TO THE MOST ILLUSTRIOUS MAN, MASTER FRANÇOIS DE L’AUBESPINE, ROYAL SUB-PREFECT OF BOURGES Latin: Biturigum AND JURIST, FROM FRANÇOIS BAUDOUIN.

A decorative woodcut initial 'Q' containing foliate scrollwork patterns. IF what is done out of private boldness and without precedent might perhaps seem to be done ambitiously, yet if it is done according to public custom, it should be without blame, and often even with praise. Certainly, if there be added modesty and a natural shame of mind—confessing one's weakness rather than confidently thrusting oneself forward—there is usually no just cause for anyone to be offended. This thought, this hope, most illustrious Sir, has caused me now to dare (as was necessary for me) to profess publicly according to custom that I shall respond concerning the law. Indeed, I do not grant myself so much, nor do I claim so much, that I would dare to profess myself alone equal to responding to all matters. But if I say that I am able to speak the truth and defend it openly, I seem likely to say nothing that I do not both greatly desire and which is now entirely required of me. I have therefore done what my public duty of teaching (to which I have been summoned) does not allow me not to do: to descend into the arena of some disputation, and to publish briefly a few axioms for its institution. These were not gathered ambitiously for some perhaps empty display, but were those which happened to occur first out of many; they seemed both more serious because of the weight of the matter, and truly more welcome because of their practical use—and the shorter they were, the more fruitful for disputing and the more worthy of public notice. Now I call upon you, FRANÇOIS, to stand by a young man born for nothing perhaps less than for fights and contentions, and to ensure that there be that integrity of disputation, that moderation, which a noble and calm collation of the truth seems to demand. Certainly, such is your authority and your supreme understanding of the law original: "causae" that no one, with you as judge and arbitrator, would rashly dare to enter into a contest for the sake of false accusation; and as I hate falsehood, no less in another than in myself, so I love the truth, no more in myself than in another.

FROM THE LAW "CUM DE IN REM VERSO." ON INTEREST,

FROM THE PANDECTS The Digest of Roman Law, BOOK XXII, TITLE I, CHAPTER VI.

It is provided in Civil Law that interest which has been paid over a long period of time ought also to be paid and furnished for the future.

But so that this obligation for the future may be understood, it is necessary not only that they have been paid for ten years, but also that their payment has displayed some just form and cause of a contracted obligation.

One without the other is not enough.

But neither is both enough if no account is taken of manifest truth.

As interest due is understood here, so also by their example are other annual payments.

Moreover, they are judged to be due, and must be furnished, in the same manner as they were previously furnished, and in that very quantity, provided it does not exceed the legal limit.

The legal limit in Civil Law is that in maritime contracts term: "traiecticiis contractibus" - high-risk loans for sea voyages they are not more than the Hundredth 1% per month, or 12% annually; among merchants, the Eight-twelfths 8% annually, or commonly the Half-unit 6% annually.

However, antichresis term: a contract where a debtor pledges property to a creditor, allowing the creditor to take the fruits or profits of the property in lieu of interest, which is accepted in pledges, is not so restricted by this limit; rather, if the fruits happen to be greater, the creditor may perceive them all and make them his own.

The payment of interest, if it has equaled the principal sum original: "sortem", is null for the future.

The right of antichresis is also concluded by the same limit.

The same is not to be said of other pensions or annual rents.

If the Hundredth interest is paid for one hundred months, the Eight-twelfths for one hundred and fifty, or the Half-unit for two hundred, it ceases to be owed.

Therefore, what is handed down in the law Cum de in rem verso regarding interest does not have a place in the Hundredth rates: although these are the ones which were then most widely used and are usually understood by the simple name of "interest."

Just as interest on interest compound interest can in no way be drawn into a formal agreement term: "stipulatu", so it cannot be made to be owed by any other means.

The same must be felt concerning other annual payments of this kind.

1885-Pal.