Part 4
Now if great Cities are naturally apt to remove their Seats, I ask which way? I say, in the case of _London_, it must be Westward, because the Windes blowing near 3./4. of the year from the West, the dwellings of the West end are so much the more free from the fumes, steams, and stinks of the whole Easterly Pyle; which where Seacoal is burnt is a great matter. Now if it follow from hence, that the Pallaces of the greatest men will remove Westward, it will also naturally follow, that the dwellings of others who depend upon them will creep after them. This we see in _London_, where the Noblemens ancient houses are now become Halls for Companies, or turned Into Tenements, and All the Pallaces are Gotten Westward; Insomuch, As I Do Not Doubt but That Five Hundred Years Hence, The Kings Pallace will be near _Chelsey_, and the Old Building Of _Whitehall_ converted to uses more answerable to their quality. For to build a new Royal Pallace upon the same ground will be too great a confinement, in respect of Gardens and other magnificencies, and withall a disaccommodation in the time of the work; but it rather seems to me, that the next Palace will be built from the whole present contignation of houses at such a distance as the old Pallace of _Westminster_ was from the City of _London_, when the Archers began to bend their bowes just without _Ludgate_, and when all the space between the _Thames_, _Fleet-street_, and _Holborn_ was as _Finsbury-Fields_ are now.
10. This digression I confess to be both impertinent to the business of Taxes, and in it self almost needless; for why should we trouble our selves what shall be five hundred years hence, not knowing what a day may bring forth; and since ’tis not unlikely, but that before that time we may be all transplanted from hence into _America_, these Countreys being overrun with Turks, and made waste, as the Seats of the famous Eastern Empires at this day are.
11. Onely I think ’tis certain, that while ever there are people in _England_, the greatest cohabitation of them will be about the place which is now _London_, the _Thames_ being the most commodious River of this Island, and the seat of _London_ the most commodious part of the _Thames_; so much doth the means of facilitating Carriage greaten a City, which may put us in minde of employing our idle hands about mending the High-wayes, making Bridges, Cawseys, and Rivers navigable: Which considerations brings me back round into my way of Taxes, from whence I digrest.
12. But before we talk too much of Rents in order to Taxes, we should endeavour to explain the mysterious nature of them, with reference as well to Money, the rent of which we call usury; as to that of Lands and Houses, aforementioned.
13. Suppose a man could with his own hands plant a certain scope of Land with Corn, that is, could Digg, or Plough, Harrow, Weed, Reap, Carry home, Thresh, and Winnow so much as the Husbandry of this Land requires; and had withal Seed wherewith to sowe the same. I say, that when this man hath subducted his seed out of the proceed of his Harvest, and also, what himself hath both eaten and given to others in exchange for Clothes, and other Natural necessaries; that the remainder of Corn, is the natural and true Rent of the Land for that year; and the _medium_ of seven years, or rather of so many years as makes up the Cycle, within which Dearths and Plenties make their revolution, doth give the ordinary Rent of the Land in Corn.
14. But a further, though collaterall question may be, how much English money this Corn or Rent is worth? I answer, so much as the money, which another single man can save, within the same time, over and above his expence, if he imployed himself wholly to produce and make it; _viz._ Let another man go travel into a Countrey where is Silver, there Dig it, Refine it, bring it to the same place where the other man planted his Corn; Coyne it, &c. the same person, all the while of his working for Silver, gathering also food for his necessary livelihood, and procuring himself covering, &c. I say, the Silver of the one, must be esteemed of equal value with the Corn of the other; the one being perhaps twenty Ounces, and the other twenty Bushels. From whence it follows, that the price of a Bushel of this Corn to be an Ounce of Silver.
15. And forasmuch as possibly there may be more Art and Hazzard in working about the Silver, then about the Corn, yet all comes to the same pass; for let a hundred men work ten years upon Corn, and the same number of men, the same time, upon Silver; I say, that the neat proceed of the Silver is the price of the whole neat proceed of the Corn, and like parts of the one, the price of like parts of the other. Although not so many of those who wrought in Silver, learned the Art of refining and coining, or out-lived the dangers and diseases of working in the Mines. And this also is the way of pitching the true proportion, between the values of Gold and Silver, which many times is set but by popular errour, sometimes more, sometimes less, diffused in the world; which errour (by the way) is the cause of our having been pestred with too much Gold heretofore, and wanting it now.
16. This, I say, to be the foundation of equallizing and ballancing of values; yet in the superstructures and practices hereupon, I confess there is much variety, and intricacy; of which hereafter.
17. The world measures things by Gold and Silver, but principally the latter; for there may not be two measures, and consequently the better of many must be the onely of all; that is, by fine silver of a certain weight; but now if it be hard to measure the weight and fineness of silver, as by the different reports of the ablest Saymasters I have known it to be; and if silver granted to be of the same fineness and weight, rise and fall in its price, and be more worth at one place then another, not onely for being farther from the Mines, but for other accidents, and may be more worth at present, then a moneth or other small time hence; and if it differ in its proportion unto the several things valued by it, in several ages upon the increase and diminution thereof, we shall endeavour to examine some other natural Standards and Measures, without derogating from the excellent use of these.
18. Our Silver and Gold we call by severall names, as in _England_ by pounds, shillings, and pence, all which may be called and understood by either of the three. But that which I would say upon this matter is, that all things ought to be valued by two natural Denominations, which is Land and Labour; that is, we ought to say, a Ship or garment is worth such a measure of Land, with such another measure of Labour; forasmuch as both Ships and Garments were the creatures of Lands and mens Labours thereupon: This being true, we should be glad to finde out a natural Par between Land and Labour, so as we might express the value by either of them alone as well or better then by both, and reduce one into the other as easily and certainly as we reduce pence into pounds. Wherefore we would be glad to finde the natural values of the Fee simple of Land, though but no better then we have done that of the _usus fructus_ abovementioned, which we attempt as followeth.
19. Having found the Rent or value of the _usus fructus per annum_, the question is, how many years purchase (as we usually say) is the Fee simple naturally worth? If we say an infinite number, then an Acre of Land would be equal in value to a thousand Acres of the same Land; which is absurd, an infinity of unities being equal to an infinity of thousands. Wherefore we must pitch upon some limited number, and that I apprehend to be the number of years, which I conceive one man of fifty years old, another of twenty eight, and another of seven years old, all being alive together may be thought to live; that is to say, of a Grandfather, Father, and Childe; few men having reason to take care of more remote Posterity: for if a man be a great Grandfather, he himself is so much the nearer his end, so as there are but three in a continual line of descent usually co-existing together; and as some are Grandfathers at forty years, yet as many are not till above sixty, and _sic de cæteris_.
20. Wherefore I pitch the number of years purchase, that any Land is naturally worth, to be the ordinary extent of three such persons their lives. Now in _England_ we esteem three lives equal to one and twenty years, and consequently the value of Land, to be about the same number of years purchase. Possibly if they thought themselves mistaken in the one, (as the observator on the Bills of Mortality thinks they are) they would alter in the other, unless the confederation of the force of popular errour and dependance of things already concatenated, did hinder them.
21. This I esteem to be the number of years purchase where Titles are good, and where there is a moral certainty of enjoying the purchase. But in other Countreys Lands are worth nearer thirty years purchase, by reason of the better Titles, more people, and perhaps truer opinion of the value and duration of three lives.
22. And in some places, Lands are worth yet more years purchase by reason of some special honour, pleasures, priviledge or jurisdiction annexed unto them.
23. On the other hand, Lands are worth fewer years purchase (as in _Ireland_) for the following reasons, which I have here set down, as unto the like whereof the cause of the like cheapness in any other place may be imputed.
First, In _Ireland_ by reason of the frequent Rebellions, (in which if you are conquered, all is lost; or if you conquer, yet you are subject to swarms of thieves and robbers) and the envy which precedent missions of English have against the subsequent, perpetuity it self is but forty years long, as within which time some ugly disturbance hath hitherto happened almost ever since the first coming of the English thither.
24. 2. The Claims upon Claims which each hath to the others Estates, and the facility of making good any pretence whatsoever by the favour of some one or other of the many Governours and Ministers which within forty years shall be in power there; as also by the frequency of false testimonies, and abuse of solemn Oaths.
25. 3. The paucity of Inhabitants, there being not above the 1./5.^{th.} part so many as the Territory would maintain, and of those but a small part do work at all, and yet a smaller work so much as in other Countreys.
26. 4. That a great part of the Estates both real and personal in _Ireland_ are owned by Absentees, and such as draw over the profits raised out of _Ireland_ refunding nothing; so as _Ireland_ exporting more then it imports doth yet grow poorer to a paradox.
27. 5. The difficulty of executing justice, so many of those in power being themselves protected by Offices, and protecting others. Moreover, the number of criminous and indebted persons being great, they favour their like in Juries, Offices, and wheresoever they can: Besides the Countrey is seldom rich enough to give due encouragement to profound Judges and Lawyers, which makes judgements very casual; ignorant men being more apt to be bold and arbitrary, then such as understand the dangers of it. But all this a little care in due season might remedy, so as to bring _Ireland_ in a few years to the same level of values with other places; but of this also elsewhere more at large, for in the next place we shall come to Usury.
CHAP. V.
_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.