every lease that expired, till they have arrived at the present exorbitance; when the frog overswelling 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 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,
