This has been the fate of those small dealers who are every day publishing their thoughts, either on paper or in their assemblies, for improving the trade of Ireland, and referring us to the practice and example of England, Holland, France, or other nations.

I shall, therefore, examine certain maxims of government, which generally pass for uncontrouled in the world, and consider how far they will suit with the present condition of this kingdom. First, It is affirmed by wise men that the dearness of things necessary for life, in a fruitful country, is a certain sign of wealth and great commerce; for when such necessaries are dear, it must absolutely follow that money is cheap and plentiful.

But this is manifestly false in Ireland, for the following reason. Some years ago, the species of money here did probably amount to six or seven hundred thousand pounds; and I have good cause to believe that our remittances then did not much exceed the cash brought in to us. But, by the prodigious discouragements we have since received in every branch of our trade, by the frequent enforcement and rigorous execution of the Navigation-act—the tyranny of under custom-house officers—the yearly addition of absentees—the payments to regiments abroad, to civil and military officers residing in England—the unexpected sudden demands of great sums from the treasury—and some other drains of perhaps as great consequence—we now see ourselves reduced to a state (since we have no friends) of being pitied by our enemies; at least, if our enemies were of such a kind as to be capable of any regard towards us except of hatred and contempt.

Forty years are now passed since the Revolution, when the contention of the British Empire was, most unfortunately for us, and altogether against the usual course of such mighty changes in government, decided in the least important nation; but with such ravages and ruin executed on both sides, as to leave the kingdom a desert, which in some sort it still continues.

Neither did the long rebellions in 1641, make half such a destruction of houses, plantations, and personal wealth, in both kingdoms, as two years’ campaigns did in ours, by fighting England’s battles.

By slow degrees, as by the gentle treatment we received under two auspicious reigns,[27] we grew able to live without running in debt.

Our absentees were but few; we had great indulgence in trade, and a considerable share in employments of Church and State; and while the short leases continued, which were let some years after the war ended, tenants paid their rents with ease and cheerfulness, to the great regret of their landlords, who had taken up a spirit of opposition that is not easily removed. And although in 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 has since utterly lost, the rents of land 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 the rest 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.