USURY IN ITALY loi 



bank showing that the peasants were paying usury 

 and not interest. Signor Levi mentions rural usury 

 up to 730 per cent. — i.e., 2 per cent, per diem. Maize 

 for food to the cash value of twelve francs was in one 

 village supplied to the wretched peasant by the usurer 

 on consideration of his paying twenty-four francs in 

 three months, or at the rate of 800 per cent., and the 

 maize was often of bad quality, such as causes the 

 Italian scourge known as the " pellagra." In this village 

 the Mayor alleged that the peasants " often had to pay 

 the fabulous interest of 1,200 per cent." Small wonder 

 that, as it is said, a man who has 2,000 lire {£^6) of 

 ready-money and a hard heart can live on its pro- 

 ceeds. In fact, in Italy generally the peasant popula- 

 tion and small farmers are the prey "of the most 

 frightful and shameless usury," to the cash terms of 

 which gratuitous labour {corvee) and a dinner on Sun- 

 days, presents of fruit and vegetables, and other 

 services, are not infrequent, though unexpressed, 

 additions. 



' As it is not intended to describe the condition of 

 Europe except in so far as to draw lessons for India, 

 it is needless to go further in this description, 

 which might, however, for the countries mentioned 

 be indefinitely extended with the most precise 

 details. Is it likely, however, that the Indian money- 

 lender and peasant farmer are on very different 

 terms ? 



'Now, on this point there are two opinions, one of 

 which regards the money-lender as, on the whole, 

 rather beneficent and kindly, a sort of partner with 

 the ryot, supplying the needs of the latter, and 

 maintaining him in times of misfortune. Others, 

 again, regard him rather as a beast of prey, seek- 

 ing everywhere whom he may devour. The truth, 

 as usual, probably lies near the middle. As society 

 and credit are at present constituted, he fills an abso- 

 lute gap, and is a rural necessity ; on the other hand, 



