defence of usury-第17节

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ive　from　the　same　quarter；　of　the　impression　made　in　that　country　by　the　Defence　of　Usury。　Yet　the　subjecting　the　rate　of　interest　to　a　further　reduction　by　a　new　law；　is　a　much　more　mischievous　and　less　defensible　measure　than　the　continuing　of　the　restraint　upon　the　old　footing：　and　adds　to　the　mischief　of　the　old　established　regimen　others　of　a　new　and　much　more　serious　nature。　It　would　be　a　tax　upon　the　owners　of　money；　much　heavier　than　ever　was　levied　upon　the　proprietors　of　land：　with　this　circumstance　to　distinguish　it　from　all　other　taxes；　that；　instead　of　being　brought　into　the　treasury　for　the　public　service；　it　is　made　a　present　of　to　the　collectors；　in　expectation　of　the　good　they　are　to　do　the　nation　by　the　spending　of　it。　If　this　be　good　thrift；　in　the　name　of　consistency　and　equality　let　them　impose　a　land　Tax　to　the　same　amount；　and　dispose　of　the　produce　in　the　same　manner。　What　makes　my　anxiety　the　greater；　is　the　uncertainty　whether　this　project　of　plunder　without　profit　may　not　be　still　hovering　over　this　island。　Last　year　it　was　roundly　and　positively　asserted　in　the　Irish　House　of　Commons；　as　if　upon　personal　knowledge；　to　he　determined　upon　in　the　Cabinet　here：　and　the　Administration　being　appealed　to；　though　they　of　course　would　not　acknowledge；　would　no　contradict　it。　Its　suspension　hitherto　may　have　resulted　from　nothing　more　than　a　doubt　whether　the　nation　were　yet　ripe；　according　to　the　Irish　phrase；　for　this　mode　of　enrichment：　as　if　there　were　a　time　at　which　a　nation　were　riper　for　plunder　and　waste　than　at　another。　I　am　truly　sorry　I　can　not　find　time　to　make　one　effort　more　for　the　express　purpose　of　stemming　the　torrent　of　delusion　in　that　channel。　The　straw　I　have　planted　has　done　something：　what　might　not　be　hoped　for；　if　your　oak…stick　were　linked　with　it？　　　　　As　the　world　judges；　one　upon　examination　and　nine　hundred　and　ninety…nine　upon　trust；　the　declaration　of　your　opinion　upon　any　point　of　legislation　would　be　worth；　I　won't　pretend　to　say　how　many　votes：　but　the　declaration　of　your　opinion　in　favour　of　a　side　to　which　conviction　and　candour　had　brought　you　over　from　the　opposite　one；　would　be　worth　at　least　twice　or　thrice　as　many：　under　such　circumstances；　the　authority　of　the　converter　would　tell　for　little　in　comparison　of　that　of　the　proselyte；　especially　such　a　proselyte。　We　should　have　the　Irish　Chancellor　of　the　Exchequer　abjuring　his　annual　motion　in　the　face　of　the　House；　and　Lord　Hawkesbury　who；　it　has　been　said；　is　Mr　Pitt's　tutor　in　this　wise　business；　quietly　and　silently　putting　his　papers　and　calculations　into　the　fire。　　　　　If；　then；　you　agree　with　me　in　looking　upon　this　as　a　most　pernicious　measure；　you　would；　like　me；　be　glad　to　see　it　put　an　end　to；　and　for　that　purpose　the　acknowledgement　of　your　opinion　on　a　subject　which　you　have　made　so　much　and　so　honourably　your　own；　is　an　expedient　to　the　use　of　which；　I　should　hope；　you　would　not　see　any　objection：　the　less　as　you　would　hardly；　I　suppose；　let　another　edition　of　your　great　work　go　abroad　with　opinions　in　it　that　were　yours　no　longer。　If；　then；　you　think　proper　to　honour　me　with　your　allowance　for　that　purpose；　then　and　not　otherwise　I　will　make　it　known　to　the　public；　in　such　words　as　you　give　me；　that　you　no　longer　look　upon　the　rate　of　interest　as　fit　subject　for　restraint：　and　then；　thanks　to　you　and　Turgot　and　Dr　Reid；　the　Defence　of　Usury　may　be　pronounced；　in　its　outworks　at　least；　a　strong…hold。

　PREFACE　TO　THE　SECOND　EDITION

　　　　When　the　first　edition　of　these　letters　was　published；　I　was　still　in　the　distant　country　from　which　they　were　written。　It　is　about　two　years；　since　that　impression　was　exhausted：　it　is　about　a　year　and　a　half　since　this　reimpression　was　compleated；　the　publication　having　been　retarded　till　now　by　causes　not　worth　mentioning。　The　alterations　made　in　this　second　edition　are　few；　and　those　merely　verbal　and　of　no　importance。　In　this　interval；　had　I　heard　of　any　objection；　total　or　partial；　I　would　have　either　admitted　the　force　of　it；　or　answered　it：　but　I　have　not　been　able　to　meet　with　any。　I　have　scarce　heard　of　a　reader　who　has　not　acknowledged　himself　convinced。　The　practical　conclusion　is　the　repealing　of　the　laws　against　usury；　together　with　those　others　that　are　here　pointed　out　as　depending　on　the　same　principle。　That　matters　are　at　all　the　nearer　to　such　a　measure　since　the　publication　of　this　work　than　they　were　before；　is　more　than　I　can　pretend　to　have　any　ground　for　supposing：　for　in　great　political　questions；　wide　indeed　is　the　distance　between　conviction　and　practice。　An　intelligent　Frenchman；　of　whom　I　have　not　been　able　to　learn　enough　to　distinguish　him　more　particularly；　published　a　few　months　since　a　translation　he　had　made　for　his　own　amusement；　a　considerable　time　before　the　commencement　of　the　Revolution；　he　says；　not　long　after　the　work　found　its　way　to　France。　He　kept　back　the　translation；　thinking　the　country　not　ripe　for　it。　The　general　slaughter　that　has　been　made　of　all　sorts　of　prejudices　in　that　country　may　now；　he　thinks；　have　opened　the　way　for　it。　But　if　its　turning　to　any　account　in　practice　depends　upon　the　overthrow　of　prejudice；　who　shall　calculate　the　period；　at　which　any　good　can　be　expected　from　it　here？　　　　　It　is　to　the　attempt　made　in　Ireland　to　effect　a　fresh　forced　reduction　of　the　legal　rate　of　interest　in　that　country；　that　the　reimpression　there　published　must　naturally　have　been　indebted　for　a　circulation　proportionably　more　extensive　than　here。　Between　that　measure　and　the　laws　condemned　by　this　investigation；　the　connection　is　close　and　evident。　Had　the　reduction　so　proposed　been　naturally　productive　of　the　advantage　expected　from　it；　and　at　the　same　time　not　attended　with　any　additional　hardship　or　other　inconvenience　superior　to　that　advantage；　such　a　reduction　would　then　have　had　no　other　objections　to　combat　than　the　objections；　decisive　as　they　are　represented　in　this　work；　which　apply　to　the　original　fixation。　According　to　my　conception　of　the　matter；　however；　that　advantage　is　altogether　illusory；　the　measure　is　attended　with　hardships　much　more　than　sufficient　to　outweigh　the　advantage；　were　it　real；　and　of　these；　several　are　distinct　from；　and　superadded　to；　those　which　result　from　the　impropriety　of　ever　having　fixed　any　rate　at　all。　Had　I　divined　the　politico…economical　advantage　proposed　from　this　ulterior　and　fresh　reduction；　I　should　have　set　it　down　among　the　reasons　capable　of　being　alledged　in　support　of　the　original　fixation：　for　the　advantage；　if　it　were　one；　of　the　proposed　future　reduction；　must　proportionably　have　resulted　from　the　precedent　ones。　The　fact　is；　I　must　confess；　that　in　the　situation　I　was　then　in；　sequestered　not　less　from　political　converse　than　from　books；　this　supposed　advantage　had　equally　escaped　my　recollection　and　my　imagination　as　applicable　to　the　original　fixation；　though　recollection　had　represented　it　as　capable　of　having　been　supposed　to　result　from　successive　reductions。　From　newspapers　I　had　learnt　thus　much；　that　in　England　a　fresh　reduction　had　lately　been　proposed；　as　tending　some　how　or　other　to　the　benefit　of　trade：　but　the　sound　of　the　word　trade　being　all　I　was　able　to　collect；　what　that　benefit　was；　or　how　it　was　to　be　brought　about；　was　more　than　I　could　conceive。　To　apply　it　to　the　immediate　subject　I　was　treating　of；　it　was　necessary　I　should　have　some　conception　of　the　force　of　it：　and　unfortunately　I　was　unable　to　perceive　any　force　or　meaning　in　it　at　all。　It　had　equally　escaped　Dr　Smith：　for　his　reasons　in　support　of　the　limitation　of　the　rate　of　interest　are　confined　to　the　discouragement　of　prodigals　and　projectors：　of　any　supposed　benefit　to　trade　that　was　to　follow　from　it　in　any　other　way；　he　betrays　not　the　smallest　suspicion：　and　blindness　may　be　confessed　without　much　shame；　where　eyes　like　Dr　Smith's　have　failed　to　see。　I　little　suspected；　I　must　confess；　that　so　many　intelligent　and　ingenious　men　would　so　compleatly　have　mistaken　a　consequence　for　a　cause。　Instructed　by　the　debates　of　the　Irish　Parliament。　I　now　understand　clearly　what　benefit　was　expected　from　it；　but　how　that　benefit　was　to　flow　from　it　is　as　much　a　mystery　to　me　as　ever。　I　will　however　avail　myself　now　of　that　intelligence。　By　way　of　postscript；　I　have　accordingly　given　a　very　short；　but　what　appeared　to　me　compleat；　answer　to　the　argument　afforded　by　that　supposed　benefit　to　my　system：　and　being　thereby　engaged　to　touch　upon　the　measure　of　an　ulterior　reduction　by　which　this　supposed　advantage　was　brought　to　view；　I　have　stated　such　other　considerations　a　appear　to　combat　the　propriety　of　that　ulterior　reduction；　though　not　all　of　them　applicable　to　the　continuing　of　the　rate　at　its　present　level。　　　　　As　little　can　I　pretend　to　say；　whether　a　project　of　the　same　nature　bas　received　any　check　from　it　in　England。　Infallibility　is　among　the　appendages　of　power：　and　if　it　be　a　dream；　it　is　one　of　those　which　do　not　own　themselves　as　such；　and　from　which　men　are　seldom　thankful　for　being　awaked。　Several　circumstances　render　probable　that　a　project　of　this　sort　was　not　very　long　ago　entertained：　a　positive　assertion　to　that　effect　made　in　the　Irish　Parliament　received　no　contradiction。　Of　lat