rs. And it
must be acknowledged, in spite of those who declaim so violently against
refinement in the arts, or what they are pleased to call luxury, that,
as much as an industrious tradesman is both a better man and a better
citizen than one of those idle retainers who formerly depended on the
great families, so much is the life of a modern nobleman more laudable
than that of an ancient baron.[*]

But the most important law, in its consequences, which was enacted
during the reign of Henry, was that by which the nobility and gentry
acquired a power of breaking the ancient entails, and of alienating
their estates.[*] By means of this law, joined to the beginning luxury
and refinements of the age, the great fortunes of the barons were
gradually dissipated, and the property of the commons increased
in England. It is probable that Henry foresaw and intended this
consequence; because the constant scheme of his policy consisted in
depressing the great, and exalting churchmen, lawyers, and men of new
families, who were more dependent on him.

This king's love of money naturally led him to encourage commerce, which
increased his customs; but, if we may judge by most of the laws enacted
during his reign, trade and industry were rather hurt than promoted
by the care and attention given to them. Severe laws were made against
taking interest for money, which was then denominated usury.[*] [3] Even
the profits of exchange were prohibited, as savoring of usury,[**] which
the superstition of the age zealously proscribed. All evasive contracts,
by which profits could be made from the loan of money, were also
carefully guarded against.[***] It is needless to observe how
unreasonable and iniquitous these laws, how impossible to be executed,
and how hurtful to trade, if they could take place. We may observe,
however, to the praise of this king, that sometimes, in order to promote
commerce, he lent to merchants sums of money without interest, when he
knew that their stock was not sufficient for those enterprises which
they had in view.[****]

Laws were made against the exportation of money, plate, or bullion:
[v] a precaution which serves to no other purpose than to make more be
exported.

* See note C, at the end of the volume.

** 4 Henry VII. cap. 24. The practice of breaking entails by
means of a fine and recovery was introduced in the reign of
Edward IV.: but it was not, properly speaking, law, till the