In the cases cited it may be seen how closely *the right abuts upon the wrong*, so that one may over-pass the line almost unconsciously. Yet it is believed that a man may determine for himself on which side of the line he belongs. The department of business, or the mode of transacting business, which cannot by any possibility be of benefit to the community, still more, that which in its general course is of positively injurious tendency, is essentially dishonest, even though there be no individual acts of fraud. He really defrauds the public who lives upon the public without rendering, or purposing to render any valuable return; and if there be any profession or department of business to which this description applies, it should be avoided or forsaken by every man who means to be honest.
Among the many mooted cases in which the question of honesty is involved, our proposed limits will permit us to consider only that of usury(14) (so-called). There can be no doubt that usury laws and the opinion that sustains them sprang from the false theory, according to which money was regarded, not as value, but merely as the measure of value. It is now understood that it owes its capacity to measure value solely to its own intrinsic value; that its paper representatives can equal it in purchasing power only when convertible at pleasure into coin; and that paper not immediately convertible can obtain the character of money only so far as there is promise or hope of its ultimate conversion into coin. It follows that money stands on the same footing with all other values,—that its use, therefore, is a marketable commodity, varying indefinitely in its fitting price, according as money is abundant or scarce, the loan for a long or a short period, and the borrower of more or less certain solvency. For ordinary loans the relations of supply and demand are amply competent to regulate the rate of interest, while he who incurs an extra-hazardous risk fairly earns a correspondingly high rate of compensation. There is, therefore, no intrinsic wrong in one’s obtaining for the use of his money all that it is worth; and while we cannot justify the violation of any laws not absolutely immoral, dishonesty forms no part of the offence of the man who takes more than legal interest.(15)