of interest-第2章

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depends　upon　another　principle；　and　must　proceed　from　an　encrease　of
industry　and　frugality；　of　arts　and　commerce。
　　　　Every　thing　useful　to　the　life　of　man　arises　from　the　ground；　but
few　things　arise　in　that　condition　which　is　requisite　to　render　them
useful。　There　must；　therefore；　beside　the　peasants　and　the　proprietors
of　land；　be　another　rank　of　men；　who　receiving　from　the　former　the
rude　materials；　work　them　into　their　proper　form；　and　retain　part　for
their　own　use　and　subsistence。　In　the　infancy　of　society；　these
contracts　between　the　artisans　and　the　peasants；　and　between　one
species　of　artisans　and　another　are　commonly　entered　into　immediately
by　the　persons　themselves；　who；　being　neighbours；　are　easily
acquainted　with　each　other's　necessities；　and　can　lend　their　mutual
assistance　to　supply　them。　But　when　men's　industry　encreases；　and
their　views　enlarge；　it　is　found；　that　the　most　remote　parts　of　the
state　can　assist　each　other　as　well　as　the　more　contiguous；　and　that
this　intercourse　of　good　offices　may　be　carried　on　to　the　greatest
extent　and　intricacy。　Hence　the　origin　of　merchants；　one　of　the　most
useful　races　of　men；　who　serve　as　agents　between　those　parts　of　the
state；　that　are　wholly　unacquainted；　and　are　ignorant　of　each　other's
necessities。　Here　are　in　a　city　fifty　workmen　in　silk　and　linen；　and　a
thousand　customers；　and　these　two　ranks　of　men；　so　necessary　to　each
other；　can　never　rightly　meet；　till　one　man　erects　a　shop；　to　which
all　the　workmen　and　all　the　customers　repair。　In　this　province；　grass
rises　in　abundance：　The　inhabitants　abound　in　cheese；　and　butter；　and
cattle；　but　want　bread　and　corn；　which；　in　a　neighbouring　province；
are　in　too　great　abundance　for　the　use　of　the　inhabitants。　One　man
discovers　this。　He　brings　corn　from　the　one　province　and　returns　with
cattle；　and　supplying　the　wants　of　both；　he　is；　so　far；　a　common
benefactor。　As　the　people　encrease　in　numbers　and　industry；　the
difficulty　of　their　intercourse　encreases：　The　business　of　the　agency
or　merchandize　becomes　more　intricate；　and　divides；　subdivides；
compounds；　and　mixes　to　a　greater　variety。　In　all　these　transactions；
it　is　necessary；　and　reasonable；　that　a　considerable　part　of　the
commodities　and　labour　should　belong　to　the　merchant；　to　whom；　in　a
great　measure；　they　are　owing。　And　these　commodities　he　will　sometimes
preserve　in　kind；　or　more　commonly　convert　into　money；　which　is　their
common　representation。　If　gold　and　silver　have　encreased　in　the　state
together　with　the　industry；　it　will　require　a　great　quantity　of　these
metals　to　represent　a　great　quantity　of　commodities　and　labour。　If












industry　alone　has　encreased；　the　prices　of　every　thing　must　sink；　and
a　small　quantity　of　specie　will　serve　as　a　representation。
　　　　There　is　no　craving　or　demand　of　the　human　mind　more　constant　and
insatiable　than　that　for　exercise　and　employment；　and　this　desire
seems　the　foundation　of　most　of　our　passions　and　pursuits。　Deprive　a
man　of　all　business　and　serious　occupation；　he　runs　restless　from　one
amusement　to　another；　and　the　weight　and　oppression；　which　he　feels
from　idleness；　is　so　great；　that　he　forgets　the　ruin　which　must　follow
him　from　his　immoderate　expences。　Give　him　a　more　harmless　way　of
employing　his　mind　or　body；　he　is　satisfied；　and　feels　no　longer　that
insatiable　thirst　after　pleasure。　But　if　the　employment　you　give　him
be　lucrative；　especially　if　the　profit　be　attached　to　every　particular
exertion　of　industry；　he　has　gain　so　often　in　his　eye；　that　he
acquires；　by　degrees；　a　passion　for　it；　and　knows　no　such　pleasure　as
that　of　seeing　the　daily　encrease　of　his　fortune。　And　this　is　the
reason　why　trade　encreases　frugality；　and　why；　among　merchants；　there
is　the　same　overplus　of　misers　above　prodigals；　as；　among　the
possessors　of　land；　there　is　the　contrary。
　　　　Commerce　encreases　industry；　by　conveying　it　readily　from　one
member　of　the　state　to　another；　and　allowing　none　of　it　to　perish　or
become　useless。　It　encreases　frugality；　by　giving　occupation　to　men；
and　employing　them　in　the　arts　of　gain；　which　soon　engage　their
affection；　and　remove　all　relish　for　pleasure　and　expence。　It　is　an
infallible　consequence　of　all　industrious　professions；　to　beget
frugality；　and　make　the　love　of　gain　prevail　over　the　love　of
pleasure。　Among　lawyers　and　physicians　who　have　any　practice；　there
are　many　more　who　live　within　their　income；　than　who　exceed　it；　or
even　live　up　to　it。　But　lawyers　and　physicians　beget　no　industry；　and
it　is　even　at　the　expence　of　others　they　acquire　their　riches；　so　that
they　are　sure　to　diminish　the　possessions　of　some　of　their　fellow…
citizens；　as　fast　as　they　encrease　their　own。　Merchants；　on　the
contrary；　beget　industry；　by　serving　as　canals　to　convey　it　through
every　corner　of　the　state：　And　at　the　same　time；　by　their　frugality；
they　acquire　great　power　over　that　industry；　and　collect　a　large
property　in　the　labour　and　commodities；　which　they　are　the　chief
instruments　in　producing。　There　is　no　other　profession；　therefore；
except　merchandize；　which　can　make　the　monied　interest　considerable；
or；　in　other　words；　can　encrease　industry；　and；　by　also　encreasing
frugality；　give　a　great　command　of　that　industry　to　particular　members
of　the　society。　Without　commerce；　the　state　must　consist　chiefly　of
landed　gentry；　whose　prodigality　and　expence　make　a　continual　demand
for　borrowing；　and　of　peasants；　who　have　no　sums　to　supply　that
demand。　The　money　never　gathers　into　large　stocks　or　sums；　which　can
be　lent　at　interest。　It　is　dispersed　into　numberless　hands；　who　either
squander　it　in　idle　show　and　magnificence；　or　employ　it　in　the
purchase　of　the　common　necessaries　of　life。　Commerce　alone　assembles
it　into　considerable　sums；　and　this　effect　it　has　merely　from　the
industry　which　it　begets；　and　the　frugality　which　it　inspires；
independent　of　that　particular　quantity　of　precious　metal　which　may
circulate　in　the　state。
　　　　Thus　an　encrease　of　commerce；　by　a　necessary　consequence；　raises　a
great　number　of　lenders；　and　by　that　means　produces　lowness　of
interest。　We　must　now　consider　how　far　this　encrease　of　commerce
diminishes　the　profits　arising　from　that　profession；　and　gives　rise　to
the　third　circumstance　requisite　to　produce　lowness　of　interest。











　　　　It　may　be　proper　to　observe　on　this　head；　that　low　interest　and
low　profits　of　merchandize　are　two　events；　that　mutually　forward　each
other；　and　are　both　originally　derived　from　that　extensive　commerce；
which　produces　opulent　merchants；　and　renders　the　monied　interest
considerable。　Where　merchants　possess　great　stocks；　whether
represented　by　few　or　many　pieces　of　metal；　it　must　frequently　happen；
that；　when　they　either　become　tired　of　business；　or　leave　heirs
unwilling　or　unfit　to　engage　in　commerce；　a　great　proportion　of　these
riches　naturally　seeks　an　annual　and　secure　revenue。　The　plenty
diminishes　the　price；　and　makes　the　lenders　accept　of　a　low　interest。
This　consideration　obliges　many　to　keep　their　stock　employed　in　trade；
and　rather　be　content　with　low　profits　than　dispose　of　their　money　at
an　under…value。　On　the　other　hand；　when　commerce　has　become　extensive；
and　employs　large　stocks；　there　must　arise　rivalships　among　the
merchants；　which　diminish　the　profits　of　trade；　at　the　same　time　that
they　encrease　the　trade　itself。　The　low　profits　of　merchandize　induce
the　merchants　to　accept　more　willingly　of　a　low　interest；　when　they
leave　off　business；　and　begin　to　indulge　themselves　in　ease　and
indolence。　It　is　needless；　therefore；　to　enquire　which　of　these
circumstances；　to　wit；　low　interest　or　low　profits；　is　the　cause；　and
which　the　effect？　They　both　arise　from　an　extensive　commerce；　and
mutually　forward　each　other。　No　man　will　accept　of　low　profits；　where
he　can　have　high　interest；　and　no　man　will　accept　of　low　interest；
where　he　can　have　high　profits。　An　extensive　commerce；　by　producing
large　stocks；　diminishes　both　interest　and　profits；　and　is　always
assisted；　in　its　diminution　of　the　one；　by　the　proportional　sinking　of
the　other。　I　may　add；　that；　as　low　profits　arise　from　the　encrease　of
commerce　and　industry；　the