wealbk01-第20章

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opinion　which；　apprehend；　is　ill　founded　even　with　regard　to

France；　but　which　nobody　can　possibly　entertain　with　regard　to

Scotland；　who　sees　the　country　now；　and　who　saw　it　twenty　or

thirty　years　ago。

　　　　　The　province　of　Holland；　on　the　other　hand；　in　proportion　to

the　extent　of　its　territory　and　the　number　of　its　people；　is　a

richer　country　than　England。　The　government　there　borrows　at　two

per　cent；　and　private　people　of　good　credit　at　three。　The　wages

of　labour　are　said　to　be　higher　in　Holland　than　in　England；　and

the　Dutch；　it　is　well　known；　trade　upon　lower　profits　than　any

people　in　Europe。　The　trade　of　Holland；　it　has　been　pretended　by

some　people；　is　decaying；　and　it　may　perhaps　be　true　some

particular　branches　of　it　are　so。　But　these　symptoms　seem　to

indicate　sufficiently　that　there　is　no　general　decay。　When　profit

diminishes；　merchants　are　very　apt　to　complain　that　trade　decays；

though　the　diminution　of　profit　is　the　natural　effect　of　its

prosperity；　or　of　a　greater　stock　being　employed　in　it　than

before。　During　the　late　war　the　Dutch　gained　the　whole　carrying

trade　of　France；　of　which　they　still　retain　a　very　large　share。

The　great　property　which　they　possess　both　in　the　French　and

English　funds；　about　forty　millions；　it　is　said；　in　the　latter

（in　which　I　suspect；　however；　there　is　a　considerable

exaggeration）；　the　great　sums　which　they　lend　to　private　people

in　countries　where　the　rate　of　interest　is　higher　than　in　their

own；　are　circumstances　which　no　doubt　demonstrate　the　redundancy

of　their　stock；　or　that　it　has　increased　beyond　what　they　can

employ　with　tolerable　profit　in　the　proper　business　of　their　own

country：　but　they　do　not　demonstrate　that　that　has　decreased。　As

the　capital　of　a　private　man；　though　acquired　by　a　particular

trade；　may　increase　beyond　what　he　can　employ　in　it；　and　yet　that

trade　continue　to　increase　too；　so　may　likewise　the　capital　of　a

great　nation。

　　　　　In　our　North　American　and　West　Indian　colonies；　not　only　the

wages　of　labour；　but　the　interest　of　money；　and　consequently　the

profits　of　stock；　are　higher　than　in　England。　In　the　different

colonies　both　the　legal　and　the　market　rate　of　interest　run　from

six　to　eight　per　cent。　High　wages　of　labour　and　high　profits　of

stock；　however；　are　things；　perhaps；　which　scarce　ever　go

together；　except　in　the　peculiar　circumstances　of　new　colonies。　A

new　colony　must　always　for　some　time　be　more　understocked　in

proportion　to　the　extent　of　its　territory；　and　more　underpeopled

in　proportion　to　the　extent　of　its　stock；　than　the　greater　part

of　other　countries。　They　have　more　land　than　they　have　stock　to

cultivate。　What　they　have；　therefore；　is　applied　to　the

cultivation　only　of　what　is　most　fertile　and　most　favourably

situated；　the　land　near　the　sea　shore；　and　along　the　banks　of

navigable　rivers。　Such　land；　too；　is　frequently　purchased　at　a

price　below　the　value　even　of　its　natural　produce。　Stock　employed

in　the　purchase　and　improvement　of　such　lands　must　yield　a　very

large　profit；　and　consequently　afford　to　pay　a　very　large

interest。　Its　rapid　accumulation　in　so　profitable　an　employment

enables　the　planter　to　increase　the　number　of　his　hands　faster

than　he　can　find　them　in　a　new　settlement。　Those　whom　he　can

find；　therefore；　are　very　liberally　rewarded。　As　the　colony

increases；　the　profits　of　stock　gradually　diminish。　When　the　most

fertile　and　best　situated　lands　have　been　all　occupied；　less

profit　can　be　made　by　the　cultivation　of　what　is　inferior　both　in

soil　and　situation；　and　less　interest　can　be　afforded　for　the

stock　which　is　so　employed。　In　the　greater　part　of　our　colonies；

accordingly；　both　the　legal　and　the　market　rate　of　interest　have

been　considerably　reduced　during　the　course　of　the　present

century。　As　riches；　improvement；　and　population　have　increased；

interest　has　declined。　The　wages　of　labour　do　not　sink　with　the

profits　of　stock。　The　demand　for　labour　increases　with　the

increase　of　stock　whatever　be　its　profits；　and　after　these　are

diminished；　stock　may　not　only　continue　to　increase；　but　to

increase　much　faster　than　before。　It　is　with　industrious　nations

who　are　advancing　in　the　acquisition　of　riches　as　with

industrious　individuals。　A　great　stock；　though　with　small

profits；　generally　increases　faster　than　a　small　stock　with　great

profits。　Money；　says　the　proverb；　makes　money。　When　you　have　got

a　little；　it　is　often　easy　to　get　more。　The　great　difficulty　is

to　get　that　little。　The　connection　between　the　increase　of　stock

and　that　of　industry；　or　of　the　demand　for　useful　labour；　has

partly　been　explained　already；　but　will　be　explained　more　fully

hereafter　in　treating　of　the　accumulation　of　stock。

　　　　　The　acquisition　of　new　territory；　or　of　new　branches　of

trade；　may　sometimes　raise　the　profits　of　stock；　and　with　them

the　interest　of　money；　even　in　a　country　which　is　fast　advancing

in　the　acquisition　of　riches。　The　stock　of　the　country　not　being

sufficient　for　the　whole　accession　of　business；　which　such

acquisitions　present　to　the　different　people　among　whom　it　is

divided；　is　applied　to　those　particular　branches　only　which

afford　the　greatest　profit。　Part　of　what　had　before　been　employed

in　other　trades　is　necessarily　withdrawn　from　them；　and　turned

into　some　of　the　new　and　more　profitable　ones。　In　all　those　old

trades；　therefore；　the　competition　comes　to　be　less　than　before。

The　market　comes　to　be　less　fully　supplied　with　many　different

sorts　of　goods。　Their　price　necessarily　rises　more　or　less；　and

yields　a　greater　profit　to　those　who　deal　in　them；　who　can；

therefore；　afford　to　borrow　at　a　higher　interest。　For　some　time

after　the　conclusion　of　the　late　war；　not　only　private　people　of

the　best　credit；　but　some　of　the　greatest　companies　in　London；

commonly　borrowed　at　five　per　cent；　who　before　that　had　not　been

used　to　pay　more　than　four；　and　four　and　a　half　per　cent。　The

great　accession　both　of　territory　and　trade；　by　our　acquisitions

in　North　America　and　the　West　Indies；　will　sufficiently　account

for　this；　without　supposing　any　diminution　in　the　capital　stock

of　the　society。　So　great　an　accession　of　new　business　to　be

carried　on　by　the　old　stock　must　necessarily　have　diminished　the

quantity　employed　in　a　great　number　of　particular　branches；　in

which　the　competition　being　less；　the　profits　must　have　been

greater。　I　shall　hereafter　have　occasion　to　mention　the　reasons

which　dispose　me　to　believe　that　the　capital　stock　of　Great

Britain　was　not　diminished　even　by　the　enormous　expense　of　the

late　war。

　　　　　The　diminution　of　the　capital　stock　of　the　society；　or　of

the　funds　destined　for　the　maintenance　of　industry；　however；　as

it　lowers　the　wages　of　labour；　so　it　raises　the　profits　of　stock；

and　consequently　the　interest　of　money。　By　the　wages　of　labour

being　lowered；　the　owners　of　what　stock　remains　in　the　society

can　bring　their　goods　at　less　expense　to　market　than　before；　and

less　stock　being　employed　in　supplying　the　market　than　before；

they　can　sell　them　dearer。　Their　goods　cost　them　less；　and　they

get　more　for　them。　Their　profits；　therefore；　being　augmented　at

both　ends；　can　well　afford　a　large　interest。　The　great　fortunes

so　suddenly　and　so　easily　acquired　in　Bengal　and　the　other

British　settlements　in　the　East　Indies　may　satisfy　us　that；　as

the　wages　of　labour　are　very　low；　so　the　profits　of　stock　are

very　high　in　those　ruined　countries。　The　interest　of　money　is

proportionably　so。　In　Bengal；　money　is　frequently　lent　to　the

farmers　at　forty；　fifty；　and　sixty　per　cent　and　the　succeeding

crop　is　mortgaged　for　the　payment。　As　the　profits　which　can

afford　such　an　interest　must　eat　up　almost　the　whole　rent　of　the

landlord；　so　such　enormous　usury　must　in　its　turn　eat　up　the

greater　part　of　those　profits。　Before　the　fall　of　the　Roman

republic；　a　usury　of　the　same　kind　seems　to　have　been　common　in

the　provinces；　under　the　ruinous　administration　of　their

proconsuls。　The　virtuous　Brutus　lent　money　in　Cyprus　at

eight…and…forty　per　cent　as　we　learn　from　the　letters　of　Cicero。

　　　　　In　a　country　which　had　acquired　that　full　complement　of

riches　which　the　nature　of　its　soil　and　climate；　and　its

situation　with　respect　to　other　countries；　allowed　it　to　acquire；

which　could；　therefore；　advance　no　further；　and　which　was　not

going　backwards；　both　the　wages　of　labour　and　the　profits　of

stock　would　probably　be　very　low。　In　a　country　fully　peopled　in

proportion　to　what　either　its　territory　could　maintain　or　its

stock　employ；　the　competition　for　employment　would　necessarily　be

so　great　as　to　reduce　the　wages　of　labour　to　what　was　barely

sufficient　to　keep　up　the　number　of　labourers；　and；　the　country

being　already　fully　peopled；　that　number　could　never　be

augmented。　In　a　country　fully　stocked　in　proportion　to　all　the

business　it　had　to　transact；　as　great　a　quantity　of　stock　would

be　employed　in　every　particular　branch　as　the　nature　and　extent

of　the　trade　would　admit。　The　competition；　therefore；　would

everywhere　be　as　great；　and　consequently　the　ordinary　profit　as

low　as　possible。

　　　　　But　perhaps　no　country　has　ever　yet　arrived　at　this　degree

of　opulence。　China　seems　to　have　been　long　stationary；　and　had

probably　long　ago　acquired　that　full　complement　of　riches　which

is　consistent　with　the　nature　of　its　laws　and　institutions。　But

this　complement　may　be　much　inferior　to　what；　with　other　laws　and

institutions；　the　nature　of　its　soil；　climate；　and　situation

might　admit　of。　A　country　which　neglects　or　despises　foreign

commerce；　and　which　admits　the　vessels　of　foreign　nations　into

one　or　two　of　its　ports　only；　cannot　transact　the　same　quantity

of　business　which　it　might　do　with　different　laws　and

institutions。　In　a　country　too；　where；　though　the　rich　or　the

owners　of　large　capitals　enjoy　a　good　deal　of　security；　the　poor

or　the　owners　of　small　capitals　enjoy　scarce　any；　but　are　liable；

under　the　pretence　of　justice；　to　be　pillaged　and　plundered　at

any　time　by　the　inferior　mandarins；　the　quantity　of　stock

employed　in　all　the　different　branches　of　business　transacted

within　it　can　never　be　equal　to　what　the　nature　and　extent　of

that　business　might　admit。　In　every　different　branch；　the

oppression　of　the　poor　must　establish　the　monopoly　of　the　rich；

who；　by　engrossing　the　whole　trade　to　themselves；　will　be　able　to

make　very　large　profits。　Twelve　per　cent　accordingly　is　said　to

be　the　common　interest　of　money　in　China；　and　the　ordinary

profits　of　stock　must　be　sufficient　to　afford　this　large

interest。

　　　　　A　defect　in　the　law　may　sometimes　raise　the　rate　of　interest

considerably　above　what　the　condition　of　the　country；　as　to

wealth　or　poverty；　would　require。　When　the　law　does　not　enforce

the　performance　of　contracts；　it　puts　all　borrowers　nearly　upon

the　same　footing　with　bankrupts　or　people　of　doubtful　credit　in

better　regulated　countries。　The　uncertainty　of　recoverin