some considerations of the lowering of interest-第8章

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d　serve　other　parts　of　Trade；　but　how　much　Money　is　necessary　to　be　in　each　man's　hands　all　the　Year　round；　taking　one　time　with　another；　（i。e。）　having　Three　hundred　pounds　in　his　Hand　one　month；　is　to　be　reckoned　as　One　hundred　pound　in　his　Hand　three　months；　（and　so　proportionably）　I　think　we　may　well　suppose　a　quarter　of　the　Yearly　Revenue　to　be　constancy　in　the　Landlords　or　Tenants　Hands。　　　　　Here；　by　the　by；　we　may　observe；　That　it　were　better　for　Trade；　and　consequently　for　everybody；　（for　more　Money　would　be　stirring；　and　less　would　do　the　business）　if　Rents　were　paid　by　shorter　intervals　than　six　months。　For　supposing　I　let　a　Farm　at　Fifty　two　pounds　per　An。　if　my　Rent　be　paid　half　Yearly；　there　is　required　Twenty　six　pounds　to　be　employed　in　the　Payment　ofit　in　one　entire　Sum；　（if　it　be　paid　well；　and　if　it　be　not　paid　well；　for　want　of　so　much　Money　to　be　spared　to　that　purpose；　there　is　so　much　want　of　Money；　and　Trade　is　still　endamag'd　by　it）　a　great　part　whereof　must　necessarily　lie　still　before　it　come　out　of　my　Tenants　Chest　to　my　Hands：　If　it　be　paid　once　a　quarter　Thirteen　pound　alone　will　do　it；　and　less　Money　is　laid　up　for　it；　and　stop'd　a　less　while　in　its　course：　But　should　it　be　paid　every　Week；　one　single　wenty　Shillings　will　pay　the　Rent　of　Fifty　two　pounds　per　Annum；　whence　would　follow　this　double　benefit。　First；　That　a　great　deal　less　Money　would　serve　for　the　Trade　of　a　Country。　And　Secondly；　That　less　of　the　Money　would　lie　still；　the　contrary　whereof　must　needs　happen；　where　growing　Debts　are　to　be　paid　at　larger　distances；　and　in　greater　Sums。　　　　　Thirdly；　As　for　the　Brokers；　since　they　too　must　lay　up　the　Money　coming　in　by　Retail；　either　to　go　to　Market；　and　buy　Wares；　or　to　pay　at　the　day　appointed；　which　is　often　six　Months；　for　those　Wares　which　they　have　already；　we　cannot　suppose　them　to　have　less　by　them；　one　with　another；　than　One　twentieth　part　of　their　yearly　Returns。　Whether　the　Money　be　their　own；　or　they　be　Indebted　so　much　or　more；　it　matters　not；　if　it　be　necessary　they　should　have　constancy　by　them；　comparing　one　time　with　another；　at　least　One　twentieth　part　of　their　yearly　Return。　　　　　Indeed　in　some　great　Towns；　where　the　Bankers　are　ready　at　hand　to　buy　Bills；　or　any　other　way　to　lend　Money；　for　short　time　at　great　Interest；　there　perhaps　the　Merchant　is　not　forced　to　keep　so　much　Money　by　him；　as　in　other　places；　where　they　have　not　such　a　Supply：　But　if　you　consider；　what　Money　to　do　this　must　necessarily　be　constantly　lodged　in　the　Bankers　Hands　the　case　will　be　much　the　same。　　　　　To　these　Sums；　if　you　add；　what　part　of　the　Money　of　a　Country　Scholars　of　all　sorts；　Women；　Gamesters；　and　great　Mens　menial　Servants；　and　all　such　that　do　not　contribute　at　all　to　Trade；　either　as　Landholders；　Labourers；　or　Brokers；　will　unavoidably　have　constantly　in　their　Hands；　it　cannot　well　be　thought；　that　less　than　One　Fiftieth　part　of　the　Labourers　Wages；　One　Fourth　part　of　the　Landholders　yearly　Revenue；　and　one　Twentieth　part　of　the　Brokers　yearly　Returns　in　ready　Money；　will　be　enough　to　drive　the　Trade　of　any　Country。　At　least；　to　put　it　beyond　exception　low　enough；　it　cannot　be　imagin'd　that　less　than　one　moiety　of　this；　i。e。　less　than　One　hundredth　part　of　the　Labourers　yearly　Wages；　One　Eighth　part　of　the　Landholders　yearly　Revenue；　and　One　Fortieth　part　of　the　Brokers　yearly　Returns；　in　ready　Money；　can　be　enough　to　move　the　several　Wheels　of　Trade；　and　keep　up　Commerce　in　that　Life　and　Thriving　posture　it　should　be；　and　how　much　the　ready　Cash　of　any　Country　is　short。　of　this　proportion；　so　much　must　the　Trade　be　impair'd　and　hindred　for　want　of　Money。　　　　　But　however　these　measures　may　be　mistaken；　this　is　evident；　that　the　multiplying　of　Brokers　hinders　the　Trade　of　any　Country；　by　making　the　Circuit；　which　the　Money　goes；　larger；　and　in　that　Circuit　more　stops；　so　that　the　Returns　must　necessarily　be　slower　and　scantier；　to　the　prejudice　of　Trade：　Besides　that；　they　Eat　up　too　great　a　share　of　the　Gains　of　Trade；　by　that　means　Starving　the　Labourer；　and　impoverishing　the　Landholder；　whose　Interest　is　chiefly　to　be　taken　care　of；　it　being　a　settled　unmoveable　Concernment　in　the　Commonwealth。　　　　　If　this　be　so；　it　is　past　question；　that　all　Encouragement　should　be　given　to　Artificers；　and　things　so　order'd；　as　much　as　might　be；　that　those　who　make；　should　also　Vend　and　Retail　out　their　own　Commodities；　and　they　be　hindred　as　much　as　possible　from　passing　here　at　home；　through　divers　Hands　to　the　last　Buyer。　Lazy　and　Unworking　Shopkeepers　in　this　being　worse　than　Gamesters；　that　they　do　not　only　keep　so　much　of　the　Money　of　a　Country　constantly　in　their　Hands；　but　also　make　the　publick　pay　them　for　their　keeping　of　it。　Though　Gaming　too；　upon　the　account　of　Trade　（as　well　as　other　Reasons）　may　well　deserve　to　be　restrain'd：　Since　Gamesters；　in　order　to　their　Play；　keep　great　Sums　of　Money　by　them；　which　there　lies　Dead。　For　though　Gamesters　Money　shift　Masters　oftener　than　any；　and　is　tumbled　up　and　down　with　every　cast　of　a　Die；　yet　as　to　the　publick　it　lies　perfectly　still；　and　no　more　of　it　comes　into　Trade；　than　they　spend　in　Eating　or　Wearing。　　　　　Here　too　we　may　observe；　how　much　Manufacture　deserves　to　be　incourag'd：　Since　that　part　of　Trade；　though　the　most　considerable；　is　driven　with　the　least　Money；　especially　if　the　Workmanship　be　more　worth　than　the　Materials。　For　to　the　Trade　that　is　driven　by　Labour；　and　Handicrafts　Men；　One　two　and　fiftieth　part　of　the　yearly　Money　paid　them　will　be　sufficient：　But　to　a　Trade　of　Commodities　of　our　bare　Native　growth；　much　greater　proportion　of　Money　is　requir'd。　　　　　Perhaps　it　will　be　wondred；　why　having　given　some　estimate　（how　wide　I　know　not）　of　the　Money　necessary　in　the　Hands　of　the　Landholder；　Labourer；　and　Broker；　to　carry　on　Trade；　I　have　said　nothing　of　the　Consumer；　whom　I　had　mentioned　before。　To　this　I　Answer；　There　are　so　few　Consumers；　who　are　not　either　Labourers；　Brokers；　or　Landholders；　that　they　make　a　very　inconsiderable　part　in　the　account。　For　those　who　immediately　depend　on　the　Landholder；　as　his　Children　and　Servants；　come　in　under　that　title；　being　maintain'd　by　the　Rent　of　his　Lands；　and　so　of　the　rest。　　　　　By　what　has　been　said；　we　may　see　what　Injury　the　Lowering　of　Interest　is　like　to　do　us　by　hindering　Trade；　when　it　shall　either　make　the　Foreigner　call　home　his　Money；　or　your　own　People　backward　to　Lend；　the　Reward　not　being　judged　proportionable　to　the　risque。　　　　　There　is　another　seeming　Consequence；　of　the　reducing　of　Money　to　a　low　Price；　which　at　first　sight　has　such　an　appearance　of　truth　in　it；　that　I　have　known　it　impose　upon　very　able　Men；　and　I　guess　it　has　no　small　Influence；　at　this　time；　in　the　promoting　this　alteration；　and　that　is；　That　the　lowering　of　Interest　will　raise　the　value　of　all　other　Things　in　proportion。　For　Money　being　the　Counter…ballance　to　all　other　Things　purchasable　by　it；　and　lying；　as　it　were；　in　the　opposite　Scale　of　Commerce；　it　looks　like　a　natural　Consequence；　that　as　much　as　you　take　off　from　the　value　of　Money；　so　much　you　add　to　the　price　of　other　Things；　which　are　exchang'd　for　it；　the　raising　of　the　price　of　any　thing　being　no　more　but　the　addition　to　its　val