some considerations of the lowering of interest-第3章

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contrary。　This　loss　to　the　mony'd　Men　will　be　a　prejudice　to　Trade：　Since　it　will　discourage　Lending　at　such　a　disproportion　of　Profit；　to　Risque；　as　we　shall　see　more　by　and　by；　when　we　come　to　consider　of　what　consequence　it　is　to　encourage　Lending；　that　so　none　of　the　Money　of　the　Nation　may　lie　dead；　and　thereby　prejudice　Trade。　　　　　4。　It　will　hinder　Trade。　For　there　being　a　certain　proporion　of　Money　necessary　for　driving　such　a　proporion　of　Trade；　so　much　Money　of　this　as　lies　still；　lessens　so　much　of　the　Trade。　Now　it　cannot　be　rationally　expected；　but　that　where　the　Venture　is　great；　and　the　Gains　small；　（as　it　is　in　Lending　in　England　upon　low　Interest）　many　will　choose　rather　to　hoard　up　their　Money；　than　venture　it　abroad　on　such　Terms。　This　will　be　a　loss　to　the　Kingdom；　and　such　a　loss；　as　here　in　England　ought　chiefly　to　be　looked　after：　For　we　having　no　Mines；　nor　any　other　way　of　getting；　or　keeping　of　Riches　amongst　us　but　by　Trade；　so　much　of　our　Trade　as　is　lost；　so　much　of　our　Riches　must　necessarily　go　with　it；　and　the　over…ballancing　of　Trade　between　us　and　our　Neighbours；　must　inevitably　carry　away　our　Money；　and　quickly　leave　us　Poor；　and　exposed。　Gold　and　Silver　though　they　serve　for　few　yet　they　command　all　the　conveniencies　of　life；　and　therefore　in　a　plenty　of　them　consists　Riches。　　　　　Every　one　knows　that　Mines　alone　furnish　these：　But　withal　'tis　observable　that　most　Counties　stored　with　them　by　Nature　are　poor。　The　digging　and　refining　of　these　Metals　taking　up　the　Labour；　and　wasting　the　Number　of　the　People。　For　which　reason　the　wise　Policy　of　the　Chineses　will　not　suffer　the　Mines　they　have　to　be　wrought。　Nor　indeed；　things　rightly　considered；　do　Gold　and　Silver　drawn　out　of　the　Mine　equally　Enrich；　with　what　is　got　by　Trade。　He　that　would　make　the　lighter　Scale　preponderate　to　the　opposite；　will　not　so　soon　do　it；　by　adding　encrease　of　new　Weight　to　the　emprier；　as　if　he　took　out　of　the　heavier　what　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　you　fall　the　Price　of　your　Native　Commodities；　Or　lessen　your　Trade；　Or　else　prevent　not　the　high　Use　as　you　intended。　For　at　the　time　of　lessening　your　Interest；　you　want　Money　for　your　Trade；　or　you　do　not。　If　you　do　not；　there　is　no　need　to　prevent　Borrowing　at　a　high　Rate　of　your　Neighbours。　For　no　Country　borrows　of　its　Neighbours　but　where　there　is　need　of　Money　for　Trade：　No　body　will　borrow　more　of　a　Foreigner　to　let　it　lye　still。　And　if　you　do　want　Money；　Necessity　will　still　make　you　borrow　where　you　can；　and　at　the　Rates　your　Necessity；　not　your　Laws；　shall　set：　or　else；　if　there　be　scarcity　of　Money；　it　must　hinder　the　Merchant's　Buying　and　Exportation；　and　the　Artisan's　Manufacture。　Now　the　kingdom　gets　or　loses　by　this　（for　no　question　the　Merchant　by　low　Interest　gets　all　the　while）　only　proportionably　（allowing　the　Consumption　of　Foreign　Commodities　to　be　still　the　same）　as　the　paying　of　Use　to　Foreigners　carries　away　more　or　less　of　our　Money；　than　want　of　Money　and　stopping　our　Trade　keeps　us　from　bringing　in；　by　hindring　our　Gains；　which　can　be　only　estimated　by　those；　who　know　how　much　Money　we　borrow　of　Foreigners；　and　at　what　Rate；　and　too；　what　Profit　in　Trade　we　make　of　that　Money。　　　　　Borrowing　of　Foreigners　upon　Interest　it's　true　carries　away　some　of　our　Gain：　But　yet　upon　Examination　it　will　be　found；　that　our　growing　Rich　or　Poor　depends　not　at　all　pon　our　borrowing　upon　Interest　or　not；　but　only　which　is　greater　or　less；　our　Importation　or　Exportation　of　consumable　Commodities。　For　supposing　Two　Millions　of　Money　will　drive　the　Trade　of　England；　and　that　we　have　Money　enough　of　our　own　to　do　it；　if　we　consume　of　our　own　Product　and　Manufacture；　and　what　we　Purchase　by　it　of　Foreign　Commodities；　one　Million；　but　of　the　other　Million　consume　nothing；　but　make　a　return　of　Ten　per　Cent。　per　An。　we　must　then　every　Year　be　One　hundred　thousand　pounds　Richer；　and　our　Stock　be　so　much　encreast：　But　if　we　Import　more　consumable　Commodities　than　we　Export；　our　Money　must　go　out　to　pay　for　them；　and　we　grow　poorer。　Suppose　therefore　ill　Husbandry　hath　brought　us　to　one　Million　Stock；　and　we　borrow　the　other　Million　（as　we　must；　or　lose　half　our　Trade）　at　Six　per　Cent。　If　we　consume　one　moyety；　and　make　still　Ten　per　Cent。　per　An。　Return　of　the　other　Million；　the　Kingdom　gets　Forty　thousand　pounds　per　An。　though　it　pay　Sixty　thousand　pound　per　An。　Use。　So　that　if　the　Merchant's　Return　be　more　than　his　Use；　（which　'tis　certain　it　is；　or　else　he　will　not　Trade）　and　all　that　is　so　Traded　for　on　borrowed　Money　be　but　the　over…ballance　of　our　Exportation　to　our　Importation；　the　kingdom　gets　by　this　Borrowing　so　much　as　the　Merchant's　Gain　is　above　his　Use。　But　if　we　borrow　only　for　our　own　Expences；　we　grow　doubly　poor；　by　paying　Money　for　the　Commodity　we　consume；　and　Use　for　that　Money；　though　the　Merchant　gets　all　this　while；　by　making　Returns　greater　than　his　Use。　And　therefore　Borrowing　of　Foreigners　in　it　self　makes　not　the　Kingdom　rich　or　poor；　for　it　may　do　either：　But　spending　more　than　our　Fruits　or　Manufactures　will　pay　for；　brings　in　Poverty；　and　Poverty　Borrowing。　　　　　For　Money；　as　necessary　to　Trade；　may　be　doubly　considered。　First；　as　in　his　Hands　that　pays　the　La