of interest-第3章
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12。 And if interest in SPAIN has not risen to its old pitch； this can
be ascribed to nothing but the continuance of the same cause that sunk
it； to wit； the large fortunes continually made in the INDIES； which
come over to SPAIN from time to time； and supply the demand of the
borrowers。 By this accidental and extraneous cause； more money is to
be lent in SPAIN； that is； more money is collected into large sums
than would otherwise be found in a state； where there are so little
commerce and industry。
As to the reduction of interest； which has followed in ENGLAND；
FRANCE； and other kingdoms of EUROPE； that have no mines； it has been
gradual； and has not proceeded from the encrease of money； considered
merely in itself； but from that of industry； which is the natural
effect of the former encrease； in that interval； before it raises the
price of labour and provisions。 For to return to the foregoing
supposition； if the industry of ENGLAND had risen as much from other
causes； （and that rise might easily have happened； though the stock of
money had remained the same） must not all the same consequences have
followed； which we observe at present？ The same people would； in that
case； be found in the kingdom； the same commodities； the same
industry； manufactures； and commerce； and consequently the same
merchants； with the same stocks； that is； with the same command over
labour and commodities； only represented by a smaller number of white
or yellow pieces； which being a circumstance of no moment； would only
affect the waggoner； porter； and trunk…maker。 Luxury； therefore；
manufactures； arts； industry； frugality； flourishing equally as at
present； it is evident； that interest must also have been as low；
since that is the necessary result of all these circumstances； so far
as they determine the profits of commerce； and the proportion between
the borrowers and lenders in any state。
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The End
