defence of usury-第12节
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the censure conveyed by that name； might be material for the purpose of judging of the propriety of that censure； but makes no difference in judging of the propriety of the law； which that censure is employed to justify。 Whether you yourself； were the several classes of persons made to pass before you in review； would be disposed to pick out this or that class； or this and that individual； in order to exempt them from such censure； is what for that purpose we have no need to enquire。 The law； it is certain； makes no such distinctions： it falls with equal weight； and with all its weight； upon all those persons； without distinction to whom the term Projectors； in the most unpartial and extensive signification of which it is capable； can be applied。 It falls at any rate （to repeat some of the words of my former definition）； upon all such persons； as； in the pursuit of wealth； or even of any other object； endeavour； by the assistance of wealth； to strike into any channel of invention。 It falls upon all such persons； as； in the cultivation of any of those arts which have been by way of eminence termed useful； direct their endeavours to any of those departments in which their utility shines most conspicuous and indubitable； upon all such persons as； in the line of any of their pursuits； aim at any thing that can be called improvement； whether it consist in the production of any new article adapted to man's use； or in the meliorating the quality； or diminishing the expence； of any of those which are already known to us。 It falls； in short； upon every application of the human powers； in which ingenuity stands in need of wealth for its assistant。 High and extraordinary rates of interest； how little soever adapted to the situation of the prodigal； are certainly； as you very justly observe； particularly adapted to the situation of the projector： not however to that of the imprudent projector only； nor even to his case more than another's； but to that of the prudent and wellgrounded projector； if the existence of such a being were to be supposed。 Whatever be the prudence or other qualities of the project； in whatever circumstance the novelty of it may lie； it has this circumstance against it； viz。 that it is new。 But the rates of interest； the highest rates allowed； are； as you expressly say they are； and as you would have them to be； adjusted to the situation which the sort of trader is in； whose trade runs in the old channels； and to the best security which such channels can afford。 But in the nature of things； no new trade； no trade carried on in any new channel； can afford a security equal to that which may be afforded by a trade carried on in any of the old ones： in whatever light the matter might appear to perfect intelligence； in the eye of every prudent person； exerting the best powers of judging which the fallible condition of the human faculties affords； the novelty of any commercial adventure will oppose a chance of ill success； superadded to every one which could attend the same； or any other； adventure； already tried； and proved to be profitable by experience。 The limitation of the profit that is to be made； by lending money to persons embarked in trade； will render the monied man more anxious； you may say； about the goodness of his security； and accordingly more anxious to satisfy himself respecting the prudence of a project in the carrying on of which the money is to be employed； than he would be otherwise： and in this way it may be thought that these laws have a tendency to pick out the good projects from the bad； and favour the former at the expence of the latter。 The first of these positions I admit： but I can never admit the consequence to follow。 A prudent man； （I mean nothing more than a man of ordinary prudence） a prudent man acting under the sole governance of prudential motives； I still say will not； in these circumstances； pick out the good projects from the bad； for he will not meddle with projects at all。 He will pick out old…established trades from all sorts of projects； good and bad； for with a new project； be it ever so promisiug； he never will have any thing to do。 By every man that has money； five per cent。 or whatever be the highest legal rate； is at all times； and always will be； to be had upon the very best security； that the best and most prosperous old…established trade can afford。 Traders in general； I believe； it is commonly understood； are well enough inclined to enlarge their capital； as far as all the money they can borrow at the highest legal rate； while that rate is so low as 5 per cent。； will enlarge it。 How it is possible therefore for a project； be it ever so promising； to afford； to a lender at any such rate of interest； terms equally advantageous； upon the whole； with those he might be sure of obtaining from an old…established business； is more than I can conceive。 loans of money may certainly chance； now and then； to find their way into the pockets of projectors as well as of other men： but when this happens it must be through incautiousness； or friendship； or the expectation of some collateral benefit； and not through any idea of the advantageousness of the transaction； in the light of a pecuniary bargain。 I should not expect to see it alledged。 that there is any thing； that should render the number of well…grounded projects； in comparison of the ill…grounded； less in time future； than it has been in time past。 I am sure at least that I know of no reasons why it should be so； though I know of some reasons； which I shall beg leave to submit to you by and by； which appear to me pretty good ones； why the advantage should be on the side of futurity。 But； unless the stock of well…grounded projects is already spent； and the whole stock of ill…grounded projects that ever were possible； are to be looked for exclusively in the time to come； the censure you have passed on projectors； measuring still the extent of it by that of the operation of the laws in the defence of which it is employed； looks as far backward as forward： it condemns as rash and ill…grounded； all those projects： by which our species have been successively advanced from that state in which acorns were their food； and raw hides their cloathing； to the state in which it stands at present： for think； Sir； let me beg of you； whether whatever is now the routine of trade was not； at its commencement； project？ whether whatever is now establishment； was not； at one time； innovation？ How it is that the tribe of well…grounded projects； and of prudent projectors （if by this time I may have your leave for applying this epithet to some at least among the projectors of time past）； have managed to struggle through the obstacles which the laws in question have been holding in their way； it is neither easy to know； nor necessary to enquire。 Manifest enough； I think； it must be by this time； that difficulties； and those not inconsiderable ones； those laws must have been holding up； in the way of projects of all sorts； of improvement （if I may say so） in every line； so long as they have had existence： reasonable therefore it must be to conclude； that； had it not been for these discouragements； projects of all sorts； well…grounded and successful ones； as well as others； would have been more numerous than they have been： and that accordingly； on the other hand； as soon； if ever； as these discouragements shall be removed； projects of all sorts； and among the rest； well…grounded and successful ones； will be more numerous than they would otherwise have been： in short； that； as； without these discouragements； the progress of mankind in the career of prosperity； would have been greater than it has been under them in time past； so； were they to be removed； it would be at least proportionably greater in time future。 That I have done you no injustice； in assigning to your idea of projectors so great a latitude； and that the unfavourable opinion you have professed to entertain of them is not confined to the above passage； might be made； I think； pretty apparent； if it be material； by another passage in the tenth chapter of your first book。（27*） 〃The establishment of any new manufacture； of any new branch of commerce； or of any new practice in agriculture；〃 all these you comprehend by name under the list of 〃projects〃： of every one of them you observe； that 〃it is a speculation from which the projector promises himself extraordinary profits。 These profits （you add） are sometimes very great； and sometimes； more frequently perhaps； they are quite otherwise。 but in general they bear no regular proportion to those of other old trades in the neighbourhood。 If the project succeeds； they are commonly at first very high。 When the trade or practice becomes thoroughly established and well known； the competition reduces them to the level of other trades。〃 But on this head I forbear to insist： nor should I have taken this liberty of giving you back your own words； but in the hope of seeing some alteration made in them in your next edition； should I be fortunate enough to find my sentiments confirmed by your's。 In other respects； what is essential to the publick； is； what the error is in the sentiments entertained； not who it is that entertains them。 I know no
