defence of usury-第5部分

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　nobody　at　all　who　has　confidence　enough　to　take　advantage　of　the　flaw；　he　stands　precluded　from　all　assistance；　as　before：　and；　though　he　should；　yet　the　lender's　terms　must　necessarily　run　the　higher；　in　proportion　to　what　his　confidence　wants　of　being　perfect。　It　is　not　likely　that　it　should　be　perfect：　it　is　still　less　likely　that　he　should　acknowledge　it　so　to　be：　it　is　not　likely；　at　least　as　matters　stand　in　England；　that　the　worst…penned　law　made　for　this　purpose　should　be　altogether　destitute　of　effect：　and　while　it　has　any；　that　effect；　we　see；　must　be　in　one　way　or　other　mischievous。　　　　　I　have　already　hinted　at　the　disrepute；　the　ignominy；　the　reproach；　which　prejudice；　the　cause　and　the　effect　of　these　restrictive　laws；　has　heaped　upon　that　perfectly　innocent　and　even　meritorious　class　of　men；　who；　not　more　for　their　own　advantage　than　to　the　relief　of　the　distresses　of　their　neighbour；　may　have　ventured　to　break　through　these　restraints。　It　is　certainly　not　a　matter　of　indifference；　that　a　class　of　persons；　who；　in　every　point　of　view　in　which　their　conduct　can　be　placed；　whether　in　relation　to　their　own　interest；　or　in　relation　to　that　of　the　persons　whom　they　have　to　deal　with；　as　well　on　the　score　of　prudence；　as　on　that　of　beneficence；　（and　of　what　use　is　even　benevolence；　but　in　as　far　as　it　is　productive　of　beneficence？）　deserve　praise　rather　than　censure；　should　be　classed　with　the　abandoned　and　profligate；　and　loaded　with　a　degree　of　infamy；　which　is　due　to　those　only　whose　conduct　is　in　its　tendency　the　most　opposite　to　their　own。　　　　　〃This　suffering；〃　it　may　be　said；　〃having　already　been　taken　account　of；　is　not　to　be　brought　to　account　a　second　time：　they　are　aware；　as　you　yourself　observe；　of　this　inconvenience；　and　have　taken　care　to　get　such　amends　for　it；　as　they　themselves　look　upon　as　sufficient。〃　True：　but　is　it　sure　that　the　compensation；　such　as　it　is；　will　always；　in　the　event；　have　proved　a　sufficient　one？　Is　there　no　room　here　for　miscalculation？　May　there　not　be　unexpected；　unlooked…for　incidents；　sufficient　to　turn　into　bitterness　the　utmost　satisfaction　which　the　difference　of　pecuniary　emolument　could　afford？　For　who　can　see　to　the　end　of　that　inexhaustible　train　of　consequences　that　are　liable　to　ensue　from　the　loss　of　reputation？　Who　can　fathom　the　abyss　of　infamy？　At　any　rate；　this　article　of　mischief；　if　not　an　addition　in　its　quantity　to　the　others　above…noticed；　is　at　least　distinct　from　them　in　its　nature；　and　as　such　ought　not　to　be　overlooked。　　　　　Nor　is　the　event　of　the　execution　of　the　law　by　any　means　an　unexampled　one：　several　such；　at　different　times；　have　fallen　within　my　notice。　Then　comes　absolute　perdition：　loss　of　character；　and　forfeiture；　not　of　three　times　the　extra…interest；　which　formed　the　profit　of　the　offence；　but　of　three　times　the　principal；　which　gave　occasion　to　it。（1*）　　　　　The　last　article　I　have　to　mention　in　the　account　of　mischief；　is；　the　corruptive　influence；　exercised　by　these　laws；　on　the　morals　of　the　people；　by　the　pains　they　take；　and　cannot　but　take；　to　give　birth　to　treachery　and　ingratitude。　To　purchase　a　possibility　of　being　enforced；　the　law　neither　has　found；　nor；　what　is　very　material；　must　it　ever　hope　to　find；　in　this　case；　any　other　expedient；　than　that　of　hiring　a　man　to　break　his　engagement；　and　to　crush　the　hand　that　has　been　reached　out　to　help　him。　In　the　case　of　informers　in　general；　there　has　been　no　troth　plighted；　nor　benefit　received。　In　the　case　of　real　criminals　invited　by　rewards　to　inform　against　accomplices；　it　is　by　such　breach　of　faith　that　society　is　held　together；　as　in　other　cases　by　the　observance　of　it。　In　the　case　of　real　crimes；　in　proportion　as　their　mischievousness　is　apparent；　what　can　not　but　be　manifest　even　to　the　criminal；　is；　that　it　is　by　the　adherence　to　his　engagement　that　he　would　do　an　injury　to　society；　and；　that　by　the　breach　of　such　engagement；　instead　of　doing　mischief　he　is　doing　good：　in　the　case　of　usury　this　is　what　no　man　can　know；　and　what　one　can　scarcely　think　it　possible　for　any　man；　who；　in　the　character　of　the　borrower；　has　been　concerned　in　such　a　transaction；　to　imagine。　He　knew　that；　even　in　his　own　judgment；　the　engagement　was　a　beneficial　one　to　himself；　or　he　would　not　have　entered　into　it：　and　nobody　else　but　the　lender　is　affected　by　it。

LETTER　VII　Efficacy　of　anti…usurious　laws。

　　　　Before　I　quit　altogether　the　consideration　of　the　case　in　which　a　law；　made　for　the　purpose　of　limiting　the　rate　of　interest；　may　be　inefficacious　with　regard　to　that　end；　I　can　not　forbear　taking　some　further　notice　of　a　passage　already　alluded　to　of　Dr　Smith's：　because；　to　my　apprehension；　that　passage　seems　to　throw　upon　the　subject　a　degree　of　obscurity；　which　I　could　wish　to　see　cleared　up；　in　a　future　edition　of　that　valuable　work。　　　　　〃No　law〃　says　he；（2*）　〃can　reduce　the　common　rate　of　interest　below　the　lowest　ordinary　market　rate；　at　the　time　when　that　law　was　made。　Notwithstanding　the　edict　of　1766；　by　which　the　French　king　attempted　to　reduce　the　rate　of　interest　from　five　to　four　per　cent　money　continued　to　be　lent　in　France　at　five　per　cent　the　law　being　evaded　in　several　different　ways。〃　　　　　As　to　the　general　position；　if　so　it　be；　so　much；　according　to　me；　the　better：　but　I　must　confess　I　do　not　see　why　this　should　be　the　case。　It　is　for　the　purpose　of　proving　the　truth　of　this　general　position；　that　the　fact　of　the　inefficacy　of　this　attempt　seems　to　be　adduced：　for　no　other　proof　is　adduced　but　this。　But；　taking　the　fact　for　granted；　I　do　not　see　how　it　can　be　sufficient　to　support　the　inference。　The　law；　we　are　told　at　the　same　time；　was　evaded：　but　we　are　not　told　how　it　came　to　be　open　to　evasion。　It　might　be　owing　to　a　particular　defect　in　the　penning　of　that　particular　law；　or；　what　comes　to　the　same　thing；　in　the　provisions　made　for　carrying　it　into　execution。　In　either　case；　it　affords　no　support　to　the　general　position：　nor　can　that　position　he　a　just　one；　unless　it　were　so　in　the　case　where　every　provision　had　been　made；　that　could　be　made；　for　giving　efficacy　to　the　law。　For　the　position　to　be　true；　the　case　must　be；　that　the　law　would　still　be　broken；　even　after　every　means　of　what　can　properly　be　called　evasion　had　been　removed。　True　or　untrue；　the　position　is　certainly　not　self…evident　enough　to　be　received　without　proof：　yet　nothing　is　adduced　in　proof　of　it；　but　the　fact　above…noticed；　which　we　see　amounts　to　no　such　thing。　What　is　more；　I　should　not　expect　to　find　it　capable　of　proof。　I　do　not　see；　what　it　is；　that　should　render　the　law　incapable　of　〃reducing　the　common　rate　of　interest　below　the　lowest　ordinary　market　rate；〃　but　such　a　state　of　things；　such　a　combination　of　circumstances；　as　should　afford　obstacles　equally　powerful；　or　nearly　so；　to　the　efficacy　of　the　law　against　all　higher　rates。　For　destroying　the　law's　efficacy　altogether。　I　know　of　nothing　that　could　serve；　but　a　resolution　on　the　part　of　all　persons　any　way　privy　not　to　inform：　but　by　such　a　resolution　any　higher　rate　is　just　as　effectually　protected　as　any　lower　one。　Suppose　the　resolution；　strictly　speaking；　universal；　and　the　law　must　in　all　instances　be　equally　inefficacious；　all　rates　of　interest　equally　free；　and　the　state　of　men's　dealings　in　this　way　just　what　it　would　be；　were　there　no　law　at　all　upon　the　subject。　But　in　this　case；　the　position；　in　as　far　as　it　limits　the　inefficacy　of　the　law　to　those　rates　which　are　below　the　〃lowest　ordinary　market　rate；〃　is　not　true。　For　my　part；　I　cannot　conceive　how　any　such　universal　resolution　could　have　been　maintained；　or　could　ever　be　maintained；　without　an　open　concert；　and　as　open　a　rebellion　against　government；　nothing　of　which　sort　appears　to　have　taken　place：　and；　as　to　any　particular　confederacies；　they　are　as　capable　of　protecting　any　higher　rates　against　the　prohibition；　as　any　lower　ones。　　　　　Thus　much　indeed　must　be　admitted；　that　the　low　rate　in　question。　viz。　that　which　was　the　lowest　ordinary　market　rate　immediately　before　the　making　of　the　law；　is　likely　to　come　in　for　the　protection　of　the　public　against　the　law；　more　frequently　than　any　other　rate。　That　must　be　the　case　on　two　accounts：　first；　because　by　being　of　the　number　of　the　ordinary　rates；　it　was；　by　the　supposition；　more　frequent　than　any　extraordinary　ones：　secondly；　because　the　disrepute　annexed　to　the　idea　of　usury；　a　force　which　might　have　more　or　less　efficacy　in　excluding；　from　the　protection　above　spoken　of；　such　extraordinary　rates；　cannot　well　be　supposed　to　apply　itself；　or　at　least　not　in　equal　degree；　to　this　low　and　ordinary　rate。　A　lender　has　certainly　less　to　stop　him　from　taking　a　rate；　which　may　be　taken　without　disrepute；　than　from　taking　one；　which　a　man　could　not　take　without　subjecting　himself　to　that　inconvenience：　nor　is　it　likely；　that　men's　imaginations　and　sentiments　should　testify　so　sudden　an　obsequiousness　to　the　law；　as　to　stamp　disrepute　to…day；　upon　a　rate　of　interest；　to　which　no　such　accompaniment　had　stood　annexed　the　day　before。　　　　　Were　I　to　be　asked　how　I　imagined　the　case　stood　in　the　particular　instance　referred　to　by　Dr　Smith；　judging　from　his　account　of　it；　assisted　by　general　probabilities；　I　should　answer　thus：　　The　law；　I　should　suppose；　was　not　so　penned　as　to　be　altogether　proof　against　evasion。　In　many　instances；　of　which　it　is　impossible　any　account　should　have　been　taken；　it　was　indeed　conformed　to：　in　some　of　those　instances；　people　who　would　have　lent　otherwise；　abstained　from　lending　altogether；　in　others　of　those　instances；　people　lent　their　money　at　the　reduced　legal　rate。　In　other　instances　again；　the　law　was　broken：　the　lenders　trusting；　partly　to　expedients　recurred　to　for　evading　it；　partly　to　the　good　faith　and　honour　of　those　whom　they　had　to　deal　with：　in　this　class　of　instances　it　was　natural；　for　the　two　reasons　above　suggested；　that　those　where　the　old　legal　rate　was　adhered　to；　should　have　been　the　most　numerous。　From　the　circumstance；　not　only　of　their　number；　but　of　their　more　direct　repugnancy　to　the　particular　recent　law　in　question；　they　would　naturally　be　the　most　taken　notice　of。　And　this；　I　should　suppose；　was　the　foundation　in　point　of　fact　for　the　Doctor's　general　position　above…mentioned；　that　〃no