Some Considerations of the Lowering of Interest [27]
given in at his Marriage Settlement, and thinks his Land an unmoveable Fund for such an Income) be not very forward to think so: Yet this nevertheless is an undoubted truth, that he is more concern'd in Trade, and ought to take a greater care, that it be well manag'd, and preserv'd, than even the Merchant himself. For he will certainly find, when a decay of Trade has carried away one part of our Money out of the kingdom, and the other is kept in the Merchant and Tradesman's Hands, that no Laws he can make, nor any little Arts of Shifting Property amongst our selves, will bring it back to him again; but his Rents will fall, and his Income every day lessen, till general Industry, and Frugality join'd to a well order'd Trade, shall restore to the kingdom the Riches and Wealth it had formerly. This by the way, if well consider'd might let us see, that Taxes, however contriv'd, and out of whose Hand soever immediately taken, do in a Country, where their great Fund is in Land, for the most part terminate upon Land. Whatsoever the People is chiefly maintained by, that the Government supports it self on: Nay, perhaps it will be found, that those Taxes which seem least to affect Land, will most surely of all other, fall the Rents. This would deserve to be well considered in the raising of Taxes, lest the neglect of it bring upon the Country Gentleman an Evil which he will be sure quickly to feel, but not be able very quickly to remedy. For Rents once fallen are not easily raised again. A Tax laid upon Land seems hard to the Landholder, because it is so much Money going visibly out of his Pocket: And therefore as an ease to himself, the Landholder is always forward to lay it upon Commodities. But if he will throughly consider it, and examine the Effects, he will find he Buys this seeming Ease at a very dear rate: And though he pays not this Tax immediately out ofhis own Purse, yet his Purse will find it by a greater want of Money there at the end of the year, than that comes to, with the lessening of his Rents to boot; which is a settled and lasting evil, that will stick upon him beyond the present Payment. To make this clear, let us suppose in the present State of Affairs in England, that the Rents of England are Twelve Millions, and that the Charge and Necessities of the Government requires a supply of Three Millions from the Parliament, which is laid on Land. Here is one fourth part of his Yearly Income goes immediately out of the Landlords and Landholders Pocket. This is a Burthen very apt to be felt. The Country Gentleman, who actually pays the Money out of his Pocket, or finds it deducted out of his Rent at Quarter-day for Taxes, sees and very sensibly observes what goes thus out of his Estate. But though this be a Quarter of his yearly Income, and out of an Estate of Four hundred pounds a Year, the publick Tax now openly takes away One hundred: Yet this influences not at all the yearly Rent of the Land, which the Rack-renter, or under Tenant pays: It being the same thing to him, whether he pays all his Rent to the King, or his Landlord, or half, or a quarter, or none at all to the King; the Case is all one to him, what Hand receives his Rent, when due: So Trade Nourishes, and his Commodities go off well, he will be able to pay his Rent on. This lessens not any more the Value of his Farm, than an high or a low chief Rent does paid out of it to the Lord of the Fee: The Tenant's Bargain and Profit is the same, whether the Land be charg'd, or not charg'd with an Annuity payable to another Man. We see this in College Leases, where though the College Tenant pays for it to the College some years five times as much as he does others, upon the varying Rate of Corn: Yet the Under Tenant feels not this Alteration in the least, nor finds a Reason to have his Rent abated, because a greater part of it is diverted from his Landlord. All this is but changing the Hand, that receives the Rent, without any influence at all upon the yearly Value of the Estate; which will not be let for one Penny more or less to the Renter, however, or