some considerations of the lowering of interest-第20章
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as if they meant to shew us； not only the Wisdom； but Riches of Solomon； and would make Gold and Silver as common； as the Stones in the Street： But at last； I fear； 'will be but Wit without Money； and； I wish it amount to that。 'Tis without question； That could the Countryman； and the Tradesman take up Money cheaper； than now they do； every Man would be forward to Borrow； and desire； that he might have other Mens Money to imploy to his advantage。 I confess； those who contend for Four per Cent。 have found out a way； to set Mens Mouths a watering for Money at that Rate； and to increase the number ofthe Borrowers in England； if any body can imagine it would be an advantage to increase them。 But to answer all their fine Projects； I have but this one short question to ask them： Will Four per Cent。 increase the number of the Lenders？ If it will not； as any Man at the very first hearing； will shrewdly suspect it will not； then all the plenty of Money these Conjurers bestow upon us； for Imnprovement of Land； Paying of 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； t
