of his fortune. For so Livy,° after he had described Cato Major in these words, "In illo viro,° tantum robur corporis et animi fuit, ut quocunque loco natus esset fortunam sibi facturus videretur," falleth upon that, that he had versatile ingenium. Therefore, if a 5 man look sharply and attentively, he shall see fortune; for though she be blind, yet she is not invisible. The way of fortune is like the milken way in the sky, which is a meeting or knot of a number of small stars, not seen asunder, but giving light together. So are 10 there a number of little and scarce discerned virtues, or rather faculties and customs, that make men fortunate. The Italians note some of them, such as a man would little think. When they speak of one that cannot do amiss, they will throw it into his 15 other conditions, that he hath "poco di matto."" And, certainly, there be not two more fortunate properties than to have a little of the fool, and not too much of the honest. Therefore extreme lovers of their country or masters were never fortunate, 20 neither can they be; for when a man placeth his thoughts without himself, he goeth not his own way. An hasty fortune maketh an enterpriser and remover (the French hath it better, entreprenant, or remuant); but the exercised° fortune maketh the 25 able man. Fortune is to be honoured and respected, and it be but for her daughters, Confidence and Reputation. For those two felicity breedeth; the first within a man's self, the latter in others towards him.

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All wise men, to decline the envy of their own virtues, use to ascribe them to Providence and Fortune; for so they may the better assume them, and besides it is greatness in a man to be the care 5 of the higher powers. So Cæsar said to the pilot in the tempest, "Cæsarem portas, et fortunam ejus. So Sylla chose the name of felix and not of magnus°; and it hath been noted that those that ascribe openly too much to their own wisdom and policy, end 10 infortunate. It is written that Timotheus, the Athenian, after he had, in the account he gave to the state of his government, often interlaced this speech, And in this fortune had no part,' prospered in anything he undertook afterwards. Certainly there be whose fortunes are like Homer's verses, that have a slide and easiness more than the verses of other poets; as Plutarch° saith of Timoleon's fortune, in respect of that of Agesilaus or Epaminondas. And that this should be, no doubt

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20 it is much in a man's self.°

XLI. OF USURY

never

MANY have made witty invectives against usury.° They say that it is pity the devil should have God's part, which is the tithe°; that the usurer is the greatest Sabbath-breaker, because his plough° goeth every 25 Sunday; that the usurer is the drone that Virgil' speaketh of:

"Ignavum fucos pecus a præsepibus arcent;"

that the usurer breaketh the first law that was made for mankind after the fall, which was "In sudore° vultus tui comedes panem tuum," not "In sudore° vultus alieni;" that usurers should have orangetawny bonnets, because they do judaize°; that it is 5 against nature for money to beget money; and the like. I say this only, that usury is a concessum propter duritiem cordis;" 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. 10 Some others have made suspicious and cunning propositions of banks, discovery of men's estates,° and other inventions. But few have spoken of usury usefully. It is good to set before us the incommodities° and commodities of usury, that the good may be 15 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 20 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° 25 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 30

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 when 5 wealth is more equally spread. The 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, improve10 ments, 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: 15 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 20 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 lands or 25 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,

O

it will little mend the matter; for either men will not take pawns without use, or if they do, they will 30 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 5 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.° 10

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, 15 that the tooth of usury° 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 20 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; 25 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 license only to certain persons, and in certain places of merchan- 30

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