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 of it
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 can not 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 merchandise, 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 interest; the one free and general for all, the other
under license only, to certain persons and in certain places of
merchandising. First, therefore, let usury in general be reduced to
five in the hundred; and let that rate be proclaimed 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 borrowers in the country. This will, in great part,
raise the price of land, because land purchased at sixteen years'
purchase will yield six in the hundred and somewhat more; whereas this
rate of interest yields but five. This, by like reason, will encourage
and edge industrious and profitable improvements; because many will
rather venture in that kind than take five in the hundred, especially
having been used to greater profit. Secondly, let there be certain
persons licensed to lend to known merchants upon usury at a higher
rate; and let it be with the cautions following: Let the rate be, even
with the merchant himself, somewhat more easy than that he used
formerly to pay; for by that means all borrowers shall have some ease
by this reformation, be he merchant or whosoever. Let it be bank or
common stock, but every man be master of his own money. Not that I
altogether mislike banks, but they will hardly be brooked in regard of
certain suspicions. Let the state be answered some small matter for
the license, and the rest left to the lender; for if the abatement be
but s