OF USURY 103 



they will look precisely for the forfeiture. I remember a 

 cruel monied man in the country, that would say, The 

 devil take this usury, it keep us from forfeitures of 

 mortgages and bonds. The third and last is, that it is 

 a vanity to conceive that there would be ordinary borrow- 

 ing without profit; and it is impossible to conceive the 

 number of inconveniences that will ensue, if borrowing 

 be cramped. Therefore to speak of the abolishing of usury 

 is idle. All states have ever had it, in one kind or rate, or 

 other. So as that opinion must be sent to Utopia. 



To speak now of the reformation and reiglement of 

 usury ; how the discommodities of it may be best avoided, 

 and the commodities retained. It appears by the balance 

 of commodities and discommodities of usury, two things 

 are to be reconciled. The one, that the tooth of usury 

 be grinded, that it bite not too much ; the other, that 

 there be left open a means to invite monied men to lend 

 to the merchants, for the continuing and quickening of 

 trade. This cannot be done, except you introduce two 

 several sorts of usury, a less and a greater. For if you 

 reduce usury to one low rate, it will ease the common 

 borrower, but the merchant will be to seek for money. 

 And it is to be noted, that the trade of merchandize, 

 being the most lucrative, may bear usury at a good rate : 

 other contracts not so. 



To serve both intentions, the way would be briefly thus. 

 That there be two rates of usury ; the one free, and general 

 for all ; the other under licence only, to certain persons and 

 in certain places of merchandizing. First therefore, let 

 usury in general be reduced to five in the hundred ; and let 

 that rate be proclaimed to be free and current ; and let the 

 state shut itself out to take any penalty for the same. 

 This will preserve borrowing from any general stop or 

 dryness. This will ease infinite borrowers in the country. 

 This will, in good part, raise the price of land, because 

 land purchased at sixteen years 7 purchase will yield six in 

 the hundred, and somewhat more ; whereas this rate of 

 interest yields but five. This by like reason will encourage 

 and edge industrious and profitable improvements ; because 



