Note c — Chapter IX · [a] (continued 2)

Usury was looked upon with horror by our English divines long after the Reformation. Fleury, in his Institutions au Droit Ecclésiastique, t. ii. p. 129, has shown the subterfuges to which men had recourse in order to evade this prohibition. It is an unhappy truth, that great part of the attention devoted to the best of sciences, ethics and jurisprudence, has been employed to weaken principles that ought never to have been acknowledged.

One species of usury, and that of the highest importance to commerce, was always permitted, on account of the risk that attended it This was marine insurance, which could not have existed, until money was considered, in itself, as a source of profit. The earliest regulations on the subject of insurance are those of Barcelona in 1433; but the practice was, of course, earlier than these, though not of great antiquity. It is not mentioned in the Consolato del Mare, nor in any of the Hanseatic laws of the fourteenth century. Beckman, vol. i. p. 388. This author, not being aware of the Barcelonese laws on this subject published by Capmany, supposes, the first provisions regulating marine assurance to have been made at Florence in 1523.