some considerations of the lowering of interest-第3章

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ss　and　seldomer　felt；　than　the　following；　unless　where　the　Debts　of　the　People　are　grown　to　a　greater　proportion；　for　that　constantly　causing　more　Borrowers；　than　there　can　be　Lenders；　will　make　Money　scarce；　and　consequently　Interest　high。　Secondly；　That　which　constancy　raises　the　Natural　Interest　of　Money；　is；　when　Money　is　little　in　proportion　to　the　Trade　of　a　Country。　For　in　Trade　every　Body　calls　for　Money　according　as　he　wants　it；　and　this　disproportion　is　always　felt。　For　if　Englishmen　owed　in　all　but　One　Million；　and　there　were　a　Million　of　Money　in　England；　the　Money　would　be　well　enough　proportioned　to　the　Debts：　But　if　Two　Millions　were　necessary　to　carry　on　the　Trade；　there　would　be　a　Million　wanting；　and　the　price　of　Money　would　be　raised；　as　it　is　of　any　other　Commodity　in　a　Market；　where　the　Merchandize　will　not　serve　half　the　Customers；　and　there　are　two　Buyers　for　one　Seller。　　　　　'Tis　in　vain　therefore　to　go　about　effectually　to　reduce　the　price　of　Interest　by　a　Law；　and　you　may　as　rationally　hope　to　set　a　fixt　Rate　upon　the　Hire　of　Houses；　or　Ships；　as　of　Money。　He　that　wants　a　Vessel；　rather　than　lose　his　Market；　will　not　stick　to　have　it　at　the　Market　Rate；　and　find　ways　to　do　it；　with　security　to　the　Owner；　though　the　Rate　were　limited　by　a　Law：　And　he　that　wants　Money；　rather　than　lose　his　Voyage；　or　his　Trade；　will　pay　the　Natural　Interest　for　it；　and　submit　to　such　ways　of　Conveyance；　as　shall　keep　the　Lender　out　of　the　reach　of　the　Law。　So　that　your　Act；　at　best；　will　serve　only　to　increase　the　Arts　of　Lending；　but　not　at　all　lessen　the　Charge　of　the　Borrower：　He　'tis　likely　shall　with　more　trouble；　and　going　farther　about；　pay　also　the　more　for　his　Money；　unless　you　intend　to　break　in　only　upon　Mortgages　and　Contracts　already　made；　and　（which　is　not　to　be　supposed）　by　a　Law；　postfactum；　void　Bargains　lawfully　made；　and　give　to　Richard　what　is　Peters　Due；　for　no　other　Reason；　but　because　one　was　Borrower；　and　the　other　Lender。　　　　　But　supposing　the　Law　reach'd　the　intention　of　the　Promoters　of　it；　and　that　this　Act　be　so　contrived；　that　it　forced　the　Natural　price　of　Money；　and　hindred　its　being　by　any　Body　Lent　at　a　higher　Use；　than　Four　Pound　Per　Cent。　which　is　plain　it　cannot。　Let　us　in　the　next　place　see；　what　will　be　the　Consequences　of　it。　　　　　1。　It　will　be　a　loss　to　Widows；　Orphans；　and　all　those　who　have　their　Estate　in　Money；　one　third　of　their　Estates：　which　will　be　a　very　hard　case　upon　a　great　number　of　People；　and　it　is　warily　to　be　consider'd　by　the　Wisdom　of　the　Nation；　whether　they　will　thus　at　one　blow；　fine　and　impoverish　a　great　and　innocent　part　of　the　People；　who　having　their　Estates　in　Money；　have　as　much　Right　to　make　as　much　of　their　Money；　as　it　is　worth；　（for　more　they　cannot）　as　the　Landlord　has　to　let　his　Land　for　as　much　as　it　will　yield。　To　Fine　Men　one　Third　of　their　Estates；　without　any　Crime　or　Offence　committed；　seems　very　hard。　　　　　2。　As　it　will　be　a　considerable　Loss　and　Injury　to　the　mony'd　Man；　so　it　will　be　no　Advantage　at　all　to　the　Kingdom。　For　so　Trade　be　not　Cramp'd；　and　the　Exportation　of　our　Native　Commodities　and　Manufactures　not　hindred；　it　will　be　no　matter　to　the　Kingdom；　who　amongst　our　selves　Gets　or　Loses：　only　common　Charity　teaches；　that　those　should　be　most　taken　care　ofby　the　Law；　who　are　least　capable　of　taking　care　for　themselves。　　　　　3。　It　will　be　a　Gain　to　the　Borrowing　Merchant；　For　if　he　Borrow　at　Four　per　Cent。　and　his　Returns　be　Twelve　per　Cent。　he　will　have　Eight　Per　Cent。　and　the　Lender　Four：　Whereas　now　they　divide　the　profit　equally　at　Six　Per　Cent。　But　this　neither　Gets　nor　Loses　the　Kingdom　in　your　Trade；　supposing　the　Merchant　and　Lender　to　be　both　Englishmen：　only　it　will　as　I　have　said；　transfer　a　third　part　of　the　Mony'd　Mans　Estate；　who　has　nothing　else　to　live　on；　into　the　Merchants　Pocket；　and　that　without　any　Merit　in　the　one；　or　Transgression　in　the　other。　Private　mens　interests　ought　not　thus　to　be　neglected；　nor　sacrificed　to　any　thing　but　the　manifest　advantage　of　the　Publick。　But　in　this　case　it　will　be　quite　the　contrary。　This　loss　to　the　mony'd　Men　will　be　a　prejudice　to　Trade：　Since　it　will　discourage　Lending　at　such　a　disproportion　of　Profit；　to　Risque；　as　we　shall　see　more　by　and　by；　when　we　come　to　consider　of　what　consequence　it　is　to　encourage　Lending；　that　so　none　of　the　Money　of　the　Nation　may　lie　dead；　and　thereby　prejudice　Trade。　　　　　4。　It　will　hinder　Trade。　For　there　being　a　certain　proporion　of　Money　necessary　for　driving　such　a　proporion　of　Trade；　so　much　Money　of　this　as　lies　still；　lessens　so　much　of　the　Trade。　Now　it　cannot　be　rationally　expected；　but　that　where　the　Venture　is　great；　and　the　Gains　small；　（as　it　is　in　Lending　in　England　upon　low　Interest）　many　will　choose　rather　to　hoard　up　their　Money；　than　venture　it　abroad　on　such　Terms。　This　will　be　a　loss　to　the　Kingdom；　and　such　a　loss；　as　here　in　England　ought　chiefly　to　be　looked　after：　For　we　having　no　Mines；　nor　any　other　way　of　getting；　or　keeping　of　Riches　amongst　us　but　by　Trade；　so　much　of　our　Trade　as　is　lost；　so　much　of　our　Riches　must　necessarily　go　with　it；　and　the　over…ballancing　of　Trade　between　us　and　our　Neighbours；　must　inevitably　carry　away　our　Money；　and　quickly　leave　us　Poor；　and　exposed。　Gold　and　Silver　though　they　serve　for　few　yet　they　command　all　the　conveniencies　of　life；　and　therefore　in　a　plenty　of　them　consists　Riches。　　　　　Every　one　knows　that　Mines　alone　furnish　these：　But　withal　'tis　observable　that　most　Counties　stored　with　them　by　Nature　are　poor。　The　digging　and　refining　of　these　Metals　taking　up　the　Labour；　and　wasting　the　Number　of　the　People。　For　which　reason　the　wise　Policy　of　the　Chineses　will　not　suffer　the　Mines　they　have　to　be　wrought。　Nor　indeed；　things　rightly　considered；　do　Gold　and　Silver　drawn　out　of　the　Mine　equally　Enrich；　with　what　is　got　by　Trade。　He　that　would　make　the　lighter　Scale　preponderate　to　the　opposite；　will　not　so　soon　do　it；　by　adding　encrease　of　new　Weight　to　the　emprier；　as　if　he　took　out　of　the　heavier　what　he　adds　to　the　lighter；　for　then　half　so　much　will　do　it。　Riches　do　not　consist　in　having　more　Gold　and　Silver；　but　in　having　more　in　proportion；　than　the　rest　of　the　World；　or　than　our　Neighbours；　whereby　we　are　enabled　to　procure　to　our　selves　a　greater　Plenty　of　the　Conveniencies　of　Life　than　comes　within　the　reach　of　Neighbouring　kingdoms　and　States；　who；　sharing　the　Gold　and　Silver　of　the　World　in　a　less　proportion；　want　the　means　of　Plenty　and　Power；　and　so　are　Poorer。　Nor　would　they　be　one　jot　the　Richer；　if　by　the　discovery　of　new　Mines　the　quantity　of　Gold　and　Silver　in　the　World　becoming　wice　as　much　as　it　is；　their　shares　of　them　should　be　doubled。　By　Gold　and　Silver　in　the　World　I　must　be　understood　to　mean；　not　what　lies　hid　in　the　Earth；　but　what　is　already　out　of　the　Mine　in　the　Hands　and　Possessions　of　Men。　This；　if　well　considered；　would　be　no　small　encouragement　to　Trade；　which　is　a　surer　and　shorter　way　to　Riches　than　any　other；　where　it　is　managed　with　Skill　and　Industry。　　　　　In　a　Country　not　furnished　with　Mines　there　are　but　two　ways　of　growing　Rich；　either　Conquest；　or　Commerce。　By　the　first　the　Romans　made　themselves　Masters　of　the　Riches　of　the　World；　but　I　th