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A31146 A letter to a friend concerning usury wherein are mentioned all the arguments formerly written for and against the abatement of interest / collected out of four tracts on that subject, one by Sir Thomas Culpeper, Senior, in 1621, another by Sir Thomas Culpeper, Junior, in 1668, the third by Sir Josiah Child in 1668, and the fourth by Mr. Thomas Manley in 1669, by R.C. R. C. 1690 (1690) Wing C106; ESTC R35829 9,394 33

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much more than it sold Sweden a meer Limb of the French Interest we alone sitting under the Shaddow of our own Vines might afford to give them all great odds for all the Markets of the World were full of our Growth and thin of theirs The Kings Customs yearly greatly advanced the Gentleman daily raised his Rent yet duly received it which the Farmer chearfully paid and the Merchant their Factor thrived with his Principal Our Land was yearly improved and with it Our Manufacture increased Our poor generally employed and not turned a Charge upon the Land Our Debtors daily cleared themselves either by sale of Land or fortunate Industry So as in a short time There would have been no decay no leading into Captivity and no complaining in our Streets Betwixt 1640 and 1660 was a vast Gulf of Twenty Years ruine and distraction in this Kingdom during which time not to mention our own Declination viz. Anno 1647 happened the Peace at Munster whereby the Dutch being unmolested and secured from Spanish pretence were at leisure to intend their Trade and undermine Ours Germany hath had time to Re-people Re-build and Re-plant Sweden is become an Independent Power of much weight in the Ballance of Christendom And France first making Peace with the Emperor then with Spain by the Sovereignty of its Dominion the largeness and compactness of its Territory and the preheminence of its Soil and Climate is in a few Years become dangerous to us all Anno 1652. The Grandees of that Junto found themselves in a dangerous Dilemma For as on the side they saw That without encouraging Trade and Navigation their New Machine of a Commonwealth must soon fall so neither without the utter Oppression of the Nobility and Gentry could it long stand They therefore for the present Exigence contrived an Expedient by continuing all the Burthens upon Land and abating Interest to Six per Cent. They meant no question when they had once accomplished their purpose of ruining their Enemy the Landlord to bring it lower as yet it was not seasonable for scarce any Land-Taxes with very low Interest would greatly and suddenly hurt him But sure they were short-sighted if they did not see That Land-Taxes would destroy Trade though not so immediately yet as effectually as high Interest And that if by Embasing our Land we discourage its Improvement we nip our Trade in its very Bud. Anno. 1660. His Majesty being happily restored and the Kingdom settled my Father forthwith resumed his design of further abating Interest as the greatest of Blessings both to King and Kingdom But my Lord Culpeper dying who he knew had the same Thoughts and through whose Assistance only he hoped to effect it he soon gave it over finding as he said that the World was then intent upon other Game than Trade and despairing that himself should live to see it Yet before his death he recommended the Prosecution of it to me his Executor together with the Payment of his Debts Adding sometimes in jest That the Usurer and he were not yet even for he had only scratched the Usurer the Usurer had stab'd him but he hoped he might without Breach of Charity will me if I could to revenge his quarrel by doing good to the Usurer against his will Accordingly he made it the main drift of his private discourses with me in the last period of his Age being 87 Years old when he died about six Years since to arm me for his Encounter by possessing me not only with the Evidence but the Importance of the Argument by telling me frequently That when he was forgotten it would be revived That he wished it were not too late considered That it would at once Reform a thousand Abuses That he did not see how a Register could be till low Interest first made way for it by clearing Incumbrances That he marvelled Sir Walter Raleigh who wrote so many notable things concerning Trade Navigation and Fishing never harped upon this String That he could boast to have been happily instrumental in the recovery and preservation of many thousand Acres of excellent Marsh-Land but to his own loss by unhappily exposing himself to the Canker of Interest that Interest being high borrowing chargeable and all the burthens laid upon Land it was time for Gentlemen in debt if they meant honestly to wear Linsey-Woolsey and eat Eggs and Sallets to which we must all come by degrees for so the wary Spaniard in a barren Country supports himself against the extremity of Taxes In the same Year viz. 12 Car. 2. Six per Cent. being then generally practised That Convention holding it necessary to continue the said practice confirmed it by a Statute Intituled An Act for Restraining Excessive Usury The Preamble whereof is as followeth Forasmuch as the Abatement of Interest from ten in the Hundred in former times hath been found by notable Experience beneficia to the Advancement of Trade and Improvement of Lands by good Husbandry with many other considerable Advantages to this Nation especially in the Reducing of it to a nearer proportion with other States with whom we Traffick And whereas in fresh memory the like fall from Eight to Six in the Hundred by a late constant practice hath found the like success to the general Contentment of this Nation as is visible by several Improvements And whereas it is the endeavour of some at present to reduce it back again in practice to the allowance of the Statute still in force to Eight in the Hundred to the great discouragement of Ingenuity and Industry in the Husbandry Trade and Commerce of this Nation Be it therefore c. Confirmed 13 Car. 2. Cap. 14. After my Fathers decease I endeavoured what I could to propagate so fruitful a Plant and try if it would grow at London which I take it is not so far Northward as Amsterdam but for want of Eloquence I found my self always contradicted and foiled though I must needs say never convinced The most popular Argument I met with was this That Eight per Cent. were far more seasonable in our scarcity of Money Since 1. High Interest brings Money 2. Money brings Trade To the first of these Propositions I could have answered That the Money mentioned must be either Gotten Given or Lent Gotten I fear it cannot be at Eight per Cent. because I see that even at Six per Cent. our wisest Traders who both by their Stocks and Experience are best able to manage Trade daily decline it and betake themselves to Interest as a more steady Income leaving younger Men who commonly are more sanguine to feast themselves with Hope and buy their Experience Given I doubt it is not for I hear of slender Charity now stirring If it be Lent it must be re-paid with greater Interest than the Use of it will yield and that mars all To the second I could have shewn the vast difference where Trade brings Money as it doth in Holland and once did here and