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f 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 Thirty Men； if they pay nothing for them at all； as if they paid 4 s。 a pair。 Ten of them （notwithstanding the Statute Rate should be reduced from 6 s。 to 4 s。 a pair） will be necessitated to sit still Barefoot； as much； as if they were to pay nothing for Shooes at all。 Just so it is in a Country； that wants Money in proportion to Trade。 It is as easie to contrive how every Man shall be supplied with what Money he needs （i。e。 can imploy in improvements of Land； paying his Debts； and Returns of his Trade） for nothing； as for Four per Cent。 Either we have already more Money than the Owners will Lend； or we have not。 If part of the Money which is now in England； will not be Lent at the rate Interest is at present at； will Men be more ready to Lend； and Borrowers be furnished for all those brave Purposes more plentifully； when Money is brought to Four per Cent？ If People do already lend all the Money they have； above their own occasions； whence are those； who will borrow more at Four per Cent。 to be supplied？ Or is there such plenty of Money； and scarcity of Borrowers； that there needs the reducing of Interest to Four per Cent。 to bring Men to take it？ All the imaginable ways of increasing Money in any Country； are these two： Either to dig it in Mines of our own； or get it from our Neighbours。 That Four per Cent。 is not of the nature of the Deusing…rod； or Virgula Divina； able to discover Mines of Gold and Silver； I believe will easily be granted me。 The way of getting from Foreigners； is either by force； borrowing； or trade。 And whatever ways besides these； Men may fansie； or propose； for increasing of Money； （except they intend to set up for the Philosophers Stone） would be much the same with a Distracted Man's device that I knew； who； in the beginning of his Distemper first discover'd himself to be out of his Wits； by getting together； and boiling a great number of Groats； with a design； as he said； to make them plim； i。e。 grow thicker。 That Four per Cent。 will Raise Armies； Discipline Soldiers； and make Men Valiant； and fitter to conquer Countries； and inrich themselves with the Spoils； I think was never pretended。 And that it will not bring in more of our Neighbours Money upon Loan； than we have at present among us； is so visible in its self； that it will not need any Proof； the contenders for Four per Cent。 looking upon it as an undeniable Truth； and making use of it as an Argument to shew the advantage it will be to the Nation； by lessening the Use paid to Foreigners； who upon falling of Use will take home their Money。 And for the last way of increasing our。 Money； by promoting of Trade； how much lowering of Interest is the way to that； I have； I suppose； shew'd you already。
Having lately met with a little Tract； Intituled A Letter to a Friend concerning Usury。 Printed this present year 1690； which gives in short； the Arguments of some Treatises Printed many years since； for the lowereing of Interest； It may not be amiss； briefly to consider them。
1。 A High Interest decays Trade。 The advantage from Interest is greater than the Profit from Trade； which makes the rich Merchants give over； and put out their Stock to Interest； and the lesser Merchants Break。 Answ。 This was Printed in 1621； when Interest was at 10 per Cent。 And whether England had ever a more flourishing Trade； than at that time； must be left to the judgment of those； who have consider'd the growing Strength and Riches of this Kingdom in Q。E。 and King J。 the 1st Reigns。 Not that I impute it to high Interest； but to other Causes I have mention'd； wherein Usury had nothing to do。 But if this be thought an Argument now in 1690； when the legal Interest is 6 per Cent。 I desire those； who think fit to make use of it； to name those rich Merchants； who have given over and put out their Stocks to Interest。 2。 Interest being at 10 per Cent。 and in Holland at 6； our Neighbour Merchants undersel us。 Answ。 The legal Interest being here now at 6 per Cent。 and in Holland not limited by Law； our Neighbour Merchants undersel us； because they live more frugally； and are content with less profit。 3。 Interest being lower in Holland than in England； their Contributions to War； works of Piety； and all Charges ofthe State； are cheaper to them than to us。 Answ。 This needs a little Explication。 Contributions greater or less； I understand： but Contributions cheaper or dearer； I confess I do not。 If they manage their Wars and Charges cheaper than we； the blame is not to be laid on high； or low Interest。 4。 Interest being so high； prevents the building of Shipping； which is the strength and safety of our Island； most Merchant Ships being built in Holland。 Answ。 Though this Argument be now gone； such Ships being Prohibited by a Law； I will help the Author to one as good。 The Dutch buy our Rape…seed； make it into Oil； bring it back to us； and sell it with advantage。 This may be as well said to be from high Interest here； and low there。 But the Truth is； the lndustry and Frugality of that People； makes them content to work cheaper； and sell at less profit than their Neighbours； and so get the Trade from them。 5。 The high Rate of Usury makes Land sell so cheap； being not worth more than 14 or 15 Years Purchase； whereas in Holland； where Interest is at 6； it is worth above 25。 So that a low Interest raises the Price of Land。 Where Money is dear Land is cheap。 Answ。 This Argument plainly confesses； That there is something else regulates the Price of Land； besides the Rate of Interest。 else when Money was at 10 Per Cent。 here； Land should have been at 10 Years Purchase； whereas he confesses it then to have been at 14 or 15。 One may suppose； to favour his Hypothesis； he was not forward to speak the most of it。 And Interest； as he says； being at 6 Per Cent。 in Holland； Land there should have Sold by that Rule for Sixteen and an half Years Purchase； whereas he says it was worth above Twenty five。 And Mr。 Manly says； （p。 33） That Money in France being at 7 per Cent。 Noble Land sellsfor 34 and 35 Years Purchase； and ordinary Land for 25。 So that the true Conclusion from hence is； not what our Author makes； but this； That 'tis not the legal Interest； but some