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 keepe backe his Money, there will ensue presently a great Stand of Trade. The Second is, That were it not, for this easie borrowing upon Interest, Mens necessities would draw upon them, a most sudden undoing; In that they would be forced to sell their Meanes (be it Lands or Goods) farre under Foot; and so, whereas Usury doth but Gnaw upon them, Bad Markets would Swallow them quite up. As for Mortgaging, or Pawning, it will little mend the matter; For either Men will not take Pawnes without Use; Or if they doe, they will looke precisely for the Forfeiture. I remember a Cruell Moneyed Man, in the Country, that would say; The Devill take this Usury, it keepes us from Forfeitures, of Mortgages, and Bonds. The third and Last is; That it is a Vanitie to conceive, that there would be Ordinary Borrowing without Profit; And it is impossible to conceive, the Number of Inconveniences, that will ensue, if Borrowing be Cramped. Therefore, to speake of the Abolishing of Usury is Idle. All States have ever had it, in one Kinde or Rate, or other. So as that Opinion must be sent to Utopia.

To speake now, of the Reformation and Reiglement of Usury; How the Discommodities of it may be best avoided, and the Commodities retained. It appeares by the Ballance, of Com

modities, and Discommodities of Usury, Two Things are to be Reconciled. The one, that the Tooth of Usurie be grinded, that it bite not too much: The other, that there bee left open a Meanes, to invite Moneyed Men, to lend to the Merchants, for the Continuing and Quickning of Trade. This cannot be done, except you introduce, two severall Sorts of Usury; A Lesse, and a Greater. For if you reduce Usury, to one Low Rate, it will ease the common Borrower, but the Merchant wil be to seeke for Money. And it is to be noted, that the Trade of Merchandize, being the most Lucrative, may beare Usury at a good Rate; Other Contracts not so.

To serve both Intentions, the way would be briefly thus. That there be Two Rates of Usury, The one Free, and Generall for All; The other under Licence only, to Certaine Persons, and in Certaine Places of Merchandizing. First therefore, let Usury, in generall, be reduced to Five in the Hundred; And let that Rate be proclaimed to be Free and Current; And let the State shut it selfe out, to take any Penalty for the same. This will preserve Borrowing from any generall Stop or Drinesse. This will ease infinite Borrowers in the Countrie. This will, in good Part, raise the Price of Land, because Land purchased at Sixteene yeares Purchase, wil yeeld Six in the Hundred, and somewhat more, whereas this Rate of Interest, Yeelds but Five. This, by like reason, will Encourage and edge, Industrious and Profitable Improvements; Because Many will rather venture in that kinde, then take Five in the Hundred, especially hav

ing beene used to greater Profit: Secondly, let there be Certaine Persons licensed to Lend, to knowne Merchants, upon Usury at a Higher Rate; and let it be with the Cautions following. Let the Rate be, even with the Merchant himselfe, somewhat more easie, then that he used formerly to pay: For, by that Meanes, all Borrowers shall have some ease, by this Reformation, be he Merchant, or whosoever. Let it be no Banke or Common Stocke, but every Man be Master of his owne Money: Not that I altogether Mislike Banks, but they will hardly be brooked, in regard of certain suspicions. Let the State be answered, some small Matter, for the Licence, and the rest left to the Lender: For if the Abatement be but small, it will no whit discourage the Lender. For he, for Example, that tooke before Ten or Nine in the Hundred, wil sooner descend to Eight in the Hundred, then give over his Trade of Usury; And goe from Certaine Gaines, to Gaines of Hazard. Let these Licenced Lenders be in Number Indefinite, but restrained to Certaine Principall Cities and Townes of Merchandizing: For then they will be hardly able, to Colour other Mens Moneyes, in the Country: So as the Licence of Nine, will not sucke away the current Rate of Five: For no Man will Lend his Moneyes farre off, nor put them into Unknown Hands.

If it be Obiected, that this doth, in a Sort, Authorize Usury, which before was, in some places, but Permissive: The Answer is; That it is better, to Mitigate Usury by Declaration, then to suffer it to Rage by Connivence.

A

XLII

Of Youth and Age

MAN that is Young in yeares, may be

Old in Houres, if he have lost no Time. But that happeneth rarely. Generally, youth is like the first Cogitations, not so Wise as the Second. For there is a youth in thoughts as well as in Ages. And yet the Invention of Young Men, is more lively, then that of Old: And Imaginations streame into their Mindes better, and, as it were, more Divinely. Natures that have much Heat, and great and violent desires and Perturbations, are not ripe for Action, till they have passed the Meridian of their yeares: As it was with Iulius Cæsar, & Septimius Severus. Of the latter of whom, it is said; Iuventutem egit, Erroribus, imò Furoribus, plenam. And yet he was the Ablest Emperour, almost, of all the List. But Reposed Natures may doe well in Youth. As it is seene, in Augustus Cæsar, Cosmus Duke of Florence, Gaston de Fois, and others. On the other side, Heate and Vivacity in Age, is an Excellent Composition for Businesse. Young Men, are Fitter to Invent,

then to Iudge; Fitter for Execution, then for Counsell; And Fitter for New Proiects, then for Setled Businesse. For the Experience of Age, in Things that fall within the compasse of it, directeth them; But in New Things, abuseth them. The Errours of Young Men are the Ruine of Businesse; But the Errours of Aged Men amount but to this; That more might have beene done, or sooner.. Young Men, in the Conduct, and Mannage of Actions, Embrace more then they can Hold, Stirre more then they can Quiet; Fly to the End, without Consideration of the Meanes, and Degrees; Pursue some few Principles, which they have chanced upon absurdly; Care not to Innovate, which draws unknowne Inconveniences; Use extreme Remedies at first; And, that which doubleth all Errours, will not acknowledge or retract them; Like an unready Horse, that will neither Stop, nor Turne. Men of Age, Obiect too much, Consult too long, Adventure too little, Repent too soone, and seldome drive Businesse home to the full Period; But content themselves with a Mediocrity of Successe. Certainly, it is good to compound Employments of both; For that will be Good for the Present, because the Vertues of either Age, may correct the defects of both: And good for Succession, that Young Men may be Learners, while Men in Age are Actours: And lastly, Good for Externe Accidents, because Authority followeth Old Men, And Favour and Popularity Youth. But for the Morall Part, perhaps Youth will have the preheminence, as Age hath for the Politique. A certaine Rabbine,