The Mortgagees will be so far from being singular in this Case, that this is what must happen to every Tradesman, whose Stock in Hand being our Produce, or Manufactures of any Kind, will be continually falling, as fast as such Produce or Manufactures shall from Time to Time, by the Plenty of them, be made cheaper. Now will this be any Prejudice to any Tradesman, since every Time they buy, in this Case, such Goods will be as much cheaper than when they bought last, as those Commodities have fallen on their Hands; and the remaining Sums every way as powerful to buy what they may have Occasion for, as the whole sums would have been if no such Alteration had happen'd, as this Proposal, if executed, will effect.
As to foreign Commodities,their Prices depending on the Markets whence they are brought, will hardly be affected by this Proposal; and as to Book Debts and Notes, the Credit of this Kind being never intended to be of any long Duration, I think no Alteration should be made, respecting them. But if this Proposal should be executed, a Hardship will fall on many who have Leases of Lands, unless a Clause be likewise made, to give such Tenants Leave to surrender their Leases to their Landlords; but this must only be at the Option of such Tenants, because if they think fit to hold their Leases, the Covenants must be fulfilled, even as if no Alteration were made by the Execution of this Proposal.
And if another Clause were made to this Purpose, that any Person being willing to inclose, and improve any reasonable and proper Quantity of waste Land, fit for one Person to undertake the Improvement of, whereever such waste or uninclosed Land is to be found,(35*) such Person should have Power to do so, on Condition only of giving Notice in Writing to the Proprietors of such waste Land; or, if such waste Land belong to a Parish, to the Vestry, who should receive(36*) such Rents as shall be agreed by two Persons indifferently chosen, one by the Proprietors or Vestry, the other by the Incloser of such Lands: And if they can't agree, a third Person should be obliged to fix and determine the Rents for any proper Term: And it should be recommended by the same Act, that the Referees always have all due Regard to the Good of the Person inclosing and improving such waste Land, because the Riches, Strength, and Honour of a Nation depend on the utmost Improvements of their Lands, all other Things being only Consequences of this: I say, if such a Clause were further added, this whole Affair, and all the Benefits Ihave been representing, would thenceforth execute themselves, so long as we have any waste or unimprov'd Land left. And when we have no more, the People must remove themselves where they can have Land enough to support them; or our country will certainly become weak and miserable, by its being more numerous, than the Continent we have can support in an happy Condition.
I shall conclude with offering something about the Execution of this Proposal. But shall premise, that since all Trade and Commerce is founded in the Wants of Mankind solely, and that these can be supplied only by Cultivation and Tillage, all other Things depending intirely thereon, it must clearly appear to what Causes to attribute that Decay of Trade, of which such great Complaints have been made from all Parts of the Kingdom, even to the Parliament; and that those have not rightly consider'd the Nature and Foundation of Trade, who have so vilely traduced as wise and good a Government as this Nation ever had, when they have insinuated, at least, that this Decay of Trade is owing in any Degree to their Conduct.
For, I hope, I have shewn that a Decay of Trade will unavoidably arise from the Course of Things themselves, where such an Addition of Land is not annually cultivated, as shall at least hold Proportion to the natural Increase of Mankind; and likewise that a Decay of Trade is the necessary and undeniable Consequence of a Decrease of the Nation's Cash, since the Consumption of every Thing must lessen in such Degree, as the Cash circulating amongst the People lessens, if the Prices of Things in general be not reduced in like Proportion, by the Means I have shewn.
For, if every Thing bears the same Price, and the Number of Consumers is not lessen'd, it's plain, they having in this Case so much less Money amongst them, must purchase as much fewer Things, as the Want of so much Money will necessarily prevent them, must purchase as much fewer Things, as the Want of so much Money will necessarily prevent them from buying; and this will increase the Number of Poor, and make them miserable, according as the Degree of the Decrease of Cash cuts off more or less Business from amongst the People.
The Consequences will be just the same, if the People increase, and Cash doth not increase amongst them in like Proportion.
And further, I think it appears, that it is not Luxury which occasions a Decay of Trade; but that such a Decay of Trade, as dispossesses many of that Property their Wants and natural Rights intitle them to, is that alone which possesses a comparative Few with such Affluence, as both causes and supports their Luxury, and allures and draws in many into such luxurious Excesses, as are beyond their Abilities to support. Therefore, imputing the Decay of Trade to Luxury, must be a very great Error, since it puts the Effect for the Cause.
And again, I believe our Paper Effects have contributed as much to this Decay of Trade, as all the rest put together, by inhancing the Price of every Thing amongst us, above the Rates our real Specie would have supported them at, in such Proportion as the Paper Effects amongst us are greater than the real Specie we have circulating; for this is the natural and unavoidable Effect of any Thing operating as Cash, which is not such.