A Tract against the high rate of VSVRIE: Presented to the high Court of Parliament, Anno Domini 1623.  
In which the use for Money was brought down from Ten to Eight in the Hundred: And now recommended to the press this third time with some Additions,  
By the same author.  
LONDON, Printed by I. Norton, for Henry Seile, and are to be sold in Fleetstreet over against Saint Dunstans Church, 1641.   

A TRACT UPON USURY.  
I Will leave te proofs of the unlawfulness of Usury to Divines, wherein a number, as well Protestants as Papists have learnedly written; and here 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 whereof is so easy, certain, and great; whereas in other Countries, where Usury is at a lower rate, and thereby lands dear to purchase, they continue Merchants from generation to generation, to the enriching of themselves and the State.  
Neither are they rich tradesman onely 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 no higher here than 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 adventures.  
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 then 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 adverturers losse-full with us, with them very gainful.  
And where the good of the public and private mens go not together, the public is seldom greatly advanced. And as they out-trade, so they may afford to under-fell us in the fruits of the earth, which are equally natural to our and their lands, as to our great shane wee 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 thier price; and consequently, their stock with them being ranted at six in the hundred, they may with great gain under-sell us, our stock with us being ranted 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 in the house of Parliament, he committed to their consideration the balancing of Trade and Commerce, wherein there is nothing of greater consequence then the rate of Usury, which hold 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 Usuty being so easy, certain, and extreme great, as they are not onely Merchants and Trades-men, 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 then 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 yeares growth as is best for the Common-wealth, but it will be very losse-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 divers 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 without hazard, 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, is 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, near the rate of New found Lands, then 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. yeeres purchase: And we know by the rule of bargaining, that the rate of use were not greater here, then in other Countries; Lands were then as good a pennyworth, at twenty yeers 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 yeers 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 common-wealth. 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, mens 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 mens 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, then 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 ingenious and industrious then wee, as that all the odds were therein: Certainly, the main cause of it is, that with us money is deere, and land cheap; with them lands deere, 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 losse-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 shilliings the year; and being amended, the land is not worth above fifteen yeares purchase: But if the use of money went at no more then at other places, then 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 shewed, six and twenty or thirty yeeres 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 then double so much as now he may, and yet be a great gainer thereby; and consequently, as we before remembered, should to his own benefit purchase land to the common-wealth.  
Neither would such purchase of land to the common-wealth, be the benefit to the landed men onely, the benefit would be as much to the poor labourers of the land; For now when corn and other fruits of the land which grow by labour, are cheap, the plow 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 then there are, they should bereadily set a work, at better rates then 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 undertakings, 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 answered, 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 a gain, as twenty in the hundred) & all other Nations might with so great gain out-trade and under-selvs, that more then 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 not afford, without loss to themselves, to carry the compost out of their closes, upon their next adjoining lands to mend them: so far should webe from marling, liming, draining, planting, and any other works of cost or industry, by which, Lands are purchased to the common-wealth. 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, drain, or any other way amend our Lands but it will be dearer to us, then the purchase of others, money being at ten in the hundred; if money then should go at twenty in the 100. the charge of mending our Land would be doubled, and the Land abased to seven or eight yeeres purchase; & consequently all works of industry and charge, for improving of Lands would be quiter neglected and given over: we should onely eat 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 imitation 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 mens consciences; So far forth as usurers were in the same case as excommunicate persons, they could make no wils, nor were allowed Christian burial. Therefore let us for out fore-fathers sake, hope, that they tie upon their consciences then, was a greater restraint of usury then the Statute of tenin 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 practise of usury hath been so generally used, without any sense or scruple of the unlawfulness of it for mens 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 civill wars the Land was half unpeopled, so as till of late yeers, it came not to his full stock of people again, there being the same quantity of Land to half the number of people, that 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 and the Low-Countries, were for many yeeres half laid waste with warres, and so did trade but little, nor manage their own Lands to their best advantage, whereby they did not onely 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, and the French feed us with their corn, even in plentiful yeeres; 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 may with great gain to themselves, under-sell us, our stock with us going at double the rate that theirs goes with them.  
And this wee see and feel too well by experience at this present; for having a great surplusage 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 then 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 then we may, to take our markets from us.  
And this I hope may in part seve 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 called 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 year after this Session of Parliament, such use as they might have done if this Act had not been made: Wherefore the borrowers shall be in less danger of sudden calling in of their money then now they are; for where the lenders 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 that 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 yeeres 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 yeeres purchase, asit is now at twelve. And I think there is no borrower that hath Land of value to pay his debts, doth doubt but if he will now sell his Land at ten yeers 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, it were true, if the high rate of usury did increase money within this Land; but the high rate of Usury doth only enrich the Usurer, and impoverish the kingdom, as hath been shewed, and it is the plenty of money within the Land that maketh money easier to be borrowed, as we see by examples of other Countries, where money is easier to be borrowed then 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 they 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 tradesman and Merchants, money easy to be had.  
Further, let us consider if money were called down, what Usurers would dow with their money, they would not I suppose long be sullen, and 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 a rate as the law will tolerate, all which is principally aimed at in the calling down the use for money, as that which would bee greatly to the good of the Common-wealth.  
To the latest and weakest of Objections, that there is now such money of foreigners in the Land to be managed at ten in the hundred, which if money should be called down, would bee 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 yeeres hence two; or fourteen yeeres hence, four; or one and twenty yeeres hence eight: for so in effect up on 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 one hundred pounds managed at ten in the hundred, in seventy yeeres, multiplies itself to an hundred thousand pounds. So if there should bee an hundred thousand pounds of foreigners money, now managed here at ten in the hundred( and that doth seem no great matter) that hundre, thousand pounds in threescore and ten yeeres, which is but the age of a man, would carry out ten millions, which I believe is much more then 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 there the money of foreigners, which is here managed at Usury, is brought into the Land in ready coin or Bullion: the course is, that Marchants sand 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 Buttlers 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 losers: and I fear the comparison holds thus much further, 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 mens private interests doth many times blind their judgements, and least 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 loose in their money they shall get it in their Land; for Land & money are ever in balance one against the other, and where money is deere, Land is cheap; and where money is cheap, Land is deere.  
And if there be any yet so hearty a well-wisher 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 onely( 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 that 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 Merchants continuance and flourishing in their Trades.  
To young beginners in Trade and Commerce, the fruits of their own labours.  
To Labourers quick employment.  
To usurers Land for their money.  
Wisheth A. B.   

The eight of March, 1641.  
Imprimatur  
H. Vane,   

A Tract against the high Rate of usury.  
THe great good which the calling down the use for money from ten to eight in the hundred, hath several ways wrought in the Common-wealth, doth encourage me to recommend this little Treatise upon Usury this third time to the press.  
There are some things in it that do not so well fit now as they did to the times wherein they were first written, of which, the Reader will make his judgement accodingly.  
And because I conceive the work to be but half done, until the use for money be reduced to the same rate at which it goes with other Nations, with whom wee principally hold commerce; I will endeavour to show, that what was promised in the former Treatise, is since fully made good by success; and from thence draw arguments to prove how good and necessary a work it will bhee, to bring the use for money to a lower rate then eight in the hundred.  
The benefits which in the former Treatise were promised to ensue by the calling down the use for money, were principally two. The quickening of Trade; and the raising the price of Land in the purchase; whereby the owners might with gain to themselves, afford at the greater charge to mend their Lands. The benefit whereof would principally redound to the public, there being in effect so much Land purchased to the Common-wealth, as the Lands were improved beyond their natural goodness; And in these two doth principally consist the riches of the kingdom.  
Now that Trade hath been quicker since the calling down the use for money, then at any time before( saving the interruption that hath been of late, through the distractions and jealousies in the State) I shall not need to prove since I suppose there is no man will make any question of it. And if any do, they may ask the farmers of the customs, and they will resolve them, who notwithstanding the great improvement of Rent to the King I dare bee bold to say, are not grown poor by their farm.  
And I suppose I shall as little need to prove that since the Statute for the calling down the use for money, Land is dearer in the purchase then it was before, for there is no buyer nor seller, but finds that Land hath of late yeares sold as readily for twenty yeares purchase, as it did for sixteen before the calling down the use for money.  
Neither likewise shall I need to show, that as an happy effect thereof, there hath been more improvement of Land by dreynings, chalking, liming, marling, sleeching, and otherways, then there was in hundred of yeares before; And this doth appear by the Parsonages in several Shires, whereof many since the calling down of money, are by the improvements afore-said doubled in their value.  
This good success doth call upon us not to rest here, but that we bring the use for money to a lower rate: Which now, I suppose will find no opposition; for all objections which before the Statute, were made against it, are now answered by the success; and most certainly the benefit will bee every way much greater to the Common-wealth by calling the use for money down from eight to five or six in the hundred, then it was from calling it down from ten to eight.  
For, it is a great advantage of this Kingdom, that there are few places of it, which have not Chalk, Marl, Sleeche, or other means to improve the Land. And the difference is so great, where the moneys go at five in the hundred) as that the owners may with as great gain to themselves afford to carry Chaulk, Marle, Sleeche, and other like amendments of Lands three miles, as now they may carry it one, and so in proportion a greater or lesser way: And whereas the Land is worth an angel, a noble, or a crown an acre, if the owner might have thirty angels, marks, or fifteen shillings for making it worth a pound an acre by the year, as I said before, the happiness of this Country is such, as a great part of the Land would bee improved to double the value.  
There will likewise be the like advantage in the quickening of trade; for many trades, which are not now looked after, money being at eight in the hundred, would be gainful, and with diligence sought out, if money were at a lower rate.  
It is at this time, as I have heard, the desire of the State to set up again an East indy Company; And hath been these many yeares our endeavour to make advantage of the Herring-fishing upon our own cost, which now the Dutch take from us; To the effecting whereof, as also of many other discoveries and good undertakings, there is nothing like to conduce so much as the calling down the use for money, whereby men should be compelled to industry, and by their own gain multiply the public; But so long as the use for money is so much higher here then with the Dutch, and with all other Nations with whom wee hold commerce, and with a more general approbation, and less scruple of conscience, there is little reason to hope we shall make that benefit of our Herring-fishing and other great advantages which our number of excellent Harbours, and the happy situation of them, our materials for shipping, and trade, and the disposition and aptness of the English Nation to be Seamen, doth give us beyond all the Nations of the world.  
The land of Canaan( as I have received and seen by Maps) did not contain in quantity of ground above the third part as much as England, and yet as may be well collected from History, England hath not the third part so many people as they had. And for the riches and glory of it, it did exceed all the Nations of the world, Sliver was with them as stones; and all the Nations about them were their Merchants; Certainly, wee are not to understand that this was wrought by the miraculous power of God, but by the wisdom of his laws. For all usury being forbidden, and Lands thereby at so dear a rate, as it was much cheaper to them to improve their own then to purchase others, there was no means for any man to grow rich, but by his diligence in trade, or by the enriching or multiplying the value of that land( which was the lot of his inheritance) to the highest that any cost or industry could improve it.  
By which means it must of necessity come to pass, that the whole Land must be made as a Garden, and every place in the Country, that by situation was capable of it, bee made a city.  
And although other States who had not the word of God for their guide, have given way to the practise of Usury, yet in all times and States, it hath been cried out against as pernicious to Common-wealth, as by History is evident.  
The Act made in France, 
Anno 1601. See the French History translated by Edw. Grimstone, Esq. fol. 1090.  recorded in the French History, by which the Use for money was reduced to six pounds five shillings for an hundred, and accordingly practised ever since, I thought fit to set down verbatim as it is in the Story, in regard of their near neighbourhood, and of the great commerce held with them; The words in the Story are as followeth.  
The King by these Edicts had nothing relieved the necessities of the Nobility, if he had not provided for usuries, which have ruined many good and ancient houses, filled towns with unprofitable servants, and the Countries with miseries, and inhumanities, he found that Rents constituted after Ten, or Eight in the hundred, did ruin many good Families, hindered the traffic and commerce of Merchandise, and made Tillage and Handicrafts to be neglected, many desiring through the easiness of a deceitful gain, to live idly in good towns of their Rents, rather then to give themselves with nay pains to liberal Arts, or to till or husband their Inheritances; For this reason( meaning to invite his Subjects to enrich themselves with more just gain, to content themselves with more moderate profit, and to give the Nobility means to pay their debts) he did forbid all usury, or constitution of rents, at a higher rate then six pounds five shillings for the hundred. The Edict was verified in the Court of Parliament, which considered that it was always pr●judiciall to Common-weal to give money to usury; For it is a Serpent whose biting is not apparent, and yet it is so sensible, that it pierceth the very heart of the best Families.  
And it is worth the noting, that the Low Countries, their, and our next neighbours, who have formerly tolerated the same Rate with the French of six pounds five shillings in the hundred, now this year reduced it to five.  
Therfore, since our neighbour Nations with whom we principally hold commerce, allow but six pounds five shillings at the most, and that there is no State in christendom save only ours, which gives any public toleration to so high a rate for the use of money at eight in the hundred, I do not conceive what policy it can be in us, herein to be singular, contrary to the wisdom of God in his laws, and to the practise of all Nations.  
There are many things where in a private Family resembles a Common-wealth, and in many things the same Rule holds in both, every Common-wealth, being as it were a great Family, & every private Family a little Common-wealth.  
If the Master of a Family need money to stock his farm, he must borrow although he pay use for the same( yet such Farmor or owner seldom thrives) but if he borrow money upon Use for his ordinary expenses, and do not discharge them, and buy things necessary with the fruits and increase of his Lands, it must of necessity be, that such a man must speedily come to ruin. So in a Common-wealth, if there be not sufficient money for the driving of Trade, they must borrow foreigners money, but if they borrow for superfluity, and more then is necessary for the driving of Trade, such a Common-wealth must likewise come to poverty. And I dare affirm, that whatsoever any State shall give for use of money unto foreigners, more then is necessary for the driving of Trade, is so much loss to the State, as is given, and near in effect the same, as if they should give so much Tribute to a foreign Nation.  
A State that borrows money upon usury, is like a young prodigal that takes up a commodity, and to make up the sum that he borroweth, hath little in ready money, the most in Flanders Lace, Hobby-horses, or what you will else, in the price whereof he loseth much more then all that he pays for Interest, and posteth to his ruin.  
Now for this Common-wealth of England, where wee have such a great foundation for Trade of our wool, and the Manufactures thereof, a good proportion of coin( though not so much I fear, as wee had before our late jealousies and distractions in the State) such a a great quantity of Plate as never was in this kingdom, so as no man can allege that there is want of money here for driving of Trade. For as I say, to borrow money of foreigners, upon use, were not only to lose all that wee should pay for Interest, but a ready way to make the superfluities of other Nations more and more currant among us, to the ruin of the State.  
I have never heard of any Bullion brought from the Dutch, and have seen little of their coin; nor many French Crownes or Cardecues amongst us, but such an excess of French Wines, Flanders Laces, fine linen, and other superfluities, as is in danger to bring us to ruin, if it be not in time prevented.  
It were to be wished, that there were the same Standard for the rate of Gold and Silver, and the same rate of Interest for money over all Christs kingdom; In the mean time I think I may conclude, that there can be no policy for us to allow a higher rate of Interest then other Nations do, especially those with whom wee chiefly hold Commerce; and whatsoever we do amongst ourselves, I conceive, it will be fit, to make a strict Law that no money of foreigners may here be put out upon use. God made it lawful for the Jews, to take usury only of those, whom it was lawful for them to root out.  
There have been several bills in several Parliaments preferred for the calling down of the use for money, before that Parliament in which it was brought to eight in the hundred.  
The objections which always did hinder the passing of them were principally two, which are since the said Statute so answered and satisfied by the success, as they can no longer stand as objections against the bringing of it to a lower rate.  
The first, was the danger that the change in a matter of so great consequence might work in the common-wealth.  
The second,( and indeed that which did persuade most, with many men, for the most were borrowers) was, that money would be suddenly called in, and harder to be borrowed.  
For the first, the change that it hath wrought hath been in such sort to the best, as that all men agree to the many good effects it hath brought forth. But with any ill effect it hath produced, I never heard it charged by any man.  
I know there are some charitable usurers, who will not speak against it in their own right, but say, it were the better for Wards and Orphans, if money went at a higher Rate.  
To that, I doubt, I may too truly answer, that there are few Wards or Orphans, that have a greater rate accounted unto them, then five in the hundred. And where they have so much justly answered, I suppose their ancestors, if they could speak out of their Graves, would not complain.  
To the second, that money would be suddenly called in, and harder to be borrowed, I answer, that if the high rate of use for money did increase money within the Land, that then it were an objection of great force, but wee very well know that money hatcheth no Eggs of her own, and that whatsoever is given for use, is taken, either from the Fruits of the Land, or mans Industry, whereby the Land is embased, Merchants, farmers, and tradesman discouraged in their course, the Common-wealth much hindered, and none but the idle, unprofitable usurer advanced. And I conceive that the success hath likewise cleared that fear; For most certainly money hath been much easier to ber borrowed since it was brought down to Eight in the hundred, then it was when it went at Ten. And this may plainly appear by the number of rich Scriveners, and high rate of brokage that was given them when money went at Ten in the hundred.  
When the Statute was first made for the calling down the use for money, before the good effects thereof could be seen, there were many moneyed men who lived wholly upon usury, and worshipped the Golden Image, who cried out with the Silver-smiths, That great was Diana of the Ephesians; prophesying of many evils and mischiefs, which would ensue: But experience hath since so convinced them, and stopped their mouths, as that I have not these many yeares heard any man open his mouth against it; Nor have I met with any usurer, who did not aclowledge Eight in the hundred, a full and high rate for the use of money.  
And there is reason: for since the usurer pays little to Subsidies, nothing to Fifteens, little to the poor mans box, repairs, nor builds no Churches, sets no labourers at work to the good of the Common-wealth, employs none but Scriveners and Brokers, and those at the charge of the borrower, no man needs doubt, but there will be enough of the Occupation, though money be brought to five in the hundred: All the Laws of God are mercy, and for the good of Man, and if usury had never been in practise amongst us, there had certainly in this blessed long time of peace, been little poor land, few poor people in the kingdom, but Usury is now so twisted into all commerce, that for the hardness of mens harts some must( at least for a time) be suffered, though from the beginning it were not so, but this let us provide that wee bee not made poor with the superfluities of other Nations managed here at Use, nor suffer them to beate us out of many profitable trades, as now with gain to themselves they do, by reason Use for money is at a lower rate with them then it is with us, nor let us any longer bee patient to see so great quantities of landly little better then waste, which would most certainly be improved to very good value, if the use for money were brought down to a lower rate.  
In the end of the former treatise it is set down how extremely ten in the 100 did bite all, both the public and private, & from thence the unlawfulness of it inferred; now though the long fangs of usury bee somewhat abated, yet Eight in the hundred hath hard gums and doth so nip the flourishing Spring( which else would bee in Trade and the riches of the Land) as a man that is not of an overscrupulous conscience may find good reason to doubt that Eight in the hundred may likewise be unlawful, howsoever a lesser rate that is not hurtful to the Common-wealth may be otherwise.  
FINIS.   

8, March, 1640.  
Imprimatur.  
H. Vane.