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Page 9
And this was done thus:--William granted a remuneration calculated in
such a way that, at the end of the year, James received his plane quite
new, and in addition, a compensation, consisting of a new plank, for the
advantages of which he had deprived himself, and which he had yielded to
his friend.
It was impossible for any one acquainted with the transaction to
discover the slightest trace in it of oppression or injustice.
The singular part of it is, that, at the end of the year, the plane came
into James's possession, and he lent it again; recovered it, and lent
it a third and fourth time. It has passed into the hands of his son, who
still lends it. Poor plane! how many times has it changed, sometimes its
blade, sometimes its handle. It is no longer the same plane, but it has
always the same value, at least for James's posterity. Workmen! let us
examine into these little stories.
I maintain, first of all, that the _sack of corn_ and the _plane_ are
here the type, the model, a faithful representation, the symbol of all
capital; as the five litres of corn and the plank are the type, the
model, the representation, the symbol of all interest. This granted, the
following are, it seems to me, a series of consequences, the justice of
which it is impossible to dispute.
1st. If the yielding of a plank by the borrower to the lender is a
natural, equitable, lawful remuneration, the just price of a real
service, we may conclude that, as a general rule, it is in the nature of
capital to produce interest. When this capital, as in the foregoing
examples, takes the form of an _instrument of labour_, it is clear
enough that it ought to bring an advantage to its possessor, to him who
has devoted to it his time, his brains, and his strength. Otherwise, why
should he have made it? No necessity of life can be immediately
satisfied with instruments of labour; no one eats planes or drinks saws,
except, indeed, he be a conjuror. If a man determines to spend his time
in the production of such things, he must have been led to it by the
consideration of the power which these instruments add to his power; of
the time which they save him; of the perfection and rapidity which they
give to his labour; in a word, of the advantages which they procure for
him. Now, these advantages, which have been prepared by labour, by the
sacrifice of time which might have been used in a more immediate manner,
are we bound, as soon as they are ready to be enjoyed, to confer them
gratuitously upon another? Would it be an advance in social order, if
the law decided thus, and citizens should pay officials for causing such
a law to be executed by force? I venture to say, that there is not one
amongst you who would support it. It would be to legalize, to organize,
to systematize injustice itself, for it would be proclaiming that there
are men born to render, and others born to receive, gratuitous services.
Granted, then, that interest is just, natural, and lawful.
2nd. A second consequence, not less remarkable than the former, and, if
possible, still more conclusive, to which I call your attention, is
this:--_Interest is not injurious to the borrower_. I mean to say, the
obligation in which the borrower finds himself, to pay a remuneration
for the use of capital, cannot do any harm to his condition. Observe, in
fact, that James and William are perfectly free, as regards the
transaction to which the plane gave occasion. The transaction cannot be
accomplished without the consent of the one as well as of the other. The
worst which can happen is, that James may be too exacting; and in this
case, William, refusing the loan, remains as he was before. By the fact
of his agreeing to borrow, he proves that he considers it an advantage
to himself; he proves, that after every calculation, including the
remuneration, whatever it may be, required of him, he still finds it
more profitable to borrow than not to borrow. He only determines to do
so because he has compared the inconveniences with the advantages. He
has calculated that the day on which he returns the plane, accompanied
by the remuneration agreed upon, he will have effected more work, with
the same labour, thanks to this tool. A profit will remain to him,
otherwise he would not have borrowed. The two services of which we are
speaking are exchanged according to the law which governs all exchanges,
the law of supply and demand. The claims of James have a natural and
impassable limit. This is the point in which the remuneration demanded
by him would absorb all the advantage which William might find in making
use of a plane. In this case, the borrowing would not take place.
William would be bound either to make a plane for himself, or to do
without one, which would leave him in his original condition. He
borrows, because he gains by borrowing. I know very well what will be
told me. You will say, William may be deceived, or, perhaps, he may be
governed by necessity, and be obliged to submit to a harsh law.
It may be so. As to errors in calculation, they belong to the infirmity
of our nature, and to argue from this against the transaction in
question, is objecting the possibility of loss in all imaginable
transactions, in every human act. Error is an accidental fact, which is
incessantly remedied by experience. In short, everybody must guard
against it. As far as those hard necessities are concerned, which force
persons to burdensome borrowings, it is clear that these necessities
exist previously to the borrowing. If William is in a situation in which
he cannot possibly do without a plane, and must borrow one at any price,
does this situation result from James having taken the trouble to make
the tool? Does it not exist independently of this circumstance? However
harsh, however severe James may be, he will never render the supposed
condition of William worse than it is. Morally, it is true, the lender
will be to blame; but, in an economical point of view, the loan itself
can never be considered responsible for previous necessities, which it
has not created, and which it relieves to a certain extent.
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