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. Therefore 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 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

of

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 bedoubted, that twelve millions extraord nary to be lent at interest, or purchase lands, or government securities, must have the likes effect in England, at least that lands will rise four years rent in every purchase above the present value. And how great an improvement must this be of the landed interest !

The rents of England, according to the proportion of the land-tax, should be little more than eight millions, yet perhaps they may be twelve. If there is made an addition of four years value in every purchase ; this upon all the rents of England, amounts to forty-eight millions. So that, by the importation and clear gain of twenty millions by trade, the landed interest gains an improvement of forty-eight millions, at least six times as much as all other interests joined together.

I should think this argument, which I have endeavoured to set in a clear light, must needs be sufficient to shew, that the landed and the trading interests cannot in reality but be friends to each other.

N° 77. TUESDAY, JUNE 9, 1713.

-Certum voto pete finem.

-To wishes fix an end.

HOR. 2 Ep. i. 56..
CREECH.

THE writers of morality assign two sorts of goods, the one is in itself desirable, the other is to be desired, not on account of its own excellency, but for the sake of some other thing which it is instrumental to obtain. These are usually distinguished by the appellations of end am means. We are prompted by nature to desire the former, but that we have any appetite for the latter is owing to choice and deliberation.

But as wise men engage in the pursuit of means, from a farther view of some natural good with which they are connected; fools, who are actuated by imitation and not by reason, blindly pursue the means, without any design or prospect of applying them. The result whereof is, that they entail upon themselves the anxiety and toil, but are debarred from the subsequent delights which arise to wiser men; since their views not reaching the end, terminate in those things, which although they have a relative goodness, yet, considered absolutely, are indifferent, or it may be, evil.

The principle of this misconduct is a certain shortsightedness in the mind: and as this defect is branched forth into innumerable errors in life, and hath infected all ranks and conditions of men; so it more eminently appears in three species, the critics, misers, and free-thinkers. I shall endeavour to make good this observation with regard to each of them, And first of the critic.

Profit and pleasure are the ends that a reasonable creature would propose to obtain by study, or indeed by any other undertaking. Those parts of learning which relate to the imagination, as eloquence and poetry, produce an immediate pleasure in the mind. And sublime and useful truths, when they are conveyed in apt allegories or beautiful images, make more distinct and lasting impressions; by which means the fancy becomes subservient to the understanding, and the mind is at the same time delighted and instructed. The exercise of the understanding in the discovery of truth, is likewise attended with great pleasure, as well as immediate profit. It not only strengthens our faculties, purifies the soul, subdues the passions; but besides these advantages, there is also a secret