Defence of Usury

Jeremy Bentham, from the Warren J. Samuels Portrait Collection
Bentham, Jeremy
(1748-1832)
CEE
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Editor/Trans.
First Pub. Date
1787
Publisher/Edition
London: Payne and Foss
Pub. Date
1818
Comments
4th edition. First edition used spelling of 'Impolity' in subtitle.

1. See Introduction to the Principles of Morals and Legislation, 4to, 1789. Ch. 14. On the proportion between punishments and offences.

2. B. ii, c. 10, vol. ii, p. 45, edit. 8vo. 1784.

3. B. ii, ch. 30.

4. interest.

5. usury.

6. hazard run.

7. felt by the loan.

8. usury.

9. interest for the money lent.

10. it for the present.

11. losing it entirely.

12. lenders.

13. rate of general interest.

14. money.

15. specie.

16. circulating.

17. exchange.

18. money.

19. banker.

20. cash in his own shop.

21. lenders.

22. the rate of the national interest.

23. circulating cash.

24. interest.

25. lenders.

26. lending.

27. Edit. 1784, 8vo. p. 177.

28. B. II, ch. iii, edit. 8vo. 1784, vol. ii. p. 20.

29. B. II, ch. iii, vol. ii, p. 27, edit. 8vo. 1784.

30. B. iv, ch. 2, vol. ii, p. 182, edit. 8vo.

31. B. I, ch. 2, vol. i, p. 176. edit. 8vo. 1784.

32. B. IV, ch. 8, vol. ii, p. 514, et alibi, edit. 8vo. 1784.

33. I say in manufactures: for it is otherwise in buying and selling. See Smith.

34. The quantity of money belonging to the Dutch and other foreigners in the English funds, has been reckoned at thirty millions: if this be just, the annual clear gain to Great Britain from this importation of foreign capital (reckoning interest in the funds at 4 per cent.and profit upon stock at 8 per cent. is £2,400,000.

35. What Holland is to England in this respect, England is to Ireland: except that the uneasiness with regard to the supposed profit to the lender and loss to the borrower, are still more unreasonable.

36. To wit more and more, the addition of capital not ceasing till the superiority of profit ceased.

37. Opportunity of collecting the particular information, necessary time for reflecting on it, interest in forming a right judgment, in all these particulars he falls infinitely short of the persons themselves whom he would wish to see thus employed.

38. Bounties and prohibitions, it is to be observed, are equally coercive. The only difference is, that the coercion is applied in the one case to one set of people; in the other to another. No bounty that does not necessitate a proportionable tax and to tax is to coerce. Monopolies and othe prohibitions are even the milder and least bad expedient of the two if nobody in particular suffers by them, as is the case, for instance, where the trade prohibited is as yet untried.

End of Notes

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