usury is a concessum propter duritiem cordis [a thing allowed by reason of the hardness of men's hearts]; for since there must be borrowing and lending, and men are so hard of heart as they will not lend freely, usury must be permitted. Some others have made suspicious and cunning propositions of banks, discovery[1] of men's estates, and other inventions. But few have spoken of usury usefully. It is good to set before us the incommodities and commodities of usury, that the good may be either weighed out or culled out; and warily to provide, that while we make forth to that which is better, we meet not with that which is worse.
The discommodities of usury are, First, that it makes fewer merchants. For were it not for this lazy trade of usury, money would not lie still, but would in great part be employed upon merchandizing; which is the vena porta[2] of wealth in a state. The second, that it makes poor merchants. For as a farmer cannot husband his ground so well if he sit at a great rent; so the merchant cannot drive his trade so well, if he sit at great usury. The third is incident to the other two; and that is the decay of customs of kings or states, which ebb or flow with merchandizing. The fourth, that it bringeth the treasure of a realm or state into a few hands. For the usurer being at certainties, and others at uncertainties, at the end of the game most of the money will be in the box; and ever a state flourisheth when wealth is more equally spread. The fifth, that it beats down the price of land; for the employment of money is chiefly either merchandizing or purchasing; and usury waylays both. The sixth, that it doth dull and damp all industries, improvements, and new inventions, wherein money would be stirring, if it were not for this slug. The last, that it is the canker and ruin of many men's estates; which in process of time breeds a public poverty.
On the other side, the commodities of usury are, first, that howsoever usury in some respect hindereth merchandizing, yet in some other it advanceth it ; for it is certain that the greatest part of trade is driven by young merchants, upon borrowing at interest; so as if the usurer either call in or keep back his money, there will ensue presently a great stand
