_Of Usury._
What reason there is for taking or giving Interest or Usury for any
thing which we may certainly have again whensoever we call for it,
I see not; nor why Usury should be scrupled, where money or other
necessaries valued by it, is lent to be paid at such a time and
place as the Borrower chuseth, so as the Lender cannot have his
money paid him back where and when himself pleaseth, I also see
not. Wherefore when a man giveth out his money upon condition that
he may not demand it back until a certain time to come, whatsoever
his own necessities shall be in the mean time, he certainly may
take a compensation for this inconvenience which he admits against
himself: And this allowance is that we commonly call Usury.
2. And when one man furnisheth another with money at some distant
place, and engages under great Penalties to pay him there, and at
a certain day besides; the consideration for this, is that we call
Exchange or local Usury.
As for example, if a man wanting money at _Carlisle_ in the
heat of the late Civil Wars, when the way was full of Souldiers
and Robbers, and the passage by Sea very long, troublesome, and
dangerous, and seldom passed; why might not another take much more
then an 100_l._ at _London_ for warranting the like summe to be paid
at _Carlisle_ on a certain day?
3. Now the Questions arising hence are; what are the natural
Standards of Usury and Exchange? As for Usury, the least that
can be, is the Rent of so much Land as the money lent will
buy, where the security is undoubted; but where the security
is casual, then a kinde of ensurance must be enterwoven with
the simple natural Interest, which may advance the Usury very
conscionably unto any height below the Principal it self. Now if
things are so in _England_, that really there is no such security
as abovementioned, but that all are more or less hazardous,
troublesome, or chargeable to make, I see no reason for endeavoring
to limit Usury upon time, any more then that upon place, which
the practice of the world doth not, unless it be that those who
make such Laws were rather Borrowers then Lenders: But of the
vanity and fruitlessness of making Civil Positive Laws against the
Laws of Nature, I have spoken elsewhere, and instanced in several
particulars.
4. As for the natural measures of Exchange, I say, that in times
of Peace, the greatest Exchange can be but the labour of carrying
the money _in specie_, but where are hazards and emergent uses for
money more in one place then another, &c. or opinions of these true
or false, the Exchange will be governed by them.
5. Parallel unto this, is something which we omitted concerning
the price of Land; for as great need of money heightens Exchange,
so doth great need of Corn raise the price of that likewise, and
consequently of the Rent of the Land that bears Corn, and lastly
of the Land it self; as for example, if the Corn which feedeth
_London_, or an Army, be brought forty miles thither, then the Corn
growing within a mile of _London_, or the quarters of such Army,
shall have added unto its natural price, so much as the charge of
bringing it thirty nine miles doth amount unto: And unto perishable
Commodities as fresh fish, fruits, &c. the ensurance upon the
hazard of corrupting, &c. shall be added also; and finally unto
him that eats these things there (suppose in Taverns) shall be
added the charge of all the circumstancial apparatus of House-rent,
Furniture, Attendance, and the Cooks skill as well as his labour to
accompany the same.
6. Hence it comes to pass, that Lands intrinsically alike near
populous places, such as where the perimeter of the Area that feeds
them is great, will not onely yield more Rent for these Reasons,
but also more years purchase then in remote places, by reason of
the pleasure and honour extraordinary of having Lands there; for
----_Omne tulit punctum qui miscuit utile dulci._
7. Having finished our digression upon the measures of the Rents
and Values of Lands and Moneys, we now return to our second way of
leavying Publick Charges, which was the taking of a proportion of
the Rent, (commonly called Assessment) it follows next to speak
of the way of computing the said Rents, otherwise then according
to the bargains which a few men make one with another, through
ignorance, haste, false suggestion, or else in their passion or
drink: Although I acknowledge, that the medium or common result of
all the bargains made within three years (or other such Cycle of
time, as within which all contingencies of Land revolve) may be
very sufficient to this purpose, being but the summe synthetically
computed by casual opinions, as I would endeavour to cast up
analytically by a distinct particularizing of the Causes.
8. 1. Therefore I propound a Survey of the Figures, Quantities, and
Scituations of all the Lands both according to the civil bounds of
Parishes, Farms, &c. and the natural distinctions thereof by the
Sea, Rivers, ridges of Rocks, or Mountains, &c.
9. 2. I propound that the quality of each denomination were
described by the Commodities it had usually born, in some Land,
some sort of Timber, Grain, pulse or root growing more happily then
in others: Also by the encrease of things sown or planted, which
it hath yielded _communibus annis_; and withall, the comparative
goodness of the said Commodities not unto the common Standard
money, but to one another. As for example; if there be ten acres
of Land, I would have it judged whether they be better for Hay or
Corn; if for Hay, whether the said ten Acres will bear more or
less of Hay then ten other Acres; and whether an hundred weight
of the said Hay will feed or fatten more or less, then the same
weight of other Hay, and not as yet comparing it to money, in which
the value of the said Hay will be more or less, according to the
plenty of money, which hath changed strangely since the discovery
of the _West Indies_, and according to the multitudes of people
living near this Land, together with the luxurious or frugal
living of them; and besides all, according to the Civil, Natural,
and Religious Opinions of the said people: As for example, Eggs in
the fore-part of Lent (because their goodness and delicacy decayes
before Lent be done) being worth little in some Popish Countreys;
nor Swines flesh among the Jews, nor Hedgehogs, Frogs, Snails,
Mushrooms, &c. to those that fear to eat them, as poisonous or
unwholesome; nor Currans and Spanish Wines, if they were all to be
destroyed as the great thieves of this Nation, by an Edict of the
State.
10. This former I call a Survey or Inquisition into the intrinsick
Values of Land, this latter of extrinsick or accidentall follows.
We said, that the change of the store of money would change the
rates of commodities according to our reckoning in names and words,
(pounds, shillings, and pence being nothing else) as for example:
If a man can bring to _London_ an ounce of Silver out of the Earth
in _Peru_, in the same time that he can produce a bushel of Corn,
then one is the natural price of the other; now if by reason of new
and more easie Mines a man can get two ounces of Silver as easily
as formerly he did one, then Corn will be as cheap at ten shillings
the bushel, as it was before at five shillings _cæteris paribus_.
11. It behoves us therefore to have a way, whereby to tell the
money of our Countrey (which I think I have, and that in a short
time, and without cost, and (which is more) without looking into
particular mens pockets; of which hereafter.) Now if we know what
Gold and Silver we had in _England_ two hundred years ago, and
could tell it again now; and though we also knew the difference of
our denominations then, when thirty seven shillings were made out
the same quantity of Silver as sixty two are now; also that of the
alloy, labour in Coinage, remedies for weight and fineness, and
duties to the King; nay, if we also knew the Labourers wages then
and now, yet all this would not shew the difference of the Riches
of our Nation even in money alone.
12. Wherefore we must adde to the premises, the knowledge of the
difference of the numbers of the people, and conclude, that if
all the money in the Nation were equally divided amongst all the
people both then and now, that that time wherein each Devisee had
wherewith to hire most labourers, was the richer. So that we want
the knowledge of the People and Bullion which is now in this Land,
and which was heretofore; all which I think may be found out even
for the time past, but more probably for the time present and to
come.
13. But to proceed; suppose we had them, then we would pitch the
accidental values upon our Lands about _London_; as thus, _viz._ We
would first at hazzard compute the materials for food and covering,
which the Shires of _Essex_, _Kent_, _Surrey_, _Middlesex_ and
_Hertford_, next circumjacent to _London_, did _communibus annis_
produce; and would withal compute the Consumptioners of them living
in the said five Shires and _London_. The which if I found to be
more then were the Consumptioners living upon the like scope of
other Land, or rather upon as much other Land as bore the like
quantity of Provisions. Then I say, that Provisions must be dearer
in the said five Shires then in the other; and within the said
Shires cheaper or dearer as the way to _London_ was more or less
long, or rather more or less chargeable.
14. For if the said five Shires did already produce as much
Commodity, as by all endeavour was possible; then what is wanting
must be brought from a far, and that which is near, advanced in
price accordingly; or if the said Shires by greater labour then now
is used, (as by digging instead of Ploughing, setting instead of
sowing, picking of choice seed instead of taking it promiscuously,
steeping it instead of using it wholly unprepared, and manuring the
ground with salt instead of rotten straw, &c. could be fertilized)
then will the Rent be as much more advanced, as the excess of
encrease exceeds that of the labour.
15. Now the price of labour must be certain, (as we see it made by
the Statutes which limit the day wages of several workmen); the
non-observance of which Laws, and the not adapting them to the
change of times, is by the way very dangerous, and confusive to
all endeavours of bettering the Trade of the Nation.
16. Moreover, the touchstone to try whether it be better to use
those improvements or not, is to examine whether the labour
of fetching these things even from the places where they grow
wilde, or with less Culture, be not less then that of the said
improvements.
17. Against all this will be objected, that these computations are
very hard if not impossible to make; to which I answer onely this,
that they are so, especially if none will trouble their hands or
heads to make them, or give authority for so doing: But withall,
I say, that until this be done, Trade will be too conjectural a
work for any man to employ his thoughts about; for it will be the
same wisdom in order to win with fair Dice, to spend much time in
considering how to hold them, how much to shake them, and how hard
to throw them, and on what angles they should hit the side of the
Tables, as to consider how to advance the Trade of this Nation;
where at present particular men get from their neighbours (not
from the earth and sea) rather by hit then wit, and by the false
opinions of others, rather then their own judgements; Credit every
where, but chiefly in _London_, being become a meer conceit, that
a man is responsible or not, without any certain knowledge of his
Wealth or true Estate. Whereas I think the nature of credit should
be limited onely to an opinion of a mans faculties to get by his
art and industry. The way of knowing his Estate being to be made
certain, and the way of making him pay what he owes to the utmost
of his ability, being to be expected from the good execution of our
Laws.
18. I should here enlarge upon a Paradox, to prove that if every
mans Estate could be alwayes read in his forehead, our Trade would
much be advanced thereby, although the poorer ambitious man be
commonly the more industrious. But of this elsewhere.
19. The next objection against this so exact computation of the
Rents and worth of Lands, &c. is, that the Sovereign would know too
exactly every mans Estate; to which I answer, that if the Charge
of the Nation be brought as low as it may be, (which depends much
upon the people in Parliament to do) and if the people be willing
and ready to pay, and if care be taken, that although they have not
ready money, the credit of their Lands and Goods shall be as good;
and lastly, that it would be a great discommodity to the Prince to
take more then he needs, as was proved before; where is the evil
of this so exact knowledge? And as for the proportion of every
Contributor, why should any man hope or accept to ease himself by
his craft and interest in a confusion? or why should he not fear,
though he may be advantaged this time, to suffer in the next.