defence of usury-第6部分

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se；　was　the　foundation　in　point　of　fact　for　the　Doctor's　general　position　above…mentioned；　that　〃no　law　can　reduce　the　common　rate　of　interest　below　the　lowest　ordinary　market　rate；　at　the　time　when　that　law　was　made。〃　　　　　In　England；　as　far　as　I　can　trust　my　judgment　and　imperfect　general　recollection　of　the　purport　of　the　laws　relative　to　this　matter；　I　should　not　suppose　that　the　above　position　would　prove　true。　That　there　is　no　such　thing　as　any　palpable　and　universally…notorious；　as　well　as　universally…practicable　receipt　for　that　purpose；　is　manifest　from　the　examples　which；　as　I　have　already　mentioned；　every　now　and　then　occur；　of　convictions　upon　these　statutes。　Two　such　receipts；　indeed；　I　shall　have　occasion　to　touch　upon　presently：　but　they　are　either　not　obvious　enough　in　their　nature；　or　too　troublesome　or　not　extensive　enough　in　their　application；　to　have　despoiled　the　law　altogether　of　its　terrors　or　of　its　preventive　efficacy。　　　　　In　the　country　in　which　I　am　writing；　the　whole　system　of　laws　on　this　subject　is　perfectly；　and　very　happily；　inefficacious。　The　rate　fixed　by　law　is　5　per　cent：　many　people　lend　money；　and　nobody　at　that　rate：　the　lowest　ordinary　rate；　upon　the　very　best　real　security；　is　8　per　cent：　9；　and　even　10；　upon　such　security；　are　common。　Six　or　seven　may　have　place；　now　and　then；　between　relations　or　other　particular　friends：　because；　now　and　then；　a　man　may　choose　to　make　a　present　of　one　or　two　per　cent　to　a　person　whom　he　means　to　favour。　The　contract　is　renewed　from　year　to　year：　for　a　thousand　roubles；　the　borrower；　in　his　written　contract；　obliges　himself　to　pay　at　the　end　of　the　year　one　thousand　and　fifty。　Before　witnesses；　he　receives　his　thousand　roubles：　and；　without　witnesses；　he　immediately　pays　back　his　30　roubles；　or　his　40　roubles；　or　whatever　the　sum　may　be；　that　is　necessary　to　bring　the　real　rate　of　interest　to　the　rate　verbally　agreed　on。　　　　　This　contrivance；　I　take　it；　would　not　do　in　England：　but　why　it　would　not；　is　a　question　which　it　would　be　in　vain　for　me　to　pretend；　at　this　distance　from　all　authorities；　to　discuss。

LETTER　VIII　Virtual　Usury　allowed。

　　　　Having　proved；　as　I　hope；　by　this　time；　the　utter　impropriety　of　the　law's　limiting　the　rate　of　interest；　in　every　case　that　can　be　conceived；　it　may　be　rather　matter　of　curiosity；　than　any　thing　else；　to　enquire；　how　far　the　law；　on　this　head；　is　consistent　with　itself；　and　with　any　principles　upon　which　it　can　have　built。　　　　　1。　Drawing　and　re…drawing　is　a　practice；　which　it　will　be　sufficient　here　to　hint　at。　It　is　perfectly　well　known　to　all　merchants；　and　may　be　so　to　all　who　are　not　merchants；　by　consulting　Dr　Smith。　In　this　way；　he　has　shewn　how　money　may　be；　and　has　been；　taken　up；　at　so　high　a　rate；　as　13　or　14　per　cent　　a　rate　nearly　three　times　as　high　as　the　utmost　which　the　law　professes　to　allow。　The　extra　interest　is　in　this　case　masked　under　the　names　of　commission；　and　price　of　exchange。　The　commission　is　but　small　upon　each　loan；　not　more；　I　think；　than　1/2　per　cent：　custom　having　stretched　so　far　but　no　farther；　it　might　be　thought　dangerous；　perhaps；　to　venture　upon　any　higher　allowance　under　that　name。　The　charge；　being　repeated　a　number　of　times　in　the　course　of　the　year；　makes　up　in　frequency　what　it　wants　in　weight。　The　transaction　is　by　this　shift　rendered　more　troublesome；　indeed；　but　not　less　practicable；　to　such　parties　as　are　agreed　about　it。　But　if　usury　is　good　for　merchants；　I　don't　very　well　see　what　should　make　it　bad　for　every　body　else。　　　　　2。　At　this　distance　from　all　the　mountains　of　legal　knowledge；　I　will　not　pretend　to　say；　whether　the　practice　of　selling　accepted　bills　at　an　under　value；　would　hold　good　against　all　attacks。　It　strikes　my　recollection　as　a　pretty　common　one；　and　I　think　it　could　not　be　brought　under　any　of　the　penal　statutes　against　usury。　The　adequateness　of　the　consideration　might；　for　aught　I　know；　be　attacked　with　success；　in　a　court　of　equity；　or；　perhaps；　if　there　were　sufficient　evidence　（which　the　agreement　of　the　parties　might　easily　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　will