To speak now of the reformation and reglement[442] 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 license 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 bank 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 the state be answered[443] some small matter for the license, 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 licensed lenders be in number indefinite, but restrained to certain principal cities and towns of merchandising; for then they will be hardly able to color other men’s moneys in the country, so as the license of nine will not suck away the current rate of five; for no man will send his moneys far off, nor put them into unknown hands.