Some Considerations of the Lowering of Interest [28]
amongst whomsoever, the Rent he pays, be divided. From hence it is evident, That Taxes laid on Land do not in the least make Rents fall. But suppose, to shift off the Burthen from the Land, some Country Gentlemen should think fit to raise these three Millions upon Commodities, to let the Land go free. First, it is to be consider'd, That since the publick Wants require three Millions, (for that we supos'd for Argument sake; let it be three Millions, or one Million, that's all one;) and so much must go into the King's Coffers; or else the Necessities of the Government will not be supplied; That for raising these three Millions on Commodities, and bringing so much into the Exchequer, there must go a great deal more than three Millions out of the Subjects Pockets. For a Tax of that nature cannot be levied by Officers, to watch every little Rivulet of Trade, without a great Charge, especially at first trial. But supposing no more Charge in raising it, than of a Land Tax, and that there are only three Millions to be paid, 'tis evident that to do this out of Commodities, they must to the Consumer be raised a quarter in their Price; so that every thing, to him that uses it, must be a quarter dearer. Let us see now who at long run must pay this quarter, and where it will light. 'Tis plain, the Merchant and Broker, neither will nor can; for if he pays a quarter more for Commodities than he did, he will sell them at a Price proportionably raised. The poor Labourer and Handicraftsman cannot: For he just lives from hand to mouth already, and all his Food, Clothing and Utensils, costing a quarter more than they did before, either his Wages must rise with the Price of things, to make him live; or else, not being able to maintain himself and Family by his Labour, he comes to the Parish; and then the Land bears the Burthen a heavier way. If the Labourer's Wages be rais'd in proportion to the encreas'd Rates of things, the Farmer, who pays a quarter more for Wages, as well as all other things, whilst he sells his Corn and Wool, either at the same rate, or lower, at the Market, (since the Tax laid upon it makes People less forward to buy) must either have his Rent abated, or else break and run away in his Landlord's Debt: And so the yearly Value of the Land is brought down. And who then pays the Tax at the Years end, but the Landlord: When the Tenant, not able to raise his Rent by his Commodities, either runs away in his Landlord's Debt, or cannot be continued in the Farm without abatement of Rent? For when the yearly charge in his Farm is greater by the increase of the Labourers Wages, and yet his product Sells cheaper by reason of the Tax laid on his Commodities; how will the Farmer be able to make up his Rent at Quarter-Day? For this may be worth our Notice, that any Tax laid on Foreign Commodities in England, raises its price, and makes the Importer get more for his Commodity. But on the contrary a Tax laid on your Native Product, and home-made Commodities, lessens their price, and makes them yield less to the first Seller. The Reason whereof is plain. For the Merchant Importing no Commodity but what the necessity, or fashionable Wantonness of your People gives him Vent for, will not only proportion his Gain, to the Cost and Risque which he has been at before Landing; but will expect profit of his Money paid here, for any Tax laid on it; and take advantage from thence to raise his price above what his Tax comes to; and if he cannot do that, he will Trade no more in that Commodity. For it being not the Product of his Farm, he is not tied to bring it to Market, if he finds its price not answer his Expectation there, but turns himself to other Wares, which he finds your Markets take off better. A Merchant will never continue to Trade in Wares, which the change of Fashion, or Humour, amongst your People, has made less vendible, though he may be sometimes caught by a sudden alteration. But that seldom happens in the course of Trade, so as to influence the great bulk of it. For things of Necessity must still be had, and things of Fashion