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]