Some Considerations of the Lowering of Interest [12]
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, much less one more remote in another Country, it might seem requisite to suppose half the yearly Revenue of the Land to be necessarily employed in paying of Rent. For to say that some Tenants break and pay not their Rent at all, and others pay not till two, three, four, five, six, &c. Months after quarter-day, and so the Rent is not all paid at one time, is no more than to say, That there is Money wanting to the Trade. For if the Tenant fail the Landlord, he must fail his Creditor, and he his, and so on, till somebody break, and so Trade decay for want of Money. But since a considerable part of the Land of England is in the Owners Hands, who neither pay nor receive great Sums for it at a certain Day; and because too, (which is the chief Reason) we are not to consider here how much Money is in any one man's, or any one sort of mens hands at one time; for that at other times may be distributed into other hands, and serve other parts of Trade; but how much Money is necessary to be in each man's hands all the Year round, taking one time with another, (i.e.) having Three hundred pounds in his Hand one month, is to be reckoned as One hundred pound in his Hand three months, (and so proportionably) I think we may well suppose a quarter of the Yearly Revenue to be constancy in the Landlords or Tenants Hands. Here, by the by, we may observe, That it were better for Trade, and consequently for everybody, (for more Money would be stirring, and less would do the business) if Rents were paid by shorter intervals than six months. For supposing I let a Farm at Fifty two pounds per An. if my Rent be paid half Yearly, there is required Twenty six pounds to be employed in the Payment ofit in one entire Sum, (if it be paid well, and if it be not paid well, for want of so much Money to be spared to that purpose, there is so much want of Money, and Trade is still endamag'd by it) a great part whereof must necessarily lie still before it come out of my Tenants Chest to my Hands: If it be paid once a quarter Thirteen pound alone will do it, and less Money is laid up for it, and stop'd a less while in its course: But should it be paid every Week, one single wenty Shillings will pay the Rent of Fifty two pounds per Annum, whence would follow this double benefit. First, That a great deal less Money would serve for the Trade of a Country. And Secondly, That less of the Money would lie still, the contrary whereof must needs happen, where growing Debts are to be paid at larger distances, and in greater Sums. Thirdly, As for the Brokers, since they too must lay up the Money coming in by Retail, either to go to Market, and buy Wares, or to pay at the day appointed, which is often six Months, for those Wares which they have already, we cannot suppose them to have less by them, one with another, than One twentieth part of their yearly Returns. Whether the Money be their own, or they be Indebted so much or more, it matters not, if it be necessary they should have constancy by them, comparing one time with another, at least One twentieth part of their yearly Return. Indeed in some great Towns, where the Bankers are ready at hand to buy Bills, or any other way to lend Money, for short time at great Interest, there perhaps the Merchant is not forced to keep so much Money by him, as in other places, where they have not such a Supply: But if you consider, what Money to do this must necessarily be constantly lodged in the Bankers Hands the case will be much the same. To these Sums, if you add, what part of the Money of a Country Scholars of all sorts, Women, Gamesters, and great Mens menial Servants, and all such that do not contribute at all to Trade, either as Landholders, Labourers, or Brokers, will unavoidably have constantly in their Hands, it cannot well be thought, that less than One Fiftieth part of the Labourers Wages, One Fourth part of the Landholders yearly Revenue, and one