　excess　of　their　private　Expences；　and；　by　their　Example；　spread　a　fashion　that　carries　ruin　with　it。　Mens　paying　Taxes　of　Mortgaged　Lands；　is　a　punishment　for　ill…husbandry；　which　ought　to　be　discouraged：　But　it　concerns　very　little　the　Frugal　and　the　Thrifty。　　　　　2。　Another　thing　to　be　said　in　reply　to　this；　is；　That　it　is　with　Gentlemen　in　the　Country；　as　with　Tradesmen　in　the　City。　If　they　will　own　Titles　to　greater　Estates　than　really　they　have；　it　is　their　own　faults；　and　there　is　no　way　left　to　help　them　from　Paying　for　them。　The　Remedy　is　in　their　own　hands；　to　discharge　themselves　when　they　please。　And　when　they　have　once　Sold　their　Land；　and　paid　their　Debts；　they　will　no　longer　pay　Taxes；　for　what　they　own；　without　being　really　theirs。　There　is　another　way　also；　whereby　they　may　be　relieved；　as　well　as　a　great　many　other　inconveniencies　remedied；　and　that　is　by　a　Registry：　For　if　Mortgages　were　Registred；　Land　Taxes　might　reach　them；　and　order　the　Lender　to　pay　his　proportion。　　　　　I　have　met　with　Patrons　of　Four　per　Cent。　who　（amongst　many　other　fine　things　they　tell　us　of）　affirm；　That　if　Interest　were　reduced　to　Four　per　Cent。　then　some　Men　would　borrow　Money　at　this　low　Rate；　and　pay　their　Debts；　Others　would　borrow　more　than　they　now　do；　and　improve　their　Land；　Others　would　borrOw　more；　and　imploy　it　in　Trade　and　Manufacture。　Gilded　words　indeed；　were　there　any　thing　substantial　in　them！　These　Men　talk；　as　if　they　meant　to　shew　us；　not　only　the　Wisdom；　but　Riches　of　Solomon；　and　would　make　Gold　and　Silver　as　common；　as　the　Stones　in　the　Street：　But　at　last；　I　fear；　'will　be　but　Wit　without　Money；　and；　I　wish　it　amount　to　that。　'Tis　without　question；　That　could　the　Countryman；　and　the　Tradesman　take　up　Money　cheaper；　than　now　they　do；　every　Man　would　be　forward　to　Borrow；　and　desire；　that　he　might　have　other　Mens　Money　to　imploy　to　his　advantage。　I　confess；　those　who　contend　for　Four　per　Cent。　have　found　out　a　way；　to　set　Mens　Mouths　a　watering　for　Money　at　that　Rate；　and　to　increase　the　number　ofthe　Borrowers　in　England；　if　any　body　can　imagine　it　would　be　an　advantage　to　increase　them。　But　to　answer　all　their　fine　Projects；　I　have　but　this　one　short　question　to　ask　them：　Will　Four　per　Cent。　increase　the　number　of　the　Lenders？　If　it　will　not；　as　any　Man　at　the　very　first　hearing；　will　shrewdly　suspect　it　will　not；　then　all　the　plenty　of　Money　these　Conjurers　bestow　upon　us；　for　Imnprovement　of　Land；　Paying　of　Debts；　and　Advancement　of　Trade；　is　but　like　the　Gold　and　Silver；　which　Old　Women　believe；　other　Conjurers　bestow　sometimes；　by　whole　Lapfuls；　on　poor　credulous　Girls；　which；　when　they　bring　to　the　light；　is　found　to　be　nothing　but　wither'd　Leaves；　and　the　Possessors　of　it　are　still　as　much　in　want　of　Money　as　ever。　　　　　Indeed　I　grant　it　would　be　well　for　England；　and　I　wish　it　were　so；　that　the　plenty　of　Money　were　so　great　amongst　us；　that　every　Man　could　borrow　as　much　as　he　could　use　in　Trade；　for　Four　per　Cent。　nay；　that　Men　could　borrow　as　much　as　they　could　imploy　for　Six　per　Cent。　But　even　at　that　Rate；　the　Borrowers　already　are　far　more　than　the　Lenders。　Why　else　doth　the　Merchant　upon　occasion；　pay　Six　per　Cent。　and　often　above　that　rate　for　Brokage？　And　why　doth　the　Country　Gentleman　of　One　thousand　pounds　per　Annum　find　it　so　difficult；　with　all　the　security　he　can　bring；　to　take　up　a　Thousand　pound？　All　which　proceeds　from　the　scarcity　of　Money；　and　bad　Security；　two　Causes；　which　will　not　be　less　powerful　to　hinder　Borrowing；　after　the　lowering　of　Interest：　and　I　do　not　see；　how　any　one　can