defence of usury-第10部分

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；　and　only　availing　remedy：　one　stroke　of　it　for　the　musty　laws　against　maintenance　and　champerty：　another　for　the　more　recent　ones　against　usury。　Consider；　for　example；　what　would　have　respectively　been　the　effect　of　two　such　strokes；　in　the　case　of　the　unfortunate　gentleman　I　have　been　speaking　of。　By　the　first；　if　what　is　called　equity　has　any　claim　to　confidence；　he　would　have　got；　even　after　paying　off　his　champerty…usurers；　*1500　a　year　in　land；　and　about　as　much　in　money：　instead　of　getting；　and　that　only　by　an　accident；　*3000　once　told。　By　the　other；　there　is　no　saving　to　what　a　degree　he　might　have　been　benefited。　May　I　be　allowed　to　stretch　so　far　in　favour　of　the　law　as　to　suppose；　that　so　small　a　sum　as　*500　would　have　carried　him　through　his　suit；　in　the　course　of　about　three　years？　I　am　sensible；　that　may　be　thought　but　a　short　sum；　and　this　but　a　short　term；　for　a　suit　in　equity：　but；　for　the　purpose　of　illustration；　it　may　serve　as　well　as　a　longer。　Suppose　he　had　sought　this　necessary　sum　in　the　way　of　borrowing；　and　had　been　so　fortunate；　or；　as　the　laws　against　the　sin　of　usury　would　stile　it；　so　unfortunate；　as　to　get　it　at　200　per　cent。　He　would　then　have　purchased　his　*6000　a　year　at　the　price　of　half　as　much　once　paid；　viz；　*3000；　instead　of　selling　it　at　that　price。　Whether；　if　no　such　laws　against　usury　had　been　in　being；　he　could　have　got　the　money；　even　at　that　rate；　I　will　not　pretend　to　say：　perhaps　he　might　not　have　got　it　under　ten　times　that　rate；　perhaps　he　might　have　got　it　at　the　tenth　part　of　that　rate。　Thus　far；　I　think；　we　may　say；　that　he　might；　and　probably　would；　have　been　the　better　for　the　repeal　of　those　laws：　but　thus　far　we　must　say；　that　it　is　impossible　he　should　have　been　the　worse。　The　terms；　upon　which　he　met　with　adventurers　willing　to　relieve　him；　though　they　come　not　within　that　scanty　field；　which　the　law；　in　the　narrowness　of　its　views；　calls　usury；　do；　in　the　present　case；　at　twenty　years　purchase　of　the　*3000　a　year　he　was　content　to　have　sacrificed　for　such　assistance；　amount；　in　effect；　to　4000　per　cent。　Whether　it　was　likely　that　any　man；　who　was　disposed　to　venture　his　money；　at　all；　upon　such　a　chance；　would　have　thought　of　insisting　upon　such　a　rate　of　interest；　I　will　leave　you　to　imagine：　but　thus　much　may　be　said　with　confidence；　because　the　fact　demonstrates　it；　that；　at　a　rate　not　exceeding　this；　the　sum　would　actually　have　been　supplied。　Whatever　becomes　then　of　the　laws　against　maintenance　and　champerty；　the　example　in　question；　when　applied　to　the　laws　against　usury；　ought；　I　think；　to　be　sufficient　to　convince　us；　that　so　long　as　the　expence　of　seeking　relief　at　law　stands　on　its　present　footing；　the　purpose　of　seeking　that　relief　will；　of　itself；　independently　of　every　other；　afford　a　sufficient　ground　for　allowing　any　man；　or　every　man；　to　borrow　money　on　any　terms　on　which　he　can　obtain　it。

　Crichoff；　　in　White　Russia；　　March　1　787。

　　　　　　　　　LETTER　XIII

To　Dr。　Smith；　on　Projects　in　Arts；　&c。

SIR；　　　　　I　forget　what　son　of　controversy　it　was；　among　the　Greeks；　who　having　put　himself　to　school　to　a　professor　of　eminence；　to　learn　what；　in　those　days；　went　by　the　name　of　wisdom；　chose　an　attack　upon　his　master　for　the　first　public　specimen　of　his　proficiency。　This　specimen；　whatever　entertainment　it　might　have　afforded　to　the　audience；　afforded；　it　may　be　supposed；　no　great　satisfaction　to　the　master：　for　the　thesis　was；　that　the　pupil　owed　him　nothing　for　his　pains。　For　my　part；　being　about　to　shew　myself　in　one　respect　as　ungrateful　as　the　Greek；　it　may　be　a　matter　of　prudence　for　me　to　look　out　for　something　like　candour　by　way　of　covering　to　my　ingratitude：　instead　therefore　of　pretending　to　owe　you　nothing；　I　shall　begin　with　acknowledging；　that；　as　far　as　your　track　coincides　with　mine；　I　should　come　much　nearer　the　truth；　were　I　to　say　I　owed　you　every　thing。　Should　it　be　my　fortune　to　gain　any　advantage　over　you；　it　must　be　with　weapons　which　you　have　taught　me　to　wield；　and　with　which　you　yourself　have　furnished　me：　for；　as　all　the　great　standards　of　truth；　which　can　be　appealed　to　in　this　line；　owe；　as　far　as　I　can　understand；　their　establishment　to　you；　I　can　see　scarce　any　other　way　of　convicting　you　of　any　error　or　oversight；　than　by　judging　you　out　of　your　own　mouth。　　　　　In　the　series　of　letters　to　which　this　will　form　a　sequel；　I　had　travelled　nearly　thus　far　in　my　researches　into　the　policy　of　the　laws　fixing　the　rate　of　interest；　combating　such　arguments　as　fancy　rather　than　observation　had　suggested　to　my　view；　when；　on　a　sudden；　recollection　presented　me　with　your　formidable　image；　bestriding　the　ground　over　which　I　was　travelling　pretty　much　at　my　ease；　and　opposing　the　shield　of　your　authority　to　any　arguments　I　could　produce。　　　　　It　was　a　reflection　mentioned　by　Cicero　as　affording　him　some　com。　fort；　that　the　employment　his　talents　till　that　time　had　met　with；　had　been　chiefly　on　the　defending　side。　How　little　soever　blest；　on　any　occasion；　with　any　portion　of　his　eloquence；　I　may；　on　the　present　occasion；　however；　indulge　myself　with　a　portion　of　what　constituted　his　comfort：　for；　if　I　presume　to　contend　with　you；　it　is　only　in　defence　of　what　I　look　upon　as；　not　only　an　innocent；　but　a　most　meritorious　race　of　men；　who　are　so　unfortunate　as　to　have　fallen　under　the　rod　of　your　displeasure。　I　mean　projectors：　under　which　inviduous　name　I　understand　you　to　comprehend；　in　particular；　all　such　persons　as；　in　the　pursuit　of　wealth；　strike　out　into　any　new　channel；　and　more　especially　into　any　channel　of　invention。　　　　　It　is　with　the　professed　view　of　checking；　or　rather　of　crushing；　these　adventurous　spirits；　whom　you　rank　with　〃prodigals〃；　that　you　approve　of　the　laws　which　limit　the　rate　of　interest；　grounding　yourself　on　the　tendency；　they　appear　to　you　to　have；　to　keep　the　capital　of　the　country　out　of　two　such　different　sets　of　hands。　　　　　The　passage；　I　am　speaking　of；　is　in　the　fourth　chapter　of　your　second　book；　volume　the　second　of　the　8vo　edition　of　1784。　〃The　legal　rate〃　（you　say）　〃it　is　to　be　observed；　though　it　ought　to　be　somewhat　above；　ought　not　to　be　much　above；　the　lowest　market　rate。　If　the　legal　rate　of　interest　in　Great　Britain；　for　example；　was　fixed　so　high　as　eight　or　ten　per　cent。　the　greater　part　of　the　money　which　was　to　be　lent；　would　be　lent　to　prodigals　and　projectors；　who　alone　would　be　willing　to　give　this　high　interest。　Sober　people；　who　will　give　for　the　use　of　money　no　more　than　a　part　of　what　they　are　likely　to　make　by　the　use　of　it；　would　not　venture　into　the　competition。　A　great　part　of　the　capital　of　the　country　would　thus　be　kept　out　of　the　hands　which　were　most　likely　to　make　a　profitable　and　advantageous　use　of　it；　and　thrown　into　those　which　were　most　likely　to　waste　and　destroy　it。　Where　the　legal　interest；　on　the　contrary；　is　fixed　but　a　very　little　above　the　lowest　market　rate；　sober　people　are　universally　preferred　as　borrowers；　to　prodigals　and　projectors。　The　person　who　lends　money；　gets　nearly　as　much　interest　from　the　former；　as　he　dares　to　take　from　the　latter；　and　his　money　is　much　safer　in　the　hands　of　the　one　set　of　people　than　in　those　of　the　other。　A　great　part　of　the　capital　of　the　country　is　thus　thrown　into　the　hands　in　which　it　is　most　likely　to　be　employed　with　advantage。〃　　　　　It　happens　fortunately　for　the　side　you　appear　to　have　taken；　and　as　unfortunately　for　mine；　that　the　appellative；　which　the　custom　of　the　language　has　authorized　you；　and　which　the　poverty　and　perversity　of　the　language　has　in　a　manner　forced　you；　to　make　use　of；　is　one；　which；　along　with　the　idea　of　the　sort　of　persons　in　question；　conveys　the　idea　of　reprobation；　as　indiscriminately　and　deservedly　applied　to　them。　With　what　justice　or　consistency；　or　by　the　influence　of　what　causes；　this　stamp　of　indiscriminate　reprobation　has　been　thus　affixed；　it　is　not　immediately　necessary　to　enquire。　But；　that　it　does　stand　thus　affixed；　you　and　every　body　else；　I　imagine；　will　be　ready　enough　to　allow。　This　being　the　case；　the　question　stands　already　decided；　in　the　first　instance　at　least；　if　not　irrevocably；　in　the　judgments　of　all　those；　who；　unable　or　unwilling　to　be　at　the　pains　of　analysing　their　ideas；　suffer　their　minds　to　be　led　captive　by　the　tyranny　of　sounds；　that　is；　I　doubt；　of　by　far　the　greater　proportion　of　those　whom　we　are　likely　to　have　to　judge　us。　In　the　conceptions　of　all　such　persons；　to　ask　whether　it　be　fit　to　restrain　projects　and　projectors；　will　be　as　much　as　to　ask；　whether　it　be　fit　to　restrain　rashness；　and　folly；　and　absurdity；　and　knavery；　and　waste。　　　　　Of　prodigals　I　shall　say　no　more　at　present。　I　have　already　stated　my　reasons　for　thinking；　that　it　is　not　among　them　that　we　are　to　look　for　the　natural　customers　for　money　at　high　rates　of　interest。　As　far　as　those　reasons　are　conclusive；　it　will　follow；　that；　of　the　two　sorts　of　men　you　mention　as　proper　objects　of　the　burthen　of　these　restraints；　prodigals　and　projectors；　that　burthen　falls　exclusively　on　the　latter。　As　to　these；　what　your　definition　is　of　projectors；　and　what　descriptions　of　persons　you　meant　to　include　under　the　censure　conveyed　by　that　name；　might　be　material　for　the　purpose　of　judging　of　the　propriety　of　that　censure；　but　makes　no　difference　in　judging　of　the　propriety　of　the　law；　which　that　censure　is　employed　to　justify。　Whether　you　yourself；　were　the　several　classes　of　persons　made　to　pass　before　you　in　review；　would　be　disposed　to　pick　out　this　or　that　class；　or　this　and　that　individual；　in　order　to　exempt　them　from　such　censure；　is　what　for　that　purpose　we　have　no　need　to　enquire。　The　law；　it　is　certain；　makes　no　such　distinctions：　it　falls　with　equal　weight；　and　with　all　its　weight；　upon　all　those　persons；　without　distinction　to　whom　the　term　Projectors；　in　the　most　unpartial　and　extensive　signification　of　which　it　is　capable；　can　be　applied。　It　falls　at　any　rate　（to　repeat　some　of　the　words　of　my　former　definition）；　upon　all　such　persons；　as；　in　the　pursuit　of　wealth；　or　even　of　any　other　object；　endeavour；　by　the　assistance　of　wealth；　to　strike　into　any　channel　of　invention。　It　falls　upon　all　such　persons；　as；　in　the　cultivation　of　any　of　those　arts　which　have　been　by　way　of　eminence　termed　useful；　d