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To speak now of the reformation, and reiglement, of usury; how the discommodities of it may be best avoided, and the commodities retained. It appears, by the balance of commodities and discommodities of usury, two things are to be reconciled. The one, that the tooth of usury be grinded, that it bite not too much; the other, that there be left open a means, to invite moneyed men to lend to the merchants, for the continuing and quickening of trade. This cannot be done, except you introduce two several sorts of usury, a less and a greater. For if you reduce usury to one low rate, it will ease the common borrower, but the merchant will be to seek for money. And it is to be noted, that the trade of merchandize, being the most lucrative, may bear 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 general for all; the other under license only, to certain persons, and in certain places of merchandizing. First, therefore, let usury in general, be reduced to five in the hundred; and let that rate be proclaimed, to be free and current; and let the state shut itself out, to take any penalty for the same. This will preserve borrowing, from any general stop or dryness. This will ease infinite borrowers in the country. This will, in good part, raise the price of land, because land purchased at sixteen years’ purchase will yield six in the hundred, and somewhat more; whereas this rate of interest, yields but five. This by like reason will encourage, and edge, industrious and profitable improvements; because many will rather venture in that kind, than take five in the hundred, especially having been used to greater profit. Secondly, let there be certain persons licensed, to lend to known merchants, upon usury at a higher rate; and let it be with the cautions following. Let the rate be, even with the merchant himself, somewhat more easy than that he used formerly to pay; for by that means, all borrowers, shall have some ease by this reformation, be he merchant, or whosoever. Let it be no bank or common stock, but every man be master of his own 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 license, 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 took before ten or nine in the hundred, will sooner descend to eight in the hundred than give over his trade of usury, and go from certain gains, to gains of hazard. Let these licensed lenders be in number indefinite, but restrained to certain principal cities and towns of merchandizing; for then they will be hardly able to color other men’s moneys in the country: so as the license of nine will not suck away the current rate of five; for no man will send his moneys far off, nor put them into unknown hands.

If it be objected 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, than to suffer it to rage, by connivance.

A Glossary
OF ARCHAIC WORDS
AND PHRASES

Abridgment: miniature
Absurd: stupid, unpolished
Abuse: cheat, deceive
Aculeate: stinging
Adamant: loadstone
Adust: scorched
Advoutress: adulteress
Affect: like, desire
Antic: clown
Appose: question
Arietation: battering-ram
Audit: revenue
Avoidance: secret outlet
Battle: battalion
Bestow: settle in life
Blanch: flatter, evade
Brave: boastful
Bravery: boast, ostentation
Broke: deal in brokerage
Broken: shine by comparison
Broken music: part music
Cabinet: secret
Calendar: weather forecast
Card: chart, map
Care not to: are reckless
Cast: plan
Cat: cate, cake
Charge and adventure: cost and
risk
Check with: interfere
Chop: bandy words
Civil: peaceful
Close: secret, secretive
Collect: infer
Compound: compromise
Consent: agreement
Curious: elaborate
Custom: import duties
Deceive: rob
Derive: divert
Difficileness: moroseness
Discover: reveal
Donative: money gift
Doubt: fear
Equipollent: equally powerful
Espial: spy
Estate: state
Facility: of easy persuasion
Fair: rather
Fame: rumor
Favor: feature
Flashy: insipid
Foot-pace: lobby
Foreseen: guarded against
Froward: stubborn
Futile: babbling
Globe: complete body
Glorious: showy, boastful
Humorous: capricious
Hundred poll: hundredth head
Impertinent: irrelevant
Implicit: entangled

In a mean: in moderation
In smother: suppressed
Indifferent: impartial
Intend: attend to
Knap:knoll
Leese: lose
Let: hinder
Loose: shot
Lot: spell
Lurch: intercept
Make: profit, get
Manage: train
Mate: conquer
Material: business-like
Mere-stone: boundary stone
Muniting: fortifying
Nerve: sinew
Obnoxious: subservient, liable
Oes: round spangles
Pair: impair
Pardon: allowance
Passable: mediocre
Pine-apple-tree: pine
Plantation: colony
Platform: plan
Plausible: praiseworthy
Point device: excessively precise
Politic: politician
Poll: extort
Poser: examiner
Practice: plotting
Preoccupate: anticipate
Prest: prepared
Prick: plant
Proper: personal
Prospective: stereoscope
Proyne: prune
Purprise: enclosure
Push: pimple
Quarrel: pretext
Quech: flinch
Reason: principle
Recamera: retiring-room
Return: reaction
Return: wing running back
Rise: dignity
Round: straight
Save: account for
Scantling: measure
Seel: blind
Shrewd: mischievous
Sort: associate
Spial: spy
Staddle: sapling
Steal: do secretly
Stirp: family
Stond: stop, stand
Stoved: hot-housed
Style: title
Success: outcome
Sumptuary law: law against
extravagance
Superior globe: the heavens
Temper: proportion
Tendering: nursing
Tract: line, trait
Travel: travail, labor
Treaties: treatises
Trench to: touch
Trivial: common
Turquet: Turkish dwarf
Under foot: below value
Unready: untrained
Usury: interest
Value: certify
Virtuous: able
Votary: vowed
Wanton: spoiled
Wood: maze
Work: manage, utilize