Wesee，fromwhathasbeenalreadysaid，thatwhentheexchangeislowerthanthespecie，aprofitmaybemadebysendingitabroad；forthesamereason，whenitishigherthanthespecie，thereisprofitincausingittoreturn。
Butthereisacaseinwhichprofitmaybemadebysendingthespecieoutofthekingdom，whentheexchangeisatpar；thatis，bysendingitintoaforeigncountrytobecoinedoveragain。Whenitreturns，anadvantagemaybemadeofit，whetheritbecirculatedinthecountryorpaidforforeignbills。
Ifacompanyhasbeenerectedinastatewithanimmensenumberofshares，andtheseshareshaveinafewmonthsrisentwentyortwenty—fivetimesabovetheoriginalpurchasevalue；if，again，thesamestateestablishedabank，whosebillsweretoperformtheofficeofmoney，whilethelegalvalueofthesebillswasprodigious，inordertoanswertothelegalvalueoftheshares（thisisMr。Law’sSystem），itwouldfollow，fromthenatureofthings，thatthesesharesandthesebillswouldvanishinthesamemannerastheyarose。Stockscannotsuddenlyberaisedtwentyortwenty—fivetimesabovetheiroriginalvaluewithoutgivinganumberofpeoplethemeansofprocuringimmenserichesinpaper：everyonewouldendeavourtomakehisfortune；andastheexchangeoffersthemosteasywayofremovingitfromhome，orconveyingitwhitheronepleases，peoplewouldincessantlyremitapartoftheireffectstothenationthatregulatestheexchange。Acontinualprocessofremittancesintoaforeigncountrymustlowertheexchange。
LetussupposethatatthetimeoftheSystem，inproportiontothestandardandweightofthesilvercoin，theexchangewasfixedatfortygrostothecrown；whenavastquantityofpaperbecamemoney，theywereunwillingtogivemorethanthirty—ninegrosforacrown，andafterwardsthirty—eight，thirty—seven，&c。Thisproceededsofar，thatafterawhiletheywouldgivebuteightgros，andatlasttherewasnoexchangeatall。
TheexchangeoughtinthiscasetohaveregulatedtheproportionbetweenthespecieandthepaperofFrance。Isupposethat，bytheweightandstandardofthesilver，thecrownofthreelivresinsilverwasworthfortygros，andthattheexchangebeingmadeinpaper，thecrownofthreelivresinpaperwasworthonlyeightgros，thedifferencewasfour—fifths。Thecrownofthreelivresinpaperwasthenworthfour—fifthslessthanthecrownofthreelivresinsilver。
11。OftheProceedingsoftheRomanswithrespecttoMoney。Howgreatsoevertheexertionofauthorityhadbeeninourtimes，withrespecttothespecieofFrance，duringtheadministrationoftwosuccessiveministers，stillitwasvastlyexceededbytheRomans；notatthetimewhencorruptionhadcreptintotheirrepublic，norwhentheywereinastateofanarchy，butwhentheywereasmuchbytheirwisdomastheircourageinthefullvigouroftheconstitution，afterhavingconqueredthecitiesofItaly，andattheverytimethattheydisputedforempirewiththeCarthaginians。
AndhereIampleasedthatIhaveanopportunityofexaminingmorecloselyintothismatter，thatnoexamplemaybetakenfromwhatcanneverjustlybecalledone。
InthefirstPunicwartheas，[16]whichoughttobetwelveouncesofcopper，weighedonlytwo，andintheseconditwasnomorethanone。
Thisretrenchmentanswerstowhatwenowcalltheraisingofcoin。Totakehalfthesilverfromacrownofsixlivres，inordertomaketwocrowns，ortoraiseittothevalueoftwelvelivres，ispreciselythesamething。
TheyhaveleftusnomonumentofthemannerinwhichtheRomansconductedthisaffairinthefirstPunicwar；butwhattheydidinthesecondisaproofofthemostconsummatewisdom。Therepublicfoundherselfunderanimpossibilityofpayingherdebts：theasweighedtwoouncesofcopper，andthedenarius，valuedattenases，weighedtwentyouncesofcopper。Therepublic，beingwillingtogainhalfonhercreditors，madetheasofanounceofcopper，[17]andbythismeanspaidthevalueofadenariuswithtenounces。Thisproceedingmusthavegivenagreatshocktothestate；theywereobligedthereforetobreaktheforceofitaswellastheycould。Itwasinitselfunjust，anditwasnecessarytorenderitaslittlesoaspossible。Theyhadinviewthedeliveranceoftherepublicwithrespecttothecitizens；theywerenotthereforeobligedtodirecttheirviewtothedeliveranceofthecitizenswithrespecttoeachother。Thismadeasecondstepnecessary。
Itwasordainedthatthedenarius，whichhithertocontainedbuttenases，shouldcontainsixteen。Theresultofthisdoubleoperationwas，thatwhilethecreditorsoftherepubliclostone—half，[18]thoseofindividualslostonlyafifth；[19]thepriceofmerchandisewasincreasedonlyafifth；therealchangeofthemoneywasonlyafifth。
Theotherconsequencesareobvious。
TheRomansthenconductedthemselveswithgreaterprudencethanwe，whoinourtransactionsinvolvedboththepublictreasureandthefortunesofindividuals。Butthisisnotall：theirbusinesswascarriedonamidstmorefavourablecircumstancesthanours。
12。TheCircumstancesinwhichtheRomanschangedtheValueoftheSpecie。TherewasformerlyverylittlegoldandsilverinItaly。Thiscountryhasfewornominesofgoldorsilver。WhenRomewastakenbytheGauls，theyfoundonlyathousand—weightofgold[20]AndyettheRomanshadsackedmanypowerfulcities，andbroughthometheirwealth。
Foralongtimetheymadeuseofnonebutcoppermoney；anditwasnottillafterthepeacewithPyrrhusthattheyhadsilverenoughtocoinmoney：[21]theymadedenariiofthismetalofthevalueoftenases，[22]
ortenpoundsofcopper。Atthattimetheproportionofsilverwastothatofcopperas1to960。ForastheRomandenariuswasvaluedattenases，ortenpoundsofcopper，itwasworthonehundredandtwentyouncesofcopper；andasthesamedenariuswasvaluedonlyatone—eighthofanounceofsilver，[23]thisproducedtheaboveproportion。
WhenRomebecamemistressofthatpartofItalywhichisnearesttoGreeceandSicily，bydegreesshefoundherselfbetweentworichnations——theGreeksandtheCarthaginians。SilverincreasedatRome；andastheproportionof1to960betweensilverandcoppercouldbenolongersupported，shemadeseveralregulationswithrespecttomoney，whichtousareunknown。However，atthebeginningofthesecondPunicwar，theRomandenariuswasworthnomorethantwentyouncesofcopper；[24]andthustheproportionbetweensilverandcopperwasnolongerbutas1to160。Thereductionwasveryconsiderable，sincetherepublicgainedfive—sixthsuponallcoppermoney。Butshedidonlywhatwasnecessaryinthenatureofthings，byestablishingtheproportionbetweenthemetalsmadeuseofasmoney。
ThepeacewhichterminatedthefirstPunicwarlefttheRomansmastersofSicily。TheysoonenteredSardinia；afterwardstheybegantoknowSpain；andthusthequantityofsilverincreasedatRome。Theytookmeasurestoreducethedenariusfromtwentyouncestosixteen，[25]whichhadtheeffectofputtinganearerproportionbetweenthesilverandcopper；thustheproportion，whichwasbeforeas1to160，wasnowmadeas1to128。
IfweexamineintotheconductoftheRomans，weshallneverfindthemsogreatasinchoosingaproperconjunctureforperforminganyextraordinaryoperation。
13。ProceedingswithrespecttoMoneyintheTimeoftheEmperors。Inthechangesmadeinthespecieduringthetimeoftherepublic，theyproceededbydiminishingit：initswants，thestateentrustedtheknowledgetothepeople，anddidnotpretendtodeceivethem。Undertheemperors，theyproceededbywayofalloy。Theseprinces，reducedtodespairevenbytheirliberalities，foundthemselvesobligedtodegradethespecie；anindirectmethod，whichdiminishedtheevilwithoutseemingtotouchit。Theywithheldapartofthegiftandyetconcealedthehandthatdidit；and，withoutspeakingofthediminutionofthepay，orofthegratuity，itwasfounddiminished。
Weevenstillseeincabinetsakindofmedalswhicharecalledplated，andareonlypiecesofcoppercoveredwithathinplateofsilver。[26]
Thismoneyismentionedinafragmentofthe77thbookofDio。[27]
DidiusJulianfirstbegantodebaseit。WefindthatthecoinofCaracalla[28]hadanalloyofmorethanhalf；thatofAlexanderSeverusoftwo—thirds；[29]thedebasingstillincreased，tillinthetimeofGallienusnothingwastobeseenbutcoppersilveredover。[30]
Itisevidentthatsuchviolentproceedingscouldnottakeplaceinthepresentage；aprincemightdeceivehimself，buthecoulddeceivenobodyelse。Theexchangehastaughtthebankertodrawacomparisonbetweenallthemoneyintheworld，andtoestablishitsjustvalue。Thestandardofmoneycanbenolongerasecret。Weretheprincetobegintoalloyhissilver，everybodyelsewouldcontinueit，anddoitforhim；
thespecieofthetruestandardwouldgoabroadfirst，andnothingwouldbesentbackbutbasemetal。If，liketheRomanEmperors，hedebasedthesilverwithoutdebasingthegold，thegoldwouldsuddenlydisappear，andhewouldbereducedtohisbadsilver。Theexchange，asIhavesaidintheprecedingbook，[31]hasdeprivedprincesoftheopportunityofshowinggreatexertionsofauthority，oratleasthasrenderedthemineffectual。
14。HowtheExchangeisaConstraintondespoticPower。Russiawouldhavedescendedfromitsdespoticpower，butcouldnot。Theestablishmentofcommercedependedonthatoftheexchange，andthetransactionswereinconsistentwithallitslaws。
In1745theCzarinamadealawtoexpeltheJews，becausetheyremittedintoforeigncountriesthespecieofthosewhowerebanishedintoSiberia，aswellasthatoftheforeignersentertainedinherservice。
Asallthesubjectsoftheempireareslaves，theycanneithergoabroadthemselvesnorsendawaytheireffectswithoutpermission。TheexchangewhichgivesthemthemeansofremittingtheirspeciefromonecountrytoanotheristhereforeentirelyincompatiblewiththelawsofRussia。
CommerceitselfisinconsistentwiththeRussianlaws。Thepeoplearecomposedonlyofslavesemployedinagriculture，andofslavescalledecclesiasticsorgentlemen，whoarethelordsofthoseslaves；thereisthennobodyleftforthethirdestate，whichoughttobecomposedofmechanicsandmerchants。
15。ThePracticeofsomeCountriesinItaly。TheyhavemadelawsinsomepartofItalytopreventsubjectsfromsellingtheirlandsinordertoremovetheirspecieintoforeigncountries。Theselawsmaybegood，whentherichesofastatearesoconnectedwiththecountryitselfthattherewouldbegreatdifficultyintransferringthemtoanother。Butsince，bythecourseofexchange，richesareinsomedegreeindependentofanyparticularstate，andsincetheymaywithsomucheasebeconveyedfromonecountrytoanother，thatmustbeabadlawwhichwillnotpermitpersonsfortheirowninteresttodisposeoftheirlands，whiletheycandisposeoftheirmoney。Itisabadlaw，becauseitgivesanadvantagetomovableeffects，inprejudicetotheland；becauseitdetersstrangersfromsettlinginthecountry；and，inshort，becauseitmaybeeluded。
16。TheAssistanceaStatemayderivefromBankers。Thebanker’sbusinessistochange，nottolend，money。Iftheprincemakesuseofthemtochangehisspecie，asheneverdoesitbutingreataffairs，theleastprofithecangivefortheremittancebecomesconsiderable；andiftheydemandlargeprofits，wemaybecertainthatthereisafaultintheadministration。Onthecontrary，whentheyareemployedtoadvancespecie，theirartconsistsinprocuringthegreatestprofitfortheuseofit，withoutbeingliabletobechargedwithusury。
17。OfPublicDebts。Somehaveimaginedthatitwasfortheadvantageofastatetobeindebtedtoitself：theythoughtthatthismultipliedrichesbyincreasingthecirculation。
Thosewhoareofthisopinionhave，Ibelieve，confoundedacirculatingpaperwhichrepresentsmoney，oracirculatingpaperwhichisthesignoftheprofitsthatacompanyhasorwillmakebycommerce，withapaperwhichrepresentsadebt。Thefirsttwoareextremelyadvantageoustothestate：thelastcanneverbeso；andallthatwecanexpectfromitisthatindividualshaveagoodsecurityfromthegovernmentfortheirmoney。Butletusseetheinconvenienceswhichresultfromit。
1。Ifforeignerspossessmuchpaperwhichrepresentsadebt，theyannuallydrawoutofthenationaconsiderablesumforinterest。
2。Inanationthatisthusperpetuallyindebt，theexchangemustbeverylow。
3。Thetaxesraisedforthepaymentoftheinterestofthedebtareaninjurytothemanufactures，byraisingthepriceoftheartificer’slabour。
4。Ittakesthetruerevenueofthestatefromthosewhohaveactivityandindustry，toconveyittotheindolent；thatis，itgivesfacilitiesforlabourtothosewhodonotwork，andclogswithdifficultiesthosewhodowork。
Theseareitsinconveniences：Iknowofnoadvantages。Tenpersonshaveeachayearlyincomeofathousandcrowns，eitherinlandortrade；thisraisestothenation，atfivepercent，acapitaloftwohundredthousandcrowns。Ifthesetenpersonsemployedone—halfoftheirincome，thatis，fivethousandcrowns，inpayingtheinterestofahundredthousandcrowns，whichtheyhadborrowedofothers，thatstillwouldbeonlytothestateastwohundredthousandcrowns；thatis，inthelanguageofthealgebraists，200，000crowns—100，000crowns100，000
crowns=200，000。
Peoplearethrownperhapsintothiserrorbyreflectingthatthepaperwhichrepresentsthedebtofanationisthesignofriches；fornonebutarichstatecansupportsuchpaperwithoutfallingintodecay。Andifitdoesnotfall，itisaproofthatthestatehasotherrichesbesides。Theysaythatitisnotanevil，becausethereareresourcesagainstit；andthatitisanadvantage，sincetheseresourcessurpasstheevil。
18。OfthePaymentofPublicDebts。Itisnecessarythatthereshouldbeaproportionbetweenthestateascreditorandthestateasdebtor。Thestatemaybeacreditortoinfinity，butitcanonlybeadebtortoacertaindegree，andwhenitsurpassesthatdegreethetitleofcreditorvanishes。
Ifthecreditofthestatehasneverreceivedtheleastblemish，itmaydowhathasbeensohappilypractisedinoneofthekingdomsofEurope；[32]thatis，itmayrequireagreatquantityofspecie，andoffertoreimburseeveryindividual，atleastiftheywillnotreducetheirinterest。Whenthestateborrows，theindividualsfixtheinterest；whenitpays，theinterestforthefutureisfixedbythestate。
Itisnotsufficienttoreducetheinterest：itisnecessarytoerectasinking—fundfromtheadvantageofthereduction，inordertopayeveryyearapartofthecapital：aproceedingsohappythatitssuccessincreaseseveryday。
Whenthecreditofthestateisnotentire，thereisanewreasonforendeavouringtoformasinking—fund，becausethisfundbeingonceestablishedwillsoonprocurethepublicconfidence。
1。Ifthestateisarepublic，thegovernmentofwhichisinitsownnatureconsistentwithitsenteringintoprojectsofalongduration，thecapitalofthesinking—fundmaybeinconsiderable；butitisnecessaryinamonarchyforthecapitaltobemuchgreater。
2。Theregulationsoughttobesoorderedthatallthesubjectsofthestatemaysupporttheweightoftheestablishmentofthesefunds，becausetheyhavealltheweightoftheestablishmentofthedebt；thusthecreditorofthestate，bythesumshecontributes，payshimself。
3。Therearefourclassesofmenwhopaythedebtsofthestate：theproprietorsoftheland，thoseengagedintrade，thelabourersandartificers，and，infine，theannuitantseitherofthestateorofprivatepeople。Ofthesefourclassesthelast，inacaseofnecessityonewouldimagine，oughtleasttobespared，becauseitisaclassentirelypassive，whilethestateissupportedbytheactivevigouroftheotherthree。Butasitcannotbehighertaxed，withoutdestroyingthepublicconfidence，ofwhichthestateingeneralandthesethreeclassesinparticularhavetheutmostneed；asabreachinthepublicfaithcannotbemadeonacertainnumberofsubjectswithoutseemingtobemadeonall；astheclassofcreditorsisalwaysthemostexposedtotheprojectsofministers，andalwaysintheireye，andundertheirimmediateinspection，thestateisobligedtogivethemasingularprotection，thatthepartwhichisindebtedmayneverhavetheleastadvantageoverthatwhichisthecreditor。
19。OflendinguponInterest。Specieisthesignofvalue。Itisevidentthathewhohasoccasionforthissignoughttopayfortheuseofit，aswellasforeverythingelsethathehasoccasionfor。Allthedifferenceisthatotherthingsmaybeeitherhiredorbought；whilemoney，whichisthepriceofthings，canonlybehired，andnotbought。[33]
Tolendmoneywithoutinterestiscertainlyanactionlaudableandextremelygood；butitisobviousthatitisonlyacounselofreligion，andnotacivillaw。
Inorderthattrademaybesuccessfullycarriedon，itisnecessarythatapricebefixedontheuseofspecie；butthisshouldbeveryinconsiderable。Ifitbetoohigh，themerchantwhoseesthatitwillcosthimmoreininterestthanhecangainbycommercewillundertakenothing；ifthereisnoconsiderationtobepaidfortheuseofspecie，nobodywilllendit；andheretoothemerchantwillundertakenothing。
IammistakenwhenIsaynobodywilllend；theaffairsofsocietywillevermakeitnecessary。Usurywillbeestablished，butwithallthedisorderswithwhichithasbeenconstantlyattended。
ThelawsofMahometconfoundusurywithlendinguponinterest。UsuryincreasesinMahometancountriesinproportiontotheseverityoftheprohibition。Thelenderindemnifieshimselfforthedangerheundergoesofsufferingthepenalty。
Inthoseeasterncountries，thegreaterpartofthepeoplearesecureinnothing；thereishardlyanyproportionbetweentheactualpossessionofasumandthehopesofreceivingitagainafterhavinglentit：usury，then，mustberaisedinproportiontothedangerofinsolvency。
20。OfMaritimeUsury。Thegreatnessofmaritimeusuryisfoundedontwothings：thedangerofthesea，whichmakesitproperthatthosewhoexposetheirspecieshouldnotdoitwithoutconsiderableadvantage，andtheeasewithwhichtheborrower，bymeansofcommerce，speedilyaccomplishesavarietyofgreataffairs。Butusury，withrespecttolandmen，notbeingfoundedoneitherofthesetworeasons，iseitherprohibitedbythelegislators，or，whatismorerational，reducedtoproperbounds。
21。OfLendingbyContract，andtheStateofUsuryamongtheRomans。
Besidestheloansmadefortheadvantageofcommerce，thereisstillakindoflendingbyacivilcontract，whenceresultsinterestorusury。
AsthepeopleofRomeincreasedeverydayinpower，themagistratessoughttoinsinuatethemselvesintheirfavourbyenactingsuchlawsasweremostagreeabletothem。Theyretrenchedcapitals；theyfirstlowered，andatlengthprohibited，interest；theytookawaythepowerofconfiningthedebtor’sbody；infine，theabolitionofdebtswascontendedforwheneveratribunewasdisposedtorenderhimselfpopular。
Thesecontinualchanges，whethermadebythelawsorbytheplebiscita，naturalisedusuryatRome；forthecreditors，seeingthepeopletheirdebtor，theirlegislator，andtheirjudge，hadnolongeranyconfidenceintheiragreements：thepeople，likeadebtorwhohaslosthiscredit，couldonlytemptthemtolendbyallowinganexorbitantinterest，especiallyasthelawsappliedaremedytotheevilonlyfromtimetotime，whilethecomplaintsofthepeoplewerecontinual，andconstantlyintimidatedthecreditors。ThiswasthecausethatallhonestmeansofborrowingandlendingwereabolishedatRome，andthatthemostmonstroususuryestablisheditselfinthatcity，notwithstandingthestrictprohibitionandseverityofthelaw。[34]Thisevilwasaconsequenceoftheseverityofthelawsagainstusury。Lawsexcessivelygoodarethesourceofexcessiveevil。Theborrowerfoundhimselfunderthenecessityofpayingfortheinterestofthemoney，andforthedangerthecreditorunderwentofsufferingthepenaltyofthelaw。
22。ThesameSubjectcontinued。TheprimitiveRomanshadnotanylawstoregulatetherateofusury。[35]Inthecontestswhicharoseonthissubjectbetweentheplebeiansandthepatricians，evenintheseditionontheMonsSacer，nothingwasalleged，ontheonehand，butjustice，andontheother，theseverityofcontracts。[36]
Theythenonlyfollowedprivateagreements，which，Ibelieve，weremostcommonlyattwelvepercentperannum。Myreasonis，thatintheancientlanguageoftheRomans，interestatsixpercentwascalledhalf—usury，andinterestatthreepercent，quarter—usury。[37]Totalusurymust，therefore，havebeeninterestattwelvepercent。
Butifitbeaskedhowsuchgreatinterestcouldbeestablishedamongapeoplealmostwithoutcommerce，Ianswerthatthispeople，beingveryoftenobligedtogotowarwithoutpay，wereunderafrequentnecessityofborrowing：andastheyincessantlymadehappyexpeditions，theywerecommonlywellabletopay。Thisisvisiblefromtherecitalofthecontestswhicharoseonthissubject；theydidnotthendisagreeconcerningtheavariceofcreditors，butsaidthatthosewhocomplainedmighthavebeenabletopay，hadtheylivedinamoreregularmanner。[38]
Theythenmadelawswhichhadonlyaninfluenceonthepresentsituationofaffairs：theyordained，forinstance，thatthosewhoenrolledthemselvesforthewartheywereengagedinshouldnotbemolestedbytheircreditors；thatthosewhowereinprisonshouldbesetatliberty；
thatthemostindigentshouldbesentintothecolonies；andsometimestheyopenedthepublictreasury。Thepeople，beingeasedoftheirpresentburdens，becameappeased；andastheyrequirednothingforthefuture，thesenatewasfarfromprovidingagainstit。
Atthetimewhenthesenatemaintainedthecauseofusurywithsomuchconstancy，theRomansweredistinguishedbyanextremeloveoffrugality，poverty，andmoderation：buttheconstitutionwassuchthattheprincipalcitizensalonesupportedalltheexpensesofgovernment，whilethecommonpeoplepaidnothing。How，then，wasitpossibletodeprivetheformerofthelibertyofpursuingtheirdebtors，andatthesametimetoobligethemtoexecutetheiroffices，andtosupporttherepublicamidstitsmostpressingnecessities？
TacitussaysthatthelawoftheTwelveTablesfixedtheinterestatonepercent。[39]Itisevidentthathewasmistaken，andthathetookanotherlaw，ofwhichIamgoingtospeak，forthelawoftheTwelveTables。IfthishadbeenregulatedinthelawoftheTwelveTables，whydidtheynotmakeuseofitsauthorityinthedisputeswhichafterwardsarosebetweenthecreditorsanddebtors？Wefindnovestigeofthislawuponlendingatinterest；andletushaveeversolittleknowledgeofthehistoryofRome，weshallseethatalawlikethiscouldnotbetheworkofthedecemvirs。
TheLicinianlaw，madeeighty—fiveyearsafterthatoftheTwelveTables，[40]wasoneofthosetemporaryregulationsofwhichwehavespoken。Itordainedthatwhathadbeenpaidforinterestshouldbedeductedfromtheprincipal，andtherestdischargedbythreeequalpayments。
IntheyearofRome398，thetribunesDuelliusandMeneniuscausedalawtobepassedwhichreducedtheinteresttoonepercentperannum。[41]
itisthislawwhichTacitusconfoundswiththatoftheTwelveTables，[42]andthiswasthefirstevermadebytheRomanstofixtherateofinterest。Tenyearsafter，[43]thisusurywasreducedone—half，[44]andintheendentirelyabolished；[45]andifwemaybelievesomeauthorswhomLivyhadread，thiswasundertheconsulateofC。MartiusRutiliusandQ。Servilius，intheyearofRome413。[46]
Itfaredwiththislawaswithallthoseinwhichthelegislatorcarriesthingstoexcess：aninfinitenumberofwayswerefoundtoeludeit。
Theyenacted，therefore，manyotherstoconfirm，correct，andtemperit。
Sometimestheyquittedthelawstofollowthecommonpractice；atothers，thecommonpracticetofollowthelaws；butinthiscase，customeasilyprevailed。[47]Whenamanwantedtoborrow，hefoundanobstacleintheverylawmadeinhisfavour；thislawmustbeevadedbythepersonitwasmadetosuccour，andbythepersoncondemned。SemproniusAsellus，thepr？tor，havingpermittedthedebtorstoactinconformitytothelaws，[48]wasslainbythecreditorsforattemptingtorevivethememoryofaseveritythatcouldnolongerbesupported。[49]
Iquitthecity，inordertocastaneyeontheprovinces。
IhavesomewhereelseobservedthattheRomanprovinceswereexhaustedbyasevereandarbitrarygovernment。[50]Butthisisnotall；theywerealsoruinedbyamostshockingusury。
CicerotakesnoticethattheinhabitantsofSalamiswantedtoborrowasumofmoneyatRome，butcouldnot，becauseoftheGabinianlaw。[51]Wemust，therefore，inquireintothenatureofthislaw。
AssoonaslendinguponinterestwasforbiddenatRome，theycontrivedallsortofmeanstoeludethelaw；[52]andastheirallies，[53]andtheLatins，werenotsubjecttothecivillawsoftheRomans，theyemployedaLatin，oranally，tolendhisname，andpersonatethecreditor。Thelaw，therefore，hadonlysubjectedthecreditorstoamatterofform，andthepublicwerenotrelieved。
Thepeoplecomplainedofthisartifice；andMariusSempronius，tribuneofthepeople，bytheauthorityofthesenate，causedaplebiscitumtobeenactedtothispurport，thatinregardtoloansthelawsprohibitingusurybetweenRomancitizensshouldequallytakeplacebetweenacitizenandanally，oracitizenandaLatin。[54]
AtthattimetheygavethenameofalliestothepeopleofItalyproperlysocalled，whichextendedasfarastheArnoandtheRubicon，andwasnotgovernedintheformofaRomanprovince。
ItisanobservationofTacitus[55]thatnewfraudswereconstantlycommitted，wheneveranylawswerepassedforthepreventingofusury。
Findingthemselvesdebarredfromlendingorborrowinginthenameofanally，theysooncontrivedtoborrowofsomeinhabitantoftheprovinces。
Toremedythisabusetheywereobligedtoenactanewlaw；andGabinius[56]uponthepassingofthatfamouslaw，whichwasintendedtopreventthecorruptionofsuffrages，mustnaturallyhavereflectedthatthebestwaytoattainhisendwastodiscouragethelendinguponinterest：theseweretwoobjectsnaturallyconnected；forusuryalwaysincreasedatthetimeofelections，[57]becausetheystoodinneedofmoneytobribethevoters。ItisplainthattheGabinianlawhadextendedtheSenatusConsultumofMarcusSemproniustotheprovinces，sincethepeopleofSalamiscouldnotborrowmoneyatRomebecauseofthatverylaw。Brutus，underfictitiousnames，lentthemsomemoney[58]