But if Gentlemen should say, this would be so as to what they spend; yet what they save, and lay up, would be more: For instance, suppose a Gentleman of 1000 l per Annum, now spends 500l. and lays up 500 l. per annum; if Estates were thus raised, he would at the same Rate spend 660 l. and lay up 600 l. per annum:
but how wou'd he be the richer, since the Price of every Thing being raised in like Proportion at least, which is an unavoidable Consequence, his 600 l. would purchase, nor more than 500 l. did before? Wherefore Gentlemen would, in this Case, be not one Jot advantaged. If therefore Rents should fall 30 l. per cent per annum, every thing would certainly fall, in at least the same Proportion; so that Gentlemen would lose nothing, but the name of so much per Annum; which, I think, the Argument above doth sufficiently evince. But lest the name of losing so much per annum should be a Prejudice, strong enough to prevent the Execution of this so necessary Proposal; let it be further consider'd, that empty Houses, the Number of which at present is very great, and will be greater still, if this Method be not taken to fill them; I say, empty Houses, if they can be filled, are real Estates, as well as Land. Now if Money be thus made plentiful, as it certainly may, Plenty of Money will soon make Trade flourish, and a flourishing Trade will soon enable the People to occupy more Houses, and hereby the Number of People likewise will soon be increased;(1*) so that landlords taken in their full Extent, including Landlords of Houses as well as of Land, will thus certainly be Gainers, by falling their Estates so much as shall be needful to make Money plentiful; which will soon fill their Houses. But it may be said, if Lands must fall 30 per cent which is near a third, to fill the Houses; and but an eighth, or a ninth of the Number of Houses, as I shall shew, remain to be filled; how are Landlords, taken in the full sense of the Word, including Landlords of Houses as well as of Land, Gainers? I answer, that the Rents are now raised above their proper Value; for the proper Value of any thing, is really no other, than what the Money circulating among the People will well enable them to pay; nor can any greater Value be long supported by any Means whatsoever.
But it will be asked, How we shall know when the Prices of Things are at this proper Value? I answer, that as the Price of Labour is always constituted of the Price of Necessaries, and the Price of all other things chiefly of the price of Labour;whenever the Price of Necessaries is such, that the labouring Man's Wages will not, suitably to his low Rank and Station, as a labouring Man, support such a Family, as is often the Lot of many of them to have, the Price of Necessaries being then evidently so much too high, every thing else is so too; or then may the Prices of Things justly be said to be above this proper Value; which will more clearly appear in the Course of this Essay.
But I will proceed to shew, that the Gentlemen will be the richer for falling all the Lands in the Kingdom 20 or 30 per cent per annum, provided this Fall be effected only by the Addition, and Cultivation of so much more Land, as will make Farms so plentiful, as to reduce the Rents of Lands so much.
For if it shall appear, that the Gentlemen would be the poorer, if all the Lands in the Kingdom were raised 20 per cent per annum; I think the Reverse must follow, that they would be the richer if all the Lands were fallen 20 or 30 per cent per annum; that is 70 or 80 l. would certainly buy more, if all the Lands were so fallen, then 120 l. would do, if all the Lands were so raised; which I shall endeavour to prove.
If all the Lands were raised 20 per cent per annum it's certain they would not produce more, but perhaps less, than they now do, by putting it, in some Degree, out of the Farmers Power to use so much Skill and Charge to cultivate them, as they could do before their Rents were so raised: I say, since the Land could however produce no more than it now doth, all the Produce, whatever it consists of, must be sold not only for all the 20pounds more, but there must be Profits likewise on all those 20Pounds, to enable the Farmers to buy whatever they want at higher prices, which every thing must needs be advanced to from thus raising the Produce, which, as it passeth through every Hand and Manufacturing, must still have proportionably increased Profits on the thus raised prime Cost, before it comes to the Consumer;who, therefore, must thus certainly, in the End, not only pay all the advanced 20 pounds Rent, but likewise the necessary Profits thereon through all the several Hands it must pass: And since the Labour, which adds the greatest Value to every thing, must in this Case be inhanced likewise, it's evident, the same Quantity of Produce must be dearer by all the first advanced 20 Pounds Rent, and by suitable Profits to all the several Hands through which it must pass, together with a greater Charge of Labour thereon; whence, if the same Quantity of Produce must thus cost a great deal more, than all the 20 pounds Rent, by which it was first inhanced, the Parts must cost more too in such Proportion;so that, I think, I need not scruple to assert, that 140 l. could not in this Case purchase what 100 l. now doth; whence Gentlemen, who are consumers in common with others, would thus evidently be much the poorer for so raising their Estates; and therefore Ithink it an undeniable Consequence, that they wou'd be the richer for lowering their Estates 20 or 30 l. per cent per annum since it must be equally certain, that 70 or 80 l. would purchase more in this case, than 100 l. now doth; as it is certain 120 l. in the other case, would not purchase so much as 100 l. now doth.