It
stipulates for a loss to me, and a gain to you. You are requiring of me
a new service; I have a right to refuse, or to require of you, as a
compensation, an equivalent service." If the parties are agreed upon
this compensation, the principle of which is incontestable, we can
easily distinguish two transactions in one, two exchanges of service in
one. First, there is the exchange of the house for the vessel; after
this, there is the delay granted by one of the parties, and the
compensation correspondent to this delay yielded by the other. These two
new services take the generic and abstract names of _credit_ and
_interest_. But names do not change the nature of things; and I defy any
one to dare to maintain that there exists here, when all is done, a
service for a service, or a reciprocity of services. To say that one of
these services does not challenge the other, to say that the first ought
to be rendered gratuitously, without injustice, is to say that injustice
consists in the reciprocity of services,--that justice consists in one
of the parties giving and not receiving, which is a contradiction in
terms.
To give an idea of interest and its mechanism, allow me to make use of
two or three anecdotes. But, first, I must say a few words upon capital.
There are some persons who imagine that capital is money, and this is
precisely the reason why they deny its productiveness; for, as M.
Pages:
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31