defence of usury-第5节
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and； neither did it immediately recover its former price upon the peace； if indeed it has even yet recovered it； we may put seven years for the time； during which it would be more advantageous to pay this extraordinary rate of interest than sell the land； and during which； accordingly； this extraordinary rate of interest would have had to run。 One per cent for seven years； is not quite of equal worth to seven per cent the first year： say； however； that it is。 The estate； which before the war was worth thirty years purchase； that is *3；000 and which the devisor had given to the devisee for that value； being put up to sale； fetched but 20 years purchase； *2；000。 At the end of that period it would have fetched its original value； *3；000。 Compare； then； the situation of the devisee at the 7 years end； under the law； with what it would have been； without the law。 In the former case； the land selling for 20 years purchase； i。e。 *2；000 what he would have； after paying the *1；500 is *500； which； with the interest of that sum； at 5 per cent for seven years； viz。 *175 makes； at the end of that seven years； *675。 In the other case； paying 6 per cent on the *1；500 that is *90 a year； and receiving all that time the rent of the land； viz。 *100 he would have had； at the seven years end； the amount of the remaining ten pound during that period； that is *70 in addition to his *1；000。 *675 substracted from *1；070 leaves *395。 This *395 then； is what he loses out of *1；070； almost 37 per cent of his capital； by the loving…kindness of the law。 Make the calculations； and you will find； that； by preventing him from borrowing the money at 6 per cent interest； it makes him nearly as much a sufferer as if he had borrowed it at ten。 What I have said hitherto is confined to the case of those who have present value to give； for the money they stand in need of。 If they have no such value； then； if they succeed in purchasing assistance upon any terms； it must be in breach of the law； their lenders exposing themselves to its vengeance： for I speak not here of the accidental case； of its being so constructed as to be liable to evasion。 But； even in this case； the mischievous influence of the law still pursues them； aggravating the very mischief it pretends to remedy。 Though it be inefficacious in the way in which the legislator wishes to see it efficacious； it is efficacious in the way opposite to that in which he would wish to see it so。 The effect of it is； to raise the rate of interest； higher than it would be otherwise； and that in two ways。 In the first place； a man must； in common prudence； as Dr Smith observes； make a point of being indemnified； not only for whatsoever extraordinary risk it is that he runs； independently of the law； but for the very risk occasioned by the law： he must be insured； as it were； against the law。 This cause would operate； were there even as many persons ready to lend upon the illegal rate； as upon the legal。 But this is not the case： a great number of persons are； of course； driven out of this competition by the danger of the business； and another great number； by the disrepute which； under cover of these prohibitory laws or otherwise； has fastened itself upon the name of usurer。 So many persons； therefore； being driven out of the trade； it happens in this branch； as it must necessarily in every other； that those who remain have the less to withhold them from advancing their terms； and without confederating； （for it must be allowed that confederacy in such a case is plainly impossible） each one will find it easier to push his advantage up to any given degree of exorbitancy； than he would； if there were a greater number of persons of the same stamp to resort to。 As to the case； where the law is so worded as to be liable to be evaded； in this case it is partly inefficacious and nugatory； and partly mischievous。 It is nugatory； as to all such； whose confidence of its being so is perfect： it is mischievous； as before； in regard to all such who fail of possessing that perfect confidence。 If the borrower can find nobody at all who has confidence enough to take advantage of the flaw； he stands precluded from all assistance； as before： and； though he should； yet the lender's terms must necessarily run the higher； in proportion to what his confidence wants of being perfect。 It is not likely that it should be perfect： it is still less likely that he should acknowledge it so to be： it is not likely； at least as matters stand in England； that the worst…penned law made for this purpose should be altogether destitute of effect： and while it has any； that effect； we see； must be in one way or other mischievous。 I have already hinted at the disrepute； the ignominy； the reproach； which prejudice； the cause and the effect of these restrictive laws； has heaped upon that perfectly innocent and even meritorious class of men； who； not more for their own advantage than to the relief of the distresses of their neighbour； may have ventured to break through these restraints。 It is certainly not a matter of indifference； that a class of persons； who； in every point of view in which their conduct can be placed； whether in relation to their own interest； or in relation to that of the persons whom they have to deal with； as well on the score of prudence； as on that of beneficence； （and of what use is even benevolence； but in as far as it is productive of beneficence？） deserve praise rather than censure； should be classed with the abandoned and profligate； and loaded with a degree of infamy； which is due to those only whose conduct is in its tendency the most opposite to their own。 〃This suffering；〃 it may be said； 〃having already been taken account of； is not to be brought to account a second time： they are aware； as you yourself observe； of this inconvenience； and have taken care to get such amends for it； as they themselves look upon as sufficient。〃 True： but is it sure that the compensation； such as it is； will always； in the event； have proved a sufficient one？ Is there no room here for miscalculation？ May there not be unexpected； unlooked…for incidents； sufficient to turn into bitterness the utmost satisfaction which the difference of pecuniary emolument could afford？ For who can see to the end of that inexhaustible train of consequences that are liable to ensue from the loss of reputation？ Who can fathom the abyss of infamy？ At any rate； this article of mischief； if not an addition in its quantity to the others above…noticed； is at least distinct from them in its nature； and as such ought not to be overlooked。 Nor is the event of the execution of the law by any means an unexampled one： several such； at different times； have fallen within my notice。 Then comes absolute perdition： loss of character； and forfeiture； not of three times the extra…interest； which formed the profit of the offence； but of three times the principal； which gave occasion to it。（1*） The last article I have to mention in the account of mischief； is； the corruptive influence； exercised by these laws； on the morals of the people； by the pains they take； and cannot but take； to give birth to treachery and ingratitude。 To purchase a possibility of being enforced； the law neither has found； nor； what is very material； must it ever hope to find； in this case； any other expedient； than that of hiring a man to break his engagement； and to crush the hand that has been reached out to help him。 In the case of informers in general； there has been no troth plighted； nor benefit received。 In the case of real criminals invited by rewards to inform against accomplices； it is by such breach of faith that society is held together； as in other cases by the observance of it。 In the case of real crimes； in proportion as their mischievousness is apparent； what can not but be manifest even to the criminal； is； that it is by the adherence to his engagement that he would do an injury to society； and； that by the breach of such engagement； instead of doing mischief he is doing good： in the case of usury this is what no man can know； and what one can scarcely think it possible for any man； who； in the character of the borrower； has been concerned in such a transaction； to imagine。 He knew that； even in his own judgment； the engagement was a beneficial one to himself； or he would not have entered into it： and nobody else but the lender is affected by it。
LETTER VII Efficacy of anti…usurious laws。
Before I quit altogether the consideration of the case in which a law； made for the purpose of limiting the rate of interest； may be inefficacious with regard to that end； I can not forbear taking some further notice of a passage already alluded to of Dr Smith's： because； to my apprehension； that passage seems to throw upon the subject a degree of obscurity； which I could wish to see cleared up； in a future edition of that valuable work。 〃No law〃 says he；（2*） 〃can reduce the common rate of interest below the lowest ordinary market rate； at the time when that law was made。 Notwithstanding the edict of 1766； by which the French king attempted to reduce the rate of interest from five to four per cent money continued to be lent in France at five per cent the law being evaded in several d
