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Page 11
Well, I say that, if well understood, the history of my humble plane,
although very modest, is sufficient to raise us to the contemplation of
one of the most consoling, but least understood of the social
harmonies.
It is not true that we must choose between the denial or the
unlawfulness of leisure; thanks to rent and its natural duration,
leisure may arise from labour and saving. It is a pleasing prospect,
which every one may have in view; a noble recompense, to which each may
aspire. It makes its appearance in the world; it distributes itself
proportionably to the exercise of certain virtues; it opens all the
avenues to intelligence; it ennobles, it raises the morals; it
spiritualizes the soul of humanity, not only without laying any weight
on those of our brethren whose lot in life devotes them to severe
labour, but relieving them gradually from the heaviest and most
repugnant part of this labour. It is enough that capitals should be
formed, accumulated, multiplied; should be lent on conditions less and
less burdensome; that they should descend, penetrate into every social
circle, and that by an admirable progression, after having liberated the
lenders, they should hasten the liberation of the borrowers themselves.
For that end, the laws and customs ought all to be favourable to
economy, the source of capital. It is enough to say, that the first of
all these conditions is, not to alarm, to attack, to deny that which is
the stimulus of saving and the reason of its existence--interest.
As long as we see nothing passing from hand to hand, in the character of
loan, but _provisions_, _materials_, _instruments_, things indispensable
to the productiveness of labour itself, the ideas thus far exhibited
will not find many opponents. Who knows, even, that I may not be
reproached for having made a great effort to burst what may be said to
be an open door. But as soon as _cash_ makes its appearance as the
subject of the transaction (and it is this which appears almost always),
immediately a crowd of objections are raised. Money, it will be said,
will not reproduce it self, like your _sack of corn_; it does not assist
labour, like your _plane_; it does not afford an immediate satisfaction,
like your _house_. It is incapable, by its nature, of producing
interest, of multiplying itself, and the remuneration it demands is a
positive extortion.
Who cannot see the sophistry of this? Who does not see that cash is only
a transient form, which men give at the time to other _values_, to real
objects of usefulness, for the sole object of facilitating their
arrangements? In the midst of social complications, the man who is in a
condition to lend, scarcely ever has the exact thing which the borrower
wants. James, it is true, has a plane; but, perhaps, William wants a
saw. They cannot negotiate; the transaction favourable to both cannot
take place, and then what happens? It happens that James first exchanges
his plane for money; he lends the money to William, and William
exchanges the money for a saw. The transaction is no longer a simple
one; it is decomposed into two parts, as I explained above in speaking
of exchange. But, for all that, it has not changed its nature; it still
contains all the elements of a direct loan. James has still got rid of a
tool which was useful to him; William has still received an instrument
which perfects his work and increases his profits; there is still a
service rendered by the lender, which entitles him to receive an
equivalent service from the borrower; this just balance is not the less
established by free mutual bargaining. The very natural obligation to
restore at the end of the term the entire _value_, still constitutes the
principle of the duration of interest.
At the end of a year, says M. Thor�, will you find an additional crown
in a bag of a hundred pounds?
No, certainly, if the borrower puts the bag of one hundred pounds on the
shelf. In such a case, neither the plane nor the sack of corn would
reproduce themselves. But it is not for the sake of leaving the money in
the bag, nor the plane on the hook, that they are borrowed. The plane is
borrowed to be used, or the money to procure a plane. And if it is
clearly proved that this tool enables the borrower to obtain profits
which he would not have made without it, if it is proved that the lender
has renounced creating for himself this excess of profits, we may
understand how the stipulation of a part of this excess of profits in
favour of the lender, is equitable and lawful.
Ignorance of the true part which cash plays in human transactions, is
the source of the most fatal errors. I intend devoting an entire
pamphlet to this subject. From what we may infer from the writings of
M. Proudhon, that which has led him to think that gratuitous credit was
a logical and definite consequence of social progress, is the
observation of the phenomenon which shows a decreasing interest, almost
in direct proportion to the rate of civilisation. In barbarous times it
is, in fact, cent, per cent., and more. Then it descends to eighty,
sixty, fifty, forty, twenty, ten, eight, five, four, and three per cent.
In Holland, it has even been as low as two per cent. Hence it is
concluded, that "in proportion as society comes to perfection, it will
descend to zero by the time civilisation is complete. In other words,
that which characterises social perfection is the gratuitousness of
credit. When, therefore, we shall have abolished interest, we shall have
reached the last step of progress." This is mere sophistry, and as such
false arguing may contribute to render popular the unjust, dangerous,
and destructive dogma, that credit should be gratuitous, by representing
it as coincident with social perfection, with the reader's permission I
will examine in a few words this new view of the question.
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