some considerations of the lowering of interest-第2节

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　really　more　than　Six　per　Cent。　most　of　those　that　had　not　the　Skill　to　let　it　for　more　than　Six　per　Cent。　and　secure　themselves　from　the　Penalty　of　the　Law；　put　it　in　the　Bankers　Hands；　where　it　was　ready　at　their　Call；　when　they　had　an　Opportunity　of　greater　Improvement。　So　that　the　Rate　you　set；　profits　not　the　Lenders；　and　very　few　of　the　Borrowers；　who　are　fain　to　pay　the　Price　for　Money；　that　Commodity　would　bear；　were　it　left　free；　and　the　Gain　is　only　to　the　Banker。　And　should　you　lessen　the　Use　to　Four　Per　Cent。　the　Merchant；　or　Tradesman；　that　Borrows；　would　not　have　it　one　jot　cheaper；　than　he　has　now；　but　probably　these　two　ill　effects　would　follow。　First；　That　he　would　pay　dearer；　and　Secondly；　That　there　would　be　less　Money　left　in　the　Country　to　drive　the　Trade。　For　the　Bankers　paying　at　most　but　Four　per　Cent。　and　receiving　from　Six　to　Ten　Per　Cent。　or　more；　at　that　low　Rate　could　be　content　to　have　more　Money　lye　dead　by　them；　than　now　when　it　is　higher：　By　which　means　there　would　be　less　Money　stirring　in　Trade；　and　a　greater　Scarcity；　which　would　raise　it　upon　the　Borrower　by　this　Monopoly。　And　what　a　part　of　our　Treasure　their　skill　and　management；　joined　with　others　laziness　or　want　of　skill；　is　apt　to　draw　into　their　Hands；　is　to　be　known　by　those　vast　Sums　of　Money；　they　were　found　to　owe　at　the　shutting　up　of　the　Exchequer。　And　though　it　be　very　true；　yet　it　is　almost　beyond　Belief；　That　one　private　Goldsmith　of　London　should　have　Credit　upon　his　single　Security；　（being　usually　nothing　but　a　Note　under　one　of　his　Servants　Hands）　for　above　Eleven　hundred　thousand　Pounds　at　once。　The　same　Reasons；　I　suppose；　will　still　keep　on　the　same　Trade：　And　when　you　have　taken　it　down　by　Law　to　that　Rate；　no　body　will　think　of　having　more　than　Four　per　Cent。　of　the　Banker；　though　those　who　have　need　of　Money；　to　employ　it　in　Trade；　will　not　then；　any　more　than　now；　get　it　under　Five　or　Six；　or　as　some　pay；　Seven　or　Eight。　And　if　they　had　then；　when　the　Law　permitted　Men　to　make　more　Profit　of　their　Money；　so　large　a　Proportion　of　the　Cash　of　the　Nation　in　their　Hands；　who　can　think；　but　that　by　this　Law　it　should　be　more　driven　into　Lombard…street　now？　there　being　many　now　who　lend　them　at　Four　or　Five　Per　Cent。　who　will　not　Lend　to　others　at　Six。　It　would　therefore　perhaps；　bring　down　the　Rate　of　Money　to　the　Borrower；　and　certainly　distribute　it　better　to　the　Advantage　of　Trade　in　the　Country；　if　the　legal　Use　were　kept　pretty　near　to　the　natural；　（by　natural　Use；　I　mean　that　Rate　of　Money　which　the　present　Scarcity　of　it　makes　it　naturally　at；　upon　an　equal　Distribution　of　it）　for　then　Men　being　Licensed　by　the　Law　to　take　near　the　full　natural　Use；　will　not　be　forward　to　carry　it　to　London；　to　put　it　into　the　Bankers　Hands；　but　will　Lend　it　to　their　Neighbours　in　the　Country；　where　it　is　convenient　for　Trade　it　should　be。　But　if　you　lessen　the　Rate　of　Use；　the　Lender；　whose　Interest　it　is　to　keep　up　the　Rate　of　Money；　will　rather　lend　it　to　the　Banker；　at　the　legal　Interest；　than　to　the　Tradesman　or　Gentleman；　who　when　the　Law　is　broken；　shall　be　sure　to　pay　the　full　natural　Interest；　or　more；　because　of　the　ingrossing　by　the　Banker；　as　well　as　the　Risque　in　transgressing　the　Law。　Whereas　were　the　natural　Use　suppose　Seven　per　Cent。　and　the　legal　Six；　First；　the　Owner　would　not　venture　the　Penalty　of　the　Law　for　the　gaining　one　in　Seven；　that　being　the　utmost　his　Money　would　yield：　Nor　would　the　Banker　venture　to　Borrow；　where　his　Gains　would　be　but　One　Per　Cent。　nor　the　Money'd　Man　lend　him；　what　he　could　make　better　Profit　of　legally　at　Home。　All　the　Danger　lies　in　this；　That　your　Trade　should　suffer　if　your　being　behind…hand　has　made　the　natural　Use　so　high；　that　your　Tradesman　cannot　live　upon　his　Labour；　but　that　your　Rich　Neighbours　will　so　undersell　you；　that　the　Return　you　make　will　not　amount　to　pay　the　Use　and　afford　a　Livelihood。　There　is　no　way　to　recover　from　this；　but　by　a　general　Frugality　and　Industry；　or　by　being　Masters　of　the　Trade　of　some　Commodity；　which　the　World　must　have　from　you　at　your　Rate；　because　it　cannot　be　other　where　supplied。　　　　　Now　I　think　the　Natural　Interest　of　Money　is　raised　two　ways：　First；　When　the　Money　of　a　Country　is　but　little　in　proportion　to　the　Debts　of　the　Inhabitants　one　amongst　another。　For　suppose　Ten　thousand　pounds　were　sufficient　to　manage　the　Trade　of　Bermudas；　and　that　the　Ten　first　Planters　carried　over　Twenty　thousand　pound；　which　they　Lent　to　the　several　Tradesmen　and　Inhabitants　of　the　Country；　who　living　above　their　Gains　had　spent　Ten　thousand　pound　of　this　Money；　and　it　were　gone　out　of　the　Island。　'Tis　evident；　that　should　all　the　Creditors　at　once　call　in　their　Money；　there　would　be　a　great　scarcity　of　Money；　when　that　employed　in　Trade　must　be　taken　out　of　the　Tradesmens　Hands　to　pay　Debts；　or　else　the　Debtors　want　Money；　and　be　exposed　to　their　Creditors；　and　so　Interest　will　be　high。　But　this　seldom　happening；　that　all；　or　the　greatest　part　of　the　Creditors　do　at　once　call　for　their　Money；　unless　it　be　in　some　great　and　general　Danger；　is　less　and　seldomer　felt；　than　the　following；　unless　where　the　Debts　of　the　People　are　grown　to　a　greater　proportion；　for　that　constantly　causing　more　Borrowers；　than　there　can　be　Lenders；　will　make　Money　scarce；　and　consequently　Interest　high。　Secondly；　That　which　constancy　raises　the　Natural　Interest　of　Money；　is；　when　Money　is　little　in　proportion　to　the　Trade　of　a　Country。　For　in　Trade　every　Body　calls　for　Money　according　as　he　wants　it；　and　this　disproportion　is　always　felt。　For　if　Englishmen　owed　in　all　but　One　Million；　and　there　were　a　Million　of　Money　in　England；　the　Money　would　be　well　enough　proportioned　to　the　Debts：　But　if　Two　Millions　were　necessary　to　carry　on　the　Trade；　there　would　be　a　Million　wanting；　and　the　price　of　Money　would　be　raised；　as　it　is　of　any　other　Commodity　in　a　Market；　where　the　Merchandize　will　not　serve　half　the　Customers；　and　there　are　two　Buyers　for　one　Seller。　　　　　'Tis　in　vain　therefore　to　go　about　effectually　to　reduce　the　price　of　Interest　by　a　Law；　and　you　may　as　rationally　hope　to　set　a　fixt　Rate　upon　the　Hire　of　Houses；　or　Ships；　as　of　Money。　He　that　wants　a　Vessel；　rather　than　lose　his　Market；　will　not　stick　to　have　it　at　the　Market　Rate；　and　find　ways　to　do　it；　with　security　to　the　Owner；　though　the　Rate　were　limited　by　a　Law：　And　he　that　wants　Money；　rather　than　lose　his　Voyage；　or　his　Trade；　will　pay　the　Natural　Interest　for　it；　and　submit　to　such　ways　of　Conveyance；　as　shall　keep　the　Lender　out　of　the　reach　of　the　Law。　So　that　your　Act；　at　best；　will　serve　only　to　increase　the　Arts　of　Lending；　but　not　at　all　lessen　the　Charge　of　the　Borrower：　He　'tis　likely　shall　with　more　trouble；　and　going　farther　about；　pay　also　the　more　for　his　Money；　unless　you　intend　to　break　in　only　upon　Mortgages　and　Contracts　already　made；　and　（which　is　not　to　be　supposed）　by　a　Law；　postfactum；　void　Bargains　lawfully　made；　and　give　to　Richard　what　is　Peters　Due；　for　no　other　Reason；　but　because　one　was　Borrower；　and　the　other　Lender。　　　　　But　supposing　the　Law　reach'd　the　intention　of　the　Promoters　of　it；　and　that　this　Act　be　so　contrived；　that　it　forced　the　Natural　price　of　Money；　and　hindred　its　being　by　any　Body　Lent　at　a　higher　Use；　than　Four　Pound　Per　Cent。　which　is　plain　it　cannot。　Let　us　in　the　next　place　see；　what　will　be　the　Consequences　of　it。　　　　　1。　It　will　be　a　loss　to　Widows；　Orphans；　and　all　those　who　have　their　Estate　in　Money；　one　third　of　their　Estates：　which　will　be　a　very　hard　case　upon　a　great　number　of　People；　and　it　is　warily　to　be　consider'd　by　the　Wisdom　of　the　Nation；　whether　they　will　thus　at　one　blow；　fine　and　impoverish　a　great　and　innocent　part　of　the　People；　who　having　their　Estates　in　Money；　have　as　much　Right　to　make　as　much　of　their　Money；　as　it　is　worth；　（for　more　they　cannot）　as　the　Landlord　has　to　let　his　Land　for　as　much　as　it　will　yield。　To　Fine　Men　one　Third　of　their　Estates；　without　any　Crime　or　Offence　committed；　seems　very　hard。　　　　　2。　As　it　will　be　a　considerable　Loss　and　Injury　to　the　mony'd　Man；　so　it　will　be　no　Advantage　at　all　to　the　Kingdom。　For　so　Trade　be　not　Cramp'd；　and　the　Exportation　of　our　Native　Commodities　and　Manufactures　not　hindred；　it　will　be　no　matter　to　the　Kingdom；　who　amongst　our　selves　Gets　or　Loses：　only　common　Charity　teaches；　that　those　should　be　most　taken　care　ofby　the　Law；　who　are　least　capable　of　taking　care　for　themselves。　　　　　3。　It　will　be　a　Gain　to　the　Borrowing　Merchant；　For　if　he　Borrow　at　Four　per　Cent。　and　his　Returns　be　Twelve　per　Cent。　he　will　have　Eight　Per　Cent。　and　the　Lender　Four：　Whereas　now　they　divide　the　profit　equally　at　Six　Per　Cent。　But　this　neither　Gets　nor　Loses　the　Kingdom　in　your　Trade；　supposing　the　Merchant　and　Lender　to　be　both　Englishmen：　only　it　will　as　I　have　said；　transfer　a　third　part　of　the　Mony'd　Mans　Estate；　who　has　nothing　else　to　live　on；　into　the　Merchants　Pocket；　and　that　without　any　Merit　in　the　one；　or　Transgression　in　the　other。　Private　mens　interests　ought　not　thus　to　be　neglected；　nor　sacrificed　to　any　thing　but　the　manifest　advantage　of　the　Publick。　But　in　this　case　it　will　be　quite　the　contrary。　This　loss　to　the　mony'd　Men　will　be　a　prejudice　to　Trade：　Since　it　will　discourage　Lending