按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！
be formed of them from the interest of money。 It may be laid down
as a maxim； that wherever a great deal can be made by the use of
money； a great deal will commonly be given for the use of it； and
that wherever little can be made by it； less will commonly be
given for it。 According； therefore； as the usual market rate of
interest varies in any country； we may be assured that the
ordinary profits of stock must vary with it； must sink as it
sinks； and rise as it rises。 The progress of interest； therefore；
may lead us to form some notion of the progress of profit。
By the 37th of Henry VIII all interest above ten per cent
was declared unlawful。 More； it seems； had sometimes been taken
before that。 In the reign of Edward VI religious zeal prohibited
all interest。 This prohibition； however； like all others of the
same kind； is said to have produced no effect； and probably
rather increased than diminished the evil of usury。 The statute
of Henry VIII was revived by the 13th of Elizabeth； c。 8； and ten
per cent continued to be the legal rate of interest till the 21st
of James I； when it was restricted to eight per cent。 It was
reduced to six per cent soon after the Restoration； and by the
12th of Queen Anne to five per cent。 All these different
statutory regulations seem to have been made with great
propriety。 They seem to have followed and not to have gone before
the market rate of interest； or the rate at which people of good
credit usually borrowed。 Since the time of Queen Anne； five per
cent seems to have been rather above than below the market rate。
Before the late war； the government borrowed at three per cent；
and people of good credit in the capital； and in many other parts
of the kingdom； at three and a half； four； and four and a half
per cent。
Since the time of Henry VIII the wealth and revenue of the
country have been continually advancing； and； in the course of
their progress； their pace seems rather to have been gradually
accelerated than retarded。 They seem not only to have been going
on； but to have been going on faster and faster。 The wages of
labour have been continually increasing during the same period；
and in the greater part of the different branches of trade and
manufactures the profits of stock have been diminishing。
It generally requires a greater stock to carry on any sort
of trade in a great town than in a country village。 The great
stocks employed in every branch of trade； and the number of rich
competitors； generally reduce the rate of profit in the former
below what it is in the latter But the wages of labour are
generally higher in a great town than in a country village。 In a
thriving town the people who have great stocks to employ
frequently cannot get the number of workmen they want； and
therefore bid against one another in order to get as many as they
can； which raises the wages of labour； and lowers the profits of
stock。 In the remote parts of the country there is frequently not
stock sufficient to employ all the people； who therefore bid
against one another in order to get employment； which lowers the
wages of labour and raises the profits of stock。
In Scotland； though the legal rate of interest is the same
as in England； the market rate is rather higher。 People of the
best credit there seldom borrow under five per cent。 Even private
bankers in Edinburgh give four per cent upon their promissory
notes； of which payment either in whole or in part may be
demanded at pleasure。 Private bankers in London give no interest
for the money which is deposited with them。 There are few trades
which cannot be carried on with a smaller stock in Scotland than
in England。 The common rate of profit； therefore； must be
somewhat greater。 The wages of labour； it has already been
observed； are lower in Scotland than in England。 The country；
too； is not only much poorer； but the steps by which it advances
to a better condition； for it is evidently advancing； seem to be
much slower and more tardy。
The legal rate of interest in France has not； during the
course of the present century； been always regulated by the
market rate。 In 1720 interest was reduced from the twentieth to
the fiftieth penny； or from five to two per cent。 In 1724 it was
raised to the thirtieth penny； or to 3 1/3 per cent。 In 1725 it
was again raised to the twentieth penny； or to five per cent。 In
1766； during the administration of Mr。 Laverdy； it was reduced to
the twenty…fifth penny； or to four per cent。 The Abbe Terray
raised it afterwards to the old rate of five per cent。 The
supposed purpose of many of those violent reductions of interest
was to prepare the way for reducing that of the public debts； a
purpose which has sometimes been executed。 France is perhaps in
the present times not so rich a country as England； and though
the legal rate of interest has in France frequently been lower
than in England； the market rate has generally been higher； for
there； as in other countries； they have several very safe and
easy methods of evading the law。 The profits of trade； I have
been assured by British merchants who had traded in both
countries； are higher in France than in England； and it is no
doubt upon this account that many British subjects choose rather
to employ their capitals in a country where trade is in disgrace；
than in one where it is highly respected。 The wages of labour are
lower in France than in England。 When you go from Scotland to
England； the difference which you may remark between the dress
and countenance of the common people in the one country and in
the other sufficiently indicates the difference in their
condition。 The contrast is still greater when you return from
France。 France； though no doubt a richer country than Scotland；
seems not to be going forward so fast。 It is a common and even a
popular opinion in the country that it is going backwards； an
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 wa