Usury is wrong because it does damage, and Ben Franklin points out man-made laws do nothing to curb usury. He goes on to note specific damage done by usury:
And here it may be observed, that it is impossible by any Laws to restrain Men from giving and receiving exhorbitant In terest, where Money is suitably scarce: For he that wants Money will find out Ways to give 10 per cent when he cannot have it for less, altho' the Law forbids to take more than 6 per cent. Now the Interest of Money being high is prejudicial to a Country several Ways: It makes Land bear a low Price, because few Men will lay out their Money in Land, when they can make a much greater Profit by lending it out upon Interest: And much less will Men be inclined to venture their Money at Sea, when they can, without Risque or Hazard, have a great and certain Profit by keeping it at home; thus Trade is discouraged
If this is true, then land is expensive right now, relatively speaking, since interest rates are being forced down.
Please feel free to share this post with three of your friends.
And here it may be observed, that it is impossible by any Laws to restrain Men from giving and receiving exhorbitant In terest, where Money is suitably scarce: For he that wants Money will find out Ways to give 10 per cent when he cannot have it for less, altho' the Law forbids to take more than 6 per cent. Now the Interest of Money being high is prejudicial to a Country several Ways: It makes Land bear a low Price, because few Men will lay out their Money in Land, when they can make a much greater Profit by lending it out upon Interest: And much less will Men be inclined to venture their Money at Sea, when they can, without Risque or Hazard, have a great and certain Profit by keeping it at home; thus Trade is discouraged
If this is true, then land is expensive right now, relatively speaking, since interest rates are being forced down.
Please feel free to share this post with three of your friends.
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