is good to set before us the incommodities and commodities of usury, that the good may be either weighed 20 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 25 usury, money would not lie still, but it 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 30 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 estates, which ebb or flow with merchandising. The fourth, that it bringeth the treasure of a realm or State into a few hands. For the 35 usurer being at certainties, and the other 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 40 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 45 process of time breeds a public poverty.

On the other side, the commodities of usury are, first, that howsoever usury in some respects hindereth merchandising, yet in some other it advanceth it. For it is certain that the greatest part of trade is driven by young 50 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 55 (be it lands or goods) far under foot; and so, 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 60 for the forfeiture. I remember a cruel monied man in the country, that would say, The devil take this usury, it keeps us from forfeiture 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 im- 65 possible 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.

70

To speak now of the reformation and reiglement 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 75 grinded, that it bite not too much; the other that there be left open a means to invite monied 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 80 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

85

general for all, the other under licence only to certain persons, and in certain places of merchandising. First, 90 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 preserve borrowing from any general stop or dryness. 95 borrowers in the country.

This will ease infinite This will, in good part, raise the price of land, because land purchased at sixteen years' purchase will yield six in the hundred, and somewhat more, whereas this rate of interest yields but five. This, by like reason, will encourage and edge industrious and 100 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 persons licensed to lend to known merchants upon usury, at a high rate, and let it be with the cautions 105 following. Let the rate be, even with the merchant himself, somewhat more easy than that he used formerly to pay; for by that means all borrowers shall have some ease by this reformation, be he merchant or whosoever. Let it be no bank, or common stock, but every man be LIO master of his own money. Not that I altogether mislike banks; but they will hardly be brooked, in regard of certain suspicions. Let the State be answered some small matter for the licence, and the rest left to the lender; for if the abatement be but small, it will no whit 115 discourage the lender. For he, for example, that took before ten or nine in the hundred, will sooner descend to eight in the hundred, than give over this trade of usury, and go from certain gains to gains of hazard. Let these licensed lenders be in number indefinite, but restrained to certain 120 principal cities and towns of merchandise. For then they will be hardly able to colour other men's monies in the country, so as the licence of nine will not suck away

the current rate of five.

For no man will lend his monies

far off, nor put them into unknown hands.

If it be objected that this doth in a sort authorise usury, which before was in some places but permissive; 125 the answer is, that it is better to mitigate usury by declaration than to suffer it to rage by connivance.

XLII

Of Youth and Age

A MAN that is young in years may be old in hours, if he have lost no time. But that happeneth rarely. Generally, youth is like the first cogitations, not so wise as the second, for there is a youth in thoughts as well as in 5 ages. And yet the invention of young men is more lively than that of old, and imaginations stream into their minds better, and, as it were, more divinely.

Natures that have much heat, and great and violent desires and perturbations, are not ripe for action till they 10 have passed the meridian of their years; as it was with Julius Cæsar and Septimius Severus, of the latter of whom it is said, Juventutem egit erroribus, imo furoribus, plenam; and yet he was the ablest emperor almost of all the list. But reposed natures may do well in 15 youth, as it is seen in Augustus Cæsar, Cosmus Duke of Florence, Gaston de Fois, and others.

On the other side, heat and vivacity in age is an excellent composition for business. Young men are fitter to invent than to judge, fitter for execution than 20 for counsel, and fitter for new projects than for settled