defence of usury-第4部分

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　without　some　such　ground　as；　on　the　one　side　fraud；　or　suppression　of　facts　necessary　to　form　a　judgment　of　the　value；　or　at　least　ignorance　of　such　facts；　on　the　other；　a　bargain　was　rescinded；　merely　because　a　man　had　sold　too　cheap；　or　bought　too　dear。　Were　I　to　take　a　fancy　to　give　a　hundred　years　purchase　instead　of　thirty；　for　a　piece　of　land；　rather　than　not　have　it；　I　don't　think　there　is　any　court　in　England；　or　indeed　any　where　else；　that　would　interpose　to　hinder　me；　much　less　to　punish　the　seller　with　the　loss　of　three　times　the　purchase　money；　as　in　the　case　of　usury。　Yet　when　I　had　got　my　piece　of　land；　and　paid　my　money；　repentance；　were　the　law　ever　so　well　disposed　to　assist　me；　might　be　unavailing：　for　the　seller　might　have　spent　the　money；　or　gone　off　with　it。　But；　in　the　case　of　borrowing　money；　it　is　the　borrower　always；　who；　according　to　the　indefinite；　or　short　term　for　which　money　is　lent；　is　on　the　safe　side：　any　imprudence　he　may　have　committed　with　regard　to　the　rate　of　interest；　may　be　corrected　at　any　time：　if　I　find　I　have　given　too　high　an　interest　to　one　man。　I　have　no　more　to　do　than　to　borrow　of　another　at　a　lower　rate；　and　pay　off　the　first：　if　I　CannOt　find　any　body　to　lend　me　at　a　lower；　there　cannot　be　a　more　certain　proof　that　the　first　was　not　in　reality　too　high。　But　of　this　hereafter。

LETTER　VI　Mischiefs　of　the　anti…usurious　laws。

　　　　In　the　preceding　letters；　I　have　examined　all　the　modes　I　can　think　of；　in　which　the　restraints；　imposed　by　the　laws　against　usury；　can　have　been　fancied　to　be　of　service。　　　　　I　hope　it　appears　by　this　time；　that　there　are　no　ways　in　which　those　laws　can　do　any　good。　But　there　are　several；　in　which　they　can　not　but　do　mischief。　　　　　The　first；　I　shall　mention；　is　that　of　precluding　so　many　people；　altogether；　from　the　getting　the　money　they　stand　in　need　of；　to　answer　their　respective　exigencies。　Think　what　a　distress　it　would　produce；　were　the　liberty　of　borrowing　denied　to　every　body：　denied　to　those　who　have　such　security　to　offer；　as　renders　the　rate　of　interest；　they　have　to　offer；　a　sufficient　inducement；　for　a　man　who　has　money；　to　trust　them　with　it。　Just　that　same　sort　of　distress　is　produced；　by　denying　that　liberty　to　so　many　people；　whose　security；　though；　if　they　were　permitted　to　add　something　to　that　rate；　it　would　be　sufficient；　is　rendered　insufficient　by　their　being　denied　that　liberty。　Why　the　misfortune；　of　not　being　possessed　of　that　arbitrarily　exacted　degree　of　security；　should　be　made　a　ground　for　subjecting　a　man　to　a　hardship；　which　is　not　imposed　on　those　who　are　free　from　that　misfortune；　is　more　than　I　can　see。　To　discriminate　the　former　class　from　the　latter；　I　can　see　hut　this　one　circumstance；　viz。　that　their　necessity　is　greater。　This　it　is　by　the　very　supposition：　for　were　it　not；　they　could　not　be；　what　they　are　supposed　to　be；　willing　to　give　more　to　be　relieved　from　it。　In　this　point　of　view　then；　the　sole　tendency　of　the　law　is；　to　heap　distress　upon　distress。　　　　　A　second　mischief　is；　that　of　rendering　the　terms　so　much　the　worse；　to　a　multitude　of　those；　whose　circumstances　exempt　them　from　being　precluded　altogether　from　getting　the　money　they　have　occasion　for。　In　this　case；　the　mischief；　though　necessarily　less　intense　than　in　the　other；　is　much　more　palpable　and　conspicuous；　Those　who　cannot　borrow　may　get　what　they　want；　so　long　as　they　have　any　thing　to　sell。　But　while；　out　of　loving…kindness；　or　whatsoever　other　motive；　the　law　precludes　a　man　from　borrowing；　upon　terms　which　he　deems　too　disadvantageous；　it　does　not　preclude　him　from　selling；　upon　any　terms；　howsoever　disadvantageous。　Every　body　knows　that　forced　sales　are　attended　with　a　loss：　and；　to　this　loss；　what　would　be　deemed　a　most　extravagant　interest　bears　in　general　no　proportion。　When　a　man's　moveables　are　taken　in　execution；　they　are；　I　believe；　pretty　well　sold；　if；　after　all　expences　paid；　the　produce　amounts　to　two　thirds　of　what　it　would　cost　to　replace　them。　In　this　way　the　providence　and　loving…kindness　of　the　law　costs　him　33　per　cent　and　no　more；　supposing；　what　is　seldom　the　case；　that　no　more　of　the　effects　are　taken　than　what　is　barely　necessary　to　make　up　the　money　due。　If；　in　her　negligence　and　weakness；　she　were　to　suffer　him　to　offer　11　per　cent　per　annum　for　forbearance；　it　would　be　three　years　before　be　paid　what　he　is　charged　with；　in　the　first　instance；　by　her　wisdom。　　　　　Such　being　the　kindness　done　by　the　law　to　the　owner　of　moveables；　let　us　see　how　it　fares　with　him　who　has　an　interest　in　immoveables。　Before　the　late　war；　30　years　purchase　for　land　might　be　reckoned；　I　think　it　is　pretty　well　agreed；　a　medium　price。　During　the　distress　produced　by　the　war；　lands；　which　it　was　necessary　should　be　sold；　were　sold　at　20；　18；　nay；　I　believe；　in　some　instances；　even　so　low　as　15　years　purchase。　If　I　do　not　misrecollect；　I　remember　instances　of　lands　put　up　to　public　auction；　for　which　nobody　bid　so　high　as　fifteen。　In　many　instances；　villas；　which　had　been　bought　before　the　war；　or　at　the　beginning　of　it；　and；　in　the　interval；　had　been　improved　rather　than　impaired；　sold　for　less　than　half；　or　even　the　quarter；　of　what　they　had　been　bought　for。　I　dare　not　here　for　my　part　pretend　to　be　exact：　but　on　this　passage；　were　it　worth　their　notice；　Mr　Skinner；　or　Mr　Christie；　could　furnish　very　instructive　notes。　Twenty　years　purchase；　instead　of　thirty；　I　may　be　allowed　to　take；　at　least　for　illustration。　An　estate　then　of　*100　a　year；　clear　of　taxes；　was　devised　to　a　man；　charged；　suppose；　with　*1；500　with　interest　till　the　money　should　be　paid。　Five　per　cent　interest；　the　utmost　which　could　be　accepted　from　the　owner；　did　not　answer　the　incumbrancer's　purpose：　he　chose　to　have　the　money。　But　6　per　cent　perhaps；　would　have　answered　his　purpose；　if　not；　most　certainly　it　would　have　answered　the　purpose　of　somebody　else：　for　multitudes　there　all　along　were；　whose　purposes　were　answered　by　five　per　cent　The　war　lasted；　I　think；　seven　years：　the　depreciation　of　the　value　of　land　did　not　take　place　immediately：　but　as；　on　the　other　hand；　neither　did　it　immediately　recover　its　former　price　upon　the　peace；　if　indeed　it　has　even　yet　recovered　it；　we　may　put　seven　years　for　the　time；　during　which　it　would　be　more　advantageous　to　pay　this　extraordinary　rate　of　interest　than　sell　the　land；　and　during　which；　accordingly；　this　extraordinary　rate　of　interest　would　have　had　to　run。　One　per　cent　for　seven　years；　is　not　quite　of　equal　worth　to　seven　per　cent　the　first　year：　say；　however；　that　it　is。　The　estate；　which　before　the　war　was　worth　thirty　years　purchase；　that　is　*3；000　and　which　the　devisor　had　given　to　the　devisee　for　that　value；　being　put　up　to　sale；　fetched　but　20　years　purchase；　*2；000。　At　the　end　of　that　period　it　would　have　fetched　its　original　value；　*3；000。　Compare；　then；　the　situation　of　the　devisee　at　the　7　years　end；　under　the　law；　with　what　it　would　have　been；　without　the　law。　In　the　former　case；　the　land　selling　for　20　years　purchase；　i。e。　*2；000　what　he　would　have；　after　paying　the　*1；500　is　*500；　which；　with　the　interest　of　that　sum；　at　5　per　cent　for　seven　years；　viz。　*175　makes；　at　the　end　of　that　seven　years；　*675。　In　the　other　case；　paying　6　per　cent　on　the　*1；500　that　is　*90　a　year；　and　receiving　all　that　time　the　rent　of　the　land；　viz。　*100　he　would　have　had；　at　the　seven　years　end；　the　amount　of　the　remaining　ten　pound　during　that　period；　that　is　*70　in　addition　to　his　*1；000。　　*675　substracted　from　*1；070　leaves　*395。　This　*395　then；　is　what　he　loses　out　of　*1；070；　almost　37　per　cent　of　his　capital；　by　the　loving…kindness　of　the　law。　Make　the　calculations；　and　you　will　find；　that；　by　preventing　him　from　borrowing　the　money　at　6　per　cent　interest；　it　makes　him　nearly　as　much　a　sufferer　as　if　he　had　borrowed　it　at　ten。　　　　　What　I　have　said　hitherto　is　confined　to　the　case　of　those　who　have　present　value　to　give；　for　the　money　they　stand　in　need　of。　If　they　have　no　such　value；　then；　if　they　succeed　in　purchasing　assistance　upon　any　terms；　it　must　be　in　breach　of　the　law；　their　lenders　exposing　themselves　to　its　vengeance：　for　I　speak　not　here　of　the　accidental　case；　of　its　being　so　constructed　as　to　be　liable　to　evasion。　But；　even　in　this　case；　the　mischievous　influence　of　the　law　still　pursues　them；　aggravating　the　very　mischief　it　pretends　to　remedy。　Though　it　be　inefficacious　in　the　way　in　which　the　legislator　wishes　to　see　it　efficacious；　it　is　efficacious　in　the　way　opposite　to　that　in　which　he　would　wish　to　see　it　so。　The　effect　of　it　is；　to　raise　the　rate　of　interest；　higher　than　it　would　be　otherwise；　and　that　in　two　ways。　In　the　first　place；　a　man　must；　in　common　prudence；　as　Dr　Smith　observes；　make　a　point　of　being　indemnified；　not　only　for　whatsoever　extraordinary　risk　it　is　that　he　runs；　independently　of　the　law；　but　for　the　very　risk　occasioned　by　the　law：　he　must　be　insured；　as　it　were；　against　the　law。　This　cause　would　operate；　were　there　even　as　many　persons　ready　to　lend　upon　the　illegal　rate；　as　upon　the　legal。　But　this　is　not　the　case：　a　great　number　of　persons　are；　of　course；　driven　out　of　this　competition　by　the　danger　of　the　business；　and　another　great　number；　by　the　disrepute　which；　under　cover　of　these　prohibitory　laws　or　otherwise；　has　fastened　itself　upon　the　name　of　usurer。　So　many　persons；　therefore；　being　driven　out　of　the　trade；　it　happens　in　this　branch；　as　it　must　necessarily　in　every　other；　that　those　who　remain　have　the　less　to　withhold　them　from　advancing　their　terms；　and　without　confederating；　（for　it　must　be　allowed　that　confederacy　in　such　a　case　is　plainly　impossible）　each　one　will　find　it　easier　to　push　his　advantage　up　to　any　given　degree　of　exorbitancy；　than　he　would；　if　there　were　a　greater　number　of　persons　of　the　same　stamp　to　resort　to。　　　　　As　to　the　case；　where　the　law　is　so　worded　as　to　be　liable　to　be　evaded；　in　this　case　it　is　partly　inefficacious　and　nugatory；　and　partly　mischievous。　It　is　nugatory；　as　to　all　such；　whose　confidence　of　its　being　so　is　perfect：　it　is　mischievous；　as　before；　in　regard　to　all　such　who　fail　of　possessing　that　perfect　confidence。　If　the　borrower　can　find　nobody　at　all　who　has　confidence　enough　to　take　advantage　of　the　flaw；　he　stands　precluded　from　all