The spirit of economy in a nation tends to augment incessantly the sum of its capitals, to increase the number of lenders, to diminish that of borrowers. The habit of luxury has precisely the contrary effect; and, from what has been already remarked as to the use of capitals in all the enterprises of agriculture, industry or commerce, we may judge if luxury enriches a nation or impoverishes it.
S82
The fall in the rate of interest proves that, in general, economy has prevailed over luxury in Europe.
Since the interest of money has been constantly diminishing in Europe for some centuries, we must conclude that the spirit of economy has been more general than the spirit of luxury. It is only people already rich who give themselves up to luxury; and, even among the rich, all who are sensible limit themselves to the spending of their revenue, and are very careful not to touch their capitals. Those who wish to become rich are far more numerous in a nation than those who are already so: but, in the present state of things, in which all the lands are occupied, there is but one way to become rich; it is either to possess or to procure, in some way or other, a revenue or an annual profit above what is absolutely necessary for subsistence, and to lay up this superfluity every year so as to form a capital out of it; by means whereof one may obtain an increase of revenue or of annual profit, which one may again save and convert into capital. There are, consequently, a great number of men interested and occupied in amassing capitals.
