some considerations of the lowering of interest-第8部分

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ould　bring　him　in　no　Yearly　profit；　if　he　did　not　lend　it；　（supposing　he　employs　it　not　himself）　and　so　his　Six　per　Cent。　may　seem　to　be　the　Fruit　of　another　Man's　Labour；　yet　he　shares　not　near　so　much　of　the　profit　of　another　Man's　Labour；　as　he　that　lets　Land　to　a　Tenant。　For　without　the　Tenants　Industry　（supposing　as　before；　the　owner　would　not　manage　it　himself）　his　Land　would　yield　him　little　or　no　Profit。　So　that　the　Rent　he　receives　is　a　greater　Portion　of　the　Fruit　of　his　Tenants　Labour；　than　the　Use　is　at　Six　per　Cent。　For　generally　he　that　borrows　One　thousand　pounds　at　Six　per　Cent。　and　so　pays　Sixty　pounds　per　Annum　Use；　gets　more　above　his　Use　in　one　Year；　by　his　Industry；　than　he　that　Rents　a　Farm　of　Sixty　pounds　per　Annum　gets　in　two；　above　his　Rent；　though　his　Labour　be　harder。　　　　　It　being　evident　therefore；　that　he　that　has　skill　in　Traffick；　but　has　not　Money　enough　to　Exercise　it；　has　not　only　reason　to　borrow　Money　to　drive　his　Trade；　and　get　a　livelihood；　but　as　much　Reason　to　pay　Use　for　that　Money；　as　he；　who　having　skill　in　Husbandry　but　no　Land　of　his　own　to　employ　it　in；　has　not　only　reason　to　Rent　Land；　but　to　pay　Money　for　the　Use　of　it；　It　follows；　that　Borrowing　Money　upon　Use　is　not　only　by　the　necessity　of　Affairs；　and　the　Constitution　of　Humane　Society；　unavoidable　to　some　Men；　but　that　also　to　receive　Profit　for　the　Loan　of　Money；　is　as　equitable　and　lawful；　as　receiving　Rent　for　Land；　and　more　tolerable　to　the　Borrower；　notwithstanding　the　Opinion　of　some　over…scrupulous　Men。　　　　　This　being　so；　one　would　expect；　that　the　rate　of　Interest　should　be　the　Measure　of　the　value　of　Land　in　number　of　Years　Purchase；　for　which　the　Fee　is　sold：　For　100　l。　per　Annum　being　equal　to　100　l。　per　Annum；　and　so　on　to　peretuity；　and　100　l。　per　Annum　being　the　Product　　　　　of　1000　l。　when　Interest　is　at　10　per　Cent。　　　　　of　1250　l。　when　Interest　is　at　8　per　Cent。　　　　　of　1666　l。　or　thereabouts；　when　Interest　is　at　6　per　Cent。　　　　　of　2000　l。　when　Money　is　at　5　per　Cent。　　　　　of　2500　l。　when　Money　is　at　4　per　Cent。　One　would　conclude；　I　say；　that　Land　should　Sell　in　proportion　to　Use；　according　to　these　following　Rates；　viz。

When　Money　is　at　10　per　Cent。　for　10　years　purchase。　　　　　　　　　　　　　　　　　　　8　　　　　　　　　　　　　　　12　1/2　　　　　　　　　　　　　　　　　　　6　　　　　　　　　　　　　　　16　2/3　　　　　　　　　　　　　　　　　　　5　　　　　　　　　　　　　　　20　　　　　　　　　　　　　　　　　　　4　　　　　　　　　　　　　　　25

　　　　But　Experience　tells　us；　that　neither　in　queen　Elizabeth；　nor　king　James　the　First　Reigns；　when　Interest　was　at　Ten　per　Cent。　was　Land　Sold　for　Ten；　or　when　it　was　at　Eight　per　Cent。　for　welve　and　an　half　years　purchase；　or　any　thing　near　the　low　rate　that　high　Use　required　（if　it　were　true；　that　the　rate　of　Interest　govern'd　the　price　of　Land）　any　more　than　Land；　now　yields　Twenty　Five　Years　Purchase；　because　a　great　part　of　the　Monied　Men　will　now　let　their　Money　upon　good　Security　at　Four　per　Cent。　Thus　we　see　in　fact　how　little　this　Rule　has　held　at　home：　And　he　that　will　look　into　Holland；　will　find；　that　the　Purchase　of　Land　was　not　raised　there；　when　their　Interest　fell。　This　is　certain；　and　past　doubt；　that　the　legal　Interest　can　never　regulate　the　price　of　Land；　since　it　is　plain；　that　the　price　of　Land　has　never　changed　with　it　in　the　several　Changes　have　been　made　in　the　rate　of　Interest　by　Law：　Nor　now　that　the　rate　of　Interest　is　by　Law　the　same　through　all　England；　is　the　price　of　Land　every　where　the　same；　it　being　in　some　parts　constancy　sold　for　four　or　five　Years　Purchase　more　than　in　others。　Whether　you　or　I　can　tell　the　Reason　of　this；　it　matters　not　to　the　question　in　hand：　but　it　being　really　so；　this　is　plain　Demonstration　against　those；　who　pretend　to　advance　and　regulate　the　price　of　Land　by　a　Law；　concerning　the　Interest　of　Money。　　　　　But　yet　I　will　give　you　some　of　my　Guesses；　why　the　price　of　Land　is　not　regulated　（as　at　first　sight　it　seems　it　should　be）　by　the　Interest　of　Money。　Why　it　is　not　regulated　by　the　legal　Use　is　manifest；　Because　the　rate　of　Money　does　not　follow　the　Standard　of　the　Law；　but　the　price　of　the　Market；　and　Men　not　observing　the　legal　and　forced；　but　the　Natural　and　Current　Interest　of　Money；　regulate　their　Affairs　by　that。　But　why　the　rate　of　Land　does　not　follow　the　Current　Interest　of　Money　requires　a　farther　Consideration。　　　　　All　Things　that　are　Bought　and　Sold；　raise　and　fall　their　price　in　proportion；　as　there　are　more　Buyers　or　Sellers。　Where　there　are　a　great　many　Sellers　to　a　few　Buyers；　there　use　what　Art　you　will；　the　thing　to　be　Sold　will　be　cheap。　On　the　other　side；　turn　the　Tables；　and　raise　up　a　great　many　Buyers　for　a　few　Sellers；　and　the　same　thing　will　immediately　grow　dear。　This　Rule　holds　in　Land　as　well　as　all　other　Commodities；　and　is　the　Reason；　why　in　England　at　the　same　time；　that　Land　in　some　places　is　at　seventeen　or　eighteen　Years　Purchase；　it　is　about　others；　where　there　are　profitable　Manufactures；　at　two　or　three　and　wenty　Years　Purchase：　Because　there　（Men　thriving　and　getting　Money　by　their　Industry；　and　willing　to　leave　their　Estates　to　their　Children　in　Land；　as　the　surest；　and　most　lasting　Provision；　and　not　so　liable　to　Casualties　as　Money　in　untrading　or　unskilful　Hands）　there　are　many　Buyers　ready　always　to　Purchase；　but　few　Sellers。　For　the　Land　thereabout　being　already　possessed　by　that　sort　of　Industrious　and　Thriving　Men；　they　have　neither　need；　nor　will；　to　Sell。　In　such　places　of　Manufacture；　the　Riches　of　the　one　not　arising　from　the　squandring　and　waste　of　another；　（as　it　doth　in　other　places　where　Men　live　lazily　upon　the　product　of　the　Land）　the　Industry　of　the　People　bringing　in　increase　of　Wealth　from　remote　Parts；　makes　plenty　of　Money　there　without　the　impoverishing　of　their　Neighbours。　And　when　the　thriving　Tradesman　has　got　more；　than　he　can　well　employ　in　Trade；　his　next　Thoughts　are　to　look　out　for　a　Purchase；　but　it　must　be　a　Purchase　in　the　Neighbourhood；　where　the　Estate　may　be　under　his　Eye；　and　within　convenient　distance；　that　the　Care　and　Pleasure　of　his　Farm　may　not　take　him　off　from　the　Engagements　of　his　Calling；　nor　remove　his　Children　too　far　from　him；　or　the　Trade　he　breeds　them　up　in。　This　seems　to　me　the　Reason；　whv　in　places；　wherein　thriving　Manufactures　have　erected　themselves；　Land　has　been　observed　to　Sell　quicker；　and　for　more　Years　Purchase　than　in　other　places；　as　about　Hallifax　in　the　North；　Taunton　and　Exeter　in　the　West。　　　　　This　is　that　then；　which　makes　Land；　as　well　as　other　Things　dear；　plenty　of　Buyers；　and　but　few　Sellers：　And　so　by　the　Rule　of　Contraries；　plenty　of　Sellers　and　few　Buyers　makes　Land　cheap。　　　　　He　that　will　justly　estimate　the　value　of　any　thing；　must　consider　its　quantity　in　proportion　to　its　vent；　for　this　alone　regulates　the　Price。　The　value　of　any　thing；　compar'd　with　its　self；　or　with　a　standing　Measure；　is　greater；　as　its　quantity　is　less　in　proportion　to　its　vent：　But　in　comparing　it；　or　exchanging　it　with　any　other　thing；　the　quantity　and　vent　of　that　thing　too　must　be　allowed　for　in　the　computation　of　their　Value。　But　because　the　desire　of　Money　is　constantly；　almost　every　where　the　same；　its　vent　varies　very　little；　but　as　its　greater　scarcity　enhanses　its　Price；　and　increases　the　scramble；　there　being　nothing　else　that　does　easily　supply　the　want　of　it。　The　lessening　its　quantity；　therefore；　always　increases　its　Price；　and　makes　an　equal　portion　of　it　exchange　for　a　greater　of　any　other　thing。　Thus　it　comes　to　pass；　that　there　is　no　manner　of　settled　proportion　between　the　value　of　an　Ounce　of　Silver；　and　any　other　Commodity：　For　either　varying　its　quantity　in　that　Country；　or　the　Commodity　changing　its　quantity　in　proportion　to　its　vent；　their　respective　values　change；　i。e。　less　of　one　will　barter　for　more　of　the　other：　Though　in　the　ordinary　way　of　speaking；　'tis　only　said；　that　the　price　of　the　Comnmodity；　not　of　the　Money　is　changed。　For　example；　half　an　Ounce　of　Silver　in　England；　will　exchange　sometimes　for　a　whole　Bushel　of　Wheat；　sometimes　for　half；　sometimes　but　a　quarter；　and　this　it　does　equally；　whether　by　Use　it　be　apt　to　bring　in　to　the　Owner　Six　in　the　Hundred　of　its　own　Weight　per　Annum；　or　nothing　at　all：　It　being　only　the　change　of　the　quantity　of　Wheat　to　its　Vent；　supposing　we　have　still　the　same　Summ　of　Money　in　the　Kingdom；　or　else　the　change　of　the　quantity　of　our　Money　in　the　Kingdom；　supposing　the　quantity　of　Wheat；　in　respect　to　its　Vent　be　the　same　too；　that　makes　the　change　in　the　Price　of　Wheat。　For　if　you　alter　the　quantity　or　vent　on　either　side；　you　presently　alter　the　Price；　but　no　other　way　in　the　World。　　　　　For　it　is　not　the　Being；　Adding；　Increasing　or　Diminishing　of　any　good　quality　in　any　Commodity；　that　makes　its　Price　greater　or　less；　but　only　as　it　makes　its　quantity　or　vent　greater　of　less；　in　proportion　one　to　another。　This　will　easily　appear　by　Two　or　Three　Instances。　　　　　1。　The　Being　of　any　good；　and　useful　quality　in　any　thing　neither　increases　its　Price；　nor　indeed　makes　it　have　any　Price　at　all；　but　only　as　it　lessens　its　quantity　or　increases　its　vent；　each　of　these　in　proportion　to　one　another。　What　more　useful　or　necessary　things　are　there　to　the　Being　or　Well…being　of　Men；　than　Air　and　Water；　and　yet　these　have　generally　no　Price　at　all；　nor　yield　any　Money：　Because　their　quantity　is　immensly　greater　than　their　vent　in　most　places　of　the　World。　But；　as　soon　as　ever　Water　（for　Air　still　offers　it　self　every　where；　without　restraint　or　inclosure；　and　therefore　is　no　where　of　any　Price）　comes　any　where　to　be　reduced　into　any　proportion　to　its　consumption；　it　begins　presently　to　have　a　Price；　and　is　sometimes　sold　dearer　than　Wine。　Hence　it　is；　that　the　best；　and　most　useful　things　are　commonly　the　cheapest；　because；　though　their　Consumption　be　great；　yet　the　Bounty　of　Providence　has　made；　their　production　large；　and　suitable　to　it。　　　　　2。　Nor　does　the　Adding　an　excellency　to　any　Commodity；　raise　its　Price；　unless　it　increase　its　Consumption。　For　suppose　there　should　be　taught　a　way　（which　should　be　published　to　the　knowledge　of　every　one）　to　make　a　Medicine　of　Wheat　alone；　that　should　infallibly　Cure　the　Stone：　'Tis　certain　the　discovery　of　this　quality　in　that　Grain；　would　give　it　an　excellency　very　considerable：　And　yet　this　would　not　increase　the　Price　of　it　one　Farthing　in　Twen