Some Considerations of the Lowering of Interest [11]
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