effect. Thus, like a falling column, the weight increases, and the
momentum becomes irresistible.

It is then that necessity, the spur to industry in new and rising nations,
(that spur which taxes and rent continue to excite, for the good of
mankind, for a certain period,) begins to crush what it had raised, and
to stab where it formerly stimulated. Then it is that the money-lenders,
who, at first, sent off their capital, having ceased to be engaged in
trade, withdraw, by degrees, and rather content themselves with a
diminished income in another country, than struggle with the
difficulties they find they have to encounter in their own.

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{139} Money lent out at interest loses, money laid out in purchases
gains, in a country that is advancing in riches.

If a man, who had 2000 L. thirty years ago, had laid out 1000 L. at
interest, and, with the other bought land, he would, indeed, have got
less rent for his land at first, but now it would be doubled, he would
get 60 L. a year, and if he wished to sell he would get 2000 L.
whereas, the other 1000 L. would only produce 50 L. and, if called in,
the single thousand would be all he would receive.

{140} [Transcriber's note: footnote not assigned a place in the original
text, intended location assumed to be as shown] This was seen at the
beginning of the French revolution, though the assignats, by lowering
the rate of exchange, frightened many from transferring their money, at
an apparent loss of twelve or fifteen per cent. But those that overlooked
this loss have rejoiced in it ever since, as the others have repented
bitterly the avarice that made them risk all to save a little, and to