>It was Adam Smith.
But Ricardo also said:
"To the question, 'who would lend money to farmers, manufacturers, and merchants, at 5 per cent. per annum, when another borrower, having little credit would give 7 or 8?' I reply, that every prudent or reasonable man would. Because the rate of interest is 7 or 8 per cent. there where the lender runs extraordinary risk is this any reason that it should be equally high in those places where they are secured from such risks?"
Doug