defence of usury-第11部分

按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！


ons；　as；　in　the　cultivation　of　any　of　those　arts　which　have　been　by　way　of　eminence　termed　useful；　direct　their　endeavours　to　any　of　those　departments　in　which　their　utility　shines　most　conspicuous　and　indubitable；　upon　all　such　persons　as；　in　the　line　of　any　of　their　pursuits；　aim　at　any　thing　that　can　be　called　improvement；　whether　it　consist　in　the　production　of　any　new　article　adapted　to　man's　use；　or　in　the　meliorating　the　quality；　or　diminishing　the　expence；　of　any　of　those　which　are　already　known　to　us。　It　falls；　in　short；　upon　every　application　of　the　human　powers；　in　which　ingenuity　stands　in　need　of　wealth　for　its　assistant。　　　　　High　and　extraordinary　rates　of　interest；　how　little　soever　adapted　to　the　situation　of　the　prodigal；　are　certainly；　as　you　very　justly　observe；　particularly　adapted　to　the　situation　of　the　projector：　not　however　to　that　of　the　imprudent　projector　only；　nor　even　to　his　case　more　than　another's；　but　to　that　of　the　prudent　and　wellgrounded　projector；　if　the　existence　of　such　a　being　were　to　be　supposed。　Whatever　be　the　prudence　or　other　qualities　of　the　project；　in　whatever　circumstance　the　novelty　of　it　may　lie；　it　has　this　circumstance　against　it；　viz。　that　it　is　new。　But　the　rates　of　interest；　the　highest　rates　allowed；　are；　as　you　expressly　say　they　are；　and　as　you　would　have　them　to　be；　adjusted　to　the　situation　which　the　sort　of　trader　is　in；　whose　trade　runs　in　the　old　channels；　and　to　the　best　security　which　such　channels　can　afford。　But　in　the　nature　of　things；　no　new　trade；　no　trade　carried　on　in　any　new　channel；　can　afford　a　security　equal　to　that　which　may　be　afforded　by　a　trade　carried　on　in　any　of　the　old　ones：　in　whatever　light　the　matter　might　appear　to　perfect　intelligence；　in　the　eye　of　every　prudent　person；　exerting　the　best　powers　of　judging　which　the　fallible　condition　of　the　human　faculties　affords；　the　novelty　of　any　commercial　adventure　will　oppose　a　chance　of　ill　success；　superadded　to　every　one　which　could　attend　the　same；　or　any　other；　adventure；　already　tried；　and　proved　to　be　profitable　by　experience。　　　　　The　limitation　of　the　profit　that　is　to　be　made；　by　lending　money　to　persons　embarked　in　trade；　will　render　the　monied　man　more　anxious；　you　may　say；　about　the　goodness　of　his　security；　and　accordingly　more　anxious　to　satisfy　himself　respecting　the　prudence　of　a　project　in　the　carrying　on　of　which　the　money　is　to　be　employed；　than　he　would　be　otherwise：　and　in　this　way　it　may　be　thought　that　these　laws　have　a　tendency　to　pick　out　the　good　projects　from　the　bad；　and　favour　the　former　at　the　expence　of　the　latter。　The　first　of　these　positions　I　admit：　but　I　can　never　admit　the　consequence　to　follow。　A　prudent　man；　（I　mean　nothing　more　than　a　man　of　ordinary　prudence）　a　prudent　man　acting　under　the　sole　governance　of　prudential　motives；　I　still　say　will　not；　in　these　circumstances；　pick　out　the　good　projects　from　the　bad；　for　he　will　not　meddle　with　projects　at　all。　He　will　pick　out　old…established　trades　from　all　sorts　of　projects；　good　and　bad；　for　with　a　new　project；　be　it　ever　so　promisiug；　he　never　will　have　any　thing　to　do。　By　every　man　that　has　money；　five　per　cent。　or　whatever　be　the　highest　legal　rate；　is　at　all　times；　and　always　will　be；　to　be　had　upon　the　very　best　security；　that　the　best　and　most　prosperous　old…established　trade　can　afford。　Traders　in　general；　I　believe；　it　is　commonly　understood；　are　well　enough　inclined　to　enlarge　their　capital；　as　far　as　all　the　money　they　can　borrow　at　the　highest　legal　rate；　while　that　rate　is　so　low　as　5　per　cent。；　will　enlarge　it。　How　it　is　possible　therefore　for　a　project；　be　it　ever　so　promising；　to　afford；　to　a　lender　at　any　such　rate　of　interest；　terms　equally　advantageous；　upon　the　whole；　with　those　he　might　be　sure　of　obtaining　from　an　old…established　business；　is　more　than　I　can　conceive。　loans　of　money　may　certainly　chance；　now　and　then；　to　find　their　way　into　the　pockets　of　projectors　as　well　as　of　other　men：　but　when　this　happens　it　must　be　through　incautiousness；　or　friendship；　or　the　expectation　of　some　collateral　benefit；　and　not　through　any　idea　of　the　advantageousness　of　the　transaction；　in　the　light　of　a　pecuniary　bargain。　　　　　I　should　not　expect　to　see　it　alledged。　that　there　is　any　thing；　that　should　render　the　number　of　well…grounded　projects；　in　comparison　of　the　ill…grounded；　less　in　time　future；　than　it　has　been　in　time　past。　I　am　sure　at　least　that　I　know　of　no　reasons　why　it　should　be　so；　though　I　know　of　some　reasons；　which　I　shall　beg　leave　to　submit　to　you　by　and　by；　which　appear　to　me　pretty　good　ones；　why　the　advantage　should　be　on　the　side　of　futurity。　But；　unless　the　stock　of　well…grounded　projects　is　already　spent；　and　the　whole　stock　of　ill…grounded　projects　that　ever　were　possible；　are　to　be　looked　for　exclusively　in　the　time　to　come；　the　censure　you　have　passed　on　projectors；　measuring　still　the　extent　of　it　by　that　of　the　operation　of　the　laws　in　the　defence　of　which　it　is　employed；　looks　as　far　backward　as　forward：　it　condemns　as　rash　and　ill…grounded；　all　those　projects：　by　which　our　species　have　been　successively　advanced　from　that　state　in　which　acorns　were　their　food；　and　raw　hides　their　cloathing；　to　the　state　in　which　it　stands　at　present：　for　think；　Sir；　let　me　beg　of　you；　whether　whatever　is　now　the　routine　of　trade　was　not；　at　its　commencement；　project？　whether　whatever　is　now　establishment；　was　not；　at　one　time；　innovation？　　　　　How　it　is　that　the　tribe　of　well…grounded　projects；　and　of　prudent　projectors　（if　by　this　time　I　may　have　your　leave　for　applying　this　epithet　to　some　at　least　among　the　projectors　of　time　past）；　have　managed　to　struggle　through　the　obstacles　which　the　laws　in　question　have　been　holding　in　their　way；　it　is　neither　easy　to　know；　nor　necessary　to　enquire。　Manifest　enough；　I　think；　it　must　be　by　this　time；　that　difficulties；　and　those　not　inconsiderable　ones；　those　laws　must　have　been　holding　up；　in　the　way　of　projects　of　all　sorts；　of　improvement　（if　I　may　say　so）　in　every　line；　so　long　as　they　have　had　existence：　reasonable　therefore　it　must　be　to　conclude；　that；　had　it　not　been　for　these　discouragements；　projects　of　all　sorts；　well…grounded　and　successful　ones；　as　well　as　others；　would　have　been　more　numerous　than　they　have　been：　and　that　accordingly；　on　the　other　hand；　as　soon；　if　ever；　as　these　discouragements　shall　be　removed；　projects　of　all　sorts；　and　among　the　rest；　well…grounded　and　successful　ones；　will　be　more　numerous　than　they　would　otherwise　have　been：　in　short；　that；　as；　without　these　discouragements；　the　progress　of　mankind　in　the　career　of　prosperity；　would　have　been　greater　than　it　has　been　under　them　in　time　past；　so；　were　they　to　be　removed；　it　would　be　at　least　proportionably　greater　in　time　future。　　　　　That　I　have　done　you　no　injustice；　in　assigning　to　your　idea　of　projectors　so　great　a　latitude；　and　that　the　unfavourable　opinion　you　have　professed　to　entertain　of　them　is　not　confined　to　the　above　passage；　might　be　made；　I　think；　pretty　apparent；　if　it　be　material；　by　another　passage　in　the　tenth　chapter　of　your　first　book。（27*）　〃The　establishment　of　any　new　manufacture；　of　any　new　branch　of　commerce；　or　of　any　new　practice　in　agriculture；〃　all　these　you　comprehend　by　name　under　the　list　of　〃projects〃：　of　every　one　of　them　you　observe；　that　〃it　is　a　speculation　from　which　the　projector　promises　himself　extraordinary　profits。　These　profits　（you　add）　are　sometimes　very　great；　and　sometimes；　more　frequently　perhaps；　they　are　quite　otherwise。　but　in　general　they　bear　no　regular　proportion　to　those　of　other　old　trades　in　the　neighbourhood。　If　the　project　succeeds；　they　are　commonly　at　first　very　high。　When　the　trade　or　practice　becomes　thoroughly　established　and　well　known；　the　competition　reduces　them　to　the　level　of　other　trades。〃　But　on　this　head　I　forbear　to　insist：　nor　should　I　have　taken　this　liberty　of　giving　you　back　your　own　words；　but　in　the　hope　of　seeing　some　alteration　made　in　them　in　your　next　edition；　should　I　be　fortunate　enough　to　find　my　sentiments　confirmed　by　your's。　In　other　respects；　what　is　essential　to　the　publick；　is；　what　the　error　is　in　the　sentiments　entertained；　not　who　it　is　that　entertains　them。　　　　　I　know　not　whether　the　observations　which　I　have　been　troubling　you　with；　will　be　thought　to　need；　or　whether　they　will　be　thought　to　receive；　any　additional　support　from　those　comfortable　positions；　of　which　you　have　made　such　good　and　such　frequent　use；　concerning　the　constant　tendency　of　mankind　to　get　forward　in　the　career　of　prosperity；　the　prevalence　of　prudence　over　imprudence；　in　the　sum　of　private　conduct　at　least；　and　the　superior　fitness　of　individuals　for　managing　their　own　pecuniary　concerns；　of　which　they　know　the　particulars　and　the　circumstances；　in　comparison　of　the　legislator；　who　can　have　no　such　knowledge。　I　will　make　the　experiment：　for；　so　long　as　I　have　the　mortification　to　see　you　on　the　opposite　side；　I　can　never　think　the　ground　I　have　taken　strong　enough；　while　any　thing　remains　that　appears　capable　of　rendering　it　still　stronger。　　　　　〃With　regard　to　misconduct；　the　number　of　prudent　and　successful　undertakings〃　（you　observe（28*））　〃is　every　where　much　greater　than　that　of　injudicious　and　unsuccessful　ones。　After　all　our　complaints　of　the　frequency　of　bankruptcies；　the　unhappy　men　who　fall　into　this　misfortune　make　but　a　very　small　part　of　the　whole　number　engaged　in　trade；　and　all　other　sorts　of　business；　not　much　more　perhaps　than　one　in　a　thousand。〃　　　　　'Tis　in　support　of　this　position　that　you　appeal　to　history　for　the　constant　and　uninterrupted　progress　of　mankind；　in　our　island　at　least；　in　the　career　of　prosperity：　calling　upon　any　one　who　should　entertain　a　doubt　of　the　fact；　to　divide　the　history　into　any　number　of　periods；　from　the　time　of　Caesar's　visit　down　to　the　present：　proposing　for　instance　the　respective　aeras　of　the　Restoration；　the　Accession　of　Elizabeth；　that　of　Henry　VII；　the　Norman　Conquest；　and　the　Heptarchy；　and　putting　it　to　the　sceptic　to　find　out；　if　he　can；　among　all　these　periods；　any　one　at　which　the　condition　of　the　country　was　not　more　prosperous　than　at　the　period　immediately　preceding　it；　spite　of　so　many　wars；　and　fires；　and　plagues；　and　all　other　public　calami