which, such as they are, good or bad, the workman must take at his master's rate, or sit still and starve: whilst by this means this new sort of engrossers, or forestallers, having the feeding and supplying this numerous body of workmen out of their warehouses, (for they have now magazines of all sorts of wares) set the price upon the poor landholder. So that the markets, now being destroyed, and the farmer not finding vent there for his butter, cheese, bacon, and corn, &c. for which he was wont to bring home ready money, must sell it to these engrossers on their own terms of time and rate, and allow it to their own day-labourers under the true market price. What kind of influence this is like to have upon land, and how this way rents are like to be paid at quarter-day, is easy to apprehend and it is no wonder to hear every day of farmers breaking and running away; for if they cannot receive money for their goods at market, it will be impossible for them to pay their landlord's rent. If any one doubt whether this be so, I desire him to inquire how many farmers in the west are broke, and gone, since Michaelmas last. Want of money, being to this degree, works both ways upon the landholder. For, first, the engrossing forestaller lets not the money come to market, but supplying the workman, who is employed by him in manufacture, with necessaries, imposes his price and forbearance on the farmer, who cannot sell to the others; and the labourer who is employed by the landholder in husbandry imposes also his rate on him, for the commodities he takes; for there being a want of day-labourers in the country, they must be humoured, or else they will neither work for you, nor take your commodities for their labour.

Secondly, as for the landholder, since his tenants cannot coin their rent just at quarter-day, but must gather it up by degrees, and lodge it with them till payday; or borrow it of those who have it lying by them, or do gather it up by degrees, which is the same thing, and must be necessarily so much money for some time lying still; for all that is paid in great sums must somewhere be gathered up by the retail incomes of a trade, or else lie still too in great sums, which is the same stop

of money, or a greater. Add to this, that to pay the creditor that lent him his rent, he must gather up money by degrees, as the sale of his commodities shall bring it in, and so makes a greater stop, and greater want of money: since the borrowed money, that paid the landholder the 25th of March, must be supposed to lie still some time in the creditor's hand, before he lent it the tenant; and the money that pays the creditor three months after, must lie still some time in the tenant's. Nor does the landlord pay away his rent usually as soon as he receives it, but by degrees, as his occasions call for it. All this considered, we cannot but suppose that between the landlord and tenant there must necessarily be at least a quarter of the yearly revenue, of the land constantly in their hands. Indeed, considering that most part of the rents of England are paid at Lady-day and Michaelmas, and that the same money which pays me my rent from my tenant the 25th of March, or thereabouts, cannot pay my next neighbour his rent from his tenant at the same time, much less one more remote in another country, it might seem requisite to suppose half the yearly revenue of the land to be necessarily employed in paying of rent; for to say that some tenants break, and pay not their rent at all, and others pay not till two, three, four, five, six, &c. months after quarter-day, and so the rent is not all paid at one time, is no more than to say, that there is money wanting to the trade; for if the tenant fail the landlord, he must fail his creditor, and he his, and so on, till somebody break, and so trade decay for want of money. But since a considerable part of the land of England is in the owners' hands, who neither pay nor receive great sums for it at a certain day; because too, (which is the chief reason) we are not to consider here how much money is in any one man's, or any one sort of men's hands, at one time; for that at other times may be distributed into other hands, and serve other parts of trade; but how much money is necessary to be in each man's hands all the year round, taking one time with another, i.e. having three hundred pounds in his hand one month, is to be reckoned as one hundred pounds in his hand

three months, (and so proportionably) I think we may well suppose a quarter of the yearly revenue to be constantly in the landlord's or tenant's hands.

Here, by the by, we may observe, that it were better for trade, and consequently for every body, for more money would be stirring, and less would do the business) if rents were paid by shorter intervals than six months; for, supposing I let a farm at fifty-two pounds per ann. if my rent be paid half-yearly, there are twenty-six pounds to be employed in the payment of it in one entire sum, (if it be paid well, and if it be not paid well, for want of so much money to be spared to that purpose, there is so much want of money, and trade is still endamaged by it) a great part whereof must necessarily lie still, before it come out of my tenant's chest to my hands, if it be paid once a quarter, thirteen pounds alone would do it, and less money is laid up for it, and stopped a less while in its course: but should it be paid every week, one single twenty shillings will pay the rent of fifty-two pounds per ann. whence would follow this double benefit; first, that a great deal less money would serve for the trade of a country; and, secondly, that less of the money would lie still; the contrary whereof must needs happen, where growing debts are to be paid at larger distances, and in greater sums.

Thirdly, As for the brokers, since they too must lay up the money, coming in by retail, either to go to market, and 'buy wares, or to pay at the day appointed, which is often six months, for those wares which they have already; we cannot suppose them to have less by them, one with another, than one-twentieth part of their yearly returns. Whether the money be their own, or they be indebted so much, or more, it matters not, if it be necessary they should have constantly by them, comparing one time with another, at least one-twentieth part of their yearly return.

Indeed, in some great towns, where the bankers are ready at hand to buy bills, or any other way to lend money for a short time at great interest, there perhaps the merchant is not forced to keep so much money by

him as in other places, where they have not such a supply: but if you consider what money to do this must necessarily be constantly lodged in the banker's hands, the case will be much the same.

To these sums, if you add what part of the money of a country scholars of all sorts, women, gamesters, and great men's menial servants, and all such that do not contribute at all to trade, either as landholders, labourers, or brokers, will unavoidably have constantly in their hands; it cannot well be thought that less than one-fiftieth part of the labourer's wages, onefourth part of the landholder's yearly revenue, and one-twentieth part of the broker's yearly returns in ready money, will be enough to drive the trade of any country. At least to put it beyond exception low enough, it cannot be imagined that less than one moiety of this, i. e. less than one-hundredth part of the labourer's yearly wages, one-eighth part of the landholder's yearly revenue, and one-fortieth part of the broker's yearly returns, in ready money, can be enough to move the several wheels of trade, and keep up commerce, in that life and thriving posture it should be; and how much the ready cash of any country is short of this proportion, so much must the trade be impaired and hindered for want of money.

But however these measures may be mistaken, this is evident, that the multiplying of brokers hinders the trade of any country, by making the circuit, which the money goes, larger; and in that circuit more stops, so that the returns must necessarily be slower and scantier, to the prejudice of trade: besides that, they eat up too great a share of the gains of trade: by that means starving the labourer, and impoverishing the landholder, whose interest is chiefly to be taken care of, it being a settled, unmoveable concernment in the commonwealth.

If this be so, it is past question that all encouragement should be given to artificers; and things so ordered, as much as might be, that those who make should also vend and retail out their own commodities, and they be hindered, as much as possible, from pass

ing here at home through divers hands to the last buyer. Lazy and unworking shopkeepers in this being worse than gamesters, that they do not only keep so much of the money of a country constantly in their hands, but also make the public pay them for their keeping of it. Though gaming too, upon the account of trade (as well as other reasons) may well deserve to be restrained; since gamesters, in order to their play, keep great sums of money by them, which there lies dead; for though gamester's money shifts masters oftener than any, and is tumbled up and down with every cast of the die, yet as to the public it lies perfectly still, and no more of it comes into trade than they spend in eating or wearing.

Here too we may observe, how much manufacture deserves to be encouraged; since that part of trade, though the most considerable, is driven with the least money, especially if the workmanship be more worth than the materials; for to the trade that is driven by labour and handicraftsmen, one two-and-fiftieth part of the yearly money paid them will be sufficient: but to a trade of our commodities, of our bare, native growth, much greater proportion of money is required.

Perhaps it will be wondered why, having given some estimate (how wide I know not) of the money, necessary in the hands of the landholder, labourer, and broker, to carry on trade, I have said nothing of the consumer, whom I had mentioned before. To this I answer, there are so few consumers, who are not either labourers, brokers, or landholders, that they make a very inconsiderable part in the account; for those who immediately depend on the landholder, as his children and servants, come in under that title, being maintained by the rent of his lands; and so of

the rest.

By what has been said, we may see what injury the lowering of interest is like to do us, by hindering trade, when it shall either make the foreigner call home his money, or your own people backward to lend, the reward not being judged proportionable to the risque.