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Show 476 ON 'filE Jl\JIV!EDIATE C.A USES [ CH. VII. last century, there tnust have been a considerable difficulty in finding etnployment for capital, or the national creditors "\Vould rather have been paid off than have subn1itted to a reduction of interest fron1 Ll! per cent. to 3t, and afterwards to 3. And . that this fall in the rate of interest and profits arose from a redundancy of capital and a 'vant of den1and for produce, rather than fron1 the difficulty of production on the land, is fully evinced by the low price of corn at the titne, and the very different state of interest and profits "\vhicb has occurred since. A sin1ilar instance took place in Italy in 1685, -vvhen, upon the Pope's reducing the interest of his debts from 4 to 3 per cent., the value of the principal rose afterwards to 112 ; and yet the Pope's territories have at no time been so cultivated as to occasion such a low rate of interest and profits from the difficulty of procuring the food of the labourer. Under a more favourable distribution of property, there cannot be a doubt that such a den1and for produce, agricultural, n1anufacturing, and n1ercantile, n1ight have been created, as to have prevented for many 1nany years the interest of n1oney from falling belo\v 3 per cent. In both these cases, the den1ands of the landlords were added to those of the productive classes. But if the n1aster-producers, from the laudable desire they feel of bettering their condition, and providing for a family, do not consume sufficiently to give an adequate stimulus to the increase. of wealth; if the working producers, by increasmg their consu1nption, supposing the1n to have the SEC. IX.] OF THE PROGREss' OF '''EALTH. 477 means of so doing, would in1pede the gro\vth of wealth more by diminishing the power of production, than they could encourage it by increasing the demand for produce; and if the expenditure of the landlords, in addition to the expenditure of the t\VO prec~ding classes, be found insufficient to keep up and increase the value of that 'vhich is produced, where are "\Ve to look for the consun1ption required but among the unproductive labourers of Adan1 Stnith? Every society 1nust have a body of unproductive labourers; as every society, besides the n1enial servants that are· required, n1ust have statesmen to govern it, soldiers to defend it, judges and lawyers to administer justice and protect the rights of individuals, physicians and surgeons to cure dis~ases ' and heal wounds, and a body of clergy to instruct the ignorant, and adrninister the consolations of religion. No civilized state has ever been kno\vn to exist without a certain portion of all these classes of society in addition to those who are directly employed in production. To a certain extent therefore they appear to be absolutely necessary. But it is perhaps one of the n1ost in1portant practical questions that can possibly be brought under our view, whether, however necessary and desirable they may be, they 1nust be consjdered as detracting so much from the n1aterial products of a country, and its power of supporting an extended population; or whether they furnish fresh n1otivcs to production, and tend to push the "\vealth of a country farther than it "\vould go '"ithout then1. |
