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Updated: June 4, 2025
For when a poor farmer, whose crops failed, could not pay his rent or loan on the date promised, these hard-hearted money lenders would turn him out of his house, seize his beds and mats and rice-tub, and even the shrine and images on the god-shelf, to sell them at auction for a trifle, to their minions, who resold them at a high price for the money-lender, who thus got a double benefit.
But by the new institute of the rights of men, the only persons who in equity ought to suffer are the only persons who are to be saved harmless: those are to answer the debt who neither were lenders nor borrowers, mortgagers nor mortgagees. What had the clergy to do with these transactions? What had they to do with any public engagement further than the extent of their own debt?
The three lenders are strenuously endeavouring to realise, the thousand-pounder being prostrate with affright, but although the investments under normal conditions would fetch a good premium, not a penny can be raised in any direction. The lenders are Home Rulers, and eighty per cent. of the population of Cavan are Roman Catholic. The same story is heard everywhere, with "damnable iteration."
So it comes about that new countries are in greater need of capital than old ones and consequently are ready to pay a higher rate of interest for it to lenders or to tempt shareholders with a higher rate of profit.
Let not the creaking of shoes, nor the rustling of silks, betray thy poor heart to woman; keep thy foot out of brothels, thy hand out of plackets, thy pen from lenders' books, and defy the foul fiend." This must be read in conjunction with what Edgar says of himself subsequently:
At last the severity of the lenders overreached itself.
Money, like other things, is but a commodity, and in the way of dealing, the use of it is looked upon to be worth as much as people can get for it. If this corporation let persons in limited circumstances have the use of money at a cheaper rate than individuals, brokers, or money lenders, would be willing to do, it was certainly a beneficent act.
Undaunted by mounting evidence of market failures for instance to provide affordable and plentiful public goods this flawed theory returned with a vengeance in the last two decades of the past century. Privatization, deregulation, and self-regulation became faddish buzzwords and part of a global consensus propagated by both commercial banks and multilateral lenders.
James was cognizant of his friend's excursions among the money lenders, and no doubt he thought the young spendthrift, when he came into his fortune, would never know within a good many thousands how much he had borrowed, nor even the number of post-obits he had given. That is to say, the tender-hearted son discounts his father's death to provide fuel to feed his flame.
Mr. de la Molle started when he heard this most unexpected bit of news, for which he was totally unprepared. He had always found it possible to borrow money, and it had never occurred to him that a time might perhaps come in this country, when the land, which he held in almost superstitious veneration, would be so valueless a form of property that lenders would refuse it as security.
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