defence of usury-及2准
梓囚徒貧圭�鮗� ○ 賜 ★ 辛酔堀貧和鍬匈��梓囚徒貧議 Enter 囚辛指欺云慕朕村匈��梓囚徒貧圭�鮗� ● 辛指欺云匈競何��
!!!!隆堋響頼��紗秘慕禰厮宴和肝写偬堋響��
an get for the use of any other sort of thing�察�an house for instance�察�there is no particular appellation�察�nor any mark of disrepute�此�nobody is ashamed of doing so�察�nor is it usual so much as to profess to do otherwise。 Why a man who takes as much as he can get�察�be it six�察�or seven�察�or eight�察�or ten per cent for the use of a sum of money should be called usurer�察�should be loaded with an opprobrious name�察�any more than if he had bought an house with it�察�and made a proportionable profit by the house�察�is more than I can see。 Another thing I would also wish to learn�察�is�察�why the legislator should be more anxious to limit the rate of interest one way�察�than the other�拭�why he should set his face against the owners of that species of property more than of any other�拭�why he should make it his business to prevent their getting more than a certain price for the use of it�察�rather than to prevent their getting less�拭�why�察�in short�察�he should not take means for making it penal to offer less�察�for example�察�than 5 per cent as well as to accept more�拭�let any one that can�察�find an answer to these questions�察�it is more than I can do�此�I except always the distant and imperceptible advantage�察�of sinking the price of goods of all kinds�察�and�察�in that remote way�察�multiplying the future enjoyments of individuals。 But this was a consideration by far too distant and refined�察�to have been the original ground for confining the limitation to this side。
LETTER III。 Reasons for Restraint。 Prevention of Prodigality。
Having done with sounds�察�I come gladly to propositions�察�which�察�as far as they are true in point of fact�察�may deserve the name of reasons。 And first�察�as to the efficacy of such restrictive laws with regard to the prevention of Prodigality。 That prodigality is a bad thing�察�and that the prevention of it is a proper object for the legislator to propose to himself�察�so long as he confines himself to�察�what I look upon as�察�proper measures�察�I have no objection to allow�察�at least for the purpose of the argument�察�though�察�were this the principal question�察�I should look upon it as incumbent on me to place in a fair light the reasons there may be for doubting�察�how far�察�with regard to a person arrived at the age of discretion�察�third persons may be competent judges�察�which of two pains may be of greater force and value to him�察�the present pain of restraining his present desires�察�or the future contingent pain he may be exposed to suffer from the want to which the expence of gratifying these desires may hereafter have reduced him。 To prevent our doing mischief to one another�察�it is but too necessary to put bridles into all our mouths�此�it is necessary to the tranquillity and very being of society�此�but that the tacking of leading´strings upon the backs of grown persons�察�in order to prevent their doing themselves a mischief�察�is not necessary either to the being or tranquillity of society�察�however conducive to its well´being�察�I think cannot be disputed。 Such paternal�察�or�察�if you please�察�maternal�察�care�察�may be a good work�察�but it certainly is but a work of supererogation。 For my own part�察�I must confess�察�that so long as such methods only are employed�察�as to me appear proper ones�察�and such there are�察�I should not feel myself disinclined to see some measures taken for the restraining of prodigality�此�but this I can not look upon as being of the number。 My reasons I will now endeavour to lay before you。 In the first place�察�I take it�察�that it is neither natural nor usual for prodigals�察�as such�察�to betake themselves to this method�察�I mean�察�that of giving a rate of interest above the ordinary one�察�to supply their wants。 In the first place�察�no man�察�I hope you will allow。 prodigal or not prodigal�察�ever thinks of borrowing money to spend�察�so long as he has ready money of his own�察�or effects which he can turn into ready money without loss。 And this deduction strikes off what�察�I suppose�察�you will look upon as the greatest proportion of the persons subject�察�at any given time�察�to the imputation of prodigality。 In the next place�察�no man�察�in such a country as Great Britain at least�察�has occasion�察�nor is at all likely�察�to take up money at an extraordinary rate of interest�察�who has security to give�察�equal to that upon which money is commonly to be had at the highest ordinary rate。 While so many advertise�察�as are to be seen every day advertising�察�money to be lent at five per cent what should possess a man�察�who has any thing to offer that can be called a security�察�to give�察�for example�察�six per cent is more than I can conceive。 You may say�察�perhaps�察�that a man who wishes to lend his money out upon security�察�wishes to have his interest punctually�察�and that without the expence�察�and hazard�察�and trouble�察�and odium of going to law�察�and that�察�on this account�察�it is better to have a sober man to deal with than a prodigal。 So far I allow you�察�but were you to add�察�that on this account it would be necessary for a prodigal to offer more than another man�察�there I should disagree with you。 In the first place�察�it is not so easy a thing�察�nor�察�I take it�察�a common thing�察�for the lender upon security to be able to judge�察�or even to form any attempt to judge�察�whether the conduct of one who offers to borrow his money is or is not of such a cast�察�as to bring him under this description。 The question�察�prodigal or not prodigal�察�depends upon two pieces of information�察�neither of which�察�in general�察�is very easy to come at�此�on the one hand�察�the amount of his means and reasonable expectations�察�on the other band�察�the amount of his expenditure。 The goodness or badness of the security is a question of a very different nature�此�upon this head�察�every man has a known and ready means of obtaining that sort of information�察�which is the most satisfactory the nature of things affords�察�by going to his lawyer。 It is accordingly�察�I take it�察�on their lawyers opinion�察�that lenders in general found their determination in these cases�察�and not upon any calculations they may have formed�察�concerning the receipt and expenditure of the borrower。 But even supposing a man's disposition to prodigality to be ever so well known�察�there are always enough to be found�察�to whom such a disposition would be rather an inducement than an objection�察�so long as they were satisfied with the security。 Every body knows the advantage to be made in case of mortgage�察�by foreclosing or forcing a sale�此�and that this advantage it not uncommonly looked out for�察�will�察�I believe�察�hardly be doubted by any one�察�who has had any occasion to observe the course of business in the court of Chancery。 In short�察�so long as a prodigal has any thing to pledge�察�or to dispose of�察�whether in possession�察�or even in reversion�察�whether of a certain or even of a contingent nature�察�I see not�察�how he can receive the smallest benefit�察�from any laws that are�察�or can be made to fix the rate of interest。 For�察�suppose the law to be efficacious as far as it goes�察�and that the prodigal can find none of those monsters called usurers to deal with him�察�does he lie quiet�拭�No such thing�此�he goes on and gets the money he wants�察�by selling his interest instead of borrowing。 He goes on�察�I say�此�for if he has prudence enough to stop him any where�察�he is not that sort of man�察�whom it can be worth while for the law to attempt stopping by such means。 It is plain enough then�察�that to a prodigal thus circumstanced�察�the law cannot be of any service�察�on the contrary�察�it may�察�and in many cases must�察�be of disservice to him�察�by denying him the option of a resource�察�which�察�how disadvantageous soever�察�could not well have proved more so�察�but would naturally have proved less so�察�than those which it leaves still open to him。 But of this hereafter。 I now come to the only remaining class of prodigals�察�viz。 those who have nothing that can be called a security to offer。 These�察�I should think�察�are not more likely to get money upon an extraordinary rate of interest�察�than an ordinary one。 Persons who either feel�察�or find reasons for pretending to feel�察�a friendship for the borrower�察�can not take of him more than the ordinary rate of interest�此�persons�察�who have no such motive for lending him�察�will not lend him at all。 If they know him for what he is�察�that will prevent them of course�此�and even though they should know nothing of him by any other circumstance�察�the very circumstance of his not being able to find a friend to trust him at the highest ordinary rate�察�will be sufficient reason to a stranger for looking upon him as a man�察�who�察�in the judgment of his friends�察�is not likely to pay。 The way that prodigals run into debt�察�after they have spent their substance�察�is�察�I take it�察�by borrowing of their friends and acquaintance�察�at ordinary interest�察�or more commonly at no interest�察�small sums�察�such as each man may be content to lose�察�or be ashamed to ask real security for�察�and as prodigals have generally an extensive acquaintance ��extensive acquaintance being at once the cause and effect of prodigality���察�the sum total of the money a man may thus find means to squander�察�may be considerable�察�tho' each sum borrowed may�察�relatively to the circumstances of the lender�察�have been inconsiderable。 This I take to be the race which prodigals�察�who have spent their all�察�run at present�察�under the present system