onditions
and the amount of advantage the loan is to him and he should be
permitted to pay for money whatever he is willing to pay."

One writer thus expresses it, "No man of ripe years and of sound mind,
acting freely, and with his eyes open, ought to be hindered, with a
view to his advantage, from making such bargains in the way of
obtaining money, as he thinks fit; nor anybody hindered from supplying
him upon any terms he thinks proper to accede to."

Jeremy Bentham is often quoted to prove the absurdity of all laws
regulating the rates of interest, and yet all his elaborate arguments
are based on this false principle.

If usury is wrong only when the borrower can make no profit, and is
right whenever the borrower can make a gain by it, and the rate of
interest is to be measured by that gain, then all laws are illogical
that limit the rate, and may be classed among those restraining
trade.

CHAPTER XIX.

THE TRUE ETHICAL PRINCIPLE.

The true ethical principle that should govern the relation between the
owner of property and the person holding that property as a loan, does
not differ from the principle that is recognized as prevailing in all
the other relations of life. The party to whom the service is rendered
is under obligation. The party served is the one who must pay for the
service. The party served must pay in proportion to the amount of
service rendered him. If that service is great, then the payment must
be large. If the service is slight, then the payment is small, and
when there is no service then no payment can be claimed.

This principle is recognized in all worthy and upright transactions.
It is the service rendered that is rewarded in a court of justice. An
employe recovers his wages from his employer for his services
rendered. The condition of the employer's business does not enter into
the count. It may have been unprofitable or a great success but that
cannot affect the claim either way.

A physician charges for the services given a patient. The recovery or
death of the patient can neither increase nor diminish them.

In service we always surrender something of ourselves or of our own,
and each knows the sacrifice or effort he has made; he cannot know the
value of this to the other, and he need not know. Full compensation is
due from the party served but no compensation is due when no service
is given nor property surrendered.

The usurer's whole claim is for the service of his p