some considerations of the lowering of interest-第6章

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e；　depends　on　Money　not　as　Counters；　for　the　Reckoning　may　be　kept；　or　transferred　by　Writing；　but　on　Money　as　a　Pledge；　which　Writing　cannot　supply　the　place　of：　Since　the　Bill；　Bond；　or　other　Note　of　Debt；　I　receive　from　one　Man　will　not　be　accepted　as　Security　by　another；　he　not　knowing　that　the　Bill　or　Bond　is　true　or　legal；　or　that　the　Man　bound　to　me　is　honest　or　responsible；　and　so　is　not　valuable　enough　to　become　a　current　Pledge；　nor　can　by　publick　Authority　be　well　made　so；　as　in　the　Case　of　Assigning　of　Bills。　Because　a　Law　cannot　give　to　Bills　that　intrinsick　Value；　which　the　universal　Consent　of　Mankind　has　annexed　to　Silver　and　Gold。　And　hence　Foreigners　can　never　be　brought　to　take　your　Bills；　or　Writings　for　any　part　of　Payment；　though　perhaps　they　might　pass　as　valuable　Considerations　among　your　own　People；　did　not　this　very　much　hinder　it；　viz。　That　they　are　liable　to　unavoidable　Doubt；　Dispute；　and　Counterfeiting；　and　require　other　Proofs　to　assure　us　that　they　are　true　and　good　Security；　than　our　Eyes　or　a　Touchstone。　And　at　best　this　Course；　if　practicable；　will　not　hinder　us　from　being　Poor；　but　may　be　suspected　to　help　to　make　us　so；　by　keeping　us　from　feeling　our　Poverty；　which　in　Distress　will　be　sure　to　find　us　with　greater　disadvantage。　Though　it　be　certain　it　is　better　than　letting　any　part　of　our　Trade　fall　for　want　of　current　Pledges；　and　better　too　than　borrowing　Money　of　our　Neighbours　upon　Use；　if　this　way　of　Assigning　Bills　can　be　made　so　easie；　safe　and　universal　at　home；　as　to　hinder　it。　　　　　To　return　to　the　business　in　hand；　and　shew　the　necessity　of　a　Proportion　of　Money　to　Trade。　Every　Man　must　have　at　least　so　much　Money；　or　so　timely　Recruits；　as　may　in　hand；　or　in　a　short　distance　of　time；　satisfie　his　Creditor　who　supplies　him　with　the　necessaries　of　Life；　or　of　his　Trade。　For　no　body　has　any　longer　these　necessary　Supplies；　than　he　has　Money；　or　Credit；　which　is　nothing　else　but　an　Assurance　of　Money　in　some　short　time。　So　that　it　is　requisite　to　Trade　that　there　should　be　so　much　Money；　as　to　keep　up　the　Landholders；　Labourers　and　Brokers　Credit：　And　therefore　ready　Money　must　be　constantly　exchang'd　for　Wares　and　Labour；　or　follow　within　a　short　time　after。　　　　　This　shews　the　necessity　of　some　Proportion　of　Money　to　Trade：　But　what　Proportion　that　is；　is　hard　to　determine；　because　it　depends　not　barely　on　the　quantity　of　Money；　but　the　quickness　of　its　Circulation。　The　very　same　Shilling　may　at　one　time　pay　Twenty　Men　in　Twenty　days；　at　another；　rest　in　the　same　Hands　One　hundred　days　together。　This　makes　it　impossible　exactly　to　Estimate　the　quantity　of　Money　needful　in　Trade：　But　to　make　some　probable　guess；　we　are　to　consider；　how　much　Money　it　is　necessary　to　suppose　must　rest　constantly　in　each　Man's　Hands；　as　requisite　to　the　carrying　on　of　Trade。　　　　　First　therefore　the　Labourers；　living　generally　but　from　hand　to　mouth；　and　indeed；　considered　as　Labourers　in　order　to　Trade；　may　well　enough　carry　on　their　part；　if　they　have　but　Money　enough　to　buy　Victuals；　Cloaths；　and　Tools：　All　which　may　very　well　be　provided；　without　any　great　Sum　of　Money　lying　still　in　their　Hands。　The　Labourers　therefore；　being　usually　paid　once　a　Week；　（if　the　times　of　Payment　be　seldomer；　there　must　be　more　Money　for　the　carrying　on　this　part　of　Trade）　we　may　suppose　there　is　constantly　amongst　them；　one　with　another；　or　those　who　are　to　pay　them；　always　one　Weeks　Wages　in　ready　Money。　For　it　cannot　be　thought；　that　all；　or　most　of　the　Labourers　pay　away　all　their　Wages　constancy；　as　soon　as　they　receive　it；　and　live　upon　Trust　till　next　Pay　Day。　This　the　Farmer　and　Tradesman　could　not　well　bear；　were　it　every　Labourer's　Case；　and　every　one　to　be　trusted：　And　therefore　they　must　of　necessity　keep　some　Money　in　their　Hands；　to　go　to　Market　for　Victuals；　and　to　other　Tradesmen　as　poor　as　themselves；　for　Tools；　and　lay　up　Money　too　to　buy　Cloaths；　or　pay　for　those　they　bought　upon　Credit。　Which　Money　thus　necessarily　resting　in　their　Hands；　we　cannot　imagine　to　be；　one　with　another；　much　less　than　a　Weeks　Wages；　that　must　be　in　their　Pockets；　or　ready　in　the　Farmer's　Hands。　For　he　who　employs　a　Labourer　at　a　Shilling　per　Day；　and　pays　him　on　Saturday　Nights；　cannot　be　supposed　constancy　to　receive　that　six　Shillings　just　the　same　Saturday：　It　must　ordinarily　be　in　his　Hands　one　time　with　another；　if　not　a　whole　Week；　yet　several　Days　before。　　　　　This　was　the　ordinary　Course；　whil'st　we　had　Money　running　in　the　several　Channels　of　Commerce：　But　that　now　very　much　failing；　and　the　Farmer　not　having　Money　to　pay　the　Labourer；　supplies　him　with　Corn；　which　in　this　great　Plenty　the　Labourer　will　have　at　his　own　Rate；　or　else　not　take　it　of　fhis　Hands　for　Wages。　And　as　for　the　Workmen；　who　are　employed　in　our　Manufactures；　especially　the　Woollen　one；　these　the　Clothier；　not　having　ready　Money　to　pay；　furnishes　with　the　necessaries　of　Life；　and　so　trucks　Commodities　for　Work；　which；　such　as　they　are；　good　or　bad；　the　Workman　must　take　at　his　Master's　Rate；　or　sit　still　and　starve：　Whil'st　by　this　means；　this　new　sort　of　Ingrossers　or　Forestallers；　having　the　feeding　and　supplying　this　numerous　Body　of　Workmen　out　of　their　Warehouses；　（for　they　have　now　Magazines　of　all　sorts　of　Wares）　set　the　Price　upon　the　poor　Landholder。　So　that　the　Markets　now　being　destroyed；　and　the　Farmer　not　finding　vent　there　for　his　Butter；　Cheese；　Bacon；　and　Corn；　&c。　for　which　he　was　wont　to　bring　home　ready　Money；　must　sell　it　to　these　Ingrossers；　on　their　own　Terms　of　Time　and　Rate；　and　allow　it　to　their　own　Day…Labourers　under　the　true　Market…price。　What　kind　of　Influence　this　is　like　to　have　upon　Land；　and　how　this　way　Rents　are　like　to　be　paid　at　Quarter…day；　is　easie　to　apprehend：　And　'tis　no　wonder　to　hear　every　day　of　Farmers　breaking；　and　running　away。　For　if　they　cannot　receive　Money　for　their　Goods　at　Market；　'will　be　impossible　for　them；　to　pay　their　Landlord's　Rent。　If　any　one　doubt　whether　this　be　so；　I　desire　him　to　enquire；　how　many　Farmers　in　the　West　are　broke　and　gone　since　Michaelmass　last。　Want　of　Money　being　to　this　degree；　works　both　ways　upon　the　Landholder。　For　first；　the　ingrossing　Forestaller　lets　not　the　Money　come　to　Market；　but　supplying　the　Workman；　who　is　employed　by　him　in　Manufacture；　with　Necessaries；　imposes　his　Price；　and　Forbearance　on　the　Farmer；　who　cannot　sell　to　the　others。　And　the　Labourer；who　is　employed　by　the　Landholder　in　Husbandry；　imposes　also　his　Rate　on　him；　for　the　Commodities　he　takes。　For　there　being　a　want　of　Day　Labourers　in　the　Country；　they　must　be　humoured；　or　else　they　will　neither　work　for　you；　nor　take　your　Commodities　for　their　Labour。　　　　　Secondly；　as　for　the　Landholder；　since　his　Tenants　cannot　Coin　their　Rent　just　at　quarter…day；　but　must　gather　it　up　by　degrees；　and　lodge　it　with　them　till　Pay…day；　or　borrow　it　of　those；　who　have　it　lying　by　them；　or　do　gather　it　up　by　degrees；　which　is　the　same　thing；　and　must　be　necessarily　so　much　Money　for　some　time　lying　still。　For　all；　that　is　paid　in　great　Sums；　must　somewhere　be　gathered　up　by　the　Retail　Incomes　of　a　Trade；　or　else　lie　still　too　in　great　Sums；　which　is　the　same　stop　of　Money；　or　a　greater。　Add　to　this；　That　to　pay　the　Creditor；　that　lent　him　his　Rent；　he　must　gather　up　Money　by　degrees；　as　the　Sale　of　his　Commodities　shall　bring　it　in；　and　so　makes　a　greater　stop；　and　greater　want　of　Money：　Since　the　borowed　Money　that　paid　the　Landholder　the　25th　of　March；　must　be　supposed　to　lye　still　some　time　in　the　Creditor's　hand；　before　he　lent　it　the　Tenant；　and　the　Money；　that　pays　the　Creditor　three　Months　after；　must　lye　still　some　time　in　the　Tenant's。　Nor　does　the　Landlord　pay　away　his　Rent　usually；　as　soon　as　he　receives　it；　but　by　degrees；　as　his　occasions　call　for　it。　All　this　consider'd　we　cannot　but　suppose；　that　between　the　Landlord　and　Tenant　there　must　necessarily　be　at　least　a　quarter　of　the　Yearly　Revenue　of　the　Land　constantly　in　their　hands。　Indeed　considering；　that　most　part　of　the　Rents　of　England　are　paid　at　our　Lady…day　and　Michaelmas；　and　that　the　same　Money；　which　pays　me　my　Rent　from　my　Tenant　the　25th　of　March；　or　thereabouts；　cannot　pay　my　next　Neighbour　his　Rent　from　his　Tenant　at　the　same　time；　m