defence of usury-第4节

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terprizing　class　of　borrowers：　those。　who；　when　characterized　by　a　single　term；　are　distinguished　by　the　unfavourable　appellation　of　projectors：　but　in　what　I　shall　have　to　say　of　them；　Dr　Smith；　I　begin　to　foresee；　will　bear　so　material　a　part；　that　when　I　come　to　enter　upon　that　subject；　I　think　to　take　my　leave　of　you；　and　address　myself　to　him。

LETTER　V　Reasons　for　Restraint。…Protection　of　Simplicity。

　　　　I　come；　lastly；　to　the　case　of　the　simple。　Here；　in　the　first　place；　I　think　I　am　by　this　time　entitled　to　observe；　that　no　simplicity；　short　of　absolute　idiotism；　can　cause　the　individual　to　make　a　more　groundless　judgment；　than　the　legislator；　who；　in　the　circumstances　above　stated；　should　pretend　to　confine　him　to　any　given　rate　of　interest；　would　have　made　for　him。　　　　　Another　consideration；　equally　conclusive；　is；　that　were　the　legislator's　judgment　ever　so　much　superior　to　the　individual's；　how　weak　soever　that　may　be；　the　exertion　of　it　on　this　occasion　can　never　be　any　otherwise　than　useless；　so　long　as　there　are　so　many　similar　occasions；　as　there　ever　must　be；　where　the　simplicity　of　the　individual　is　equally　likely　to　make　him　a　sufferer；　and　on　which　the　legislator　cannot　interpose　with　effect；　nor　has　ever　so　much　as　thought　of　interposing。　　　　　Buying　goods　with　money；　or　upon　credit；　is　the　business　of　everyday。　borrowing　money　is　the　business；　only；　of　some　particular　exigency；　which；　in　comparison；　can　occur　but　seldom。　Regulating　the　prices　of　goods　in　general　would　be　an　endless　task；　and　no　legislator　has　ever　been　weak　enough　to　think　of　attempting　it。　And　supposing　he　were　to　regulate　the　prices；　what　would　that　signify　for　the　protection　of　simplicity；　unless　he　were　to　regulate　also　the　quantum　of　what　each　man　should　buy？　Such　quantum　is　indeed　regulated；　or　rather　means　are　taken　to　prevent　buying　altogether；　but　in　what　cases？　In　those　only　where　the　weakness　is　adjudged　to　have　arrived　at　such　a　pitch；　as　to　render　a　man　utterly　unqualified　for　the　management　of　his　affairs：　in　short；　when　it　has　arrived　at　the　length　of　idiocy。　　　　　But　in　what　degree　soever　a　man's　weakness　may　expose　him　to　imposition；　he　stands　much　more　exposed　to　it；　in　the　way　of　buying　goods；　than　in　the　way　of　borrowing　money。　To　be　informed；　beforehand；　of　the　ordinary　prices　of　all　the　sorts　of　things；　a　man　may　have　occasion　to　buy；　may　be　a　task　of　considerable　variety　and　extent。　To　be　informed　of　the　ordinary　rate　of　interest；　is　to　be　informed　of　one　single　fact；　too　interesting　not　to　have　attracted　attention；　and　too　simple　to　have　escaped　the　memory。　A　few　per　cent　enhancement　upon　the　price　of　goods；　is　a　matter　that　may　easily　enough　pass　unheeded；　but　a　single　per　cent　beyond　the　ordinary　interest　of　money；　is　a　stride　more　conspicuous　and　startling；　than　many　per　cent　upon　the　price　of　any　kind　of　goods。　　　　　Even　in　regard　to　subjects；　which；　by　their　importance　would；　if　any；　justify　a　regulation　of　their　price；　such　as　for　instance　land；　I　question　whether　there　ever　was　an　instance　where；　without　some　such　ground　as；　on　the　one　side　fraud；　or　suppression　of　facts　necessary　to　form　a　judgment　of　the　value；　or　at　least　ignorance　of　such　facts；　on　the　other；　a　bargain　was　rescinded；　merely　because　a　man　had　sold　too　cheap；　or　bought　too　dear。　Were　I　to　take　a　fancy　to　give　a　hundred　years　purchase　instead　of　thirty；　for　a　piece　of　land；　rather　than　not　have　it；　I　don't　think　there　is　any　court　in　England；　or　indeed　any　where　else；　that　would　interpose　to　hinder　me；　much　less　to　punish　the　seller　with　the　loss　of　three　times　the　purchase　money；　as　in　the　case　of　usury。　Yet　when　I　had　got　my　piece　of　land；　and　paid　my　money；　repentance；　were　the　law　ever　so　well　disposed　to　assist　me；　might　be　unavailing：　for　the　seller　might　have　spent　the　money；　or　gone　off　with　it。　But；　in　the　case　of　borrowing　money；　it　is　the　borrower　always；　who；　according　to　the　indefinite；　or　short　term　for　which　money　is　lent；　is　on　the　safe　side：　any　imprudence　he　may　have　committed　with　regard　to　the　rate　of　interest；　may　be　corrected　at　any　time：　if　I　find　I　have　given　too　high　an　interest　to　one　man。　I　have　no　more　to　do　than　to　borrow　of　another　at　a　lower　rate；　and　pay　off　the　first：　if　I　CannOt　find　any　body　to　lend　me　at　a　lower；　there　cannot　be　a　more　certain　proof　that　the　first　was　not　in　reality　too　high。　But　of　this　hereafter。

LETTER　VI　Mischiefs　of　the　anti…usurious　laws。

　　　　In　the　preceding　letters；　I　have　examined　all　the　modes　I　can　think　of；　in　which　the　restraints；　imposed　by　the　laws　against　usury；　can　have　been　fancied　to　be　of　service。　　　　　I　hope　it　appears　by　this　time；　that　there　are　no　ways　in　which　those　laws　can　do　any　good。　But　there　are　several；　in　which　they　can　not　but　do　mischief。　　　　　The　first；　I　shall　mention；　is　that　of　precluding　so　many　people；　altogether；　from　the　getting　the　money　they　stand　in　need　of；　to　answer　their　respective　exigencies。　Think　what　a　distress　it　would　produce；　were　the　liberty　of　borrowing　denied　to　every　body：　denied　to　those　who　have　such　security　to　offer；　as　renders　the　rate　of　interest；　they　have　to　offer；　a　sufficient　inducement；　for　a　man　who　has　money；　to　trust　them　with　it。　Just　that　same　sort　of　distress　is　produced；　by　denying　that　liberty　to　so　many　people；　whose　security；　though；　if　they　were　permitted　to　add　something　to　that　rate；　it　would　be　sufficient；　is　rendered　insufficient　by　their　being　denied　that　liberty。　Why　the　misfortune；　of　not　being　possessed　of　that　arbitrarily　exacted　degree　of　security；　should　be　made　a　ground　for　subjecting　a　man　to　a　hardship；　which　is　not　imposed　on　those　who　are　free　from　that　misfortune；　is　more　than　I　can　see。　To　discriminate　the　former　class　from　the　latter；　I　can　see　hut　this　one　circumstance；　viz。　that　their　necessity　is　greater。　This　it　is　by　the　very　supposition：　for　were　it　not；　they　could　not　be；　what　they　are　supposed　to　be；　willing　to　give　more　to　be　relieved　from　it。　In　this　point　of　view　then；　the　sole　tendency　of　the　law　is；　to　heap　distress　upon　distress。　　　　　A　second　mischief　is；　that　of　rendering　the　terms　so　much　the　worse；　to　a　multitude　of　those；　whose　circumstances　exempt　them　from　being　precluded　altogether　from　getting　the　money　they　have　occasion　for。　In　this　case；　the　mischief；　though　necessarily　less　intense　than　in　the　other；　is　much　more　palpable　and　conspicuous；　Those　who　cannot　borrow　may　get　what　they　want；　so　long　as　they　have　any　thing　to　sell。　But　while；　out　of　loving…kindness；　or　whatsoever　other　motive；　the　law　precludes　a　man　from　borrowing；　upon　terms　which　he　deems　too　disadvantageous；　it　does　not　preclude　him　from　selling；　upon　any　terms；　howsoever　disadvantageous。　Every　body　knows　that　forced　sales　are　attended　with　a　loss：　and；　to　this　loss；　what　would　be　deemed　a　most　extravagant　interest　bears　in　general　no　proportion。　When　a　man's　moveables　are　taken　in　execution；　they　are；　I　believe；　pretty　well　sold；　if；　after　all　expences　paid；　the　produce　amounts　to　two　thirds　of　what　it　would　cost　to　replace　them。　In　this　way　the　providence　and　loving…kindness　of　the　law　costs　him　33　per　cent　and　no　more；　supposing；　what　is　seldom　the　case；　that　no　more　of　the　effects　are　taken　than　what　is　barely　necessary　to　make　up　the　money　due。　If；　in　her　negligence　and　weakness；　she　were　to　suffer　him　to　offer　11　per　cent　per　annum　for　forbearance；　it　would　be　three　years　before　be　paid　what　he　is　charged　with；　in　the　first　instance；　by　her　wisdom。　　　　　Such　being　the　kindness　done　by　the　law　to　the　owner　of　moveables；　let　us　see　how　it　fares　with　him　who　has　an　interest　in　immoveables。　Before　the　late　war；　30　years　purchase　for　land　might　be　reckoned；　I　think　it　is　pretty　well　agreed；　a　medium　price。　During　the　distress　produced　by　the　war；　lands；　which　it　was　necessary　should　be　sold；　were　sold　at　20；　18；　nay；　I　believe；　in　some　instances；　even　so　low　as　15　years　purchase。　If　I　do　not　misrecollect；　I　remember　instances　of　lands　put　up　to　public　auction；　for　which　nobody　bid　so　high　as　fifteen。　In　many　instances；　villas；　which　had　been　bought　before　the　war；　or　at　the　beginning　of　it；　and；　in　the　interval；　had　been　improved　rather　than　impaired；　sold　for　less　than　half；　or　even　the　quarter；　of　what　they　had　been　bought　for。　I　dare　not　here　for　my　part　pretend　to　be　exact：　but　on　this　passage；　were　it　worth　their　notice；　Mr　Skinner；　or　Mr　Christie；　could　furnish　very　instructive　notes。　Twenty　years　purchase；　instead　of　thirty；　I　may　be　allowed　to　take；　at　least　for　illustration。　An　estate　then　of　*100　a　year；　clear　of　taxes；　was　devised　to　a　man；　charged；　suppose；　with　*1；500　with　interest　till　the　money　should　be　paid。　Five　per　cent　interest；　the　utmost　which　could　be　accepted　from　the　owner；　did　not　answer　the　incumbrancer's　purpose：　he　chose　to　have　the　money。　But　6　per　cent　perhaps；　would　have　answered　his　purpose；　if　not；　most　certainly　it　would　have　answered　the　purpose　of　somebody　else：　for　multitudes　there　all　along　were；　whose　purposes　were　answered　by　five　per　cent　The　war　lasted；　I　think；　seven　years：　the　depreciation　of　the　value　of　land　did　not　take　place　immediately：　but　as；　on　the　other　hand；　neither　did　it　immediately　recover　its　former　price　upon　the　peace；　if　indeed　it　has　even　yet　r