Still, that the old
Aristotelian quibble had not been entirely forgotten, is clearly
seen by various passages in Shakespeare's _Merchant of Venice_. But
this line of reasoning seems to have received its quietus from Lord
Bacon. He did not, indeed, develop a strong and connected argument
on the subject; but he burst the bonds of Aristotle, and based
interest for money upon natural laws. How powerful the new current
of thought was, is seen from the fact that James I, of all monarchs
the most fettered by scholasticism and theology, sanctioned a
statute dealing with interest for money as absolutely necessary.
Yet, even after this, the old idea asserted itself; for the bishops
utterly refused to agree to the law allowing interest until a
proviso was inserted that "nothing in this law contained shall be
construed or expounded to allow the practice of usury in point of
religion or conscience." The old view cropped out from time to time
in various public declarations. Famous among these were the
_Treatise of Usury_, published in 1612 by Dr.
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