are diftinguished by the unfavourable appellation of projectors: but in what I fhall have to fay of them, Dr. Smith, I begin to foresee, will bear fo material a part, that when I come to enter upon that subject, I think to take my leave of you, and addrefs myself to him.

LET

LETTER V.

Reafons for Restraint. - Protection of Simplicity.

Come, laftly, to the cafe of the fimple. Here, in the first place, I think I am by this time entitled to observe, that no fimplicity, fhort of abfolute idiotifm, can cause the individual to make a more groundless judgment, than the legislator, who, in the circumstances above ftated, fhould pretend to confine him to any given rate of intereft, would have made for him.

Another confideration, equally conclufive, is, that were the legiflator's judgment ever so much fuperior to the individual's, how weak foever that

may be, the exertion of it on this occafion can never be any otherwise than ufelefs, fo long as there are fo many fimilar occafions, as there ever must be, where the fimplicity of the individual is equally likely to make him a fufferer, and on which the legiflator cannot interpofe with effect, nor has ever fo much as thought of interpofing.

Buying goods with money, or upon credit, is the bufinefs of every day: borrowing money is the bufinefs, only, of fome particular exigency, which, in comparison, can occur but feldom. Regulating the prices of goods in general would be an endless task, and no legiflator has ever been weak enough to think of attempting it. And fuppofing he were to regulate the prices, what would that fignify for the protection of fimplicity, unless he were to regulate also the quantum of what

each

each man fhould buy? Such quantum is indeed regulated, or rather means are taken to prevent buying altoge ther; but in what cafes? In those only where the weakness is adjudged to have arrived at such a pitch, as to render a man utterly unqualified for the management of his affairs: in fhort, when it has arrived at the length of idiocy.

But in what degree foever a man's weakness may expofe him to impofition, he stands much more exposed to it, in the way of buying goods, than in the way of borrowing money. To be informed, beforehand, of the ordinary prices of all the forts of things, a man may have occafion to buy, may be a task of confiderable variety and extent. To be informed of the ordinary rate of intereft, is to be informed of one fingle fact, too interefting not to have attracted attention, and too fimple to have

per

have escaped the memory. A few cent. enhancement upon the price of goods, is a matter that may eafily enough pass unheeded; but a single per cent. beyond the ordinary interest of money, is a ftride more confpicuous and startling, than many per cent. upon the price of any kind of goods.

Even in regard to fubjects, which, by their importance, would, if any, justify a regulation of their price, fuch as for inftance land, I queftion whether there ever was an inftance where, without fome fuch ground as, on the one fide fraud, or fuppreffion of facts neceffary to form a judgment of the value, or at leaft ignorance of fuch facts, on the other, a bargain was refcinded, merely because a man had fold too cheap, or bought too dear. Were I to take a fancy to give a hundred years purchase instead of thirty, for a piece