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ID Title Author Corrected Date of Publication (TCP Date of Publication) STC Words Pages
A70290 Usury explain'd, or, Conscience quieted in the case of putting out mony at interest by Philopenes. J. D. (John Dormer), 1636-1700. 1695 (1695) Wing H3249; ESTC R12079 43,383 127

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other Titles being satisfied with the Interest Taxed by Law Some not over-vers'd in these Matters may require what I mean by Continuation-Mony Answ I mean too frequent a Practice of Usurers their Custom is ever to have Mony at hand to Supply such as shall Address unto them First They require so much for Procuring the Mony then they Prefix a Set Time for which they Lett it Finally The Term expir'd they Demand what they think fit for Continuing it in the Borrower's Hands This Last I stile Continuation Mony and hold to be plain Vsury Against these Titles from the Name of Vsury Du Tertre discourses it after this Manner A name is taken from the Nature of the Thing 't is plac'd for but the Name which is given to Vsury is for taking Increase for the Vse of Mony therefore Vsury consists precisely in taking the said Interest He promotes it thus General Idea's imprinted in the Minds of all Men cannot be false but Vsury in the Idea of Scripture Fathers Philosophers imports Interest for the Vse of Mony without Exception of emergent Damage loss of Gain or danger of Principle To receive Interest therefore for the Vse of Mony even with those Exceptions is Vsury Answ I pass by the Major of his first Syllogism tho' it be false that Names be taken from the Nature of things except the Names given by Adam for the same thing in different Languages is express'd by different Names made significant by the Will of Men. The Minor is deny'd for one that buys Cheap receives Interest for the Vse of his Mony and yet incurs no guilt of Vsury The Consequence therefore is no better than the Premises To the Promotion of his Argument the Major is granted the Minor deny'd and so is the Consequence his Major I Reassume and Retort it General Idea's Pag. 114. Imprinted in the Minds of all Men cannot be false but it is an Idea drawn out in the Minds of all Men by the Author of Nature that Man may provide against emergent Damage loss of Gain and danger of Principal that he may submit to the Agreement of his Nation tending to the Common good therefore its Contradictory must be false He instances Usury by all is understood for Interest taken for the Use of Mony Vsura quae scilicet pro usu Pecuniae accipitur Usury by Reason 't is taken for the Use of Mony Says the Law Answ In Law the word Vsura has both a good and bad Sense Interest taken for the Use of Mony Lent is Vsury Interest for the Vse of Mony upon other Accounts is no Vsury And de Facto in his 7th Chap. He justifies several Cases in which Interest is taken for the Vse of Mony It was a piece of Oscitation in him not to take Notice of Vsury as express'd in other Languages the Greek the Hebrew and Chaldaick import more than Pure Interest for the Vse of Mony and could not be derived from the Latin Vsus But besides the aforesaid Titles This other way Divines propose for the Justice of Putting out Mony One may purchase a Pension or Rent Charge affecting some Land or Tenement and it is stiled Real or affecting only the Person and 't is nam'd Personal The Contract is so to be drawn up that by Repayment of the Principal the Obligation of giving the Pension be clear'd or upon Releasing the Pension the Principal restor'd both Parties Covenanting for Performance As to the Real 't is judg'd by most Divines to be no ways Vsurious by many and of great Credit as to the Personal Reason being much the same for both so that excluding all Vsurious intentions both Contracts are held safe in conscience Our Custom then may be said to involve a general Covenant of this Nature Whatever Statute therefore has been Enacted against taking Interest for Loan can only be in force in Cases of unlawful Gain and we are beholden to Divines for finding out just ways of attaining to a Profit which could not be made by Vsury without sin This is ingenuously confess'd by Sir Robert Filmer tho' no Friend to Catholick Divines But Reason is ever Reason come it from who it will His words are Pag. 124. It is no Sin to avoid a Statute by Lawful means If the Contract of Bargain and Sale be in it self Lawful why should it be a Vice and not a Vertue thereby to avoid the Penalty of the Law since Laws are properly made to force Men to avoid them by Lawful means CHAP. IX Whether in some Case it stand with Law and Conscience to take More than Five per. CENT THe ordinary Method of Putting out Mony having been discharg'd of the Imputation of Vsury a Motion may be made whether in some Case one may not improve his Mony to more than the Current Interest That one may do it by way of Traffick is unquestionable So that any mans of Gaining more than Five per Cent. justifiable by the same Reasons and Law as Traffick is cannot but be Approv'd of even if Putting out of Mony My Conclusion is that in some Case the Gain of more then Five per Cent. is Lawful The Case is of a Triple Contract taught by most and ablest Divines The first is a Contract of Partnership the second of Insuring the Principal The Third of Insuring the Interest all three Maintain'd by Law and Practis'd upon Exchanges which certainly they would not be were they against the Law of Nature and Usurious Suppose then that all Succeeding according to Expectation by the first Contract each Partie's Gain in a Year be Computed Thirty per Cent Suppose by the second a Partner Insure his Principal by giving Ten per Cent. Suppose finally that by a third He seu for Ten more the hopes he has of Gaining Twenty for hope of Gain is Valuable and matter of Purchase as appears in the Buying the Cast Nett Thus Acting the said Partner will have Right to Ten per Cent. and the Conclusion is made good In Sevil as I am inform'd no less than Twelve per Cent. is taken and given by Merchants and Du Tertre acknowledges that Merchants of the Town-house of Paris and Exchange of Lyons pay each Term which is Quarterly two and a half Ammounting to Ten per Cent. in a Year And questioning himself what may be said to it He coldly Answers que pour L. ordinaire cet Interest est Vsuraire That for most part such Interest is Usurious So that of its own Nature it is not for were it of its own Nature Usurious it would always be so and not only ordinarily But to return Divines agree in the Lawfulness of the Triple Contract so it be made with distinct Persons and not with a Partner Some modern Rigorists except against it when made with the same Their Reason is that the Nature of the Contract of Society is to be such that both Loss and Profit be equal to all Parties L. 1. Seq π leg 1. Seq c. pro