第41章：Of Usury 论放债（中英对照）

41 Of Usury 论放债 中英对照
Many have made witty invectives against usury. They say, that it is pity, the devil should have God's part, which is the tithe. That the usurer is me greatest Sabbath breaker, because his plough goeth every Sunday. That the userer is the drone, that Virgil speaketh of: ignavum fucos pecus a praesepibus arcent.
许多人都曾经说过巧妙的骂放债的话。他们说，人类应给上帝的贡献是每人底收入底十分之一，而现在这上帝应得的一部竟被魔鬼占了，真是一件可悲的事。又说，放债的人乃是最大的破坏安息日的人，因为他底犁耙是每个安息日都在工作的。又说放债的人就是委吉尔所说的雄蜂。
That the usurer breaketh the first law that was made for mankind, after the fall; which was, in sudore vultus tui comedes panem tuum; not, in sudore vultus aliem. That usurers should have orange-tawny bonnets, because they do Judaise. That it is against nature, for money to beget money; and the like. I say this only, that usury is a concessum propter duritiem cads', for since there must be borrowing and lending, and men are so hard of heart as they will not lend freely, usury must be permitted. Some others have made suspicious and cunning propositions of banks, discovery of men's estates, and other inventions. But few have spoken of usury usefully. It is good to set before us the incommodides, and commodities of usury; that the good may be either weighed out, or culled out; and warily to provide, that while we make forth to that which is better, we meet not with that which is worse.
他们把那些雄蜂（一群偷懒的东西）从蜂房中驱逐出去了。又说放债的人把人类自失乐园以后的第一条法律破坏了。这第一条法律就是“你将汗流满面然后得食”，而放债的人却是“借他人面上的汗而得食”的。又说放债的人应该戴姜黄色的帽子，因为他们是变了犹太人了。又说钱生钱是有悖天道的，诸如此类。我只有这句话可说，就是，放债是“因为人心太硬而始蒙上帝允许的一种事”。因为既然借与贷是免不了的，而且人底心肠是硬得不肯白借钱给人的，那么放债的事情便非准许不可了。又有些人也曾经关于银行及财产呈报和其他的办法作过多疑而巧妙的建议，但是很少有关于放债这件事说过有用的话的。把放债的利与害列举在我们眼前，以便我们酌量采择其利，并且小心办理，庶几我们在走向改良之途的时候不要遇见比现在更坏的事情，这是好的。
The discommodities of usury are: first, that it makes fewer merchants. For were it not for this lazy trade of usury, money would not lie still, but would, in great part, be employed upon merchandising; which is the vena porta of wealth in a state. The second, that it makes poor merchants. For as a fanner cannot husband his ground so well, if he sit at a great rent; so the merchant cannot drive his trade so well, if he sit at great usury. The third is incident to the other two; and that is, the decay of customs of kings or states, which ebb or flow with merchandising. The fourth, that it bringeth the treasure of a realm or state into a few hands. For the usurer being at certainties, and others at uncertainties, at the end of the game; most of the money will be in the box; and ever a state flourisheth, when wealth is more equally spread. The fifth, that it beats down the price of land: for the employment of money is chiefly, either merchandising, or purchasing; and usury waylays both. The sixth, that it dolh dull and damp all industries, improvements, and new inventions, wherein money would be stirring, if it were not for this slug. The last, that it is the cancer and ruin of many men's estates; which in process of time breeds a public poverty.
放债底害处：第一它使商人底数目减少。因为要是没有放债这种懒惰生意，金钱是不会静止不动的，反之，大部分的金钱将被用在商业上，而商业乃是国家底财富底“门静脉”。第二，放债使商人性质变劣。因为，一个农人，假如他住在一个租价很大的田地上他就不能够好好地经营他底地土；类此，假如一个商人不得不靠高利贷的话，他就不能好好地进行他底生意。第三件害处是附属于上述的两件害处的，就是帝王或国家底税收之减少，税收原是随着贸易涨落的。第四件害处是放债把一国底财富都聚在少数人之手。因为放债的人是拿得稳的，而别的生意人是不能拿得稳的，所以到这场戏快结束的时候大多数的钱都进了放债为生的人底箱子了。然而一个国家总是在财富分配得最为平均的时候最为兴盛的。第五件害处是放债之举把土地的价值打低了；因为金钱底用处，主要是在做生意或购置田产，而放债却把这两种事业都路劫了。第六件害处是，放债把一切的工业、改良、和新的发明都挫折，压抑了，因为假如没有放债这种事业阻挠的话，在上述的种种事业中自会有金钱活动的。最末的一件害处是，放债是蠹害许多人底财产的东西，而这种行为经过了相当时间之后是会引起一种共同的贫乏的。
On the other side, the commodities of usury are. First, that howsoever usury in some respect hindereth merchandising, yet in some other it advanceth it: for it is certain, that the greatest part of trade is driven by young merchants, upon borrowing at interest: so as if the usurer either call in, or keep back his money, there will ensue presently a great stand of trade. The second is, that were it not for this easy borrowing upon interest, men's necessities would draw upon them a most sudden undoing; in that they would be forced to sell their means (be it lands or goods) far under foot; and so, whereas duty doth but gnaw upon them, bad markets would swallow them quite up.
在另一方面，放债底益处是，第一，无论放债之举在某种情形是多么阻挠商业的，然而在别的方面它却是助长商业的；因为商业底最大部分是由年轻的商人靠着借有利息的债而经营的，这是无疑的。如果放债的人把他底钱收回或者不放出去，马上就会发生商业上的大停滞。第二件益处是，要没有这样容易的用利息借债的办法，人们底需要将使他们骤然陷于没落；因为他们将不得不被迫而卖掉他们赖以为生的资产（无论是田产或货物）而且卖得价值远不及这些资产底真正价值。所以，放债的行为固然是蠹蚀这些人，但是若没有放债的行为，则坏的市面将把他们整个吞噬了。
As for mortgaging, or pawning, it will lime mend the matter, for either men will not take pawns without use; or if they do, they will look precisely for the forfeiture. I remember a cruel moneyed man, in the country, that would say; the devil take this usury, it keeps us from forfeitures of mortgages and bonds. The third and last is; that it is a vanity to conceive that there would be ordinary borrowing without profit; and it is impossible to conceive the number ofinconveniencies that will ensue, if borrowing be cramped.
至于抵押或典当之举，那也是无补于事的：因为，不是人们不肯无利息地收受抵押和典当；就是，如果他们肯这样做，他们必定会眼睛专注在没收那些资产上面的。记得有一位乡下的狠心富翁，他常说，“鬼把这种放债的举动拿去才好，它使得我们不能够没收抵押的产业和证券”。第三而第末的益处是，设想能有不带利息的一般借贷乃是虚妄的；并且，如果借贷之事一受拘束，将发生的不便之处其数目之多是不能想象的。
Therefore, to speak of the abolishing of usury is idle. All states have ever had it, in one kind or rate, or other. So as that opinion must be sent to Utopia.
因此要废止放债业的话是空话。所有的国家都有过这种生意的，不过种类与利率的不同罢了。所以这种意见只好送到乌托邦里去了。
To speak now, of the reformation and reiglement of usury; how the discommodities of it may be best avoided, and the commodities retained. It appears by the balance of commodities and discommodities of usury, two things are to be reconciled. The one, that the tooth of usury be grinded, that it bite not too much: the other, that there be left open a means, to invite moneyed men to lend to the merchants, for the continuing and quickening of trade. This cannot be done, except you introduce two several sorts of usury; a less, and a greater. For if you reduce usury to one low rate, it will ease the common borrower, but the merchant will be to seek for money. And it is to be noted that the trade of merchandise, being the most lucrative, may bear usury at a good rate; other contracts not so.
现在且一谈改良并管理放债业之道；如何可以避免它底害处而保持它底益处。从放债业底利害相权看来，有两件事是应当调和的。一件是，放债业底牙齿应当磨得钝一点，使它不至于咬人咬得太厉害；另一件是，应当留一个门户，可以鼓励有钱的人放债给商家，以便商业能够继续并活动。这件事情除非你创立两种大小不同的放债，是办不到的。因为，假如你把放债业全减到一个低利率上去，这种办法对一般的借债者将要容易一点而商人将不容易找到钱了。并且我们也应当注意，商品交易的事业，因为获利最厚，所以能担负高利贷，而别的事业则不如此。
To serve both intentions, the way would be briefly thus. That there be two rates of usury, the one free, and general for all; the other under licence only, to certain persons, and in certain places of merchandising. First therefore, let usury, in general, be reduced to five in the hundred; and let that rate be proclaimed to be free and current; and let the state shut itself out, to take any penalty for the same.
要把上述的两种目的都达到，其方法略如下。要有两种利率；一种是自由而且公开的；另一种是受统治的，唯有某种人并且在某种商业地域才可以得到允许的。因此第一，应当使普通放债底利率减到百分之五；这种利率应当公布为自由的通行的利率；并且国家应当担承对于这种的利率不加以罪。
This will preserve borrowing from any general stop or dryness. This will ease infinite borrowers in the country. This will, in good part, raise the price of land, because land purchased at sixteen years purchase will yield six in the hundred, and somewhat more, whereas this rate of interest yields but five. This, by like reason, will encourage and edge industrious and profitable improvements; because many will rather venture in that kind, than take five in the hundred, especially having been used to greater profit Secondly, let there be certain persons licensed to lend, to known merchants, upon usury at a higher rate; and let it be with the cautions following.
这个办法可使借贷之举免于停止或枯竭，也可以便利国内无数的借款人。并且，这个办法，在大体上，将提高田地底价值，因为以十六年交清买款为期买来的地一年之中可以产生百分之六或稍高的利息，而这种放债底利率则只能产生百分之五的利息也。以同样的理由，这种办法也将鼓励并激刺工业和有益的改良，因为许多人将宁愿投资于这些事业而不愿收百分之五的利益，尤其是收惯了较高的利息的人更要如此。第二，应该让一部分人得到允许，可以用较高的利率放债给知名的商人；这种事并且还得有如下的预防。
Let the rate be, even with the merchant himself, somewhat more easy, than that he used formerly to pay: for, by that means, all borrowers shall have some ease by this reformation, be he merchant, or whosoever. Let it be no rank or common stock, but every man be master of his own money: not that I altogether mislike banks, but they will hardly be brooked, in regard of certain suspicions. Let me state be answered, some small matter, for the licence, and the rest left to the lender: for if the abatement be but small, it will no whit discourage the lender. For he, for example, that took before ten or nine in the hundred, will sooner descend to eight in the hundred, than give over his trade of usury, and go from certain gains, to gains of hazard.
这种利率，即在那些商人底方面，也应该比他从前惯付的利率较为轻一点；因为由这种方法，所有的借款人都可以得到一点便利，无论他是商人或是任何人。放债的人不可是银行或公司，而每个人都应当是他自己底钱底主人。这并不是我完全憎恶银行，而是因为他们为了某种嫌疑的原故是很难受一般人底信任的。国家为了所发的允许证应当使放债人负责缴纳一笔小捐税，其余的利益则应当归之于放债的人；因为假如这种捐税底数目很小的话，它是决不会使放债的人灰心的。举例来说，那原先收百分之十或百分之九的利息的人是宁可降到百分之八而不肯放弃他底放债事业，撇下拿得稳的利益跑去求冒险的利益的。
Let these licenced lenders be in number indefinite, but restrained to certain principal cities and towns of merchandising: for then they will be hardly able to colour other men's monies in the country: so as the licence of nine will not suck away the current rate of five: for no man will send his monies far off, nor put them into unknown hands.
这些持有允许证的放债者其数目可以不必限定，不过他们营业的地点却应当限于某几个商业的城市；因为这样他们就不能掩饰国中他人底钱财：持有特许证可以放百分之九的利率的债的人就不会把那一般流行的百分之五的利率的钱吸收尽了；因为没有人肯把钱放到远处，或放在不相识的人底手里的。
If it be objected that this doth, in a sort, authorise usury, which before was, in some places, but permissive: the answer is; mat it is better to mitigate usury by declaration, than to suffer it to rage by connivance.
如果有人反对说，以前放债的事业不过是在某种地方受容忍，而我底办法差不多要使它成为合法的营业了；我的答语是用公开承认的办法补救放债底害处比默认其存在而使它横行的好一点。

41 Of Usury 论放债 中英对照
许多人都曾经说过巧妙的骂放债的话。他们说，人类应给上帝的贡献是每人底收入底十分之一，而现在这上帝应得的一部竟被魔鬼占了，真是一件可悲的事。又说，放债的人乃是最大的破坏安息日的人，因为他底犁耙是每个安息日都在工作的。又说放债的人就是委吉尔所说的雄蜂。
他们把那些雄蜂（一群偷懒的东西）从蜂房中驱逐出去了。又说放债的人把人类自失乐园以后的第一条法律破坏了。这第一条法律就是“你将汗流满面然后得食”，而放债的人却是“借他人面上的汗而得食”的。又说放债的人应该戴姜黄色的帽子，因为他们是变了犹太人了。又说钱生钱是有悖天道的，诸如此类。我只有这句话可说，就是，放债是“因为人心太硬而始蒙上帝允许的一种事”。因为既然借与贷是免不了的，而且人底心肠是硬得不肯白借钱给人的，那么放债的事情便非准许不可了。又有些人也曾经关于银行及财产呈报和其他的办法作过多疑而巧妙的建议，但是很少有关于放债这件事说过有用的话的。把放债的利与害列举在我们眼前，以便我们酌量采择其利，并且小心办理，庶几我们在走向改良之途的时候不要遇见比现在更坏的事情，这是好的。
放债底害处：第一它使商人底数目减少。因为要是没有放债这种懒惰生意，金钱是不会静止不动的，反之，大部分的金钱将被用在商业上，而商业乃是国家底财富底“门静脉”。第二，放债使商人性质变劣。因为，一个农人，假如他住在一个租价很大的田地上他就不能够好好地经营他底地土；类此，假如一个商人不得不靠高利贷的话，他就不能好好地进行他底生意。第三件害处是附属于上述的两件害处的，就是帝王或国家底税收之减少，税收原是随着贸易涨落的。第四件害处是放债把一国底财富都聚在少数人之手。因为放债的人是拿得稳的，而别的生意人是不能拿得稳的，所以到这场戏快结束的时候大多数的钱都进了放债为生的人底箱子了。然而一个国家总是在财富分配得最为平均的时候最为兴盛的。第五件害处是放债之举把土地的价值打低了；因为金钱底用处，主要是在做生意或购置田产，而放债却把这两种事业都路劫了。第六件害处是，放债把一切的工业、改良、和新的发明都挫折，压抑了，因为假如没有放债这种事业阻挠的话，在上述的种种事业中自会有金钱活动的。最末的一件害处是，放债是蠹害许多人底财产的东西，而这种行为经过了相当时间之后是会引起一种共同的贫乏的。
在另一方面，放债底益处是，第一，无论放债之举在某种情形是多么阻挠商业的，然而在别的方面它却是助长商业的；因为商业底最大部分是由年轻的商人靠着借有利息的债而经营的，这是无疑的。如果放债的人把他底钱收回或者不放出去，马上就会发生商业上的大停滞。第二件益处是，要没有这样容易的用利息借债的办法，人们底需要将使他们骤然陷于没落；因为他们将不得不被迫而卖掉他们赖以为生的资产（无论是田产或货物）而且卖得价值远不及这些资产底真正价值。所以，放债的行为固然是蠹蚀这些人，但是若没有放债的行为，则坏的市面将把他们整个吞噬了。
至于抵押或典当之举，那也是无补于事的：因为，不是人们不肯无利息地收受抵押和典当；就是，如果他们肯这样做，他们必定会眼睛专注在没收那些资产上面的。记得有一位乡下的狠心富翁，他常说，“鬼把这种放债的举动拿去才好，它使得我们不能够没收抵押的产业和证券”。第三而第末的益处是，设想能有不带利息的一般借贷乃是虚妄的；并且，如果借贷之事一受拘束，将发生的不便之处其数目之多是不能想象的。
因此要废止放债业的话是空话。所有的国家都有过这种生意的，不过种类与利率的不同罢了。所以这种意见只好送到乌托邦里去了。
现在且一谈改良并管理放债业之道；如何可以避免它底害处而保持它底益处。从放债业底利害相权看来，有两件事是应当调和的。一件是，放债业底牙齿应当磨得钝一点，使它不至于咬人咬得太厉害；另一件是，应当留一个门户，可以鼓励有钱的人放债给商家，以便商业能够继续并活动。这件事情除非你创立两种大小不同的放债，是办不到的。因为，假如你把放债业全减到一个低利率上去，这种办法对一般的借债者将要容易一点而商人将不容易找到钱了。并且我们也应当注意，商品交易的事业，因为获利最厚，所以能担负高利贷，而别的事业则不如此。
要把上述的两种目的都达到，其方法略如下。要有两种利率；一种是自由而且公开的；另一种是受统治的，唯有某种人并且在某种商业地域才可以得到允许的。因此第一，应当使普通放债底利率减到百分之五；这种利率应当公布为自由的通行的利率；并且国家应当担承对于这种的利率不加以罪。
这个办法可使借贷之举免于停止或枯竭，也可以便利国内无数的借款人。并且，这个办法，在大体上，将提高田地底价值，因为以十六年交清买款为期买来的地一年之中可以产生百分之六或稍高的利息，而这种放债底利率则只能产生百分之五的利息也。以同样的理由，这种办法也将鼓励并激刺工业和有益的改良，因为许多人将宁愿投资于这些事业而不愿收百分之五的利益，尤其是收惯了较高的利息的人更要如此。第二，应该让一部分人得到允许，可以用较高的利率放债给知名的商人；这种事并且还得有如下的预防。
这种利率，即在那些商人底方面，也应该比他从前惯付的利率较为轻一点；因为由这种方法，所有的借款人都可以得到一点便利，无论他是商人或是任何人。放债的人不可是银行或公司，而每个人都应当是他自己底钱底主人。这并不是我完全憎恶银行，而是因为他们为了某种嫌疑的原故是很难受一般人底信任的。国家为了所发的允许证应当使放债人负责缴纳一笔小捐税，其余的利益则应当归之于放债的人；因为假如这种捐税底数目很小的话，它是决不会使放债的人灰心的。举例来说，那原先收百分之十或百分之九的利息的人是宁可降到百分之八而不肯放弃他底放债事业，撇下拿得稳的利益跑去求冒险的利益的。
这些持有允许证的放债者其数目可以不必限定，不过他们营业的地点却应当限于某几个商业的城市；因为这样他们就不能掩饰国中他人底钱财：持有特许证可以放百分之九的利率的债的人就不会把那一般流行的百分之五的利率的钱吸收尽了；因为没有人肯把钱放到远处，或放在不相识的人底手里的。
如果有人反对说，以前放债的事业不过是在某种地方受容忍，而我底办法差不多要使它成为合法的营业了；我的答语是用公开承认的办法补救放债底害处比默认其存在而使它横行的好一点。

Many have made witty invectives against usury. They say, that it is pity, the devil should have God's part, which is the tithe. That the usurer is me greatest Sabbath breaker, because his plough goeth every Sunday. That the userer is the drone, that Virgil speaketh of: ignavum fucos pecus a praesepibus arcent.
That the usurer breaketh the first law that was made for mankind, after the fall; which was, in sudore vultus tui comedes panem tuum; not, in sudore vultus aliem. That usurers should have orange-tawny bonnets, because they do Judaise. That it is against nature, for money to beget money; and the like. I say this only, that usury is a concessum propter duritiem cads', for since there must be borrowing and lending, and men are so hard of heart as they will not lend freely, usury must be permitted. Some others have made suspicious and cunning propositions of banks, discovery of men's estates, and other inventions. But few have spoken of usury usefully. It is good to set before us the incommodides, and commodities of usury; that the good may be either weighed out, or culled out; and warily to provide, that while we make forth to that which is better, we meet not with that which is worse.
The discommodities of usury are: first, that it makes fewer merchants. For were it not for this lazy trade of usury, money would not lie still, but would, in great part, be employed upon merchandising; which is the vena porta of wealth in a state. The second, that it makes poor merchants. For as a fanner cannot husband his ground so well, if he sit at a great rent; so the merchant cannot drive his trade so well, if he sit at great usury. The third is incident to the other two; and that is, the decay of customs of kings or states, which ebb or flow with merchandising. The fourth, that it bringeth the treasure of a realm or state into a few hands. For the usurer being at certainties, and others at uncertainties, at the end of the game; most of the money will be in the box; and ever a state flourisheth, when wealth is more equally spread. The fifth, that it beats down the price of land: for the employment of money is chiefly, either merchandising, or purchasing; and usury waylays both. The sixth, that it dolh dull and damp all industries, improvements, and new inventions, wherein money would be stirring, if it were not for this slug. The last, that it is the cancer and ruin of many men's estates; which in process of time breeds a public poverty.
On the other side, the commodities of usury are. First, that howsoever usury in some respect hindereth merchandising, yet in some other it advanceth it: for it is certain, that the greatest part of trade is driven by young merchants, upon borrowing at interest: so as if the usurer either call in, or keep back his money, there will ensue presently a great stand of trade. The second is, that were it not for this easy borrowing upon interest, men's necessities would draw upon them a most sudden undoing; in that they would be forced to sell their means (be it lands or goods) far under foot; and so, whereas duty doth but gnaw upon them, bad markets would swallow them quite up.
As for mortgaging, or pawning, it will lime mend the matter, for either men will not take pawns without use; or if they do, they will look precisely for the forfeiture. I remember a cruel moneyed man, in the country, that would say; the devil take this usury, it keeps us from forfeitures of mortgages and bonds. The third and last is; that it is a vanity to conceive that there would be ordinary borrowing without profit; and it is impossible to conceive the number ofinconveniencies that will ensue, if borrowing be cramped.
Therefore, to speak of the abolishing of usury is idle. All states have ever had it, in one kind or rate, or other. So as that opinion must be sent to Utopia.
To speak now, of the reformation and reiglement of usury; how the discommodities of it may be best avoided, and the commodities retained. It appears by the balance of commodities and discommodities of usury, two things are to be reconciled. The one, that the tooth of usury be grinded, that it bite not too much: the other, that there be left open a means, to invite moneyed men to lend to the merchants, for the continuing and quickening of trade. This cannot be done, except you introduce two several sorts of usury; a less, and a greater. For if you reduce usury to one low rate, it will ease the common borrower, but the merchant will be to seek for money. And it is to be noted that the trade of merchandise, being the most lucrative, may bear usury at a good rate; other contracts not so.
To serve both intentions, the way would be briefly thus. That there be two rates of usury, the one free, and general for all; the other under licence only, to certain persons, and in certain places of merchandising. First therefore, let usury, in general, be reduced to five in the hundred; and let that rate be proclaimed to be free and current; and let the state shut itself out, to take any penalty for the same.
This will preserve borrowing from any general stop or dryness. This will ease infinite borrowers in the country. This will, in good part, raise the price of land, because land purchased at sixteen years purchase will yield six in the hundred, and somewhat more, whereas this rate of interest yields but five. This, by like reason, will encourage and edge industrious and profitable improvements; because many will rather venture in that kind, than take five in the hundred, especially having been used to greater profit Secondly, let there be certain persons licensed to lend, to known merchants, upon usury at a higher rate; and let it be with the cautions following.
Let the rate be, even with the merchant himself, somewhat more easy, than that he used formerly to pay: for, by that means, all borrowers shall have some ease by this reformation, be he merchant, or whosoever. Let it be no rank or common stock, but every man be master of his own money: not that I altogether mislike banks, but they will hardly be brooked, in regard of certain suspicions. Let me state be answered, some small matter, for the licence, and the rest left to the lender: for if the abatement be but small, it will no whit discourage the lender. For he, for example, that took before ten or nine in the hundred, will sooner descend to eight in the hundred, than give over his trade of usury, and go from certain gains, to gains of hazard.
Let these licenced lenders be in number indefinite, but restrained to certain principal cities and towns of merchandising: for then they will be hardly able to colour other men's monies in the country: so as the licence of nine will not suck away the current rate of five: for no man will send his monies far off, nor put them into unknown hands.
If it be objected that this doth, in a sort, authorise usury, which before was, in some places, but permissive: the answer is; mat it is better to mitigate usury by declaration, than to suffer it to rage by connivance.