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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　pace　always　with　the

profits　of　stock；　might；　in　this　manner；　be　greatly　diminished；

though　the　value　of　money；　or　the　quantity　of　goods　which　any

particular　sum　could　purchase；　was　greatly　augmented。

　　　　　In　some　countries　the　interest　of　money　has　been　prohibited

by　law。　But　as　something　can　everywhere　be　made　by　the　use　of

money；　something　ought　everywhere　to　be　paid　for　the　use　of　it。

This　regulation；　instead　of　preventing；　has　been　found　from

experience　to　increase　the　evil　of　usury；　the　debtor　being

obliged　to　pay；　not　only　for　the　use　of　the　money；　but　for　the

risk　which　his　creditor　runs　by　accepting　a　compensation　for　that

use。　He　is　obliged；　if　one　may　say　so；　to　insure　his　creditor

from　the　penalties　of　usury。

　　　　　In　countries　where　interest　is　permitted；　the　law；　in　order

to　prevent　the　extortion　of　usury；　generally　fixes　the　highest

rate　which　can　be　taken　without　incurring　a　penalty。　This　rate

ought　always　to　be　somewhat　above　the　lowest　market　price；　or　the

price　which　is　commonly　paid　for　the　use　of　money　by　those　who

can　give　the　most　undoubted　security。　If　this　legal　rate　should

be　fixed　below　the　lowest　market　rate；　the　effects　of　this

fixation　must　be　nearly　the　same　as　those　of　a　total　prohibition

of　interest。　The　creditor　will　not　lend　his　money　for　less　than

the　use　of　it　is　worth；　and　the　debtor　must　pay　him　for　the　risk

which　he　runs　by　accepting　the　full　value　of　that　use。　If　it　is

fixed　precisely　at　the　lowest　market　price；　it　ruins　with　honest

people；　who　respect　the　laws　of　their　country；　the　credit　of　all

those　who　cannot　give　the　very　best　security；　and　obliges　them　to

have　recourse　to　exorbitant　usurers。　In　a　country；　such　as　Great

Britain；　where　money　is　lent　to　government　at　three　per　cent　and

to　private　people　upon　a　good　security　at　four　and　four　and　a

half；　the　present　legal　rate；　five　per　cent；　is　perhaps　as　proper

as　any。

　　　　　The　legal　rate；　it　is　to　be　observed；　though　it　ought　to　be

somewhat　above；　ought　not　to　be　much　above　the　lowest　market

rate。　If　the　legal　rate　of　interest　in　Great　Britain；　for

example；　was　fixed　so　high　as　eight　or　ten　per　cent；　the　greater

part　of　the　money　which　was　to　be　lent　would　be　lent　to　prodigals

and　projectors；　who　alone　would　be　willing　to　give　this　high

interest。　Sober　people；　who　will　give　for　the　use　of　money　no

more　than　a　part　of　what　they　are　likely　to　make　by　the　use　of

it；　would　not　venture　into　the　competition。　A　great　part　of　the

capital　of　the　country　would　thus　be　kept　out　of　the　hands　which

were　most　likely　to　make　a　profitable　and　advantageous　use　of　it；

and　thrown　into　those　which　were　most　likely　to　waste　and　destroy

it。　Where　the　legal　rate　of　interest；　on　the　contrary；　is　fixed

but　a　very　little　above　the　lowest　market　rate；　sober　people　are

universally　preferred；　as　borrowers；　to　prodigals　and　projectors。

The　person　who　lends　money　gets　nearly　as　much　interest　from　the

former　as　he　dares　to　take　from　the　latter；　and　his　money　is　much

safer　in　the　hands　of　the　one　set　of　people　than　in　those　of　the

other。　A　great　part　of　the　capital　of　the　country　is　thus　thrown

into　the　hands　in　which　it　is　most　likely　to　be　employed　with

advantage。

　　　　　No　law　can　reduce　the　common　rate　of　interest　below　the

lowest　ordinary　market　rate　at　the　time　when　that　law　is　made。

Notwithstanding　the　edict　of　1766；　by　which　the　French　king

attempted　to　reduce　the　rate　of　interest　from　five　to　four　per

cent；　money　continued　to　be　lent　in　France　at　five　per　cent；　the

law　being　evaded　in　several　different　ways。

　　　　　The　ordinary　market　price　of　land；　it　is　to　be　observed；

depends　everywhere　upon　the　ordinary　market　rate　of　interest。　The

person　who　has　a　capital　from　which　he　wishes　to　derive　a

revenue；　without　taking　the　trouble　to　employ　it　himself；

deliberates　whether　he　should　buy　land　with　it　or　lend　it　out　at

interest。　The　superior　security　of　land；　together　with　some　other

advantages　which　almost　everywhere　attend　upon　this　species　of

property；　will　generally　dispose　him　to　content　himself　with　a

smaller　revenue　from　land　than　what　he　might　have　by　lending　out

his　money　at　interest。　These　advantages　are　sufficient　to

compensate　a　certain　difference　of　revenue；　but　they　will

compensate　a　certain　difference　only；　and　if　the　rent　of　land

should　fall　short　of　the　interest　of　money　by　a　greater

difference；　nobody　would　buy　land；　which　would　soon　reduce　its

ordinary　price。　On　the　contrary；　if　the　advantages　should　much

more　than　compensate　the　difference；　everybody　would　buy　land；

which　again　would　soon　raise　its　ordinary　price。　When　interest

was　at　ten　per　cent；　land　was　commonly　sold　for　ten　and　twelve

years'　purchase。　As　interest　sunk　to　six；　five；　and　four　per

cent；　the　price　of　land　rose　to　twenty；　five…and…twenty；　and

thirty　years'　purchase。　The　market　rate　of　interest　is　higher　in

France　than　in　England；　and　the　common　price　of　land　is　lower。　In

England　it　commonly　sells　at　thirty；　in　France　at　twenty　years'

purchase。　　



　　　　　　　　　　　　　　　　　　　　　　　　　　　　　CHAPTER　V



　　　　　　　　　　　　　　　Of　the　Different　Employment　of　Capitals　



　　　　　THOUGH　all　capitals　are　destined　for　the　maintenance　of

productive　labour　only；　yet　the　quantity　of　that　labour　which

equal　capitals　are　capable　of　putting　into　motion　varies

extremely　according　to　the　diversity　of　their　employment；　as　does

likewise　the　value　which　that　employment　adds　to　the　annual

produce　of　the　land　and　labour　of　the　country。

　　　　　A　capital　may　be　employed　in　four　different　ways：　either；

first；　in　procuring　the　rude　produce　annually　required　for　the

use　and　consumption　of　the　society；　or；　secondly；　in

manufacturing　and　preparing　that　rude　produce　for　immediate　use

and　consumption；　or；　thirdly；　in　transporting　either　the　rude　or

manufactured　produce　from　the　places　where　they　abound　to　those

where　they　are　wanted；　or；　lastly；　in　dividing　particular

portions　of　either　into　such　small　parcels　as　suit　the　occasional

demands　of　those　who　want　them。　In　the　first　way　are　employed　the

capitals　of　all　those　who　undertake　the　improvement　or

cultivation　of　lands；　mines；　or　fisheries；　in　the　second；　those

of　all　master　manufacturers；　in　the　third；　those　of　all　wholesale

merchants；　and　in　the　fourth；　those　of　all　retailers。　It　is

difficult　to　conceive　that　a　capital　should　be　employed　in　any

way　which　may　not　be　classed　under　some　one　or　other　of　those

four。

　　　　　Each　of　these　four　methods　of　employing　a　capital　is

essentially　necessary　either　to　the　existence　or　extension　of　the

other　three；　or　to　the　general　conveniency　of　the　society。

　　　　　Unless　a　capital　was　employed　in　furnishing　rude　produce　to

a　certain　degree　of　abundance；　neither　manufactures　nor　trade　of

any　kind　could　exist。

　　　　　Unless　a　capital　was　employed　in　manufacturing　that　part　of

the　rude　produce　which　requires　a　good　deal　of　preparation　before

it　can　be　fit　for　use　and　consumption；　it　either　would　never　be

produced；　because　there　could　be　no　demand　for　it；　or　if　it　was

p