should be, no doubt it is much in a man's ESSAY XL. self. Of Fortune. Many have made witty invectives against ESSAY XLI. usury. They say that it is a pity the devil of Usury. should have God's part, which is the tithe, that the usurer is the usurer is the greatest Sabbathbreaker, because his plough goeth every Sunday; that the usurer is the drone that Virgil speaketh of: 'Drive from their hives the drones, a lazy race'; that the usurer breaketh the first law that was made for mankind after the fall, which was, 'in the sweat of thy face shalt thou eat thy bread'; not 'in the sweat of the face of another'; that usurers should have orange - tawny bonnets, because they do judaize; that it is against nature for money to beget money, and the like. I say this only, that usury is 'a concession by reason of hardness of heart' for since there must be borrowing and lending, and men are so hard of heart as they will not lend freely, usury must be permitted. Some others have made suspicious and cunning propositions of banks, discovery of men's estates, and other inven

ESSAY XLI. tions; but few have spoken of usury usefully. Of Usury. It is good to set before us the incommodities and commodities of usury, 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 discommodities of usury are, first, that it makes fewer merchants; for were it not for this lazy trade of usury, money would not lie still, but would in great part be employed upon merchandising, 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 so well if he sit at a great rent, so the merchant cannot drive his trade so well if he sit at great usury: the third is incident to the other two; and that is, the decay of customs of kings or states, which ebb or flow with merchandising: the fourth, that it bringeth the treasure of a realm or state into a few hands; for the usurer 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 ESSAY XLI. when wealth is more equally spread: the Of Usury. fifth, that it beats down the price of land; for the employment of money is chiefly either merchandising or purchasing, and usury waylays both the sixth, that it doth dull and damp all industries, improvements, and new inventions, wherein money would be stirring, if it were not for this slug: the last, that it is the canker and ruin of many men's estates, which in process of time breeds a public poverty.

On the other side, the commodities of usury are, first, that howsoever usury in some respect hindereth merchandising, yet in some 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 usurer either call in or keep back his money, there will ensue presently a great stand of trade: the second is, that were it not for this easy borrowing upon interest, men's necessities would draw upon them a most sudden undoing, in that they would be forced to sell their means, be it

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ESSAY XLI. lands

or goods, far under foot; and so, Of Usury. whereas usury doth but gnaw upon them, bad markets would swallow 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 say, 'the devil take this usury, it keeps us from forfeitures of mortgages and bonds.' The third and last is, that it is a vanity to conceive that there would be ordinary borrowing without profit; and it is impossible to conceive the number of. inconveniences that will ensue, if borrowing be cramped therefore to speak of the abolishing of usury is idle; all states have ever had it in one kind or rate, or other; so as that opinion must be sent to Utopia.

To speak now of the reformation and reglement of usury, how the discommodities of it may be best avoided and the commodities retained. It appears, by the balance of commodities and discommodities of usury, two things are to be reconciled; the one, that

the tooth of usury be grinded that it bite ESSAY XLI. not too much; the other, that there be left of Usury. 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 usury, a less and a greater; for if you reduce usury to one low rate, it will ease the common borrower, but the merchant will be to seek for money and it is to be noted, that the trade of merchandise being the most lucrative, may bear usury at a good rate: other contracts not so.

To serve both intentions, the way would be briefly thus: that there be two rates of usury; the one free and general for all; the other under licence only to certain persons, and in certain places of merchandising. First, therefore, let usury in general be reduced to five in the hundred, and let that rate be proclaimed to be free and current ; and let the state shut itself out to take any penalty for the same; this will this will preserve borrowing from any general stop or dryness; this will ease infinite borrowers in the