these short leases, the rent was gradually to increase after short periods, yet, as soon as the terms elapsed, the land was let to the highest bidder, most commonly without the least effectual clause for building or planting.  Yet, by many advantages, which this island then possessed, and hath since utterly lost, the rents of lands still grew higher upon every lease that expired, till they have arrived at the present exorbitance; when the frog, over-swelling himself, burst at last.

With the price of land of necessity rose that of corn and cattle, and all other commodities that farmers deal in:  hence likewise, obviously, the rates of all goods and manufactures among shopkeepers, the wages of servants, and hire of labourers.  But although our miseries came on fast, with neither trade nor money left; yet neither will the landlord abate in his rent, nor can the tenant abate in the price of what that rent must be paid with, nor any shopkeeper, tradesman, or labourer live, at lower expense for food and clothing, than he did before.

I have been the larger upon this first head, because the same observations will clear up and strengthen a good deal of what I shall affirm upon the rest.

The second maxim of those who reason upon trade and government, is, to assert that “Low interest is a certain sign of great plenty of money in a nation,” for which, as in many other articles, they produce the examples of Holland and England.  But, with relation to Ireland, this maxim is likewise entirely false.

There are two reasons for the lowness of interest in any country.  First, that which is usually alleged, the great plenty of species; and this is obvious.  The second is, the want of trade, which seldom falls under common observation, although it be equally true:  for, where trade is altogether discouraged, there are few borrowers.  In those countries where men can employ a large stock, the young merchant, whose fortune may be four or five hundred pounds, will venture to borrow as much more, and can afford a reasonable interest.  Neither is it easy, at this day, to find many of those, whose business reaches to employ even so inconsiderable a sum, except among the importers of wine, who, as they have most part of the present trade in these parts of Ireland in their hands, so they are the most exorbitant, exacting, fraudulent dealers, that ever trafficked in any nation, and are making all possible speed to ruin both themselves and the nation.

From this defect of gentlemen’s not knowing how to dispose of their ready money, ariseth the high purchase of lands, which in all other countries is reckoned a sign of wealth.  For, the frugal squires, who live below their incomes, have no other way to dispose of their savings but by mortgage or purchase, by which the rates of land must naturally increase; and if this trade continues long, under the uncertainty of rents, the landed men of ready money will find it more for their advantage to send their cash to England, and place it in the funds; which I myself am determined to do, the first considerable sum I shall be master of.