Some Considerations of the Lowering of Interest [38]
talk, as if they meant to shew us, not only the Wisdom, but Riches of Solomon, and would make Gold and Silver as common, as the Stones in the Street: But at last, I fear, 'will be but Wit without Money; and, I wish it amount to that. 'Tis without question, That could the Countryman, and the Tradesman take up Money cheaper, than now they do, every Man would be forward to Borrow, and desire, that he might have other Mens Money to imploy to his advantage. I confess, those who contend for Four per Cent. have found out a way, to set Mens Mouths a watering for Money at that Rate, and to increase the number ofthe Borrowers in England; if any body can imagine it would be an advantage to increase them. But to answer all their fine Projects, I have but this one short question to ask them: Will Four per Cent. increase the number of the Lenders? If it will not, as any Man at the very first hearing, will shrewdly suspect it will not, then all the plenty of Money these Conjurers bestow upon us, for Imnprovement of Land, Paying of Debts, and Advancement of Trade, is but like the Gold and Silver, which Old Women believe, other Conjurers bestow sometimes, by whole Lapfuls, on poor credulous Girls, which, when they bring to the light, is found to be nothing but wither'd Leaves; and the Possessors of it are still as much in want of Money as ever. Indeed I grant it would be well for England, and I wish it were so, that the plenty of Money were so great amongst us, that every Man could borrow as much as he could use in Trade, for Four per Cent. nay, that Men could borrow as much as they could imploy for Six per Cent. But even at that Rate, the Borrowers already are far more than the Lenders. Why else doth the Merchant upon occasion, pay Six per Cent. and often above that rate for Brokage? And why doth the Country Gentleman of One thousand pounds per Annum find it so difficult, with all the security he can bring, to take up a Thousand pound? All which proceeds from the scarcity of Money, and bad Security; two Causes, which will not be less powerful to hinder Borrowing, after the lowering of Interest: and I do not see, how any one can imagine that reducing Use to Four Per Cent. should abate their force; or how lessening the Reward of the Lender, without diminishing his Risque, should make him more forward and ready to Lend. So that these Men, whilst they talk, that at Four per Cent. Men would take up, and imploy more Money to the Publick advantage, do but pretend to multiply the number of Borrowers among us, ofwhich it is certain we have too many already. Whilst they thus set Men a longing for the Golden days of Four per Cent. methinks they use the poor indigent Debtor, and needy Tradesman, as I have seen pratling Jack-Daws do sometimes their young, who kawing and fluttering about the Nest, set all their young ones a gaping, but having nothing in their empty Mouths but Noise and Air, leave them as hungry as before. 'Tis true these Men have found out by a cunning project, how, by the restraint of Law, to make the price of Money One Third cheaper, and then they tell John a Nokes, that he shall have Ten thousand pounds of it to employ in Merchandise, or Cloathing; and John a Stiles shall have Twenty thousand pounds more to pay his Debts; and so distribute this Money as freely as Dego did his Legacies, which they are to have, even where they can get it. But till these Men can instruct the forward Borrowers where they shall be furnished, they have perhaps done something to increase Mens desire, but not made Money one jot easier to come by. And till they do that, all this sweet gingling of Money in their Discourses goes just to the Tune of, If all the World were Oatmeal. Methinks these Undertakers, whil'st they have put Men in hopes of Borrowing more plentifully at easier Rates, for the supply of their Wants and Trades, had done better to have bethought themselves of a way, how Men need not Borrow upon Use at all: For this would be much more advantageous, and altogether as Feisible. It is as easie to distribute Twenty pair of Shooes amongst