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第8章

treatise on taxes and contributions-第8章

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 Denominations; which is Land and Labour; that is; we ought to say; a Ship or garment is worth such a measure of Land; with such another measure of Labour; forasmuch as both Ships and Garments were the creatures of Lands and mens Labours thereupon; This being true; we should be glad to finde out a natural Par between Land and Labour; so as we might express the value by either of them alone as well or better then by both; and reduce pence into pounds。 Wherefore we would be glad to finde the natural values of the Fee simple of Land; though but no better then we have done that of the usus fructus above…mentioned; which we attempt as followeth。     19。 Having found the Rent or value of the usus fructus per annum; the question is; how many years purchase (as we usually say) is the Fee simple naturally worth? If we say an infinite number; then an Acre of Land would be equal in value to a thousand Acres of the same Land; which is absurd; an infinity of unites being equal to an infinity of thousands。 Wherefore we must pitch upon some limited number; and that I apprehend to be the number of years; which I conceive one man of fifty years old; another of twenty eight; and another of seven years old; all being alive together may be thought to live; that is to say; of a Grandfather; Father; and Childe; few men having reason to take care of more remote Posterity: for if a man be a great Grandfather; he himself is so much the nearer his end; so as there are but three in a continual line of descent usually co…existing together; and as some are Grandfathers at forty years; yet as many are not till above sixty; and sic de eteteris。     20。 Wherefore I pitch the number of years purchase; that any Land is naturally worth; to be the ordinary extent of three such persons their lives。 Now in England we esteem three lives equal to one and twenty years; and consequently the value of Land; to be about the same number of years purchase。 Possibly if they thought themselves mistaken in the one; (as the observator on the Bills of Mortality thinks they are) they would alter in the other; unless the consideration of the force of popular errour and dependance of things already concatenated; did hinder them。     21。 This I esteem to be the number of years purchase where Titles are good; and where there is a moral certainty of enjoying the purchase。 But in other Countreys Lands are worth nearer thirty years purchase; by reason of the better Titles; more people; and perhaps truer opinion of the value and duration of three lives。     22。 And in some places; Lands are worth yet more years purchase by reason of some special honour; pleasures; priviledge or jurisdiction annexed unto them。     23。 On the other hand; Lands are worth fewer years purchase (as in Ireland) for the following reasons; which I have here set down; as unto the like whereof the cause of the like cheapness in any other place may be imputed。     First; In Ireland; by reason of the frequent Rebellions; (in which if you are conquered; all is lost; or if you conquer; yet you are subject to swarms of thieves and robbers) and the envy which precedent missions of English have against the subsequent; perpetuity it self is but forty years long; as within which time some ugly disturbance hath hitherto happened almost ever since the first coming of the English thither。     24。 2。 The Claims upon Claims which each hath to the others Estates; and the facility of making good any pretence whatsoever by the favour of some one or other of the many Governours and Ministers which within forty years shall be in power there; as also by the frequency of false testimonies; and abuse of solemn Oaths。     25。 3。 The paucity of Inhabitants; there being not above the 1/5th part so many as the Territory would maintain; and of those but a small part do work at all; and yet a smaller work so much as in other Countreys。     26。 4。 That a great part of the Estates; both real and personal in Ireland; are owned by Absentees; and such as draw over the profits raised out of Ireland refunding nothing; so as Ireland exporting more then it imports doth yet grow poorer to a paradox。     27。 5。 The difficulty of executing justice; so many of those in power being themselves protected by Offices; and protecting others。 Moreover; the number of criminous and indebted persons being great; they favour their like in Juries; Offices; and wheresoever they can: Besides; the Countrey is seldom enough to give due encouragement to profound Judges and Lawyers; which makes judgements very casual; ignorant men being more bold to be apt and arbitrary; then such as understand the dangers of it。 But all this with a little care in due season might remedy; so as to bring Ireland in a few years to the same level of values with other places; but of this also elsewhere more at large; for in the next place we shall come to Usury。


Chapter 5

Of Usury

    What reason there is for taking or giving Interest or Usury for any thing which we may certainly have again whensoever we call for it; I see not; nor why Usury should be scrupled; where money or other necessaries valued by it; is lent to be paid at such a time and place as the Borrower chuseth; so as the Lender cannot have his money paid him back where and when himself pleaseth; I also see not。 Wherefore when a man giveth out his money upon condition that he may not demand it back until a certain time to come; whatsoever his own necessities shall be in the mean time; he certainly may take a compensation for this inconvenience which he admits against himself: And this allowance is that we commonly call Usury。     2。 And when one man furnisheth another with money at some distant place; and engages under great Penalties to pay him there; and at a certain day besides; the consideration for this; is that we call Exchange or local Usury。     As for example; if a man wanting money at Carlisle in the heat of the late Civil Wars; when the way was full of Souldiers and Robbers; and the passage by Sea very long troublesome; asnd dangerous; and seldom passed; why might not another take much more than an 100 l。 at London for warranting the like Summe to be paid at Carlisle on a certain day?     3。 Now the Questions arising hence are; what are the natural Standards of Usury and Exchange? As for Usury; the least that can be; is the Rent of so much Land as the money lent will buy; where the security is undoubted; but where the security is casual;then a kinde of ensurance must be enterwoven witht he simple natural Interest; which may advance the Usury very conscionably unto any height below the Principal it self。 Now if things are so in England; that really there is no such security as abovementioned; but that all are more or less hazardous; troublesome; or chargeable to make; I see no reason for endouvering to limit Usury upon time; any more than that upon place; which the practice of the world doth not; unless it be that those who make such Laws were rather Borrowers then Lenders: But of the vanity and fruitlessness of making Civil Positive Laws against the Laws of Nature; I have spoken elsewhere; and instanced in several particulars。     4。 As for the natural measures of Exchange; I say; that in times of Peace; the greatest Exchange can be but the labour of carrying the money in specie; but where are hazards emergent uses for money in one place then another; etc。 or opinions of these true or false; the Exchange will be governed by them。     5。 Parallel unto this; is something which we omit concerning the price of Land; for as great need of money heightens Exchange; so doth great need of Corn raise the price of that likewise; and consequently of the Rent of the Land that bears Corn; and lastly of the Land it self; as for example; if the Corn which feedeth London; or an Army; be brought forty miles thither; then the Corn growing within a mile of London; or the quarters of such Army; shall have added unto its natural price; so much as the charge of bringing it thirty miles doth amount unto: And unto perishable Commodities; as fresh fish; fruits; etc。 the ensurance upon the hazard of corrupting; etc。 shall be added also; and finally; unto him that eats these things there (suppose in Taverns) shall be added the charge of all th

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