Some Considerations of the Lowering of Interest [8]
over-ballance them in Trade, must be paid us in Money; and so at the Ten years end, their Million of Money, (though their Law make it Death to export it) will be all brought into England; as in truth, by this over-ballance of Trade, the greatest part of our Money hath been brought into England out of Spain. Let us suppose our selves now possessed of this Million of Money; and Exporting Yearly out of England, to the several parts of the World, consumable Commodities to the value of a Million, but Importing Yearly in Commodities, which we consume amongst us to the value of Eleven hundred thousand pounds. If such a Trade as this be managed amongst us, and continue Ten Years, it is evident, that our Million of Money will at the end of the Ten Years be inevitably all gone from us to them, by the same way that it came to us; that is, by their overballance of Trade. For we Importing every Year One hundred thousand pounds worth of Commodities more than we Export, and there being no Foreigners that will give us One hundred thousand pounds every year for nothing, it is unavoidable, that One hundred thousand Pounds of our Money must go out every Year to pay for that over-plus, which our Commodities do not pay for. 'Tis ridiculous to say, that Bills of Exchange shall pay our Debts abroad: That cannot be, till Scrips of Paper can be made current Coin. The English Merchant, who has no Money owing him abroad, cannot expect to have his Bills paid there. Or if he has Credit enough with a Correspondent, to have his Bills answered: This pays none of the Debt of England, but only changes the Creditor. And if upon the general ballance of Trade, English Merchants owe to Foreigners One hundred thousand pounds, or a Million, if Commodities do not, our Money must go out to pay it, or else our Credit be lost, and our Trade stop, and be lost too. A kingdom grows Rich, or Poor just as a Farmer doth, and no otherwise. Let us suppose the whole Isle of Portland one Farm; and that the Owner, besides what serves his Family, carries to Market to Weymouth and Dorchester, &c. Cattle, Corn, Butter, Cheese, Wooll, or Cloth, Lead and Tin, all Commodities produced and wrought within his Farm of Portland, to the value of a Thousand Pounds; yearly; and for this, brings whome in Salt, Wine, Oyl, Spice, Linnen and Silks, to the value of Nine hundred Pounds, and the remaining Hundred Pounds in Money. 'Tis evident he grows every year a hundred Pounds Richer, and so at the end often years will have clearly got a Thousand Pounds. If the Owner be a better Husband, and contenting himself with his Native Commodities, buy less Wine, Spice, and Silk, at Market, and so bring home Five hundred Pounds in Money yearly, instead of a Thousand Pounds, at the end of ten years he will have Five thousand pounds by him, and be so much Richer. He Dies, and his Son succeeds, a fashionable young Gentleman, that cannot Dine without Champane and Burgundy, nor Sleep but in a Damask Bed; whose Wife must spread a long Train of Brocard, and his Children be always in the newest French cut and Stuff. He being come to the Estate, keeps on a very busie Family. the Markets are weekly frequented, and the Commodities of his Farm carried out, and Sold, as formerly, but the Returns are made something different; the fashionable way of Eating, Drinking, Furniture and Clothing for himself and Family, requires more Sugar and Spice, Wine and Fruit, Silk and Ribons, than in his Fathers time; so that instead of Nine hundred Pounds per Annum, he now brings home of consumable Commodities, to the value of Eleven hundred Pounds yearly. What comes of this? He lives in Splendor, 'tis true, but this unavoidably carries away the Money his Father got, and he is every year an Hundred Pounds Poorer. To his Expences, beyond his Income, add Debauchery, Idleness, and Quarrels amongst his Servants, whereby his Manufactures are disturbed, and his Business neglected, and a general Disorder and Confusion through his whole Family and Farm: This will tumble him down the Hill the faster, and the Stock, which the Industry,