Whatever, therefore, tends to accumulate the capital of a nation in a few hands (thereby depriving the many) not only increases luxury, and corrupts manners and morals, but diminishes the activity of the capital and the industry of the country. {114}

In all the great places that are now in a state of decay, we find families living on the interest of money, that formerly were engaged in manufactures or commerce.  Antwerp, Genoa, and Venice, were full

—–­ {114} It is a strange fact, that when this country was not nearly so far advanced as it is now, almost all the merchants traded on their own capitals; they purchased goods, paid for them, sold them, and waited for the returns; but now it is quite different.  They purchase on credit, and draw bills on those to whom they sell, and are continually obliged to obtain discounts; or, in other words, to borrow money, till the regular time of payment comes round; they may, therefore, be said to be trading with the capital of money-lenders, who afford them discount. -=-

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of such, but those persons would not have ventured a single shilling in a new enterprise.  The connection between industry and revenue was lost in their ideas.  They knew nothing of it, and the remnants of the industrious, who still cultivated the ancient modes of procuring wealth, were considered as an inferior class of persons, depending upon less certain means of existence, and generally greatly straitened for capital, which, as soon as they possessed in sufficient quantity, enabled them to follow the same example, and to retire to the less affluent, but more esteemed and idle practice of living upon interest.

In countries where there are nobility, the capital of the commercial world is constantly going to them, either by marriage of daughters, or by the other means, which rich people take to become noble.  Even where there are no nobility, the class of citizens living without any immediate connection with trade consider themselves as forming the highest order of society, and they become the envy of the others.  There appears to be no means of preventing capital, when unequally divided, from being invested in the least profitable way that produces revenue.  When more equally divided, it is employed in the way that produces the greatest possible income, by setting to work and maintaining the greatest possible quantity of labour.

If there is not sufficient means of employing capital within a nation or country that has a very unequal division of wealth, there are plenty of opportunities furnished by poorer nations.  Accordingly, every one of the nations, states, or towns, that has ever been wealthy, has furnished those who wanted it with capital, at a low interest.  Amsterdam has lent great sums to England, to Russia, and France.  The French owed a very large sum to Genoa at the beginning of the revolution.  Antwerp, Cologne, and every one of the ancient, rich, and decayed towns had vested money in the hands of foreign nations, or lent to German princes, or to the great proprietors of land, on the security of their estates.  The American funds found purchasers amongst the wealthy all over Europe, when they could not find any in their own states; and, it is probable, that the far greater portion of their debt is at this time in the hands of foreigners.