CIVIL AND MORAL. 67 



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 lucra 

 tive, 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 fic&amp;lt;j and general for all ; the other 

 under license only to certain persons, and in certain places of mer 

 chandizing. 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 dryncss. This will 

 case infinite borrowers in the country. This will in good part raise 

 the price of land, because land purchased at sixteen years 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 many will rather 

 venture in that kind, than take five in the hundred, especially having 

 been used to greater profit. Secondly, let there be certain persons 

 licensed to lend to known merchants, upon usury at a higher rate : and 

 let it be with the cautions following. Let the rate be, even with the 

 merchant himself, somewhat more easy than that he used formerly to 

 pay : for by that means all borrowers shall have some ease by this 

 reformation, be he merchant or* whosoever. Let it be no bank, or 

 common stock, but every man be master of his own money. Not that 

 I altogether mislike banks, but they will hardly be brooked in regard 

 of certain suspicions. Let the state be answered some small matter 

 for the licence, and the rest left to the lender ; for if the abatement be 

 but small, it will no whit discourage the lender. For he, for example, 

 that took before ten or nine in the hundred, will sooner descend to 

 eight in the hundred, than give over his trade of usury ; and go from 

 certain gains, to gains of hazard. Let these licensed lenders be in 

 number indefinite, but restrained to certain principal cities and towns 

 of merchandizing : for then they will be hardly able to colour other 

 men s moneys in the country ; so as the licence of nine will not suck 

 away the current rate of five : for no man will send his moneys far off, 

 nor put them into unknown hands. 



If it be objected, that this doth in a sort authorize usury, which 

 before was in some places but permissive : the answer is, that it is 

 better to mitigate usury by declaration, than to suffer it to rage by 

 connivance. 



XLII. OF YOUTH AND AGE. 



A man that is young in years, may be old in hours, if he have lost 

 no tune. But that happencth rarely. Generally youth is like the first 

 cogitations, not so wise as the second. For there is a youth in 

 thoughts, as well as in ages. And yet the invention of young men is 



