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The whole history of usury teems with instruction: 1st, comes the monstrous absurdity in which the proscription of usury anchored; 2d, the absolute compulsion and pressure of realities in forcing men into a timid abandonment of their own doctrines; 3d, the unconquerable power of sympathy, which humbled all minds to one level, and forced the strongest no less than the feeblest intellects into the same infatuation of stupidity. The casuistry of ancient moralists on this question, especially of the scholastic moralists, such as Suarrez, &c.–the; oscillations by which they ultimately relaxed and tied up the law, just as their erring conscience, or the necessities of social life prevailed, would compose one of the interesting chapters in this science. But the Jewish relaxation is the most amusing: it coincides altogether with the theory of savages as to property, which we have already noticed under the head of Piracy. All men on earth, except Jews, were held to be fair subjects for usury; not as though usury were a just or humane thing: no–it was a belligerent act: but then all foreigners in the Jewish eye were enemies for the same reason that the elder Romans had a common term for an enemy and a stranger. And it is probable that many Jews at this day, in exercising usury, conceive themselves to be seriously making war, in a privateering fashion, upon Christendom, and practising reprisals on the Gentiles for ruined Jerusalem.

IV. Bishop Gibson’s Chronicon Preciosum.–Many people are aware that this book is a record of prices, as far as they were recoverable, pursued through six centuries of English History. But they are not aware that this whole inquiry is simply the machinery for determining a casuistical question. The question was this:–An English College, but we cannot say in which of our universities, had been founded in the reign of Henry VI., and between 1440 and 1460–probably it might be King’s College, Cambridge. Now, the statutes of this college make it imperative upon every candidate for a fellowship to swear that he does not possess an estate in land of inheritance, nor a perpetual pension amounting to five pounds per annum, It is certain, however, that the founder did not mean superstitiously so much gold or silver as made nominally the sum of five pounds, but so much as virtually represented the five pounds of Henry VI.’s time–so much as would buy the same quantity of ordinary comfort. Upon this, therefore, arose two questions for the casuist: (1.) What sum did substantially represent, in 1706, (the year of publishing the Chron. Preciosum,) that nominal �£5 of 1440? (2.) Supposing this ascertained, might a man with safe conscience retain his fellowship by swearing that he had not �£5 a-year, when perhaps he had �£20, provided that �£20 were proved to be less in efficacy than the �£5 of the elder period? Verbally this was perjury: was it such in reality and to the conscience?

The Chronicle is not, as by its title the reader might suppose, a large folio: on the contrary, it is a small octavo of less than 200 pages. But it is exceedingly interesting, very ably reasoned, and as circumstantial in its illustrations as the good bishop’s opportunities allowed him to make it. In one thing he was more liberal than Sir William Petty, Dr. Davenant, etc., or any elder economists of the preceding century; he would have statistics treated as a classical or scholar-like study; and he shows a most laudable curiosity in all the questions arising out of his main one. His answer to that is as follows: 1st, that �£5 in Henry VI.’s time contained forty ounces of silver, whereas in Queen Anne’s it contained only nineteen ounces and one-third; so that, in reality, the �£5 of 1440, was, even as to weight of silver, rather more than �£10 of 1706. 2d, as to the efficacy of �£10 in Henry VI.’s reign: upon reviewing the main items of common household (and therefore of common academic) expenditure, and pursuing this review through bad years and good years, the bishop decides that it is about equal to �£25 or �£30 of Queen Anne’s reign. Sir George Shuckburgh has since treated this casuistical problem more elaborately: but Bishop Gibson it was, who, in his Chronicon Preciosum, first broke the ice.