wealbk01-第28章

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can　bring　their　goods　at　less　expense　to　market　than　before；　and

less　stock　being　employed　in　supplying　the　market　than　before；

they　can　sell　them　dearer。　Their　goods　cost　them　less；　and　they

get　more　for　them。　Their　profits；　therefore；　being　augmented　at

both　ends；　can　well　afford　a　large　interest。　The　great　fortunes

so　suddenly　and　so　easily　acquired　in　Bengal　and　the　other

British　settlements　in　the　East　Indies　may　satisfy　us　that；　as

the　wages　of　labour　are　very　low；　so　the　profits　of　stock　are

very　high　in　those　ruined　countries。　The　interest　of　money　is

proportionably　so。　In　Bengal；　money　is　frequently　lent　to　the

farmers　at　forty；　fifty；　and　sixty　per　cent　and　the　succeeding

crop　is　mortgaged　for　the　payment。　As　the　profits　which　can

afford　such　an　interest　must　eat　up　almost　the　whole　rent　of　the

landlord；　so　such　enormous　usury　must　in　its　turn　eat　up　the

greater　part　of　those　profits。　Before　the　fall　of　the　Roman

republic；　a　usury　of　the　same　kind　seems　to　have　been　common　in

the　provinces；　under　the　ruinous　administration　of　their

proconsuls。　The　virtuous　Brutus　lent　money　in　Cyprus　at

eight…and…forty　per　cent　as　we　learn　from　the　letters　of　Cicero。

　　　　　In　a　country　which　had　acquired　that　full　complement　of

riches　which　the　nature　of　its　soil　and　climate；　and　its

situation　with　respect　to　other　countries；　allowed　it　to　acquire；

which　could；　therefore；　advance　no　further；　and　which　was　not

going　backwards；　both　the　wages　of　labour　and　the　profits　of

stock　would　probably　be　very　low。　In　a　country　fully　peopled　in

proportion　to　what　either　its　territory　could　maintain　or　its

stock　employ；　the　competition　for　employment　would　necessarily　be

so　great　as　to　reduce　the　wages　of　labour　to　what　was　barely

sufficient　to　keep　up　the　number　of　labourers；　and；　the　country

being　already　fully　peopled；　that　number　could　never　be

augmented。　In　a　country　fully　stocked　in　proportion　to　all　the

business　it　had　to　transact；　as　great　a　quantity　of　stock　would

be　employed　in　every　particular　branch　as　the　nature　and　extent

of　the　trade　would　admit。　The　competition；　therefore；　would

everywhere　be　as　great；　and　consequently　the　ordinary　profit　as

low　as　possible。

　　　　　But　perhaps　no　country　has　ever　yet　arrived　at　this　degree

of　opulence。　China　seems　to　have　been　long　stationary；　and　had

probably　long　ago　acquired　that　full　complement　of　riches　which

is　consistent　with　the　nature　of　its　laws　and　institutions。　But

this　complement　may　be　much　inferior　to　what；　with　other　laws　and

institutions；　the　nature　of　its　soil；　climate；　and　situation

might　admit　of。　A　country　which　neglects　or　despises　foreign

commerce；　and　which　admits　the　vessels　of　foreign　nations　into

one　or　two　of　its　ports　only；　cannot　transact　the　same　quantity

of　business　which　it　might　do　with　different　laws　and

institutions。　In　a　country　too；　where；　though　the　rich　or　the

owners　of　large　capitals　enjoy　a　good　deal　of　security；　the　poor

or　the　owners　of　small　capitals　enjoy　scarce　any；　but　are　liable；

under　the　pretence　of　justice；　to　be　pillaged　and　plundered　at

any　time　by　the　inferior　mandarins；　the　quantity　of　stock

employed　in　all　the　different　branches　of　business　transacted

within　it　can　never　be　equal　to　what　the　nature　and　extent　of

that　business　might　admit。　In　every　different　branch；　the

oppression　of　the　poor　must　establish　the　monopoly　of　the　rich；

who；　by　engrossing　the　whole　trade　to　themselves；　will　be　able　to

make　very　large　profits。　Twelve　per　cent　accordingly　is　said　to

be　the　common　interest　of　money　in　China；　and　the　ordinary

profits　of　stock　must　be　sufficient　to　afford　this　large

interest。

　　　　　A　defect　in　the　law　may　sometimes　raise　the　rate　of　interest

considerably　above　what　the　condition　of　the　country；　as　to

wealth　or　poverty；　would　require。　When　the　law　does　not　enforce

the　performance　of　contracts；　it　puts　all　borrowers　nearly　upon

the　same　footing　with　bankrupts　or　people　of　doubtful　credit　in

better　regulated　countries。　The　uncertainty　of　recovering　his

money　makes　the　lender　exact　the　same　usurious　interest　which　is

usually　required　from　bankrupts。　Among　the　barbarous　nations　who

overran　the　western　provinces　of　the　Roman　empire；　the

performance　of　contracts　was　left　for　many　ages　to　the　faith　of

the　contracting　parties。　The　courts　of　justice　of　their　kings

seldom　intermeddled　in　it。　The　high　rate　of　interest　which　took

place　in　those　ancient　times　may　perhaps　be　partly　accounted　for

from　this　cause。

　　　　　When　the　law　prohibits　interest　altogether；　it　does　not

prevent　it。　Many　people　must　borrow；　and　nobody　will　lend　without

such　a　consideration　for　the　use　of　their　money　as　is　suitable

not　only　to　what　can　be　made　by　the　use　of　it；　but　to　the

difficulty　and　danger　of　evading　the　law。　The　high　rate　of

interest　among　all　Mahometan　nations　is　accounted　for　by　Mr。

Montesquieu；　not　from　their　poverty；　but　partly　from　this；　and

partly　from　the　difficulty　of　recovering　the　money。

　　　　　The　lowest　ordinary　rate　of　profit　must　always　be　something

more　than　what　is　sufficient　to　compensate　the　occasional　losses

to　which　every　employment　of　stock　is　exposed。　It　is　this　surplus

only　which　is　neat　or　clear　profit。　What　is　called　gross　profit

comprehends　frequently；　not　only　this　surplus；　but　what　is

retained　for　compensating　such　extraordinary　losses。　The　interest

which　the　borrower　can　afford　to　pay　is　in　proportion　to　the

clear　profit　only。

　　　　　The　lowest　ordinary　rate　of　interest　must；　in　the　same

manner；　be　something　more　than　sufficient　to　compensate　the

occasional　losses　to　which　lending；　even　with　tolerable　prudence；

is　exposed。　Were　it　not　more；　charity　or　friendship　could　be　the

only　motive　for　lending。

　　　　　In　a　country　which　had　acquired　its　full　complement　of

riches；　where　in　every　particular　branch　of　business　there　was

the　greatest　quantity　of　stock　that　could　be　employed　in　it；　as

the　ordinary　rate　of　clear　profit　would　be　very　small；　so　the

usual　market　rate　of　interest　which　could　be　afforded　out　of　it

would　be　so　low　as　to　render　it　impossible　for　any　but　the　very

wealthiest　people　to　live　upon　the　interest　of　their　money。　All

people　of　small　or　middling　fortunes　would　be　obliged　to

superintend　themselves　the　employment　of　their　own　stocks。　It

would　be　necessary　that　almost　every　man　should　be　a　man　of

business；　or　engage　in　some　sort　of　trade。　The　province　of

Holland　seems　to　be　approaching　near　to　this　state。　It　is　there

unfashionable　not　to　be　a　man　of　business。　Necessity　makes　it

usual　for　almost　every　man　to　be　so；　and　custom　everywhere

regulates　fashion。　As　it　is　ridiculous　not　to　dress；　so　is　it；　in

some　measure；　not　to　be　employed；　like　other　people。　As　a　man　of

a　civil　profession　seems　awkward　in　a　camp　or　a　garrison；　and　is

even　in　some　danger　of　being　despised　there；　so　does　an　idle　man

among　men　of　business。

　　　　　The　highest　ordinary　rate　of　profit　may　be　such　as；　in　the

price　of　the　greater　part　of　commodities；　eats　up　the　whole　of

what　should　go　to　the　rent　of　the　land；　and　leaves　only　what　is

sufficient　to　pay　the　labour　of　preparing　and　bringing　them　to

market；　according　to　the　lowest　rate　at　which　labour　can　anywhere

be　paid；　the　bare　subsistence　of　the　labourer。　The　workman　must

always　have　been　fed　in　some　way　or　other　while　he　was　about　the

work；　but　the　landlord　may　not　always　have　been　paid。　The　profits

of　the　trade　which　the　servants　of　the　East　India　Company　carry

on　in　Bengal　may　not　perhaps　be　very　far　from　this　rate。

　　　　　The　proportion　which　the　usual　market　rate　of　interest　ought

to　bear　to　the　ordinary　rate　of　clear　profit；　necessarily　varies

as　profit　rises　or　falls。　Double　interest　is　in　Great　Britain

reckoned　what　the　merchants　call　a　good；　moderate；　reasonable

profit；　terms　which　I　apprehend　mean　no　more　than　a　common　and

usual　profit。　In　a　country　where　the　ordinary　rate　of　clear

profit　is　eight　or　ten　per　cent；　it　may　be　rea