Some Considerations of the Lowering of Interest [37]
begins to fall, how many Hands soever there be between that and the Landholder, they all take reprisals one upon another, till at last it comes to the Landholder; and there the abatement of Price, of any ofhis Commodities, lessens his Income, and is a clear loss. The Owner of Land, which produces the Commodity, and the last Buyer, who consumes it, are the two extreams in Commerce. And though the falling of any sort of Commodity in the Landholder's Hand, does not prove so to the last consumer, the Arts of intervening Brokers and Ingrossers keeping up the Price to their own advantage: Yet whenever want of Money, or want of desire in the consumer, make the Price low, that immediately reaches the first Producer: No body between having any Interest to keep it up. Now, as to the two first causes of falling of Rents, falling of Interest has no Influence at all. In the latter, it has a great part: Because it makes the Money of England less, by making both English-Men and Foreigners withdraw or with-hold their Money. For that which is not let loose into Trade, is all one whil'st Hoarded up, as if it were not in Being. I have heard it brought for a reason, why Interest should be reduced to Four per Cent. That thereby the Landholder, who bears the burthen of the Publick Charge, may be, in some degree eased by falling of Interest. This Argument will be put right, if you say it will ease the Borrower, and lay the loss on the Lender: But it concerns not the Land in general, unless you will suppose all Landholders in Debt. But I hope, we may yet think that Men in England, who have Land, have Money too; and that Landed Men, as well as others, by their providence and good Husbandry, accommodating their Expences to their Income, keep themselves from going backwards in the World. That which is urged, as most deserving consideration and remedy in the case, is, That it is hard and unreasonable, that one, who has Mortgaged half his Land, should yet pay Taxes for the whole, whil'st the Mortgagee goes away with the clear profit of an high Interest. To this I answer, 1. That if any Man has run himself in Debt, for the Service of his Country, 'tis fit the Publick should reimburse him, and set him free. This is a care, that becomes the Publick Justice; That Men, if they receive no Rewards, should, at least, be kept from Suffering, in having Served their Country. But I do not remember the Polity of any Nation, who altered their Constitution, in favour of those, whose mismanagement had brought them behind-hand; possibly as thinking the Publick little beholding to those, who had misemployed the Stock of their Country, in the excess of their private Expences, and, by their Example, spread a fashion that carries ruin with it. Mens paying Taxes of Mortgaged Lands, is a punishment for ill-husbandry, which ought to be discouraged: But it concerns very little the Frugal and the Thrifty. 2. Another thing to be said in reply to this, is, That it is with Gentlemen in the Country, as with Tradesmen in the City. If they will own Titles to greater Estates than really they have, it is their own faults, and there is no way left to help them from Paying for them. The Remedy is in their own hands, to discharge themselves when they please. And when they have once Sold their Land, and paid their Debts, they will no longer pay Taxes, for what they own, without being really theirs. There is another way also, whereby they may be relieved, as well as a great many other inconveniencies remedied; and that is by a Registry: For if Mortgages were Registred, Land Taxes might reach them, and order the Lender to pay his proportion. I have met with Patrons of Four per Cent. who (amongst many other fine things they tell us of) affirm, That if Interest were reduced to Four per Cent. then some Men would borrow Money at this low Rate, and pay their Debts; Others would borrow more than they now do, and improve their Land; Others would borrOw more, and imploy it in Trade and Manufacture. Gilded words indeed, were there any thing substantial in them! These Men