wealbk02-第17章

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itself　in　the　manner　that　is　most　advantageous；　which　has

maintained　the　progress　of　England　towards　opulence　and

improvement　in　almost　all　former　times；　and　which；　it　is　to　be

hoped；　will　do　so　in　all　future　times。　England；　however；　as　it

has　never　been　blessed　with　a　very　parsimonious　government；　so

parsimony　has　at　no　time　been　the　characteristical　virtue　of　its

inhabitants。　It　is　the　highest　impertinence　and　presumption；

therefore；　in　kings　and　ministers；　to　pretend　to　watch　over　the

economy　of　private　people；　and　to　restrain　their　expense；　either

by　sumptuary　laws；　or　by　prohibiting　the　importation　of　foreign

luxuries。　They　are　themselves　always；　and　without　any　exception；

the　greatest　spendthrifts　in　the　society。　Let　them　look　well

after　their　own　expense；　and　they　may　safely　trust　private　people

with　theirs。　If　their　own　extravagance　does　not　ruin　the　state；

that　of　their　subjects　never　will。

　　　　　As　frugality　increases　and　prodigality　diminishes　the　public

capital；　so　the　conduct　of　those　whose　expense　just　equals　their

revenue；　without　either　accumulating　or　encroaching；　neither

increases　nor　diminishes　it。　Some　modes　of　expense；　however；　seem

to　contribute　more　to　the　growth　of　public　opulence　than　others。

　　　　　The　revenue　of　an　individual　may　be　spent　either　in　things

which　are　consumed　immediately；　and　in　which　one　day's　expense

can　neither　alleviate　nor　support　that　of　another；　or　it　may　be

spent　in　things　more　durable；　which　can　therefore　be　accumulated；

and　in　which　every　day's　expense　may；　as　he　chooses；　either

alleviate　or　support　and　heighten　the　effect　of　that　of　the

following　day。　A　man　of　fortune；　for　example；　may　either　spend

his　revenue　in　a　profuse　and　sumptuous　table；　and　in　maintaining

a　great　number　of　menial　servants；　and　a　multitude　of　dogs　and

horses；　or　contenting　himself　with　a　frugal　table　and　few

attendants；　he　may　lay　out　the　greater　part　of　it　in　adorning　his

house　or　his　country　villa；　in　useful　or　ornamental　buildings；　in

useful　or　ornamental　furniture；　in　collecting　books；　statues；

pictures；　or　in　things　more　frivolous；　jewels；　baubles；　ingenious

trinkets　of　different　kinds；　or；　what　is　most　trifling　of　all；　in

amassing　a　great　wardrobe　of　fine　clothes；　like　the　favourite　and

minister　of　a　great　prince　who　died　a　few　years　ago。　Were　two　men

of　equal　fortune　to　spend　their　revenue；　the　one　chiefly　in　the

one　way；　the　other　in　the　other；　the　magnificence　of　the　person

whose　expense　had　been　chiefly　in　durable　commodities；　would　be

continually　increasing；　every　day's　expense　contributing

something　to　support　and　heighten　the　effect　of　that　of　the

following　day：　that　of　the　other；　on　the　contrary；　would　be　no

greater　at　the　end　of　the　period　than　at　the　beginning。　The

former；　too；　would；　at　the　end　of　the　period；　be　the　richer　man

of　the　two。　He　would　have　a　stock　of　goods　of　some　kind　or　other；

which；　though　it　might　not　be　worth　all　that　it　cost；　would

always　be　worth　something。　No　trace　or　vestige　of　the　expense　of

the　latter　would　remain；　and　the　effects　of　ten　or　twenty　years

profusion　would　be　as　completely　annihilated　as　if　they　had　never

existed。

　　　　　As　the　one　mode　of　expense　is　more　favourable　than　the　other

to　the　opulence　of　an　individual；　so　is　it　likewise　to　that　of　a

nation。　The　houses；　the　furniture；　the　clothing　of　the　rich；　in　a

little　time；　become　useful　to　the　inferior　and　middling　ranks　of

people。　They　are　able　to　purchase　them　when　their　superiors　grow

weary　of　them；　and　the　general　accommodation　of　the　whole　people

is　thus　gradually　improved；　when　this　mode　of　expense　becomes

universal　among　men　of　fortune。　In　countries　which　have　long　been

rich；　you　will　frequently　find　the　inferior　ranks　of　people　in

possession　both　of　houses　and　furniture　perfectly　good　and

entire；　but　of　which　neither　the　one　could　have　been　built；　nor

the　other　have　been　made　for　their　use。　What　was　formerly　a　seat

of　the　family　of　Seymour　is　now　an　inn　upon　the　Bath　road。　The

marriage…bed　of　James　the　First　of　Great　Britain；　which　his　queen

brought　with　her　from　Denmark　as　a　present　fit　for　a　sovereign　to

make　to　a　sovereign；　was；　a　few　years　ago；　the　ornament　of　an

alehouse　at　Dunfermline。　In　some　ancient　cities；　which　either

have　been　long　stationary；　or　have　gone　somewhat　to　decay；　you

will　sometimes　scarce　find　a　single　house　which　could　have　been

built　for　its　present　inhabitants。　If　you　go　into　those　houses

too；　you　will　frequently　find　many　excellent；　though　antiquated

pieces　of　furniture；　which　are　still　very　fit　for　use；　and　which

could　as　little　have　been　made　for　them。　Noble　palaces；

magnificent　villas；　great　collections　of　books；　statues；　pictures

and　other　curiosities；　are　frequently　both　an　ornament　and　an

honour；　not　only　to　the　neighbourhood；　but　to　the　whole　country

to　which　they　belong。　Versailles　is　an　ornament　and　an　honour　to

France；　Stowe　and　Wilton　to　England。　Italy　still　continues　to

command　some　sort　of　veneration　by　the　number　of　monuments　of

this　kind　which　it　possesses；　though　the　wealth　which　produced

them　has　decayed；　and　though　the　genius　which　planned　them　seems

to　be　extinguished；　perhaps　from　not　having　the　same　employment。

　　　　　The　expense　too；　which　is　laid　out　in　durable　commodities；

is　favourable；　not　only　to　accumulation；　but　to　frugality。　If　a

person　should　at　any　time　exceed　in　it；　he　can　easily　reform

without　exposing　himself　to　the　censure　of　the　public。　To　reduce

very　much　the　number　of　his　servants；　to　reform　his　table　from

great　profusion　to　great　frugality；　to　lay　down　his　equipage

after　he　has　once　set　it　up；　are　changes　which　cannot　escape　the

observation　of　his　neighbours；　and　which　are　supposed　to　imply

some　acknowledgment　of　preceding　bad　conduct。　Few；　therefore；　of

those　who　have　once　been　so　unfortunate　as　to　launch　out　too　far

into　this　sort　of　expense；　have　afterwards　the　courage　to　reform；

till　ruin　and　bankruptcy　oblige　them。　But　if　a　person　has；　at　any

time；　been　at　too　great　an　expense　in　building；　in　furniture；　in

books　or　pictures；　no　imprudence　can　be　inferred　from　his

changing　his　conduct。　These　are　things　in　which　further　expense

is　frequently　rendered　unnecessary　by　former　expense；　and　when　a

person　stops　short；　he　appears　to　do　so；　not　because　he　has

exceeded　his　fortune；　but　because　he　has　satisfied　his　fancy。

　　　　　The　expense；　besides；　that　is　laid　out　in　durable

commodities　gives　maintenance；　commonly；　to　a　greater　number　of

people　than　that　which　is　employed　in　the　most　profuse

hospitality。　Of　two　or　three　hundredweight　of　provisions；　which

may　sometimes　be　served　up　at　a　great　festival；　one　half；

perhaps；　is　thrown　to　the　dunghill；　and　there　is　always　a　great

deal　wasted　and　abused。　But　if　the　expense　of　this　entertainment

had　been　employed　in　setting　to　work　masons；　carpenters；

upholsterers；　mechanics；　etc。；　a　quantity　of　provisions；　of　equal

value；　would　have　been　distributed　among　a　still　greater　number

of　people　who　would　have　bought　them　in　pennyworths　and　pound

weights；　and　not　have　lost　or　thrown　away　a　single　ounce　of　them。

In　the　one　way；　besides；　this　expense　maintains　productive；　in

the　other　unproductive　hands。　In　the　one　way；　therefore；　it

increases；　in　the　other；　it　does　not　increase；　the　exchangeable

value　of　the　annual　produce　of　the　land　and　labour　of　the

country。

　　　　　I　would　not；　however；　by　all　this　be　understood　to　mean　that

the　one　species　of　expense　always　betokens　a　more　liberal　or

generous　spirit　than　the　other。　When　a　man　of　fortune　spends　his

revenue　chiefly　in　hospitality；　he　shares　the　greater　part　of　it

with　his　friends　and　companions；　but　when　he　employs　it　in

purchasing　such　durable　commodities；　he　often　spends　the　whole

upon　his　own　person；　and　gives　nothing　to　anybody　without　an

equivalent。　The　latter　species　of　expense；　therefore；　especially

when　directed　towards　frivolous　objects；　the　little　ornaments　of

dress　and　furniture；　jewels；　trinkets；　gewgaws；　frequently

indicates；　not　only　a　trifling；　but　a　base　and　selfish

disposition。　All　that　I　mean　is；　that　the　one　sort　of　expense；　as

it　always　occasions　some　accumulation　of　valuable　commodities；　as

it　is　more　favourable　to　private　frugality；　and；　consequently；　to

the　increase　of　the　public　capital；　and　as　it　maintains

productive；　rather　than　unproductive　hands；　conduces　more　than

the　other　to　the　growth　of　public　opulence。　　



　　　　　　　　　　　　　　　　　　　　　　　　　　　　　CHAPTER　IV



　　　　　　　　　　　　　　　　　　　　　Of　Stock　Lent　at　Interest　



　　　　　THE　stock　which　is　lent　at　interest　is　always　considered　as

a　capital　by　the　lender。　He　expects　that　in　due　time　it　is　to　be

restored　to　him；　and　that　in　the　meantime　the　borrower　is　to　pay

him　a　certain　annual　rent　for　the　use　of　it。　The　borrower　may　use

it　either　as　a　capital；　or　as　a　stock　reserved　for　immediate

consumption。　If　he　uses　it　as　a　capital；　he　employs　it　in　the

maintenance　of　productive　labourers；　who　reproduce　the　value　with

a　profit。　He　can；　in　this　case；　both　restore　the　capital　and　pay

the　interest　without　alienating　or　encroaching　upon　any　other

source　of　revenue。　If　he　uses　it　as　a　stock　reserved　for

immediate　consumption；　he　acts　the　part　of　a　prodigal；　and

dissipates　in　the　maintenance　of　the　idle　what　was　destined　for

the　support　of　the　industrious。　He　can；　in　this　case；　neither

restore　the　capital　nor　pay　the　interest　without　either

alienating　or　encroaching　upon　some　other　source　of　revenue；　such

as　the　property　or　the　rent　of　land。

　　　　　The　stock　which　is　lent　at　interest　is；　no　doubt；

occasionally　employed　in　both　these　ways；　but　in　the　former　much

more　frequently　than　in　the　latter。　The　man　who　borrows　in　order

to　spend　will　soon　be　ruined；　and　he　who　lends　to　him　will

generally　have　occasion　to　repent　of　his　folly。　To　borrow　or　to

lend　for　such　a　purpose；　therefore；　is　in　all　cases；　where　gross

usury　is　out　of　the　question；　contrary　to　the　interest　of　both

parties；　and　though　it　no　doubt　happens　sometimes　that　people　do

both　the　one　and　the　other；　yet；　from　the　regard　that　all　men

have　for　their　own　interest；　we　may　be　assured　that　it　cannot

happen　so　very　frequently　as　we　are　sometimes　apt　to　imagine。　Ask

any　rich　man　of　common　prudence　to　which　of　the　two　sorts　of

people　he　has　lent　the　greater　part　of　his　stock；　to　those　who；

he　thinks；　will　employ　it　profitably；　or　to　those　who　will　spend

it　idly；　and　he　will　laugh　at　you　for　proposing　the　question。

Even　among　borrowers；　therefore；　not　the　people　in　the　world　most

famous　for　frugality；　the　number　of　the　frugal　and　industrious

surpasses　considerably　that　of　the　prodigal　and　idle。

　　　　　The　only　people　to　whom　stock　is　commonly　lent；　without

their　being　expected　to　make　any　very　profitable　use　of　it；　are

country　gentlemen　who　borrow　upon　mortgage。　Even　they　scarce　ever

borrow　merely　to　spend。　What　they　borrow；　one　may　say；　is

commonly　spent　before　they　borrow　it。　They　have　generally

consumed　so　great　a　quantity　of　goods；　advanced　to　them　upon

credit　by　shopkeepers　and　tradesmen；　that　they　find　it　necessary

to　bor