defence of usury-及9准
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ent philosophy�察�you have�察�I dare to say�察�gone before me in remarking�察�that the practical inference from this shrewd observation�察�if it afforded any�察�should have been�察�that it would be to no purpose for a man to try to get five per cent out of money not�察�that if he could contrive to get so much�察�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�察�but which had it happened to present itself�察�might not have been altogether unworthy of his notice�察�is�察�that though a daric would not beget another daric�察�any more than it would a ram�察�or an ewe�察�yet for a daric which a man borrowed�察�he might get a ram and a couple of ewes�察�and that the ewes�察�were the ram left with them a certain time�察�would probably not be barren。 That then�察�at the end of the year�察�he would find himself master of his three sheep�察�together with two�察�if not three�察�lambs�察�and that�察�if he sold his sheep again to pay back his daric�察�and gave one of his lambs for the use of it in the mean time�察�he would be two lambs�察�or at least one lamb�察�richer than if he had made no such bargain。 These theological and philosophical conceits�察�the offspring of the day�察�were not ill seconded by principles of a more permanent complexion。 The business of a money´lender�察�though only among Christians�察�and in Christian times�察�a proscribed profession�察�has no where�察�nor at any time�察�been a popular one。 Those who have the resolution to sacrifice the present to future�察�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�察�and for a short time after it has been received�察�he who lends it is a friend and benefactor�此�by the time the money is spent�察�and the evil hour of reckoning is come�察�the benefactor is found to have changed his nature�察�and to have put on the tyrant and the oppressor。 It is an oppression for a man to reclaim his own money�此�it is none to keep it from him。 Among the inconsiderate�察�that is among the great mass of mankind�察�selfish affections conspire with the social in treasuring up all favour for the man of dissipation�察�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�察�through every stage of his career。 But�察�in no stage of his career�察�can the man of thrift come in for any share of it。 It is the general interest of those with whom a man lives�察�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�察�but what the benefit of it is shared�察�in some proportion or other�察�by those with whom he lives。 In that circle originates a standing law�察�forbidding every man�察�on pain of infamy�察�to confine his expences Within what is adjudged to be the measure of his means�察�saving always the power of exceeding that limit�察�as much as he thinks proper�此�and the means assigned him by that law may be ever so much beyond his real means�察�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�察�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�此�and an upstart�察�whose chief recommendation is this disposition�察�shall find himself to have purchased a permanent fund of respect�察�to the prejudice of the very persons at whose expence he has been gratifying his appetites and his pride。 The lustre�察�which the display of borrowed wealth has diffused over his character�察�awes men�察�during the season of his prosperity�察�into a submission to his insolence�此�and when the hand of adversity has overtaken him at last�察�the recollection of the height�察�from which he has fallen�察�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�察�at least�察�of the same envy�察�that attends the prodigal's transient display�此�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�察�the pleasure of possession�察�and the idea of enjoying�察�at some distant period�察�which may never arrive�察�nobody comes in for any share。 In the midst of his opulence he is regarded as a kind of insolvent�察�who refuses to honour the bills�察�which their rapacity would draw upon him�察�and who is by so much the more criminal than other insolvents�察�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�察�in his competition with the borrower�察�and of the disposition of the public judgment to sacrifice the interest of the former to that of the latter�察�the stage would afford a compendious�察�but a pretty conclusive proof of it。 It is the business of the dramatist to study�察�and to conform to�察�the humours and passions of those�察�on the pleasing of whom he depends for his success�此�it is the course which reflection must suggest to every man�察�and which a man would naturally fall into�察�though he were not to think about it。 He may�察�and very frequently does�察�make magnificent pretences�察�of giving the law to them�此�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�察�it must be with great caution�察�and not without suffering himself to be led by them at least a dozen。 Now�察�I question�察�whether�察�among all the instances in which a borrower and a lender of money have been brought together upon the stage�察�from the the days of Thespis to the present�察�there ever was one�察�in which the former was not recommended to favour in some shape or other�察�either to admiration�察�or to love�察�or to pity�察�or to all three�察�and the other�察�the man of thrift�察�consigned to infamy。 Hence it is that�察�in reviewing and adjusting the interests of these apparently rival parties�察�the advantage made by the borrower is so apt to slip out of sight�察�and that made by the lender to appear in so exaggerated a point of view。 Hence it is�察�that though prejudice is so far softened as to acquiesce in the lender's making some advantage�察�lest the borrower should lose altogether the benefit of his assistance�察�yet still the borrower is to have all the favour�察�and the lender's advantage is for ever to be clipped�察�and pared down�察�as low as it will bear。 First it was to be confined to ten per cent�察�then to eight�察�then to six�察�then to five�察�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�察�of course�察�has been intended exclusively for the lender�此�in reality�察�as I think you have seen�察�it presses much more heavily upon the borrower�此�I mean him who either becomes or in vain wishes to become so。 But the presents directed by prejudice�察�Dr Smith will tell us�察�are not always delivered according to their address。 It was thus that the mill´stone designed for the necks of those vermin�察�as they have been called�察�the dealers in corn�察�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�察�concerning compound interest�察�for compound interest is discountenanced by the law。 I suppose�察�as a sort of usury。 That�察�without an express stipulation�察�the law never gives it�察�I well remember�此�whether�察�in case。 of an express stipulation�察�the law allows it to be taken�察�I am not absolutely certain。 I should suppose it might�此�remembering covenants in mortgages that interest should become principal。 At any rate�察�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�察�the impropriety of such discountenance follows of course�察�from the arguments which shew the un´ ;sinfulness of that sin。; Other argument against it�察�I believe�察�was never attempted�察�unless it were the giving to such an arrangement the epithet of a hard one�此�in doing which�察�something more like a reason is given�察�than one gets in ordinary from the common law。 If that consistency were to be found in the common law�察�which has never yet been found in man's conduct�察�and which perhaps is hardly in man's nature�察�compound interest never could have been denied。 The views which suggested this denial�察�were�察�I dare to say�察�very good�此�the effects of it are�察�I am certain�察�very pernicious。 If the borrower pays the interest at the day�察�if he performs his engagement�察�that very engagement to which the aw pretends to oblige him to conform�察�the lender�察�who receives that interest�察�makes compound interest of course�察�by lending it out again�察�unless he chooses rather to expend it�此�he expects to receive it at the day�察�or what meant the engagement�拭�if he fails of receiving it�察�he is by so much a loser。 The borrower�察�by paying it at the day�察�is no loser�此�if he does not pay it at the day�察�he is by so much a gainer�此�a pain of disappointment takes p