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Front Page arrow Titles (by Subject) arrow CHAP. XVI.: And this is confirm'd by Examples. - A Select Collection of Early English Tracts on Commerce from the Originals of Mun, Roberts, North, and Others

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CHAP. XVI.: And this is confirm’d by Examples. - John Ramsay McCulloch, A Select Collection of Early English Tracts on Commerce from the Originals of Mun, Roberts, North, and Others [1856]

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A Select Collection of Early English Tracts on Commerce from the Originals of Mun, Roberts, North, and Others, with a Preface and Index (London: Printed for the Political Economy Club, 1856).

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CHAP. XVI.

And this is confirm’d by Examples.

THIS is Reason,The Roman Lands not impair’d by the Tributes; and this is also confirm’d by the experience of many Countries: The Romans conquer’d great Nations, they injoin’d the conquer’d People to send them Tributes of their Manufactures, the Manufactures of every Nation were to be seen at Rome; from Sicily, Africa, and other neighbouring Provinces, they receiv’d their Corn; this was not done for want of Land enough for Tillage in Italy; we are taught by their Historians, that Italy was always able to bear Corn sufficient for their Inhabitants. Yet in such quantities ’twas imported, that the Romans were forc’d from their antient Husbandry, they were disabled this way to make profit of their lands; yet their Lands did not lye idle, the Produce of their Estates preserv’d its value, their Rents were not abated.

But,Nor the Dutch Lands by their vast Imports; Men are afraid of comparisons with the Romans, therefore later instances must be given: The Dutch import things of Foreign Growth and Manufacture, not so cheap indeed as the antient Romans, and ’tis to be hop’d they never will, yet cheaper far than like things can be brought into any other Country, and this they do with the greatest Freedom. They import into Holland, Corn, Wine, and grown Cattel, so very cheap, that they quite deprive themselves of the Articles of Tillage and Breeding. Pasture, Dairy, and the production of Flax and Madder, are almost all the imployment they have for Lands in Holland; yet, as if they wou’d have no use of their Pasture, they import such quantities of Herrings and fatted Cattel, as are sufficient for many such Countries as Holland, and so very cheap that no Country can do the like. As if they intended to spoil their Dairies, they import from Sweden such quantities of Butter, that they are forc’d to look out Foreign Markets for their own. And, as if they intended to run down the price of every thing at home, they import with the greatest freedom and in the greatest quantities, Hemp and Flax from the East Country, Linens from Germany, and other Manufactures from the East-Indies. They labour as it were, to abate the value of the Produce of their own Lands; in vain, for in no other Country are the Rents of Lands so high as those of Holland.

Again, England imports neither so many things,Nor indeed the English. nor so cheap as Holland; yet of late, the Importations have been very great; the Customs are greater far than ever heretofore. Prodigious quantities of Silks, Callicoes, and other Indian things have been imported, equal as is said, to all the Woollen Manufacture. Norwich and Canterbury are almost beaten out of their Trades: However, in general the Woollen Manufacture has flourish’d, Wool has carried a better price, and generally Rents have been rais’d over all the Kingdom.

If the price of Wool is not abated by the importation of Indian Manufactures, why shou’d the importation of Corn, of Wine, of Cattel, of Herrings, abate the Rents of England? Why shou’d the price of the Produce of the Estate be abated by any Importations?

The Rents of Lands in Holland, are generally higher than the Rents of the same kind of Lands in England, and perhaps at a medium are as high again. If the importation of Wine, of Corn, of Cattel, has not abated the higher Rent of Holland, Why shou’d it abate the lesser Rent of England? If the Dutch Pasture is not abated below the Rent of Forty Shillings, by the importation of Butter, Fish, and Fatted Cattel, why shou’d the Rent of as good Pasture here be less than Twenty Shillings, tho’ all these things shou’d be imported into England.

It is in vain to say,A small quantity of Land does not therefore yield a greater Rent. There is but little Land in Holland, that therefore Rents are higher there than in any other Country, but if they had Land as much as England, their Rents wou’d be soon affected by such mighty Importations. This can never be a reason that the Rents are high in Holland. Indeed, where there is little Land and many Purchasers, the Purchace must be dearer; but the Tenant, the Yearly Renter, will give no more Rent than can be made of the Produce of the Estate; and besides the Rent for the Landlord, he will expect a living Profit for himself. Wherefore Rents in Holland are not high, a great price is not given for the Produce of the Estate, because there is but little Land in Holland.

Besides, Holland is upon the Continent; the Lands adjoining are large enough in reason; Are any other Lands impair’d in Yearly value by their Neighbourhood to Holland? The Rents of Holland are higher far than those of any other Country; the Yearly value of other Lands is always greater, the less their distance is from thence; great Importations into Holland have neither abated the Rents of that nor any other place: And therefore, as great Importations wou’d not abate the Rents in England, neither upon the Coast, nor in the midland Country.

Wherefore,The most likely ways to raise the Rents. better Reasons may be given; that the importation of things of Foreign Growth and Manufacture, is not the way to impair the Yearly value of the Lands of any Country. It is certainly the way to create a plenty of the conveniences of Life; this will invite Purchasers and People thither, and these will preserve the Yearly value of the Lands. Again, if plenty shall invite People into any Country, the value of such a Country must needs be rais’d; the People will give more for the Produce of Lands at home, than for like things at a greater distance, to be at the charge of Carriage. Besides, the increase of our Superfluities must needs increase our Exportations, must return more Bullion into England, must multiply Money to be given for the Produce of the Estate. Lastly, The importation of things of Foreign Growth and Manufacture is the most likely way to abate the price of Labour, which is to be mix’d with the Produce of the Estate, it is consequently the way to raise the value of the Produce of the Estate.

Whatsoever shall become of these Reasons, Matter of Fact is certain; great Importations have always rais’d the value of every other Country, there is no reason to believe they can impair the Rents of England. And thus the Experience of several Countries, especially of our own, might teach Gentlemen to apprehend but little danger from the Indian Manufactures.