XIV. Rents have been advanc'd, from this single Principle, which alone can possibly raise the Price of any Thing; viz. a Demand for Farms, etc. in greater Proportion then they were well to be had. And as this hath in a great Measure hindered the People from going on, as such Demand for Farms shews they naturally would, in cultivating more Land as they increased in Numbers, so that Surplus or Increase of the People have been obliged to imploy themselves in Trades, Manufactures, and Professions, till they have so much overstock'd and embarass'd all these, that their Trades, etc. will not answer to support them, whilst at the same time the Necessaries of Life, and Rents have been greatly advanc'd, to what they were formerly. This therefore must be remedied, or Multitude must be ruin'd: Nor can the Gentlemen escape; for if Money become so scarce, (as it certainly in a great Measure is at present amongst the People,)that the Fruits of the Earth will hardly bring Money enough to support the Farmers, and pay all Charges exclusive of Rent; as many Gentlemen already find, who, on that Account, are obliged to take their Farms into their own Management: The Gentlemen, I say, can fare no better than to become skilful, industrious Farmers themselves, and get their Living by that Means, till Money, as it hath heretofore been, becomes plentiful enough to pay all Charges, with a Surplus to pay Rent; which will be done whenever the Rents are lowered enough to make Money flush, or plentiful amongst the Trading Part of the People, but not sooner.
XV. If all the Gentlemen in the Nation would lower their Rents, at the Request of the People, this could not answer the End; because the Demand for the Fruits of the Earth, which the Land at present cultivated can produce, is, and will continue to be so great, if the People be not diminished, as necessarily to keep the Price higher than the Money circulating amongst them will well enable them to pay for them; and because, until many more of the People are employ'd in Cultivation, etc. to lessen the Number of Poor, and make greater Plenty, all kinds of Trade, Manufactures, and Professions must needs continue so overstocked with Numbers of People imploy'd in them, as absolutely to spoil them all, as to the Profits, which is the sole End of Trade.
Therefore the natural Way to lower the Rents, can only be, by putting such very great Tracts of waste Land into Cultivation, as may make Farms abound; which will lower, and make the Rents easy, and will employ the People, not in Cultivation only, but in every Kind of Manufacture, Trade and Calling. For all this will be the necessary Consequence of cultivating such large Tracts of waste Land, as must be cultivated to make Farms abound, and Rents easy.
But I am sensible, this Proposal must meet with almost an insuperable Objection, from all Gentlemen whose Estates consist of Land; since if the Plenty of every thing must be increased so much, that the Produce of the Earth may become a great deal cheaper, the Rents must be lowered a great deal too; I am so apprehensive of the Power of his Prejudice, that I fear it will be very hard to remove it. but I shall endeavour to do it, by shewing that it is no real Loss to Gentlemen this Way to lower their Estates.
What I have said is a strong Argument to the Purpose, that the Scarcity of Money among the People, that the Scarcity of Money among the People will unavoidably disable the Farmers to pay their Rents. To this Cause, which doth naturally lessen the Consumption of all Things, in such Proportion as the Cash grows scarcer, and thereby keeps the Fruits of the Earth from rising to a Price, that might enable the Farmers to pay their Rents, it must be ascribed, that Corn, etc. hath hardly of late fetched Money enough to pay all Charges, exclusive of Rent; and not to the Plenty of Corn considered in itself. For cheap as Corn is, the Number of Poor, as most Parishes find, is greatly encreased of late Years; witness the Numbers we are continually transporting, and the late Invention of erecting Workhouses for the Poor, and Complaints of Tradesmen all over the Kingdom, which have been, and are very great, and very just. Now suppose Corn, etc. were considerably advanced, to enable the Farmers to pay their Rents; what must become of the trading Part of the Nation, who already with justice, complain they can hardly get Money to support themselves, at the present Rates of Things? And how much more would the Poor and their Calamities increase, by such a Rise of Necessaries, together with the still greater Decay of Trade it must occasion; since if the Prices of Things were to be advance, the People in general for want of Money must, if possible, be still less Consumers, and consequently make just so much less Business amongst them, who have already much too little? Besides, it is always found that as Trade lessens (or is divided amongst more Particulars, which is much the same Thing in Effect) the Profits of Trade lessen in still greater Proportion to the Business transacted.
But to proceed: To shew that Gentlemen will lose nothing by falling their Rents, Let it be supposed, that all the Land in the Kingdome were to be raised 20 l. per cent per annum. Since the Land would bear no more Corn, graze no more Cattle, etc. than it now doth; must not the Corn and Cattle, etc. be considerably advanced? and must not the Labourer, whose Necessaries must then cost more, have more for his Labour? and must not Timber to make Carriages, and for every other Use, cost more to fell and hew it, etc. and must not Horses, to draw the Fruits of the Earth, etc.
to Market, be more valuable; and consequently Carriage, and every Manufacture cost more too? I think all Things would certainly thus be raised, if Money could be found to circulate them at such an Advance. And then, since Gentlemen are Consumers, and must buy every thing, as well as others, at this Advance, what would they be advantaged by receiving 20 per cent per annum more, and paying that at least, if not more, for what they want?