Page:Reflections on the Formation and the Distribution of Riches by Anne Turgot.djvu/118

We have seen that every rich man is necessarily the possessor either of a capital in moveable riches, or of an estate in land equivalent to a capital. Every landed estate is the equivalent of a capital; consequently every proprietor is a capitalist, but every capitalist is not the proprietor of a landed estate; and the possessor of a moveable capital has his choice whether he will employ it in acquiring an estate or put it to a profitable use in the undertakings of the agricultural or industrial class. The capitalist who has become an undertaker either in agriculture or in industry is no more disposable—either as regards himself or his profits—than the mere workman of these two classes; both are set aside for^[1] the carrying on of their enterprises. The capitalist who limits himself to being a lender of money, lends either to a proprietor or to an undertaker. If he lends to a proprietor, he would seem to belong to the class of proprietors; he becomes part-owner of the property; the revenue of the land is burdened by^[2] the payment of the interest of his loan; the value of the estate is pledged^[3] to provide security for his capital to the full amount. If the lender of money has lent to an undertaker, it is certain that his person belongs to the disposable class, but his capital is sunk in^[4] the advances of the enterprise, and cannot be withdrawn from it without injuring the enterprise, unless it is replaced by a capital of equal value.

1. [The four expressions to which this note is attached are all attempts to indicate the various shades of meaning of the one French expression, affecté à.]
2. Ditto.
3. Ditto.
4. Ditto.