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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　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

get　it　to　sell；　he　must　sometimes；　too；　buy　it　dearer。　The　demand

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

have　purchased　before。　This　supposition　will　not；　I　believe；　be

found　anywhere　agreeable　to　the　truth；　but　it　is　the　most

favourable　to　the　opinion　which　we　are　going　to　examine；　and　even

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

proportion　between　those　two　values　is　necessarily　altered。　If　a

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

more　cumbersome；　but　the　thing　assigned　would　be　precisely　the

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

pro