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ys 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 regulate the rate of usury。＇35＇ In the contests which arose on this subject between the plebeians and the patricians； even in the sedition on the Mons Sacer； nothing was alleged； on the one hand； but justice； and on the other； the severity of contracts。＇36＇
They then only followed private agreements； which； I believe； were most commonly at twelve per cent per annum。 My reason is； that in the ancient language of the Romans； interest at six per cent was called half…usury； and interest at three per cent； quarter…usury。＇37＇ Total usury must； therefore； have been interest at twelve per cent。
But if it be asked how such great interest could be established among a people almost without commerce； I answer that this people； being very often obliged to go to war without pay； were under a frequent necessity of borrowing： and as they incessantly made happy expeditions； they were commonly well able to pay。 This is visible from the recital of the contests which arose on this subject； they did not then disagree concerning the avarice of creditors； but said that those who complained might have been able to pay； had they lived in a more regular manner。＇38＇
They then made laws which had only an influence on the present situation of affairs： they ordained； for instance； that those who enrolled themselves for the war they were engaged in should not be molested by their creditors； that those who were in prison should be set at liberty； that the most indigent should be sent into the colonies； and sometimes they opened the public treasury。 The people； being eased of their present burdens； became appeased； and as they required nothing for the future； the senate was far from providing against it。
At the time when the senate maintained the cause of usury with so much constancy； the Romans were distinguished by an extreme love of frugality； poverty； and moderation： but the constitution was such that the principal citizens alone supported all the expenses of government； while the common people paid nothing。 How； then； was it possible to deprive the former of the liberty of pursuing their debtors； and at the same time to oblige them to execute their offices； and to support the republic amidst its most pressing necessities？
Tacitus says that the law of the Twelve Tables fixed the interest at one per cent。＇39＇ It is evident that he was mistaken； and that he took another law； of which I am going to speak； for the law of the Twelve Tables。 If this had been regulated in the law of the Twelve Tables； why did they not make use of its authority in the disputes which afterwards arose between the creditors and debtors？ We find no vestige of this law upon lending at interest； and let us have ever so little knowledge of the history of Rome； we shall see that a law like this could not be the work of the decemvirs。
The Licinian law； made eighty…five years after that of the Twelve Tables；＇40＇ was one of those temporary regulations of which we have spoken。 It ordained that what had been paid for interest should be deducted from the principal； and the rest discharged by three equal payments。
In the year of Rome 398； the tribunes Duellius and Menenius caused a law to be passed which reduced the interest to one per cent per annum。＇41＇ it is this law which Tacitus confounds with that of the Twelve Tables；＇42＇ and this was the first ever made by the Romans to fix the rate of interest。 Ten years after；＇43＇ this usury was reduced one…half；＇44＇ and in the end entirely abolished；＇45＇ and if we may believe some authors whom Livy had read； this was under the consulate of C。 Martius Rutilius and Q。 Servilius； in the year of Rome 413。＇46＇
It fared with this law as with all those in which the legislator carries things to excess： an infinite number of ways were found to elude it。 They enacted； therefore； many others to confirm； correct； and temper it。 Sometimes they quitted the laws to follow the common practice； at others； the common practice to follow the laws； but in this case； custom easily prevailed。＇47＇ When a man wanted to borrow； he found an obstacle in the very law made in his favour； this law must be evaded by the person it was made to succour； and by the person condemned。 Sempronius Asellus； the pr？tor； having permitted the debtors to act in conformity to the laws；＇48＇ was slain by the creditors for attempting to revive the memory of a severity that could no longer be supported。＇49＇
I quit the city； in order to cast an eye on the provinces。
I have somewhere else observed that the Roman provinces were exhausted by a severe and arbitrary government。＇50＇ But this is not all； they were also ruined by a most shocking usury。
Cicero takes notice that the inhabitants of Salamis wanted to borrow a sum of money at Rome； but could not； because of the Gabinian law。＇51＇ We must； therefore； inquire into the nature of this law。
As soon as lending upon interest was forbidden at Rome； they contrived all sort of means to elude the law；＇52＇ and as their allies；＇53＇ and the Latins； were not subject to the civil laws of the Romans； they employed a Latin； or an ally