Quote of the Day for July 21, 2017

202: From Hume, Essays, Moral, Political, and Literary, Part II, Essay IV, OF INTEREST:

    For suppose, that, by miracle, every man in GREAT BRITAIN shouldhave five pounds slipt into his pocket in one night; this would muchmore than double the whole money that is at present in the kingdom;yet there would not next day, nor for some time, be any more lenders,nor any variation in the interest. And were there nothing butlandlords and peasants in the state, this money, however abundant,could never gather into sums; and would only serve to encrease theprices of every thing, without any farther consequence. The prodigallandlord dissipates it, as fast as he receives it; and the beggarlypeasant has no means, nor view, nor ambition of obtaining above a barelivelihood. The overplus of borrowers above that of lenders continuingstill the same, there will follow no reduction of interest. Thatdepends upon another principle; and must proceed from an encrease ofindustry and frugality, of arts and commerce.

    II.IV.9 (paragraph number)

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