some considerations of the lowering of interest-第6部分

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　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　value　in　respect　of　Money；　or；　which　is　all　one；　lessening　the　value　of　Money。　For　Example：　Should　the　value　of　Gold　be　brought　down　to　that　of　Silver；　One　hundred　Guineas　would　purchase　little　more　Corn；　Wool；　or　Land；　than　One　hundred　shillings；　and　so　the　Value　of　Money　being　brought　lower；　say　they；　the　price　of　other　Things　will　rise；　and　the　falling　of　Interest　from　Six　pound　to　Four　pound　per　Cent。　is　taking　away　so　much　of　the　price　of　Money；　and　so　consequently　the　lessening　its　value。　　　　　The　mistake　of　this　plausible　way　of　Reasoning　will　be　easily　discovered；　when　we　consider　that　the　measure　of　the　value　of　Money；　in　proportion　to　any　thing　purchasable　by　it；　is　the　quantity　of　the　ready　Money　we　have；　in　Comparison　with　the　quantity　of　that　thing　and　its　Vent；　or　which　amounts　to　the　same　thing；　The　price　of　any　Commodity　rises　or　falls；　by　the　proportion　of　the　number　of　Buyers　and　Sellers；　This　rule　holds　Universally　in　all　Things　that　are　to　be　bought　and　Sold；　bateing　now　and　then　an　extravagant　Phancy　of　some　particular　Person；　which　never　amounts　to　so　considerable　a　part　of　Trade　as　to　make　any　thing　in　the　account　worthy　to　be　thought　an　Exceprion　to　this　Rule。　　　　　The　Vent　of　any　Thing　depends　upon　its　Necessity　or　Usefulness；　as　Convenience；　or　Opinion　guided　by　Phancy　or　fashion　shall　determine。　　　　　The　Vent　of　any　Commodity　comes　to　be　increased　or　decreased　as　a　greater　part　of　the　Running　Cash　of　the　Nation　is　designed　to　be　laid　out　by　several　People　at　the　same　time　rather　in　that；　than　another；　as　we　see　in　the　change　of　Fashions。　　　　　I　shall　begin　first　with　the　Necessaries　or　Conveniencies　of　Life；　and　the　Consumable　Commodities　subservient　thereunto；　and　shew；　That　the　Value　ofMoney　in　respect　of　those　depends　only　on　the　Plenty　or　Scarcity　of　Money　in　proportion　to　the　Plenty　and　Scarcity　of　those　things；　and　not　on　what　Interest　shall　by　Necessity；　Law；　or　Contract　be　at　that　time　laid　on　the　borrowing　of　Money：　and　then　afterwards　I　shall　shew　that　the　same　holds　in　Land。　　　　　There　is　nothing　more　confirmed　by　daily　Experience；　than　that　Men　give　any　Portion　of　Money　for　whatsoever　is　absolutely　necessary；　rather　than　go　without　it。　And　in　such　things；　the　Scarcity　of　them　alone　makes　their　Prices。　As　for　Example。　Let　us　suppose　half　an　Ounce　of　Silver；　or　half　a　Crown　now　in　England；　is　worth　a　Bushel　of　Wheat：　But　should　there　be　next　Year　a　great　scarcity　of　Wheat　in　England；　and　a　proportionable　want　of　all　other　Food；　five　Ounces　of　Silver　would　perhaps　in　Exchange　purchase　but　one　Bushel　of　Wheat：　So　that　Money　would　be　then　nine　Tenths　less　worth　in　respect　of　Food；　though　at　the　same　value　it　was　before；　in　respect　of　other　Things；　that　kept　their　former　proportion；　in　their　quantity　and　Consumption。　　　　　By　the　like　proportions　of　Increase　and　Decrease；　does　the　value　of　Things；　more　or　less　convenient；　rise　and　fall　in　respect　of　Money；　only　with　this　difference；　that　things　absolutely　necessary　for　Life　must　be　had　at　any　Rate；　but　Things　convenient　will　be　had　only　as　they　stand　in　preference　with　other　Conveniencies：　And　therefore　in　any　one　of　these　Commodities；　the　value　rises　only　as　its　quantity　is　less；　and　vent　greater；　which　depends　upon　its　being　preferr'd　to　other　Things　in　its　Consumption。　For　supposing　that　at　the　same　time　that　there　is　a　great　scarcity　of　Wheat；　and　other　Grain；　there　were　a　considerable　quantity　of　Oats；　Men　no　question　would　give　far　more　for　Wheat　than　Oats；　as　being　the　healthier；　pleasanter；　and　more　convenient　Food：　But　since　Oats　would　serve　to　supply　that　absolute　necessity　of　sustaining　Life；　Men　would　not　rob　themselves　of　all　other　Conveniencies　of　Life；　by　paying　all　their　Money　for　Wheat；　when　Oats；　that　are　cheaper；　though　with　some　inconvenience；　would　supply　that　Defect。　It　may　then　so　happen　at　the　same　time；　that　half　an　Ounce　of　Silver；　that　the　Year　before　would　buy　one　Bushel　of　Wheat；　will　this　Year　buy　but　one　Tenth　of　a　Bushel：　Half　an　Ounce　of　Silver；　that　the　Year　before　would　have　bought　three　Bushels　of　Oats；　will　this