For if, when the Houses were well fill'd with Inhabitants, the Rents were not only well paid for them, but Fines frequently exacted; and we were not then over-burthen'd with Poor, as we are now; nor our Roads nor Streets infested with Highwaymen and Robbers: If the Rents for the Lands were then likewise well paid, and raised too, as they certainly were; and if now the Gentlemen can hardly get any Rents for their Lands; and all the contrary Marks and Signs are upon us: It must be plain that it is not the Plenty of the Produce, but too great a Scarcity of Money amongst the People, which hath reduced Trade to so languishing a Condition, that Tradesmen in general can't get Money to pay the usual Rents for the Houses, nor the Farmers for the Farms.
And this squares exactly with what I said to illustrate my fourth Principle, that if Money decreases amongst the People, they must be distress'd, unless either their Numbers be diminish'd, or the Prices of Things lower'd in such Proportion.
And since these Marks and Signs are sufficient Proofs of too great a Scarcity of Money amongst the People in general, they must also be equal Proofs that the Cash amongst them in general is considerably diminish'd, at least that it is not increased in Proportion to their Number, and the Prices of Things.
And hence we may see that whatever hurts Trade to any considerable Degree, will also hurt the Landlords and Houses too, if there be any Truth in the Fact contain'd in the Objection Ihave now answer'd.
And if what I have offer'd be, as I think it is, a sufficient Answer to the Objection, supposed the Fact to be true, it follows then that the Gentlemen if they would have any Rents for their Farms, are under a Necessity, as fast as possible, to cause so much waste Land to be inclosed and improved, as shall actually reduce the present Rates of labour, and the Subsistence of the Farmers, so much, that the Price, the Produce of the Earth will fetch at Market, may be sufficient to bear all Charges, and leave an Overplus to pay such Rents as the Lands will then be found to bear. For whilst the necessary Charges of the Labour, etc. and the Subsistence of the Farmers continue so great, as to equal the Price the Produce of the Ground fetches at Market, it is impossible the Gentlemen should have any Rents paid them. The Objection suggests this to be the Case at present; and I am sure that a Scarcity of the Produce will not mend the Matter, whatever they may think of such a Calamity.
Now that the necessary Charges of the Labour, etc. and the Subsistence of the Farmers may be so much lower'd, as to leave an Overplus out of the Price the Produce of the Ground fetches at Market, sufficient to pay some Rent, is certain; because, when the Produce of the Ground did hardly fetch 1/30 Part of its present Rates, some Rent was as certainly paid, as that we always had Gentlemen in the Kingdom who liv'd on their Estates. And if, as I have before sufficiently made out, the lowering the Rates of Labour will make every Thing fall, in much greater Proportion than the Rents, it must be evident that an Overplus must, in this Case, remain to pay Rent; and that the Gentlemen will be the richer too, for persuing such Measures, as shall be effectual to reduce the present Rates of Labour, etc. And now, I hope, it doth fully appear, that the Gentlemen have no Reason to fear improving so much waste Land as I am contending for, since perhaps they are not like to get any Rent any other way; except that I must add, that the taking the Taxes intirely off Goods, would mightily help them in this Point, since it's pretty certain, the Taxes, and Charges of collecting them, together with the Advance on the Price of Goods they occasion, do now absorb near half the Rent of the Kingdom, as hath been before shewn. Nay, I do verily believe, that taking the Taxes intirely off the Things the working People consume, is so absolutely needful, that Labour can hardly be reduced without it.
And that which makes me think so, is the prodigious Augmentation of the Price of Goods by Taxes; an undeniable Instance of which, the taking the Duty off Salt, and laying it on again hath produced. For Salt, when the Duty was taken off, was cried about Street three Pounds for five Farthings; and no sooner was the Duty laid on again, but the Price became to the Consumer (as it was before the Duty was taken off) five Farthings for one Pound. so the Duty on Salt hath trebled its Price to the Consumer. This Instance therefore makes me think it impossible to reduce the Rates of Things by Tillage, etc. alone, so much as to reduce the Rate of Labour, except taking the Taxes intirely off the Things the working People consume and use, be also brought in Aid. And I dare say this will be found so too, if ever it's tried.
But there remains a Difficulty or two, which perhaps it may also be needful to remove, viz. First, That since a great many Estates in this Kingdom are mortgaged, if the Rents of Lands, by the Execution of this Proposal, should be considerably lower'd, many such Estates will hardly be worth more than they are mortgaged for; which may be a very great Hardship to abundance of People. I would therefore most humbly propose that, whenever the Wisdom of Parliament shall think fit to make an Act to inclose, and improve so much common and waste Land as shall be needful, and may be effectual to the Purposes this Essay sets forth; (for I believe it can hardly be effected without such an Act of Parliament;) I say, I would most humbly propose, that a Clause be added, that all Mortgagees shall be obliged annually, or in any other Manner that may seem meet, to strike off such Sums from the Principal Money lent on such Estates, as shall hold Proportion to the Fall of the Rents of Lands. This can be no Hardship to the Mortgagees, since the Residue of their Money and Interest will do, at least, all the same Things which their whole Sums, with the Interest, would have done if no such Alteration were made, as the full and sufficient Execution of this Proposal will effect.