Towards the beginning of the seventeenth century, however, as we have already seen, whatever remained of the ancient prejudices against usury, were fast wearing away among the mass of the people, and the complaints against the " sinne of usury," declined with the opinions that gave rise to them. Expe- rience had now shown the advantage of allowing a moderate rate of interest for the use of money, and proved too that it was more efficacious in suppressing real usury than all the statutes previously made. Thus, for instance, the legal rate of interest, it will be remembered, had been eight per cent, since the Statute of James I., until the Statute of Charles II., yet loans during that period were commonly made at ' Mosse.
CREDIT NEOESSAET TO COMMERCE. 61 six per cent., " clearly shewing," says Mr. Bentham, " that money, like any other commodity, fluctuates with supply and demand, and that the limit fixed by law, can never regulate the market value."-^ Trade was now extending to the most distant shores, agriculture improved, the arts and sciences advanced with rapid strides, industry found recom- pense, and ingenuity reward ; and much of this was brought about by commerce, which, in its turn, only grew into importance when a fair rate of interest on loans of money was permitted, by which the coffers of the wealthy were opened, and the riches of the world put in circulation ; for commerce cannot subsist without mutual and extensive credit, and that credit cannot be had without profit; and, as Blackstone hath it,^ unless money can be borrowed, trade cannot be carried on ; and if no premium were allowed for the hire of money, few persons would care to lend it ;