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nent abundance or scarcity of money, only lowers or raises the rate of interest, in proportion as its presence or its absence augments or reduces the quantity of the general circulating capital.
Whatever is paid for the use of money beyond the market-rate of interest, is paid as a premium to the lender to compensate him for the risk he runs, of not being repaid without expense and delay, or of losing his money altogether.
Laws limiting the rate of interest on loans, diminish competition among lenders, and raise the rate of interest in the market. The borrower, besides being obliged to pay this higher rate of interest, is also obliged to pay to the lender such an additional sum, as will cover the risk which the levder runs, of losing his money, by infringing the law.
Thus it seems that usury laws, instead of favouring and protecting those for whose benefit they were intended, namely, the needy, do, on the contrary, actually compel them to incur a much heaver debt to obtain the means of succour, than they would otherwise be required to do.
It is not only, however, as these laws aggravate the evil they were intended to correct, that their expediency is to be objected to, but upon other grounds they are still more objectionable.
They tend to diminish the force of moral obligation. They invite to acts of dishonour, baseness, and fraud; and this by offering a discharge from debt as their reward. And thus they lead the unfortunate debior from pecuniary embarrassment, to a state of moral degradation.
Further, when the profit on the employment of capital raises the market-rate of interest above the rate limited by law, it compels, in the transaction of business, to a very general evasion of the law. And in this respect, it is a question for legislators to determine, whether it be good policy to enact or retaio laws of this nature, which, by accustoming the people to violations of law, tend to impair the respect wherein the laws generally ought to be held.
It is moreover a question, whether, instead of endeavouring to prevent the idle, the improvident, and the prodigal, by these laws, from parting with property which they know not how to use, it would not be better for society to leave them at liberty to transfer it to other hands, where it would be used productively to the public benefit.
This change of property, while it would promote the interest of the community on the one hand, might prove, to those who parted with it, a profitable lesson of experience on the other. It would lead them, through necessity, to a knowledge of the advantages of industry, providence, and economy; and with this
knowledge, they would not be likely to require the interposition of usury laws for their protection.
These, as well as all other legislative enactments, which interpose obstacles to the punctual performance of ordinary contracts, entered into in prosecution of the common affairs of life, have the effect to produce distrust, diminish confidence, abridge credit, discourage industry, and with these to retard the progress of public prosperity and wealth.
VIII. PRODUCTION, USE, AND CONSUMPTION, DEFINED. The results of production are products. Products are not consumed, while in use; they are consumed only when by use they are annihilated.
Wheat and wool are products. One is used for bread, and consumed in food; the other is used for cloth, and consumed in clothing.
Houses and household furniture are products. One is used for shelter, and the other is used for convenience.
The improvements of land are products, aud used for profit or pleasure. In short, all things of a material nature, adapted by art and labour to consumption, use, or enjoyment, are products of industry and the results of production.
IX. PRODUCTIVE INDUSTRY DEFINED. Productive industry comprehends the exercise of talent, intelligence, invention, art, skill, dexterity, and labour, either in production, as in agriculture, the fisheries, manufactures, and the mechanic arts, or in the augmentation in the value of products, by the distribution and exchange of the transportable and circulating surplus, as in coinmerce.
The power of productive industry is measured by the quantities of its products in their relation to wealth, and not by their quantities in their relation to value ; for the value of a product is increased by diminishing its relative quantity, whereas wealth is increased by the augmentation of the quantity of a product. X. DISTINCTION BETWEEN PRODUCTIVE AND UNPRODUCTIVE LABOUR.
It is not easy in all cases to draw a distinct line between productive and unproductive labor nor is it of any practical importance that it should be done.
The following distinction may however be made between them. In private service, all labour, by which the exchangeable value of material objects is augniented, is productive labour ; but that which adds nothing to the exchangeable value of material objects, notwithstanding it may be useful in other relations, is called unpreductive labour.
In public service, all labour, which is employed to augment the utility of those objects, which come under the head of public property, is productive labour; whereas all other public labours, how. ever important they may be to the public welfare, are nevertheless unproductive labours, in their relation to the production of wealth.
XI. OBJECTS OF PRODUCTION. The objects of production are either perishable, and for immediate consumption ; or more durable, and for present and future use and consumption. Those of the first kind are principally of agriculture and the fisheries; and those of the second, are mostly of manufacture and the mechanic arts. From the consumable products of this first department of industry, man principally derives his subsistence ; in the more durable products of the second, he chiefly accumulates his wealth.
DISTINCTION BETWEEN MANUFACTURE AND THE MECHANIC
By the mechanic arts, is understood the various arts, in which the operations are manually performed by the aid of tools and machines of little cost, and such as are within the means of the mechanic generally to procure for himself, without the aid of the capitalist.
By manufacture, is understood those great productive operations of art, which cannot be effected without the assistance of large capitals ; but by the employment of which, under the direction of skill, the powers of nature are brought through the medium of machinery to the aid of human labour, and made to perform its functions to such an extent, as greatly to augment production. And by means of this in the saving of labour, the costs of production are very considerably reduced, and the public supplied with the products, at a price reduced in a corresponding proportion.
THE LAST SONG OF THE GREEK PATRIOT.
One last, best effort now
They shall not call us slaves-
What wrath a freeman braves-
Our ancient land was free,
We washed its stains in blood
In the dark olive wood,
Lat come what will, our fame
They too shall name.
'Tis Liberty or Death-
And yet our breath,
And let the foul disgrace
A high, devoted race-
Would we could shelter there
And we will share
Ye last of high-born souls ; Come-when the crushing weight of power Has all but bent our necks to earth We will not shame our glorious birth ;
Nor Turk, nor Hun controls
ye are brave-
To win and save-
Why have ye lingered on your way so long,
I sat by my window one night,
And watched how the stars grew high ;
To a sober and musing eye.
With gentle and mellow ray,
In broad light and shadow lay.