Some Considerations of the Lowering of Interest [26]
or which amounts to the same thing, upon the number of Buyers and Sellers. For where there are many Sellers and few Purchasers, though Interest be lessened, Land will be cheap, as I have already shew'd. At least, this is certain, That making a Law to reduce Interest, will not raise the Price of Lands: It will only, by driving it more into the Bankers Hands, leave the Country barer of Money, whereby, if the price of Land about London, should be accidentally raised, that of remoter Counties would thereby have fewer Purchasers, and at lower Rates. This being so, that the low rate of Land depends much on the great number of Sellers in proportion to Purchasers, the next thing to be inquir'd into, is, What makes plenty of Sellers? and to that the Answer is obvious, general ill Husbandry, and the consequence of it, Debts. If a neglect of Government and Religion, ill Examples, and depraved Education, have introduc'd Debauc'hery. and Art or Chance has made it fashionable for Men to live beyond their Estates, Debts will increase and multiply, and draw with them a necessity on Men, first of Incumbring, and then Selling their Estates. This is generally the cause why Men part with their Land: And I think there is scarce one of an hundred, that thinks of Selling his Patrimony, till Mortgages have pretty well Eat into the Freehold; and the weight of growing Debts force a Man, whether he will or no, out of his Possessions. When almost is there ever a clear and unincumbred Estate set to Sale? 'Tis seldom a thriving Man turns his Land into Money to make the greater advantage: The Examples of it are so rare, that they are scarce of any Consideration in the number of Sellers. This I think may be the Reason, why in Queen Elizabeth's days (when Sobriety, Frugality, and Industry, brought in daily Increase, to the growing Wealth of the Kingdom) Land kept up its Price, and Sold for more Years Purchase, than corresponded to the Interest of Money, then busily imploy'd in a thriving Trade, which made the natural Interest much higher than it is now, as well as the Parliament then set it higher by Law. On the contrary side, what makes scarcity of Purchasers? 1. The same Reason, Ill Husbandry. When the Tradesman lives up to the heighth of his Income, and the vanity of Expences either drains the Merchants Coffers, or keeps them from over-flowing, he seldom thinks of Purchasing. Buying of Land is the result of a full and satiated Gain: And Men in Trade seldom think of laying out their Money upon Land, till their Profit has brought them in more, than their Trade can well employ; and their idle Bags cumbring their Counting Houses, put them upon emptying them on a Purchase. 2. Another thing that makes a scarcity of Buyers of Land, are doubtful and ill Titles: Where these are frequent and fatal, one can no more expect, that Men, who have Money, should be forward to Purchase, than Ships richly laden to venture themselves amongst Rocks and Quicksands. 'Tis no wonder such Seas should not be much frequented, where the Examples, and remains of daily Wrecks, shew the folly, and hazard of the Venture, in the number of those who have Miscarried. 3. A general decay ofTrade discourages Men from Purchasing: For this threatens an Universal Poverty, which is sure to fall first and heaviest upon Land. The Merchant who furnishes the improvident Landholder, will not fail to have Money for his Wares with Gain, whether the Kingdom get by his Trade or no; and he will keep his Money rather employed in Trade, which brings him in profit, (for the Merchant may get by a Trade that makes the kingdom Poor) than lay it out in Land, whose Rents he sees sinking, and foresees by the course of Trade, is likely to continue on to do so: When a Nation is running to decay and ruin, the Merchant, and Monied Man, do what you can, will be sure to starve last: Observe it where you will, the decays that come upon, and bring to Ruin any Country, do constantly first fall upon the Land: And though the Country Gentleman, (who usually securely relies upon so much a Year as was