wealbk02-第21节

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of　the　family　of　Seymour　is　now　an　inn　upon　the　Bath　road。　The

marriage…bed　of　James　the　First　of　Great　Britain；　which　his　queen

brought　with　her　from　Denmark　as　a　present　fit　for　a　sovereign　to

make　to　a　sovereign；　was；　a　few　years　ago；　the　ornament　of　an

alehouse　at　Dunfermline。　In　some　ancient　cities；　which　either

have　been　long　stationary；　or　have　gone　somewhat　to　decay；　you

will　sometimes　scarce　find　a　single　house　which　could　have　been

built　for　its　present　inhabitants。　If　you　go　into　those　houses

too；　you　will　frequently　find　many　excellent；　though　antiquated

pieces　of　furniture；　which　are　still　very　fit　for　use；　and　which

could　as　little　have　been　made　for　them。　Noble　palaces；

magnificent　villas；　great　collections　of　books；　statues；　pictures

and　other　curiosities；　are　frequently　both　an　ornament　and　an

honour；　not　only　to　the　neighbourhood；　but　to　the　whole　country

to　which　they　belong。　Versailles　is　an　ornament　and　an　honour　to

France；　Stowe　and　Wilton　to　England。　Italy　still　continues　to

command　some　sort　of　veneration　by　the　number　of　monuments　of

this　kind　which　it　possesses；　though　the　wealth　which　produced

them　has　decayed；　and　though　the　genius　which　planned　them　seems

to　be　extinguished；　perhaps　from　not　having　the　same　employment。

　　　　　The　expense　too；　which　is　laid　out　in　durable　commodities；

is　favourable；　not　only　to　accumulation；　but　to　frugality。　If　a

person　should　at　any　time　exceed　in　it；　he　can　easily　reform

without　exposing　himself　to　the　censure　of　the　public。　To　reduce

very　much　the　number　of　his　servants；　to　reform　his　table　from

great　profusion　to　great　frugality；　to　lay　down　his　equipage

after　he　has　once　set　it　up；　are　changes　which　cannot　escape　the

observation　of　his　neighbours；　and　which　are　supposed　to　imply

some　acknowledgment　of　preceding　bad　conduct。　Few；　therefore；　of

those　who　have　once　been　so　unfortunate　as　to　launch　out　too　far

into　this　sort　of　expense；　have　afterwards　the　courage　to　reform；

till　ruin　and　bankruptcy　oblige　them。　But　if　a　person　has；　at　any

time；　been　at　too　great　an　expense　in　building；　in　furniture；　in

books　or　pictures；　no　imprudence　can　be　inferred　from　his

changing　his　conduct。　These　are　things　in　which　further　expense

is　frequently　rendered　unnecessary　by　former　expense；　and　when　a

person　stops　short；　he　appears　to　do　so；　not　because　he　has

exceeded　his　fortune；　but　because　he　has　satisfied　his　fancy。

　　　　　The　expense；　besides；　that　is　laid　out　in　durable

commodities　gives　maintenance；　commonly；　to　a　greater　number　of

people　than　that　which　is　employed　in　the　most　profuse

hospitality。　Of　two　or　three　hundredweight　of　provisions；　which

may　sometimes　be　served　up　at　a　great　festival；　one　half；

perhaps；　is　thrown　to　the　dunghill；　and　there　is　always　a　great

deal　wasted　and　abused。　But　if　the　expense　of　this　entertainment

had　been　employed　in　setting　to　work　masons；　carpenters；

upholsterers；　mechanics；　etc。；　a　quantity　of　provisions；　of　equal

value；　would　have　been　distributed　among　a　still　greater　number

of　people　who　would　have　bought　them　in　pennyworths　and　pound

weights；　and　not　have　lost　or　thrown　away　a　single　ounce　of　them。

In　the　one　way；　besides；　this　expense　maintains　productive；　in

the　other　unproductive　hands。　In　the　one　way；　therefore；　it

increases；　in　the　other；　it　does　not　increase；　the　exchangeable

value　of　the　annual　produce　of　the　land　and　labour　of　the

country。

　　　　　I　would　not；　however；　by　all　this　be　understood　to　mean　that

the　one　species　of　expense　always　betokens　a　more　liberal　or

generous　spirit　than　the　other。　When　a　man　of　fortune　spends　his

revenue　chiefly　in　hospitality；　he　shares　the　greater　part　of　it

with　his　friends　and　companions；　but　when　he　employs　it　in

purchasing　such　durable　commodities；　he　often　spends　the　whole

upon　his　own　person；　and　gives　nothing　to　anybody　without　an

equivalent。　The　latter　species　of　expense；　therefore；　especially

when　directed　towards　frivolous　objects；　the　little　ornaments　of

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　inter