some considerations of the lowering of interest-第11部分

快捷操作: 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! 如果本书没有阅读完，想下次继续接着阅读，可使用上方 "收藏到我的浏览器" 功能 和 "加入书签" 功能！


ent　need　of　Money　at　home　is　greater　or　less：　In　the　other；　the　whole　Country　has　more　Money；　than　can　well　be　imploy'd　in　the　Trade　thereof；　or　at　least；　the　proportion　of　the　Money　to　the　Trade　is　greater　than　in　the　Neighbouring　Country；　where　the　exchange　is　below　the　Par。　　　　　For；　supposing　the　ballance　of　Trade　to　be　equal　between　England　and　Holland；　but　that　there　is　in　Holland　a　greater　plenty　of　Money；　than　in　England；　（which　will　appear　by　the　lowness　of　the　Natural　Use　in　Holland；　and　the　heighth　of　the　Natural　Use　in　England；　and　also　by　the　dearness　of　Food　and　Labour　in　general　in　Holland；　and　the　cheapness　of　it　in　England。）　If　N。　has　Ten　thousand　pounds　in　Holland；　which　the　greater　Advantage　he　could　make　of　it　in　England；　either　by　Use；　or　Purchase；　tempts　him　to　transfer　into　England；　'tis　probable　he　will　give　as　much　to　a　Merchant　in　Holland　to　pay　him　Ten　thousand　pounds　in　England；　as　the　ensurance　at　that　time　between　Holland　and　England　is　worth。　If　this　happen　to　be　in　a　Country；　where　the　Exportation　of　Bullion　is　Prohibited；　he　must　pay　the　more：　Because　his　Venture；　ifhe　carry　it　in　Specie；　will　be　greater。　And；　upon　this　ground；　perhaps；　the　Prohibiting　the　Exportation　of　Money　out　of　England；　under　Penalties；　may　be　of　some　use；　by　making　the　rate　of　the　exchange　greater　to　those　Countries；　which　Import　upon　us　more；　than　they　Export　in　Commodities；　and　so　retain　some　part　of　the　Money　which　their　over…ballance　of　Trade　would　carry　away　from　us；　though　after　all；　if　we　are　over…ballanc'd　in　Trade　it　must　go。　　　　　But；　since　the　Holland　Merchant　cannot　receive　N's　Ten　thousand　pounds　in　Money　in　Holland；　and　pay　him　Ten　thousand　pounds　in　England；　unless　his　over…ballance　of　Trade　make　English…Men　indebted　to　him　Ten　thousand　pounds　in　Money；　which　he　is　not　like　to　take　in　Commodities。　I　think　the　over…ballance　of　Trade　is　that　which　chiefly　raises　the　exchange　in　any　Country；　and　that　plenty　of　Money　in　any　Country　does　it　only　for　so　much　of　the　Money　as　is　transfer'd　either　to　be　let　out　to　Use；　or　to　be　spent　there。　And　though　Lending　to　Foreigners；　upon　Use；　doth　not　at　all　alter　the　ballance　of　Trade　between　those　Countries；　yet　it　does　alter　the　exchange　between　those　Countries　for　so　much　as　is　lent　upon　Use；　by　not　calling　away　the　Money；　that　should　follow　the　over…ballance　of　Trade；　but　letting　it　rest　there；　as　if　it　were　accounted　for；　all　one　as　if　the　ballance　of　Trade　were　for　so　much　altered。　But　this　being　not　much　in　comparison　of　the　general　Traffick　between　two　Nations；　or　at　least　varying　slower；　the　Merchant　too　regulating　the　exchange；　and　not　the　Usurer。　I　suppose　it　is　the　present　ballance　of　Trade；　on　which　the　exchange　immediately　and　chiefly　depends；　unless　some　accident　shall　make　a　great　deal　of　Money　be　remitted　at　the　same　time；　from　one　place　to　another；　which　will　for　that　time　raise　the　exchange　all　one　as　an　over…ballance　of　Trade；　and　indeed；　when　examin'd　is　generally　very　little　different　from　it。　　　　　To　be　able　to　estimate　the　Par　with　the　rise　and　fall　of　the　exchange；　it　is　necessary　to　know　the　intrinsick　value；　i。e。　how　much　Silver　is　in　the　Coins　of　the　two　Countries；　by　which　you　reckon　and　charge　the　Bill　of　Exchange。　　　　　Sir；　If　I　have　been　led　a　little　too　far　from　one　thing　to　another；　in　the　consideration　of　Money；　I　beg　your　Pardon；　hoping　that　these　Particulars　will　afford　some　light　to　our　present　Subject。　　　　　To　return　to　the　Price　of　Land；　'Tis　evident　by　what　has　been　above…said；　That　the　Years　Purchase　of　Land　do　not　increase　with　the　fall　of　Interest；　and　the　abating　that　good　quality　in　Money　of　yielding　Yearly　Six　per　Cent。　to　Four；　does　not　presently　so　sink　its　Value；　in　respect　of　Land；　that　One　Third　more　is　required　in　exchange：　Falling　of　Interest　from　Six　to　Four；　will　not　raise　Land　from　Twenty　to　Thirty　years　Purchase。　The　rising　and　falling　of　the　Price　of　Land；　as　of　other　things；　depends　much　on　the　quantity　of　Land；　set　to　Sale；　compar'd　with　the　quantity　of　Money　design'd　for　that　Traffick；　or　which　amounts　to　the　same　thing；　upon　the　number　of　Buyers　and　Sellers。　For　where　there　are　many　Sellers　and　few　Purchasers；　though　Interest　be　lessened；　Land　will　be　cheap；　as　I　have　already　shew'd。　At　least；　this　is　certain；　That　making　a　Law　to　reduce　Interest；　will　not　raise　the　Price　of　Lands：　It　will　only；　by　driving　it　more　into　the　Bankers　Hands；　leave　the　Country　barer　of　Money；　whereby；　if　the　price　of　Land　about　London；　should　be　accidentally　raised；　that　of　remoter　Counties　would　thereby　have　fewer　Purchasers；　and　at　lower　Rates。　　　　　This　being　so；　that　the　low　rate　of　Land　depends　much　on　the　great　number　of　Sellers　in　proportion　to　Purchasers；　the　next　thing　to　be　inquir'd　into；　is；　What　makes　plenty　of　Sellers？　and　to　that　the　Answer　is　obvious；　general　ill　Husbandry；　and　the　consequence　of　it；　Debts。　If　a　neglect　of　Government　and　Religion；　ill　Examples；　and　depraved　Education；　have　introduc'd　Debauc'hery。　and　Art　or　Chance　has　made　it　fashionable　for　Men　to　live　beyond　their　Estates；　Debts　will　increase　and　multiply；　and　draw　with　them　a　necessity　on　Men；　first　of　Incumbring；　and　then　Selling　their　Estates。　This　is　generally　the　cause　why　Men　part　with　their　Land：　And　I　think　there　is　scarce　one　of　an　hundred；　that　thinks　of　Selling　his　Patrimony；　till　Mortgages　have　pretty　well　Eat　into　the　Freehold；　and　the　weight　of　growing　Debts　force　a　Man；　whether　he　will　or　no；　out　of　his　Possessions。　When　almost　is　there　ever　a　clear　and　unincumbred　Estate　set　to　Sale？　'Tis　seldom　a　thriving　Man　turns　his　Land　into　Money　to　make　the　greater　advantage：　The　Examples　of　it　are　so　rare；　that　they　are　scarce　of　any　Consideration　in　the　number　of　Sellers。　　　　　This　I　think　may　be　the　Reason；　why　in　Queen　Elizabeth's　days　（when　Sobriety；　Frugality；　and　Industry；　brought　in　daily　Increase；　to　the　growing　Wealth　of　the　Kingdom）　Land　kept　up　its　Price；　and　Sold　for　more　Years　Purchase；　than　corresponded　to　the　Interest　of　Money；　then　busily　imploy'd　in　a　thriving　Trade；　which　made　the　natural　Interest　much　higher　than　it　is　now；　as　well　as　the　Parliament　then　set　it　higher　by　Law。　　　　　On　the　contrary　side；　what　makes　scarcity　of　Purchasers？　　　　　1。　The　same　Reason；　Ill　Husbandry。　When　the　Tradesman　lives　up　to　the　heighth　of　his　Income；　and　the　vanity　of　Expences　either　drains　the　Merchants　Coffers；　or　keeps　them　from　over…flowing；　he　seldom　thinks　of　Purchasing。　Buying　of　Land　is　the　result　of　a　full　and　satiated　Gain：　And　Men　in　Trade　seldom　think　of　laying　out　their　Money　upon　Land；　till　their　Profit　has　brought　them　in　more；　than　their　Trade　can　well　employ；　and　their　idle　Bags　cumbring　their　Counting　Houses；　put　them　upon　emptying　them　on　a　Purchase。　　　　　2。　Another　thing　that　makes　a　scarcity　of　Buyers　of　Land；　are　doubtful　and　ill　Titles：　Where　these　are　frequent　and　fatal；　one　can　no　more　expect；　that　Men；　who　have　Money；　should　be　forward　to　Purchase；　than　Ships　richly　laden　to　venture　themselves　amongst　Rocks　and　Quicksands。　'Tis　no　wonder　such　Seas　should　not　be　much　frequented；　where　the　Examples；　and　remains　of　daily　Wrecks；　shew　the　folly；　and　hazard　of　the　Venture；　in　the　number　of　those　who　have　Miscarried。　　　　　3。　A　general　decay　ofTrade　discourages　Men　from　Purchasing：　For　this　threatens　an　Universal　Poverty；　which　is　sure　to　fall　first　and　heaviest　upon　Land。　The　Merchant　who　furnishes　the　improvident　Landholder；　will　not　fail　to　have　Money　for　his　Wares　with　Gain；　whether　the　Kingdom　get　by　his　Trade　or　no；　and　he　will　keep　his　Money　rather　employed　in　Trade；　which　brings　him　in　profit；　（for　the　Merchant　may　get　by　a　Trade　that　makes　the　kingdom　Poor）　than　lay　it　out　in　Land；　whose　Rents　he　sees　sinking；　and　foresees　by　the　course　of　Trade；　is　likely　to　continue　on　to　do　so：　When　a　Nation　is　running　to　decay　and　ruin；　the　Merchant；　and　Monied　Man；　do　what　you　can；　will　be　sure　to　starve　last：　Observe　it　where　you　will；　the　decays　that　come　upon；　and　bring　to　Ruin　any　Country；　do　constantly　first　fall　upon　the　Land：　And　though　the　Country　Gentleman；　（who　usually　securely　relies　upon　so　much　a　Year　as　was　given　in　at　his　Marriage　Settlement；　and　thinks　his　Land　an　unmoveable　Fund　for　such　an　Income）　be　not　very　forward　to　think　so：　Yet　this　nevertheless　is　an　undoubted　truth；　that　he　is　more　concern'd　in　Trade；　and　ought　to　take　a　greater　care；　that　it　be　well　manag'd；　and　preserv'd；　than　even　the　Merchant　himself。　For　he　will　certainly　find；　when　a　decay　of　Trade　has　carried　away　one　part　of　our　Money　out　of　the　kingdom；　and　the　other　is　kept　in　the　Merchant　and　Tradesman's　Hands；　that　no　Laws　he　can　make；　nor　any　little　Arts　of　Shifting　Property　amongst　our　selves；　will　bring　it　back　to　him　again；　but　his　Rents　will　fall；　and　his　Income　every　day　lessen；　till　general　Industry；　and　Frugality　join'd　to　a　well　order'd　Trade；　shall　restore　to　the　kingdom　the　Riches　and　Wealth　it　had　formerly。　　　　　This　by　the　way；　if　well　consider'd　might　let　us　see；　that　Taxes；　however　contriv'd；　and　out　of　whose　Hand　soever　immediately　taken；　do　in　a　Country；　where　their　great　Fund　is　in　Land；　for　the　most　part　terminate　upon　Land。　Whatsoever　the　People　is　chiefly　maintained　by；　that　the　Government　supports　it　self　on：　Nay；　perhaps　it　will　be　found；　that　those　Taxes　which　seem　least　to　affect　Land；　will　most　surely　of　all　other；　fall　the　Rents。　This　would　deserve　to　be　well　considered　in　the　raising　of　Taxes；　lest　the　neglect　of　it　bring　upon　the　Country　Gentleman　an　Evil　which　he　will　be　sure　quickly　to　feel；　but　not　be　able　very　quickly　to　remedy。　For　Rents　once　fallen　are　not　easily　raised　again。　A　Tax　laid　upon　Land　seems　hard　to　the　Landholder；　because　it　is　so　much　Money　going　visibly　out　of　his　Pocket：　And　therefore　as　an　ease　to　himself；　the　Landholder　is　always　forward　to　lay　it　upon　Commodities。　But　if　he　will　throughly　consider　it；　and　examine　the　Effects；　he　will　find　he　Buys　this　seeming　Ease　at　a　very　dear　rate：　And　though　he　pays　not　this　Tax　immediately　out　ofhis　own　Purse；　yet　his　Purse　will　find　it　by　a　greater　want　of　Money　there　at　the　end　of　the　year；　than　that　comes　to；　with　the　lessening　of　his　Rents　to　boot；　which　is　a　settled　and　lasting　evil；　that　will　stick　upon　him　beyond　the　present　Payment。　　　　　To　make　this　clear；　let　us　sup