Neyther is the high rate of vsurie lesse hurtfull to Commerce within the land , the gaine by Vsurie being so easie , certaine , and extreame great , as they are not onely Marchants and Trades-men , but Landed-men , Farmers , and men of profession that grow lazie in their professions , and become Vsurers ; for the rate of Vsury is the measure by which all men trade , purchase , build , plant , or any other waies bargaine .

It hath beene the wisedome and care of former Parliaments to prouide for the preseruation of Wood and Timber ; for which there is nothing more auaileable then the calling downe of the high rate of Vsury ; for as the rate of mony now goeth , no man can let his timber stand , nor his wood grow to such yeeres growth as is best for the Common-wealth , but it will be very lost-full to him : The stocke of the woods after they are worth forty or fifty shillings the Acre , growing faster at ten in the hundred then the woods themselues doe . And for shipping , which is the strength and safety of this land ; I haue heard diuers Marchants of good credit say , that if they would build a shippe , and let it to any other to imploy , they cannot make of their money that way , counting all charges , teare and weare , aboue tenne or twelue in the hundred , which can be no gainefull trade , money it selfe going at ten in the hundred . But in the Low-Countries , where money goeth at sixe , the building of ships , and hiring them to others in a gainefull Trade ; and so the stocke of rich men and the industry of beginners , are well ioyned for the publike .

And yet that which is aboue all the rest , the greatest sinne against the Land is , that it makes the Land it selfe of small value , neerer the rate of new-found Lands , than of any other Countrie ▪ where Lawes , gouernement , and peace , haue so long flourished ; For the high rate of Vsury makes Land sell so cheape ; and the cheape sale of Land is the cause men seeke no more by industry and cost to improue them : and this is plaine both by example , and demonstration ; for we see in other Countries , where the vse of money is of a low rate , Lands are generally sold for 30. 40. in some for 50. yeeres purchase : And wee know by the rule of bargaining , that if the rate of Vse were not greater here , then in other Countries ; Lands were then as good a penniworth , at twenty yeeres purchase , as they are now at sixeteene : For Lands being the best assurance and securest inheritance , will still beare a rate aboue money : Now if Lands were at thirty yeeres purchase , or neere it , there were no so cheape purchase as the amendment of our owne Lands ; for it would be much cheaper to make one acre of Land , now worth fiue shillings by the yeere , to be worth ten shillings , or being worth ten to be worth twenty shillings : and so in proportion , then to purchase an other acre worth fiue or ten shillings . And in euery acre thus purchased to the owner , by the amendment of his owne , there were another purchased to the common-wealth . And it is the blessing of God to this Land , that there are few places of it to which he hath not giuen meanes by reasonable cost and industry , greatly to amend it , in many to double the value , so as in time , if for their owne good , mens industry were compelled that way , the riches and commodities of this Land would neere be doubled : Then would all the wet lands in this Kingdome soone be drained , the barren Lands mended by Marle , Sleech , Lime , Chalke , Sea-sand , and other meanes , which for their profit , mens industry would finde out . We see with how great industry and charge our neighbours , the Dutch , doe draine and maintaine their Lands against the sea which floweth higher aboue them , then it doth aboue the lowest parts of our drownd lands . I will admit a great deale to their industry , but I should very vnwillingly grant , that they are so much more ingenuous and industrious then wee , as that all the oddes were therein : Certainely , the maine cause of it is , that with vs money is deere , and land cheape , with them lands deere , and money cheape ; and consequently the improuement of their Lands at so great a charge with them , is gainefull to the owners , which with vs would be loss-full ; for Vsury going at ten in the hundred , if a man borrow fiue pounds , and bestow it on an Acre of ground , the amendment stands him in ten shillings the yeere ; and being amended , the land is not worth aboue fifteene yeeres purchase : But if the vse of money went at no more with vs , then in other places , then fiue pound bestowed vpon an Acre of ground , would stand a man but in fiue or sixe shillings a yeere , and the Acre of Land so amended , would be worth , as hath beene shewed , sixe and twenty or thirty yeeres purchase . Whereby it appeareth that as the rate of Vse now goeth , no man ( but where the Land lieth extraordinarily happily for it ) can amend his Land , but to his own losse ; whereas if money were let as it is in other Countries , he might bestow more then double so much as now hee may , and yet be a great gainer thereby ; and consequently , as was before remembred , should to his owne benefit purchase Land to the common-wealth .

Neither would such purchase of land to the common-wealth , be the benefit to the landed men onely , the benefit would be as much to the poore labourers of the land ; For now when Come and other fruits of the land which grow by labour , are cheape , the plowe and mattocke are cast into the hedge , there is little worke for poore men , and that at a low rate , whereas if the mendment of their owne Lands were the cheapest purchase to the owner ; if there were many more people then there are , they should readily set a worke , at better rates then they now are , and none that had their health and lims could be poore , but by their extreamest lazinesse .

And as the high rate of Vsury doth imbase Land , so it is as great a hindrance to discoueries , plantations , and all good vnder-takings , making it neere double as chargeable to the Aduenturers , ( mony being at ten in the hundred ) as it is in other Countries , where the Vse of money is so much lower .

Now let vs see by the contrary , and conceiue if Vsury were tolerated at fifteene or twenty in the hundred ( and I feare many borrowers , all things considered , pay aboue ten ) what the condition of things would then be , and if it appeare how desperate the hurt would be which that would bring ; it may ( at least vpon good reason ) perswade vs how great the good would be of calling it downe . Certainely , it must of necessity come to passe , that all Trades would in a short time decay ; For few or none ( and reckon the hazard at nothing , yeelde so great againe , as twenty in the hundred ) & all other Nations might with so great gaine out-trade and vnder-sel vs that more then the earth would of her selfe bring forth , we should scarce raise any thing from it , euen for our owne vse within the Land ; and Land would be so much imbased , as men might affoord , without losse to themselues , to carry the composte out of their closes , vpon their next adioyning lands to mend them : so far should we be from marling , liming , draining , planting , & any other workes of cost or industry , by which , Lands are purchased to the Common-wealth . So farre from Building , making of Hauens , Discoueries , new Plantations , or any other actions of vertue and glory to the State ; for priuate gaine is the compasse men generally saile by : And since we cannot without extraordinary diligence Plant , Build , Draine , or any other way amend our Lands but it will be deerer to vs , then the purchase of others , money being at ten in the hundred ; if mony then should goe at twenty in the 100. the charge of mending our Land would be doubled , and the Land abased to seuen or eight yeres purchase ; and consequently all workes of industry and charge , for improuing of Lands would be quite neglected and giuen ouer : wee should onely care vpon one another with Vsury , haue our commodities from other Nations , let the Land grow barren and vnmanured , and the whole State in short time , come to beggery .

Against this ( perhaps ) may be obiected , that before the 37. of H 8. there was no limitation of Vsury , and how did we then ? To this , may bee answered , that in those times there was a stricter band in that point vpon mens consciences ; So far forth as Vsurers were in the same case as excommunicate persons , they could make no wills , nor were allowed Christian buriall . Th●refore let vs for our forefathers sake , hope , that the rye vpon their consciences then , was a greater restraint of Vsury then the Statute of ten in the hundred is now ; I fear fornication is too frequent among vs , yet thanks bee to God not so much vsed as where there is allowance of Curtizans and Stewes .

The obiections likely to bee made against the calling downe of money , are first , that generall obiection of ignorance against all changes , bee they neuer so necessary and apparantly good , that it hath beene so a long time , and beene well enough ; what will become of the alteration , wee cannot tell , why then should wee make any change ?

Secondly , that as in bodies naturall , so in politicke , great and suddaine changes are most commonly dangerous .

Thirdly , that money wil be suddenly called in , and so all borrowers greatly preiudiced .

Fourthly , that money will bee harder to come by , and thereby commerce greatly hindred .

Lastly , that much money of forreiners , by reason of the high rate of Vsury , is brought ouer here to bee managed at interest , which would be carried away againe , if the rate of Vsury should bee called downe .

To the first , that money hath long gone at ten , and things bin well enough .

It is answered , that it is not long that the practise of Vsury hath beene so generally vsed , without any sence or scruple of the vnlawfulnesse of it : for mens consciences were hardned to it , with example and custome , by degrees , and not vpon the suddaine . And as the beginning of many dangerous diseases in healthfull bodies , so the beginning of many inconueniences in a State , are not presently felt . With vs , after that with long ciuill warres the Land was halfe vnpeopled , so as till of late yeeres , it came not to his full stocke of people againe , there being the same quantity of Land to halfe the number of people , the surplusage of our in land commodities must needs be so great , that though trade were not equally ballanced with Vs and other Nations , we could not but grow rich : Beside , France & the Low Countries were for many yeeres halfe laid waste with warres , and so did trade but little , nor manage their owne Lands to their best aduantage , whereby they did not onely not take the trade and market from vs , which now they doe , but they themselues were fed and cloathed by vs , and tooke our commodities from vs at great high rates : Whereas now wee see the Dutch doe euery where out-trade vs , & the French feede vs with their corne , euen in plentifull yeeres ; So as now our Land being full stocked with people , our neighbours industrious and subtle in trade , if we do not more equally ballance trade and bring to passe , that we may afford the fruits of our land as cheape as other Countries affoord the same of the same kinde ; we must ( though we leaue a number of our superfluities ) as ( God forbid but wee should ) in a short time grow poore and beggerly . And in this condition tenne in the hundred in a little more time will as well serue to doe it , as if mony were at twenty : For ( as was before remembred ) in most of the commodities the earth bringeth forth , the stocke imployed in planting and managing of them , makes a great part of their price , and consequently they make with great gaine to themselues , vnder-sell vs , our stocke with vs going at double the rate that theirs goes with them .

And this wee see and feele too well by experience at this present ; for hauing a great surplisage of corne , we can finde no vent for it ; the French with their owne , the Dutch with the corne of Poland , euery where supplying the markets at cheaper rates then wee can afford it : and euen our Cloathes which haue hitherto beene the golden Mine in England , I haue heard many Marchants say , that ( except it be in some few of the finest sort of them , which is a riches peculiar to this Nation ) other Countries begin to make them of their owne wooll , and by affording them cheaper then wee may , so to take our markets from vs .

And this I hope may in part serue for answere to the next obiection ; that all great and sudden changes are commonly dangerous ; for that rule holds true , where the body naturall or politicke is in perfect state of health , but where there is a declining ( as I haue some cause to feare there is or may soone be with vs ) there to make no alteration is a certaine way to ruine .

To the third : That money will be suddenly ●alled in , and so all borrowers greatly preiudiced ; for that there may be a clause in the end of the Statute whensoeuer it shall be made : That it shall be lawfull for all that haue lent money at ten in the hundred , which is now forborne , and owing , to take for such money so lent and owing , during two yeeres after this Session of Parliament , such Vse as they might haue done if this Acte had not beene made : Whereby borrowers shall be in lesse danger of sudden calling in of their money then now they are ; for where the lenders vpon continuance of their olde securitie , may take tenne in the hundred ; vpon new securitie they must be content with lesse , so the calling in of their money will be to their owne preiudice .

And if there be any borrower to whom this giueth not sufficient satisfaction , if such borrower haue Lands of value to pay his debt , the worst condition hee can feare , is to haue at the least twenty yeeres purchase for his land , wherewith to cleere his debts ; for as I said before , land being the best securitie , and securest inheritance , will still beare a rate aboue money . And so there being no Vse allowed for money aboue the rate tolerated in other Countries , Land will as readily sell at twenty yeeres purchase , as it doth now at twelue . And I thinke there is no borrower that hath Land of valew to pay his debts , doth doubt if he will now sell his Land at ten yeers purchase , he might soone be out of debt .

To the fourth Obiection , that money will bee hard to be borrowed , and so commerce hindred : I answer , that it were true , if the high rate of Vsurie did increase money within this Land ; but the high rate of Vsury doth inrich onely the Vsurer , and impouerish the Kingdome , as hath beene shewed ; and it is the plenty of money within the Land that maketh money easie to bee borrowed , as wee see by the examples of other Countries , where money is easier to bee borrowed then it is with vs , and yet the rate tollerated ; for Vse is little more then halfe so much . It is the high rate of Vse that vndoeth so many of the Gentry of the Land , which maketh the number of borrowers so great , and the number of borrowers must of necessity make money the harder to bee borrowed , whereas if Vse for money were at a lower rate , Land as hath been shewed , would be much quicker to bee sould , and at deerer rates , and so the Nobility and Gentry would soone be out of debt , and consequently the fewer borrowers , and so to Trades-men and Marchants money easie to bee had .