PHI LOS 0 P H Y . - Classic Works of Apologetics Online

i 18
Controcts concerning the
the civil or political law of that nation, and calcu~
lated to preserve amonggt themselves that distribution
of property, to which many of their institutions
were subservient; as the marriage of an heiress
with her own tribe; of a widow, who was left
childless, to her husband's brother; the year of jubilee,
when alienated estates reverted to the family
of the original proprietor-regulations, which were
never thought to be binding upon any but the commonwealth
-of Israel.
This interpretation is confirmed, I think, beyond
all controversy, by the distinction made in the law,
between a Jew and a foreignel-, "unto a stranger
thou mayest lend upon usury, but unto thy brother
thou may est not lend upon usury;" a distinction
which could hardly have been ad mitted into ala,!
which the divine Author intended to be of Dloral and
of universal obligation.
_~
The rate of interest has in most countries been r.
ulated by law. The Roman law allowed of twelve
pounds per cent. which Justinian reduced at one
stroke to fC\lr pounds. A statute of the thirteenth
year of Queen Elizabeth, which was the first that
tolerated the receiving of intere~t in England at all,
restrained it to ten pounds per cent.; a statute of
James the First, to eight pounds; of Charles the Second,
to six pounds; of Queen A1l11C, to five pounds,
on pai~ of forfeiture of treble the value of the Inoney
lent i at which rate and penalty the matter now
stands. ·~'he policy of these regulations is, to check
the power of accumulating wealth without industry;
to give encouragement to trade, by enabling adventurers
in :t to borro\v nloney at a moderafe price;
alld, of late years, to enable tIle state to borro\v the
subject's money itself.
Compound interest, though forbidden by the law
of England, is agreeable enough to natural equity";
for interest detain:d after it is dlle, becames, to all
iIltellts and purposes, part of the SUIIl lent.