defence of usury-第7节

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　prevent）　by　an　action　at　common　law；　for　money　had　and　received。　If　the　practice　be　really　proof　against　all　attacks；　it　seems　to　afford　an　effectual；　and　pretty　commodious　method　of　evading　the　restrictive　laws。　The　only　restraint　is；　that　it　requires　the　assistance　of　a　third　person；　a　friend　of　the　borrower's；　as　for　instance：　B；　the　real　borrower；　wants　*100　and　finds　U；　a　usurer；　who　is　willing　to　lend　it　to　him；　at　10　per　cent　B。　has　F；　a　friend；　who　has　not　the　money　himself　to　lend　him；　but　is　willing　to　stand　security　for　him；　to　that　amount。　B。　therefore　draws　upon　F；　and　F。　accepts；　a　bill　of　*100　at　5　per　cent　interest；　payable　at　the　end　of　a　twelvemonth　from　the　date。　F。　draws　a　like　bill　upon　B。：　each　sells　his　bill　to　U。　for　fifty　pound；　and　it　is　indorsed　to　U。　accordingly。　The　*50　that　F。　receives。　he　delivers　over　without　any　consideration　to　B。　This　transaction；　if　it　be　a　valid　one；　and　if　a　man　can　find　such　a　friend；　is　evidently　much　less　troublesome　than　the　practice　of　drawing　and　re…drawing。　And　this；　if　it　be　practicable　at　all；　may　be　practised　by　persons　of　any　description；　concerned　or　not　in　trade。　Should　the　effect　of　this　page　be　to　suggest　an　expedient；　and　that　a　safe　and　commodious　one；　for　evading　the　laws　against　usury；　to　some；　to　whom　such　an　expedient　might　not　otherwise　have　occurred；　it　will　not　lie　very　heavy　upon　my　conscience。　The　prayers　of　usurers；　whatever　efficacy　they　may　have　in　lightening　the　burthen；　I　hope　I　may　lay　some　claim　to。　And　I　think　you　will　not　now　wonder　at　my　saying；　that　in　the　efficacy　of　such　prayers　I　have　not　a　whit　less　confidence；　than　in　that　of　the　prayers　of　any　other　class　of　men。　　　　　One　apology　I　shall　have　to　plead　at　any　rate；　that　in　pointing　out　these　flaws；　to　the　individual　who　may　be　disposed　to　creep　out　at　them；　I　point　them　out　at　the　same　time　to　the　legislator；　in　whose　power　it　is　to　stop　them　up；　if　in　his　opinion　they　require　it。　If；　notwithstanding　such　opinion；　he　should　omit　to　do　so；　the　blame　will　lie；　not　on　my　industry；　but　on　his　negligence。　　　　　These；　it　may　be　said；　should　they　even　be　secure　and　effectual　evasions；　are　still　but　evasions；　and；　if　chargeable　upon　the　law　at　all；　are　chargeable　not　as　inconsistencies　but　as　oversights。　Be　it　so。　Setting　these　aside；　then；　as　expedients　practised　or　practicable；　only　behind　its　back；　I　will　beg　leave　to　remind　you　of　two　others；　practised　from　the　day　of　its　birth；　under　its　protection　and　before　its　face。　　　　　The　first　I　shall　mention　is　pawnbroking。　In　this　case　there　is　the　less　pretence　for　more　than　ordinary　interest；　inasmuch　as　the　security　is；　in　this　case；　not　only　equal　to；　but　better　than；　what　it　can　be　in　any　other：　to　wit；　the　present　possession　of　a　moveable　thing；　of　easy　sale；　on　which　the　creditor　has　the　power；　and　certainly　does　not　want　the　inclination；　to　set　such　price　as　is　most　for　his　advantage。　If　there　be　a　case　in　which　the　allowing　of　such　extraordinary　interest　is　attended　with　more　danger　than　another；　it　must　be　this：　which　is　so　particularly　adapted　to　the　situation　of　the　lowest　poor；　that　is；　of　those　who；　on　the　score　of　indigence　or　simplicity；　or　both；　are　most　open　to　imposition。　This　trade　however　the　law；　by　regulating；　avowedly　protects。　What　the　rate　of　interest　is；　which　it　allows　to　be　taken　in　this　way；　I　can　not　take　upon　me　to　remember：　but　I　am　much　deceived；　if　it　amounts　to　less　than　12　per　cent　in　the　year；　and　I　believe　it　amounts　to　a　good　deal　more。　Whether　it　were　12　per　cent　or　1200；　I　believe　would　make　in　practice　but　little　difference。　What　commission　is　in　the　business　of　drawing　and　re…drawing；　warehouse…room　is；　in　that　of　pawnbroking。　Whatever　limits　then　are　set　to　the　profits　of　this　trade；　are　set；　I　take　it；　not　by　the　vigilancy　of　the　law；　but；　as　in　the　case　of　other　trades；　by　the　competition　amongst　the　traders。　Of　the　other　regulations　contained　in　the　acts　relative　to　this　subject；　I　recollect　no　reason　to　doubt　the　use。　　　　　The　other　instance　is　that　of　bottomry　and　respondentia：　for　the　two　transactions；　being　so　nearly　related；　may　be　spoken　of　together。　Bottomry　is　the　usury　of　pawnbroking：　respondentia　is　usury　at　large；　but　combined　in　a　manner　with　insurance；　and　employed　in　the　assistance　of　a　trade　carried　on　by　sea。　If　any　species　of　usury　is　to　be　condemned；　I　see　not　on　what　grounds　this　particular　species　can　be　screened　from　the　condemnation。　〃Oh　but〃　（says　Sir　William　Blackstone；　or　any　body　else　who　takes　upon　himself　the　task　of　finding　a　reason　for　the　law）　〃this　is　a　maritime　country；　and　the　trade；　which　it　carries　on　by　sea；　is　the　great　bulwark　of　its　defence。〃　It　is　not　necessary　I　should　here　enquire；　whether　that　branch；　which；　as　Dr　Smith　has　shewn；　is；　in　every　view　but　the　mere　one　of　defence；　less　beneficial　to　a　nation；　than　two　others　out　of　the　four　branches　which　comprehend　all　trade；　has　any　claim　to　be　preferred　to　them　in　this　or　any　other　way。　I　admit；　that　the　liberty　which　this　branch　of　trade　enjoys；　is　no　more　than　what　it　is　perfectly　right　it　should　enjoy。　What　I　want　to　know　is；　what　there　is　in　the　class　of　men；　embarked　in　this　trade；　that　should　render　beneficial　to　them；　a　liberty；　which　would　be　ruinous　to　every　body　else。　Is　it　that　sea　adventures　have　less　hazard　on　them　than　land　adventures？　or　that　the　sea　teaches　those；　who　have　to　deal　with　it；　a　degree　of　forecast　and　rejection　which　has　been　denied　to　land　men？　　　　　It　were　easy　enough　to　give　farther　and　farther　extension　to　this　charge　of　inconsistency；　by　bringing　under　it　the　liberty　given　to　insurance　in　all　its　branches；　to　the　purchase　and　sale　of　annuities；　and　of　post…obits；　in　a　word　to　all　cases　where　a　man　is　permitted　to　take　upon　himself　an　unlimited　degree　of　risk；　receiving　for　so　doing　an　unlimited　compensation。　Indeed　I　know　not　where　the　want　of　instances　would　stop　me：　for　in　what　part　of　the　magazine　of　events；　about　which　human　transactions　are　conversant；　is　certainty　to　be　found？　But　to　this　head　of　argument；　this　argument　ad　hominem；　as　it　may　be　called；　the　Use　of　which　is　but　subsidiary；　and　which　has　more　of　confutation　in　it　than　of　persuasion　or　instruction；　I　willingly　put　an　end。

LETTER　IX　Blackstone　considered。

　　　　I　hope　you　are；　by　this　time；　at　least；　pretty　much　of　my　opinion；　that　there　is　just　the　same　sort　of　harm；　and　no　other；　in　making　the　best　terms　one　can　for　one's　self　in　a　money　loan；　as　there　is　in　any　other　sort　of　bargain。　If　you　are　not；　Blackstone　however　is；　whose　opinion　I　hope　you　will　allow　to　be　worth　something。　In　speaking　of　the　rate　of　interest；（3*）　he　starts　a　parallel　between　a　bargain　for　the　loan　of　money；　and　a　bargain　about　a　horse；　and　pronounces；　without　hesitation；　that　the　harm　of　making　too　good　a　bargain；　is　just　as　great　in　the　one　case；　as　in　the　other。　As　money…lending；　and　not　horse…dealing。　was；　what　you　lawyers　call；　the　principal　case；　he　drops　the　horse…business；　as　soon　as　it　has　answered　the　purpose　of　illustration；　which　it　was　brought　to　serve。　But　as；　in　my　conception；　as　well　the　reasoning　by　which　he　supports　the　decision；　as　that　by　which　any　body　else　could　have　supported　it；　is　just　as　applicable　to　the　one　sort　of　bargain　as　to　the　other；　I　will　carry　on　the　parallel　a　little　farther；　and　give　the　same　extent　to　the　reasoning；　as　to　the　position　which　it　is　made　use　of　to　support。　This　extension　will　not　be　without　its　use；　for　if　the　position；　when　thus　extended；　should　be　found　just；　a　practical　inference　will　arise；　which　is；　that　the　benefits　of　these　restraints　ought　to　be　extended　from　the　money…trade　to　the　horse…trade。　That　my　own　opinion　is　not　favourable　to　such　restraints　in　either　case；　has　been　sufficiently　declared；　but　if　more　respectable　opinions　than　mine　are　still　to　prevail。　they　will　not　be　the　less　respectable　for　being　consistent。　　　　　The　sort　of　bargain　which　the　learned　commentator　has　happened　to　pitch　upon　for　the　illustration；　is　indeed；　in　the　case　illustrating；　as　in　the　case　illustrated。　a　loan：　but　as；　to　my　apprehension；　loan　or　sale　makes；　in　point　of　reasoning；　no　sort　of　difference；　and　as　the　utility　of　the　conclusion　will；　in　the　latter　case；　be　more　extensive。　I　shall　adapt　the　reasoning　to　the　more　important　business　of　selling　horses；　instead　of　the　less　important　one　of　lending　them。　　　　　A　circumstance；　that　would　render　the　extension　of　these　restraints。　to　the　horse…trade　more　smooth　and　easy。　is；　that　in　the　one　track；　as　well　as　in　the　other；　the　public　has　already　got　the　length　of　calling　names。　Jockey…ship；　a　term　of　reproach　not　less　frequently　applied　to　the　arts　of　those　who　sell　horses　than　to　the　arts　of　those　who　ride　them；　sounds；　I　take　it；　to　the　ear　of　many　a　worthy　gentleman；　nearly　as　bad　as　usury：　and　it　is　well　known　to　all　those　who　put　their　trust　in　proverbs；　and　not　less　to　those　who　put　their　trust　in　party；　that　when　we　have　got　a　dog　to　hang；　who　is　troublesome　and　keeps　us　at　bay；　whoever　can　contrive　to　fasten　a　bad　name　to　his　tail；　has　gained　more　than　half　the　battle。　I　now　proceed　with　my　application。　The　words　in　italics　are　my　own：　all　the　rest　are　Sir　William　Blackstone's：　and　I　restore；　at　bottom；　the　words　I　was　obliged　to　discard；