Some Considerations of the Lowering of Interest [36]
export Money. And yet they, who furnish all the World with Gold and Silver, have least of it amongst themselves. Trade fetches it away from that lazy and indigent People, notwithstanding all their artificial and forced contrivances to keep it there. It follows Trade against the rigour of their Laws; and their want of Foreign Commodities makes it openly be carried out at Noon-Day. Nature has bestowed Mines on several parts of the World: But their Riches are only for the Industrious and Frugal. Whomever else they visit, 'tis with the Diligent and Sober only they stay. And ifthe Vertue, and provident way of Living of our Ancestors (content with our Native conveniences of Life, without the costly Itch after the Materials of Pride and Luxury from abroad) were brought in fashion and countenance again amongst us; this alone would do more to keep, and increase our Wealth, and inrich our Land, than all our Paper helps about Interest, Money, Bullion, &c. which however eagerly we may catch at, will not, I fear, without better Husbandry, keep us from sinking, whatever contrivances we may have recourse to. 'Tis with a Kingdom, as with a Family. Spending less than our own. Commodities will pay for, is the sure and only way for the Nation to grow Rich. And when that begins once seriously to be consider'd, and our faces and steps are in earnest turn'd that way, we may hope to have our Rents rise, and the publick Stock thrive again. Till then, we in vain, I fear, endeavour with noise, and weapons of Law, to drive the Wolf from our own, to one anothers Doors: The Breed ought to be extirpated out of the Island. For Want, brought in by ill management, and nursed up by expensive Vanity, will make the Nation Poor, and spare no body. If Three Millions were necessary for the carrying on the Trade of England, whereof One Million were for the Landholder, to maintain him; and another were for the payment of the Labourer and Handicraftsman; and the Third were the share of the Brokers, coming to them for their care and pains in distributing; If One Million of this Money were gone out of the Kingdom, must not there be One Third less to be shared amongst them for the product of their Land, their Labour and their Distribution? I do not say they will feel it at the same time. But the Landholder having nothing, but what the Product of his Land will yield; and the Buyer according to the Plenty or Scarcity of Money he has, always setting the Price upon what is offered to Sale; The Landholder must be content to take the Market-Rate, for what he brings thither, which always following the scarcity or plenty of Money, if any part of our Money be gone, he is sure first to find it in the price of his Commodities. For the Broker and Merchant, though he Sell cheaper, yet he Buys cheaper too: And he will be sure to get by his Returns, or let alone a Commodity, which will not produce him Gain: And whatsoever is so let alone, and left upon hands, always turns to the Landholders loss. Supposing that of our Woollen Manufacture, Foreign Markets took off one half, and the other half were consumed amongst our selves: If a sensible part, (as One Third) of our Coin were gone, and so Men had equally One Third less Money than they had (for, 'tis certain, it must be tantamount, and what I 'scape of One Third less, another must make up) it would follow, That they would have less to lay out in Cloaths, as well as other things, and so would either wear them longer, or pay less for them. If a Clothier finds a want of Vent, he must either Sell cheaper or not at all: If he Sells cheaper, he must also pay less, both for Wool and Labour: And if the Labourer hath less Wages, he must also pay less for Corn, Butter, Cheese, Flesh, or else forbear some of these quite. In all which cases, the Price of Wool, Corn, Flesh, and the other Products of Land are brought down, and the Land bears the greatest part of the loss. For where-ever the Consumption or Vent of any Commodity is stopt, there the Stop continues on till it comes to the Landholder. And where-ever the Price of any Commodity