484 A. D. 1660. 



ftrong objection againft a precipitate redadion of the legal interefl: of 

 money in a nation, without duely attending to what may very properly 

 be termed the natural interefl: of money in luch a nation, i. e. at what 

 interefl: m.oney may generally be borrowed on good fecurity, i'o that 

 fuch propofed legal redudion of interefl fliould not be very different 

 from the natural interefl of money at the time : wherefor he obferves, 

 ' that the m.atter in England was, at that time, prepared for an abate- 

 ' ment of interefl ; for, lays he, the Eaft-India company do now bor- 

 ' row what they want at 4 per cent.' 



Yet notwithflanding all that this able and experienced gentleman has 

 faid upon this favourite fubjed of his, it feems to us, that he has not 

 fufEciently confidered another point, viz. that low interefl for money 

 in any country, is at leafl as much the effed, as the caufe, of wealth and 

 commerce. An increale of commerce brings an increafe of wealth, 

 which is ever attended with an iiicreafe of money, and luch increafe of 

 money will naturally and neceflarily produce a low rate of interefl, as 

 plenty of any thing whatever necefllirily caufes its cheapnefs. A wile 

 nation may indeed facilitate the redudion of their legal interefl, by 

 good and prudent preparatory regulations, and thereby contribute to 

 the increafe of commerce and to the encouragement of agriculture , 

 but fuch redudion of the legal interefl is to be done with great circum- 

 fpedion, and ever with a due regard to the current natural interefl of 

 money at any fuch propofed time. 



In this fame feflion of parliament the firfl legal ad was pafled for the 

 general encouragement and increafe of fliipping and navigation. ' Where- 

 ' in,' fays its preamble, ' under the good providence and protedion of 

 ' God, the wealth, fafety, and ftrength of this kingdom are fo much 

 ' concerned.' 



The principal enading claufes are, 



I) ' No goods or commodities whatfoever fliall be imported into, or 

 exported from, any of the king's lands, iflands, plantations, or territories, 



* in Afia, Africa, or America, in any other than Englifli, Irifli, or plan- 

 ' tation built fliips, and whereof the mafter and at leaft three-fourths 

 ' of the mariners Ihall be Englifliraen, under forfeiture of fliip and 

 ' goods.' 



II) ' Noiie but natural-born fubjeds, or naturalized, fliall henceforth 

 *■ exercife the occupation of a merchant or fador in thofe places, under 



* forfeiture of goods and chattels *.' 



III) ' No goods of the growth, produd, or manufadure, of Afia, 

 *• Afiica, or America, fliall be im-ported into England, but in fuch fliips 



* as do truely belong to Englifli people, either here or in the king's lands 



* Tliis is an imprnvcniciit upon tlie nft of navigatlcn of i6ji. It was common to have Dutcli 

 iBer.c;ba.iits afting as fr.ftors andn^culs in Eiiglilh colonics. ^ 



