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being¡¡at¡¡the¡¡trouble¡¡of¡¡employing¡¡them¡¡themselves£»¡¡naturally
accompanies¡¡the¡¡general¡¡increase¡¡of¡¡capitals£»¡¡or£»¡¡in¡¡other¡¡words£»
as¡¡stock¡¡increases£»¡¡the¡¡quantity¡¡of¡¡stock¡¡to¡¡be¡¡lent¡¡at¡¡interest
grows¡¡gradually¡¡greater¡¡and¡¡greater¡£
¡¡¡¡¡¡¡¡¡¡As¡¡the¡¡quantity¡¡of¡¡stock¡¡to¡¡be¡¡lent¡¡at¡¡interest¡¡increases£»
the¡¡interest£»¡¡or¡¡the¡¡price¡¡which¡¡must¡¡be¡¡paid¡¡for¡¡the¡¡use¡¡of¡¡that
stock£»¡¡necessarily¡¡diminishes£»¡¡not¡¡only¡¡from¡¡those¡¡general¡¡causes
which¡¡make¡¡the¡¡market¡¡price¡¡of¡¡things¡¡commonly¡¡diminish¡¡as¡¡their
quantity¡¡increases£»¡¡but¡¡from¡¡other¡¡causes¡¡which¡¡are¡¡peculiar¡¡to
this¡¡particular¡¡case¡£¡¡As¡¡capitals¡¡increase¡¡in¡¡any¡¡country£»¡¡the
profits¡¡which¡¡can¡¡be¡¡made¡¡by¡¡employing¡¡them¡¡necessarily¡¡diminish¡£
It¡¡becomes¡¡gradually¡¡more¡¡and¡¡more¡¡difficult¡¡to¡¡find¡¡within¡¡the
country¡¡a¡¡profitable¡¡method¡¡of¡¡employing¡¡any¡¡new¡¡capital¡£¡¡There
arises¡¡in¡¡consequence¡¡a¡¡competition¡¡between¡¡different¡¡capitals£»
the¡¡owner¡¡of¡¡one¡¡endeavouring¡¡to¡¡get¡¡possession¡¡of¡¡that
employment¡¡which¡¡is¡¡occupied¡¡by¡¡another¡£¡¡But¡¡upon¡¡most¡¡occasions
he¡¡can¡¡hope¡¡to¡¡jostle¡¡that¡¡other¡¡out¡¡of¡¡this¡¡employment¡¡by¡¡no
other¡¡means¡¡but¡¡by¡¡dealing¡¡upon¡¡more¡¡reasonable¡¡terms¡£¡¡He¡¡must
not¡¡only¡¡sell¡¡what¡¡he¡¡deals¡¡in¡¡somewhat¡¡cheaper£»¡¡but¡¡in¡¡order¡¡to
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for¡¡productive¡¡labour£»¡¡by¡¡the¡¡increase¡¡of¡¡the¡¡funds¡¡which¡¡are
destined¡¡for¡¡maintaining¡¡it£»¡¡grows¡¡every¡¡day¡¡greater¡¡and¡¡greater¡£
Labourers¡¡easily¡¡find¡¡employment£»¡¡but¡¡the¡¡owners¡¡of¡¡capitals¡¡find
it¡¡difficult¡¡to¡¡get¡¡labourers¡¡to¡¡employ¡£¡¡Their¡¡competition¡¡raises
the¡¡wages¡¡of¡¡labour¡¡and¡¡sinks¡¡the¡¡profits¡¡of¡¡stock¡£¡¡But¡¡when¡¡the
profits¡¡which¡¡can¡¡be¡¡made¡¡by¡¡the¡¡use¡¡of¡¡a¡¡capital¡¡are¡¡in¡¡this
manner¡¡diminished£»¡¡as¡¡it¡¡were£»¡¡at¡¡both¡¡ends£»¡¡the¡¡price¡¡which¡¡can
be¡¡paid¡¡for¡¡the¡¡use¡¡of¡¡it£»¡¡that¡¡is£»¡¡the¡¡rate¡¡of¡¡interest£»¡¡must
necessarily¡¡be¡¡diminished¡¡with¡¡them¡£
¡¡¡¡¡¡¡¡¡¡Mr¡£¡¡Locke£»¡¡Mr¡£¡¡Law£»¡¡and¡¡Mr¡£¡¡Montesquieu£»¡¡as¡¡well¡¡as¡¡many
other¡¡writers£»¡¡seem¡¡to¡¡have¡¡imagined¡¡that¡¡the¡¡increase¡¡of¡¡the
quantity¡¡of¡¡gold¡¡and¡¡silver£»¡¡in¡¡consequence¡¡of¡¡the¡¡discovery¡¡of
the¡¡Spanish¡¡West¡¡Indies£»¡¡was¡¡the¡¡real¡¡cause¡¡of¡¡the¡¡lowering¡¡of
the¡¡rate¡¡of¡¡interest¡¡through¡¡the¡¡greater¡¡part¡¡of¡¡Europe¡£¡¡Those
metals£»¡¡they¡¡say£»¡¡having¡¡become¡¡of¡¡less¡¡value¡¡themselves£»¡¡the¡¡use
of¡¡any¡¡particular¡¡portion¡¡of¡¡them¡¡necessarily¡¡became¡¡of¡¡less
value¡¡too£»¡¡and¡¡consequently¡¡the¡¡price¡¡which¡¡could¡¡be¡¡paid¡¡for¡¡it¡£
This¡¡notion£»¡¡which¡¡at¡¡first¡¡sight¡¡seems¡¡plausible£»¡¡has¡¡been¡¡so
fully¡¡exposed¡¡by¡¡Mr¡£¡¡Hume¡¡that¡¡it¡¡is£»¡¡perhaps£»¡¡unnecessary¡¡to¡¡say
anything¡¡more¡¡about¡¡it¡£¡¡The¡¡following¡¡very¡¡short¡¡and¡¡plain
argument£»¡¡however£»¡¡may¡¡serve¡¡to¡¡explain¡¡more¡¡distinctly¡¡the
fallacy¡¡which¡¡seems¡¡to¡¡have¡¡misled¡¡those¡¡gentlemen¡£
¡¡¡¡¡¡¡¡¡¡Before¡¡the¡¡discovery¡¡of¡¡the¡¡Spanish¡¡West¡¡Indies£»¡¡ten¡¡per
cent¡¡seems¡¡to¡¡have¡¡been¡¡the¡¡common¡¡rate¡¡of¡¡interest¡¡through¡¡the
greater¡¡part¡¡of¡¡Europe¡£¡¡It¡¡has¡¡since¡¡that¡¡time¡¡in¡¡different
countries¡¡sunk¡¡to¡¡six£»¡¡five£»¡¡four£»¡¡and¡¡three¡¡per¡¡cent¡£¡¡Let¡¡us
suppose¡¡that¡¡in¡¡every¡¡particular¡¡country¡¡the¡¡value¡¡of¡¡silver¡¡has
sunk¡¡precisely¡¡in¡¡the¡¡same¡¡proportion¡¡as¡¡the¡¡rate¡¡of¡¡interest£»
and¡¡that¡¡in¡¡those¡¡countries£»¡¡for¡¡example£»¡¡where¡¡interest¡¡has¡¡been
reduced¡¡from¡¡ten¡¡to¡¡five¡¡per¡¡cent£»¡¡the¡¡same¡¡quantity¡¡of¡¡silver
can¡¡now¡¡purchase¡¡just¡¡half¡¡the¡¡quantity¡¡of¡¡goods¡¡which¡¡it¡¡could
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upon¡¡this¡¡supposition¡¡it¡¡is¡¡utterly¡¡impossible¡¡that¡¡the¡¡lowering
of¡¡the¡¡value¡¡of¡¡silver¡¡could¡¡have¡¡the¡¡smallest¡¡tendency¡¡to¡¡lower
the¡¡rate¡¡of¡¡interest¡£¡¡If¡¡a¡¡hundred¡¡pounds¡¡are¡¡in¡¡those¡¡countries
now¡¡of¡¡no¡¡more¡¡value¡¡than¡¡fifty¡¡pounds¡¡were¡¡then£»¡¡ten¡¡pounds¡¡must
now¡¡be¡¡of¡¡no¡¡more¡¡value¡¡than¡¡five¡¡pounds¡¡were¡¡then¡£¡¡Whatever¡¡were
the¡¡causes¡¡which¡¡lowered¡¡the¡¡value¡¡of¡¡the¡¡capital£»¡¡the¡¡same¡¡must
necessarily¡¡have¡¡lowered¡¡that¡¡of¡¡the¡¡interest£»¡¡and¡¡exactly¡¡in¡¡the
same¡¡proportion¡£¡¡The¡¡proportion¡¡between¡¡the¡¡value¡¡of¡¡the¡¡capital
and¡¡that¡¡of¡¡the¡¡interest¡¡must¡¡have¡¡remained¡¡the¡¡same£»¡¡though¡¡the
rate¡¡had¡¡been¡¡altered¡£¡¡By¡¡altering¡¡the¡¡rate£»¡¡on¡¡the¡¡contrary£»¡¡the
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hundred¡¡pounds¡¡now¡¡are¡¡worth¡¡no¡¡more¡¡than¡¡fifty¡¡were¡¡then£»¡¡five
pounds¡¡now¡¡can¡¡be¡¡worth¡¡no¡¡more¡¡than¡¡two¡¡pounds¡¡ten¡¡shillings
were¡¡then¡£¡¡By¡¡reducing¡¡the¡¡rate¡¡of¡¡interest£»¡¡therefore£»¡¡from¡¡ten
to¡¡five¡¡per¡¡cent£»¡¡we¡¡give¡¡for¡¡the¡¡use¡¡of¡¡a¡¡capital£»¡¡which¡¡is
supposed¡¡to¡¡be¡¡equal¡¡to¡¡one¡¡half¡¡of¡¡its¡¡former¡¡value£»¡¡an¡¡interest
which¡¡is¡¡equal¡¡to¡¡one¡¡fourth¡¡only¡¡of¡¡the¡¡value¡¡of¡¡the¡¡former
interest¡£
¡¡¡¡¡¡¡¡¡¡Any¡¡increase¡¡in¡¡the¡¡quantity¡¡of¡¡silver£»¡¡while¡¡that¡¡of¡¡the
commodities¡¡circulated¡¡by¡¡means¡¡of¡¡it¡¡remained¡¡the¡¡same£»¡¡could
have¡¡no¡¡other¡¡effect¡¡than¡¡to¡¡diminish¡¡the¡¡value¡¡of¡¡that¡¡metal¡£
The¡¡nominal¡¡value¡¡of¡¡all¡¡sorts¡¡of¡¡goods¡¡would¡¡be¡¡greater£»¡¡but
their¡¡real¡¡value¡¡would¡¡be¡¡precisely¡¡the¡¡same¡¡as¡¡before¡£¡¡They
would¡¡be¡¡exchanged¡¡for¡¡a¡¡greater¡¡number¡¡of¡¡pieces¡¡of¡¡silver£»¡¡but
the¡¡quantity¡¡of¡¡labour¡¡which¡¡they¡¡could¡¡command£»¡¡the¡¡number¡¡of
people¡¡whom¡¡they¡¡could¡¡maintain¡¡and¡¡employ£»¡¡would¡¡be¡¡precisely
the¡¡same¡£¡¡The¡¡capital¡¡of¡¡the¡¡country¡¡would¡¡be¡¡the¡¡same£»¡¡though¡¡a
greater¡¡number¡¡of¡¡pieces¡¡might¡¡be¡¡requisite¡¡for¡¡conveying¡¡any
equal¡¡portion¡¡of¡¡it¡¡from¡¡one¡¡hand¡¡to¡¡another¡£¡¡The¡¡deeds¡¡of
assignment£»¡¡like¡¡the¡¡conveyances¡¡of¡¡a¡¡verbose¡¡attorney£»¡¡would¡¡be
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same¡¡as¡¡before£»¡¡and¡¡could¡¡produce¡¡only¡¡the¡¡same¡¡effects¡£¡¡The
funds¡¡for¡¡maintaining¡¡productive¡¡labour¡¡being¡¡the¡¡same£»¡¡the
demand¡¡for¡¡it¡¡would¡¡be¡¡the¡¡same¡£¡¡Its¡¡price¡¡or¡¡wages£»¡¡therefore£»
though¡¡nominally¡¡greater£»¡¡would¡¡really¡¡be¡¡the¡¡same¡£¡¡They¡¡would¡¡be
paid¡¡in¡¡a¡¡greater¡¡number¡¡of¡¡pieces¡¡of¡¡silver£»¡¡but¡¡they¡¡would
purchase¡¡only¡¡the¡¡same¡¡quantity¡¡of¡¡goods¡£¡¡The¡¡profits¡¡of¡¡stock
would¡¡be¡¡the¡¡same¡¡both¡¡nominally¡¡and¡¡really¡£¡¡The¡¡wages¡¡of¡¡labour
are¡¡commonly¡¡computed¡¡by¡¡the¡¡quantity¡¡of¡¡silver¡¡which¡¡is¡¡paid¡¡to
the¡¡labourer¡£¡¡When¡¡that¡¡is¡¡increased£»¡¡therefore£»¡¡his¡¡wages¡¡appear
to¡¡be¡¡increased£»¡¡though¡¡they¡¡may¡¡sometimes¡¡be¡¡no¡¡greater¡¡than
before¡£¡¡But¡¡the¡¡profits¡¡of¡¡stock¡¡are¡¡not¡¡computed¡¡by¡¡the¡¡number
of¡¡pieces¡¡of¡¡silver¡¡with¡¡which¡¡they¡¡are¡¡paid£»¡¡but¡¡by¡¡the
proportion¡¡which¡¡those¡¡pieces¡¡bear¡¡to¡¡the¡¡whole¡¡capital¡¡employed¡£
Thus¡¡in¡¡a¡¡particular¡¡country¡¡five¡¡shillings¡¡a¡¡week¡¡are¡¡said¡¡to¡¡be
the¡¡common¡¡wages¡¡of¡¡labour£»¡¡and¡¡ten¡¡per¡¡cent¡¡the¡¡common¡¡profits
of¡¡stock¡£¡¡But¡¡the¡¡whole¡¡capital¡¡of¡¡the¡¡country¡¡being¡¡the¡¡same¡¡as
before£»¡¡the¡¡competition¡¡between¡¡the¡¡different¡¡capitals¡¡of
individuals¡¡into¡¡which¡¡it¡¡was¡¡divided¡¡would¡¡likewise¡¡be¡¡the¡¡same¡£
They¡¡would¡¡all¡¡trade¡¡with¡¡the¡¡same¡¡advantages¡¡and¡¡disadvantages¡£
The¡¡common¡¡proportion¡¡between¡¡capital¡¡and¡¡profit£»¡¡therefore£»
would¡¡be¡¡the¡¡same£»¡¡and¡¡consequently¡¡the¡¡common¡¡interest¡¡of¡¡money£»
what¡¡can¡¡commonly¡¡be¡¡given¡¡for¡¡the¡¡use¡¡of¡¡money¡¡being¡¡necessarily
regulated¡¡by¡¡what¡¡can¡¡commonly¡¡be¡¡made¡¡by¡¡the¡¡use¡¡of¡¡it¡£
¡¡¡¡¡¡¡¡¡¡Any¡¡increase¡¡in¡¡the¡¡quantity¡¡of¡¡commodities¡¡annually
circulated¡¡within¡¡the¡¡country£»¡¡while¡¡that¡¡of¡¡the¡¡money¡¡which
circulated¡¡them¡¡remained¡¡the¡¡same£»¡¡would£»¡¡on¡¡the¡¡contrary£»
produce¡¡many¡¡other¡¡important¡¡effects£»¡¡besides¡¡that¡¡of¡¡raising¡¡the
value¡¡of¡¡the¡¡money¡£¡¡The¡¡capital¡¡of¡¡the¡¡country£»¡¡though¡¡it¡¡might
nominally¡¡be¡¡the¡¡same£»¡¡would¡¡really¡¡be¡¡augmented¡£¡¡It¡¡might
continue¡¡to¡¡be¡¡expressed¡¡by¡¡the¡¡same¡¡quantity¡¡of¡¡money£»¡¡but¡¡it
would¡¡command¡¡a¡¡greater¡¡quantity¡¡of¡¡labour¡£¡¡The¡¡quantity¡¡of
productive¡¡labour¡¡which¡¡it¡¡could¡¡maintain¡¡and¡¡employ¡¡would¡¡be
increased£»¡¡and¡¡consequently¡¡the¡¡demand¡¡for¡¡that¡¡labour¡£¡¡Its¡¡wages
would¡¡naturally¡¡rise¡¡with¡¡the¡¡demand£»¡¡and¡¡yet¡¡might¡¡appear¡¡to
sink¡£¡¡They¡¡might¡¡be¡¡paid¡¡with¡¡a¡¡smaller¡¡quantity¡¡of¡¡money£»¡¡but
that¡¡smaller¡¡quantity¡¡might¡¡purchase¡¡a¡¡greater¡¡quantity¡¡of¡¡goods
than¡¡a¡¡greater¡¡had¡¡done¡¡before¡£¡¡The¡¡profits¡¡of¡¡stock¡¡would¡¡be
diminished¡¡both¡¡really¡¡and¡¡in¡¡appearance¡£¡¡The¡¡whole¡¡capital¡¡of
the¡¡country¡¡being¡¡augmented£»¡¡the¡¡competition¡¡between¡¡the
different¡¡capitals¡¡of¡¡which¡¡it¡¡was¡¡composed¡¡would¡¡naturally¡¡be
augmented¡¡along¡¡with¡¡it¡£¡¡The¡¡owners¡¡of¡¡those¡¡particular¡¡capitals
would¡¡be¡¡obliged¡¡to¡¡content¡¡themselves¡¡with¡¡a¡¡smaller¡¡proportion
of¡¡the¡¡produce¡¡of¡¡that¡¡labour¡¡which¡¡their¡¡respective¡¡capitals
employed¡£¡¡The¡¡interest¡¡of¡¡money£»¡¡keeping¡¡pac