Objections to the proposal for bringing down the 'annual rent of money' from 8% to...

Objections to the proposal for bringing down the 'annual rent of money' from 8% to 6% [cf. Acts Parlt. Scot. vi, pt. 2, p.537b]. Twelve points [the numbers inserted in different hand]. The most important arguments are: a. If Scottish interest rates are below those of neighbouring countries, money will flow abroad. There is no parallel with the lowering of rates in 1633 from 10% to 8% since at that time Scottish rates were above those in England, etc. b. The thriftless, and debtors in general, will be the main gainers from the proposal. c. The boroughs, which are 'lyable to the sext part of all taxes', will be greatly harmed, especially merchants who live by foreign trade. d. The proposal was introduced almost at the end of the parliamentary session, when half of all the members, and two-thirds of the borough members, were absent and could not oppose it. e. Widows, orphans and others whose 'tuters may not venture thair stock' will suffer. f. The state, which has borrowed heavily from 'moneyed men', is taking away from creditors a quarter of their interest without their consent. Although laws may be repealed, contracts, sureties or bargains made by the public may not. g. Private creditors will be encouraged to 'straitten thair debtes', and call in principal sums. h. The proposal will result in an imbalance between money and land 'rents'. [Endorsed, in two different hands]: 1. 'Reasons Agenst the crying downe of the anelrent [? s] to 6 for the 100'. 2. '7 August'.