some considerations of the lowering of interest-第18节

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f　Debts；　and　Advancement　of　Trade；　is　but　like　the　Gold　and　Silver；　which　Old　Women　believe；　other　Conjurers　bestow　sometimes；　by　whole　Lapfuls；　on　poor　credulous　Girls；　which；　when　they　bring　to　the　light；　is　found　to　be　nothing　but　wither'd　Leaves；　and　the　Possessors　of　it　are　still　as　much　in　want　of　Money　as　ever。　　　　　Indeed　I　grant　it　would　be　well　for　England；　and　I　wish　it　were　so；　that　the　plenty　of　Money　were　so　great　amongst　us；　that　every　Man　could　borrow　as　much　as　he　could　use　in　Trade；　for　Four　per　Cent。　nay；　that　Men　could　borrow　as　much　as　they　could　imploy　for　Six　per　Cent。　But　even　at　that　Rate；　the　Borrowers　already　are　far　more　than　the　Lenders。　Why　else　doth　the　Merchant　upon　occasion；　pay　Six　per　Cent。　and　often　above　that　rate　for　Brokage？　And　why　doth　the　Country　Gentleman　of　One　thousand　pounds　per　Annum　find　it　so　difficult；　with　all　the　security　he　can　bring；　to　take　up　a　Thousand　pound？　All　which　proceeds　from　the　scarcity　of　Money；　and　bad　Security；　two　Causes；　which　will　not　be　less　powerful　to　hinder　Borrowing；　after　the　lowering　of　Interest：　and　I　do　not　see；　how　any　one　can　imagine　that　reducing　Use　to　Four　Per　Cent。　should　abate　their　force；　or　how　lessening　the　Reward　of　the　Lender；　without　diminishing　his　Risque；　should　make　him　more　forward　and　ready　to　Lend。　So　that　these　Men；　whilst　they　talk；　that　at　Four　per　Cent。　Men　would　take　up；　and　imploy　more　Money　to　the　Publick　advantage；　do　but　pretend　to　multiply　the　number　of　Borrowers　among　us；　ofwhich　it　is　certain　we　have　too　many　already。　Whilst　they　thus　set　Men　a　longing　for　the　Golden　days　of　Four　per　Cent。　methinks　they　use　the　poor　indigent　Debtor；　and　needy　Tradesman；　as　I　have　seen　pratling　Jack…Daws　do　sometimes　their　young；　who　kawing　and　fluttering　about　the　Nest；　set　all　their　young　ones　a　gaping；　but　having　nothing　in　their　empty　Mouths　but　Noise　and　Air；　leave　them　as　hungry　as　before。　　　　　'Tis　true　these　Men　have　found　out　by　a　cunning　project；　how；　by　the　restraint　of　Law；　to　make　the　price　of　Money　One　Third　cheaper；　and　then　they　tell　John　a　Nokes；　that　he　shall　have　Ten　thousand　pounds　of　it　to　employ　in　Merchandise；　or　Cloathing；　and　John　a　Stiles　shall　have　Twenty　thousand　pounds　more　to　pay　his　Debts；　and　so　distribute　this　Money　as　freely　as　Dego　did　his　Legacies；　which　they　are　to　have；　even　where　they　can　get　it。　But　till　these　Men　can　instruct　the　forward　Borrowers　where　they　shall　be　furnished；　they　have　perhaps　done　something　to　increase　Mens　desire；　but　not　made　Money　one　jot　easier　to　come　by。　And　till　they　do　that；　all　this　sweet　gingling　of　Money　in　their　Discourses　goes　just　to　the　Tune　of；　If　all　the　World　were　Oatmeal。　Methinks　these　Undertakers；　whil'st　they　have　put　Men　in　hopes　of　Borrowing　more　plentifully　at　easier　Rates；　for　the　supply　of　their　Wants　and　Trades；　had　done　better　to　have　bethought　themselves　of　a　way；　how　Men　need　not　Borrow　upon　Use　at　all：　For　this　would　be　much　more　advantageous；　and　altogether　as　Feisible。　It　is　as　easie　to　distribute　Twenty　pair　of　Shooes　amongst　Thirty　Men；　if　they　pay　nothing　for　them　at　all；　as　if　they　paid　4　s。　a　pair。　Ten　of　them　（notwithstanding　the　Statute　Rate　should　be　reduced　from　6　s。　to　4　s。　a　pair）　will　be　necessitated　to　sit　still　Barefoot；　as　much；　as　if　they　were　to　pay　nothing　for　Shooes　at　all。　Just　so　it　is　in　a　Country；　that　wants　Money　in　proportion　to　Trade。　It　is　as　easie　to　contrive　how　every　Man　shall　be　supplied　with　what　Money　he　needs　（i。e。　can　imploy　in　improvements　of　Land；　paying　his　Debts；　and　Returns　of　his　Trade）　for　nothing；　as　for　Four　per　Cent。　Either　we　have　already　more　Money　than　the　Owners　will　Lend；　or　we　have　not。　If　part　of　the　Money　which　is　now　in　England；　will　not　be　Lent　at　the　rate　Interest　is　at　present　at；　will　Men　be　more　ready　to　Lend；　and　Borrowers　be　furnished　for　all　those　brave　Purposes　more　plentifully；　when　Money　is　brought　to　Four　per　Cent？　If　People　do　already　lend　all　the　Money　they　have；　above　their　own　occasions；　whence　are　those；　who　will　borrow　more　at　Four　per　Cent。　to　be　supplied？　Or　is　there　such　plenty　of　Money；　and　scarcity　of　Borrowers；　that　there　needs　the　reducing　of　Interest　to　Four　per　Cent。　to　bring　Men　to　take　it？　　　　　All　the　imaginable　ways　of　increasing　Money　in　any　Country；　are　these　two：　Either　to　dig　it　in　Mines　of　our　own；　or　get　it　from　our　Neighbours。　That　Four　per　Cent。　is　not　of　the　nature　of　the　Deusing…rod；　or　Virgula　Divina；　able　to　discover　Mines　of　Gold　and　Silver；　I　believe　will　easily　be　granted　me。　The　way　of　getting　from　Foreigners；　is　either　by　force；　borrowing；　or　trade。　And　whatever　ways　besides　these；　Men　may　fansie；　or　propose；　for　increasing　of　Money；　（except　they　intend　to　set　up　for　the　Philosophers　Stone）　would　be　much　the　same　with　a　Distracted　Man's　device　that　I　knew；　who；　in　the　beginning　of　his　Distemper　first　discover'd　himself　to　be　out　of　his　Wits；　by　getting　together；　and　boiling　a　great　number　of　Groats；　with　a　design；　as　he　said；　to　make　them　plim；　i。e。　grow　thicker。　That　Four　per　Cent。　will　Raise　Armies；　Discipline　Soldiers；　and　make　Men　Valiant；　and　fitter　to　conquer　Countries；　and　inrich　themselves　with　the　Spoils；　I　think　was　never　pretended。　And　that　it　will　not　bring　in　more　of　our　Neighbours　Money　upon　Loan；　than　we　have　at　present　among　us；　is　so　visible　in　its　self；　that　it　will　not　need　any　Proof；　the　contenders　for　Four　per　Cent。　looking　upon　it　as　an　undeniable　Truth；　and　making　use　of　it　as　an　Argument　to　shew　the　advantage　it　will　be　to　the　Nation；　by　lessening　the　Use　paid　to　Foreigners；　who　upon　falling　of　Use　will　take　home　their　Money。　And　for　the　last　way　of　increasing　our。　Money；　by　promoting　of　Trade；　how　much　lowering　of　Interest　is　the　way　to　that；　I　have；　I　suppose；　shew'd　you　already。

Having　lately　met　with　a　little　Tract；　Intituled　A　Letter　to　a　Friend　concerning　Usury。　Printed　this　present　year　1690；　which　gives　in　short；　the　Arguments　of　some　Treatises　Printed　many　years　since；　for　the　lowereing　of　Interest；　It　may　not　be　amiss；　briefly　to　consider　them。

　　　　1。　A　High　Interest　decays　Trade。　The　advantage　from　Interest　is　greater　than　the　Profit　from　Trade；　which　makes　the　rich　Merchants　give　over；　and　put　out　their　Stock　to　Interest；　and　the　lesser　Merchants　Break。　　　　　Answ。　This　was　Printed　in　1621；　when　Interest　was　at　10　per　Cent。　And　whether　England　had　ever　a　more　flourishing　Trade；　than　at　that　time；　must　be　left　to　the　judgment　of　those；　who　have　consider'd　the　growing　Strength　and　Riches　of　this　Kingdom　in　Q。E。　and　King　J。　the　1st　Reigns。　Not　that　I　impute　it　to　high　Interest；　but　to　other　Causes　I　have　mention'd；　wherein　Usury　had　nothing　to　do。　But　if　this　be　thought　an　Argument　now　in　1690；　when　the　legal　Interest　is　6　per　Cent。　I　desire　those；　who　think　fit　to　make　use　of　it；　to　name　those　rich　Merchants；　who　have　given　over　and　put　out　their　Stocks　to　Interest。　　　　　2。　Interest　being　at　10　per　Cent。　and　in　Holland　at　6；　our　Neighbour　Merchants　undersel　us。　　　　　Answ。　The　legal　Interest　being　here　now　at　6　per　Cent。　and　in　Holland　not　limited　by　Law；　our　Neighbour　Merchants　undersel　us；　because　they　live　more　frugally；　and　are　content　with　less　profit。　　　　　3。　Interest　being　lower　in　Holland　than　in　England；　their　Contributions　to　War；　works　of　Piety；　and　all　Charges　ofthe　State；　are　cheaper　to　them　than　to　us。　　　　　Answ。　This　needs　a　little　Explication。　Contributions　greater　or　less；　I　understand：　but　Contributions　cheaper　or　dearer；　I　confess　I　do　not。　If　they　manage　their　Wars　and　Charges　cheaper　than　we；　the　blame　is　not　to　be　laid　on　high；　or　low　Interest。　　　　　4。　Interest　being　so　high；　prevents　the　building　of　Shipping；　which　is　the　strength　and　safety　of　our　Island；　most　Merchant　Ships　being　built　in　Holland。　　　　　Answ。　Though　this　Argument　be　now　gone；　such　Ships　being　Prohibited　by　a　Law；　I　will　help　the　Author　to　one　as　good。　The　Dutch　buy　our　Rape…seed；　make　it　into　Oil；　bring　it　back　to　us；　and　sell　it　with　advantage。　This　may　be　as　well　said　to　be　from　high　Interest　here；　and　low　there。　But　the　Truth　is；　the　lndustry　and　Frugality　of　that　People；　makes　them　content　to　work　cheaper；　and　sell　at　less　profit　than　their　Neighbours；　and　so　get　the　Trade　from　them。　　　　　5。　The　high　Rate　of　Usury　makes　Land　sell　so　cheap；　being　not　worth　more　than　14　or　15　Years　Purchase；　whereas　in　Holland；　where　Interest　is　at　6；　it　is　worth　above　25。　So　that　a　low　Interest　raises　the　Price　of　Land。　Where　Money　is　dear　Land　is　cheap。　　　　　Answ。　This　Argument　plainly　confesses；　That　there　is　something　else　regulates　the　Price　of　Land；　besides　the　Rate　of　Interest。　else　when　Money　was　at　10　Per　Cent。　here；　Land　should　have　been　at　10　Years　Purchase；　whereas　he　confesses　it　then　to　have　been　at　14　or　15。　One　may　suppose；　to　favour　his　Hypothesis；　he　was　not　forward　to　speak　the　most　of　it。　And　Interest；　as　he　says；　being　at　6　Per　Cent。　in　Holland；　Land　there　should　have　Sold　by　that　Rule　for　Sixteen　and　an　half　Years　Purchase；　whereas　he　says　it　was　worth　above　Twenty　five。　And　Mr。　Manly　says；　（p。　33）　That　Money　in　France　being　at　7　per　Cent。　Noble　Land　sellsfor　34　and　35　Years　Purchase；　and　ordinary　Land　for　25。　So　that　the　true　Conclusion　from　hence　is；　not　what　our　Author　makes；　but　this；　That　'tis　not　the　legal　Interest；　but　some