A TRACT AGAINST usury.  
Presented to the High Court of Parliament.  
HEB DDIEV HEB DDIM   printer's or publisher's device 
LONDON, Printed by W. I. for Walter Burr, and are to be sold at his shop in Paul's Churchyard, at the sign of the Crane. 1621.   

TO leave the proofs of the unlawfulness of Usury to Divines, wherein a number, as well Protestants as Papists have learnedly written; here is only set down some arguments to show how great the hurt is it doth to this kingdom which hath no gold nor silver mines, but plenty of commodities, and many and great advantages of trade to which the high rate of Usury is a great prejudice and decay.  
For proof, how much the high rate of Usury decays trade; we see that generally all Merchants when they have gotten any great wealth, leave trading and fall to Usury, the gain thereof being so easy, certain, and great: whereas in other Countries, where Usury is at a lower rate, and thereby lands dearer to purchase, they continue Merchants from generation to generation to enrich themselves and the State.  
Neither are they rich tradesmen only that give over trading, but a number of beginners are undone or discouraged by the high rate of Usury, their industry serving but to enrich others, and beggar themselves.  
We also see many trades themselves much decayed, because they will not afford so great a gain as ten in the hundred; whereas if the rate of Usury were not higher here then in other Countries, they had still subsisted and flourished, and perhaps with as much advantage to the public, as those that do bring more to the private adventurers.  
Yet are not those the greatest hindrances the high rate of money brings to trade; our greatest disadvantage is, that other Nations, especially our industrious neighbours the Dutch, are therein wiser than we: for with them, and so in most Countries with whom we hold commerce, there is not any use for money tolerated, above the rate of six in the hundred: Whereby it must of necessity come to pass, though they have no other advantages of industry and frugality that they must out-trade us; for if they make return of ten per centum, they almost double the Use allowed, and so make a very gainful trade. But with us, where ten in the hundred is so currant, it is otherwise; for if we make not above ten, we are losers, and consequently the same trade being with them and us equally good for the public, is to the private adventurers loss-full with us, with them very gainful. And where the good of the public and private men's go not together, the public is seldom greatly advanced.  
And as they out-trade, so they may afford to under-sell us in the fruits of the earth, which are equally natural to our and their Lands, as to our great shame we see our neighbours the Dutch do, even in our own Country: for in most commodities the earth brings forth, the stock employed in planting and managing of them, makes a great (in many the greatest) part of their price; and consequently, their stock with them being rated at six in the hundred, they may with great gain under-sell us, our stock with us being rated at ten.  
And as they may out-trade us and under-sell us, so are all contributions to the War, works of Piety, and glory of the State, cheaper to them then to us: for the Use for money going with us near double the rate it doth in other Countries, the giving the same sum must needs be double the charge to us, it is to them. Amongst other things which the King with so much wisdom delivered to the House of Parliament, he committed to their consideration the balancing of Trade and Commerce, wherein there is nothing of greater consequence, than the rate of Usury, which holds no proportion with us and other Nations, to our disadvantage, as by experience we see and feel.  
Neither is the high rate of usury less hurtful to Commerce within the land, the gain by Usury being so easy, certain, and extreme great, as they are not only Merchants and Tradesmen, but Landed-men, Farmers, and men of profession that grow lazy in their professions, and become Usurers; for the rate of Usury is the measure by which all men trade, purchase, build, plant, or any other ways bargain.  
It hath been the wisdom and care of former Parliaments to provide for the preservation of Wood and Timber; for which there is nothing more available than the calling down of the high rate of Usury; for as the rate of money now goeth, no man can let his timber stand, nor his wood grow to such years growth as is best for the Commonwealth, but it will be very lost-full to him: The stock of the woods after they are worth forty or fifty shillings the Acre, growing faster at ten in the hundred then the woods themselves do. And for shipping, which is the strength and safety of this land; I have heard diverse Merchants of good credit say, that if they would build a ship, and let it to any other to employ, they cannot make of their money that way, counting all charges, tear and wear, above ten or twelve in the hundred, which can be no gainful trade, money itself going at ten in the hundred. But in the Low-Countries, where money goeth at six, the building of ships, and hiring them to others in a gainful Trade; and so the stock of rich men and the industry of beginners, are well joined for the public.  
And yet that which is above all the rest, the greatest sin against the Land is, that it makes the Land itself of small value, nearer the rate of newfound Lands, than of any other Country▪ where Laws, government, and peace, have so long flourished; For the high rate of Usury makes Land sell so cheap; and the cheap sale of Land is the cause men seek no more by industry and cost to improve them: and this is plain both by example, and demonstration; for we see in other Countries, where the use of money is of a low rate, Lands are generally sold for 30. 40. in some for 50. years' purchase: And we know by the rule of bargaining, that if the rate of Use were not greater here, then in other Countries; Lands were then as good a pennyworth, at twenty years' purchase, as they are now at sixteen: For Lands being the best assurance and securest inheritance, will still bear a rate above money: Now if Lands were at thirty years' purchase, or near it, there were no so cheap purchase as the amendment of our own Lands; for it would be much cheaper to make one acre of Land, now worth five shillings by the year, to be worth ten shillings, or being worth ten to be worth twenty shillings: and so in proportion, then to purchase an other acre worth five or ten shillings. And in every acre thus purchased to the owner, by the amendment of his own, there were another purchased to the commonwealth. And it is the blessing of God to this Land, that there are few places of it to which he hath not given means by reasonable cost and industry, greatly to amend it, in many to double the value, so as in time, if for their own good, men's industry were compelled that way, the riches and commodities of this Land would near be doubled: Then would all the wet lands in this Kingdom soon be drained, the barren Lands mended by Marle, Sleech, Lime, Chalk, Sea-sand, and other means, which for their profit, men's industry would find out. We see with how great industry and charge our neighbours, the Dutch, do drain and maintain their Lands against the sea which floweth higher above them, than it doth above the lowest parts of our drowned lands. I will admit a great deal to their industry, but I should very unwillingly grant, that they are so much more ingenuous and industrious than we, as that all the odds were therein: Certainly, the main cause of it is, that with us money is dear, and land cheap, with them lands dear, and money cheap; and consequently the improvement of their Lands at so great a charge with them, is gainful to the owners, which with us would be loss-full; for Usury going at ten in the hundred, if a man borrow five pounds, and bestow it on an Acre of ground, the amendment stands him in ten shillings the year; and being amended, the land is not worth above fifteen years' purchase: But if the use of money went at no more with us, then in other places, than five pound bestowed upon an Acre of ground, would stand a man but in five or six shillings a year, and the Acre of Land so amended, would be worth, as hath been showed, six and twenty or thirty years' purchase. Whereby it appeareth that as the rate of Use now goeth, no man (but where the Land lieth extraordinarily happily for it) can amend his Land, but to his own loss; whereas if money were let as it is in other Countries, he might bestow more than double so much as now he may, and yet be a great gainer thereby; and consequently, as was before remembered, should to his own benefit purchase Land to the commonwealth.  
Neither would such purchase of land to the commonwealth, be the benefit to the landed men only, the benefit would be as much to the poor labourers of the land; For now when Come and other fruits of the land which grow by labour, are cheap, the plough and mattock are cast into the hedge, there is little work for poor men, and that at a low rate, whereas if the mendment of their own Lands were the cheapest purchase to the owner; if there were many more people than there are, they should readily set a work, at better rates than they now are, and none that had their health and limbs could be poor, but by their extremest laziness.  
And as the high rate of Usury doth embase Land, so it is as great a hindrance to discoveries, plantations, and all good undertake, making it near double as chargeable to the Adventurers, (money being at ten in the hundred) as it is in other Countries, where the Use of money is so much lower.  
Now let us see by the contrary, and conceive if Usury were tolerated at fifteen or twenty in the hundred (and I fear many borrowers, all things considered, pay above ten) what the condition of things would then be, and if it appear how desperate the hurt would be which that would bring; it may (at least upon good reason) persuade us how great the good would be of calling it down. Certainly, it must of necessity come to pass, that all Trades would in a short time decay; For few or none (and reckon the hazard at nothing, yield so great again, as twenty in the hundred) & all other Nations might with so great gain out-trade and undersell us that more than the earth would of herself bring forth, we should scarce raise any thing from it, even for our own use within the Land; and Land would be so much embased, as men might afford, without loss to themselves, to carry the composte out of their closes, upon their next adjoining lands to mend them: so far should we be from marling, liming, draining, planting, & any other works of cost or industry, by which, Lands are purchased to the Commonwealth. So far from Building, making of Havens, Discoveries, new Plantations, or any other actions of virtue and glory to the State; for private gain is the compass men generally sail by: And since we cannot without extraordinary diligence Plant, Build, Draine, or any other way amend our Lands but it will be dearer to us, than the purchase of others, money being at ten in the hundred; if money than should go at twenty in the 100 the charge of mending our Land would be doubled, and the Land abased to seven or eight years purchase; and consequently all works of industry and charge, for improving of Lands would be quite neglected and given over: we should only care upon one another with Usury, have our commodities from other Nations, let the Land grow barren and unmanured, and the whole State in short time, come to beggary.  
Against this (perhaps) may be objected, that before the 37. of H 8. there was no limitation of Usury, and how did we then? To this, may be answered, that in those times there was a stricter band in that point upon men's consciences; So far forth as Usurers were in the same case as excommunicate persons, they could make no wills, nor were allowed Christian burial. Therefore let us for our forefather's sake, hope, that the rye upon their consciences then, was a greater restraint of Usury than the Statute of ten in the hundred is now; I fear fornication is too frequent among us, yet thanks be to God not so much used as where there is allowance of Courtesans and Stews.  
The objections likely to be made against the calling down of money, are first, that general objection of ignorance against all changes, be they never so necessary and apparently good, that it hath been so a long time, and been well enough; what will become of the alteration, we cannot tell, why then should we make any change?  
Secondly, that as in bodies natural, so in politic, great and sudden changes are most commonly dangerous.  
Thirdly, that money will be suddenly called in, and so all borrowers greatly prejudiced.  
Fourthly, that money will be harder to come by, and thereby commerce greatly hindered.  
Lastly, that much money of foreigners, by reason of the high rate of Usury, is brought over here to be managed at interest, which would be carried away again, if the rate of Usury should be called down.  
To the first, that money hath long gone at ten, and things been well enough.  
It is answered, that it is not long that the practice of Usury hath been so generally used, without any sense or scruple of the unlawfulness of it: for men's consciences were hardened to it, with example and custom, by degrees, and not upon the sudden. And as the beginning of many dangerous diseases in healthful bodies, so the beginning of many inconveniences in a State, are not presently felt. With us, after that with long civil wars the Land was half unpeopled, so as till of late years, it came not to his full stock of people again, there being the same quantity of Land to half the number of people, the surplusage of our in land commodities must needs be so great, that though trade were not equally balanced with Us and other Nations, we could not but grow rich: Beside, France & the Low Countries were for many years half laid waste with wars, and so did trade but little, nor manage their own Lands to their best advantage, whereby they did not only not take the trade and market from us, which now they do, but they themselves were fed and clothed by us, and took our commodities from us at great high rates: Whereas now we see the Dutch do every where out-trade us, & the French feed us with their corn, even in plentiful years; So as now our Land being full stocked with people, our neighbours industrious and subtle in trade, if we do not more equally balance trade and bring to pass, that we may afford the fruits of our land as cheap as other Countries afford the same of the same kind; we must (though we leave a number of our superfluities) as (God forbid but we should) in a short time grow poor and beggarly. And in this condition ten in the hundred in a little more time will as well serve to do it, as if money were at twenty: For (as was before remembered) in most of the commodities the earth bringeth forth, the stock employed in planting and managing of them, makes a great part of their price, and consequently they make with great gain to themselves, under-sell us, our stock with us going at double the rate that theirs goes with them.  
And this we see and feel too well by experience at this present; for having a great surplisage of corn, we can find no vent for it; the French with their own, the Dutch with the corn of Poland, every where supplying the markets at cheaper rates than we can afford it: and even our clothes which have hitherto been the golden Mine in England, I have heard many Merchants say, that (except it be in some few of the finest sort of them, which is a riches peculiar to this Nation) other Countries begin to make them of their own wool, and by affording them cheaper than we may, so to take our markets from us.  
And this I hope may in part serve for answer to the next objection; that all great and sudden changes are commonly dangerous; for that rule holds true, where the body natural or politic is in perfect state of health, but where there is a declining (as I have some cause to fear there is or may soon be with us) there to make no alteration is a certain way to ruin.  
To the third: That money will be suddenly ●alled in, and so all borrowers greatly prejudiced; for that there may be a clause in the end of the Statute whensoever it shall be made: That it shall be lawful for all that have lent money at ten in the hundred, which is now forborn, and owing, to take for such money so lent and owing, during two years after this Session of Parliament, such Use as they might have done if this Act had not been made: Whereby borrowers shall be in less danger of sudden calling in of their money then now they are; for where the lender's upon continuance of their old security, may take ten in the hundred; upon new security they must be content with less, so the calling in of their money will be to their own prejudice.  
And if there be any borrower to whom this giveth not sufficient satisfaction, if such borrower have Lands of value to pay his debt, the worst condition he can fear, is to have at the least twenty years' purchase for his land, wherewith to clear his debts; for as I said before, land being the best security, and securest inheritance, will still bear a rate above money. And so there being no Use allowed for money above the rate tolerated in other Countries, Land will as readily sell at twenty years' purchase, as it doth now at twelve. And I think there is no borrower that hath Land of value to pay his debts, doth doubt if he will now sell his Land at ten year's purchase, he might soon be out of debt.  
To the fourth Objection, that money will be hard to be borrowed, and so commerce hindered: I answer, that it were true, if the high rate of Usury did increase money within this Land; but the high rate of Usury doth enrich only the Usurer, and impoverish the Kingdom, as hath been showed; and it is the plenty of money within the Land that maketh money easy to be borrowed, as we see by the examples of other Countries, where money is easier to be borrowed than it is with us, and yet the rate tolerated; for Use is little more than half so much. It is the high rate of Use that undoth so many of the Gentry of the Land, which maketh the number of borrowers so great, and the number of borrowers must of necessity make money the harder to be borrowed, whereas if Use for money were at a lower rate, Land as hath been showed, would be much quicker to be sold, and at dearer rates, and so the Nobility and Gentry would soon be out of debt, and consequently the fewer borrowers, and so to Tradesmen and Merchant's money easy to be had.  
Further, let us consider if money were called down, what Usurers would do with their money; they would not I suppose long be sullen, & keep it a dead stock by them; for that were not so much as the safest way of keeping it: they must then either employ it in trade, purchase land, or lend for Use at such rate as the Law will tolerate, if it quicken trade, that is the thing to be desired; for that will enrich the Kingdom, and so make money plentiful. And yet need not any borrower fear that money will so be employed in trade, as that there will not be sufficient of money to purchase Land, where the purchaser may have as much, or near so much rend by the purchase of Land, as he can by putting his money to Use: For a great number of Gentlemen and other in the Country, know not how to employ any stock in Trade, but with great uncertainty, and less satisfaction to themselves, than the letting of their money at a lower rate, or purchasing Land at twenty years' purchase or upwards. No doubt for the present there would be great buying and selling of Land, till men had cleared themselves, and paid their debts: But in short time Land, as it is showed before, would sell at so dear a rate, as money let at a lower rate of Use, would bring in proportion as great a rate above the rent that would be made then by the purchase of Land, as the rate of money now is above the rent of Land, purchased at fourteen or fifteen years' purchase, and so by consequence money would then as easily be borrowed as it is now, and so much easier, as it would be more plentiful, and fewer borrowers.  
To the last and weakest of Objections; That there is now much money of Foreigners in the Land to be managed at ten in the hundred, which if money should be called down, would be carried out of the Land; there is no doubt it is true: But I desire to know, whether any man think it better for the State, that they should now carry out one hundred pounds, or seven years hence, two; or fourteen years hence, four▪ or one and twenty years hence eight: for so in effect upon the multiplying of interest, they do.  
It will seem incredible to such as have not considered it, but to any that will but cast it up, it is plainly manifest; that a hundred pounds managed at ten in the hundred, in seventy years multiplies itself to a hundred thousand pounds. So if there should be an hundred thousand pounds of foreigners money now managed here at ten in the hundred, (and that doth seem no great matter) that an hundred thousand pound in threescore and ten years, which is but the age of a man, would carry out ten millions, which I believe is more than all the coin at this present in the Land. I know we cannot conceive how any such sum should be managed at interest, yet this is sufficient to make us little to joy in Foreigners money.  
Besides, we must not conceive that the money of Foreigners, which is here managed at Usury, is brought into the Land in ready coin or Bullion: the course is, that Merchants send over Bills of exchange to their Factors, for which they receive our money here; and this is the money they manage at interest, and so they eat us out with our own moneys. The old comparison, which compares Usury to the Butler's Box, deserves to be remembered; Whilst men are at play, they feel not what they give to the Box, but at the end of Christmas it makes all or near all Gamesters loser's: and I fear the comparison holds thus much farther, that there is as few escape, that continue in Usury, as that continue Gamesters, a man may play once or twice and leave a winner, but the Use of it is seldom without ruin.  
Now because I know men's private interests doth many times blind their judgements, and lest any may be tempted for their own, against the public good, I will desire them to remember, that if they have Lands as well as money, that what they lose in their money they shall get it in their Land; for Land and money are ever in balance one against the other, and where money is dear, Land is cheap; and where money is cheap, Land is dear.  
And if there be any yet so hearty a wellwisher to ten in the hundred, as that he still think it fit to be continued, my wish is; that he and his posterity may have the privilege to borrow, but not to lend at that rate.  
In the beginning of this Treatise, I did disclaim the proofs of the unlawfulness of Usury, leaving them to Divines, this one only (rising from the premises) which may serve for all, I think fit to set down. It is agreed by all the Divines that ever were, without exception of any, yea and by the Usurers themselves, that biting Usury is unlawful: Now since it hath been proved that ten in the hundred doth bite the Landed men, doth bite the Poor, doth bite Trade, doth bite the King in his Customs, doth bite the Fruits of the Land, and most of all, the Land itself; doth bite all works of Piety, of Virtue, and glory to the State; no man can deny but ten in the hundred is absolutely unlawful, howsoever happily a lesser rate may be otherwise.  
To the King increase of his Customs.  
To the Kingdom increase of Land, by enriching of this.  
To the Nobility and Gentry deliverance from bondage and debt.  
To Merchant's continuance and flourishing in their Trades.  
To young beginners in Trade and Commerce, the fruits of their own labours.  
To Laborers quick employment.  
To Usurer's Land for their Money.  
FINIS.