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unlikely any more than three of the twenty millions will be applied to ingrossing. It were to be wished the ingroffers were more profitable traders for themselves; they are certainly very beneficial for the commonwealth; they are a market for the rich in a time of plenty, and ready at hand with relief for the poor in a time of dearth. They prevent the exportation of many neceffaries of life, when they are very cheap, fo that we are not at the charge of bringing them back again when they are very dear. They save the money that is paid to foreign countries for interest and warehouse room. But there is so much hazard, and so little profit in this business, that if twenty millions were to be imported, fcarce three of them would be applied to the making magazines for the kingdom.

If any of the money should be lent at interest to perfons that shall apply the fame to any of the purposes above-mentioned, it is still the same thing. If I have given good reafons for what I have faid, no more than eight of the twenty millions can be applied either to our dead stock of luxury, our stock in inland or foreign trade, or our stores or magazines. So that still there will remain twelve millions; which are now no otherwife to be disposed of than in buying of lands or houses, or our new parliamentary funds, or in being lent out at interest upon mortgages of those securities, or to perfons who have no other ways to repay the value than by part of the things themselves.

The question then is, What effect these twelve millions will have towards reducing the interest of money, or raising the value of estates ? for as the former grows less, the latter will ever rife in proportion. For example, while the interest of money iss per cent. per ann, a man lends 2000 l. to raife a revenue of 100 1. per ann. by the interest of his money; and for the fame reafon he gives 20001. or more to purchase an estate of 100 1. per ann. Again, if the interest of money shall fall I per cent. he must be forced to lend 2400 1. to gain the revenue of 1001. per ann.; and for the fame reason he must give at least 2400 1. to purchase an estate of the fame year y rent. Therefore if these twelve millions newly gained shall reduce 1 per cent. of the present inVOL. I.

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tereft of money, they must of neceffity increase every eftate at least four years value in the purchase.

It is ever easier to meet with men that will borrow money than fell their estates. An evidence of this is, that we never have fo good a revenue by buying as by lending The first thing therefore that will be attempted with these twelve millions, is to lend money to those that want it. This can hardly fail of reducing I por tent. of the present interest of money, and confequently of raising every eftate four years value in the purchafe.

For in all probability, all the money or value now in England, not applied to any of the uses above mentioned, and which therefore lies dead, or affords no revenue to the owners, till it can be disposed of to such uses, does not exceed twelve millions. Yet this sum, whatever it is is fufficient to keep down money to the prefent intereft, and to hold up lands to their present value One would imagine, then, if this sum should be doubled, if twelve millions extraordinary should be added to it, they should reduce the present interest of money, and double the present value of eftates. But it will easily be allowed they must reduce 1 per cent. of the present interest of money, and add the value of four years rent to the purchase of every

of every eftate.

To confirm the belief of this, an argument might be taken from what really happened in the province of Holland before the year 1670 I think it is in sir William Temple's observations upon the United Netherlands. The government there was indebted about thirteen millions, and paid the interest of 5 per cent. per anu. They had got a fum of money, I think not above a million, with which they prepared to difcharge fuch a part of the principal, The creditors were fo unable to find fo good an interest eltewhere, that they petitioned the States to keep their money, with an abatement of per cent of their interest. The fame money was offered to the fame number of other creditors with the lame faccefs, till I per cent. of their whole intereft was abated. Yet at last such a part of the principal was ifchargel, And when this fum came to be lent to private perlons, it had the fame effect. There

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I per cent, of the common interest was abated throughout the whole province, as well between subject and subject, as between the subjects and their governors. And nothing is so notorious, as that the value of lands in that country has risen in proportion, and that estates are fold there for thirty years value of their whole rents. It is not then to be doubted, that twelve millions extraordinary to be lent at interest, or purchase lands or government securities, must have the like effect in Eng. land, at least that lands will arife four years rent in e. very purchase above their present value. And how great an improvement must this be of the landed interest?

The rents of England, according to the proportion of the land tax, should be little more than eight millions; yet perhaps they may be twelve. If there is made an addition of four years value in every purchase, this, upon all the rents of England, amounts to fortyeight millions So that, by the importation and clear gain of twenty millions by trade, the landed interest gains an improvement of forty-eight millions, at least fix times as much as all other intereits joined together.

I should think this argument, which I have endea voured to fet in a clear light, muft needs be fufficient to show that the landed and the trading interests cannot in reality but be friends to each other...

N° 77.

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Tuesday, June 9.

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3-Certum voto pete finem. Hor. Ep. 2. 1. 1. v. 56%

-To wishes fix an end.

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Greech.

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HE writers of morality assign two forts of goods. The one is in itself defirable; the other is to be defired, not on account of its own excellency, but tor the fake for fome other thing which it iscinttrumental to obtain. These are usually diftinguished by the appellations of end and means. We are prompted by na

ture to defire the former; but that we have any appetite for the latter, is owing to choice and deliberation.

But, as wife men engage in the pursuit of means, from a farther view of some natural good with which they are connected; fools, who are acted by imitation, and not by reason, blindly pursue the means, without any defign or profpect of applying them. The result whereof is, that they entail upon themselves the anxiety and toil, but are debarred from the subsequent delights which arife to wiser men; fince their views not reaching the end, terminate in those things, which although they have a relative goodness, yet considered absolutely, are indifferent, or, it may be, evil.

The principle of this misconduct is a certain short. fightedness in the mind. And as this defect is branch. ed forth into innumerable errors in life, and hath infected all ranks and conditions of men; so it more eminently appears in three species, the Critics, Milers, and Free thinkers. I shall endeavour to make good this observation with regard to each of them. And first of the Critic.

Profit and pleasure are the ends that a reasonable creature would propose to obtain by study, or indeed by any other undertaking. Those parts of learning which relate to the imagination, as eloquence and poetry, produce an immediate pleasure in the mind. And fublime and useful truths, when they are conveyed in apt allegories or beautiful images, make more distinct and lasting impreffions; by which means the fancy be comes fubfervient to the understanding, and the mind is at the same time delighted and instructed. The exercife of the understanding in the discovery of truth, is. likewise attended with great pleasure, as well as immediate profit. It not only strengthens our faculties, purifies the foul, fubdues the passions; but besides these advantages, there is also a secret joy that flows from intellectual operations, proportioned to the nobleness of the faculty, and not the less affecting because inward and unfeen.

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But the mere exercise of the memory as fuch, instead of bringing pleasure or immediate benefit, is a thing of vain irksomness and fatigue, especially when employ

el in the acquifition of languages, which is, of all others, the most dry and painful occupation. There must be therefore fomething further proposed, or a wife man would never engage in it. And indeed, the very reason of the thing plainly intimates, that the motive which first drew men to affect a knowledge in dead tongues, was, that they looked on them as means to convey more useful and entertaining knowledge inte their minds.

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There are nevertheless certain critics, who, seeing that Greek and Latin are in request, join in a thoughtless pursuit of thote languages, without any further view. They look on the ancient authors, but it is with an eye to phraseology, or certain minute particulars, which are valuable for no other reafon, but because they are despiled and forgotten by the rest of mankind. The divine maxims of morality, the exact pictures of human life, the profound discoveries in the arts and sciences, just thoughts, bright images, fublime fentiments, are overlooked, while the mind is learnedly taken up in verbal remarks.

Was a critic ever known to read Plato with a con templative mind or Licero, in order to imbibe the no ble fentiments of virtue and a public fpirit, which are confpicuous in the writings of that great man; or to peruse the Greek or Roman hiftorians, with an intention. to form his own life upon the plan of the illuftrious patterns they exhibit to our view? Plato wrote in Greek; Cicero's Latin is fine, and it often lies in a man's way to quote the ancient hiftorians...

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There is no entertainment upon earth more noble and befitting a reasonable mind, than the perufal of good authors, or that better qualifies a man pafs his life with fatisfaction to himielf, or advantage, to the public: but where men of short views and mean fouls give themselves to that fort of employment which na ture never designed them for, they indeed keep one another in countenance; but instead of cultivating and adorning their own minds, or acquiring an ability to be useful to the world, they reap tno other advantage from their labours, than the dry confolation aufing from the applaufes they beltow upon each other.

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