Londons Resurrection, Discourse 40
DISCOURSE XL.
That men of eſtates would be invited to build in London, if the advantage which may probably (though not certainly) be made thereof, were duly conſidered.
IT is not for a Widow, that hath but two Mites, to caſt them into the treaſury of building; I mean, for one that is but poor, and hath no more than will juſt build a houſe, to lay out all that way; becauſe though the profit accrewing thereby may be great, (if no caſualty fall out) yet caſualties lighting upon houſes are ſo frequent, that it can be no mans wiſdom to venture all he hath in the world in that one dangerous bottom. But as for thoſe who have fair eſtates otherwiſe, upon which they are able to live comfortably if the fire ſhould do its worſt to all they have, or mean to have in houſes, they are the perſons that are cut out for builders; to them I commend this Dilemma, to invite them to turn builders (ſith ſome body muſt build, and no body is ſo fit as they) viz. the houſes you ſhall build will either ſtand or fall, be preſerved or be deſtroyed by fire, or otherwiſe; if they ſtand, your gain will be exceeding great; if they fall, you are able to bear your loſſes; if they be preſerved, you are more than made (as they ſay;) if they be deſtroyed, you are far from being undone.
Who would not adventure part of what he hath to make a great deal more of it? and who can make more of what he hath, but by adventuring it? He muſt not keep his money lockt up in his Cheſt, that would have intereſt for it, but muſt put it out, which he cannot do without ſome hazard, and yet who doth it not for improvement ſake? Merchants muſt venture their goods to Sea, (though not all they are worth at once) if they will get great eſtates; and venture they do, though they know that Rents of Land (which they could purchaſe if they would) are not ſo hazardous as goods at Sea. The Plowman will not ſow all the grain he hath, but keep a part to ſell and ſpend; but neither will he keep in all out of the ground, fearing he ſhall never ſee it again, but allow enough for his ſeed, in hope of a ſufficient encreaſe: Who trades for all ready money, and truſteth not any one of his Cuſtomers, leaſt he ſhould never be paid? or who truſts Cuſtomers, & makes not ſome adventure, in hope that it will turn to accompt, that Proverb is as true as it is trite, Nothing venture, nothing have; though, venture all, and loſe all, ſometimes proves as true a ſaying; therefore the middle way is beſt; neither venture all, nor venture nothing, but venture ſomething, though not all: And if you will venture (as all wiſe men think fit to do more or leſs) why not upon building; if you have time and money wherewithall to do it? Wo be to us if no body would venture, then farewell London; if no body will venture their duſt, that muſt lye in its duſt and aſhes.
Poſſibly you may make a leſs adventure in laying out your moneys ſome other ways, as upon Land, &c. which is not obnoxious to fire, ſo as houſes are, but then your profit will be far leſs; Land may yield you but four or five in the hundred, whereas you may probably enough make ten in every hundred, that you ſhall lay out in building within the City. Now all will agree, that the hope and expectation of a greater profit, may rationally induce men to make an adventure, that is proportionably greater. So they ſay when intereſt was at ten in the hundred, money had wont to be lent upon more ſlender ſecurity than now it is, when it yieldeth but ſix per cent. You ſee how hard David ventured to be the Kings ſon in law, even upon the foreskins of two hundred Philiſtines by whoſe hands Saul did hope to have made him fall, 1 Sam. 18.25. but doubtleſs he would have made no ſuch venture to have been ſon in law, to an ordinary ſubject, where the advantage had not been ſo great, though he had liked his daughter well. He that expects a great return from beyond the ſeas, muſt make a proportionable adventure.
Purchaſing of lands may prove more dangerous than building of houſes in London, for the title of lands may be naught, and ſo all may be loſt, not only the crop, but the ſoil; but for ſuch as ſhall build in London, at this time, all titles are decided, all controverſies determined, before they enter upon their work, ſo that their title is, and will be paſt diſpute. Moreover if fire ſhould burn theſe houſes (which are as it were the crop upon the ſoil) to the ground again, (which God forbid) yet the ſoil would ſtill be your own, and that is generally ſaid to be a third, ſo that your thirds (as I may call them) in London, the fire cannot take from you.
Now admit you have ten in the hundred for all you lay out upon building in London, if that City, or your houſes in it, ſtand but ten years to an end (as we hope with the bleſſing of God they may, ten times ten) you will in that ſhort time be repaied your principal.
Then as for Farms in the country, how frequently are they thrown up upon the landlords hands? and no body can be found to hold them without great abatement of rents, ſo that they often ſtand untenanted, and unoccupied. But houſes in London cannot lightly want for tenants, neither is their rent like to fall, but rather to riſe, as the City riſeth and as trading increaſeth.
There have been often whiſperings as if the intereſt of money were like to be brought lower (and motions made to that purpoſe) viz. to four or five per cent. If it ſhould do ſo, money would yield but half ſo much as would the rent of houſes, and beſides the principal would be in as much, or more danger, of being loſt, as our houſes could be of being fired: for men do oftner loſe their principal by bad debtors, than their houſes by fire. The neceſſarineſs of houſes within the walls for the uſe of Citizens is a conſideration outweighing all the reſt as to matter of profit, for that amounts to ſo much as cannot be well computed. Having then proved in theſe three laſt Chapters, that the building of London, is Bonum honeſtum, jucundum, & utile, that is, both for the honour, pleaſure, and profit of thoſe that have wherewithal to aſſiſt in it, let him be thought a perſon that underſtands neither one nor the other; that is, a perfect ſtranger to his own intereſt in every kind, (and ſuch are counted none of the wiſeſt) who having eſtate enough otherwiſe, could with the monies which lye by him, or are at his command, contribute much towards the rebuilding of London, and purchaſe to himſelf a great intereſt there, and yet will not do it.