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The legal rate of interest in France has not during the course of

the present century, been always regulated by the market rate

{See Denisart, Article Taux des Interests, tom. iii, p.13}. In

1720, interest was reduced from the twentieth to the fiftieth

penny, or from five to two per cent. In 1724, it was raised to

the thirtieth penny, or to three and a third per cent. In 1725,

it was again raised to the twentieth penny, or to five per cent.

In 1766, during the administration of Mr Laverdy, it was reduced

to the twenty-fifth penny, or to four per cent. The Abbe Terray

raised it afterwards to the old rate of five per cent. The

supposed purpose of many of those violent reductions of interest

was to prepare the way for reducing that of the public debts; a

purpose which has sometimes been executed.