defence of usury-第9节

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ent　philosophy；　you　have；　I　dare　to　say；　gone　before　me　in　remarking；　that　the　practical　inference　from　this　shrewd　observation；　if　it　afforded　any；　should　have　been；　that　it　would　be　to　no　purpose　for　a　man　to　try　to　get　five　per　cent　out　of　money　　not；　that　if　he　could　contrive　to　get　so　much；　there　would　be　any　harm　in　it。　But　the　sages　of　those　days　did　not　view　the　matter　in　that　light。　　　　　A　consideration　that　did　not　happen　to　present　itself　to　that　great　philosopher；　but　which　had　it　happened　to　present　itself；　might　not　have　been　altogether　unworthy　of　his　notice；　is；　that　though　a　daric　would　not　beget　another　daric；　any　more　than　it　would　a　ram；　or　an　ewe；　yet　for　a　daric　which　a　man　borrowed；　he　might　get　a　ram　and　a　couple　of　ewes；　and　that　the　ewes；　were　the　ram　left　with　them　a　certain　time；　would　probably　not　be　barren。　That　then；　at　the　end　of　the　year；　he　would　find　himself　master　of　his　three　sheep；　together　with　two；　if　not　three；　lambs；　and　that；　if　he　sold　his　sheep　again　to　pay　back　his　daric；　and　gave　one　of　his　lambs　for　the　use　of　it　in　the　mean　time；　he　would　be　two　lambs；　or　at　least　one　lamb；　richer　than　if　he　had　made　no　such　bargain。　　　　　These　theological　and　philosophical　conceits；　the　offspring　of　the　day；　were　not　ill　seconded　by　principles　of　a　more　permanent　complexion。　　　　　The　business　of　a　money…lender；　though　only　among　Christians；　and　in　Christian　times；　a　proscribed　profession；　has　no　where；　nor　at　any　time；　been　a　popular　one。　Those　who　have　the　resolution　to　sacrifice　the　present　to　future；　are　natural　objects　of　envy　to　those　who　have　sacrificed　the　future　to　the　present。　The　children　who　have　eat　their　cake　are　the　natural　enemies　of　the　children　who　have　theirs。　While　the　money　is　hoped　for；　and　for　a　short　time　after　it　has　been　received；　he　who　lends　it　is　a　friend　and　benefactor：　by　the　time　the　money　is　spent；　and　the　evil　hour　of　reckoning　is　come；　the　benefactor　is　found　to　have　changed　his　nature；　and　to　have　put　on　the　tyrant　and　the　oppressor。　It　is　an　oppression　for　a　man　to　reclaim　his　own　money：　it　is　none　to　keep　it　from　him。　Among　the　inconsiderate；　that　is　among　the　great　mass　of　mankind；　selfish　affections　conspire　with　the　social　in　treasuring　up　all　favour　for　the　man　of　dissipation；　and　in　refusing　justice　to　the　man　of　thrift　who　has　supplied　him。　In　some　shape　or　other　that　favour　attends　the　chosen　object　of　it；　through　every　stage　of　his　career。　But；　in　no　stage　of　his　career；　can　the　man　of　thrift　come　in　for　any　share　of　it。　It　is　the　general　interest　of　those　with　whom　a　man　lives；　that　his　expence　should　be　at　least　as　great　as　his　circumstances　will　bear。　because　there　are　few　expences　which　a　man　can　launch　into；　but　what　the　benefit　of　it　is　shared；　in　some　proportion　or　other；　by　those　with　whom　he　lives。　In　that　circle　originates　a　standing　law；　forbidding　every　man；　on　pain　of　infamy；　to　confine　his　expences　Within　what　is　adjudged　to　be　the　measure　of　his　means；　saving　always　the　power　of　exceeding　that　limit；　as　much　as　he　thinks　proper：　and　the　means　assigned　him　by　that　law　may　be　ever　so　much　beyond　his　real　means；　but　are　sure　never　to　fall　short　of　them。　So　close　is　the　combination　thus　formed　between　the　idea　of　merit　and　the　idea　of　expenditure；　that　a　disposition　to　spend　finds　favour　in　the　eyes　even　of　those　who　know　that　a　man's　circumstances　do　not　entitle　him　to　the　means：　and　an　upstart；　whose　chief　recommendation　is　this　disposition；　shall　find　himself　to　have　purchased　a　permanent　fund　of　respect；　to　the　prejudice　of　the　very　persons　at　whose　expence　he　has　been　gratifying　his　appetites　and　his　pride。　The　lustre；　which　the　display　of　borrowed　wealth　has　diffused　over　his　character；　awes　men；　during　the　season　of　his　prosperity；　into　a　submission　to　his　insolence：　and　when　the　hand　of　adversity　has　overtaken　him　at　last；　the　recollection　of　the　height；　from　which　he　has　fallen；　throw　the　veil　of　compassion　over　his　injustice。　　　　　The　condition　of　the　man　of　thrift　is　the　reverse。　His　lasting　opulence　procures　him　a　share；　at　least；　of　the　same　envy；　that　attends　the　prodigal's　transient　display：　but　the　use　he　makes　of　it　procures　him　no　part　of　the　favour　which　attends　the　prodigal。　In　the　satisfactions　he　derives　from　that　use；　the　pleasure　of　possession；　and　the　idea　of　enjoying；　at　some　distant　period；　which　may　never　arrive；　nobody　comes　in　for　any　share。　In　the　midst　of　his　opulence　he　is　regarded　as　a　kind　of　insolvent；　who　refuses　to　honour　the　bills；　which　their　rapacity　would　draw　upon　him；　and　who　is　by　so　much　the　more　criminal　than　other　insolvents；　as　not　having　the　plea　of　inability　for　an　excuse。　　　　　Could　there　be　any　doubt　of　the　disfavour　which　attends　the　cause　of　the　money…lender；　in　his　competition　with　the　borrower；　and　of　the　disposition　of　the　public　judgment　to　sacrifice　the　interest　of　the　former　to　that　of　the　latter；　the　stage　would　afford　a　compendious；　but　a　pretty　conclusive　proof　of　it。　It　is　the　business　of　the　dramatist　to　study；　and　to　conform　to；　the　humours　and　passions　of　those；　on　the　pleasing　of　whom　he　depends　for　his　success：　it　is　the　course　which　reflection　must　suggest　to　every　man；　and　which　a　man　would　naturally　fall　into；　though　he　were　not　to　think　about　it。　He　may；　and　very　frequently　does；　make　magnificent　pretences；　of　giving　the　law　to　them：　but　wo　be　to　him　that　attempts　to　give　them　any　other　law　than　what　they　are　disposed　already　to　receive。　If　he　would　attempt　to　lead　them　one　inch；　it　must　be　with　great　caution；　and　not　without　suffering　himself　to　be　led　by　them　at　least　a　dozen。　Now；　I　question；　whether；　among　all　the　instances　in　which　a　borrower　and　a　lender　of　money　have　been　brought　together　upon　the　stage；　from　the　the　days　of　Thespis　to　the　present；　there　ever　was　one；　in　which　the　former　was　not　recommended　to　favour　in　some　shape　or　other；　either　to　admiration；　or　to　love；　or　to　pity；　or　to　all　three；　and　the　other；　the　man　of　thrift；　consigned　to　infamy。　　　　　Hence　it　is　that；　in　reviewing　and　adjusting　the　interests　of　these　apparently　rival　parties；　the　advantage　made　by　the　borrower　is　so　apt　to　slip　out　of　sight；　and　that　made　by　the　lender　to　appear　in　so　exaggerated　a　point　of　view。　Hence　it　is；　that　though　prejudice　is　so　far　softened　as　to　acquiesce　in　the　lender's　making　some　advantage；　lest　the　borrower　should　lose　altogether　the　benefit　of　his　assistance；　yet　still　the　borrower　is　to　have　all　the　favour；　and　the　lender's　advantage　is　for　ever　to　be　clipped；　and　pared　down；　as　low　as　it　will　bear。　First　it　was　to　be　confined　to　ten　per　cent；　then　to　eight；　then　to　six；　then　to　five；　and　now　lately　there　was　a　report　of　its　being　to　be　brought　down　to　four。　with　constant　liberty　to　sink　as　much　lower　as　it　would。　The　burthen　of　these　restraints；　of　course；　has　been　intended　exclusively　for　the　lender：　in　reality；　as　I　think　you　have　seen；　it　presses　much　more　heavily　upon　the　borrower：　I　mean　him　who　either　becomes　or　in　vain　wishes　to　become　so。　But　the　presents　directed　by　prejudice；　Dr　Smith　will　tell　us；　are　not　always　delivered　according　to　their　address。　It　was　thus　that　the　mill…stone　designed　for　the　necks　of　those　vermin；　as　they　have　been　called；　the　dealers　in　corn；　was　found　to　fall　upon　the　heads　of　the　consumers。　It　is　thus　　but　further　examples　would　lead　me　further　from　the　purpose。

LETTER　XI　Compound　Interest。

　　　　A　word　or　two　I　must　trouble　you　with；　concerning　compound　interest；　for　compound　interest　is　discountenanced　by　the　law。　I　suppose；　as　a　sort　of　usury。　That；　without　an　express　stipulation；　the　law　never　gives　it；　I　well　remember：　whether；　in　case。　of　an　express　stipulation；　the　law　allows　it　to　be　taken；　I　am　not　absolutely　certain。　I　should　suppose　it　might：　remembering　covenants　in　mortgages　that　interest　should　become　principal。　At　any　rate；　I　think　the　law　cannot　well　punish　it　under　the　name　of　usury。　　　　　If　the　discountenance　shewn　to　this　arrangement　be　grounded　on　the　horror　of　the　sin　of　usury；　the　impropriety　of　such　discountenance　follows　of　course；　from　the　arguments　which　shew　the　un…　〃sinfulness　of　that　sin。〃　　　　　Other　argument　against　it；　I　believe；　was　never　attempted；　unless　it　were　the　giving　to　such　an　arrangement　the　epithet　of　a　hard　one：　in　doing　which；　something　more　like　a　reason　is　given；　than　one　gets　in　ordinary　from　the　common　law。　　　　　If　that　consistency　were　to　be　found　in　the　common　law；　which　has　never　yet　been　found　in　man's　conduct；　and　which　perhaps　is　hardly　in　man's　nature；　compound　interest　never　could　have　been　denied。　　　　　The　views　which　suggested　this　denial；　were；　I　dare　to　say；　very　good：　the　effects　of　it　are；　I　am　certain；　very　pernicious。　　　　　If　the　borrower　pays　the　interest　at　the　day；　if　he　performs　his　engagement；　that　very　engagement　to　which　the　aw　pretends　to　oblige　him　to　conform；　the　lender；　who　receives　that　interest；　makes　compound　interest　of　course；　by　lending　it　out　again；　unless　he　chooses　rather　to　expend　it：　he　expects　to　receive　it　at　the　day；　or　what　meant　the　engagement？　if　he　fails　of　receiving　it；　he　is　by　so　much　a　loser。　The　borrower；　by　paying　it　at　the　day；　is　no　loser：　if　he　does　not　pay　it　at　the　day；　he　is　by　so　much　a　gainer：　a　pain　of　disappointment　takes　p