Some Considerations of the Lowering of Interest [30]
I grant it is, the greatest part of it; But is the Land Excus'd or Eas'd by it? By no means, but on the contrary so loaded, that in many places half, in others a quarter, in others one eighth of the Yearly value does not come into the owners Pocket: And if I have not been misinformed, the Land in some places will not pay the Taxes: So that we may say, that the Charge of the Government came not upon Commodities till the Land could not bear it. The burthen unavoidably settles upon the Land first, and when it has pressed it so, that it can yield no more, Trade must be brought in in aid to help to support the Government rather than let all sink: But the first stress is always upon Land, and as far as that will reach, it is unavoidably carried, lay your Taxes how you will. 'Tis known what a share of the publick charges of the Government is supported by the Trade of Amsterdam alone, as I remember that one Town pays Thirty-six in the Hundred of all the publick Taxes raised in the United Provinces. But are the Lands of Guelderland eas'd by it? Let any one see in that Country of Land more than Trade, what they make clear of their Revenues, and whether the Country Gentlemen there grow rich on their Land, whilst the Merchant having the Taxes laid on his Commerce is impoverish'd? On the contrary Guelderland is so low and out of Cash, that Amsterdam has been fain for many Years to lay down the Taxes for them, which is, in effect, to pay the Taxes of Guelderland too. Struggle and contrive as you will, lay your Taxes as you please, the Traders will shift it off from their own Gain; the Merchants will bear the least part of it, and grow poor last. In Holland it self, where Trade is so loaded, who, I pray, grows richest, the Land-holder or the Trader? Which of them is pinch'd, and wants Money most? A Country may thrive, the Country Gentleman grow rich, and his Rents encrease (for so it has been here) whilst the Land is Taxed: But I challenge any one to shew me a Country, wherein there is any considerable publick Charge raised, where the Land does not most sensibly feel it, and in proportion bear much the greater part of it. We must not therefore impute the falling of the Rents, or of the price of Land, to high Interest; Nor, if ill Husbandry has wasted our Riches, hope by such kind of Laws to raise them to their former value. I humbly conceive we shall in vain endeavour it by the fall of Interest: The number of Buyers must be increased, and Sellers lessen'd, which must be done by other ways, than regulating of Interest, or else the Landed-man will neither find Chapmen for his Land, nor for the Corn that grows on it, at the rate he desires. But could an Act of Parliament, bring down Interest to Four per Cent. and the lowering of that immediately raise the Purchasers Fine from 20 to 25 Years Purchase; yet it may be doubted, whether this be fit to be made into a Law, because it would be of no advantage to the Kingdom. For what profit would it be to the Nation to make a Law, that he who sells Land should instead of Four have Five hundred pounds of the Purchaser? This indeed a little alters the distribution of the Money, we have amongst us Englishmen here at home, but neither helps to continue what we have, nor brings in more from abroad: Which being the only concernment of the Kingdom, in reference to its Wealth, is apt to be supposed by us without doors to be the only care of a Parliament. For it matters not, so it be here amongst us, whether the Money be in Thomas or Richards Hands, provided it be so order'd, that, whoever has it, may be encouraged to let it go into the current of Trade, for the improvement of the general stock, and wealth of the Nation. As this increase of the Fine in the purchase of Land is not an advantage to the kingdom, so neither is it to the Landholder, who is the person, that bearing the greatest part of the burthens of the Kingdom, ought, I think, to have the greatest care taken of him, and enjoy as many Privileges, and as much Wealth, as the favour of the Law can (with regard to the Publick-weal)