1st. Is it consistent with the nature of things, and with justice, that capital should produce interest?
2nd. Is it consistent with the nature of things, and with justice, that the interest of capital should be perpetual?
The working men of Paris will certainly acknowledge that a more important subject could not be discussed.
Since the world began, it has been allowed, at least in part, that capital ought to produce interest. But latterly it has been affirmed, that herein lies the very social error which is the cause of pauperism4 and inequality. It is, therefore, very essential to know now on what ground we stand.
For if levying5 interest from capital is a sin, the workers have a right to revolt against social order, as it exists. It is in vain to tell them that they ought to have recourse to legal and pacific means: it would be a hypocritical recommendation. When on the one side there is a strong man, poor, and a victim of robbery--on the other, a weak man, but rich, and a robber--it is singular enough that we should say to the former, with a hope of persuading him, "Wait till your oppressor voluntarily renounces6 oppression, or till it shall cease of itself." This cannot be; and those who tell us that capital is by nature unproductive, ought to know that they are provoking a terrible and immediate8 struggle.
If, on the contrary, the interest of capital is natural, lawful9, consistent with the general good, as favourable10 to the borrower as to the lender, the economists11 who deny it, the tribunes who traffic in this pretended social wound, are leading the workmen into a senseless and unjust struggle, which can have no other issue than the misfortune of all. In fact, they are arming labour against capital. So much the better, if these two powers are really antagonistic13; and may the struggle soon be ended! But, if they are in harmony, the struggle is the greatest evil which can be inflicted14 on society. You see, then, workmen, that there is not a more important question than this:--"Is the interest of capital lawful or not?" In the former case, you must immediately renounce7 the struggle to which you are being urged; in the second, you must carry it on bravely, and to the end.
Productiveness of capital--perpetuity of interest. These are difficult questions. I must endeavour to make myself clear. And for that purpose I shall have recourse to example rather than to demonstration15; or rather, I shall place the demonstration in the example. I begin by acknowledging that, at first sight, it may appear strange that capital should pretend to a remuneration, and above all, to a perpetual remuneration. You will say, "Here are two men. One of them works from morning till night, from one year's end to another; and if he consumes all which he has gained, even by superior energy, he remains16 poor. When Christmas comes he is no forwarder than he was at the beginning of the year, and has no other prospect17 but to begin again. The other man does nothing, either with his hands or his head; or at least, if he makes use of them at all, it is only for his own pleasure; it is allowable for him to do nothing, for he has an income. He does not work, yet he lives well; he has everything in abundance; delicate dishes, sumptuous18 furniture, elegant equipages; nay19, he even consumes, daily, things which the workers have been obliged to produce by the sweat of their brow, for these things do not make themselves; and, as far as he is concerned, he has had no hand in their production. It is the workmen who have caused this corn to grow, polished this furniture, woven these carpets; it is our wives and daughters who have spun20, cut out, sewed, and embroidered21 these stuffs. We work, then, for him and for ourselves; for him first, and then for ourselves, if there is anything left. But here is something more striking still. If the former of these two men, the worker, consumes within the year any profit which may have been left him in that year, he is always at the point from which he started, and his destiny condemns22 him to move incessantly24 in a perpetual circle, and a monotony of exertion25. Labour, then, is rewarded only once. But if the other, the 'gentleman,' consumes his yearly income in the year, he has, the year after, in those which follow, and through all eternity26, an income always equal, inexhaustible, perpetual. Capital, then, is remunerated, not only once or twice, but an indefinite number of times! So that, at the end of a hundred years, a family which has placed 20,000 francs,1 at five per cent., will have had 100,000 francs; and this will not prevent it from having 100,000 more, in the following century. In other words, for 20,000 francs, which represent its labour, it will have levied27, in two centuries, a tenfold value on the labour of others. In this social arrangement, is there not a monstrous28 evil to be reformed? And this is not all. If it should please this family to curtail29 its enjoyments30 a little--to spend, for example, only 900 francs, instead of 1,000--it may, without any labour, without any other trouble beyond that of investing 100 francs a year, increase its capital and its income in such rapid progression, that it will soon be in a position to consume as much as a hundred families of industrious31 workmen. Does not all this go to prove that society itself has in its bosom32 a hideous33 cancer, which ought to be eradicated34 at the risk of some temporary suffering?"
These are, it appears to me, the sad and irritating reflections which must be excited in your minds by the active and superficial crusade which is being carried on against capital and interest. On the other hand, there are moments in which, I am convinced, doubts are awakened35 in your minds, and scruples36 in your conscience. You say to yourselves sometimes, "But to assert that capital ought not to produce interest, is to say that he who has created instruments of labour, or materials, or provisions of any kind, ought to yield them up without compensation. Is that just? And then, if it is so, who would lend these instruments, these materials, these provisions? who would take care of them? who even would create them? Every one would consume his proportion, and the human race would never advance a step. Capital would be no longer formed, since there would be no interest in forming it. It would become exceedingly scarce. A singular step towards gratuitous37 loans! A singular means of improving the condition of borrowers, to make it impossible for them to borrow at any price! What would become of labour itself? for there will be no money advanced, and not one single kind of labour can be mentioned, not even the chase, which can be pursued without money in hand. And, as for ourselves, what would become of us? What! we are not to be allowed to borrow, in order to work in the prime of life, nor to lend, that we may enjoy repose38 in its decline? The law will rob us of the prospect of laying by a little property, because it will prevent us from gaining any advantage from it. It will deprive us of all stimulus39 to save at the present time, and of all hope of repose for the future. It is useless to exhaust ourselves with fatigue40: we must abandon the idea of leaving our sons and daughters a little property, since modern science renders it useless, for we should become traffickers in men if we were to lend it on interest. Alas41! the world which these persons would open before us, as an imaginary good, is still more dreary42 and desolate43 than that which they condemn23, for hope, at any rate, is not banished44 from the latter." Thus, in all respects, and in every point of view, the question is a serious one. Let us hasten to arrive at a solution.
Our civil code has a chapter entitled, "On the manner of transmitting property." I do not think it gives a very complete nomenclature on this point. When a man by his labour has made some useful thing--in other words, when he has created a value--it can only pass into the hands of another by one of the following modes--as a gift, by the right of inheritance, by exchange, loan, or theft. One word upon each of these, except the last, although it plays a greater part in the world than we may think. A gift needs no definition. It is essentially45 voluntary and spontaneous. It depends exclusively upon the giver, and the receiver cannot be said to have any right to it. Without a doubt, morality and religion make it a duty for men, especially the rich, to deprive themselves voluntarily of that which they possess, in favour of their less fortunate brethren. But this is an entirely46 moral obligation. If it were to be asserted on principle, admitted in practice, or sanctioned by law, that every man has a right to the property of another, the gift would have no merit--charity and gratitude47 would be no longer virtues48. Besides, such a doctrine49 would suddenly and universally arrest labour and production, as severe cold congeals50 water and suspends animation51; for who would work if there was no longer to be any connection between labour and the satisfying of our wants? Political economy has not treated of gifts. It has hence been concluded that it disowns them, and that it is therefore a science devoid52 of heart. This is a ridiculous accusation53. That science which treats of the laws resulting from the reciprocity of services, had no business to inquire into the consequences of generosity54 with respect to him who receives, nor into its effects, perhaps still more precious, on him who gives: such considerations belong evidently to the science of morals. We must allow the sciences to have limits; above all, we must not accuse them of denying or undervaluing what they look upon as foreign to their department.
The right of inheritance, against which so much has been objected of late, is one of the forms of gift, and assuredly the most natural of all. That which a man has produced, he may consume, exchange, or give. What can be more natural than that he should give it to his children? It is this power, more than any other, which inspires him with courage to labour and to save. Do you know why the principle of right of inheritance is thus called in question? Because it is imagined that the property thus transmitted is plundered55 from the masses. This is a fatal error. Political economy demonstrates, in the most peremptory56 manner, that all value produced is a creation which does no harm to any person whatever. For that reason it may be consumed, and, still more, transmitted, without hurting any one; but I shall not pursue these reflections, which do not belong to the subject.
Exchange is the principal department of political economy, because it is by far the most frequent method of transmitting property, according to the free and voluntary agreements of the laws and effects of which this science treats.
Properly speaking, exchange is the reciprocity of services. The parties say between themselves, "Give me this, and I will give you that;" or, "Do this for me, and I will do that for you." It is well to remark (for this will throw a new light on the notion of value) that the second form is always implied in the first. When it is said, "Do this for me, and I will do that for you," an exchange of service for service is proposed. Again, when it is said, "Give me this, and I will give you that," it is the same as saying, "I yield to you what I have done, yield to me what you have done." The labour is past, instead of present; but the exchange is not the less governed by the comparative valuation of the two services: so that it is quite correct to say that the principle of value is in the services rendered and received on account of the productions exchanged, rather than in the productions themselves.
In reality, services are scarcely ever exchanged directly. There is a medium, which is termed money. Paul has completed a coat, for which he wishes to receive a little bread, a little wine, a little oil, a visit from a doctor, a ticket for the play, &c. The exchange cannot be effected in kind, so what does Paul do? He first exchanges his coat for some money, which is called sale; then he exchanges this money again for the things which he wants, which is called purchase; and now, only, has the reciprocity of services completed its circuit; now, only, the labour and the compensation are balanced in the same individual,--"I have done this for society, it has done that for me." In a word, it is only now that the exchange is actually accomplished57. Thus, nothing can be more correct than this observation of J. B. Say:--"Since the introduction of money, every exchange is resolved into two elements, sale and purchase. It is the reunion of these two elements which renders the exchange complete."
We must remark, also, that the constant appearance of money in every exchange has overturned and misled all our ideas: men have ended in thinking that money was true riches, and that to multiply it was to multiply services and products. Hence the prohibitory system; hence paper money; hence the celebrated58 aphorism59, "What one gains the other loses;" and all the errors which have ruined the earth, and embrued it with blood.2 After much research it has been found, that in order to make the two services exchanged of equivalent value, and in order to render the exchange equitable60, the best means was to allow it to be free. However plausible61, at first sight, the intervention62 of the State might be, it was soon perceived that it is always oppressive to one or other of the contracting parties. When we look into these subjects, we are always compelled to reason upon this maxim63, that equal value results from liberty. We have, in fact, no other means of knowing whether, at a given moment, two services are of the same value, but that of examining whether they can be readily and freely exchanged. Allow the State, which is the same thing as force, to interfere64 on one side or the other, and from that moment all the means of appreciation65 will be complicated and entangled66, instead of becoming clear. It ought to be the part of the State to prevent, and, above all, to repress artifice67 and fraud; that is, to secure liberty, and not to violate it. I have enlarged a little upon exchange, although loan is my principal object: my excuse is, that I conceive that there is in a loan an actual exchange, an actual service rendered by the lender, and which makes the borrower liable to an equivalent service,--two services, whose comparative value can only be appreciated, like that of all possible services, by freedom. Now, if it is so, the perfect lawfulness68 of what is called house-rent, farm-rent, interest, will be explained and justified69. Let us consider the case of loan.
Suppose two men exchange two services or two objects, whose equal value is beyond all dispute. Suppose, for example, Peter says to Paul, "Give me ten sixpences, I will give you a five-shilling piece." We cannot imagine an equal value more unquestionable. When the bargain is made, neither party has any claim upon the other. The exchanged services are equal. Thus it follows, that if one of the parties wishes to introduce into the bargain an additional clause, advantageous70 to himself, but unfavourable to the other party, he must agree to a second clause, which shall re-establish the equilibrium71, and the law of justice. It would be absurd to deny the justice of a second clause of compensation. This granted, we will suppose that Peter, after having said to Paul, "Give me ten sixpences, I will give you a crown," adds, "You shall give me the ten sixpences now, and I will give you the crown-piece in a year;" it is very evident that this new proposition alters the claims and advantages of the bargain; that it alters the proportion of the two services. Does it not appear plainly enough, in fact, that Peter asks of Paul a new and an additional service; one of a different kind? Is it not as if he had said, "Render me the service of allowing me to use for my profit, for a year, five shillings which belong to you, and which you might have used for yourself?" And what good reason have you to maintain that Paul is bound to render this especial service gratuitously72; that he has no right to demand anything more in consequence of this requisition; that the State ought to interfere to force him to submit? Is it not incomprehensible that the economist12, who preaches such a doctrine to the people, can reconcile it with his principle of the reciprocity of services? Here I have introduced cash; I have been led to do so by a desire to place, side by side, two objects of exchange, of a perfect and indisputable equality of value. I was anxious to be prepared for objections; but, on the other hand, my demonstration would have been more striking still, if I had illustrated73 my principle by an agreement for exchanging the services or the productions themselves.
Suppose, for example, a house and a vessel74 of a value so perfectly75 equal that their proprietors76 are disposed to exchange them even-handed, without excess or abatement77. In fact let the bargain be settled by a lawyer. At the moment of each taking possession, the shipowner says to the citizen, "Very well; the transaction is completed, and nothing can prove its perfect equity78 better than our free and voluntary consent. Our conditions thus fixed79, I shall propose to you a little practical modification80. You shall let me have your house to-day, but I shall not put you in possession of my ship for a year; and the reason I make this demand of you is, that, during this year of delay, I wish to use the vessel." That we may not be embarrassed by considerations relative to the deterioration81 of the thing lent, I will suppose the shipowner to add, "I will engage, at the end of the year, to hand over to you the vessel in the state in which it is to-day." I ask of every candid82 man, I ask of M. Proudhon himself, if the citizen has not a right to answer, "The new clause which you propose entirely alters the proportion or the equal value of the exchanged services. By it, I shall be deprived, for the space of a year, both at once of my house and of your vessel. By it, you will make use of both. If, in the absence of this clause, the bargain was just, for the same reason the clause is injurious to me. It stipulates83 for a loss to me, and a gain to you. You are requiring of me a new service; I have a right to refuse, or to require of you, as a compensation, an equivalent service." If the parties are agreed upon this compensation, the principle of which is incontestable, we can easily distinguish two transactions in one, two exchanges of service in one. First, there is the exchange of the house for the vessel; after this, there is the delay granted by one of the parties, and the compensation correspondent to this delay yielded by the other. These two new services take the generic84 and abstract names of credit and interest. But names do not change the nature of things; and I defy any one to dare to maintain that there exists here, when all is done, a service for a service, or a reciprocity of services. To say that one of these services does not challenge the other, to say that the first ought to be rendered gratuitously, without injustice85, is to say that injustice consists in the reciprocity of services,--that justice consists in one of the parties giving and not receiving, which is a contradiction in terms.
To give an idea of interest and its mechanism86, allow me to make use of two or three anecdotes87. But, first, I must say a few words upon capital.
There are some persons who imagine that capital is money, and this is precisely88 the reason why they deny its productiveness; for, as M. Thoré says, crowns are not endowed with the power of reproducing themselves. But it is not true that capital and money are the same thing. Before the discovery of the precious metals, there were capitalists in the world; and I venture to say that at that time, as now, everybody was a capitalist, to a certain extent.
What is capital, then? It is composed of three things:--
1st. Of the materials upon which men operate, when these materials have already a value communicated by some human effort, which has bestowed89 upon them the principle of remuneration--wool, flax, leather, silk, wood, &c.
2nd. Instruments which are used for working--tools, machines, ships, carriages, &c.
3rd. Provisions which are consumed during labour--victuals, stuffs, houses, &c.
Without these things the labour of man would be unproductive and almost void; yet these very things have required much work, especially at first. This is the reason that so much value has been attached to the possession of them, and also that it is perfectly lawful to exchange and to sell them, to make a profit of them if used, to gain remuneration from them if lent.
Now for my anecdotes.
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treatise
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| n.专著；(专题)论文 | |
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enrolled
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| adj.入学登记了的v.[亦作enrol]( enroll的过去式和过去分词 )；登记，招收，使入伍（或入会、入学等），参加，成为成员；记入名册；卷起，包起 | |
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socialist
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| n.社会主义者；adj.社会主义的 | |
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pauperism
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| n.有被救济的资格，贫困 | |
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levying
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| 征（兵）( levy的现在分词 )； 索取； 发动（战争）； 征税 | |
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renounces
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| v.声明放弃( renounce的第三人称单数 )；宣布放弃；宣布与…决裂；宣布摒弃 | |
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renounce
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| v.放弃；拒绝承认，宣布与…断绝关系 | |
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immediate
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| adj.立即的；直接的，最接近的；紧靠的 | |
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lawful
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| adj.法律许可的，守法的，合法的 | |
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favourable
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| adj.赞成的，称赞的，有利的，良好的，顺利的 | |
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economists
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| n.经济学家，经济专家( economist的名词复数 ) | |
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economist
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| n.经济学家，经济专家，节俭的人 | |
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antagonistic
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| adj.敌对的 | |
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inflicted
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| 把…强加给，使承受，遭受( inflict的过去式和过去分词 ) | |
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demonstration
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| n.表明，示范，论证，示威 | |
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remains
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| n.剩余物，残留物；遗体，遗迹 | |
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prospect
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| n.前景，前途；景色，视野 | |
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sumptuous
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| adj.豪华的，奢侈的，华丽的 | |
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nay
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| adv.不；n.反对票，投反对票者 | |
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spun
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embroidered
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| adj．绣花的 | |
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condemns
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| v.（通常因道义上的原因而）谴责( condemn的第三人称单数 )；宣判；宣布…不能使用；迫使…陷于不幸的境地 | |
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condemn
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| vt.谴责，指责；宣判(罪犯)，判刑 | |
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incessantly
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| ad.不停地 | |
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exertion
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| n.尽力，努力 | |
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eternity
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| n.不朽，来世；永恒，无穷 | |
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levied
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| 征（兵）( levy的过去式和过去分词 )； 索取； 发动（战争）； 征税 | |
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monstrous
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| adj.巨大的；恐怖的；可耻的，丢脸的 | |
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curtail
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| vt.截短，缩短；削减 | |
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enjoyments
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| 愉快( enjoyment的名词复数 )； 令人愉快的事物； 享有； 享受 | |
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industrious
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| adj.勤劳的，刻苦的，奋发的 | |
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bosom
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| n.胸，胸部；胸怀；内心；adj.亲密的 | |
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hideous
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| adj.丑陋的，可憎的，可怕的，恐怖的 | |
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eradicated
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| 画着根的 | |
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awakened
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| v.（使）醒( awaken的过去式和过去分词 )；（使）觉醒；弄醒；（使）意识到 | |
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scruples
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| n.良心上的不安( scruple的名词复数 )；顾虑，顾忌v.感到于心不安，有顾忌( scruple的第三人称单数 ) | |
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gratuitous
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| adj.无偿的，免费的；无缘无故的，不必要的 | |
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repose
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| v.(使)休息；n.安息 | |
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stimulus
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| n.刺激，刺激物，促进因素，引起兴奋的事物 | |
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fatigue
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| n.疲劳，劳累 | |
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alas
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| int.唉(表示悲伤、忧愁、恐惧等) | |
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dreary
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| adj.令人沮丧的，沉闷的，单调乏味的 | |
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desolate
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| adj.荒凉的，荒芜的；孤独的，凄凉的；v.使荒芜，使孤寂 | |
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banished
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| v.放逐，驱逐( banish的过去式和过去分词 ) | |
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essentially
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| adv.本质上，实质上，基本上 | |
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entirely
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| ad.全部地，完整地；完全地，彻底地 | |
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gratitude
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| adj.感激，感谢 | |
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virtues
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| 美德( virtue的名词复数 )； 德行； 优点； 长处 | |
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doctrine
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| n.教义；主义；学说 | |
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congeals
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| v.使凝结，冻结( congeal的第三人称单数 )；（指血）凝结 | |
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animation
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| n.活泼，兴奋，卡通片／动画片的制作 | |
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devoid
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| adj.全无的，缺乏的 | |
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accusation
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| n.控告，指责，谴责 | |
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generosity
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| n.大度，慷慨，慷慨的行为 | |
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plundered
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| 掠夺，抢劫( plunder的过去式和过去分词 ) | |
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peremptory
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| adj.紧急的，专横的，断然的 | |
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accomplished
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| adj.有才艺的；有造诣的；达到了的 | |
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celebrated
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| adj.有名的，声誉卓著的 | |
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aphorism
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| n.格言，警语 | |
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equitable
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| adj.公平的；公正的 | |
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plausible
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| adj.似真实的，似乎有理的，似乎可信的 | |
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intervention
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| n.介入，干涉，干预 | |
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maxim
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| n.格言，箴言 | |
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interfere
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| v.(in)干涉，干预；(with)妨碍，打扰 | |
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appreciation
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| n.评价；欣赏；感谢；领会，理解；价格上涨 | |
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entangled
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| adj.卷入的；陷入的；被缠住的；缠在一起的v.使某人（某物/自己）缠绕，纠缠于（某物中），使某人（自己）陷入（困难或复杂的环境中）( entangle的过去式和过去分词 ) | |
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artifice
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| n.妙计，高明的手段；狡诈，诡计 | |
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lawfulness
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| 法制，合法 | |
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justified
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| a.正当的，有理的 | |
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advantageous
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| adj.有利的；有帮助的 | |
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equilibrium
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| n.平衡，均衡，相称，均势，平静 | |
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gratuitously
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| 平白 | |
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illustrated
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| adj. 有插图的，列举的 动词illustrate的过去式和过去分词 | |
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vessel
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| n.船舶；容器，器皿；管，导管，血管 | |
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perfectly
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| adv.完美地，无可非议地，彻底地 | |
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proprietors
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| n.所有人，业主( proprietor的名词复数 ) | |
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abatement
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| n.减(免)税，打折扣，冲销 | |
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equity
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| n.公正，公平，（无固定利息的）股票 | |
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fixed
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| adj.固定的，不变的，准备好的；(计算机)固定的 | |
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modification
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| n.修改，改进，缓和，减轻 | |
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deterioration
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| n.退化；恶化；变坏 | |
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candid
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| adj.公正的，正直的；坦率的 | |
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stipulates
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| n.（尤指在协议或建议中）规定，约定，讲明（条件等）( stipulate的名词复数 )；规定，明确要求v.（尤指在协议或建议中）规定，约定，讲明（条件等）( stipulate的第三人称单数 )；规定，明确要求 | |
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generic
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| adj.一般的，普通的，共有的 | |
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injustice
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| n.非正义，不公正，不公平，侵犯（别人的）权利 | |
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mechanism
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| n.机械装置；机构，结构 | |
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anecdotes
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| n.掌故，趣闻，轶事( anecdote的名词复数 ) | |
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precisely
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| adv.恰好，正好，精确地，细致地 | |
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bestowed
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| 赠给，授予( bestow的过去式和过去分词 ) | |
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