Page:Essays of Francis Bacon 1908 Scott.djvu/301

Rh 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 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 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 merchandize, 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 merchandizing. 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 preserve borrowing from any general stop or dryness. This will ease infinite