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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 mean time 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 or 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.1
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.2
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.3
In this manner the same pieces,either of coin or of 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.
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 mean time 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 or 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.1
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.2
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.3
In this manner the same pieces,either of coin or of 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.
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