of interest-第2节
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this intercourse of good offices may be carried on to the greatest
extent and intricacy。 Hence the origin of merchants； one of the most
useful races of men； who serve as agents between those parts of the
state； that are wholly unacquainted； and are ignorant of each other's
necessities。 Here are in a city fifty workmen in silk and linen； and a
thousand customers； and these two ranks of men； so necessary to each
other； can never rightly meet； till one man erects a shop； to which
all the workmen and all the customers repair。 In this province； grass
rises in abundance： The inhabitants abound in cheese； and butter； and
cattle； but want bread and corn； which； in a neighbouring province；
are in too great abundance for the use of the inhabitants。 One man
discovers this。 He brings corn from the one province and returns with
cattle； and supplying the wants of both； he is； so far； a common
benefactor。 As the people encrease in numbers and industry； the
difficulty of their intercourse encreases： The business of the agency
or merchandize becomes more intricate； and divides； subdivides；
compounds； and mixes to a greater variety。 In all these transactions；
it is necessary； and reasonable； that a considerable part of the
commodities and labour should belong to the merchant； to whom； in a
great measure； they are owing。 And these commodities he will sometimes
preserve in kind； or more commonly convert into money； which is their
common representation。 If gold and silver have encreased in the state
together with the industry； it will require a great quantity of these
metals to represent a great quantity of commodities and labour。 If
industry alone has encreased； the prices of every thing must sink； and
a small quantity of specie will serve as a representation。
There is no craving or demand of the human mind more constant and
insatiable than that for exercise and employment； and this desire
seems the foundation of most of our passions and pursuits。 Deprive a
man of all business and serious occupation； he runs restless from one
amusement to another； and the weight and oppression； which he feels
from idleness； is so great； that he forgets the ruin which must follow
him from his immoderate expences。 Give him a more harmless way of
employing his mind or body； he is satisfied； and feels no longer that
insatiable thirst after pleasure。 But if the employment you give him
be lucrative； especially if the profit be attached to every particular
exertion of industry； he has gain so often in his eye； that he
acquires； by degrees； a passion for it； and knows no such pleasure as
that of seeing the daily encrease of his fortune。 And this is the
reason why trade encreases frugality； and why； among merchants； there
is the same overplus of misers above prodigals； as； among the
possessors of land； there is the contrary。
Commerce encreases industry； by conveying it readily from one
member of the state to another； and allowing none of it to perish or
become useless。 It encreases frugality； by giving occupation to men；
and employing them in the arts of gain； which soon engage their
affection； and remove all relish for pleasure and expence。 It is an
infallible consequence of all industrious professions； to beget
frugality； and make the love of gain prevail over the love of
pleasure。 Among lawyers and physicians who have any practice； there
are many more who live within their income； than who exceed it； or
even live up to it。 But lawyers and physicians beget no industry； and
it is even at the expence of others they acquire their riches； so that
they are sure to diminish the possessions of some of their fellow…
citizens； as fast as they encrease their own。 Merchants； on the
contrary； beget industry； by serving as canals to convey it through
every corner of the state： And at the same time； by their frugality；
they acquire great power over that industry； and collect a large
property in the labour and commodities； which they are the chief
instruments in producing。 There is no other profession； therefore；
except merchandize； which can make the monied interest considerable；
or； in other words； can encrease industry； and； by also encreasing
frugality； give a great command of that industry to particular members
of the society。 Without commerce； the state must consist chiefly of
landed gentry； whose prodigality and expence make a continual demand
for borrowing； and of peasants； who have no sums to supply that
demand。 The money never gathers into large stocks or sums； which can
be lent at interest。 It is dispersed into numberless hands； who either
squander it in idle show and magnificence； or employ it in the
purchase of the common necessaries of life。 Commerce alone assembles
it into considerable sums； and this effect it has merely from the
industry which it begets； and the frugality which it inspires；
independent of that particular quantity of precious metal which may
circulate in the state。
Thus an encrease of commerce； by a necessary consequence； raises a
great number of lenders； and by that means produces lowness of
interest。 We must now consider how far this encrease of commerce
diminishes the profits arising from that profession； and gives rise to
the third circumstance requisite to produce lowness of interest。
It may be proper to observe on this head； that low interest and
low profits of merchandize are two events； that mutually forward each
other； and are both originally derived from that extensive commerce；
which produces opulent merchants； and renders the monied interest
considerable。 Where merchants possess great stocks； whether
represented by few or many pieces of metal； it must frequently happen；
that； when they either become tired of business； or leave heirs
unwilling or unfit to engage in commerce； a great proportion of these
riches naturally seeks an annual and secure revenue。 The plenty
diminishes the price； and makes the lenders accept of a low interest。
This consideration obliges many to keep their stock employed in trade；
and rather be content with low profits than dispose of their money at
an under…value。 On the other hand； when commerce has become extensive；
and employs large stocks； there must arise rivalships among the
merchants； which diminish the profits of trade； at the same time that
they encrease the trade itself。 The low profits of merchandize induce
the merchants to accept more willingly of a low interest； when they
leave off business； and begin to indulge themselves in ease and
indolence。 It is needless； therefore； to enquire which of these
circumstances； to wit； low interest or low profits； is the cause； and
which the effect？ They both arise from an extensive commerce； and
mutually forward each other。 No man will accept of low profits； where
he can have high interest； and no man will accept of low interest；
where he can have high profits。 An extensive commerce； by producing
large stocks； diminishes both interest and profits； and is always
assisted； in its diminution of the one； by the proportional sinking of
the other。 I may add； that； as low profits arise from the encrease of
commerce and industry； they serve in their turn to its farther
encrease； by rendering the commodities cheaper； encouraging the
consumption； and heightening the industry。 And thus； if we consider
the whole connexion of causes and effects； interest is the barometer
of the state； and its lowness is a sign almost infallible of the
flourishing condition of a people。 It proves the encrease of industry；
and its prompt circulation through the whole state； little inferior to
a demonstration。 And though； perhaps； it may not be impossible but a
sudden and a great check to commerce may have a momentary effect of
the same kind； by throwing so many stocks out of trade； it must be
attended with such misery and want of employment in the poor； that；
besides its short duration； it will not be possible to mistake the one
case for the other。
Those who have asserted； that the plenty of money was the cause of
low interest； seem to have taken a collateral effect for a cause；
since the same industry； which sinks the interest； commonly acquires
great abundance of the precious metals。 A variety of fine
manufactures； with vigilant enterprising merchants； will soon draw
money to a state； if it be any where to be found in the world。 The
same cause； by multiplying the conveniencies of life； and encreasing
industry； collects great riches into the hands of persons； who are not
proprietors of land； and produces； by that means； a lowness of
interest。 But though both these effects； plenty of money and low
interest； naturally arise from commerce and industry； they are
altogether independent of each other。 For suppose a nation removed
into the Pacific ocean； without any foreign commerce； or any knowledge
of navigation： Suppose； that this nation possesses always the same
stock of coin； but is continually encreasing in its numbers and
industry： It is evident； that the price of every commodity must
gradually diminish in that kingdom； since it is the proportion between
money and any species of goods； which
