Fortune in respect of that of Agefilaus or Epaminondas: and that this fhould be, no doubt it is much in a Man's Self.

XLI. Of Ufury.'

ANY have made witty Invectives against Ufury. They fay that it is Pity the Devil should have God's Part, which is the Tithe: that the Ufurer is

the greatest Sabbath Breaker, because his Plough goeth every Sunday; that the Ufurer is the Drone that Virgil speaketh of:

Ignavum Fucos Pecus à præfepibus arcent.2

4

That the Ufurer breaketh the first Law, that was made for Mankind, after the Fall; which was, In Sudore Vultus tui comedes Panem tuum ;3 not In Sudore Vultus alieni: that Ufurers should have Orange-tawny Bonnets, because they do Judaize; that it is against Nature for Money to beget Money, and the like. I fay this only, that Ufury, is a Conceffum propter Duritiem Cordis : 5 for fince there must be borrowing and lending, and Men are so

1 The prejudice against taking use or intereft for money was then ftigmatized as Ujury. It will be perceived how cautiously Bacon fpeaks of its commodities.' Selden rofe above the prejudice, and fays, I fee no reason why I may not as well take ufe for my money as rent for my house.'-Table-Talk, p. 161, ed. 1856. 3 Gen. iii. 19.

2 Georg. iv. 68.

4 The Jews were constrained in the middle ages to wear a cap of this colour, and to dwell in localities affigned to them in towns.

5 Matt. xix. 8.

hard of Heart as they will not lend freely, Ufury must be permitted. Some Others have made fufpicious and cunning Propofitions of Banks, Difcovery of Men's Eftates, and other Inventions; but few have spoken of Ufury usefully. It is good to set before us the Incommodities and Commodities of Ufury, that the Good may be either weighed out, or culled out; and warily to provide, that while we make forth to that which is better, we meet not with that which is worse.

The Difcommodities of Ufury are: First, that it makes fewer Merchants; for were it not for this lazy Trade of Ufury, Money would not lie still, but would in great Part be employed upon Merchandizing, which is the Vena Porta of Wealth in a State. The Second, that it makes poor Merchants; for as a Farmer cannot husband his Ground fo well if he fit at a great Rent, so the Merchant cannot drive his Trade fo well if he fit at great Ufury. The Third is incident to the other two; and that is, the Decay of Customs of Kings or States, which ebb or flow with Merchandizing. The Fourth, that it bringeth the Treasure of a Realm or State into a few Hands; for the Ufurer being at Certainties, and others at Uncertainties, at the end of the Game most of the Money will be in the Box; and ever a State flourisheth when Wealth is more equally spread. The Fifth, that it beats down the Price of Land: for the Employment of Money is chiefly either Merchandizing or Purchasing; and Ufury waylays both. The Sixth,

The great veffel or duct that conveys the blood to the liver after its enrichment by abforption of nutriment from the intestines.

that it doth dull and damp all Induftries, Improvements, and new Inventions, wherein Money would be stirring, if it were not for this Slug. The Laft, that it is the Canker and Ruin of many Men's Eftates, which in procefs of Time breeds a public Poverty.

On the other fide, the Commodities of Ufury are: First, that howsoever Ufury in fome respect hindreth Merchandizing, yet in fome other it advanceth it; for it is certain that the greatest Part of Trade is driven by young Merchants upon borrowing at Interest so as if the Ufurer either call in, or keep back his Money, there will enfue presently a great ftand of Trade. The Second is, That were it not, for this eafy borrowing upon Interest, Men's Neceffities would draw upon them a most sudden undoing; in that they would be forced to fell their Means (be it Lands or Goods) far under Foot ;7 and fo, whereas Ufury doth but gnaw upon them, bad Markets would fwallow them quite up. As for mortgaging, or pawning, it will little mend the matter; for either Men will not take Pawns without Use, or if they do, they will look precisely for the Forfeiture. I remember a cruel moneyed Man in the Country that would fay, "The Devil take this Ufury, it keeps us from Forfeitures of Mortgages and Bonds." The third and laft is; That it is a Vanity to conceive that there would be ordinary Borrowing without Profit; and it is impoffible to conceive the Number of Inconveniences that will enfue if Borrowing be cramped. 7 Under foot, i. e. beneath its value.

Therefore to speak of the abolishing of Ufury is idle. All States have ever had it in one kind of rate or other so as that Opinion must be sent to Utopia.

To speak now, of the Reformation and Reglement of Ufury; how the Difcommodities of it may be best avoided, and the Commodities retained. It appears, by the Balance of Commodities and Dif commodities of Ufury, two Things are to be reconciled; the one, that the Tooth of Ufury be grinded, that it bite not too much: the other, that there be left open a Means to invite moneyed Men to lend to the Merchants, for the continuing and quickening of Trade. This cannot be done, except you introduce two several Sorts of Ufury, a Less and a Greater; for if you reduce Ufury to one Low Rate, it will ease the common Borrower, but the Merchant will be to feek for Money. And it is to be noted, that the Trade of Merchandize, being the most lucrative, may bear Ufury at a good Rate; other Contracts not fo.

To serve both Intentions, the way would be briefly thus that there be Two Rates of Ufury; the one Free and General for All; the other under License only to certain Perfons, and in certain Places of Merchandizing. First, therefore, let Ufury in general be reduced to Five in the Hundred, and let that Rate be proclaimed to be free and current; and let the State fhut itself out to take any Penalty for the fame. This will pre

8 Reglement, i. e. Regulation. I believe this word is peculiar to Lord Bacon.

serve Borrowing from any general Stop or Dryness; this will ease infinite Borrowers in the Country; this will, in good Part, raise the Price of Land, because Land purchased at Sixteen Years' Purchafe will yield Six in the Hundred, and somewhat more, whereas this Rate of Interest yields but Five. This, by like reafon will Encourage and edge induftrious and profitable Improvements, because Many will rather venture in that kind than take Five in the Hundred, especially having been used to greater Profit. Secondly, let there be certain Perfons licenfed to Lend to known Merchants upon Ufury, at a higher Rate; and let it be with the Cautions following. Let the Rate be, even with the Merchant himself, fomewhat more eafy, than that he used formerly to pay: for, by that Means all Borrowers shall have some ease by this Reformation, be he Merchant or whofoever. Let it-be no Bank or Common Stock, but every Man be Master of his own Money: not that I altogether miflike Banks, but they will hardly be brooked, in regard of certain fufpicions. Let the State be answered some small Matter for the Licenfe, and the reft left to the Lender; for if the Abatement be but small, it will no whit difcourage the Lender; for he, for Example, that took before Ten or Nine in the Hundred, will fooner defcend to Eight in the Hundred than give over his Trade of Ufury, and go from certain Gains to Gains of Hazard. Let thefe licensed Lenders be in Number indefinite, but restrained to certain Principal Cities and Towns of Merchandizing: for then they will be

Mån