some considerations of the lowering of interest-第9章

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ime；　and　the　same　Law；　limiting　the　Rent　perhaps　to　5　s。　per　Acre；　have　continued　still。　The　Absurdity　and　Impracticableness　of　this　every　one　sees　at　the　first　Proposal；　and　readily　concludes　within　himself；　that　things　must　be　left　to　find　their　own　Price；　and　it　is　impossible　in　this　their　constant　mutability　for　Human　Foresight　to　set　Rules　and　Bounds　to　their　constantly…varying　Proportion　and　Use；　which　will　always　regulate　their　Value。　　　　　They　who　consider　things　beyond　their　Names；　will　find；　That　Money；　as　well　as　all　other　Commodities；　is　liable　to　the　same　Changes　and　Inequalities：　Nay　in　this　respect　of　the　Variety　of　its　Value；　brought　in　by　time　in　the　Succession　of　Affairs；　the　Rate　of　Money　is　less　capable　of　being　regulated　by　a　Law　in　any　Country　than　the　Rent　of　Land。　Because　to　the　quick　Changes；　that　happen　in　Trade；　this　too　must　be　added；　That　Money　may　be　brought　in；　or　carried　out　of　the　kingdom；　which　Land　cannot；　and　so　that　be　truly　worth　6　or　8　per　Cent。　this　Year；　which　would　yield　but　4　the　last。　　　　　2。　Money　has　a　Value；　as　it　is　capable　by　Exchange　to　procure　us　the　Necessaries　or　Conveniencies　of　Life；　and　in　this　it　has　the　Nature　of　a　Commodity；　only　with　this　difference；　That　it　serves　us　commonly　by　its　Exchange；　never　almost　by　its　Consumption。　But　though　the　use　Men　make　of　Money　be　not　in　its　Consumption；　yet　it　has　not　at　all　a　more　standing　settled　Value　in　Exchange　with　any　other　thing；　than　any　other　Commodity　has；　but　a　more　known　one；　and　better　fitted　by　Name；　Number；　and　Weight；　to　enable　us　to　reckon　what　the　Proportion　of　Scarcity　and　Vent　of　one　Commodity　is　to　another。　For　supposing；　as　before；　that　half　an　Ounce　of　Silver　would　last　Year　exchange　for　one　Bushel　of　Wheat；　or　for　15　l。　weight　of　Lead；　if　this　Year　Wheat　be　Ten　times　scarcer；　and　Lead　in　the　same　quantity　to　its　Vent　as　it　was；　is　it　not　evident　that　half　an　Ounce　of　Silver　will　still　exchange　for　15　l。　of　Lead；　though　it　will　exchange　but　for　One　Tenth　of　a　Bushel　of　Wheat；　and　he　that　has　use　of　Lead　will　as　soon　take　15　l。　weight　of　Lead；　as　half　an　Ounce　of　Silver；　for　One　Tenth　of　a　Bushel　of　Wheat；　and　no　more。　So　that　if　you　say；　that　Money　now　is　Nine　Tenths　less　worth；　than　it　was　the　former　Year；　you　must　say　so　of　Lead　too；　and　all　other　things；　that　keep　the　same　Proportion　to　Money　which　they　had　before。　The　variation　indeed　is　first　and　most　taken　notice　｛of｝　in　Money：　Because　that　is　the　universal　measure　by　which　People　reckon；　and　used　by　every　body　in　the　valuing　of　all　Things。　For　calling　that　half　Ounce　of　Silver　Half　a　Crown；　they　speak　properly；　and　are　readily　understood　when　they　say；　Half　a　Crown；　or　two　Shillings　and　six　Pence；　will　now　buy　One　Tenth　of　a　Bushel　of　Wheat；　but　do　not　say；　That　15　l。　of　Lead　will　now　buy　One　Tenth　of　a　Bushel　of　Wheat；　because　it　is　not　generally　used　to　this　sort　of　Reckoning：　nor　do　they　say　Lead　is　less　worth　than　it　was；　though　in　respect　of　Wheat　Lead　be　Nine　Tenths　worse　than　it　was；　as　well　as　Silver：　only　by　the　Tale　of　Shillings　we　are　better　enabled　to　judge　of　it：　Because　these　are　measures　whose　Ideas　by　constant　use　are　setled　in　every　English　Man's　mind。　　　　　This　I　suppose　is　the　true　Value　of　Money　when　it　passes　from　one　to　another　in　Buying　and　Selling；　where　it　runs　the　same　Changes　of　higher　and　lower；　as　any　other　Commodity　doth：　For　one　equal　quantity　whereof　you　shall　receive　in　Exchange　more；　or　less　of　another　Commodity　at　one　time；　than　you　do　at　another。　For　a　Farmer　that　carries　a　Bushel　of　Wheat　to　Market；　and　a　Labourer　that　carries　Half　a　Crown；　shall　find　that　the　Money　of　one；　as　well　as　Corn　of　the　other；　shall　at　some　times　purchase　him　more　or　less　Leather　or　Salt；　according　as　they　are　in　greater　Plenty　and　Scarcity　one　to　another。　So　that　in　Exchanging　Coin'd　Silver　for　any　other　Commodity；　（which　is　buying　and　selling）　the　same　measure　governs　the　Proportion　you　receive；　as　if　you　exchang'd　Lead；　or　Wheat；　or　any　other　Commodity。　That　which　regulates　the　Price；　i。e。　the　quantity　given　for　Money　（which　is　called　buying　and　selling）　for　an　other　Commodity；　（which　is　called　Bartring）　is　nothing　else　but　their　quantity　in　Proportion　to　their　vent。　If　then　lowering　of　Use　makes　not　your　Silver　more　in　Specie；　or　your　Wheat　or　other　Commodities　less；　it　will　not　have　any　Influence　at　all　to　make　it　exchange　for　less　of　Wheat；　or　any　other　Commodity；　than　it　will　have　on　Lead；　to　make　it　exchange　for　less　Wheat；　or　any　other　Commodity。　　　　　Money　therefore　in　buying　and　selling　being　perfectly　in　the　same　Condition　with　other　Commodities；　and　subject　to　all　the　same　Laws　of　Value；　let　us　next　see　how　it　comes　to　be　ofthe　same　Nature　with　Land；　by　yielding　a　certain　yearly　Income；　which　we　call　Use　or　Interest。　For　Land　produces　naturally　something　new　and　profitable；　and　of　Value　to　Mankind；　but　Money　is　a　barren　thing；　and　produces　nothing；　but　by　Compact　transfers　that　Profit　that　was　the　Reward　of　one　Man's　Labour　into　another　Man's　Pocket。　That　which　occasions　this；　is　the　unequal　Distribution　of　Money；　which　Inequality　has　the　same　effect　too　upon　Land；　that　it　has　upon　Money。　For　my　having　more　Money　in　my　Hand　than　I　can；　or　am　disposed　to　use　in　buying　and　selling；　makes　me　able　to　lend：　And　another's　want　of　so　much　Money　as　he　could　employ　in　Trade；　makes　him　willing　to　borrow。　But　why　then；　and　for　what　Consideration　doth　he　pay　Use？　For　the　same　Reason；　and　upon　as　good　Consideration；　as　the　Tenant　pays　Rent　for　your　Land。　For　as　the　unequal　Distribution　of　Land；　（you　having　more　than　you　can　or　will　manure；　and　another　less）　brings　you　a　Tenant　for　your　Land；　and　the　same　unequal　Distribution　of　Money；　（I　having　more　than　I　can　or　will　employ；　and　another　less）　brings　me　a　Tenant　for　my　Money：　So　my　Money　is　apt　in　Trade；　by　the　Industry　of　the　Borrower；　to　produce　more　than　Six　per　Cent。　to　the　Borrower；　as　well　as　your　Land；　by　the　Labour　of　the　Tenant；　is　apt　to　produce　more　Fruits；　than　his　Rent　comes　to；　and　therefore　deserves　to　be　paid　for；　as　well　as　Land；　by　a　Yearly　Rent。　For　though　the　Usurer's　Money　would　bring　him　in　no　Yearly　profit；　if　he　did　not　lend　it；　（supposing　he　employs　it　not　himself）　and　so　his　Six　per　Cent。　may　seem　to　be　the　Fruit　of　another　Man's　Labour；　yet　he　shares　not　near　so　much　of　the　profit　of　another　Man's　Labour；　as　he　that　lets　Land　to　a　Tenant。　For　without　the　Tenants　Industry　（supposing　as　before；　the　owner　would　not　manage　it　himself）　his　Land　would　yield　him　little　or　no　Profit。　So　that　the　Rent　he　receives　is　a　greater　Portion　of　the　Fruit　of　his　Tenants　Labour；　than　the　Use　is　at　Six　per　Cent。　For　generally　he　that　borrows　One　thousand　pounds　at　Six　per　Cent。　and　so　pays　Sixty　pounds　per　Annum　Use；　gets　more　above　his　Use　in　one　Year；　by　his　Industry；　than　he　that　Rents　a　Farm　of　Sixty　pounds　per　Annum　gets　in　two；　above　his　Rent；　though　his　Labour　be　harder。　　　　　It　being　evident　therefore；　that　he　that　has　skill　in　Traffick；　but　has　not　Money　enough　to　Exercise　it；　has　not　only　reason　to　borrow　Money　to　drive　his　Trade；　and　get　a　livelihood；　but　as　much　Reason　to　pay　Use　for　that　Money；　as　he；　who　having　skill　in　Husbandry　but　no　Land　of　his　own　to　employ　it　in；　has　not　only　reason　to　Rent　Land；　but　to　pay　Money　for　the　Use　of　it；　It　follows；　that　Borrowing　Money　upon　Use　is　not　only　by　the　necessity　of　Affairs；　and　the　Constitution　of　Humane　Society；　unavoidable　to　some　Men；　but　that　also　to　receive　Profit　for　the　Loan　of　Money；　is　as　equitable　and　lawful；　as　receiving　Rent　for　Land；　and　more　tolerable　to　the　Borrower；　notwithstanding　the　Opinion　of　some　over…scrupulous　Men。　　　　　This　being　so；　one　would　expect；　that　the　rate　of　Interest　should　be　the　Measure　of　the　value　of　Land　in　number　of　Years　Purchase；　for　which　the　Fee　is　sold：　For　100　l。　per　Annum　being　equal　to　100　l。　per　Annum；　and　so　on　to　peretuity；　and　100　l。　per　Annum　being　the　Product　　　　　of　1000　l。　when　Interest　is　at　10　per　Cent。　　　　　of　1250　l。　when　Interest　is　at　8　per　Cent。　　　　　of　1666　l。　or　thereabouts；　when　Interest　is　at　6　per　Cent。　　　　　of　2000　l。　when　Money　is　at　5　per　Cent。　　　　　of　2500　l。　when　Money　is　at　4　per　Cent。　One　would　conclude；　I　say；　that　Land　should　Sell　in　proportion　to　Use；　according　to　t