or, at least, the ease of borrowing at short warning (which is the life of commerce), would be entirely at an end. Thus, in the dark ages of monkish super- stition and civil tyranny, when interest was laid under a total interdict, commerce was also at its lowest ebb,' and fell entirely into the hands of the 'In 1787, wlien Mr. BentLam wrote his Defence of Usury, the rate of interest in Russia was fixed at five per cent., but rib money was lent at that rate ; and that eight, nine and ten per cent, were common rates, even on the best landed security.
'^2 Bl. Com., p. 455.
^ " Shew me" said Sir Edward Faynes, in the House of Lords, " a State without usury, and I will shew you a State without trade."
Jews and Lombards ; but when men's minds began to be more enlarged — when true religion and real liberty revived — commerce grew again into credit, and again introduced with itself, its inseparable com- panion, the doctrine of loans, upon interest.
The increasing capital employed in extending com- merce and rewarding industry and ii;igenuity, will not only attain these great objects, but by reason of its rapid circulation, make money seem to be the more plenty, and reduce the rate of interest for which its use may be had, and indicate besides the real state and condition of foreign trade and intercourse. Thus interest [says Hume] being justly considered the barometer of the state, the lowness of its rate is an infallible sign of the flourishing condition of the people, and of the increase of industry.^ * Hume's Eisay on Interest.