[Footnote 182-1: _Nebenius_, Œff. Credit, I, 74 ff. Thus, Hamburg discount towards the end of the last century fluctuated between 2½ and 12 per cent., while the capital invested in agriculture brought an interest almost invariably of 4 per cent. (_Büsch_, Geldumlauf, VI, 4, 19.) At the same time, in Pennsylvania, the usual rate of interest was 6 per cent. per annum, and the rate of discount not unfrequently from 2 to 3 per cent. a month. (_Ebeling_ Geschichte und Erdbeschreib. von Amerika, IV, 442.) During the crisis of 1837, it happened that ¼ per cent. a day was paid. (_Rau_, Archiv. N. F. IV, 382.) In the Prussian ports, during the crisis of 1810, it is said that in July the rate of discount was 2½ per cent. a month. (_Tooke_, Thoughts and Details, I, 111.) In Hamburg and Frankfort the rate of discount rose in the spring of 1848, but declined in June to 2; until December it was 1¼, until the summer of 1849, ¾ per cent. (Tüb. Zeitschr., 1856, 95.) Rate of discount in France, about 1798, at least 2 per cent. a month. (_Büsch_, loc. cit., IV, 52.) Half a year previous, capital employed in the purchase of land paid an interest of from 3 to 4 per cent. Legal interest was 5 per cent.; discount, at most, 6 per cent.; in very prosperous times 8-9, per cent. (_Forbonnais_, Recherches et Considérations, I, 372.)] [Footnote 182-2: Remarkable case in _Cicero's_ time in which bribery, carried on on a large scale, raised the rate of discount from 4 to 8 per cent. _Cicero_ ad. Quint. M, 15; ad. Att. IV, 15.] SECTION CLXXXIII. EFFECT OF INCREASED DEMAND FOR LOANS. The price paid for the use of capital naturally depends on the relation between the supply and demand, and especially of circulating capital. The increase of the supply need no more unconditionally lower the rate of interest than the price of any other commodity. If 50 hunters kill 1,000 deer yearly, and give 100 deer per annum as interest to the capitalists who provided them with ammunition and rifles, a second capitalist with an equal number of rifles and an equal amount of ammunition may appear on the scene. If now 2,000 deer a year are killed, the rate of profit of the capitalists will probably remain the same. But if the woods are not rich enough in game for this, or the hunters not numerous enough, too indolent, or too easily satisfied, the rate of interest falls.[183-1]