CHAP. I.

BEFORE I endeavour to prove, That an Abatement of Interest to Four in the Hundred, will be very beneficial to the Nation, or go about to Answer the Objections [Page 2] which are commonly made against it; I think it not amiss to pre­mise, that I will not undertake to evince, that only the lowering of Interest will at any time force a Trade, tho it lye under never so many Obstructions or Restraints; no, that surely will not be expect­ed, nor can it be reasonably imagin'd, that the bare lessening of Use, can make us drive a grea­ter Trade in time of War, than we had in time of Peace, tho Interest was at 6 per Cent. I hope it will be sufficient to induce Gen­tlemen to promote a Bill to lower Interest, if it can be prov'd, That when Trade is open, it shall be greater when Interest is low, than it can be when Interest is high; if it can be prov'd, That even a restrain'd Trade shall be greater with a low Interest, then it can be with an higher. If I can make it appear, That Land in time [Page 3] of War as well as Peace, will sell for more, if Interest be at Four, than it will if it be at Six per. Cent. This I doubt not will be sufficient to convince the Reader, that the lowering of Interest to Four in the Hundred, will be very advanta­geous to the Nation. I will not take up the Reader's time with a longer Introduction; but will be­gin with the first Benefit propound­ed to be discuss'd, viz. That the lessening of Interest to Four in the Hundred, will encourage and pro­mote Trade. Only give me leave here to prefix the preamble of an Act of Parliament made in the twenty first year of Jac. 1. cap. 17. and another made in the 12 Car. 2. cap. 13.

Whereas at this time, 21 Jac. 1. cap. 17. there is a very great A­batement in the value of Land, and other the Merchandizes, Wares, and Commodities of this [Page 4] Kingdom, both at Home, and al­so in Foreign Parts, whither they are transported. (2.) And where­as divers the Subjects of this King­dom, as well the Gentry as Mer­chants, Farmers, and Tradesmen, both for their urgent and necessary Occasions, for the following their Trades, maintenance of their Stocks and Imployments, have borrow'd and do borrow divers Sums of Money, Wares, Mer­chandises, and other Commodi­ties. (3.) But by reason of the said general fall and abatement of the value of Land, and the prices of the said Merchandize, Wares, and Commodities, and Interest in Loan continuing at so high a rate, as Ten pounds in the Hundred pounds for a year, doth not only make Men unable to pay their Debts, and continue the mainte­nance of Trade; but their Debts daily increasing, they are enforc'd [Page 5] to sell their Lands and Stocks at very low Rates, to forsake the use of Merchandize and Trade, and to give over their Leases and Farms, and so become unprofita­ble Members of the Common­wealth, to the great hurt and hin­derance of the same: Be it therefore, &c.

Forasmuch as the A­batement 12 Car. 2. cap. 13. of Interest from Ten in the hundred in for­mer times, hath been found by no­table Experience beneficial to the advancement of Trade, and im­provement of Lands by good Hus­bandry, with many other consi­derable advantages to this Nati­on, especially, the reducing it to a nearer proportion with Foreign States, with whom we Traffick. (2.) And whereas in fresh me­mory the like fall from Eight to Six in the Hundred, by a late constant practice hath found the [Page 6] like success to the general Con­tentment of this Nation, as is visible by several Improvements. (3.) And whereas it is the endea­vour of some at present to reduce it back again in practice, to the allowance of the Statute still in force to Eight in the Hundred, to the great discouragement of In­genuity and Industry, in the Hus­bandry, Trade and Commerce of this Nation: Be it therefore &c.

That an Abatement of Interest to Four in the Hundred, will in­crease Trade, I shall prove by these following Arguments.

All Merchants that N. B. M. D. in his Disc. of Trade. Trade in the same sort of Goods to the same Ports, should Trade by the same Interest, or else the Gain cannot be equal.

Interest is the Rule of Buying and Selling, and being higher in [Page 7] England than in Holland; the Eng­lish Merchant trades with a disad­vantage, because the Dutch Mer­chant can afford to give more, to buy dearer, and sell cheaper than the English can, and yet shall gain more.

The Dutch can sell an hundred pound worth of Goods for 103 l. and the English must sell the same sort and quantity for 106 l. to make the same account of the Principal and Interest.

The Dutch may give 1 per Cent. more for the same quantity of the same sort of Goods, (as the Eng­lish deal in) and sell for 1 l. per Cent. less than they, and yet shall gain 1 per Cent. As for instance, the Dutch may give 101 l. for the same quantity of Goods (which I suppose the English to buy at 100 l.) may sell these at 105 l. and will gain 1 per Cent. whereas the [Page 8] English, if they sell at 106 l. shall gain nothing.

When we had almost the Ibid. sole Trade of Spain, and the sole selling of Cloth into Turky, and several other places; the dif­ference of Interest was then not so considerable a prejudice to Trade (tho Interest was then in England at 8 per Cent.) because whosoever hath the sole Trade to any place, may set what price he pleaseth upon his Goods; but now Trade is disperst; the same sort of Manufacture is made in se­veral Countries; the Dutch and English trade in the same sort of Goods, to the same Foreign Parts, and therefore they ought to deal by the same Interest (which is the measure of Trade) or else the Dutch may undersel us, and so must beat us out of our Trade.

By this difference of In­terest, Ibid Holland is become the great Magazine, and Store­house, for all sorts of Goods; for they may be laid up cheaper there than here.

It is impossible for the Ibid. Merchant, when he hath bought his Goods, to know what he shall sell them for: The value of them depends upon the differences betwixt the Occasion, and the Quantity; tho that be the chiefest of the Merchants care to observe, yet it depends upon so many Cir­cumstances, that it is impossible to know it; therefore, if the plen­ty of the Goods hath brought down the Price, the Merchant lay­eth them up till the Quantity is consum'd, and the Price riseth; but the English Merchant cannot lay up his, but with disadvantage; for, by that time the Price is risen so, as to pay Charges and Interest, [Page 10] at 6 per Cent. the same Goods are sent for from Holland, and bring down the Price; for they are laid up there at 3 per Cent. and can therefore be sold Cheaper.

For want of considering Ibid. this in England, many an English Merchant hath been un­done; for tho by observing the Bill of Lading, he was able to make some guess of the Stock im­ported here; and therefore hath kept his Goods by him for a Rise: Yet not knowing what Stock there was in Holland, hath not been a­ble to sell his Goods to Profit; the same sort of Goods being brought from thence before the Price riseth high enough to pay Ware-house­room and Interest.

So that now the greatest part of the English Trade is driven by a quick return, every day Buying and Selling, according to a Bill of Rate every day printed: By this [Page 11] means the English Trade is nar­row'd and confin'd; the King lo­seth the Revenue of Importation, and Exportation, which he would have, if England was the Maga­zine of Europe; and the Nation loseth the profit which would a­rise from the hands imploy'd in Freight and Shipping.

High Interest decays Trade; sor, where the Advantage from Usury is greater than the Profit from Trade; there the rich Merchants give over, and put out their Stock to Usury; and the poorer Mer­chants, and others, who carry on a Trade with borrow'd Money, must break: Nay, further, whilst Interest is at Six per Cent. few will run the hazard at Sea, (even in time of Peace) for their gain of Eight or Nine per Cent. And how then can we expect any Foreign Trade in time of War?

When Interest was at Ten in the Hundred, no wise man would follow any Trade whereby he could not promise himself Four­teen, or Twelve per Cent. gain at least. Now Interest goes at Six per Cent. the hopes of Nine, or at least Eight, is necessary; the in­fallible consequence whereof is, That all Trades that will not af­ford a clear profit of Nine, or at least Eight per Cent. we must neg­lect, and give away to such who can Trade for less Gain, and must do so for ever, unless we bring our Interest to a nearer proportion with our Neighbours.

Abatement of Interest will mul­tiply Traders as well in England, as it hath done in Holland already, to such a degree, that almost all their People of both Sexes are Tra­ders; and the many Traders will oblige the Merchants to sell for less Profit, by which means the bulk [Page 13] of Trade will be increas'd. (which will be no disadvantage to the Na­tion, tho private men should gain less) And this is the true reason why many considerable Merchants (who continue on their Trades) are against the lessening of Interest.

If Intrest be abated to Four in the Hundred: Who will not, that can leave his Children an Estate of a thousand, or two thousand Pound, bring them up to Arith­metick, Merchants Accounts, and put them out to Trades, well knowing that the bare Use of their Money, or the product of it in Land, will scarcely maintain them.

Two per Cent. extraordinary in Interest, is an heavier burthen up­on the Merchants, than Four per Cent. extraordinary in Customs; because Customs run only upon Goods Imported, or Exported, and that but once; whereas Use falls as well upon Ships, as Goods, [Page 14] and must be yearly paid on both; and the Ships in many bulky Trades are of four times the va­lue of the Goods.

An Anonymous Author in his discourse of Trade, pag. 10. saith, That the Trade of England was in­considerable, and the Merchants very mean and few, when Interest was at 10 per Cent. and that with­in Ten years after Interest was brought down to Eight in the Hundred, viz. An. 1635. there were more Merchants to be found, worth each 1000 l. and upwards, than could be found, before the year 1600, worth 100 l. each.

And now since Interest hath been at 6 per Cent. there are more to be found upon the Exchange, worth 10000 l. than were then to be met with worth 1000 l.

The encrease of our Trade hath always follow'd, not preceded the Abatement of Use by Law; if [Page 15] this be doubted, ask the Discourse of Trade. Aged, and they will tell you, that 500 l. with a Daughter Sixty years ago, was esteem'd a larger Portion than 2000 l. now: Gentlewomen in those days would think themselves well dress'd in a Searge Gown, which a Chamber­maid now will be asham'd to be seen in. The Citizens now are richer in Cloaths, Houshold-Goods, Plate, Jewels, than the richest No­bility and Gentry were then.

Where Interest is high, the peo­ple are poor, and Money scarce; as for instance, in Spain, Scotland, and Ireland, where Money lately was (and for what I know still is) at 10 and 12 per Cent. the In­habitants are poor, ill fed, and meanly clad; tho Ireland and Spain are very fruitful Countries; and to the last, all the Gold and Silver of the Indies are brought.

I come now to decide a Questi­on often started in this Controver­sy, viz.

Whether the lowness of Inte­rest be the cause, or the effect of Riches?

Many who write against the A­batement of Interest, do assert, That it is not the cause, but the effect of Riches.

In answer to this (lest what hath been said upon this Subject, should not fully satisfie the Curio­sity of the Reader) I will here add something more:

First, I presume this Postula­tum will be granted, That Trade doth imploy the Poor, doth mul­tiply Home-Artificers, doth fill the Nation with People, doth car­ry out the Product of our Land, doth bring in Money; all which are the cause of Riches. This be­ing granted, I will not be so dis­ingenious, as to affirm, that Riches [Page 17] will not bring Interest down; but what can be inferr'd from thence? that a low Interest cannot be the cause of Riches? No certainly, that Inference can never be made; for, if Trade be that which en­richeth a Nation, and if the low­ering of Interest advanceth Trade, (which, I hope, is before suffici­ently prov'd) then it follows, That the Abatement of Interest is, doubtless, a principal cause of Riches; for it is not absurd, nor improper to say, That the same thing may be both a Cause and an Effect.

Peace may cause Plenty, and Plenty preserve Peace: Fear beget Hatred, and Hatred may beget Fear: The Fertility of a Country may multiply People, and the multiplication of People may cause a greater Fertility in that Country; so the Abatement of Interest causeth an encrease of [Page 18] Wealth; and the encrease of Wealth, may cause a further A­batement of Interest.

Since our first Abate­ment Discourse of Trade. of Interest, the Riches and Splendour of this Kingdom is very much increas'd; as appears from the new Buildings, fine Furni­ture, and number of Coaches; from our Shipping and Naviga­tion, from the improvement of our Customs, which doth not pro­ceed so much from the advance­ment of the Rates of Goods, as from the encrease of the bulk of Trade; for tho some Foreign Commodities and Manufactures are advanc'd; yet others of our Native Commodities and Manu­factures are considerably abated in the Book of Rates.

England hath been enrich'd con­stantly, and proportionably to, and after our several Abatements of Interest by Law, from an Un­limited [Page 19] Rate, to Ten; from Ten to Eight, and from Eight to Six, in the Hundred: And I think it may reasonably be hoped, that a fur­ther Abatement will produce more Riches, as well here, as it hath done in Holland.

As it hath been in England, so my Author saith, it is in all Eu­rope, and other parts of the World; insomuch, that to know whether any Country be Rich or Poor, or in what proportion it is so: The resolution of this Question, viz. What Interest do they pay for Mo­ney? will tell you; for all Coun­tries are at this day Richer, or Poorer, in an exact proportion to what they pay, and have usually paid for the Interest of Money.

That an Abatement of Interest would encrease Trade, (which is the cause of Riches) and would raise the value of Land, and keep up Rents, was the opinion of the [Page 20] Parliament, in the 21 Jac. 1. and of another in the 12 Car. 2. as appears in the Preamble to those Acts, which I desire the Reader once more to look over again. That they were not mistaken in their Sentiments, is evident from Seventy years Observation, beyond all Contradiction; insomuch, that it must be granted by all English­men, for it can no longer be made a Question, That to abate Interest, will advance Land, and encrease Trade; and consequently is the cause of Riches.

It is confest on all hands, that in Holland Interest is lower than in England; but some are pleas'd to say, That is not the effect of Laws, but proceeds only from the Plenty of Money; for in Holland there is no Law restraining Usury: To which I answer out of my Ano­nymous Author in his Discourse of Trade, That it may be true, that [Page 21] in Holland, there hath not lately been any Law to limit Usury to the present Rate it is now at, viz. 3 or 4 per Cent.; yet most certain it is, that many years since, there were Laws in Holland, that re­duc'd Interest to 8, 6, and after­wards to 5 per Cent. An. 1640. and in the year 1655. to 4. per Cent. as he affirms, pag. 31. and no doubt but they would by Law lessen Usury still, were it necessa­ry at this time; It having always been the policy of that State, to keep down the Interest of their Money 3 or 4 per Cent. under the Rate of what is usually paid in their Neighbouring Countries; we never yet abated our Interest, but they soon after abated theirs.

Interest hath been at 6 per Cent. in Holland; but after it was re­duc'd to Eight in England, it was reduc'd to Four in Holland; and now being at Six here, 'tis there [Page 22] at Three; so that they have al­ways kept the same advantage in Trade, from our over-ballance by Usury; well understanding the Profit they have from thence.

It may not be impertinent to recite here so much of the French King's Edict, as concerns this matter; for, perhaps all may not elsewhere come to the sight of it.

He found that Ten or Eight in the Hundred, did ruine many good Families, hindered the Traf­fick and Commerce of Merchan­dize, and made Tillage cheap, and Handicrafts to be neglected; many desiring, through the easi­ness of a deceitful Gain, to live idlely, rather than give themselves to Arts, or to Till, or Husband their Lands: For these Reasons he did forbid all Usury at an higher Rate than 6 l. 5 sh. in the Hun­dred.

This Edict was ratify'd in the Court of Parliament. I have transcrib'd this out of a discourse of Trade, pag. 51.

Should I pursue all the advan­tages to Trade, (which may rea­sonably be hoped for, from an A­batement of Interest) or, should I enumerate all the benefits which will redound to the Kingdom, by the encouragement and encrease of Trade; this Piece would swell into a large Volume. I need not tell you of what great use the lowering of Interest would be to the Government; That the King might with much less Charge build Ships, and set out his Fleet; that all Ammunition, and other Necessaries for the Army would be much cheaper; That upon all occasions he would be more rea­dily suppli'd with Money: These Considerations alone are of no small Concernment to the Na­tion; [Page 24] for the more easily the Government can be maintain'd, the less Taxes will be want­ting.

It would be unnecessary to add any more upon this Head, which relates to Trade.

I make no doubt, but the Rea­sons alledg'd, will convince the Merchant, and Trades-man, That a further Abatement of Interest will be no prejudice to them, but will highly advance their Cal­ling. I proceed now to the next thing propounded to the Consi­deration of the Reader, wherein I shall endeavour to satisfie the Landed-man, That to lessen Usury, will be of very great advantage to him, by raising the Value of Land in Purchase; and by ena­bling his Tenants to give more for his Farm, or at least to pay his Rents fooner.

CHAP. II.

THE inseparable Affinity betwixt Trade and Land, is so obvious to every Man's un­derstanding, that I think it will not be deni'd, but when Trade flourisheth, Land always bears a good price, and the Landlord's Rents are well paid. When Trade decays, Rents are never well paid, and the price of Land falls too; on the other hand, when Rents fall, and Farmers break, then Shopkeepers fail, and Merchants give over. The Inte­rest of one is so interwoven with the others, that it cannot be ill with Trade, but Land will fall; nor ill with Land, but Trade will feel it. This Observation is by [Page 26] experience found so true, that no Trader or Landed-man can make the least doubt of it.

That Land in England hath risen in value, as Interest hath Discourse of Trade. been abated, is matter of fact, and every Owner of Land can best judge of this; look but into your Ancestors Deeds of Pur­chase made Seventy years ago, and you will find that Land was then fold for 10 or 12 years Purchase; but an enquiry into the gross Sum of Money paid, will be more exact, and less fallible, than to make an estimate by the years Purchase; for many Farms have been of late years so rackt up in Rents, that it may be they will not yield more years purchase now, according to the present Rents, than they would have done many years past, and yet may double the Money they were then bought or sold [Page 27] for, because the Rents might be much less then.

Where Use for Money is high, Land is cheap in other parts of the World, as well as in England, and it must be so; that it is so, Spain, Scotland, and Ireland, do abun­dantly attest; in those Kingdoms Interest is high, and Land cheap. In Italy and Holland, Usury is lower and Land dearer.

That it must be so, according to the rate of Interest, is evident from Reason; for who are so stu­pid as to give more than Ten or Twelve years purchase for Land, if Interest was at 10 per Cent. when at single Interest they may double their Money in ten years? If high Interest brings down the price of Land, certainly low Interest must raise it.

Whilst Use is at 6 per Cent. (especially when Land is loaded [Page 28] with Taxes) few will buy; the Interest of Money being at least 2 per Cent. more than the Rent of Land.

If Interest be reduced to Four in the hundred, it would not so much over-run the Rent of Land, and consequently more Men would be inclin'd to buy, and could affored to give a better price than now they can; for Interest fets the price in buying and selling Land.

If Usury was reduced to Four in the Hundred, we might reason­ably enough expect, that 10 l. per Ann. in Land (being now worth 200 l.) would within few years be worth 300 l. the disproportion betwixt the Rent of Land, and In­terest of Money being so much less; and the value of Money being thereby so considerably a­bated.

That 300 l. at 4 per Cent. in twenty years will bring in no more [Page 29] than 200 l. at 6 per Cent. in twenty years doth now.

And there is great Reason, that the exchange betwixt Land, Mo­ney, and Goods, should be even; for why should the Country Gen­tlemen give 6 per Cent. for Money or Goods, when his Land will bring in but four? I believe I might say, not three at this time; why should the Gentleman pay 2 per Cent. more for all the Goods he buys of the Merchant, viz. for Silks, Linnen, &c. than the Mer­chant gives for his Wooll, Corn, or Cattel? This being the Case, I do not question but the Nobility and Gentry, having so great a share in Parliament, will in due time, before it be too late, reflect upon the great odds in the ex­change, and promote a Law to regulate the Ballance; such a Law will certainly prevent many noble Mannors and goodly Farms, from [Page 30] being so quickly devour'd by Tay­lor's and Mercer's Bills; for Gen­tlemen may then expend more, pay better, and run into Debt less.

CHAP. III.

THat an Abatement of Interest will improve Rents, or at least enable the Farmer to pay his Rent better, than he can whilst Money is at 6 per Cent.

It will raise the Rent of some Estates, and keep up the Rent of others: For the Farmer must make up his Accounts as the Merchants do. The Interest of the Stock must be reckon'd, as well as the Rent of Land; so that the taking 2 l. [Page 31] per Cent. from the Stock, being added to the Rent of the Land, so much is the Rent of the Land rais'd, or the Farm so much the cheaper to the Tenant. As for instance, a Farm that is now worth 50 l. per Ann. and requires 300 l. to Stock it, will be worth 56 l. per Annum, when Interest is re­duced to four in the Hundred; there being Six pounds a year ta­ken from the Stock, and added to the Rent; and the Farmer shall make the same account of profit from the Farm, as he doth now In­terest is at 6 per Cent.

Interest being so high Discourse of Trade. in England, is the cause of the fall of Rents; for Trade being thereby confin'd to a quick return, and the Merchant not being able to lay up any quantity of Goods, he exports less of our own growth; and the plenty of our Native Stock brings down [Page 32] the Rent of Land; for the Rent of Land that produceth the Stock, must fall, as the price of the Stock doth. Whereas, if Interest was at 4 per Cent. it would make the Rent more certain, and raise the value of Land.

If Usury was at Four in the hundred, there would always be a Magazine of Corn and Wooll in England, which would be a great advantage to the Farmer; for there are years of plenty and scarcity; and there are more Far­mers Discouse of Trade. undone in plentiful years, than recover themselves in years of scarcity; for when the price is very low, the Crop will not pay the charge of Plowing, Sowing, Reaping, Thrashing, and carrying to the Market; and when it is dear, all Farmers, that lost by Plenty, are not so fortunate as to have a Crop: Now, if Interest was at 4 per Cent. Corn and Wooll [Page 33] in years of plenty would be bought and laid up to be sold in years of scarcity. And by this means the buying in years of plenty, would keep the price from falling too low; and the selling in years of scarcity, would prevent it from rising too high, whereby Corn and Wooll would always be bought and sold at a moderate price, and the Farmer's Stock and the Rent of Land would be more certain.

Estates let in Leases, whether for Lives or Years, will be very much advanced by low Interest; for the Tenant being furnisht more readily and easily with Money, may afford to renew oftner, and give greater Fines, and will be enabled to pay his yearly Rent more punctually than now he can.

The Clergy, as well as Gentry, Tradesmen and Farmers, will e­qually [Page 34] find the benefit of 4 per Cent. the Tythe of all Improve­ments being their Inheritance, will flow in plentifully to them with­out Fraud or Murmur, when the Farmer can well afford it; such of them as enjoy Church-Leases may justly enough, and without oppressing their Tenants, enlarge their Fines; whereas otherwise they can hardly expect to keep up the present reserv'd Rents, and I fear they are very sensible that Tenants come in slowly to renew.

I might upon this head properly enough, and without much diffi­culty shew, That to lower Interest will very much encourage and promote Building; for Houses would be built Cheaper, and let Dearer; that it would be a great invitation to improve Lands by good Husbandry; that it would multiply Artificers, and revive our dying Manufactures, and put Ar­tizans [Page 35] upon seeking out ways of making such Commodities as we daily spend, and buy from Foreign parts, tho we are, or may be accommodated with them at home. But so many ingenious Pieces are in print (which the Reader may every where be furnisht with) that it would be a needless Repe­tition to pass through all these Branches, which have been so well handled by others long since.

The great Incumbrances of Gen­tlemens Estates, of what pernicious consequence they have been, and must be to the whole Kingdom, is manifest enough. For if Gentle­men become insolvent, or but bad Pay-masters; Tradesmen, who are forced to depend upon them, must be so too: When the charge upon Land is light, and Rents well paid, then the Nobili­ty and Gentry (who have always been the constant support of the [Page 36] Crown) will be abler to serve the King, both with Purse and Person, and would recover that Power and Reputation in their Countries which formerly they had; on the other hand, if the Nobility and Gentry should be so weakened in their Estates and Credits that they could contribute little to the Aid and Assistance of the Prince; what could we expect, but that our Peace must soon be disturb'd, the Government shaken, and the King­dom ruin'd? This Consideration is of no small Importance; for it is scarcely imaginable, that the In­terest of the Landed-men should at any time be sever'd from that of the Crown; because Land being visible and immoveable, is always most responsible to the Law. I hope this Digression will not seem impertinent, tho it neither relates to the value or Rent of Land.

I will in this place only offer one thing more to be consider'd by the Landed-men. Suppose a Gen­tleman that hath 600 l. per Annum, should have 300 l. per Annum in his hands, and hath no Money to stock it with; will not his Circum­stances be very hard to borrow at 6 per Cent. when it is too well known, that he cannot with all his care and trouble make the Rent of his Land, in many places half; will he not let his Land lye untill'd, and without stock, rather then run himself into Debt? That a great part of the Land in England is now untenanted, I appeal to all those who have any share or Interest in it. Is it not therefore high time to enable the Fere-holder to manage it at a more easy Charge? And will not an Abatement of Interest do it?

CHAP. IV.

HAVING, by what hath been alledg'd in the forego­ing Chapters, endeavour'd to maintain, (and I hope, to the sa­tisfaction of the Readers) That the lessening of Usury to 4 per Cent. will increase Trade, and raise the value of Land, and keep up Rents; I intend in this, to state the Objections fairly, (which are commonly made against it) and will study to answer them as plain­ly and fully as I can in so short a discourse.