nt 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
merchandizing. 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, when wealth is more equally
spread. The fifth, that it beats down the price of land; for the
employment of money, is chiefly either merchandizing 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 merchandizing, 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 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
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 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