wealbk02-第24章

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dress　and　furniture；　jewels；　trinkets；　gewgaws；　frequently

indicates；　not　only　a　trifling；　but　a　base　and　selfish

disposition。　All　that　I　mean　is；　that　the　one　sort　of　expense；　as

it　always　occasions　some　accumulation　of　valuable　commodities；　as

it　is　more　favourable　to　private　frugality；　and；　consequently；　to

the　increase　of　the　public　capital；　and　as　it　maintains

productive；　rather　than　unproductive　hands；　conduces　more　than

the　other　to　the　growth　of　public　opulence。　　



　　　　　　　　　　　　　　　　　　　　　　　　　　　　　CHAPTER　IV



　　　　　　　　　　　　　　　　　　　　　Of　Stock　Lent　at　Interest　



　　　　　THE　stock　which　is　lent　at　interest　is　always　considered　as

a　capital　by　the　lender。　He　expects　that　in　due　time　it　is　to　be

restored　to　him；　and　that　in　the　meantime　the　borrower　is　to　pay

him　a　certain　annual　rent　for　the　use　of　it。　The　borrower　may　use

it　either　as　a　capital；　or　as　a　stock　reserved　for　immediate

consumption。　If　he　uses　it　as　a　capital；　he　employs　it　in　the

maintenance　of　productive　labourers；　who　reproduce　the　value　with

a　profit。　He　can；　in　this　case；　both　restore　the　capital　and　pay

the　interest　without　alienating　or　encroaching　upon　any　other

source　of　revenue。　If　he　uses　it　as　a　stock　reserved　for

immediate　consumption；　he　acts　the　part　of　a　prodigal；　and

dissipates　in　the　maintenance　of　the　idle　what　was　destined　for

the　support　of　the　industrious。　He　can；　in　this　case；　neither

restore　the　capital　nor　pay　the　interest　without　either

alienating　or　encroaching　upon　some　other　source　of　revenue；　such

as　the　property　or　the　rent　of　land。

　　　　　The　stock　which　is　lent　at　interest　is；　no　doubt；

occasionally　employed　in　both　these　ways；　but　in　the　former　much

more　frequently　than　in　the　latter。　The　man　who　borrows　in　order

to　spend　will　soon　be　ruined；　and　he　who　lends　to　him　will

generally　have　occasion　to　repent　of　his　folly。　To　borrow　or　to

lend　for　such　a　purpose；　therefore；　is　in　all　cases；　where　gross

usury　is　out　of　the　question；　contrary　to　the　interest　of　both

parties；　and　though　it　no　doubt　happens　sometimes　that　people　do

both　the　one　and　the　other；　yet；　from　the　regard　that　all　men

have　for　their　own　interest；　we　may　be　assured　that　it　cannot

happen　so　very　frequently　as　we　are　sometimes　apt　to　imagine。　Ask

any　rich　man　of　common　prudence　to　which　of　the　two　sorts　of

people　he　has　lent　the　greater　part　of　his　stock；　to　those　who；

he　thinks；　will　employ　it　profitably；　or　to　those　who　will　spend

it　idly；　and　he　will　laugh　at　you　for　proposing　the　question。

Even　among　borrowers；　therefore；　not　the　people　in　the　world　most

famous　for　frugality；　the　number　of　the　frugal　and　industrious

surpasses　considerably　that　of　the　prodigal　and　idle。

　　　　　The　only　people　to　whom　stock　is　commonly　lent；　without

their　being　expected　to　make　any　very　profitable　use　of　it；　are

country　gentlemen　who　borrow　upon　mortgage。　Even　they　scarce　ever

borrow　merely　to　spend。　What　they　borrow；　one　may　say；　is

commonly　spent　before　they　borrow　it。　They　have　generally

consumed　so　great　a　quantity　of　goods；　advanced　to　them　upon

credit　by　shopkeepers　and　tradesmen；　that　they　find　it　necessary

to　borrow　at　interest　in　order　to　pay　the　debt。　The　capital

borrowed　replaces　the　capitals　of　those　shopkeepers　and

tradesmen；　which　the　country　gentlemen　could　not　have　replaced

from　the　rents　of　their　estates。　It　is　not　properly　borrowed　in

order　to　be　spent；　but　in　order　to　replace　a　capital　which　had

been　spent　before。

　　　　　Almost　all　loans　at　interest　are　made　in　money；　either　of

paper；　or　of　gold　and　silver。　But　what　the　borrower　really　wants；

and　what　the　lender　really　supplies　him　with；　is　not　the　money；

but　the　money's　worth；　or　the　goods　which　it　can　purchase。　If　he

wants　it　as　a　stock　for　immediate　consumption；　it　is　those　goods

only　which　he　can　place　in　that　stock。　If　he　wants　it　as　a

capital　for　employing　industry；　it　is　from　those　goods　only　that

the　industrious　can　be　furnished　with　the　tools；　materials；　and

maintenance　necessary　for　carrying　on　their　work。　By　means　of　the

loan；　the　lender；　as　it　were；　assigns　to　the　borrower　his　right

to　a　certain　portion　of　the　annual　produce　of　the　land　and　labour

of　the　country　to　be　employed　as　the　borrower　pleases。

　　　　　The　quantity　of　stock；　therefore；　or；　as　it　is　commonly

expressed；　of　money　which　can　be　lent　at　interest　in　any　country；

is　not　regulated　by　the　value　of　the　money；　whether　paper　or

coin；　which　serves　as　the　instrument　of　the　different　loans　made

in　that　country；　but　by　the　value　of　that　part　of　the　annual

produce　which；　as　soon　as　it　comes　either　from　the　ground；　or

from　the　hands　of　the　productive　labourers；　is　destined　not　only

for　replacing　a　capital；　but　such　a　capital　as　the　owner　does　not

care　to　be　at　the　trouble　of　employing　himself。　As　such　capitals

are　commonly　lent　out　and　paid　back　in　money；　they　constitute

what　is　called　the　monied　interest。　It　is　distinct；　not　only　from

the　landed；　but　from　the　trading　and　manufacturing　interests；　as

in　these　last　the　owners　themselves　employ　their　own　capitals。

Even　in　the　monied　interest；　however；　the　money　is；　as　it　were；

but　the　deed　of　assignment；　which　conveys　from　one　hand　to

another　those　capitals　which　the　owners　do　not　care　to　employ

themselves。　Those　capitals　may　be　greater　in　almost　any

proportion　than　the　amount　of　the　money　which　serves　as　the

instrument　of　their　conveyance；　the　same　pieces　of　money

successively　serving　for　many　different　loans；　as　well　as　for

many　different　purchases。　A；　for　example；　lends　to　W　a　thousand

pounds；　with　which　W　immediately　purchases　of　B　a　thousand

pounds'　worth　of　goods。　B　having　no　occasion　for　the　money

himself；　lends　the　identical　pieces　to　X；　with　which　X

immediately　purchases　of　C　another　thousand　pounds'　worth　of

goods。　C　in　the　same　manner；　and　for　the　same　reason；　lends　them

to　Y；　who　again　purchases　goods　with　them　of　D。　In　this　manner

the　same　pieces；　either　of　coin　or　paper；　may　in　the　course　of　a

few　days；　serve　as　the　instrument　of　three　different　loans；　and

of　three　different　purchases；　each　of　which　is；　in　value；　equal

to　the　whole　amount　of　those　pieces。　What　the　three　monied　men　A；

B；　and　C　assign　to　the　three　borrowers；　W；　X；　Y；　is　the　power　of

making　those　purchases。　In　this　power　consist　both　the　value　and

the　use　of　the　loans。　The　stock　lent　by　the　three　monied　men　is

equal　to　the　value　of　the　goods　which　can　be　purchased　with　it；

and　is　three　times　greater　than　that　of　the　money　with　which　the

purchases　are　made。　Those　loans　however；　may　be　all　perfectly

well　secured；　the　goods　purchased　by　the　different　debtors　being

so　employed　as；　in　due　time；　to　bring　back；　with　a　profit；　an

equal　value　either　of　coin　or　of　paper。　And　as　the　same　pieces　of

money　can　thus　serve　as　the　instrument　of　different　loans　to

three；　or　for　the　same　reason；　to　thirty　times　their　value；　so

they　may　likewise　successively　serve　as　the　instrument　of

repayment。

　　　　　A　capital　lent　at　interest　may；　in　this　manner；　be

considered　as　an　assignment　from　the　lender　to　the　borrowers　of　a

certain　considerable　portion　of　the　annual　produce；　upon

condition　that　the　borrower　in　return　shall；　during　the

continuance　of　the　loan；　annually　assign　to　the　lender　a　smaller

portion；　called　the　interest；　and　at　the　end　of　it　a　portion

equally　considerable　with　that　which　had　originally　been　assigned

to　him；　called　the　repayment。　Though　money；　either　coin　or　paper；

serves　generally　as　the　deed　of　assignment　both　to　the　smaller

and　to　the　more　considerable　portion；　it　is　itself　altogether

different　from　what　is　assigned　by　it。

　　　　　In　proportion　as　that　share　of　the　annual　produce　which；　as

soon　as　it　comes　either　from　the　ground；　or　from　the　hands　of　the

productive　labourers；　is　destined　for　replacing　a　capital；

increases　in　any　country；　what　is　called　the　monied　interest

naturally　increases　with　it。　The　increase　of　those　particular

capitals　from　which　the　owners　wish　to　derive　a　revenue；　without

being　at　the　trouble　of　employing　them　themselves；　naturally

accompanies　the　general　increase