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see the inconveniences which result from it。
1。 If foreigners possess much paper which represents a debt； they annually draw out of the nation a considerable sum for interest。
2。 In a nation that is thus perpetually in debt； the exchange must be very low。
3。 The taxes raised for the payment of the interest of the debt are an injury to the manufactures； by raising the price of the artificer's labour。
4。 It takes the true revenue of the state from those who have activity and industry； to convey it to the indolent； that is； it gives facilities for labour to those who do not work； and clogs with difficulties those who do work。
These are its inconveniences： I know of no advantages。 Ten persons have each a yearly income of a thousand crowns； either in land or trade； this raises to the nation； at five per cent； a capital of two hundred thousand crowns。 If these ten persons employed one…half of their income； that is； five thousand crowns； in paying the interest of a hundred thousand crowns； which they had borrowed of others； that still would be only to the state as two hundred thousand crowns； that is； in the language of the algebraists； 200；000 crowns …100；000 crowns ＋ 100；000 crowns = 200；000。
People are thrown perhaps into this error by reflecting that the paper which represents the debt of a nation is the sign of riches； for none but a rich state can support such paper without falling into decay。 And if it does not fall； it is a proof that the state has other riches besides。 They say that it is not an evil； because there are resources against it； and that it is an advantage； since these resources surpass the evil。
18。 Of the Payment of Public Debts。 It is necessary that there should be a proportion between the state as creditor and the state as debtor。 The state may be a creditor to infinity； but it can only be a debtor to a certain degree； and when it surpasses that degree the title of creditor vanishes。
If the credit of the state has never received the least blemish； it may do what has been so happily practised in one of the kingdoms of Europe；＇32＇ that is； it may require a great quantity of specie； and offer to reimburse every individual； at least if they will not reduce their interest。 When the state borrows； the individuals fix the
interest； when it pays； the interest for the future is fixed by the state。
It is not sufficient to reduce the interest： it is necessary to erect a sinking…fund from the advantage of the reduction； in order to pay every year a part of the capital： a proceeding so happy that its success increases every day。
When the credit of the state is not entire； there is a new reason for endeavouring to form a sinking…fund； because this fund being once established will soon procure the public confidence。
1。 If the state is a republic； the government of which is in its own nature consistent with its entering into projects of a long duration； the capital of the sinking…fund may be inconsiderable； but it is necessary in a monarchy for the capital to be much greater。
2。 The regulations ought to be so ordered that all the subjects of the state may support the weight of the establishment of these funds； because they have all the weight of the establishment of the debt； thus the creditor of the state； by the sums he contributes； pays himself。
3。 There are four classes of men who pay the debts of the state： the proprietors of the land； those engaged in trade； the labourers and artificers； and； in fine； the annuitants either of the state or of private people。 Of these four classes the last； in a case of necessity one would imagine； ought least to be spared； because it is a class entirely passive； while the state is supported by the active vigour of the other three。 But as it cannot be higher taxed； without destroying the public confidence； of which the state in general and these three classes in particular have the utmost need； as a breach in the public faith cannot be made on a certain number of subjects without seeming to be made on all； as the class of creditors is always the most exposed to the projects of ministers； and always in their eye； and under their immediate inspection； the state is obliged to give them a singular protection； that the part which is indebted may never have the least advantage over that which is the creditor。
19。 Of lending upon Interest。 Specie is the sign of value。 It is evident that he who has occasion for this sign ought to pay for the use of it； as well as for everything else that he has occasion for。 All the difference is that other things may be either hired or bought； while money； which is the price of things； can only be hired； and not bought。＇33＇
To lend money without interest is certainly an action laudable and extremely good； but it is obvious that it is only a counsel of religion； and not a civil law。
In order that trade may be successfully carried on； it is necessary that a price be fixed on the use of specie； but this should be very inconsiderable。 If it be too high； the merchant who sees that it will cost him more in interest than he can gain by commerce will undertake nothing； if there is no consideration to be paid for the use of specie； nobody will lend it； and here too the merchant will undertake nothing。
I am mistaken when I say nobody will lend； the affairs of society will ever make it necessary。 Usury will be established； but with all the disorders with which it has been constantly attended。
The laws of Mahomet confound usury with lending upon interest。 Usury increases in Mahometan countries in proportion to the severity of the prohibition。 The lender indemnifies himself for the danger he undergoes of suffering the penalty。
In those eastern countries； the greater part of the people are secure in nothing； there is hardly any proportion between the actual possession of a sum and the hopes of receiving it again after having lent it： usury； then； must be raised in proportion to the danger of insolvency。
20。 Of Maritime Usury。 The greatness of maritime usury is founded on two things： the danger of the sea； which makes it proper that those who expose their specie should not do it without considerable advantage； and the ease with which the borrower； by means of commerce； speedily accomplishes a variety of great affairs。 But usury； with respect to landmen； not being founded on either of these two reasons； is either prohibited by the legislators； or； what is more rational； reduced to proper bounds。
21。 Of Lending by Contract； and the State of Usury among the Romans。 Besides the loans made for the advantage of commerce； there is still a kind of lending by a civil contract； whence results interest or usury。
As the people of Rome increased every day in power； the magistrates sought to insinuate themselves in their favour by enacting such laws as were most agreeable to them。 They retrenched capitals； they first lowered； and at length prohibited； interest； they took away the power of confining the debtor's body； in fine； the abolition of debts was contended for whenever a tribune was disposed to render himself popular。
These continual changes； whether made by the laws or by the plebiscita； naturalised usury at Rome；