Executors except it be left fully and absolutely to the Executors to dispose and put out Money at the discretion of the Executors for the profit and loss of the Heirs and Orphans And if it be so left to the Exccutors discretion they may improve the Monies left them in Trade or purchase of Lands and Leases as well as by interest Or when not the damage such Heirs and Orphans will sustain in their minority being but two per cent is inconsiderable in respect of the great advantage will accrew to the Nation in generel by such abatement of â—nterest Besides when such a Law is made and in use all Men will so take care in their Life to provide for and educate their Children and instruct their Wives as that no prejudice can happen thereby as we see there doth not in Holland and Italy and other places where Interest is so low Having now offered my thoughts in answer to the aforesaid Objections it will not be amiss that we enquire who will be advantaged and who will receive prejudice in case such a Law be made First His Majesty as hath been said in answer to that Objection will when he hath occasion take up Money on better terms Besides which He will receive a great Augmentation to his Revenue thereby all his Lands being immediately worth after the making such a Law double to what they were before his Customs will be much increas'd by the increase of Trade which must necessarily insue upon the making such a Law The Nobility and Gentry whose Estates lie mostly in Land may presently upon all they have instead of Fifty write one Hundred The Merchants and Tradesmen who bear the Heat and Burthen of the Day most of our Trade being carried on by young Men that take up Money at Interest will find their Yoak sit lighter upon their Shouldiers and be incouraged to go on with greater alacrity in their Business Our Marriners Shipwrights Porters Cloathiers Packers and all sorts of Labouring People that depend on Trade will be more constantly and fully employed Our Farmers sell the product of their Lands at better rates And whereas our Neighbours the Netherlanders who in regard of the largeness of their Stocks and Experiences the Sons continually succeeding the Fathers in Trade to many Generations we may not unfitly in this case term Sons of Anach and Men of renown against whom we sight Dwarfs and Pigmies in Stocks and Experience being younger Brothers of Gentlemen that seldom have above one Thousand â—ounds sometimes not two Hundred to begin the World with Instead I say of such young Men and small Stocks if this Law pass we shall bring forth out Sampsons and Goliahs in Stocks subtilty and experience in Trade to coap with our potent Adversaries on the other side there being to every Mans knowledge that understands the Exchange of London divers English Merchants of large Estates which have not much past their middle-Age and yet have wholly left off their Trades having found the sweetness of Interest which if that should abate must again set their Hands to the Plough which they are as able to hold and govern now as ever and also will engage them to train up their Sons in the same way because it will not be so easie to make them Country-Gentlemen as now it is when Lands sell at thirty or fourty years Purchase For the Sufferers by such a Law I know none but idle Persons that lives at as little Expence as Labour Neither scattering by their Expences so as the Poor may Glean any thing after them nor Working with their Hands or Heads to bring either Wax or Honey to the common Hive of the Kingdom but swelling their own Purses by the sweat of other Mens Brows and the contrivances of other Mens Brains And how unprofitable it is for any Nation to suffer Idleness to suck the Breasts of Industry needs no Demonstration And if it be granted me that these will be the effects of an Abatement of Interest then I think it is out of doubt that the Abatement of Interest doth tend to the Enriching of a Nation and consequently hath been one great cause of the Riches of the Dutch and Italians and the encrease of the Riches of our own Kingdom in these last fifty years Another Argument to prove which we may draw from the nature of Interest it self which is of so prodigious a Multiplying nature that it must of necessity make the Lenders monstrous Rich if they live at any moderate Expence and the Borrowers extream Poor A memorial instance whereof we have in Old Audley deceased who did wisely observe That one Hundred Pounds only put out at Interest at ten per cent doth in seventy years which is but the Age of a Man increase to above one Hundred Thousand Pounds And if the Advantage be so great to the Lender the Loss must be greater to the Borrower who as hath been said lives at a much larger Expence And as it is between private Persons so between Nation and Nation that have Communication one with another For whether the Subjects of one Nation lend Money to Subjects of another or Trade with them for Goods the effect is the same As for example A Dutch Merchant that hath but four or five Thousand Pounds clear Stock of his own can easily borrow and have credit for fifteen Thousand Pounds more at three per cent at Home with which whether he Trade or put it to Use in England or any Country where Interest of Money is high he must necessarily without very evil Accidents attend him in a very few years treble his own Capital This discovers the true cause why the Sugar-Bakers of Holland can afford to give a greater price for Barbadoes Sugars in London besides the second Freight and Charges upon them between England and Holland and yet grow exceeding Rich upon their Trade Whereas our Sugar-Bakers in London that buy Sugars here at their own Doors before such additional Freight and Charges come upon them can scarce live upon their Callings ours here paying for a good share of their Stocks six per cent and few of them employ in their Sugar-works above six to ten Thousand Pounds at most Whereas in Holland they employ twenty thirty to fourty Thousand Pounds Stock in a Sugar-House paying but three per cent at most for what they take up at Interest to fill up their said Stocks which is sometimes half sometimes three quarters of their whole Stocks And as it is with this Trade the same Rules holds throughout all other Trades whatsoever And for us to say if the Dutch put their Money to Interest among us we shall have the advantage by being full and flush of Coin at Home it is a mear Chymera and so far from an Advantage that it is an extream Loss rendring us only in the condition of a young Gallant that hath newly Mortgaged his Land and with the Money thereby raised stuffes his Pockets and looks big
not the â—ffect of Riches in Holland they might take as much Vse-Money as they could get there being no Law against it I answer There were formerly Laws in Holland that reduced Interest to 8 and 6 and afterwards to 5 per Cent Anno 1640. and since in the Year 1655. to 4 per Cent the Placart for which I have seen and have been told and do believe they have since reduced it by Placart to 3 per Cent as to their Cantors and all publick Receipts which in Holland is as much in effect as if they had made a general Law for it because the most of their Receipts and Payments are made in and out of the aforesaid publick Offices or else into and out of their Banks for which no Use-Money is allowed which several gradual and succesful Abatements of Interest did occasion their Riches at first and brought their People to that consistency of Wealth that they have since wrought themselves into such an abundance that there are more Lenders now than Borrowers and so I doubt not but it will be with us in a few Years after the next Abatement of Interest is made by Law which I have good reason to conclude not only from the visible operations of nature in all other things and places but from Fact and Experience in this very case being certain that the Gold-Smiths in London could have what Money they would upon their Servants Notes only at 4 l. and 4 l. 10 s. per Cent before the late Emergencies of State which I could demonstrate have very much obstructed the natural fall of Interest with us something more I have said in answer to this in the addition to my former Treatise and this may serve likewise for an answer to his third Reason Fourthly he saith That which I must prove to make good my â—ssertion is that any Country in the World from a poor and low condition while Interest was at 6 per Cent was made rich by bringing it to 4 per Cent or 3 per Cent by a Law I answer If the instance of Holland and Italy were not sufficient to satisfie him in this point yet that having proved which he cannot denâ— that our own Kingdom hath been enriched consequently constantly and proportionably to and after our several Abatements of Interest by Law from an unlimitted rate to 10 from 10 to 3 and from 8 to 6 per Cent I think it may rationally be concluded that another Abatement of Interest in England would cause a further encrease of Riches aâ— it hath done in Holland From Italy I have endeavoured to gain a certain accompt of their legal Intâ—rest but am advised that no taking of Use-Money is allowed by their Pontificial Laws the Interest now taken there which is generally 4 per Cent is done only by dispensation of Pope â—aul the fifth and that notwithâ—â—â—nding no man can recover Interest of Money there if the party who should pay it can prove he hath no gained the value of the Interest demanded Now let the Reader judge whether that practise of Holland and this of Italy where the Romish Church-men have so great power who are to take Cognizance and may by their Auricular Confessors of all Offences of this kind the Laws concerning the use of Money in those Countries being Fontificial do not amount in effect to a low stated Interest by Law in England But to deal more ingenuously with my Opposer then he hath done with me I will grant him that much Riches will occasion in any Kingdom a low rate of Interest and yet tâ—at doth not hinder but a low stated Interest by Law may be a cause of Riches For if Trade be that which enricheth any Kingdom and loweâ—ing of Interest advanceth Trade which I think is sufficiently pâ—oved then the Abatement of Interest or more prâ—perly restraining of Usury which the antient Romans and all other wise and rich People in the world did always drive at is doubtless a primary and principal cause of the Riches of any Naâ—ion it being not improper to say nor absurd to conceive that The same thing may be both a Cause and an Effect Peace begets Plenty and Plenty may be a means to preserve Peace Fear begets Hatred and Hatred Fear The diligent Hand makes rich and Riches makes men diligent so true is the Proverb Creseit amor Nummi quantum ipsa pecunia erescit Love we say begets Love the fertility of a Country may cause the encrease of People and the encrease of People may cause the further and greater fertility of a Country Liberty and Property conduce to the encrease of Trade and Emprovement of any Country and the encrease of Trade and Emprovements conduce to the procuring as well as securing of Liberty and Property Strength and Health conduce to a good digestion and a good digestion is necessary to the preservation of Health and encrease of Strength and as a Person of very great honour pertinently instanced at a late debate upon this Question An Egg is the cause of a Hen and a Hen the cause of an Egg The incomparable Lord Bacon in his History of Henry the 7th saith pag. 245 of that Prince as well as other men That his Fortune worked upon his Nature his Nature upon his Fortune the like may be said of Nations The â—batement of Interest causeth an encrease of Wealth and the encrease of Wealth may cause a further Abatement of Interest But that is best done by the Midwifery of good Laws which is what I plead for the corrupt Nature of man being more apt to decline to Vice then incline to Vertue Folio 15. he affirms Lands are not risen in Purchase nor Rents improved since the Abatement of Interest That I shall say no more to it is matter of Fact and Gentlemen who are the Owners of Land are the best Iudges of this case only I would entreat them not to depend upon their Memories alone but to command particular accompts to be given them what sum or sums of Money were given 40 or 50 Years past for any intire Farms or Mannors they now know and I doubt â—ot but they will find that most of them will yield double the said sums of Money now notwithstanding the present great pressures that Land lies under which ought maturely to be considered of when this judgment is made I rather desire the enquiry to be made upon the gross sum of Money paid then the Years purchase as being less fallible because many Farms have been of late Years so rackt up in Rents that it may be they will not yield more Years purchase now according to the present Rents then they would many years past and yet may yield double the Money they were then bought or sold for because the Rents were much less then Fol. 15. he impertinently quarrels at my instance of Ireland saying I quote it sometimes to prove the benefit of a low Interest pag. 8. And sometimes the mischief of high Interest
before ther were Boat-keepers or Planters at New-found-land Fish was sold cheaper than now it is by about 40 per Cent and consequently more vented the reason whereof I take to be this The Boat-keepers and Planters being generally at first able Fisher-men and being upon the place can doubtless afford their Fish cheaper then the Fishing Ships from Old England so doubtless they did at first as well at New-England as at New-found-land until they had beat the English Ships out of the Trade after which being freed from that competition they became Lazy as to that laborious employment having means otherwise to live and employ themselves and thereupon enhaunced the price of their Fish to such an excess as in effect proves the giving away of that Trade to the French who by our aforesaid impolitick management of that Trade have of late Years been able to under-sell us at all Markets abroad and most certain it is that those that can sell cheapest will have the Trade 5. This Kingdom being an Island it is our Interest as well for our preservation as our profit not only to have many Sea-men but to have them as much as may be within call in a time of danger Now the Fishing Ships going out in March and returning home for England in the Month of September yearly and there being employed in that Trade two hundred and fifty Ships which might carry about ten thousand Sea-men Fisher-men and Shore men as they usually call the younger Persons which were never before at Sea I appeal to the Reader whether such a yearly return of Sea-men abiding at home with us all the Winter and spending their Money here which they got in their Summer-Fishery were not a great access of Wealth and Power to this Kingdom and a ready supply for his Majesty's Navy upon all Emergencies 6. The Fishing Ships yet are and always have been the breeders of Sea-men the Planters and Boat-keepers are generally such as were bred and became expert at the cost of the Owners of Fishing Ships which Planters and Boat-keepers enter very few new or green men 7. By the building fitting victualling and repairing of Fishing-Ships multitudes of English Trades-men and Artificers besides the Owners and Sea-men gain their subsistance whereas by the Boats which the Planters and Boat-keepers build or use at New-found-Land England gets nothing Object But against all that I have said those that contend for a Governour at New-found-Land object 1. That without a Governour and Government there that Country will be alwayes exposed to the surprizal of the French or any Foreigners that shall please to attacque it 2. That the disorders of the Planters which I complain of and some others which for brevities sake I have not mentioned cannot be remedied without a Governour To which I answer first That when we cannot preserve our Colonies by our Shiping or so awe our Neighbours by our Fleets and Ships of War that they dare not attempt them our case will be sad and our Propriety will be lost or in eminent danger not only abroad but at home likewise 2 dly All the Fish that is killed at New-found-Land in a Summer is not sufficient to maintain strength enough on Shore to defend two Fishing Harbours against ten men of War whereas that Country hath more Harbours to defend than are to be found in Old England 3 dly If a Governour be established the next consequence will be a Tax upon the Fishing and the least Tax will encrease the price of Fish and that unavoidably will give the Trade away wholly into the French Hands 4 thly A Government there is already of antient Custom among the Masters of the Fishing-Ships to which the Fishermen are inured and that free from Oppression and adapted to the Trade insomuch that although a better might be wished I never hope to see it XI That New-England is the most prejudical Plantation to this Kingdom I am now to write of a People whose Frugality Industry and Temperance and the happiness of whose Laws and Institution do promise to themselves long Life with a wonderful encrease of People Riches and Power And although no men ought to envy that Vertue and Wisdom in others which themselves either can or will not practice but rather to commend and admire it yet I think it is the duty of every good man primarily to respect the well-fare of his Native Country and therefore though I may offend some whom I would not willingly displease I cannot omit in the progress of this discourse to take notice of some particulars wherein Old England suffers dimunition by the growth of those Colonies settled in New-England and how that Plantation differs from those more Southerly with respect to the gain or loss of this Kingdom viz. 1. All our American Plantations except that of New-England produce Commodities of different Natures from those of this Kingdom as Sugar Tobacco Cocoa Wool Ginger sundry sorts of dying Woods c. Whereas New-England produces generally the same we have here viz. Corn and Cattle some quantity of Fish they do likewise kill but that is taken saved altogether by their own Inhabitants which prejudiceth our New-found-land Trade where as hath been said very few are or ought according to Prudence to be employed in those Fisheries but the Inhabitants of Old England The other Commodities we have from them are some few great Masts Furs and Train-Oyl whereof the Yearly value amounts to very little the much greater value of returns from thence being made in Sugar Cotten Wool Tobacco and such like Commodities which they first receive from some other of his Majesty's Plantations in Barter for dry Cod-Fish salt Mackerel Beef Pork Bread Beer Flower Pease c. which they supply Barbadoes Iamaica c. with to the diminution of the vent of those Commodities from this Kingdom the great Experience whereof in our own West-India Plantations would soon be found in the advantage of the value of our Lands in England were it not for the vast and almost incredible supplies those Colonies have from New-England 2. The People of New-England by vertue of their Primitive Charters being not so strictly tied to the observation of the Laws of this Kingdom do sometimes assume a liberty of Trading contrary to the Act of Navigation by reason whereof many of our American Commodities especially Tobacco and Sugar are transported in New-English Shiping directly into Spain and other foreign Countries without being Landed in England or paying any Duty to his Majesty which is not only loss to the King and a prejudice to the Navigation of Old England but also a total exclusion of the old English Merchant from the vent of those Commodities in those Ports where the New-English Vessels trade because there being no Custom paid on those Commodities in New-England and a great Custom paid upon them in Old England it must necessarily follow that the New-English Merchant will be able to afford his Commodity much cheaper at the
be no gainful Trade Money it self going at ten in the Hundred But in the Low-Countries where Money goeth at six the Building of Ships and Hiring them to others is a gainful Trade and so the Stock of rich Men and the Industry of Beginners are well joyned for the Publick And yet that which is above all the rest the greatest Sin against the Land is that it makes the Land it self of small value nearer the rate of new-found Lands than of any other Country where Laws Government and Peace have so long flourished for the high rate of Usury makes Land sell so cheap and the cheap sale of Land is the cause Men seek no more by Industry and Cost to improve them And this is plain both by Example and Demonstration For we see in other Countries where the Use of Money is of a low rate Lands are generally sold for thirty forty in some for fifty Years Purchase And we know by the rule of Bargaining that if the rate of Use were not greater here then in other Countries Lands were then as good a penny worth at twenty Years Purchase as they are now at sixteen For Lands being the best Assurance and securest Inheritance will still bâ—ar a rate above Money Now if Lands were at thirty Years Purchase or near it there were no so cheap Purchase as the Amendment of our own Lands for it would be much cheaper to make one Acre of Land now worth five Shillings by the Year to be worth ten Shillings or being worth ten to be worth twenty Shillings and so in Proportion then to purchase an other Acre worth five or ten Shillings And in every Acre thus purchased to the Owner by the amendment of his own there were another purchased to the Common-Wealth And it is the Blessing of God to this Land that there are few places of it to which he hath not given means by reasonable Cost and. Industry greatly to amend it in many to double the value so as in time if for their own good mens Industry were compelled that way the Riches and Commodities of this Land will near be doubled Then would all the wet Lands in this Kingdom soon be drained the barren Lands mended by Marle Sleech Lime Chalk Sea-sand and other means which for their profit mens industry would find out We see with how great industry and charge our Neighbours the Dutch do drain and maintain their Lands against the Sea which floweth higher above them then it doth above the lowest parts of our drown'd Lands I will admit a great deal to their Industry but I should very unwillingly grant that they are so much more ingenuous and industrious then we as that all the odds were therein Certainly the main cause of it is that with us Money is dear and Land cheap with them Land is dear and Money cheap and consequently the Improvement of their Lands at so great a charge with them is gainful to the Owners which with us would be lossful for Usury going at ten in the Hundred if a man borrow five Pounds and bestow it on an Acre of Ground the amendment stands him in ten Shillings the Year and being amended the Land is not worth above fifteen Years purchase But if the Use of Money went at no more with us then in other places then five Pound bestowed upon an Acre of Gound would stand a man but in five or six Shillings a Year and the Acre of Land so amended would be worth as hath been shewed six and twenty or thirty years purchase Whereby it appeareth that as the rate of Use now goeth no man but where the Land lieth extraordinarily happily for it can amend his Land but to his own loss whereas if Money were let as it is in other Countries he might bestow more then double so much as now he may and yet be a great gainer thereby and consequently as was before remembred should to his own benefit purchase Land to the Common-wealth Neither would such purchase of Land to the Common-wealth be the benefit to the Landed men only the benefit would be as much to the poor Labourers of the Land For now when Corn and other Fruits of the Land which grow by labour are cheap the Plough and Mattock are cast into the Hedge there is little work for poor men and that at a low rate whereas if the mendment of their own Lands were the cheapest purchase to the Owners if there were many more people then there are they should more readily be set a work at better rates then they now are and none that had their Health and Limbs could be poor but by their extreamest laziness And as the high rate of Usury doth imbase Lâ—nds so it is as great a hindrance to Discoveries Plantations and all good undertakings making it near double as chargeable to the Adventuâ—ers Money being at ten in the hundred as it is in other Countries where the Use of Money is so much lower Now let us see by the contrary and conceive if Usury were tollerated at fifteen or twenty in the hundred and I fear many Borrowers all things considered pay above ten what the condition of things would then be and if it appear how desperate the hurt would be which that would bring it may at least upon good reason perswade us how great the good would he of calling it down Certainly it must of necessity come to pass that all Trades would in a short time decay For few or none and reckon the hazard at nothing yield so great a gain as twenty in the hundred and all other Nations might with so great gain out-trade and under-sell us that more than the Earth would of her self bring forth we should scarce raise any thing from it even for our own use within the Land and Land would be so much imbased as men might afford without loss to themselves to carry the Compost out of their Closes upon their next adjoyning Lands to mend them so far should we be from Marling Liming Draining Planting and any other works of Cost or Industry by which Lands are purchased to the Common-wealth So far from building making of Havens Discoveries new Plantations or any other actions of Vertue and Glory to the State for private gain is the Compass men generally sail by And since we cannot without extraordinary diligence Plant Build Drain or any other way amend our Lands but it will be dearer to us than the purchase of others Money being at ten in the Hundred if Money then should go at twenty in the Hundred the charge of mending our Land would be doubled and the Land abased to seven or eight Years purchase and consequently all works of Industry and Charge for improving of Lands would be quite neglected and given over We should only eat upon one another with Usury have our Commodities from other Nations let the Land grow barren and unmanured and the whole State in short time come to beggary Against this
Lastly The lowness of Interest of Money with them which in peaceable times exceeds not three per cent per annum and is now during this War with England not above four per cent at most Some more Particulars might be added and those aforesaid further improved were it my purpose to discourse at large of Trade But seeing most of the former Particulars are observed and granted by all men that make it any part of their business to inspect the true nature and Principles of Trade but the last is not so much as taken notice of by the most Ingenious to be any Cause of the great encrease of the Riches and Commerce of that people I shall therefore in this Paper confine my self to write principally my Observations touching that viz. The Profit That People have received and any other may receive by reducing the Interest of Money to a very low rate This in my poor opinion is the Causa Causans of all the other causes of the Riches of that People and that if Interest of Money were with us reduced to the same rate it is with them it would in a short time render us as rich and considerable in Trade as they now are and consequently be of greater damage to them and advantage to us then can happen by the Issue of this present War though the success of it should be as good as we can wish except it end in theâ—r total Ruin and Extirpation To illustrate this let us Impartially search our Books and enquire what the state and condition of this Kingdom was as to Trade and Riches before any Law concerning Interest of Money was made The first whereof that I can find was Anno 1545. and we shall be informed that the Trade of England then was Inconsiderable and the Merchants very mean and few And that afterwards viz. Anno 1635. within ten Years after Interest was brought down to eight per Cent there was more Merchants to be found upon the Exchange worth each One Thousand Pounds and upwards then were in the former dayes viz. before the Year 1600. to be found worth One Hundred Pounds each And now since Interest hath been for about twenty Years at six per Cent notwithstanding our long civil Wars and the great complaints of the deadness of Trade there are more men to be found upon the Exchange now worth Ten thousand Pounds Estates then were then of One thousand Pounds And if this be doubted let us ask the aged whether five hundred pounds Portion with a Daughter sixty Years ago were not esteemed a larger proportion then Two thousand pounds is now And whether Gentlewomen in those dayes would not esteem themselves well cloathed in a Searge Gown which a Chamber-Maid now will be ashamed to be seâ—n in Whether our Citizens and middle sort of Gentry now are not more rich in Cloaths Plate Jewels and Houshold-Goods c. then the best sort of Knights and Gentry were in those days And whether our best sort of Knights and Gentry now do not exceed by much in those things the Nobility of England sixty Years past Many of whom then would not go to the price of a whole Sattin-Doublet the Embroiderer being yet living who hath assured me he hath made many hundreds of them for the Nobility with Canvas backs Which way ever we take our measures to me it seems evident that since our first abatement of Interest the Riches and Splendor of this Kingdom is increased to above four I might say above six times so much as it was We have now almost One hundred Coaches for one we had formerly We with ease can pay a greater Tax now in one Year then our Fore fathers could in twenty Our Customs are very much improved I believe above the proportion aforesaid of six to one which is not so much in advance of the Rates of Goods as by encrease of the bulk of Trade for though some Foreign Commodities are advanced others of our Native Commodities and Manufactures are considerably abated by the last Book of Rates I can my self remember since there were not in London used so many Wharfs or Keys for the Landing of Merchants Goods by at least one third part as now there are and those that were then could scarce have Imployment for half what they could do and now notwithstanding one third more used to the same purpose they are all too little in a time of Peace to land the Goods at that come to London If we look into the Country we shall find Lands as much Improved since the abatement of Interest as Trade c. in Cities that now yielding twenty Years purchase which then would not have sold for above eight or ten at most Besides the Rent of Farms have been for these last thirty Years much advanced and although they have for these thâ—ee or four last years fallen that hath no respect at all to the lowness of Interest at present nor to the other mistaken Reasons which are commonly assigned for it But principally to the vast Improvement of â—reland since a great part of it was lately possessâ—d by the Industrous English who were Soldiers in the late Aâ—my and the late great Land-Taxes More might be said but the Premises being considered I judge will sufficiently demonstrate how greatly this Kingdom of England hath been advanc'd in all respects for these last fifty Years And that the abatement of Interest hath been the cause thereof to me seems most probable because as it appears it hath been in England so I find it is at this day in all Europe and other parts of the World Insomuch that to know whether any Country be rich or poor or in what proportion it is so no other Question nâ—eds to be resolved but this viz. What Interest do they pay for Money Near home we see it evidently in Scotland and Ireland where ten and twelve per Cent is paid for Interest the People are poor and despicable their Persons ill cloathed their Houses worse provided and Money intollerably scarce notwâ—thstanding they have great plenty of all â—rovisions nor will their Land yield above eight or ten Years purchase at most In France where Money is at seven per Cent their Lands will yield about eighteen Years purchase and the Gentry who may possess Lands live in good condition though the â—easants are little better then Slaves because they can possess nothing but at the will of others In Italy Money will not yield above three per Cent to be let out upon real Security there the People are rich full of Trade well attired and their Lands will sell at thirty five to forty Years purchase and that it is so or better with them in Holland is too manifest In Spain the usual Interest is ten and twelve per Cent and there notwithstanding they have the only Trade in the World for Gold and Silver Money is no where more scarce the people poor despicable and void of Commerce other then such as
a procurâ—ng cause of Riches 2. Whatever doth Improve the Rent of Farms must be a procurâ—ng cause of Riches 3. Whatever doth Encrease the bulk of Foreign Trade must be a procurâ—ng cause of Riches 4. Whatever doth Multiply domestick Artificers must be a procurâ—ng cause of Riches 5. Whatever doth Encline the Nation to Thriftiness must be a procurâ—ng cause of Riches 6. Whatever doth Employ the Poor must be a procurâ—ng cause of Riches 7. Whatever doth Encrease the Stock of People must be a procurâ—ng cause of Riches Now that the abatement of Interest will advance the value of Land I prove first by Experience for certainly Anno 1621. the currant price of our Lands in England was twelve Years purchase and so I have been assured by many antient Men whom I have queried particularly as to this Matter and I find it so by purchases made about that time by my own Relations and Acquaintance and I presume that any Nobleman or Gentleman of England by only commanding the Stewards of their Mannors to give them Lists out of the Records of any Mannors or Farms that their Grand-Fathers or Fathers bought or sold fifty Years past will find that the same Farms to be now sold would yield one with another at least treble the Mony and in some cases six times the Mony they were then bought and sold for which I submit still to the single and joynt Judgments of the honourable Members of both Houses of Parliament who being the greatest Owners of our Territory are in their private as well as in their politick Capacities the most proper and experimental Judges of â—his Case if the Antient of them will please to recollect their Memories and the Younger will please to be informed by their Elder Servants and if this be so it cannot be denied but the abatement of Interest by a Law hath greatly advanced Lands in purchase as well as improved Rents by meliorating the Lands themselves those improvements by marling limeing draining c. having been made since Money was at 8 and 6 per cent which 10 per cent could not bear And to prove that Lands were then at twelve Years purchase I have the written Testimony of that incomparable worthy Person Sr Thomas Culpepper Senior who page 11. of his first Treatise expresly affirms That Land was then at twelve Yeaâ—s Purchase who being himself a grave and antient Parliament Man and dedicating his Book to the then Parliament whereof he was then a Member cannot without horrible uncharitableness be presumed to impose upon his Country And now that our Interest is at 6 per cent as the same worthy Author did wisely fore-see I appeal to the Judgment and Experience of my Country Men whether the genuine price of our Lands in England now would not be 20 Years Purchase were it not for accidental Pressures under which it labours at present such as these 1. Our late great Land Taxes 2. And principally the late great Improvement of Ireland mentioned in my former Treatise the consequence whereof is that that Country now supplieth Foreign Markets as well as our own Plantations in America with Beef Pork Hides Tallow Bread Beer Wool and Corn at cheaper Rates then we can afford to the beating us out of those Trades whereas formerly viz. presently after the late Irish War many Men got good Estates by Transporting English Cattle thither And that the Improvement of Ireland is the principal cause why our Lands in purchase rise not as naturally they should with the fall of our Interest appears evidently from the effect the fall of Interest hath had upon Houses in London where the growth of Ireland could have no such destructive influence which hath been so considerable that whosoever will please to inform themselves by old Scriveners or antient Deeds shall find that a House in London about fifty Years past that would sell but for 300 l. at most would readily sell within a short time after Interest was brought to 8 per cent at 5 or 600 l. and the same Houses to be sold sometime after Interest was brought to 6 per cent viz. before and after the late Dutch War would have yielded without scruple 1000 or 1200 l. The abatement of Interest having had a double effect upon Houses by encreasing Trade and consequently raising Rents as well as encreasing the number of Years purchase 3. A third reason why Land doth not at present bear an exact proportion to 6 per cent which should naturally be twenty Years is the late Plague which did much depopulate this Kingdom 4. The late Fire in London which hath engaged Men in Building in the City who otherwise would have been purchasing in the Country 5. The unusal plenty of Corn which hath been for these three or four Years past in most parts of Christendom the like whereof hath been seldom known it happening most commonly that when one Country hath had great plenty others have had great scarcity 6. The racking up of Rents in the Years 1651. and 1652. which was presently after the last abatement of Interest A seventh accidental Reason why Land doth not sell at present at the rate it naturally should in proportion to the legal Interest is that innovated practice of Bankers in London which hath more effects attending it then most I converse with have yet observed but I shall here take notice of that only which is to my present purpose viz. The Gentlemen that are Bankers having a large Interest from his Majesty for what they advance upon his Majesties Revenue can afford to give the full legal Interest to all Persons that put Money into their hands though for never so short or long a time which makes the trade of Usury so easie and hitherto safe that few after having found the sweetness of this lasie way of emprovement being by continuance and success grown to fancy themselves secure in it can be lead there being neither ease nor profit to invite them to lay out their Money in Land though at 15 Years purchase whereas before this way of private Bankering came up men that had Money were forced oft-times to let it lie dead by them until they could meet with Securities to their minds and if the like necessity were now of Money lying dead the loss of use for the dead time being deducted from the profit of 6 l. per Cent communibus annis would in effect take off 1 l. per Cent per Annum of the profit of Usury and consequently incline men more to purchase Lands in regard the difference between Usury and Purchasing would not in point of profit be so great as now it is this new invention of Casheâ—ing having in my opinion clearly bettered the Vsurers trade 1 or 2 per Cent per Annum And that this way of leaving Money with Gold-Smiths hath had the aforesaid effect seems evident to me from the scarcity it makes of Money in the Country for the Trade of Bankers being only in London
doth very much drain the ready Money from all other parts of the Kingdom The second point I am to prove is That it will advance the Rent of Farms To prove that it did so in fact depends on memory and for my own part I and most others I converse with do perfectly remember that Rents did generally rise after the late abatement of Interest viz. in the year 1651. and 1652. The reason why they did so was from the encouragement which that abatement of Interest gave to Landlords and Tenants to improve by Draining Marling Limeing c. excellently made out by the aforesaid two worthy Authors so that I do I think with good Reason conclude that the present fall of Rents is not natural but accidental and to be ascribed principally to the fore-going Reasons given for the present abatement of Land in purchase and especially to the late Improvement of Ireland The third thing I am to prove is That the abatement of Interest will encrease the bulk of foreign Trade which I do thus By evidence of fact it hath been so in England the encrease of our Trade hath always followed the abatement of our Interest by Law I say not preceded but followed it and the Cause doth always go before the Effect which I think I have evidently demonstrated in my former Treatise If any doubt of this and will be at the pains to examin the Custom-house Books they may soon be resolved 2. By Authority not only of that antient Gentleman Sr Thomas Culpepper in his second Treatise and therein of the judgment of the French King and Court in an Edict there recited but likewise of a Parliament of England King Lords Commons in the Act for reducing it to 6 per Cent in the Preamble whereof are these Words viz. Forasmuch as the Abatement of Interest from 10 in the Hundred in former times hath been found by notaâ—le Experiâ—nce beneficial to the Advancement of Trade and Improvement of Lands by good Husbandry with many other considâ—raâ—le Advantages to this Nation especially the reducing of it to a nearer proportion with foreign States with whom we traffick And whereas in fresh memory the like fall from 8 to 6 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 c. 3. By necessary consequence when Interest is abated they who call in their Money must either buy Land or trade with it If they buy Land the many Buyers will raise the price of Land If they trade they encrease the number of Traders and consequently the bulk of Trade and let their Money lie dead by them I think I have fully proved they cannot in an addition published to my first Observations 4. By reason for first whilst Interest is at 6 per Cent no man will run an adventure to Sea for the gain of 8 or 9 per Cent which the Dutch having Money at 4 or 3 per Cent at Interest are contented with and therefore can and do follow a vast trade in Salt from St Vuall Rochel and other parts to the Baltique Seas and also their fishing Trade for Herrings and Whale-fishing which we neglect as being not worth our trouble and hazard while we can make 6 per Cent of our Money sleeping For the measure of Money employed in Trade in any Nation bears an exact proportion to thâ— Interest paid for Money As for instance when Money was at 10 per Cent in England no man in his wits would follow any Trade whereby he did not promise himself 14 or 12 per Cent gain at least when Interest was at 8 the hopes of 12 or 10 at least was necessary as 8 or 9 per Cent is now Interest goes at 6 per Cent the Infallible Consequence whereof is that the Trades before recited as well as those of Muscovy and Greenland and so much at least of all others that will not afford us a clear profit of 8 or 9 per Cent we carelesly give away to the Dutch and must do so forever unless we bring our Interest nearer to a Par with theirs and hence in my poor Opinion it follows very clearly that if our Interest were abated one third part it would occasion the employment of one third part more of Men Shpping and Stock in foreign and domestick Trades This discovers the vanity of all our Attempts for gaining of the White-Herring Fishing-Trade of which the Dutch as every body observes make wonderful great advantage though the Fish be taken upon our own Coasts I wish as many did take notice of the reason of it which therefâ—re I shall say something of now though I have touched it in my former Treatise The plain case is this A Dutch-man will be content to employ a Stock of 5 or 10000 l. in Burses materials for Fishing Victuals c. for the carrying on of this Trade and if at the winding up of his Accounts he finds he hath got clear communibus annis for his Stock and Adventure 5 per Cent per Annum he thanks God and tells his Neighbours he hath had a thriving Trade Now while every sloathful ignorant man with us that hath but wit enough to tell out his Money to a Gold Smith can get 6 per Cent without pains or care Is it not monstrous absurd to imagine that ever the English will do any good upon this Trade till they begin at the right end which must be to reduce the Interest of Money Secondly The depraved nature of man affecting ease and pleasure while use of Money runs at 6 per Cent hath always at hand an easie expedient to indulge that humor and reconcile it to another as considerable viz. his Covetousness by putting his Money to use and if a Merchant through his youthful care and industry arrive to an Estate of 20000 l. in twenty Years trading whilst Money is so high and Land so low he can easily turn Country Gentleman or Usurer which were Interest of Money at 4 pâ—r Cent he could not do and consequently must not only follow his Trade himself but make his Children Traders also for to leave them Money without skill to use it would advantage little and purchasing of Lands less when the fall of Interest shall raise them to twenty or thiâ—ty Years purchase which I hope yet to live to see Thirdly From this necessity of Merchants keeping to their Trade and Childrens succeeding their Fathers therein would ensue to Merchants greater skill in Trade more exact and certain correspondency surer more trusty Factors abroad those better acquainted concatinated together by the experimental links of each others Humors Stile Estate and Business And whereas it is as much as a prudent man can do in ten Years time after his settling in London to be exactly well fitted with Factors in all parts and those by Correspondency brought into a mutual Acquaintance of each other and honest Work-men
that even as the World now goes dies diem docet scarce a Session of Parliament passeth without making some good Acts for the bettering of Trade and pareing off the extravagancy of the Law for which ends this last Session produced three That about the Silk-Throwsters That about Transportation of Hides c. That about Writs of Error 8. Will not the full understanding of Trade acquired by Experience and never wanting to any People that make it their constant business to follow Trade as we must do when Interest shall be at 4 per Cent quickly bring us to find our advantage in peâ—mitting all Straâ—gers to co-habit trade and purchase Lands amongst us upon as easie terms as the Dutch do Will not the Consequence of this Law by augmenting the value of Land bring us in time to regular and just Enclosements of our Forrests Commons and Wastes and making our smaller Rivers navigable the highest Improvements that this Land is capable of And have not these last 50 Years since the several Abatements of Interest produced more of these profitable Works then 200 Years before Will not the Consequence of this Law discover to us the vanity and opposition to â—rade that there seems to be in mâ—ny of our Statutes yet in force such as these following viz. 1st The Statutes of Bankrupt as they are now used in many cases more to the Prejudice of honest Dealers then the Bankrupt himself by compelling men often timâ—s to refund Money â—eceived of the Bankrupt for Wares justly sold and delivered him long before it was possible for the Seller to discover the Buyer to be a Brankrupt 2dly Such are our Laws limiting the price of Beer and Ale to one Penny per Quart which bâ—r us from all Improvements and Imitation of foreign Liquors made of Corn commonly called Mum Spruce-Beer Rosteker-Beer which may and are made in England and would occasion the profitable Consumptiâ—n of an incredible quantity of our Grain and prove a great aâ—dition to his Majesties Revenue of Excise expend abundance of Coals in long boyling of those Commodities imploy many Hands in thâ— Manufacture of them as well as Shipping in Transportation of them not only to all our own Plantations in America but to many other parts of the World 3dly Our Laws against engrossing Corn and other Commodities there being no Persons more bâ—neficial to Trade in a Nation then Engrossers which will be a worthy Employment for our present Vsurers and render them truly useful to their Country 4thly Such was our Law against Exportation of Bullion lately repealed 5thly Such is the use of the Law at present which takes not only a Custom but 15 s. per Tun Excise on strong Beer exported being the same Rate it pays when spent at home contrary to the practice of all trading Countries 6thly Such are our Laws which charge Sea-Coals or any of our native Provisions exported with Custom viz. Beef Pork Bread Beer c. for which I think in prudence the Door should be opened wide to let them out 7thly Of the like nature is our Law imposing a great duty upon our Horses Mares and Nags exported 8. Such in my weak Opinion is that branch of the Statute of 5 Eliz. that none should use any manual Occupation except he hath been Appretince to the same 9thly Such in my Opinion is the Law which yet prohibits the Exportation of our own Coin for since it is now by consent of Parliament agreed and found by experience of all understanding men to be advantagious for this Kingdom to permit the free Exportation of Bullion I think it were better for us that our own Coin might likewise be freâ—ly exported because by what of that went out we should gain the Manufacture the Coyning besides the great honour and note of Magnificency it would be to his Majesty and this Kingdom to have his Majesty's Coin currant in all parts of the Vniverse 10thly Such are all by-Laws used among the Society of Coopers other Artificers limiting Masters to keep but one Apprentice at a time whereas it were better for the publick they were permitted to keep ten if they could or would maintain or employ them 11thly Such seem to be many of our Laws relating to the Poor especially those against Inmates in Cities trading Towns and those obliging Parishes to maintain their own Poor only Page 23. and 24. the Gentleman makes a large Repetition of what he had said before wherein I observe nothing new but that he saith the East-India-Company have Money at 4. per cent only because Men may have their Money out when they please which is a mistake though a small one for the Company seldom or never take up Money but for a certain time though I doubt not but that Generous Company will and do at most times accommodate any Person with his Money before due that hath occasion to require such a kindness of them although they oblige not themselves to do it In this tenth particular at the latter end of page 24. he saith I am mistaken in my Assertion of the Interest of Scotland which upon further enquiry amongst the Scotch Merchants upon the Exchange I am told is his own mistake So I must leave that being matter of fact to those that know that Country and its Laws more and better then either of us Lastly he concludes that whilst I say the matter in England is so naturally prepared for an Abatement of Interest that it cannot be long obstructed I propound a Law to anticipate Nature which is against Reason I answer it was the Wisdom of our Grand-fathers to bring it to what it would bear in their time and our Fathers found the good effects of that and brought it lower and the benefit thereof is since manifested to us by the success and therefore seeing the matter will now bear further Abatement it is reasonable for us to follow that excellent Example of our Ancestors Laws against Nature I grant would be ineffectual but I never heard before that Laws to help Nature were against Reason Touching the Gentleman's personal Reflections upon me I shall say little it appears sufficiently by what I have writ and his Answer that I am an Advocate for Industry he for Idleness It appears likewise to those that know me in London which are many that I am so far from designing to engrose Trade that I am hastening to convert what I can of my small Estate that is pâ—rsonal into real supposing it to be my Interest so to do before thâ— Usâ— of Money falls which I conclude cannot long suspend and that then Land and Houses must rise and I doubt it will appear when this Gentleman is as well known as I am that he is more an Vsurer then an Owner of Land or Manager of Trade at present my ends have only been to serve my Country which I can with a sincere Heart declare in the Presence of God and Men And that nothing else could
not hurt us but we them is most apparent for in my time we have beat their Muscovado and Paneal Sugars quite out of use in England and their Whites we have brought down in all these Parts of Europe in price from seven and eight pounds per l. to fifty Shillings and three Pounds per. l. and in quantity whereas formerly their Brazeil-Fleets consisted of One hundred to One hundred and twenty thousand Chests of Sugar they are now reduced to about Thirty thousand Chests since the great encrease of Barbadoes The reason of this decay of the Portugeeze Productions in Brazeils is certainly the better Policy that our English Plantatitions are founded upon That which principally dwarfs the Portugeeze Plantations is the same before-mentioned which hinders the Spaniards viz. extraordinary high Customs at home high Freights high Interest of Money Ecclesiastical persons c. From all that hath been said concerning Plantations in general I draw these two principal Conclusions 1 st That our English Plantations may thrive beyond any other Plantations in the World though the Trades of all of them were more severely limitted by Laws and good Execution of those Laws to their Mother-Kingdom of England exclusive to Ireland and New-England 2dly That it is in his Majesties power and the Parliaments if they please by taking off all Charges from Sugar to make it more intirely an English Commodity then white-Herrings are a Dutch Commodity and to draw more profit to this Kingdom thereby then the Dutch do by that And that in consequence thereof all Plantations of other Nations must in a few Years sink to little or nothing X. That it is more for the Advantage of England that New found Lands should remain unplanted then that Colonies should be sent or permitted to go thither to Inhabit under a Governour Laws c. I have before discoursed of Plantations in general most of the English being in their nature much a like except this of New-found-Land and that of New-England which I intend next to speak of The advantage New-found-Land hath brought to this Kingdom is only by the Fishery there and of what vast concernment that is is well known to most Gentlemen and Merchants especially those of the West parts of England from whence especially this Trade is driven It is well known upon undeniable poof tbat in the Year 1605. the English employed 250. Sail of Ships small and great in Fishinâ— upon that Coast and it is now too apparent that we do not so employ from all Parts above Eighty Sail of Ships It is likewise generally known and confessed that when we employed so many Ships in that Trade the current price of our Fish in that Country was Communibus annis seventeen Rials which is eight Shillings six Pence per Quintal and that since as we have lessened in that Trade the French have encreased in it and that we have annually proceeded to raise our Fish from seventeen Rials to twenty four Rials or twelve Shillings Communibus annis as it now sells in the Country This being the Case of England in relation to this Trade it is certainly worth the enquiery 1st How we came to decay in that Trade 2dly What means may be used to recover our antient Greatness in that Trade or at least to prevent our further diminution therein The decay of that Trade I attribute First and principally to the growing Liberty which is every Year more and more used in Romish Countries as well as others of eating Flesh in Lent and on Fish-days 2. To a late abuse crept into that Trade which hath much abated the expence within these twenty Years of that Commodity of sending over private Boat-keepers which hath much diminished the number of the Fishing-Ships 3. To the great encrease of the French Fishery of Placentia and other Ports on the back-side of New-found-Land 4. To the several Wars we have had at Sea within these twenty Years which have much empoverished the Merchants of our Western Parts and reduced them to carry on a great part of that Trade at Bottumry viz. Money taken upon Adventure of the Ship at twenty per cent per Annum 2. What means may be used to recover our antient greatness in that Trade or at least to prevent our farther diminution therein For this two contrary ways have been propounded 1. To send a Governour to reside there and to encourage people to Inhabit there as well for Defence of the Country against Invasion as to manage the Fishery there by Inhabitants upon the Plâ—ce this hath often been propounded by the Planters and some Merchants of London 2. The second way propounded and which is directly contrary to the former is by the West-Country Merchants and Owners of the Fishing-Ships and that is to have no Governour nor Inhabitants permitted to reside at New-found-Land nor any Passengers or private Boat-keepers suffered to Fish at New-found-Land This latter way propounded is most agreeable to my Proposition and if it could be effected I am perswaded would revive the decaied English-Fishing-Trade at New-found-Land and be otherwise greatly for the advantage of this Kingdom and that for these following reasons 1. Because most of the Provision the Planters which are settled at New-found-Land do make use of viz. Bread Beef Pork Butter Cheese Clothes and Irish-Bengal Cloth Linnen and Woollen Ireish-Stockings as also Nets Hooks and Lines c. they are supplied with from New-England and Ireland and with Wine Oyl and Linnen by the Sâ—lt Ships from France and Spain in consequence whereof the Labour as well as the Feeding and Clothing of so many Men is lost to England 2. The Planters settled there being mostly loose vagrant People and without Order and Government do keep dissolute Houses which have Debaucht Sea-Men and diverted them from their laborious and industrious Calling whereas before there were settlements there the Sea-Men had no other resort during the Fishing Season being the time of their abode in that Country but to their Ships which afforded them convenient Food and Repose without the Inconveniencies of Excess 3 If it be the Interest of all Trading Nations principally to encourage Navigation and to promote especially those Trades which employ most Shiping then which nothing is more true nor more regarded by the wife Dutch then certainly it is the Interest of England to discountenance and abate the number of Planters at New-found-Land for if they should encrease it would in a few Years happen to us in relation to that Country as it hath to the Fishery at New-England which many Years since was managed by English Ships from the Western Ports but as Plantations there encreased fell to be the sole Employment of People settled there and nothing of that Trade left the poor old English-Men but the liberty of carrying now and then by courtesie or purchase a Ship loading of Fish to Bilvoa when their own Nâ—w-English Shiping are better Employed or not at leisure to do it 4. It is manifest that
of the Gentry of the Land which maketh the number of Borrowers so great and the number of Borrowers must of necessity make Money the harder to be borrowed whereas if Use for Money were at a lower rate Land as hath been shewed would be much quicker to be sold and at dearer rates and so the Nobility and Gentry would soon be out of Debt and consequently the fewer Borrowers and so to Trades-men and Merchants Money easie to be had Further let us consider if Money were called down what Usurers would do with their Money they would not I suppose long be sullen and keep it a dead stock by them for that were not so much as the safest way of keeping it They must then either imploy it in Trade purchase Land or lend for Use at such rate as the Law will tollerate If it quicken Trade that is the thing to be desired for that will enrich the Kingdom and so make Money plentiful And yet need not any Borrower fear that Money will so be imployed in Trade as that there will not be sufficient of Money to purchase Land where the Purchaser may have as much or near so much Rent by the purchase of Land as he can by putting his Money to Use For a great number of Gentlemen and other in the Country know not how to imploy any stock in Trade but with great uncertainty and less satisfaction to themselves then the letting of their Money at a lower rate or purchasing Land at twenty Years purchase or upwards No doubt for the present there would be great buying and selling of Land till Men had cleared themselves and payed their Debts But in short time Land as it is shewed before would sell at so dear a rate as Money let at a lower rate of Use would bring in proportion as great a rate above the Rent that would be made then by the purchase of Land as the rate of Money now is above the Rent of Land purchased at fourteen or fifteen Years purchase and so by consequence Money would then as easily be borrowed as it is now and so much easier as it would be more plentiful and fewer Borrowers To the last and weakest of Objections That there is now much Money of Foreigners in the Land to be managed at ten in the Hundred which if Money should be called down would be carried out of the Land There is no doubt it is true But I desire to know whether any man think it better for the State that they should now carry out one hundred Pounds or seven years hence two or fourteen years hence four or one and twenty years hence eight For so in effect upon the multiplying of Interest they do It will seem incredible to such as have not considered it but to any that will but cast it up it is plainly manifest that a hundred Pounds managed at ten in the hundred in seventy years multiplies it self to a hundred thousand pounds So if there should be an hundred thousand pounds of Foreigners Money now managed here at ten in the hundred and that doth seem no great matter that an hundred thousand pound in threescore and ten years which is but the age of a man would carry out ten Millions which I believe is more then all the Coin at this present in the Land I know we cannot conceive how any such sum should be managed at Interest yet this is sufficient to make us little to joy in Foreigners Money Besides we must not conceive that the Money of Foreigners which is here managed at Usury is brought into the Land in ready Coin or Bullion The course is That Merchants send over Bills of Exchange to their Factors for which they receive our Money here and this is the Money they manage at Interest and so they eat us out with our own Money The old comparison which compares Usury to the Butlers Box deserves to be remembred Whilst men are at play they feel not what they give to the Box but at the end of Christmass it makes all or near all Gamesters loosers And I fear the comparison hold thus much farther That there is as few escape that continue in Usury as that continue Gamesters a man may play once or twice and leave a Winner but the use of it is seldom without ruin Now because I know mens private Interests doth many times blind their Judgments and lest any may be tempted for their own against the publick Good I will desire them to remember that if they have Lands as well as Money that what they lose in their Money they shall get it in their Land for Land and Money are ever in Ballance one against the other and where Money is dear Land is cheap and where Money is cheap Land is dear And if there be any yet so hearty a well-wisher to ten in the hundred as that he still thinks it fit to be continued my wish is That he and his Posterity may have the priviledge to borrow but not to lend at that rate In the baginning of this Treatise I did disclaim the proofs of the unlawfulness of Usury leaving them to Divines this one only rising from the Premises which may serve for all I think fit to set down It is agreed by all the Divines that ever were without exception of any yea and by the Usurers themselves That biting Usury is unlawful Now since it hath been proved that ten in the hundred doth bite the Landed men doth bite the Poor doth bite Trade doth bite the King in his Customs doth bite the Fruits of the Land and most of all the Land it self doth bite all works of Piety of Vertue and Glory to the State no man can deny but ten in the hundred is absolutely unlawful howsoever happily a lesser rate may be otherwise To the King increase of his Customs To the Kingdom increase of Land by inriching of this To the Nobility and Gentry deliverance from Bondage and Debt To Merchants continuance and flourishing in their Trades To young Beginners in Trade and Commerce the fruits of their own Labours To Labourers quick imployment To Usurers Land for the Money Postscript SInce the fore-going Papers were delivered to the Press Mr Henry Dakers Merchant sent me a most rational and admirable Treatise concerning Trade called ENGLAND's INTEREST AND IMPROVEMENT writ by Samuel Fortrey Esq one of the Gentlemen of the Majesties Privy Chamber in which he mentions something concerning the Interest of Money in the following Words pag. 42. Viz. In the last place concerning the Vse of Money which being the Life and Sinews of Trade it hath been the Opinion of some that the greater Vse were allowed for Money the more would be the profit of the Publick for that Strangers finding a greater benefit to be made of their Money here than other where would send it hither whereby Money would be much more plentiful amongst us Indeed I should be of their Opinion if as soon as by this means great sums of Money were transported hither all their Money should be confiscate to the Publick But if otherwise sure it cannot be denied but the greater the Vse the more the Profit to the Vsurer and loss to the Debtor so as in a few Years we should find our selves so little inriched thereby that when the Principal should be again recalled we should find but little Money left all our own being wasted in Vse Wherefore indeed the true benefit to the Publick is To set the Vse of Money as low or rather lower than in our Neighbour Countries it is for then they would make no Profit out of us by that means but rather we on them And it is the clear profit that we get of our own that will make this Nation rich and not the great sums we are indebted to others Which I have here inserted for such like Reasons First That the World may see I am not singular in this Opinion although I thought I had been so when first I wrote the afore-said Observations Secondly For Confirmation of the Truth by the Authority of a Person of such known Abilities Thirdly To give the Author his due Honour of being the first Observer c. And I am sorry I know not the ingenious Author of the former Tract that I might do right to his Memory Who hath done more for his Country than would have been the Gift of some Millions of Pounds Sterling into the Publick Exchequer FINIS