Imatges de pàgina
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spects hindereth merchandizing, yet in some other it advanceth it; for it is certain that the greatest part of trade is driven by young merchants upon borrowing at interest; so as if the usurer either call in, or keep back his money, there will ensue presently a great stand of trade the second is, that, were it not for this easy borrowing upon interest, men's necessities would draw upon them a most sudden undoing, in that they would be forced to sell their means, (be it lands or goods,) far under foot,

and so, whereas usury doth but gnaw upon

them, bad markets would swallow them quite up. As for mortgaging, or pawning, it will little mend the matter: for either men will not take pains without use, or if they do, they will look precisely for the forfeiture. I remember a cruel monied man in the country, that would say, «The devil take this usury, it keeps us from forfeitures of mortgages and bonds. The third and last is, that it is a vanity to conceive that there would be ordinary borrowing without profit; and it is impossible to conceive the number of inconveniences that will ensue, if borrowing be

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cramped: therefore to speak of the abolishing of usury is idle; all states have ever had it in one kind or rate or other: so as that opinion must be sent to Utopia.

To speak now of the reformation and reglement of usury, how the discommodities of it may be best avoided, and the commodities retained. It appears, by the balance of commodities and discommodities of usury, two things are to be reconciled; the one that the tooth of usury be grinded, that it bite not too much; the other that there be left open a means to invite monied men to lend to the merchants, for the continuing and quickening of trade. This cannot be done, except you introduce two several sorts of usury, a less and a greater; for if you reduce usury to one low rate, it will ease the common borrower, but the merchant will be to seek for money: and it is to be noted, that the trade of merchandize being the most lucrative, may bear usury at a good

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To serve both intentions, the way would be briefly thus: that there be two rates of usury; the one free and general for all; the

other under licence only to certain persons, and in certain places of merchandizing. First, therefore, let usury in general be reduced to five in the hundred, and let that rate be proclaimed to be free and current; and let the state shut itself out to take any penalty for the same this will preserve borrowing from any general stop or dryness; this will ease infinite borrowers in the country; this will, in good part, raise the price of land, because land purchased at sixteen years' purchase will yield six in the hundred, and somewhat more, whereas this rate of interest yields but five: this by like reason will encourage and edge industrious and profitable improvements, because many will rather venture in that kind, than take five in the hundred, especially having been used to greater profit. Secondly, let there be certain persons licenced to lend to known merchants upon usury, at a high rate, and let it be with the cautions following: let the rate be, even with the merchant himself, somewhat more easy than he used formerly to pay; for by that means all borrowers shall have some ease by this reformation, be he merchant or

whosoever let it be no bank, or common stock, but every man be master of his own money; not that I altogether dislike banks, but they will hardly be brooked, in regard of certain suspicions. Let the state be answered some small matter for the licence, and the rest left to the lender; for if the abatement be but small, it will no whit discourage the lender; for he, for example, that took before ten or nine in the hundred, will sooner descend to eight in the hundred, than give over this trade of usury, and go from certain gains to gains of hazard. Let these licenced lenders be in number indefinite, but restrained to certain principal cities and towns of merchandizing; for then they will be hardly able to colour other men's monies in the country: so as the licence of nine will not suck away the current rate of five; for no man will lend his monies far off, nor put them into unknown hands.

If it be objected that this doth in a sort authorize usury, which before was in some places but permissive; the answer is, that it is better to mitigate usury by declaration, than to suffer it to rage by connivance.

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XLIII. OF YOUTH AND AGE.

MAN that is young in years may be old in hours, if he have lost no time; but that happeneth rarely. Generally, youth is like the first cogitations, not so wise as the second: for there is a youth in thoughts as well as in ages; and yet the invention of young men is more lively than that of old, and imaginations stream into their minds better, and, as it were, more divinely. Natures that have much heat and great and violent desires and perturbations, are not ripe for action till they have passed the meridian of their years: as it was with Julius Cæsar and Septimus Severus; of the latter of whom it is said, juventutem egit, erroribus, imò furoribus plenam; and yet he was the ablest emperor, almost, of all the list: but reposed natures may do well in youth, as it is seen in Augustus Cæsar, Cosmes duke of Florence, Gaston de Foix, and others. On the other side, heat and vivacity in age is an excellent composition for business. Young men are fitter to invent than to judge; fitter for

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