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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

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