the spirit of laws-第113章

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　see　the　inconveniences　which　result　from　it。

1。　If　foreigners　possess　much　paper　which　represents　a　debt；　they　annually　draw　out　of　the　nation　a　considerable　sum　for　interest。

2。　In　a　nation　that　is　thus　perpetually　in　debt；　the　exchange　must　be　very　low。

3。　The　taxes　raised　for　the　payment　of　the　interest　of　the　debt　are　an　injury　to　the　manufactures；　by　raising　the　price　of　the　artificer's　labour。

4。　It　takes　the　true　revenue　of　the　state　from　those　who　have　activity　and　industry；　to　convey　it　to　the　indolent；　that　is；　it　gives　facilities　for　labour　to　those　who　do　not　work；　and　clogs　with　difficulties　those　who　do　work。

These　are　its　inconveniences：　I　know　of　no　advantages。　Ten　persons　have　each　a　yearly　income　of　a　thousand　crowns；　either　in　land　or　trade；　this　raises　to　the　nation；　at　five　per　cent；　a　capital　of　two　hundred　thousand　crowns。　If　these　ten　persons　employed　one…half　of　their　income；　that　is；　five　thousand　crowns；　in　paying　the　interest　of　a　hundred　thousand　crowns；　which　they　had　borrowed　of　others；　that　still　would　be　only　to　the　state　as　two　hundred　thousand　crowns；　that　is；　in　the　language　of　the　algebraists；　200；000　crowns　…100；000　crowns　＋　100；000　crowns　=　200；000。

People　are　thrown　perhaps　into　this　error　by　reflecting　that　the　paper　which　represents　the　debt　of　a　nation　is　the　sign　of　riches；　for　none　but　a　rich　state　can　support　such　paper　without　falling　into　decay。　And　if　it　does　not　fall；　it　is　a　proof　that　the　state　has　other　riches　besides。　They　say　that　it　is　not　an　evil；　because　there　are　resources　against　it；　and　that　it　is　an　advantage；　since　these　resources　surpass　the　evil。

18。　Of　the　Payment　of　Public　Debts。　It　is　necessary　that　there　should　be　a　proportion　between　the　state　as　creditor　and　the　state　as　debtor。　The　state　may　be　a　creditor　to　infinity；　but　it　can　only　be　a　debtor　to　a　certain　degree；　and　when　it　surpasses　that　degree　the　title　of　creditor　vanishes。

If　the　credit　of　the　state　has　never　received　the　least　blemish；　it　may　do　what　has　been　so　happily　practised　in　one　of　the　kingdoms　of　Europe；＇32＇　that　is；　it　may　require　a　great　quantity　of　specie；　and　offer　to　reimburse　every　individual；　at　least　if　they　will　not　reduce　their　interest。　When　the　state　borrows；　the　individuals　fix　the

interest；　when　it　pays；　the　interest　for　the　future　is　fixed　by　the　state。

It　is　not　sufficient　to　reduce　the　interest：　it　is　necessary　to　erect　a　sinking…fund　from　the　advantage　of　the　reduction；　in　order　to　pay　every　year　a　part　of　the　capital：　a　proceeding　so　happy　that　its　success　increases　every　day。

When　the　credit　of　the　state　is　not　entire；　there　is　a　new　reason　for　endeavouring　to　form　a　sinking…fund；　because　this　fund　being　once　established　will　soon　procure　the　public　confidence。

1。　If　the　state　is　a　republic；　the　government　of　which　is　in　its　own　nature　consistent　with　its　entering　into　projects　of　a　long　duration；　the　capital　of　the　sinking…fund　may　be　inconsiderable；　but　it　is　necessary　in　a　monarchy　for　the　capital　to　be　much　greater。

2。　The　regulations　ought　to　be　so　ordered　that　all　the　subjects　of　the　state　may　support　the　weight　of　the　establishment　of　these　funds；　because　they　have　all　the　weight　of　the　establishment　of　the　debt；　thus　the　creditor　of　the　state；　by　the　sums　he　contributes；　pays　himself。

3。　There　are　four　classes　of　men　who　pay　the　debts　of　the　state：　the　proprietors　of　the　land；　those　engaged　in　trade；　the　labourers　and　artificers；　and；　in　fine；　the　annuitants　either　of　the　state　or　of　private　people。　Of　these　four　classes　the　last；　in　a　case　of　necessity　one　would　imagine；　ought　least　to　be　spared；　because　it　is　a　class　entirely　passive；　while　the　state　is　supported　by　the　active　vigour　of　the　other　three。　But　as　it　cannot　be　higher　taxed；　without　destroying　the　public　confidence；　of　which　the　state　in　general　and　these　three　classes　in　particular　have　the　utmost　need；　as　a　breach　in　the　public　faith　cannot　be　made　on　a　certain　number　of　subjects　without　seeming　to　be　made　on　all；　as　the　class　of　creditors　is　always　the　most　exposed　to　the　projects　of　ministers；　and　always　in　their　eye；　and　under　their　immediate　inspection；　the　state　is　obliged　to　give　them　a　singular　protection；　that　the　part　which　is　indebted　may　never　have　the　least　advantage　over　that　which　is　the　creditor。

19。　Of　lending　upon　Interest。　Specie　is　the　sign　of　value。　It　is　evident　that　he　who　has　occasion　for　this　sign　ought　to　pay　for　the　use　of　it；　as　well　as　for　everything　else　that　he　has　occasion　for。　All　the　difference　is　that　other　things　may　be　either　hired　or　bought；　while　money；　which　is　the　price　of　things；　can　only　be　hired；　and　not　bought。＇33＇

To　lend　money　without　interest　is　certainly　an　action　laudable　and　extremely　good；　but　it　is　obvious　that　it　is　only　a　counsel　of　religion；　and　not　a　civil　law。

In　order　that　trade　may　be　successfully　carried　on；　it　is　necessary　that　a　price　be　fixed　on　the　use　of　specie；　but　this　should　be　very　inconsiderable。　If　it　be　too　high；　the　merchant　who　sees　that　it　will　cost　him　more　in　interest　than　he　can　gain　by　commerce　will　undertake　nothing；　if　there　is　no　consideration　to　be　paid　for　the　use　of　specie；　nobody　will　lend　it；　and　here　too　the　merchant　will　undertake　nothing。

I　am　mistaken　when　I　say　nobody　will　lend；　the　affairs　of　society　will　ever　make　it　necessary。　Usury　will　be　established；　but　with　all　the　disorders　with　which　it　has　been　constantly　attended。

The　laws　of　Mahomet　confound　usury　with　lending　upon　interest。　Usury　increases　in　Mahometan　countries　in　proportion　to　the　severity　of　the　prohibition。　The　lender　indemnifies　himself　for　the　danger　he　undergoes　of　suffering　the　penalty。

In　those　eastern　countries；　the　greater　part　of　the　people　are　secure　in　nothing；　there　is　hardly　any　proportion　between　the　actual　possession　of　a　sum　and　the　hopes　of　receiving　it　again　after　having　lent　it：　usury；　then；　must　be　raised　in　proportion　to　the　danger　of　insolvency。

20。　Of　Maritime　Usury。　The　greatness　of　maritime　usury　is　founded　on　two　things：　the　danger　of　the　sea；　which　makes　it　proper　that　those　who　expose　their　specie　should　not　do　it　without　considerable　advantage；　and　the　ease　with　which　the　borrower；　by　means　of　commerce；　speedily　accomplishes　a　variety　of　great　affairs。　But　usury；　with　respect　to　landmen；　not　being　founded　on　either　of　these　two　reasons；　is　either　prohibited　by　the　legislators；　or；　what　is　more　rational；　reduced　to　proper　bounds。

21。　Of　Lending　by　Contract；　and　the　State　of　Usury　among　the　Romans。　Besides　the　loans　made　for　the　advantage　of　commerce；　there　is　still　a　kind　of　lending　by　a　civil　contract；　whence　results　interest　or　usury。

As　the　people　of　Rome　increased　every　day　in　power；　the　magistrates　sought　to　insinuate　themselves　in　their　favour　by　enacting　such　laws　as　were　most　agreeable　to　them。　They　retrenched　capitals；　they　first　lowered；　and　at　length　prohibited；　interest；　they　took　away　the　power　of　confining　the　debtor's　body；　in　fine；　the　abolition　of　debts　was　contended　for　whenever　a　tribune　was　disposed　to　render　himself　popular。

These　continual　changes；　whether　made　by　the　laws　or　by　the　plebiscita；　naturalised　usury　at　Rome；　for　the　creditors；　seeing　the　people　their　debtor；　their　legislator；　and　their　judge；　had　no　longer　any　confidence　in　their　agreements：　the　people；　like　a　debtor　who　has　lost　his　credit；　could　only　tempt　them　to　lend　by　allowing　an　exorbitant　interest；　especially　as　the　laws　applied　a　remedy　to　the　evil　only　from　time　to　time；　while　the　complaints　of　the　people　were　continual；　and　constantly　intimidated　the　creditors。　This　was　the　cause　that　all　honest　means　of　borrowing　and　lending　were　abolished　at　Rome；　and　that　the　most　monstrous　usury　established　itself　in　that　city；　notwithstanding　the　strict　prohibition　and　severity　of　the　law。＇34＇　This　evil　was　a　consequence　of　the　severity　of　the　laws　against　usury。　Laws　excessively　good　are　the　source　of　excessive　evil。　The　borrower　found　himself　under　the　necessity　of　paying　for　the　interest　of　the　money；　and　for　the　danger　the　creditor　underwent　of　suffering　the　penalty　of　the　law。

22。　The　same　Subject　continued。　The　primitive　Romans　had　not　any　laws　to　regulat