Some Considerations of the Lowering of Interest [35]
and it being in the same proportion to be imploy'd and distributed still in all the parts of its circulation, so much as its quantity is lessen'd, so much must the share of every one, that has a right to this Money, be the less; whether he be Landholder, for his Goods; or Labourer, for his Hire; or Merchant, for his Brokage. Though the Landholder usually finds it first. Because Money failing, and falling short, People have not so much Money as formerly to lay out, and so less Money is brought to Market, by which the price of things must necessarily fall. The Labourer feels it next. For when the Landholder's Rent falls, he must either bate the Labourer's Wages, or not imploy, or not pay him; which either way makes him feel the want of Money. The Merchant feels it last. For though he sell less, and at a lower rate, he buys also our Native Commodities, which he Exports, at a lower rate too: and will be sure to leave our Native Commodities unbought, upon the Hands of the Farmer, or Manufacturer, rather than Export them to a Market, which will not afford him Returns with Profit. If one Third of the Money imployed in Trade were lock'd up, or gone out of England, must not the Landholders necessarily receive one Third less for their Goods, and consequently Rents fall; A less quantity of Money by one Third being to be distributed amongst an equal number of Receivers? lndeed, People not perceiving the Money to be gone, are apt to be jealous one of another; and each suspecting anothers inequality of Gain to rob him of his share, every one will be imploying his skill, and power, the best he can, to retrieve it again, and to bring Money into his Pocket in the same plenty as formerly. But this is but scrambling amongst our selves, and helps no more against our want, than the pulling of a short Coverlet will, amongst Children, that lye together, preserve them all from the Cold. Some will starve, unless the Father of the Family provide better, and enlarge the scanty Covering. This pulling and contest is usually between the Landed-man and the Merchant. For the Labourer's share, being seldom more than a bare subsistence, never allows that body of Men time or opportunity to raise their Thoughts above that, or struggle with the Richer for theirs, (as one common Interest,) unless when some common and great Distress, uniting them in one universal Ferment, makes them forget Respect, and emboldens them to carve to their Wants with armed force: And then sometimes they break in upon the Rich, and sweep all like a deluge. But this rarely happens but in the mal-administration of neglected or mis-manag'd Government. The usual struggle and contest, as I said before, in the decays of Wealth and Riches, is between the Landed Man and the Merchant, with whom I may here join the Monied Man. The Landed Man finds himself aggrieved, by the falling of his Rents, and the streightning of his Fortune; whilst the Monied Man keeps up his Gain, and the Merchant thrives and grows rich by Trade. These he thinks steal his Income into their Pockets, build their Fortunes upon his Ruin, and Ingross more of the Riches of the Nation than comes to their share. He therefore endeavours, by Laws, to keep up the value of Lands, which he suspects lessened by the others excess of Profit: But all in vain. The cause is mistaken, and the remedy too. 'Tis not the Merchants nor Monied Man's Gains that makes Land fall: But the want of Money and lessening of our Treasure wasted by extravagant Expences, and a mis-manag'd Trade, which the Land always first feels. If the Landed Gentleman will have, and by his example make it fashionable to have, more Claret, Spice, Silk, and other Foreign Consumable Wares, than our Exportation of Commodities does exchange for. Money must unavoidably follow to ballance the Account, and pay the Debt. And therefore I fear that another Proposal, I hear talked of, to hinder the Exportation of Money and Bullion, will shew more our need of care to keep our Money from going from us, than a way and method, how to preserve it here. 'Tis Death in Spain to