No. 76. MONDAY, JUNE 8, 1713.

Solos aio bene vivere, quorum

Conspicitur nitidis fundata pecunia villis.

HOR. 1. Ep. xv. 45.

-Those are blest, and only those,
Whose stately house their hidden treasure shows.

CREECH.

I EVER thought it my duty to preserve peace and love among my wards. And since I have set up for an universal Guardian, I have laid nothing more to heart than the differences and quarrels between the landed and the trading interests of my country, which indeed comprehend the whole. I shall always contribute, to the utmost of my power, to reconcile these interests to each other, and to make them both sensible that their mutual happiness depends upon their being friends.

They mutually furnish each other with all the necessaries and conveniencies of life; the land supplies the traders with corn, cattle, wool, and generally all materials, either for their subsistence or their riches; the traders in return provide the gentlemen with houses, clothes, and many other things without which their life at best would be uncomfortable. Yet these very interests are almost always clashing; the traders consider every high duty upon any part of their trade as proceeding from jealousy in the gentlemen of their rivalling them too fast; and they

are often enemics on this account.

The gentlemen,

on the other hand, think they can never lay too great a burden upon trade, though in every thing they eat and drink and wear they are sure to bear the greatest part themselves.

I shall endeavour, as much as possible, to remove this emulation between the parties, and in the first place to convince the traders, that in many instances high dutics may be laid upon their imports, to enlarge the general trade of the kingdom. For example, if there should be laid a prohibition, or high duties which shall amount to a prohibition, upon the imports from any other country which takes from us a million sterling every year, and returns us nothing else but manufactures for the consumption of our own people, it is certain this ought to be considered as the increase of our trade in general; for if we want these manufactures, we shall either make them ourselves, or, which is the same thing, import them from other countries in exchange for our own. In either of which cases our foreign or inland trade is enlarged, and so many more of our own people are employed and subsisted for that money which was annually exported, that is, in all probability, a hundred and fifty thousand of our people for the yearly sum of one million. If our readers would consider many of our prohibitions or high duties in this light, they would think their country and themselves obliged to the landed interest for these restraints.

Again, gentlemen are too apt to envy the traders every sum of money they import, and gain from abroad, as if it was so much loss to themselves; but if they could be convinced, that for every million that shall be imported and gained by the traders, more than twice that sum is gained by the 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 aforementioned 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 splendour of coaches and equipage, and such other things as are an expense 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 expense, 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 mil

lions 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 further, 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 principal 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 en grossing. It were to be wished the engrossers were more profitable traders for themselves; they are certainly very beneficial for the commonwealth; 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 f 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