1829.] On the Value of Land and the precious Metals.

dedicated to a planet, whose metallic colour it bore. The palace or palladium of Dejoces the Median, is a striking illustration of this planetary or Sabean style of architecture.

We have indeed no evidence that the Seven Towers of Babel (though evidently devoted to the planets, and the topmost, like the Pyramids of Mexico, to the Sun,) were decorated with the metallic colours of the planets; but we know that the highest contained a shrine of gold-the sacred emblem of the Golden or Pa

radisaical age; surgit gens aurea mundi," (Virgil, 4th Eclogue.) Hence it is that Homer's profuse decoration of gold was not puerile, but necessary, for his emblematic palace. He is also supported by a Scriptural description of a similar symbolic edifice representing the same object, and invested with the same sacred character of symbolic and religious masonry: "the city was pure gold." (Rev. xxi.) So the royal Judge of that city is described like the Horns of Egypt, "I will make a man of pure gold." Isaiah. "The gates of the city, it is said, shall not be shut at all by day nor night; there shall be no night there." Again, "the city had no need of the sun, neither of the moon," to shine there. Homer's expression is curiously similar, and demonstrates the Sabean universal worship of the Sun and Moon, which, as the most ancient of the planets, were chemically represented by gold and

silver.

Mr. URBAN,

C.

Oct. 20.

295

auginents in price, then money, the article by which the price is estimated, becomes of less value-a state of things which may proceed so far, as to render the metals of very little value. Is not this a consequence which the legislators of every country ought to look to with the most serious attention. But why, or when should they interfere,1 it may be asked? Toward forming some solution of the query, let us remember that every country was once either leased out at a low rent, or was held in fee on easy obligations, as was the case in England, when it fell into the hands of a conqueror, and by him parcelled out to his followers. Might it not have been wise at that time to have limited the sale and letting of lands, so that they should not have increased in price above a certain ratio? By this means, while the value of land: would have increased through the na tural or artificial causes which have increased it, the price would have remained stationary: but now gold or: silver, the article of price, is suffered to decrease from time to time, in such a ́ manner, that it seems in danger of becoming of little or no value. To conceive the effect of this, let us suppose the price of land to become so exor bitant that an acre of good ground sold for 500%. or let for 50l. per ann.; in this case the ground would obtain a very large amount of the metals, or in other words, a very high price, yet the ground itself would not be capable of greater produce.

A larger sum of the metals must be told out to pay for rents, but the value of commodities one against another, would remain the same. He whose

THAT land, whether purchased or creasing in price, is a fact that I pre-produce was corn, would still exchange

sume no person will attempt to deny.
I propose in my present communi-
cation, to point out the nature of this
rise, and what advantages would accrue
from fixing a permanent relation be-
tween land and gold; in other words,
preventing the former from rising in
price.

Every increase in the price of land involves effects of far, greater extent than a rise in any thing else; for an increase in the price of land will increase the price of all other things: this is the primum mobile, the actuating spring by which a general change of price is produced.

Land and money have at present this relation to each other, that, if land

for cattle at about the same average; and the brewer of beer would obtain heretofore, although the price of each about the same quantity of coals as might be quadrupled, or even increased twenty fold. This would make but little difference to the men of trade; but to him whose possessions were money, who is said to live upon his means, such an increase would be ruinous. Now this state of things

really has been proceeding ever since the time that markets ceased to be supplied by barter, and the principle of

What would have been wise at that time would be wise at present. The settlers in New Holland, in Sydney, &c. should all be restrained.

996

On the Value of Land and the precious Metals.

buying was introduced in its stead; i. e. since the metals became money.

This introduction of money created two new classes of men, one of them to be dealers, and the other to be lenders; the lender supplied the dealers with the means of traffic, while they themselves retired and lived upon their rents; and that the transactions I speak of between these two classes of men should not grow into an evil, it has been deemed expedient to limit the price to be paid for the use of money: five per cent. is what the law allows; and if five per cent. is a due valuation for the use of money, I ask why there should not be a restrictable valuation on the same principle for the use of land. They are both of them indestructible; both are a source of profit in their nature to the lender and to the

borrower; both are comprehended under the general term property; and the property should not in one case, more than in the other, be suffered to assume an unlimited value.

Land under cultivation might easily be confined by a maximum; if let for other purposes, its price might perhaps be suffered to remain unrestrained, though I should venture to ask whether it would not be beneficial, even in all cases, if rent for ground were placed under restraint. I am sensible that this would create a great outcry among all the landholders; but let them for a moment consider the effect of such a measure. Would it not at once so reduce all the prices of the earth's produce, that the landholders would be more than compensated? He would not receive so much money, but he would have all the produce of the earth at a much lower rate.

Suffering rents to increase, as produce increases, is taking from the cultivator and giving to the landlord; than which not any thing can be more unjust, because it is taking away the benefit from the cultivator of his own exertions. The cultivator by his ability and labour has benefited the soil, and he it is that ought to reap the benefit that accrues; but if the landlord is suffered to increase the rent, it only serves to in crease the price of produce, and this in the end only enhances general prices. The price of the immediate productions of the soil, being those from which all others are valued, they ought by all honest means to be rendered as low as possible.

[Oct.

Land is value,-Gold is its price.. They ought to be so regulated as to bear a similitude of value.

A certain quantity of gold should always represent a certain quantity of land, by which means gold would acquire a permanent value which it has never yet attained.

All persons are more or less consumers, and therefore it is of the utmost consequence that the first spring of the rise should be so restrained as to prevent the millions that inevitably follow if the first be unrestrained.

A country, and all its inhabitants, may be extremely rich; they may abound in corn and cattle, in wine, and luxuries of every description; also in gold and silver, in jewels and works of art to repletion, insomuch that the possessors of commodities may always obtain a great quantity of the metals for a comparatively small quantity of goods; but this, as before observed, only augments prices; it makes no difference in value; the exchanges of value are made at the same ratio. The price of a day's labour, whether it be two shillings or ten, does but increase the trouble of telling the money. The labour is the same, and as a rise in the hire of the labourer is the second effect, so it increases the cause of a general advance in all other things.

Let us suppose a labourer to receive two shillings for a day's work; if that is sufficient to purchase all he wants for the maintenance of his family, it is a proof that other necessaries are equally reasonable. As to luxuries and all superfluities, they may rise to any price, according to the means of those who desire them. A competition of high prices among the rich signifies but little. Five pounds or five hundred for a mummy would be of no consequence, if the price of his loaf, or the rent of his habitation, was low to the labourer; for he would be enabled to furnish his articles at a price that would encourage the increase of all exportable articles. Our manufacturers would thus not only be able to compete with those of other countries, but the riches of their employers would provide the choicest machinery to accomplish their work, and afterwards to give credit for the exported produce that would place our manufactures above the competition of any other workman.

A LOMBARD.

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[297]

THE NEW POST OFFICE.

(With a Plate.)