Principles of Political Economy, Vol. 2Roscher, Wilhelm
General
Principles of Political Economy, Vol. 2
Roscher, Wilhelm
Economics
It seems opportune that the old prohibition against interest
on interest (_Cicero_, ad. Att., V, 21, and L, 26, Digest,
XIV, 6) and the provision that the interest should not be
permitted to be greater than the _alterum tantum_ (Digest,
l. c.) should be permitted to continue. (Digest, l. c.) Both
of these measures were first decreed by Lucullus, for the
protection of Asia Minor. Compare § 115. Florentine law, of
1693, that interest in arrears, or that interest on interest
beyond 7 years, should not be added to the principal without
an express contract to that effect. (_Vasco_, Usura libera,
§ 155.) In England, the usury laws were by 2 and 3 Victor.,
c. 37, repealed, but only to the extent of excepting from
their provisions bills of not over 12 months, and money
loans not over £10. Compare _Rau_, Lehrbuch II, § 323.]
[Footnote 194-7: Compare _Locke_, Considerations: Works, 10,
32 ff. In Spain, the Council of State is required to
regulate the rate of legal interest yearly (law of 1856,
art. 8); a thing which, according to _Braun_, would be
better done in each individual case by the judges
themselves. (_Faucher's_ Vierteljahrsschrift, 1868, II,
13.)]
[Footnote 194-8: In Athens, the rate of interest in general
was voluntary from the time of Solon, who, however, did away
with slavery for debt. (Lysias adv. Theomn., 360.) Yet there
was a legal rate of interest of 18 per cent. for the case in
which a divorced husband delayed the return of his wife's
dowry. Compare _Böckh_, Staatshaushalt der Athener, I, 148.]
CHAPTER V.
THE UNDERTAKER'S PROFIT. (_UNTERNEHMERLOHN._)
SECTION CXCV.
THE REWARD OF ENTERPRISE.
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