some considerations of the lowering of interest-第14章

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ame　thing；　upon　the　number　of　Buyers　and　Sellers。　For　where　there　are　many　Sellers　and　few　Purchasers；　though　Interest　be　lessened；　Land　will　be　cheap；　as　I　have　already　shew'd。　At　least；　this　is　certain；　That　making　a　Law　to　reduce　Interest；　will　not　raise　the　Price　of　Lands：　It　will　only；　by　driving　it　more　into　the　Bankers　Hands；　leave　the　Country　barer　of　Money；　whereby；　if　the　price　of　Land　about　London；　should　be　accidentally　raised；　that　of　remoter　Counties　would　thereby　have　fewer　Purchasers；　and　at　lower　Rates。　　　　　This　being　so；　that　the　low　rate　of　Land　depends　much　on　the　great　number　of　Sellers　in　proportion　to　Purchasers；　the　next　thing　to　be　inquir'd　into；　is；　What　makes　plenty　of　Sellers？　and　to　that　the　Answer　is　obvious；　general　ill　Husbandry；　and　the　consequence　of　it；　Debts。　If　a　neglect　of　Government　and　Religion；　ill　Examples；　and　depraved　Education；　have　introduc'd　Debauc'hery。　and　Art　or　Chance　has　made　it　fashionable　for　Men　to　live　beyond　their　Estates；　Debts　will　increase　and　multiply；　and　draw　with　them　a　necessity　on　Men；　first　of　Incumbring；　and　then　Selling　their　Estates。　This　is　generally　the　cause　why　Men　part　with　their　Land：　And　I　think　there　is　scarce　one　of　an　hundred；　that　thinks　of　Selling　his　Patrimony；　till　Mortgages　have　pretty　well　Eat　into　the　Freehold；　and　the　weight　of　growing　Debts　force　a　Man；　whether　he　will　or　no；　out　of　his　Possessions。　When　almost　is　there　ever　a　clear　and　unincumbred　Estate　set　to　Sale？　'Tis　seldom　a　thriving　Man　turns　his　Land　into　Money　to　make　the　greater　advantage：　The　Examples　of　it　are　so　rare；　that　they　are　scarce　of　any　Consideration　in　the　number　of　Sellers。　　　　　This　I　think　may　be　the　Reason；　why　in　Queen　Elizabeth's　days　（when　Sobriety；　Frugality；　and　Industry；　brought　in　daily　Increase；　to　the　growing　Wealth　of　the　Kingdom）　Land　kept　up　its　Price；　and　Sold　for　more　Years　Purchase；　than　corresponded　to　the　Interest　of　Money；　then　busily　imploy'd　in　a　thriving　Trade；　which　made　the　natural　Interest　much　higher　than　it　is　now；　as　well　as　the　Parliament　then　set　it　higher　by　Law。　　　　　On　the　contrary　side；　what　makes　scarcity　of　Purchasers？　　　　　1。　The　same　Reason；　Ill　Husbandry。　When　the　Tradesman　lives　up　to　the　heighth　of　his　Income；　and　the　vanity　of　Expences　either　drains　the　Merchants　Coffers；　or　keeps　them　from　over…flowing；　he　seldom　thinks　of　Purchasing。　Buying　of　Land　is　the　result　of　a　full　and　satiated　Gain：　And　Men　in　Trade　seldom　think　of　laying　out　their　Money　upon　Land；　till　their　Profit　has　brought　them　in　more；　than　their　Trade　can　well　employ；　and　their　idle　Bags　cumbring　their　Counting　Houses；　put　them　upon　emptying　them　on　a　Purchase。　　　　　2。　Another　thing　that　makes　a　scarcity　of　Buyers　of　Land；　are　doubtful　and　ill　Titles：　Where　these　are　frequent　and　fatal；　one　can　no　more　expect；　that　Men；　who　have　Money；　should　be　forward　to　Purchase；　than　Ships　richly　laden　to　venture　themselves　amongst　Rocks　and　Quicksands。　'Tis　no　wonder　such　Seas　should　not　be　much　frequented；　where　the　Examples；　and　remains　of　daily　Wrecks；　shew　the　folly；　and　hazard　of　the　Venture；　in　the　number　of　those　who　have　Miscarried。　　　　　3。　A　general　decay　ofTrade　discourages　Men　from　Purchasing：　For　this　threatens　an　Universal　Poverty；　which　is　sure　to　fall　first　and　heaviest　upon　Land。　The　Merchant　who　furnishes　the　improvident　Landholder；　will　not　fail　to　have　Money　for　his　Wares　with　Gain；　whether　the　Kingdom　get　by　his　Trade　or　no；　and　he　will　keep　his　Money　rather　employed　in　Trade；　which　brings　him　in　profit；　（for　the　Merchant　may　get　by　a　Trade　that　makes　the　kingdom　Poor）　than　lay　it　out　in　Land；　whose　Rents　he　sees　sinking；　and　foresees　by　the　course　of　Trade；　is　likely　to　continue　on　to　do　so：　When　a　Nation　is　running　to　decay　and　ruin；　the　Merchant；　and　Monied　Man；　do　what　you　can；　will　be　sure　to　starve　last：　Observe　it　where　you　will；　the　decays　that　come　upon；　and　bring　to　Ruin　any　Country；　do　constantly　first　fall　upon　the　Land：　And　though　the　Country　Gentleman；　（who　usually　securely　relies　upon　so　much　a　Year　as　was　given　in　at　his　Marriage　Settlement；　and　thinks　his　Land　an　unmoveable　Fund　for　such　an　Income）　be　not　very　forward　to　think　so：　Yet　this　nevertheless　is　an　undoubted　truth；　that　he　is　more　concern'd　in　Trade；　and　ought　to　take　a　greater　care；　that　it　be　well　manag'd；　and　preserv'd；　than　even　the　Merchant　himself。　For　he　will　certainly　find；　when　a　decay　of　Trade　has　carried　away　one　part　of　our　Money　out　of　the　kingdom；　and　the　other　is　kept　in　the　Merchant　and　Tradesman's　Hands；　that　no　Laws　he　can　make；　nor　any　little　Arts　of　Shifting　Property　amongst　our　selves；　will　bring　it　back　to　him　again；　but　his　Rents　will　fall；　and　his　Income　every　day　lessen；　till　general　Industry；　and　Frugality　join'd　to　a　well　order'd　Trade；　shall　restore　to　the　kingdom　the　Riches　and　Wealth　it　had　formerly。　　　　　This　by　the　way；　if　well　consider'd　might　let　us　see；　that　Taxes；　however　contriv'd；　and　out　of　whose　Hand　soever　immediately　taken；　do　in　a　Country；　where　their　great　Fund　is　in　Land；　for　the　most　part　terminate　upon　Land。　Whatsoever　the　People　is　chiefly　maintained　by；　that　the　Government　supports　it　self　on：　Nay；　perhaps　it　will　be　found；　that　those　Taxes　which　seem　least　to　affect　Land；　will　most　surely　of　all　other；　fall　the　Rents。　This　would　deserve　to　be　well　considered　in　the　raising　of　Taxes；　lest　the　neglect　of　it　bring　upon　the　Country　Gentleman　an　Evil　which　he　will　be　sure　quickly　to　feel；　but　not　be　able　very　quickly　to　remedy。　For　Rents　once　fallen　are　not　easily　raised　again。　A　Tax　laid　upon　Land　seems　hard　to　the　Landholder；　because　it　is　so　much　Money　going　visibly　out　of　his　Pocket：　And　therefore　as　an　ease　to　himself；　the　Landholder　is　always　forward　to　lay　it　upon　Commodities。　But　if　he　will　throughly　consider　it；　and　examine　the　Effects；　he　will　find　he　Buys　this　seeming　Ease　at　a　very　dear　rate：　And　though　he　pays　not　this　Tax　immediately　out　ofhis　own　Purse；　yet　his　Purse　will　find　it　by　a　greater　want　of　Money　there　at　the　end　of　the　year；　than　that　comes　to；　with　the　lessening　of　his　Rents　to　boot；　which　is　a　settled　and　lasting　evil；　that　will　stick　upon　him　beyond　the　present　Payment。　　　　　To　make　this　clear；　let　us　suppose　in　the　present　State　of　Affairs　in　England；　that　the　Rents　of　England　are　Twelve　Millions；　and　that　the　Charge　and　Necessities　of　the　Government　requires　a　supply　of　Three　Millions　from　the　Parliament；　which　is　laid　on　Land。　Here　is　one　fourth　part　of　his　Yearly　Income　goes　immediately　out　of　the　Landlords　and　Landholders　Pocket。　This　is　a　Burthen　very　apt　to　be　felt。　The　Country　Gentleman；　who　actually　pays　the　Money　out　of　his　Pocket；　or　finds　it　deducted　out　of　his　Rent　at　Quarter…day　for　Taxes；　sees　and　very　sensibly　observes　what　goes　thus　out　of　his　Estate。　But　though　this　be　a　Quarter　of　his　yearly　Income；　and　out　of　an　Estate　of　Four　hundred　pounds　a　Year；　the　publick　Tax　now　openly　takes　away　One　hundred：　Yet　this　influences　not　at　all　the　yearly　Rent　of　the　Land；　which　the　Rack…renter；　or　under　Tenant　pays：　It　being　the　same　thing　to　him；　whether　he　pays　all　his　Rent　to　the　King；　or　his　Landlord；　or　half；　or　a　quarter；　or　none　at　all　to　the　King；　the　Case　is　all　one　to　him；　what　Hand　receives　his　Rent；　when　due：　So　Trade　Nourishes；　and　his　Commodities　go　off　well；　he　will　be　able　to　pay　his　Rent　on。　This　lessens　not　any　more　the　Value　of　his　Farm；　than　an　high　or　a　low　chief　Rent　does　paid　out　of　it　to　the　Lord　of　the　Fee：　The　Tenant's　Bargain　and　Profit　is　the　same；　whether　the　Land　be　charg'd；　or　not　charg'd　with　an　Annuity　payable　to　another　Man。　We　see　this　in　College　Leases；　where　though　the　College　Tenant　pays　for　it　to　the　College　some　years　five　times　as　much　as　he　does　others；　upon　the　varying　Rate　of　Corn：　Yet　the　Under　Tenant　feels　not　this　Alteration　in　the　least；　nor　finds　a　Reason　to　have　his　Rent　abated；　because　a　greater　part　of　it　is　diverted　from　his　Landlord。　All　this　is　but　changing　the　Hand；　that　receives　the　Rent；　without　any　influence　at　all　upon　the　yearly　Value　of　the　Estate；　which　will　not　be　let　for　one　Penny　more　or　less　to　the　Renter；　however；　or　amongst　whomsoever；　the　Rent　he　pays；　be　divided。　From　hence　it　is　evident；　That　Taxes　laid　on　Land　do　not　in　the　least　make