Some Considerations of the Lowering of Interest [5]
he adds to the lighter, for then half so much will do it. Riches do not consist in having more Gold and Silver, but in having more in proportion, than the rest of the World, or than our Neighbours, whereby we are enabled to procure to our selves a greater Plenty of the Conveniencies of Life than comes within the reach of Neighbouring kingdoms and States, who, sharing the Gold and Silver of the World in a less proportion, want the means of Plenty and Power, and so are Poorer. Nor would they be one jot the Richer, if by the discovery of new Mines the quantity of Gold and Silver in the World becoming wice as much as it is, their shares of them should be doubled. By Gold and Silver in the World I must be understood to mean, not what lies hid in the Earth; but what is already out of the Mine in the Hands and Possessions of Men. This, if well considered, would be no small encouragement to Trade, which is a surer and shorter way to Riches than any other, where it is managed with Skill and Industry. In a Country not furnished with Mines there are but two ways of growing Rich, either Conquest, or Commerce. By the first the Romans made themselves Masters of the Riches of the World; but I think that in our present circumstances, no Body is vain enough to entertain a Thought of our reaping the Profits of the World with our Swords, and making the Spoil and Tribute of Vanquished Nations, the Fund for the supply of the Charges of the Government, with an overplus for the wants, and equally craving Luxury, and fashionable Vanity of the People. Commerce therefore is the only way left to us, either for Riches or Subsistence, for this the advantages of our Situation, as well as the Industry and Inclination of our People, bold and skilful at Sea, do Naturally fit us: By this the Nation of England has been hitherto Supported, and Trade left almost to it self, and assisted only by the Natural Advantages above-mentioned, brought us in Plenty and Riches, and always set this kingdom in a rank equal, if not superior to any of its Neighbours: And would no doubt without any difficulty have continued it so, if the more enlarged, and better understood Interest of Trade, since the Improvement of Navigation, had not raised us many Rivals; and the amazing Politicks of some late Reigns, let in other Competitors with us for the Sea, who will be sure to seize to themselves whatever parts of Trade our ismanagement, or want of Money, shall let slip out of our Hands: And when it is once lost, 'will be too late to hope, by a mistim'd Care, easily to retrieve it again. For the Currents of rade, like those of Waters, ake themselves Channels, out of which they are afterwards as hard to be diverted, as Rivers that have worn themselves deep within their Banks. Trade then is necessary to the producing of Riches, and Money necessary to the carrying on of Trade. This is principally to be looked after and taken Care of. For if this be neglected, we shall in vain, by Contrivances amongst our selves, and shuffling the little Money we have from one anothers Hands, endeavour to prevent our Wants: Decay of Trade will quickly waste all the Remainder; and then the Landed-Man, who thinks perhaps by the fall of Interest to raise the Value of his Land, will find himself cruelly mistaken, when the Money being gone, (as it will be if our Trade be not kept up) he can get neither Farmer to Rent, nor Purchaser to Buy his Land. Whatsoever therefore hinders the Lending of Money, injures Trade: And so the reducing of Money, to Four per Cent. which will discourage Men from Lending, will be a Loss to the Kingdom, in stopping so much ofthe Current ofMoney, which turns the Wheels ofTrade. But all this upon a Supposition, that the Lender and Borrower are both English Men. If the Lender be a Foreigner, by lessening Interest from Six to Four you get to the Kingdom one third part ofthe Interest we pay Yearly to Foreigners: Which let any one if he please think considerable. But then upon lessening Interest to Four per Cent. it is likely one of these things will happen. That either