Josiah Child

“ For sure I am they have a Foundation in nature, and that according to the excellent, Sir William Petty's Observation in his late Discourse, concerning Taxes, Resuolunt male Administrare: Nature must and will have its course, the matter in England is prepared for an Abatement of Interest, and it cannot long be obstructed, and after the next Abatement, who ever lives fourty years longer, shall see a second Abatement; for we shall never stand on even ground in Trade with the Dutch, till Interest be the same with us as it with them. ”

“ What Interest do they pay for Money? Neer home we see it evidently, in Scotland and Ireland, where ten and twelve per cent is paid for Interest, the people are poor and despicable, their Persons ill cloathed, their Houses worse provided, and Money intollerably scarce, notwithstanding they have great plenty of all provisions, nor will their Land yield above eight or ten years purchase at most. ”

“ To this I say, If it follow that the fruits of our Land, in consequence of such a Law for abatement of Interest, grow generally dear, it is an evident demonstration that our People grow richer; for generally, wherever Provisions are for continuance of years dear in any Country, the People are rich ”

“ Thirteenthly, The Law that is in use among them for transference of Bills for Debts from one man to another: This is of extra-ordinary advantage to them in their Commerce; by means whereof, the can turn their Stocks twice or thrice in Trade, for once that we can in England; for that having sold our Foreign Goods here, we cannot buy again to advantage, till we are possest of our Money; which it may be we shall be six, nine, or twelve Months in recovering: And if what we sell be considerable, it is a good man's work all the Year to be following Vintners, and Shopkeepers for Money. ”

“ This in my poor opinion, is the CAUSA CAUSANS of all the other causes of the Riches of that people; and that if Interest of Money were with us reduced to the same rate it is with them, it would in a short time render us as Rich and Considerable in Trade as they are now, and consequently be of greater dammage to them, and advantage to us, then can happen by the Issue of this present War, though the success of it should be as good as we can wish, except it end in their Total Ruine and Extripation. ”

“ THAT THE ABATEMENT OF INTEREST IS THE CAUSE OF THE PROSPERITY AND RICHES OF ANY NATION, and that the bringing down of Interest in this Kingdome, from six to four, or three per cent will necessarily, in less than twenty Years time, double the Capital Sock of the Nation. ”

“ For the Sufferers by such a Law, I know none but idle persons that lives at as little expence as labour, Neither scattering by their expences, so as the Poor may Glean any thing after them, nor working with their hands or heads to bring either Wax, or Honey to the common Hive of the Kingdom ”

“ And if the advantage be so great to the Lender, the loss must be greater to the Borrower, who (as hath been said) lives at a much larger expence. And as it is between private Persons, so between Nation and Nation, that have Communication one with another. For whether the Subjects of one Nation lend Money to subjects of another, or Trade with them for Goods, the effect is the same. As for example; A Dutch Merchant that hath but four or five thousand pounds clear Stock of his own, can easily borrow and have credit for fifteen thousand pounds more at three per cent at home ”

“ A fourth, which is a Custom, and in effect may be here to our purpose accompted as a Law, is the extraordinary Frugality used in all their Publique Affairs, which in their greatest Extreamities have been such, as not to compel them to give above four per cent for the loan of money. ”

“ Whereas if a Merchant in England arrive at any considerable Estate, he commonly withdraws his Estate from Trade, before he comes near the confines of old Age, reckoning that if God should call him out of the World, while the maine of his Estate is engaged abroad in Trade ”

“ In France where Money is at seven per cent, their Lands will yield about eighteen years purchase; and the Gentry who may possess Lands, live in good condition, though the Peazants are little better then Slaves, because they can possess nothing but at the will of others. ”

“ East-India and America: but every man by his Experience in Forreign Countries, may easily Inform himself, whether this Rule do univerisally hold true or not: For my own part, to satisfie my own curiosity, I have for some years, as occasion offer'd, diligently enquired of all my acquantaince that had knowledge of forreign Countries, and I can truly say that I never found it to fail in any particular Instance. ”

“ And through the blessing of Almighty God, this Kingdom hath found, as I think I have fully proved, and every mans experience will witness, prodigious success and advantage thereby. And I doubt not, through the like Blessing of God Almighty, but this Generation will find the like great and good effects, by the reduction of it from six to four, which is now a the Birth. And that the next Generation will yet see far greater advantage by bringin it from four to three per cent. ”

“ Whether our Citizens and middle sort of Gentry now are not more rich in Cloaths, Plate, Jewels, and Household Goods, etc. then the best sort of Knights and Gentry were in those dayes. And whether our best sort of Knights and Gentry now, do not exceed by much in those things the Nobility of England sixty Years past: Many of whom then would not go to the price of a whole Sattin Doubtlet; the Embroiderer being yet living, who hath assured me he hath made many hundreds of them for the Nobility with Canvas backs. ”

“ Besides, when such a Law is made and in use, all men will so take care in their Life to provide for and educate their Children, and instruct their Wives, as that no prejudice can happen thereby; as we see there doth not in Holland and Italy, and other places where Interest is so low. ”

“ And if it be so left to the Executors discretion, they may improve the moneys left them in Trade, or purchase of Lands and Leases, as well as by Interest: Or when not, the damage such Heirs and Orphans will sustain in their minority, (being but two per cent) is inconsiderable, respect of the great advantages will accrew to the Nation in general, by such abatement of Interest. ”

“ Seventhly, The education of their Children, as well Daughters as Sons; all which, be they of never so great quality or estate, they always take care to bring up to write perfect good hands, and to have the full knowledge and use of Arithmetick and Merchants Accompts; the well understanding and practice whereof, doth strangely infuse into most that are the owners of that quality, of either Sex, not onely an ability for Commerce of all kinds, but a strong aptitude, love, and delight in it ”

“ Sixthly, Their parsimonious and thrifty Living, which is so extraordinary, that a Merchant of one hundred thousand pound estate with them, will scarce spend so much per annum, as one of fifteen hundred pounds Estate in London. ”

“ Tenthly, Their use of BANKS, which are of so immence advantage to them, that some not without good grounds have estimated the profit of them to the Publick to amount to at least one million of pounds sterling per annum.
Elevently, Their Toleration of different Opinions in matters of Religion: by reason whereof many industrious People of other Countreys, that dissent from the Established Government of their own Churches, resort to them with their Families and Estates, and after a few years cohabitation with them, become of the same Common interest. ”

“ Besides, It hath been observed in the nature of Arithmetick, that like other parts of the Mathematicks, it doth not onely improve the Rational Faculties, but inclines those that are expert in it to thrifiness and good Husbandry, and prevents both Husbands and Wives in some measure from running out of their Estates, when they have it always ready in their Heads what their expences do amount to, and how soon by that course their ruine must overtake them. ”

“ Secondly, Their Law of Gavel-kind, whereby all their Children possess an equal share of their Fathers Estates after their decease,and so are not left to wrastle with the world in their youth, with inconsiderable assistance of fortune, as most of our youngest Sons of Gentlemen in England are, who are bound Apprentices to Merchants. ”

“ And since Interest hath been for about twenty Years at six per cent notwithstanding our long civil Wars, and the great complaints of the deadness of Trade, there are more men to be found upon the Exchange now worth Ten thousand pounds Estates, then were then of One thousand pounds. ”

“ Seamen, Fishermen, Breeders of Cattel, Gardners, etc. are the three sorts of People which by their study and labour do principally, if not onely, bring in Wealth to a Nation from abroad; other kinds of People, viz. ”