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