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is a fair and moderate rate of interest, in the territo- 

 ries under British rule. In native States indeed 

 the difficulty of obtaining 1 money is so great, that 

 landed proprietors, sometimes make over their estates 

 with their rents, as security, to money-lenders, until 

 the debt with interest is paid in full, the money- 

 lender receiving* the full return of the estate in addi- 

 tion, for the time he may hold it,* We cannot 

 then fix, very accurately, the rates of interest for 

 money prevailing- in native society. Yet we must 

 clearly understand, that this is the proper test, and 

 not be led into the error committed by Engiish 

 politicians, in making- the Government securities 

 the standard of value ; for thoug-h they may affect 

 the question from the seller's stand-point, they have 

 really nothing- to do with it from the buyer's point of 

 view. If^ however, we are satisfied that money can- 

 not be obtained on the security of g-ood landed pro- 

 perty under 12 per cent. ; or the converse, if capital- 

 ists can obtain 12 per cent, with the security of g-ood 

 landed property and it will be admitted, I am sure, 

 that in this I do not overstate the case, we have 

 a sufficiently accurate and true standard by which 



* This practice would seem to be contrary to Hindu Law. 

 MANU says, ' If he take a pledge to be used for his profit, he 

 must have no other interest on the loan.' But there are so 

 many and apparently conflicting opinions regarding pledges " to 

 be used," and pledges " to be held in custody," that it is not so 

 easy to determine the Law. In Lukhnow, and other Moham- 

 madan States, to evade the law against receiving interest for 

 money, to make over estates, with usufruct, was common. 



