Money Answers All Things [24]
by such extraordinary Means; but if what I here propose be executed, all these Evils will be so far remedied, that it will be every man's chief Interest to keep his Shop, because his Shop will then keep him. Fifthly, The full and sufficient Execution of this Proposal, will in a great Measure prevent the giving long Credit, and making bad Debts in Trade. For long Credit increases the Sums credited, because People in longer time wanting still more and more Goods, makes the Sums credited much larger than they would be, if Credit were considerably shortened in point of Time. Wherefore such long and large Credit, doth very much contribute to the making bad Debts, which, I think, is not only obvious but sadly felt too, by a great many; if therefore the executing this Proposal, will in some good Degree prevent the giving long Credit, it must also in a great Measure prevent making bad Debts. Now the giving long and large Credit, is undoubtedly owing only to such Trades being too numerous, whence the People in such Trades, in order to vend their Goods, find themselves under a Necessity, if they will get any thing by them, to trust large Sums a long Time. But if the Way I contend for, of furnishing Tradesmen with more Business, were put into Practice, the giving long and large Credit would generally cease; for as in this Case, there would certainly be larger Business in fewer Hands, this would (and nothing else can) enable Tradesmen to pick and choose whom they will credit, whereas they now certainly are forced to court and oblige almost any body that will take their Goods, where they have any tolerable Prospect to have the Money for them, with what Credit and Time such Customers please to take; whence not only very slow Returns of Money are made, but great Losses and Ruin befalls many Tradesmen who had pretty good Beginnings, and who, if their Trades had not been thus unhappily circumstanced, would probably have made considerable Improvements. Besides, the doing what I contend for, would certainly mend the Circumstances of the People in general very much, which would render long Credit the less necessary, and make the Risk of bad Debts inconsiderable to what it is, where the People in general are in such strait and bad Circumstances, as to stand in need of long and large Credit. And thus also would much less Sums employed in Trade, be sufficient for much larger Transactions or Returns, than when long and large Credit is become the Course of any Trade, which will always unavoidable be the State of every Trade that is overstocked with Numbers. But it may be said, that the giving long Credit, is rather owing to the Plenty of the Commodities credited, than to the Number of Traders in such Commodities. But since the Plenty of such Commodities is owing to employing too many Hands in raising them, in which Case, there will always be too many to vend them, long Credit is still owing to such Trades being too numerous, and overdone in all the several Parts. But the Plenty of the more immediate Necessaries of Life, can, I think, never be overdone, because the cheaper these are, which is inseparable from the Plenty of them, the greater will the Consumption of them be, since they will hence be more easily attained in much larger Quantities by almost all Ranks of Men; and as these are what all Men chiefly and ultimately work for, in whatever Way they are employed, so they are the principal and proper Foundation of the Plenty and Cheapness, and consequently of the proper Consumption of all other Things whatsoever. For to what Purpose is it to abound in all kinds of Manufactures, if the People are generally scarce able to procure themselves the other more immediate Necessaries of Life, Victuals and Drink? But though the Rents must be lowered, as these Things shall, by the Plenty of them, be made cheaper, yet having before shewn that all things will hence become cheaper, in much greater Proportion, than the Rents will be lowered, I shall only say further, that since all Things must first come out of the Ground, Lands