defence of usury-第2节

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an　get　for　the　use　of　any　other　sort　of　thing；　an　house　for　instance；　there　is　no　particular　appellation；　nor　any　mark　of　disrepute：　nobody　is　ashamed　of　doing　so；　nor　is　it　usual　so　much　as　to　profess　to　do　otherwise。　Why　a　man　who　takes　as　much　as　he　can　get；　be　it　six；　or　seven；　or　eight；　or　ten　per　cent　for　the　use　of　a　sum　of　money　should　be　called　usurer；　should　be　loaded　with　an　opprobrious　name；　any　more　than　if　he　had　bought　an　house　with　it；　and　made　a　proportionable　profit　by　the　house；　is　more　than　I　can　see。　　　　　Another　thing　I　would　also　wish　to　learn；　is；　why　the　legislator　should　be　more　anxious　to　limit　the　rate　of　interest　one　way；　than　the　other？　why　he　should　set　his　face　against　the　owners　of　that　species　of　property　more　than　of　any　other？　why　he　should　make　it　his　business　to　prevent　their　getting　more　than　a　certain　price　for　the　use　of　it；　rather　than　to　prevent　their　getting　less？　why；　in　short；　he　should　not　take　means　for　making　it　penal　to　offer　less；　for　example；　than　5　per　cent　as　well　as　to　accept　more？　let　any　one　that　can；　find　an　answer　to　these　questions；　it　is　more　than　I　can　do：　I　except　always　the　distant　and　imperceptible　advantage；　of　sinking　the　price　of　goods　of　all　kinds；　and；　in　that　remote　way；　multiplying　the　future　enjoyments　of　individuals。　But　this　was　a　consideration　by　far　too　distant　and　refined；　to　have　been　the　original　ground　for　confining　the　limitation　to　this　side。

LETTER　III。　Reasons　for　Restraint。　　Prevention　of　Prodigality。

　　　　Having　done　with　sounds；　I　come　gladly　to　propositions；　which；　as　far　as　they　are　true　in　point　of　fact；　may　deserve　the　name　of　reasons。　And　first；　as　to　the　efficacy　of　such　restrictive　laws　with　regard　to　the　prevention　of　Prodigality。　　　　　That　prodigality　is　a　bad　thing；　and　that　the　prevention　of　it　is　a　proper　object　for　the　legislator　to　propose　to　himself；　so　long　as　he　confines　himself　to；　what　I　look　upon　as；　proper　measures；　I　have　no　objection　to　allow；　at　least　for　the　purpose　of　the　argument；　though；　were　this　the　principal　question；　I　should　look　upon　it　as　incumbent　on　me　to　place　in　a　fair　light　the　reasons　there　may　be　for　doubting；　how　far；　with　regard　to　a　person　arrived　at　the　age　of　discretion；　third　persons　may　be　competent　judges；　which　of　two　pains　may　be　of　greater　force　and　value　to　him；　the　present　pain　of　restraining　his　present　desires；　or　the　future　contingent　pain　he　may　be　exposed　to　suffer　from　the　want　to　which　the　expence　of　gratifying　these　desires　may　hereafter　have　reduced　him。　To　prevent　our　doing　mischief　to　one　another；　it　is　but　too　necessary　to　put　bridles　into　all　our　mouths：　it　is　necessary　to　the　tranquillity　and　very　being　of　society：　but　that　the　tacking　of　leading…strings　upon　the　backs　of　grown　persons；　in　order　to　prevent　their　doing　themselves　a　mischief；　is　not　necessary　either　to　the　being　or　tranquillity　of　society；　however　conducive　to　its　well…being；　I　think　cannot　be　disputed。　Such　paternal；　or；　if　you　please；　maternal；　care；　may　be　a　good　work；　but　it　certainly　is　but　a　work　of　supererogation。　　　　　For　my　own　part；　I　must　confess；　that　so　long　as　such　methods　only　are　employed；　as　to　me　appear　proper　ones；　and　such　there　are；　I　should　not　feel　myself　disinclined　to　see　some　measures　taken　for　the　restraining　of　prodigality：　but　this　I　can　not　look　upon　as　being　of　the　number。　My　reasons　I　will　now　endeavour　to　lay　before　you。　　　　　In　the　first　place；　I　take　it；　that　it　is　neither　natural　nor　usual　for　prodigals；　as　such；　to　betake　themselves　to　this　method；　I　mean；　that　of　giving　a　rate　of　interest　above　the　ordinary　one；　to　supply　their　wants。　　　　　In　the　first　place；　no　man；　I　hope　you　will　allow。　prodigal　or　not　prodigal；　ever　thinks　of　borrowing　money　to　spend；　so　long　as　he　has　ready　money　of　his　own；　or　effects　which　he　can　turn　into　ready　money　without　loss。　And　this　deduction　strikes　off　what；　I　suppose；　you　will　look　upon　as　the　greatest　proportion　of　the　persons　subject；　at　any　given　time；　to　the　imputation　of　prodigality。　　　　　In　the　next　place；　no　man；　in　such　a　country　as　Great　Britain　at　least；　has　occasion；　nor　is　at　all　likely；　to　take　up　money　at　an　extraordinary　rate　of　interest；　who　has　security　to　give；　equal　to　that　upon　which　money　is　commonly　to　be　had　at　the　highest　ordinary　rate。　While　so　many　advertise；　as　are　to　be　seen　every　day　advertising；　money　to　be　lent　at　five　per　cent　what　should　possess　a　man；　who　has　any　thing　to　offer　that　can　be　called　a　security；　to　give；　for　example；　six　per　cent　is　more　than　I　can　conceive。　　　　　You　may　say；　perhaps；　that　a　man　who　wishes　to　lend　his　money　out　upon　security；　wishes　to　have　his　interest　punctually；　and　that　without　the　expence；　and　hazard；　and　trouble；　and　odium　of　going　to　law；　and　that；　on　this　account；　it　is　better　to　have　a　sober　man　to　deal　with　than　a　prodigal。　So　far　I　allow　you；　but　were　you　to　add；　that　on　this　account　it　would　be　necessary　for　a　prodigal　to　offer　more　than　another　man；　there　I　should　disagree　with　you。　In　the　first　place；　it　is　not　so　easy　a　thing；　nor；　I　take　it；　a　common　thing；　for　the　lender　upon　security　to　be　able　to　judge；　or　even　to　form　any　attempt　to　judge；　whether　the　conduct　of　one　who　offers　to　borrow　his　money　is　or　is　not　of　such　a　cast；　as　to　bring　him　under　this　description。　The　question；　prodigal　or　not　prodigal；　depends　upon　two　pieces　of　information；　neither　of　which；　in　general；　is　very　easy　to　come　at：　on　the　one　hand；　the　amount　of　his　means　and　reasonable　expectations；　on　the　other　band；　the　amount　of　his　expenditure。　The　goodness　or　badness　of　the　security　is　a　question　of　a　very　different　nature：　upon　this　head；　every　man　has　a　known　and　ready　means　of　obtaining　that　sort　of　information；　which　is　the　most　satisfactory　the　nature　of　things　affords；　by　going　to　his　lawyer。　It　is　accordingly；　I　take　it；　on　their　lawyers　opinion；　that　lenders　in　general　found　their　determination　in　these　cases；　and　not　upon　any　calculations　they　may　have　formed；　concerning　the　receipt　and　expenditure　of　the　borrower。　But　even　supposing　a　man's　disposition　to　prodigality　to　be　ever　so　well　known；　there　are　always　enough　to　be　found；　to　whom　such　a　disposition　would　be　rather　an　inducement　than　an　objection；　so　long　as　they　were　satisfied　with　the　security。　Every　body　knows　the　advantage　to　be　made　in　case　of　mortgage；　by　foreclosing　or　forcing　a　sale：　and　that　this　advantage　it　not　uncommonly　looked　out　for；　will；　I　believe；　hardly　be　doubted　by　any　one；　who　has　had　any　occasion　to　observe　the　course　of　business　in　the　court　of　Chancery。　　　　　In　short；　so　long　as　a　prodigal　has　any　thing　to　pledge；　or　to　dispose　of；　whether　in　possession；　or　even　in　reversion；　whether　of　a　certain　or　even　of　a　contingent　nature；　I　see　not；　how　he　can　receive　the　smallest　benefit；　from　any　laws　that　are；　or　can　be　made　to　fix　the　rate　of　interest。　For；　suppose　the　law　to　be　efficacious　as　far　as　it　goes；　and　that　the　prodigal　can　find　none　of　those　monsters　called　usurers　to　deal　with　him；　does　he　lie　quiet？　No　such　thing：　he　goes　on　and　gets　the　money　he　wants；　by　selling　his　interest　instead　of　borrowing。　He　goes　on；　I　say：　for　if　he　has　prudence　enough　to　stop　him　any　where；　he　is　not　that　sort　of　man；　whom　it　can　be　worth　while　for　the　law　to　attempt　stopping　by　such　means。　It　is　plain　enough　then；　that　to　a　prodigal　thus　circumstanced；　the　law　cannot　be　of　any　service；　on　the　contrary；　it　may；　and　in　many　cases　must；　be　of　disservice　to　him；　by　denying　him　the　option　of　a　resource；　which；　how　disadvantageous　soever；　could　not　well　have　proved　more　so；　but　would　naturally　have　proved　less　so；　than　those　which　it　leaves　still　open　to　him。　But　of　this　hereafter。　　　　　I　now　come　to　the　only　remaining　class　of　prodigals；　viz。　those　who　have　nothing　that　can　be　called　a　security　to　offer。　These；　I　should　think；　are　not　more　likely　to　get　money　upon　an　extraordinary　rate　of　interest；　than　an　ordinary　one。　Persons　who　either　feel；　or　find　reasons　for　pretending　to　feel；　a　friendship　for　the　borrower；　can　not　take　of　him　more　than　the　ordinary　rate　of　interest：　persons；　who　have　no　such　motive　for　lending　him；　will　not　lend　him　at　all。　If　they　know　him　for　what　he　is；　that　will　prevent　them　of　course：　and　even　though　they　should　know　nothing　of　him　by　any　other　circumstance；　the　very　circumstance　of　his　not　being　able　to　find　a　friend　to　trust　him　at　the　highest　ordinary　rate；　will　be　sufficient　reason　to　a　stranger　for　looking　upon　him　as　a　man；　who；　in　the　judgment　of　his　friends；　is　not　likely　to　pay。　　　　　The　way　that　prodigals　run　into　debt；　after　they　have　spent　their　substance；　is；　I　take　it；　by　borrowing　of　their　friends　and　acquaintance；　at　ordinary　interest；　or　more　commonly　at　no　interest；　small　sums；　such　as　each　man　may　be　content　to　lose；　or　be　ashamed　to　ask　real　security　for；　and　as　prodigals　have　generally　an　extensive　acquaintance　（extensive　acquaintance　being　at　once　the　cause　and　effect　of　prodigality）；　the　sum　total　of　the　money　a　man　may　thus　find　means　to　squander；　may　be　considerable；　tho'　each　sum　borrowed　may；　relatively　to　the　circumstances　of　the　lender；　have　been　inconsiderable。　This　I　take　to　be　the　race　which　prodigals；　who　have　spent　their　all；　run　at　present；　under　the　present　system