Volume 2
The universal dictionary of trade and commerce : with large additions and improvements, adapting the same to the present state of British affairs in America, since the last treaty of peace made in the year 1763. With great variety of new remarks and illustrations incorporated throughout the whole: together with everything essential that is contained in Savary's dictionary: also, all the material laws of trade and navigation relating to these kingdoms, and the customs and usages to which all traders are subject / By Malachy Postlethwayt, esq.
- Savary des Brûlons, Jacques, 1657-1716.
- Date:
- 1766
Licence: Public Domain Mark
Credit: The universal dictionary of trade and commerce : with large additions and improvements, adapting the same to the present state of British affairs in America, since the last treaty of peace made in the year 1763. With great variety of new remarks and illustrations incorporated throughout the whole: together with everything essential that is contained in Savary's dictionary: also, all the material laws of trade and navigation relating to these kingdoms, and the customs and usages to which all traders are subject / By Malachy Postlethwayt, esq. Source: Wellcome Collection.
21/978
![L A N LANDED INTEREST. 'J'he reafon why the decline of foreign trade finks the value of Land. Fiifl', By finkirtg the markers at home. For, the produce of land bcini; rendered ejccefTively dear, from the caufes below enumerated foreigners will not take it s fwpeifluities; and labour being by the fame caufcs rendered exceflively dear too [fee the article Labour] we cannot ma- nufaiiiure, or improve that produce, nations that can afford * cheaper fupplymg the markets abroad j fo that the produce of the lands, not being carried off as ufual, muft become a dead ftock on the farmers hands, and caufe great quantities to be crowded into the markets, where being encouragement but for few buyers, the price naturally falls : as, for inftance, the declining demand for our woollen goods abroad falls the price of wool at home. * The foreign trade of every country muft decline, that 1. Lays Unequal taxes in general on it’s people. See the articles Labour and Taxes. 2. I’hat cramps it’s commerce, the fountain of riches, by high duties, and impolitic prohibitions. See the articles Duties and Bonding of duties at the cuftom-houfe, and the article Customs. 3. That fuffers many monopolies. See the articles Com¬ panies and Monopolies. 4. That opprefles it’s people by prohibiting the importa¬ tion of victuals, under the-pretence of raifing the value of it’s lands. See Ireland, remarks thereon. 5. That encourages idlenefs by bad laws relating to it’s poor. See the article Poor. 6. That tempts foreigners to carry asvay it’s coin for lefs than it’s intrinlic value. See the articles Coin and Money. 7. That makes the obtaining juftice chargeable. See the articlesCoNsuLS and Merchant [Court Merchant.] 8. That fuffers a heavy national debt, contrafted in time of war, to continue unpaid in time of peace. See Debts [Nation alDebts],Credit[PublicCredit],Funds. Suppofe that, in 1669, we exported ta Turkey^ 40,000 cloths, the value of raw wool in each 5. 1. 80,000 being 21 amounts to -r- —• — 3 Suppofe that, in 1738, we exported to Turkey 1 8000 cloths, the value of raw wool in each > 12,000 being il. los. amounts to — — J- The difference of the value of wool exported in 7 , ,0 thofe two years - _ - - T' Wools of this value, lying yearly on hand, muft make a glut; the farmers pufh to fell at market, but in vain, unlefs at under prices} for the wool-ftaplers, finding the demand decreafes, decreafe in number themfelves; fome break, fome leave off trade, fome take toother trades; for many fellers, with great flocks on hand, and few buyers, naturally fall the markets; and the landlords preffing the tenants for rent, and threaten¬ ing to feize if payments are not made, the wool muft be fold at any rate to raife money; and there being yearly 68,0001. lefs money brought into the nation, to be laid out in wool, than in former times, the price muft be ftill lower on that account ; the lower the produce fells, the lefs rent the farmer can give for the land ; the worfe the markets, the greater ar¬ rears of rent the farmer runs into; and taxes, monopolies, &c. making neceffaries grow dearer, and the decay of foreign trade making the wool fell cheaper, muft break him in the end, and then the farm is thrown on the landlord’s hands, who, unwilling to fall the rent, keeps it in the management of ftewards or bailiffs, whofe profits and charges feldom make it pay the old rent, but generally ends in mortgaging the land, or felling it; and, as thefe cafes grow more frequent, more eftates will be at market, and, confequently, the lefs prices they will fetch, Secondly, By increafing the number of poor, to burden the land. The poor, wanting employment, muft be fupported by the land; if foreigners give them work, they give them bread ; but, when trade cannot maintain them, land muft. When the poor’s rates are heavier than the tenant can bear, the land¬ lord muft pay them, either by allowance in the rent, or by taking the farm into his own hands ; or elfe by breaking of his tenant, who has paid that money to the poor’s rates his landlord ftiould have received. Suppofe, in 1669, the labour of the above 3 40,000 cloths to have given employment > 40,000 People Suppofe, in 1738, the labour of the above? o r> 1 8000 cloths to have given employment to J OjOOO People The difference is — — — _ 32,000 People Suppofe thefe 32,000 people to have earned by T their labour formerly, from foreigners, 61. per Cl. 192,000 annum each, it amounts to — — — j But, wanting employment, they come on the! parifti, at is. 6d. per week each, which, for > 124,800 one year, amounts to — — — 3 The difference to the landholder, in one year is I. 316,1 VoL. II. LAN For a.s the land, by the decay of fcreiiin trade, rctelvc? n<.'i the firil fuin, and is, bv the lame caufe, laduled with the latter, it makes an annuli d:fi'ertnce or the above I’ums to tne landholders in this tingle bian.h of labour, and is the latii-.; in proportion toi all other decayed blanches ot trade. I hirdly, By decreafuig the ftock of people, for, as employment Jcll'ens, the moll induftrious, rather than ftarvehere, will fly to other countries, where trade can main¬ tain them ; fo, the coniumption of thefe being taken awa\, the demand at market muft grow lefs, and, of courfe, rents muft fall, yet the farmeis charges muft grow greater; for, the /ewer hands, the higher wages are; this muft break him in the end, and produce all the confequences following that mil- fortune, mentioned in the fit ft remark ; btfides. it is men that trade, and bring in money, therefore, the Lwer they are, the lefs money will be brought ; and, the lefs money, the lefs rent can be given for land. Fourthly, By decreafing our riches. This is a confequence of the above three remarks; for having fewer goods capable of being exported, by reafon of their dear price, and our manufadfnres declining, muft in tin.e be loft; therefore the importation of foreign goods mulf naturally in- creafe, and more money go out to pay for them. Nations that have no miives of gold and fiiver, have no means to get them but by foreign trade, and, according to the de¬ gree of thefe metals they poftefs, the prices of their commo¬ dities, and therewith the value of their lands, rife and fall in proportion ; which I fhall now prove. I he Britannia Langueiis, page 12, fays. If there were but 500 1. in England, an ox could hardly be wor.h a penny ; thcrelore the rent muft bear it’s proportion to the riches. This appears by Maitland’s Hiftory of London ; for he fays, that, in the year 961, land fold at is. per acre. The rcalon the land then bore fo low a price, was, the low pi ice the produce fold at; for he lays, that, in the year 1000, an ox fold for 2S. 6d. a cow for 2s. a fheep for is. and a fwine for 8d. This cou d be only owing to the little foreign trade the na¬ tion then had, and, confequently, to the little quantity of gold and lilver, trade had then brought in. ^ But if it lEould be afleed. What is the reafon that, at prefent, all things are naturally fo much advanced in price, to what they were in thofe days ? The anfwer is. That the quantities of gold and fiiver brought to Europe fince the progrefs made by the Spaniards and Portugueze in America, have made thofe metals more common, and of lefs value than formerly, fo that 20s. will hardly purchafe what is. would before the dif- covery of the Weft-Indies *, * Let there be added to this confideration, that alfo the great increafe of our national debts and taxes, in confequence thereof, together with the circulation of the interefl of the principal money of the public funds, and likewife that great circulation of paper credit in trade, occafioned by notes and bills, in the way of private credit, which is delfruiffive of our trade. See Credit [Private Credit.] Alfo the circulation of property by mortgages, and by means of the public fecurities in general; tor, although one is obliged to take annuities in payment, yet who would refufe,them on peculiar occafions? Thefe things all confpire to promote an artificial circulation of property, which raifes the price of commodities, and has the appearance, with too many, of the riches of the nation ; whereas thefe things are the charadleriftics of a declining condition, and that we Hand in need of a quantity of real hard money to circulate what trade we have, and are therefore obliged to make ufe of paper credit, which is only it’s reprefentative, and proceeds from our apparent necellities, not from our increafe of fo id treafure. This is certainly the cafe, unlefs it can be proved, that our national debts, and the taxes on labour and com¬ modities occafioned thereby, are bleffings, and that, the more we increafe our debts, the richer the nation will be. Perhaps, too fome will attempt to perfuade us, that the more mortgages of land there are in the kingdom, and the oftener they are transferred, and the more private paper credit palTes in trade, inftead of ready ca(h,the richer the nation is; but thefe are egregious miftakes, and ought to be vigilantly guarded againlt; for, upon the annihilation of this Ihew of artificial wealth, the price of labour and com¬ modities will fall to their natural value; which will be the means of fo increafing our trade, that our paper circulation will become realized by folid gold and lilver; and then the price of labour and commodities will be reduced to a natu¬ ral ftate, according to the real, and not the imaginary riches of the nation. For further confirmation of thefe principles, ’ fee the articles Debts [National Debts], Credit [Public Credit], Du ties, Funds, Labour, Money. The Spaniards and Portugueze do not throw aw'ay their gold and fiiver for us to pick up; we have no mines of thefe metals, therefore could not get fuch quantities as we have, but by our trade to Spain and Portugal, or to thofe countries ttiat had an overbalance upon them, and were overbalanced by us. So that the prefent natural price of land, and it’s produce, is the proportion of gold and lilver that foreign trade hath brought into, and left in the nation. If the prefent quantity was to be doubled by foreign trade, the natural price of land, and it’s produce, muft be fo too; for, according to the piice the C farn^r](https://iiif.wellcomecollection.org/image/b30459436_0002_0021.jp2/full/800%2C/0/default.jpg)
