What reason there is for taking or giving Interest or Usury for any thing which we may certainly have again whensoever we call for it, I see not; nor why Usury should be scrupled, where money or other necessaries valued by it, is lent to be paid at such a time and place as the Borrower chuseth, so as the Lender cannot have his money paid him back where and when himself pleaseth, I also see not. Wherefore when a man giveth out his money upon condition that he may not demand it back until a certain time to come, whatsoever his own necessities shall be in the mean time, he certainly may take a compensation for this inconvenience which he admits against himself: And this allowance is that we commonly call Usury.
2. And when one man furnisheth another with money at some distant place, and engages under great Penalties to pay him there, and at a certain day besides; the consideration for this, is that we call Exchange or local Usury.
As for example, if a man wanting money at Carlisle in the heat of the late Civil Wars, when the way was full of Souldiers and Robbers, and the passage by Sea very long troublesome, asnd dangerous, and seldom passed; why might not another take much more than an 100 l. at London for warranting the like Summe to be paid at Carlisle on a certain day?
3. Now the Questions arising hence are; what are the natural Standards of Usury and Exchange? As for Usury, the least that can be, is the Rent of so much Land as the money lent will buy, where the security is undoubted; but where the security is casual,then a kinde of ensurance must be enterwoven witht he simple natural Interest, which may advance the Usury very conscionably unto any height below the Principal it self. Now if things are so in England, that really there is no such security as abovementioned, but that all are more or less hazardous, troublesome, or chargeable to make, I see no reason for endouvering to limit Usury upon time, any more than that upon place, which the practice of the world doth not, unless it be that those who make such Laws were rather Borrowers then Lenders: But of the vanity and fruitlessness of making Civil Positive Laws against the Laws of Nature, I have spoken elsewhere, and instanced in several particulars.
4. As for the natural measures of Exchange, I say, that in times of Peace, the greatest Exchange can be but the labour of carrying the money in specie, but where are hazards emergent uses for money in one place then another, etc. or opinions of these true or false, the Exchange will be governed by them.
5. Parallel unto this, is something which we omit concerning the price of Land; for as great need of money heightens Exchange, so doth great need of Corn raise the price of that likewise, and consequently of the Rent of the Land that bears Corn, and lastly of the Land it self; as for example, if the Corn which feedeth London, or an Army, be brought forty miles thither, then the Corn growing within a mile of London, or the quarters of such Army, shall have added unto its natural price, so much as the charge of bringing it thirty miles doth amount unto: And unto perishable Commodities, as fresh fish, fruits, etc. the ensurance upon the hazard of corrupting, etc. shall be added also; and finally, unto him that eats these things there (suppose in Taverns) shall be added the charge of all the circumstancial appurtenances of House-rent, Furniture, Attendance, and the Cooks skill as well as his labour to accompany the same.
6. Hence it comes to pass, that Lands intrinsically alike near populous places, such as where the perimeter of the Area that feeds them is great, will not onely yield more Rent for these Reasons, but also more years purchase then in remote places, by reason of the pleasure and honour extraordinary of having Lands there; for -- Omne tulit penctum qui miscuit utile dulci.
7. Having finished our digression upon the measures of the Rents and Values of Lands and Moneys, we now return to our second way of leavying Publick Charges, which ws the taking of aproportion of the Rent (commonly called Assessment) it follows next to speak of the way of computing the said Rents, otherwise then according to the bargains which a few men make one with another, through ignorance, haste, false suggestion, or else in their passion or drink: Although I acknowledge, that the medium or common result of all the bargains made within three years (or other such Cycle of time, as within which all contingencies of Land revolve) may be very sufficient to this purpose, being but the summe synthetically computed by casual opinions, as I would endeavour to cast up analytically by a distinct particularizing of the Causes.
8. 1. Therefore I propound a Survey of the Figures, Quantities and Scituations of all the Lands both according to the civil bounds of Parishes, Farms, etc. and the natural distinctions thereof by the Sea, Rivers, ridges of Rocks, or Mountains, etc.
