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ing the medium of exchange, is valuable only, as it procures means of preserving life; and therefore is intrinsically less valuable, than the articles, it purchases. Why then ought not the price of every species of produce to be limited, to protect the buyer from extortion? Why not fix the wages of labor, lest the laborer should obtain an unreasonable price? Why not establish the profit of trade, to guard individuals against unreasonable demands for necessary articles of consumption? These things might as justly be an object of legislation, as money. But the price of them cannot be regulated by law. It depends on their relative value, which is constantly varying, from circumstances beyond the reach of human sagacity.

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Having shown from the relation of value between the precious metals and labor the impracticability of fixing the rate of interest by laws, which will be observed, we shall now advert to the principal argument in favor of them.

The great objection against leaving money to command its own price, or regulate itself, is, that the rich would destroy the poor by extorting from them exorbitant interest. This anxiety of legislators, to protect the poor from the contemplated oppression of the rich, is a beautiful trait in human character. But does it cause the latter to loan to the former at the legal rate, when this is less, than the market price? We need not repeat the constant practice of this country. No person will part with his money for a less compensation, deducting trouble and hazard of loss, than the neat profit, he can derive from employing it in some kind of speculation. The value of the precious metals, being dependent on that of other things, is not the same at different places at the same time. A person therefore will not borrow at one place, and give a premium of twelve per cent. when at another he can hire for an interest of six per cent. He will borrow, where the rate of interest is lowest. As however the market price of money is higher, than the legal, comparatively few persons will lend at the latter rate. The consequence is, that lenders endeavor to indemnify themselves as

well against the possible consequences of a breach of the law, as for the use of the money. An act therefore, designed to restrain usury, instead of preventing it, seems to enhance the rate of interest, which the poor are obliged to give for the use of the precious metals.

Hence then we may infer, that laws, establishing the rate of interest below the market price, will be violated; that, as money will command its own price notwithstanding laws, the poor can borrow as advantageously without them, as where they exist; and therefore, according to the maxim, we have mentioned, that such laws are prejudicial to society.

Still other and greater evils may result from the law relative to interest, as established in this Commonwealth. Human nature is distinguished for vice, weakness, and imperfection. Perhaps it is here less imperfect, less characterized for vice, than in other countries. Let passion however prompt an unprincipled debtor to deprive his creditor of a just debt, by taking advantage of the law against usury, which he himself agreed to violate; what is the consequence? He is allowed to exonerate himself by his oath, unless prevented by the oath of his creditor. From the strong attachment to wealth, almost universally existing in the human breast, what temptation is here for the violation of truth, to prevent the loss of property? Ingenuity will easily silence the monitions of conscience. It is conclusive evidence against the expediency of a law, that it may even remotely tend to weaken the obligation of an oath. A sacred regard to this is the grand pillar of civil society. Eradicate from the mind its importance, and all security for life and property is destroyed. Ought not then such a law, though it tend only by remote possibility to the violation of the truth, sanctioned by an appeal to Deity, to be a subject of legislative revision? The time may arrive, when the gradual progress of experience, not a vain, illusive, or visionary philosophy, shall induce an alteration, if not a repeal of the law concerning interest, as established in this state; when the mind, uninfluenced by the antiquity of laws respecting interest, shall be convinced,

that society suffers greater evil by fixing the value of the use of the precious metals, than it would by permitting them to command their own price, regulated by the price of other commodities.

A BRIEF CHARACTER OF THE LOW COUN
TRIES UNDER THE STATES;

Being three weeks' observations of the virtues and vices
of the inhabitants.

[Concluded from page 27.]

SOLOMON

MON tells of four things, that are small and full of wisdom; the pismire, the grasshopper, the coney, and the spider.

For Providence they are the pismires of the world, and, having nothing, but what grass affords them, are yet, for almost all provisions, the storehouse of whole christendom. What is it, which there may not be found in plenty, they making by their industry all the fruits of the vast earth their own? What land can boast a privilege, that they do not partake of? They have not of their own enough materials to compile one ship; yet how many nations do they furnish? The remoter angles of the world do by their pains deliver them their sweets; and, being of themselves in want, their diligence hath made them both Indies nearer home.

They are frugal to the saving of eggshells, and maintain it for a maxim, that a thing lasts longer mended, than new. Their cities are their molehills; their schutes and flyboats creep and return with their store for winter. Every one is busy, and carries his grain, as if every city were a several hive, and the bees not permitting a drone to inhabit; fidle persons must find some other mansion. And lest necessity bereave men of means to set them on work, there are public

banks, that, without use, lend upon pawns to all poor, that

want.

There is a season, when the pismires fly; and so each summer they likewise swarm abroad with their armies.

.

The ant, says one, is a wise creature, but a shrewd thing" in garden or orchard. And truly so they are; for they look upon others too little, and upon themselves too much; and wheresoever they light in a pleasant or rich soil, like suckers and lower plants, they rob from the root of that tree, which gives them shade and protection; so their wisdom is not indeed heroic, or numinal, as courting an universal good; but rather narrow and restricted, as being a wisdom but for themselves; which, to speak plainly, is descending into craft, and is but the sinister part of that, which is really noble and celestial. Nay in all they hold so true a proportion with the emmet, as you shall not find they want so much, as the sting.

For dwelling in rocks they are conies; and, while the Spanish tumbler plays about them, they rest secure in their own inaccessible berries. Where have you under heaven such impregnable fortifications; where art beautifies nature, and nature makes art invincible? Herein indeed they differ; the conies find rocks, and they make them; and, as they would invert the miracle of Moses, they raise them in the bosom of the waves; where within these twenty years ships furrowed in the pathless ocean, the peaceful plough now embowels the fertile earth, which at night is carried home to the fairest mansions in Holland.

Every town hath his garrison; and the keys of the gates in the night time are not trusted but in the state house. From these holds they bolt abroad for provisions, and then return to their fastnesses replenished.

forth

For war they are grasshoppers, and without a king go in bands to conquer kings. They have not only defended themselves at their own home, but braved the Spaniard at his. The Indian mastiff never was more fierce against the angry lion, nor can cock, in his crowing valour, become more prodigal of his blood, than they.

There hardly is upon earth such a school of martial discipline. 'Tis the christian world's academy for arms, whither all the neighbour nations resort to be instructed; where they may observe how unresistible a blow many small grains of powder will make, being heaped together, which yet, if you separate, can do nothing, but sparkle, and die.

Their recreation is the practice of arms; and they learn to be soldiers sooner, than men. Nay, as if they placed a religion in arms, every Sunday is concluded with the trained bands marching through their cities.

For industry they are spiders; and are in the palaces of kings. Of old they were the guard of the person of the Roman Emperor, and by the Romans themselves declared to be their friends and companions. There is none have the like intelligence. Their merchants are at this day the greatest of the universe. What nation is it, where they have not insinuated? Nay, which they have not almost anatomized; and even discovered the very intrinsic veins on't?

Even among us they shame us with their industry, which makes them seem, as if they had a faculty from the world's creation out of water to make dry land appear. They win our drowned grounds, which we cannot recover, and chase back Neptune to his own old banks.

All, that they do, is by such labor, as it seems extracted out of their own bowels; and in their wary thrift they hang by such a slender sustentation of life, that one would think their own weight should be enough to crack it.

Want of idleness keeps them from want; and 'tis their diligence makes them rich. A fruitful soil increaseth the harvest; a plentiful sun augmenteth the store; and seasonable showers drop fatness on the crop, we reap; but nó rain fructifies more, than the dew of sweat.

You would think, being with them, you were in old Israel, for you find not a beggar among them. Nor are they mindful of their own alone, but strangers also partake of their care and bounty. If they will depart, they have money for their convoy. If they stay, they have work provided. If Vol. II. No. 2.

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