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of interest-第3部分

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gradually　diminish　in　that　kingdom；　since　it　is　the　proportion　between
money　and　any　species　of　goods；　which　fixes　their　mutual　value；　and；
upon　the　present　supposition；　the　conveniencies　of　life　become　every
day　more　abundant；　without　any　alteration　in　the　current　specie。　A
less　quantity　of　money；　therefore；　among　this　people；　will　make　a　rich
man；　during　the　times　of　industry；　than　would　suffice　to　that　purpose；
in　ignorant　and　slothful　ages。　Less　money　will　build　a　house；　portion
a　daughter；　buy　an　estate；　support　a　manufactory；　or　maintain　a　family
and　equipage。　These　are　the　uses　for　which　men　borrow　money；　and
therefore；　the　greater　or　less　quantity　of　it　in　a　state　has　no
influence　on　the　interest。　But　it　is　evident；　that　the　greater　or　less
stock　of　labour　and　commodities　must　have　a　great　influence；　since　we
really　and　in　effect　borrow　these；　when　we　take　money　upon　interest。
It　is　true；　when　commerce　is　extended　all　over　the　globe；　the　most
industrious　nations　always　abound　most　with　the　precious　metals：　So
that　low　interest　and　plenty　of　money　are　in　fact　almost　inseparable。
But　still　it　is　of　consequence　to　know　the　principle　whence　any
phenomenon　arises；　and　to　distinguish　between　a　cause　and　a
concomitant　effect。　Besides　that　the　speculation　is　curious；　it　may
frequently　be　of　use　in　the　conduct　of　public　affairs。　At　least；　it
must　be　owned；　that　nothing　can　be　of　more　use　than　to　improve；　by
practice；　the　method　of　reasoning　on　these　subjects；　which　of　all
others　are　the　most　important；　though　they　are　commonly　treated　in　the
loosest　and　most　careless　manner。
　　　　Another　reason　of　this　popular　mistake　with　regard　to　the　cause　of
low　interest；　seems　to　be　the　instance　of　some　nations；　where；　after　a
sudden　acquisition　of　money　or　of　the　precious　metals；　by　means　of
foreign　conquest；　the　interest　has　fallen；　not　only　among　them；　but　in
all　the　neighbouring　states；　as　soon　as　that　money　was　dispersed；　and
had　insinuated　itself　into　every　corner。　Thus；　interest　in　SPAIN　fell
near　a　half　immediately　after　the　discovery　of　the　WEST　INDIES；　as　we
are　informed　by　GARCILASSO　DE　LA　VEGA：　And　it　has　been　ever　since
gradually　sinking　in　every　kingdom　of　EUROPE。　Interest　in　ROME；　after
the　conquest　of　EGYPT；　fell　from　6　to　4　per　cent。　as　we　learn　from
DION。
　　　　The　causes　of　the　sinking　of　interest；　upon　such　an　event；　seem
different　in　the　conquering　country　and　in　the　neighbouring　states；
but　in　neither　of　them　can　we　justly　ascribe　that　effect　merely　to　the
encrease　of　gold　and　silver。
　　　　In　the　conquering　country；　it　is　natural　to　imagine；　that　this　new
acquisition　of　money　will　fall　into　a　few　hands；　and　be　gathered　into
large　sums；　which　seek　a　secure　revenue；　either　by　the　purchase　of
land　or　by　interest；　and　consequently　the　same　effect　follows；　for　a
little　time；　as　if　there　had　been　a　great　accession　of　industry　and
commerce。　The　encrease　of　lenders　above　the　borrowers　sinks　the
interest；　and　so　much　the　faster；　if　those；　who　have　acquired　those
large　sums；　find　no　industry　or　commerce　in　the　state；　and　no　method
of　employing　their　money　but　by　lending　it　at　interest。　But　after　this
new　mass　of　gold　and　silver　has　been　digested；　and　has　circulated
through　the　whole　state；　affairs　will　soon　return　to　their　former
situation；　while　the　landlords　and　new　money…holders；　living　idly；
squander　above　their　income；　and　the　former　daily　contract　debt；　and

the　latter　encroach　on　their　stock　till　its　final　extinction。　The
whole　money　may　still　be　in　the　state；　and　make　itself　felt　by　the
encrease　of　prices：　But　not　being　now　collected　into　any　large　masses
or　stocks；　the　disproportion　between　the　borrowers　and　lenders　is　the
same　as　formerly；　and　consequently　the　high　interest　returns。
　　　　Accordingly　we　find；　in　ROME；　that；　so　early　as　TIBERIUS'S　time；
interest　had　again　mounted　to　6　per　cent。　though　no　accident　had
happened　to　drain　the　empire　of　money。　In　TRAJAN'S　time；　money　lent　on
mortgages　in　ITALY；　bore　6　per　cent。　on　common　securities　in　BITHYNIA；
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

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