Fetching
One moment.
Fetching
One moment.
Romanised transliteration as printed by the translator, not the original script. This is what we hold.
1from a Kshatriya, 4 per cent. from a Vaisya, and 5 per cent. from a Sidra. A. It appears, from the commentaries on the code of Manu, that the present rule is applicable in those cases where no security has been given, whereas the preceding paragraph refers to loans secured by a pledge. tor. Identical with Manu VIII, 141. The meaning is that he shall take 2 per cent. only from honest men, to whatever caste they may belong. A. In the code of Manu, the present rule precedes par. 100, instead of following it. The author of the Narada-smriti would seem to have erroneously inverted the original position of the two verses. 102. Manu VIII, 153; Gautama XII, 34, 35. See, too, Colebrooke’s Digest I, XXXV-XLV. 103, 104. ‘ Periodical interest’ means monthly interest, at the rate of from 2 to 5 per cent., according to the caste of the debtor. ‘ Stipulated interest’ is interest at the rate of more than ro per cent., which has been promised by the debtor himself in times of great distress. K4ya means principal. Ifa Paya, or quarter of a Pama, has to be I, 107. DEBTS; INTEREST. 67 periodical interest. That interest is termed stipulated interest which has been promised by the debtor himself. * 104. Interest at the rate of one Pama or quarter of a Pama, paid regularly without diminishing the principal, is denoted kayik4 interest. Interest upon interest is called compound interest. *105. This is the general rule for interest to be paid on loans. There are special rules according to the local usages of the country where the loan has been made. *106. In some countries the loan may grow till twice the amount of the principal has been reached. In other countries it may grow till it becomes three, or four, or eight times as large as the principal. 107. The interest on gold, grain, and clothes may rise till it amounts to two, three, or four times the principal. On liquids, the interest may become octuple ; of women and cattle, their offspring (is considered as the interest). paid every day, without diminishing the principal, i.e. if the whole principal has to be restored, though ever so much interest may have been paid on it, it is called kayik& interest. Where interest at the rate of 5 per cent. per mensem has been paid for twenty months, it will reach the same amount as the sum originally due, so that the principal is doubled. After twenty months more it becomes quadruple ; twenty months later it becomes octuple, and so on. This is called compound interest. A. Brzhaspati and Vy4sa derive the term k4yika from kaya ‘a body,’ and explain that it denotes bodily labour, or the use of a pledged slave. 105. Where local customs obtain, differing from the rules previously given, they have to be followed. A. 106,107. Manu VIII, 151; Vishzu VI, 11-17; Yagiavalkya II, 39; Gautama XII, 36. 107. Gold borrowed at whatsoever rate of interest shall grow till it becomes double; grain, till it becomes treble; cloth, till it becomes F 2 68 NARADA. I, 108.
2A. 106,107. Manu VIII, 151; Vishzu VI, 11-17; Yagiavalkya II, 39; Gautama XII, 36. 107. Gold borrowed at whatsoever rate of interest shall grow till it becomes double; grain, till it becomes treble; cloth, till it becomes F 2 68 NARADA. I, 108. *108. No interest must ever be raised on loans made from friendship, unless there be an agreement to the purpose. Without an agreement even, interest accrues on such loans after the lapse of half a year. *tog. A loan made from friendship can never yield any interest, without being reclaimed by the creditor. If the debtor refuses to restore it on demand, it shall yield interest at the rate of five per cent. 7. Usurers, *r10. Thus has the rule been declared for the interest to be paid on loans offered through friendship. If, however, interest be demanded on grain, at the rate which has been mentioned, it is termed usury. *r111. A Vaisya is at liberty to get over a period of distress by practising usury. A Brahman must never resort to usury, not even in the extremity of distress. quadruple ; liquids (and condiments), till they become octuple. The offspring of pledged females and cattle shall belong to the creditor. A. 108. The chattels, which have been mentioned in the preceding paragraph, if lent in amicable intercourse, shall not yield any interest before the expiration of six months, without a special stipulation to that effect. Even without a stipulation to that effect, however, they shall yield interest after the lapse of six months. A. 10g. A loan which is not restored, on demand even, shall yield interest at the rate of 5 per cent. from that day forward, even though six months are not yet over. A. 110. The term karman is sometimes used as an equivalent for gold. A. This interpretation has not been followed. 111. Agriculture, the tending of cattle, &c., are lawful occupations for a Vaisya. Lending money at interest is also permitted to him. Therefore it is said here that a Vaisya may practise usury in times of distress, whereas a Brahman must not resort to usury even in times of overwhelming distress. A. I, 113. RECOVERY OF A DEBT. 69 *r12. If a debt is due to a (dead) Brahman creditor, whose issue is living, (it must be paid to them.) If there be no issue, the king must cause the debt to be paid to his kinsmen; on failure of kinsmen (it must be paid) to his relatives. *113. Where there are neither kinsmen, nor relatives, nor distant connexions, it shall be paid to (other) Brahmans. On failure of such, he must cast it into the waters. *114. Whena creditor receives payment, he must give a receipt for it to the debtor. If he does not give a receipt, although he has been asked for it, he shall lose the remainder of the sum due to him. *r15. If, though pressed by the debtor, he does not give an acquittance for the sum paid to him by the debtor, that sum shall yield interest to the debtor (henceforth), as (it had done) to the creditor (previously).
3*r15. If, though pressed by the debtor, he does not give an acquittance for the sum paid to him by the debtor, that sum shall yield interest to the debtor (henceforth), as (it had done) to the creditor (previously). 112. Sakulya, ‘kinsman,’ is derived from kulya, ‘a bone,’ and denotes those who have their bones in common (sic), i.e. a father, a paternal uncle, their sons, and other (agnates). Bandhu, ‘a Telative, denotes a mother, a sister, a sister's son, and other (agnates). A. 113. This paragraph is intended to show the pre-eminence of the Brahman caste. A. 114. In Colebrooke’s Digest (I, 6, 287) the second half of this paragraph is referred to a refusal on the part of the creditor to restore the money, which the debtor had asked him for, on his refusing to give a receipt. This construction is based on the comment of GagannAtha, but it is not countenanced by the remarks of Asahaya, and is thoroughly artificial. YAgzavalkya II, 93 ; Vishau VI, 26. 11g. If the creditor fails to receipt the sum which has been restored to him, on the back of the document, it shall yield interest to the debtor, in the same way as it had yielded interest to the creditor previously. A. 70 NARADA. I, 116. *116. On payment of the debt, he must restore the bond. On failure of a bond, he must give a written receipt. Thus the creditor and debtor will be quits. 8. Sureties. *117. The guarantee to be offered to a creditor may be twofold: a surety and a pledge. A document and (the deposition of) witnesses are the two modes of proof on which evidence is founded. *118. For appearance, for payment, and for honesty, these are the three different purposes for which the three sorts of sureties have been mentioned by the sages. *r19. If the debtors fail to discharge the debt, or 116. Where the bond is no longer in existence, because it has been stolen or destroyed, or met with some calamity, the creditor, instead of it, shall give a written receipt to the debtor. Here ends the sixth section of the law of debt, which treats of lending money at interest and of usurers. A. 117. A surety and a pledge are the two sorts of guarantee for a loan on interest. Documents and witnesses are the two kinds of evidence for each of the four elements, which have to be distinguished in the law of debt, viz. the principal, the interest, the surety, and the pledge. A. 118, A surety for appearance is where the debtor denies the debt, and is asked to prove his denial in a court. In that case, he must produce a man, who becomes surety for the debtor's appearance at the time of the trial. A surety for payment is where the creditor, anxious to obtain a loan, produces one or several sureties, who are either jointly or severally bound. A surety for honesty is where the debtor denies having received a certain sum, or declares that he has restored it to the creditor, and is required thereupon to produce a surety for his veracity. A. Yagfavalkya II, 53; Vishnu VI, 41.
The source text as printed, transcribed diplomatically. Where the source language uses a non-Latin script that reaches us only through a Victorian romanisation, this layer is labelled transliteration, because that is what we hold.
Romanised transliteration as printed by the translator, not the original script. This is what we hold.
1from a Kshatriya, 4 per cent. from a Vaisya, and 5 per cent. from a Sidra. A. It appears, from the commentaries on the code of Manu, that the present rule is applicable in those cases where no security has been given, whereas the preceding paragraph refers to loans secured by a pledge. tor. Identical with Manu VIII, 141. The meaning is that he shall take 2 per cent. only from honest men, to whatever caste they may belong. A. In the code of Manu, the present rule precedes par. 100, instead of following it. The author of the Narada-smriti would seem to have erroneously inverted the original position of the two verses. 102. Manu VIII, 153; Gautama XII, 34, 35. See, too, Colebrooke’s Digest I, XXXV-XLV. 103, 104. ‘ Periodical interest’ means monthly interest, at the rate of from 2 to 5 per cent., according to the caste of the debtor. ‘ Stipulated interest’ is interest at the rate of more than ro per cent., which has been promised by the debtor himself in times of great distress. K4ya means principal. Ifa Paya, or quarter of a Pama, has to be I, 107. DEBTS; INTEREST. 67 periodical interest. That interest is termed stipulated interest which has been promised by the debtor himself. * 104. Interest at the rate of one Pama or quarter of a Pama, paid regularly without diminishing the principal, is denoted kayik4 interest. Interest upon interest is called compound interest. *105. This is the general rule for interest to be paid on loans. There are special rules according to the local usages of the country where the loan has been made. *106. In some countries the loan may grow till twice the amount of the principal has been reached. In other countries it may grow till it becomes three, or four, or eight times as large as the principal. 107. The interest on gold, grain, and clothes may rise till it amounts to two, three, or four times the principal. On liquids, the interest may become octuple ; of women and cattle, their offspring (is considered as the interest). paid every day, without diminishing the principal, i.e. if the whole principal has to be restored, though ever so much interest may have been paid on it, it is called kayik& interest. Where interest at the rate of 5 per cent. per mensem has been paid for twenty months, it will reach the same amount as the sum originally due, so that the principal is doubled. After twenty months more it becomes quadruple ; twenty months later it becomes octuple, and so on. This is called compound interest. A. Brzhaspati and Vy4sa derive the term k4yika from kaya ‘a body,’ and explain that it denotes bodily labour, or the use of a pledged slave. 105. Where local customs obtain, differing from the rules previously given, they have to be followed. A. 106,107. Manu VIII, 151; Vishzu VI, 11-17; Yagiavalkya II, 39; Gautama XII, 36. 107. Gold borrowed at whatsoever rate of interest shall grow till it becomes double; grain, till it becomes treble; cloth, till it becomes F 2 68 NARADA. I, 108.
2A. 106,107. Manu VIII, 151; Vishzu VI, 11-17; Yagiavalkya II, 39; Gautama XII, 36. 107. Gold borrowed at whatsoever rate of interest shall grow till it becomes double; grain, till it becomes treble; cloth, till it becomes F 2 68 NARADA. I, 108. *108. No interest must ever be raised on loans made from friendship, unless there be an agreement to the purpose. Without an agreement even, interest accrues on such loans after the lapse of half a year. *tog. A loan made from friendship can never yield any interest, without being reclaimed by the creditor. If the debtor refuses to restore it on demand, it shall yield interest at the rate of five per cent. 7. Usurers, *r10. Thus has the rule been declared for the interest to be paid on loans offered through friendship. If, however, interest be demanded on grain, at the rate which has been mentioned, it is termed usury. *r111. A Vaisya is at liberty to get over a period of distress by practising usury. A Brahman must never resort to usury, not even in the extremity of distress. quadruple ; liquids (and condiments), till they become octuple. The offspring of pledged females and cattle shall belong to the creditor. A. 108. The chattels, which have been mentioned in the preceding paragraph, if lent in amicable intercourse, shall not yield any interest before the expiration of six months, without a special stipulation to that effect. Even without a stipulation to that effect, however, they shall yield interest after the lapse of six months. A. 10g. A loan which is not restored, on demand even, shall yield interest at the rate of 5 per cent. from that day forward, even though six months are not yet over. A. 110. The term karman is sometimes used as an equivalent for gold. A. This interpretation has not been followed. 111. Agriculture, the tending of cattle, &c., are lawful occupations for a Vaisya. Lending money at interest is also permitted to him. Therefore it is said here that a Vaisya may practise usury in times of distress, whereas a Brahman must not resort to usury even in times of overwhelming distress. A. I, 113. RECOVERY OF A DEBT. 69 *r12. If a debt is due to a (dead) Brahman creditor, whose issue is living, (it must be paid to them.) If there be no issue, the king must cause the debt to be paid to his kinsmen; on failure of kinsmen (it must be paid) to his relatives. *113. Where there are neither kinsmen, nor relatives, nor distant connexions, it shall be paid to (other) Brahmans. On failure of such, he must cast it into the waters. *114. Whena creditor receives payment, he must give a receipt for it to the debtor. If he does not give a receipt, although he has been asked for it, he shall lose the remainder of the sum due to him. *r15. If, though pressed by the debtor, he does not give an acquittance for the sum paid to him by the debtor, that sum shall yield interest to the debtor (henceforth), as (it had done) to the creditor (previously).
3*r15. If, though pressed by the debtor, he does not give an acquittance for the sum paid to him by the debtor, that sum shall yield interest to the debtor (henceforth), as (it had done) to the creditor (previously). 112. Sakulya, ‘kinsman,’ is derived from kulya, ‘a bone,’ and denotes those who have their bones in common (sic), i.e. a father, a paternal uncle, their sons, and other (agnates). Bandhu, ‘a Telative, denotes a mother, a sister, a sister's son, and other (agnates). A. 113. This paragraph is intended to show the pre-eminence of the Brahman caste. A. 114. In Colebrooke’s Digest (I, 6, 287) the second half of this paragraph is referred to a refusal on the part of the creditor to restore the money, which the debtor had asked him for, on his refusing to give a receipt. This construction is based on the comment of GagannAtha, but it is not countenanced by the remarks of Asahaya, and is thoroughly artificial. YAgzavalkya II, 93 ; Vishau VI, 26. 11g. If the creditor fails to receipt the sum which has been restored to him, on the back of the document, it shall yield interest to the debtor, in the same way as it had yielded interest to the creditor previously. A. 70 NARADA. I, 116. *116. On payment of the debt, he must restore the bond. On failure of a bond, he must give a written receipt. Thus the creditor and debtor will be quits. 8. Sureties. *117. The guarantee to be offered to a creditor may be twofold: a surety and a pledge. A document and (the deposition of) witnesses are the two modes of proof on which evidence is founded. *118. For appearance, for payment, and for honesty, these are the three different purposes for which the three sorts of sureties have been mentioned by the sages. *r19. If the debtors fail to discharge the debt, or 116. Where the bond is no longer in existence, because it has been stolen or destroyed, or met with some calamity, the creditor, instead of it, shall give a written receipt to the debtor. Here ends the sixth section of the law of debt, which treats of lending money at interest and of usurers. A. 117. A surety and a pledge are the two sorts of guarantee for a loan on interest. Documents and witnesses are the two kinds of evidence for each of the four elements, which have to be distinguished in the law of debt, viz. the principal, the interest, the surety, and the pledge. A. 118, A surety for appearance is where the debtor denies the debt, and is asked to prove his denial in a court. In that case, he must produce a man, who becomes surety for the debtor's appearance at the time of the trial. A surety for payment is where the creditor, anxious to obtain a loan, produces one or several sureties, who are either jointly or severally bound. A surety for honesty is where the debtor denies having received a certain sum, or declares that he has restored it to the creditor, and is required thereupon to produce a surety for his veracity. A. Yagfavalkya II, 53; Vishnu VI, 41.
The source text as printed, transcribed diplomatically. Where the source language uses a non-Latin script that reaches us only through a Victorian romanisation, this layer is labelled transliteration, because that is what we hold.
No commentary for this page.