landed interest, they would never be averse to the trading part of the nation. To convince them therefore that this is the fact, shall be the remaining part of this discourse.

Let us suppose then, that a million, or if you please, that twenty millions were to be imported, and gained by trade: to what uses could it be applied? Which would be the greatest gainers, the landed or the trading interest? Suppose it to be twenty millions.

It cannot at all be doubted, that a part of the afore-mentioned sum would be laid out in luxury, such as the magnificence of buildings, the plate and furniture of houses, jewels, and rich apparel, the elegance of diet, the splendor of coaches and equipage, and such other things as are an expence to the owners, and bring in no manner of profit. But because it is seldom seen, that persons who by great industry have gained estates, are extravagant in their luxury; and because the revenue must be still sufficient to support the annual expence, it is hard to conceive that more than two of the twenty millions can be converted into this dead stock, at least eighteen must still be left to raise an annual interest to the owners; and the revenue from the eighteen millions, at six per centum, will be little more than one million per

annum.

Again, a part of the twenty millions is very likely to be converted to increase the stock of our inland trade, in which is comprehended that upon all our farms. This is the trade which provides for the annual consumption of our people, and a stock of the value of two years consumption is generally believed to be sufficient for this purpose. If the eighteen millions above-mentioned will not raise a'

revenue of more than one million per annum, it is certain that no more than this last value can be added to our annual consumption, and that two of the twenty millions will be sufficient to add to the stock of our inland trade.

Our foreign trade is considered upon another foot; for though it provides in part for the annual consumption of our own people, it provides also for the consumption of foreign nations.. It exports our superfluous manufactures, and should make returns of bullion, or other durable treasure. Our foreign trade for forty years last past, in the judgment of the most intelligent persons, has been managed by a stock not less than four, and not exceeding eight millions, with which last sum they think it is driven at this time, and that it cannot be carried much farther, unless our merchants shall endeavour to open a trade to Terra Australis incognita, or some place that would be equivalent. It will therefore be a very large allowance, that one of the twenty millions can be added to the capital stock of our foreign trade.

There may be another way of raising interest, that is, by laying up, at a cheap time, corn or other goods or manufactures that will keep, for the consumption of future years, and when the markets may happen to call for them at an advanced price. But as most goods are perishable, and waste something every year, by which means a part of the principle is still lost, and as it is seldom seen that these engrossers get more than their principal, and the common interest of their money, this way is so precarious and full of hazard, that it is very unlikely any more than three of the twenty millions will be applied to engrossing. It were to be wished the engrossers were more profitable traders for

themselves; they are certainly very beneficial for the common-wealth; they are a market for the rich, in a time of plenty, and ready at hand with relief for the poor, in a time of dearth. They prevent the exportation of many necessaries of life, when they are very cheap; so that we are not at the charge of bringing them back again, when they are very dear. They save the money that is paid to foreign countries for interest, and warehouse room; but there is so much hazard, and so little profit in this business, that if twenty millions were to be imported, scarce three of them would be applied to the making magazines for the kingdom. If any of the money should be lent at interest to persons that shall apply the same to any of the purposes above-mentioned, it is still the same thing. If I have given good reasons for what I have said, no more than eight of the twenty millions can be applied either to our dead stock of luxury, our stock in inland or foreign trade, or our stores or magazines. So that still there will remain twelve millions, which are now no otherwise to be disposed of than in buying of lands or houses, or our new parliamentary funds, or in being lent out at interest upon mortgages of those securities, or to persons who have no other ways to repay the value than by part of the things themselves.

The question then is, what effect these twelve millions will have towards reducing the interest of money, or raising the value of estates; for as the former grows less, the latter will ever rise in proportion. For example, while the interest of money is, five per cent. per annum, a man lends two thousand pounds, to raise a revenue of one hundred pounds per annum, by the interest of his

money; and for the same reason he gives two thousand pounds or more, to purchase an estate of one hundred pounds per annum. Again, if the interest of money shall fall one per cent, he must be forced to lend two thousand four hundred pounds, to gain the revenue of one hundred pounds per annum, and for the same reason he must give at least two thousand four hundred pounds, to purchase an estate of the same yearly rent.

There

fore if these twelve millions newly gained shall reduce one per cent. of the present interest of money, they must of necessity increase every estate at least four years value in the purchase.

It is ever easier to meet with men that will borrow money than sell their estates. An evidence of this is, that we never have so good a revenue by buying, as by lending. The first thing therefore that will be attempted with these twelve millions, is to lend money to those that want it. This can hardly fail of reducing one per cent. of the present interest of money, and consequently of raising every estate four years value in the purchase.

For in all probability all the money or value now in England, not applied to any of the uses abovementioned, and which therefore lies dead, or affords no revenue to the owners, until it can be disposed of to such uses, doth not exceed twelve millions; yet this sum, whatever it is, is sufficient to keep down money to the present interest, and to hold up lands to their present value. One would imagine then, if this sum should be doubled, if twelve millions extraordinary should be added to it, they should reduce half the present interest of money, and double the present value of estates. But it will easily be allowed they must reduce one per cent, of the present interest of money, and add

the value of four years rent to the purchase of every

estate.

To confirm the belief of this, an argument might be taken from what really happened in the province of Holland before the year one thousand six hundred and seventy. I think it is in sir William Temple's Observations upon the United Netherlands. The government there was indebted about thirteen millions, and paid the interest of five per cent. per annum. They had got a sum of money, I think not above a million, with which they prepared to discharge such a part of the principal. The creditors were so unable to find so good an interest elsewhere, that they petitioned the states to keep their money, with an abatement of one per cent. of their interest. The same money was offered to the same number of other creditors with the same success, until one per cent. of their whole interest was abated, yet at last such a part of the principal was discharged. And when this sum came to be lent to private persons, it had the same effect; there one per cent. of the common interest was abated throughout the whole province, as well between subject and subject, as between the subjects and their governors. And nothing is so notorious, as that the value of lands in that country has risen in proportion, and that estates are sold there for thirty years value of their whole rents. It is not then to be doubted, that twelve millions extraordinary to be lent at interest, or purchase lands, or government securities, must have the like effect in England, at least that lands will rise four years rent in every purchase above their present value. And how great an improvement must this be of the landed interest!