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.

But this proves something to which I shall return. The evident interests
of William, representing here the borrowers, there are many Jameses and
planes, in other words, lenders and capitals. It is very evident, that
if William can say to James,--"Your demands are exorbitant; there is no
lack of planes in the world;" he will be in a better situation than if
James's plane was the only one to be borrowed. Assuredly, there is no
maxim more true than this--service for service. But left us not forget
that no service has a fixed and absolute value, compared with others.
The contracting parties are free. Each carries his requisitions to the
farthest possible point, and the most favourable circumstance for these
requisitions is the absence of rivalship. Hence it follows, that if
there is a class of men more interested than any other in the formation,
multiplication, and abundance of capitals, it is mainly that of the
borrowers. Now, since capitals can only be formed and increased by the
stimulus and the prospect of remuneration, let this class understand the
injury they are inflicting on themselves when they deny the lawfulness
of interest, when they proclaim that credit should be gratuitous, when
they declaim against the pretended tyranny of capital, when they
discourage saving, thus forcing capitals to become scarce, and