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　　Theoppositeistruewhenitfalls。Ifthevalueisequalto2，000，then5%=100；ifitisequalto1，000，then5%=50。Butthisdoesnotaltertheinterestrateinanyway。Therationalpartofthismatterismerelythatgreatermoneyaccommodationisrequiredwhenittakes&pound；2，000

　　tosellthesamequantityofcommoditiesthanwhenonly&pound；1，000arerequired。Butthismerelyshowsthatprofitandinterestarehereinverselyproportionaltoeachother。Forthelowerthepricesofthecomponentsofconstantandvariablecapital，thehighertheprofitandthelowertheinterest。Buttheoppositecanalsobeandisoftenthecase。Forinstance，cottonmaybecheapbecausenodemandexistsforyarnandfabrics；andcottonmayberelativelyexpensivebecausealargeprofitinthecottonindustrycreatesagreatdemandforit。Ontheotherhand，theprofitsofindustrialistsmaybehighpreciselybecausethepriceofcottonislow。Hubbard’stableprovesthattheinterestrateandthepricesofcommoditiesexecutecompletelyindependentmovements，whereasthemovementsoftheinterestrateadherecloselytothoseofthemetalreserveandtheratesofexchange。

　　TheEconomiststates:”Whenever，therefore，commoditiesareabundant，theinterestofmoneymustbelow。”Preciselytheoppositeobtainsduringcrises。Commoditiesaresuperabundant，inconvertibleintomoney，andthereforetheinterestrateishigh；inanotherphaseofthecyclethedemandforcommoditiesisgreatandthereforequickreturnsaremade，butatthesametime，pricesarerisingandbecauseofthequickreturnstheinterestrateislow。”Whenthey[thecommodities]arescarce，theinterestofmoneymustbehigh。”Theoppositeisagaintrueintheslackperiodfollowingacrisis。Commoditiesarescarce，absolutelyspeaking，notwithreferencetodemand；andtheinterestrateislow。

　　Inregardtostatement，itisprettyevidentthatanownerofcommodities，providedhecansellthelatteratall，willgetridofthematalowerpricewhenthemarketisgluttedthanhewouldwhenthereisaprospectoftheexistingsupplybecomingrapidlyexhausted。Butwhytheinterestrateshouldfallbecauseofthatisnotsoclear。

　　Ifthemarketisgluttedwithimportedcommodities，theinterestratemayriseasaresultofanincreaseddemandonthepartoftheownersforloancapital，inordertoavoiddumpingtheircommoditiesonthemarket。

　　Theinterestratemayfall，becausethefluidityofcommercialcreditmaykeepthedemandforbankcreditrelativelylow。

　　TheEconomistmentionstherapideffectonratesofexchangein1847oftheraisingoftheinterestrateandothercircumstancesexertingpressureonthemoney-market。ButitshouldbeborneinmindthatthegolddraincontinueduntiltheendofAprilinspiteofthechangeintheratesofexchange；aturndidnottakeplacehereuntilearlyMay。

　　OnJanuary1，1847，themetalreserveoftheBankwas&pound；15，066，691；

　　theinterestrate31/2%；threemonths’ratesofexchangeonParis25。75；onHamburg13。10；onAmsterdam12。31/4。

　　OnMarch5，themetalreservehadfallento&pound；11，595，535；thediscounthadrisento4%；therateofexchangefellto25。671/2onParis；13。91/4onHamburg；and12。21/2onAmsterdam。Thedrainofgoldcontinued。Seethefollowingtable:

　　1847BullionReserveoftheBankofEnglandMoney-MarketHighestThree-MonthRatesParisHamburgAmsterdamMarch2011，231，630Bankdisc。4%25。671/213。93/412。21/2

　　April310，246，410，，，，5%25。8013。1012。31/2

　　April109，867。053Moneyveryscarce25。9013。101/212。41/2

　　April179，329，841Bankdisc。5。5%26。021/213。403/412。51/2

　　April249，243，890Pressure26。0513。1212。6

　　May49，337，746Increasingpressure26。4513。123/412。61/2

　　May89，588，759Highestpressure26。271/213。151/212。73/4In1847，thetotalexportofpreciousmetalfromEnglandamountedto&pound；8，602，597。

　　OfthistotheUnitedStates&pound；3，226，411

　　France&pound；2，479，892

　　Hansetowns&pound；958，781

　　Holland&pound；247，743InspiteofthechangeintheratesattheendofMarch，thedrainofgoldcontinuedforanotherfullmonth，probablytotheUnitedStates。”Wethussee”[saystheEconomist，August2，1847，p。954]”howrapidandstrikingwastheeffectofariseintherateofinterest，andthepressurewhichensuedincorrectinganadverseexchange，andinturningthetideofbullionbacktothiscountry。Thiseffectwasproducedentirelyindependentofthebalanceoftrade。Ahigherrateofinterestcausedalowerpriceofsecurities，bothforeignandEnglish，andinducedlargepurchasestobemadeonforeignaccount，whichincreasedtheamountofbillstobedrawnfromthiscountry，while，ontheotherhand，thehighrateofinterestandthedifficultyofobtainingmoneywassuchthatthedemandofthosebillsfelloff，whiletheiramountincreased……Forthesamecauseordersforimportswerecountermanded，andinvestmentsofEnglishfundsabroadwererealisedandbroughthomeforemploymenthere。Thus，forexample，wereadintheRiodeJaneiroPriceCurrentofthe10thMay，’Exchange[onEngland]hasexperiencedafurtherdecline，principallycausedbyapressureonthemarketforremittanceoftheproceedsoflargesalesof[Brazilian]governmentstock，onEnglishaccount。’Capitalbelongingtothiscountry，whichhasbeeninvestedinpublicandothersecuritiesabroad，whentheinterestwasverylowhere，wasthusagainbroughtbackwhentheinterestbecamehigh。”

　　ENGLAND’SBALANCEOFTRADE

　　Indiaalonehastopay5millionintributefor”goodgovernment，”interestanddividendsonBritishcapital，etc。，notcountingthesumssenthomeannuallybyofficialsassavingsfromtheirsalaries，orbyEnglishmerchantsaspartoftheirprofittobeinvestedinEngland。EveryBritishcolonycontinuallyhastomakelargeremittancesforthesamereason。MostofthebanksinAustralia，theWestIndies，andCanada，havebeenfoundedwithEnglishcapital，andthedividendsarepayableinEngland。Inthesameway，Englandownsmanyforeignsecurities——European，NorthAmericanandSouthAmerican——onwhichitdrawsinterest。Inadditiontothisithasinterestsinforeignrailways，canals，mines，etc。，withcorrespondingdividends。RemittanceonalltheseitemsismadealmostexclusivelyinproductsoverandabovetheamountofEnglishexports。OntheotherhandwhatissentfromEnglandtoownersofEnglishsecuritiesabroadandforconsumptionbyEnglishmenabroad，isinsignificantincomparison。

　　Thequestion，sofarasitconcernsthebalanceoftradeandtheratesofexchange，is”atanyparticularmomentoneoftime。””Practicallyspeaking……

　　Englandgiveslongcreditsuponherexports，whiletheimportsarepaidforinreadymoney。Atparticularmomentsthisdifferenceofpracticehasaconsiderableeffectupontheexchanges。Atatimewhenourexportsareveryconsiderablyincreasing，e。g。，1850，acontinualincreaseofinvestmentofBritishcapitalmustbegoingon……inthiswayremittancesof1850maybemadeagainstgoodsexportedin1849。Butiftheexportsof1850exceedthoseof1849bymorethan6million，thepracticaleffectmusthethatmoremoneyissentabroad，tothisamount，thanreturnedinthesameyear。Andinthiswayaneffectisproducedontheratesofexchangeandtherateofinterest。When，onthecontrary，ourtradeisdepressedafteracommercialcrisis，andwhenourexportsaremuchreduced，theremittancesdueforthepastyearsoflargerexportsgreatlyexceedthevalueofourimports；theexchangesbecomecorrespondinglyinourfavour，capitalrapidlyaccumulatesathome，andtherateofinterestbecomesless。”Economist，January11，1851[p。30]。

　　Theforeignratesofexchangecanchange:

　　1Inconsequenceoftheimmediatebalanceofpayments，nomatterwhatthecause——apurelymercantileone，orcapitalinvestmentabroad，orgovernmentexpendituresforwars，etc。，insofarascashpaymentstherebyaremadetoforeigncountries。

　　2Inconsequenceofmoneydepreciation——whethermetalorpaper——

　　inaparticularcountry。Thisispurelynominal。If&pound；1shouldrepresentonlyhalfasmuchmoneyasformerly，itwouldnaturallybecountedas12。5

　　francsinsteadof25francs。

　　3Whenitisamatterofarateofexchangebetweencountries，ofwhichoneusessilverandtheothergoldas”money，”therateofexchangedependsupontherelativefluctuationsofthevalueofthesetwometals，sincethesenecessarilyaltertheparitybetweenthem。Thisisillustratedbytheratesofexchangein1850；theywereunfavourabletoEngland，althoughthatcountry’sexportroseenormously。Yetnodrainofgoldtookplace。

　　Thiswasaresultofamomentaryriseinthevalueofsilverasagainstgold。SeeEconomist，November30，1850[pp。1319-1320]。

　　Parityfortherateofexchangeof&pound；1is:Paris，25francs20

　　cent。；Hamburg，13marksbanko10。5shillings；Amsterdam，11florins97

　　cent。TotheextentthattheParisrateofexchangeexceeds25。20francs，itbecomesmorefavourabletotheEnglishdebtorofFrance，orthebuyerofFrenchcommodities。Inbothcasesheneedsfewerpoundssterlinginordertoaccomplishhispurpose——Inremotercountries，wherepreciousmetalisnoteasilyobtainedwhenbillsofexchangearescarceandinsufficientforremittancestobemadetoEngland，thenaturaleffectistodriveupthepricesofsuchproductsasaregenerallyshippedtoEnglandsinceagreaterdemandarisesforthem，inordertosendthemtoEnglandinplaceofbillsofexchange；thisisoftenthecaseinIndia。

　　Anunfavourablerateofexchange，orevenadrainongold，cantakeplacewhenthereisagreatabundanceofmoneyinEngland，theinterestrateislowandthepriceforsecuritiesishigh。

　　Inthecourseof1848EnglandreceivedlargequantitiesofsilverfromIndia，sincegoodbillsofexchangewererareandmediocreoneswerenotreadilyacceptedinconsequenceofthecrisisof1847andthegenerallackofcreditinbusinesswithIndia。Allthissilverhadbarelyarrivedbeforeitfounditswaytothecontinent，wheretherevolutionledtotheformationofmanyhoards。ThebulkofthesamesilvermadethetripbacktoIndiain1850，sincetherateofexchangenowmadethisprofitable。

　　ThemonetarysystemisessentiallyaCatholicinstitution。thecreditsystemessentiallyProtestant。”TheScotchhategold。”Intheformofpaperthemonetaryexistenceofcommoditiesisonlyasocialone。ItisFaiththatbringssalvation。Faithinmoney-valueastheimmanentspiritofcommodities，faithinthemodeofproductionanditspredestinedorder，faithintheindividualagentsofproductionasmerepersonificationsofself-expandingcapital。ButthecreditsystemdoesnotemancipateitselffromthebasisofthemonetarysystemanymorethanProtestantismhasemancipateditselffromthefoundationsofCatholicism。

　　Footnotes[14]Theeffectthishadonthemoney-marketisindicatedbythefollowingtestimonyofNewmarch:”1509。Atthecloseof1853，therewasaconsiderableapprehensioninthepublicmind，andinSeptemberofthatyeartheBankofEnglandraiseditsdiscountonthreeoccasions……IntheearlypartofOctobertherewasaconsiderabledegreeofapprehensionandalarminthepublicmind。ThatapprehensionandalarmwasrelievedtoaverygreatextentbeforetheendofNovember，andwasalmostwhollyremoved，inconsequenceofthearrivalofnearly&pound；5，000，000oftreasurefromAustralia……Thesamethinghappenedintheautumnof1854，bythearrivalinthemonthsofOctoberandNovemberofnearly&pound；6，000，000oftreasure。Thesamethinghappenedagainintheautumnof1855，whichweknowwasaperiodofexcitementandalarm，bythearrivals，inthethreemonthsofSeptember，OctoberandNovember，ofnearly&pound；8，000，000oftreasure；andthenatthecloseoflastyear，1856，wefindexactlythesameoccurrence。Intruth，ImightappealtotheobservationalmostofanymemberoftheCommittee，whetherthenaturalandcompletesolventtowhichwehavegotintothehabitoflookingforanyfinancialpressure，isnotthearrivalofagoldship”[B。A。1857]。

　　[15]AccordingtoNewmarch，adrainofgoldtoforeigncountriescanarisefromthreecauses:4frompurelycommercialconditions，thatis，ifimportshaveexceededexports，aswasthecasein1836to1844，andagainin1847——

　　principallyaheavyimportofgrain；2inordertosecurethemeansforinvestingEnglishcapitalinforeigncountries，asin1857forrailwaysinIndia，and3fordefiniteexpendituresabroad，asin1853and1854

　　forwarpurposesintheOrient。

　　[16]1918。Newmarch。”WhenyoucombineIndiaandChina，whenyoubringintoaccountthetransactionsbetweenIndiaandAustralia，andthestillmoreimportanttransactionsbetweenChinaandtheUnitedStates，thetradebeingatriangularone，andtheadjustmenttakingplacethroughus……thenitistruethatthebalanceoftradewasnotmerelyagainstthiscountry，butagainstFrance，andagainsttheUnitedStates。”——B。A。1857。

　　[17]See，forinstance，theridiculousreplyofWeguelin[B。A。1857]wherehestatesthatadrainoffivemillioningoldissomuchcapitalless，andthusattemptstoexplaincertainphenomenawhichdonottakeplacewhenthereisaninfinitelygreaterincreaseinpricesordepreciation，expansionorcontractionofrealindustrialcapital。Ontheotherhand，itisjustasridiculoustoattempttoexplainthesephenomenadirectlyassymptomsofanexpansionorcontractionofthemassofrealcapitalconsideredfromtheviewpointofitsmaterialelements。

　　[18]NewmarchB。A。1857:”1364。ThereserveofbullionintheBankofEnglandis，intruth，thecentralreserveorhoardoftreasureuponwhichthewholetradeofthecountryismadetoturn；alltheotherbanksinthecountrylooktotheBankofEnglandasthecentralhoardorreservoirfromwhichtheyaretodrawtheirreserveofcoin；anditisuponthathoardorreservoirthattheactionoftheforeignexchangesalwaysfalls。”

　　[19]”Practically，then，bothMr。TookeandMr。Loydwouldmeetanadditionaldemandforgold……byanearly……contractionofcreditbyraisingtherateofinterest，andrestrictingadvancesofcapital……ButtheprinciplesofMr。Loydleadtocertain[legal]restrictionsandregulationswhichproducethemostseriousinconvenience。”Economist[December11]，1847，p。1418。

　　[20]”Youquiteagreethatthereisnomodebywhichyoucanmodifythedemandforbullionexceptbyraisingtherateofinterest？”——Chapman[associatememberofthegreatbill-brokers’firmofOverend，Gurney&amp；Co。]:”I

　　shouldsayso……Whenourbullionfallstoacertainpoint，wehadbettersoundthetocsinatonceandsaywearedrooping，andeverymansendingmoneyabroadmustdoitathisownperil。”B。A。1857，EvidenceNo。5057。

　　1894:CapitalIII——Chapter36KarlMarx’sCAPITAL

　　volumeIII

　　THEPROCESSOFCAPITALISTPRODUCTIONASAWHOLEpartV

　　DIVISIONOFPROFITINTOINTEREST

　　ANDPROFITOFENTERPRISE。

　　INTEREST-BEARINGCAPITAL。CHAPTERXXXVI

　　PRE-CAPITALISTRELATIONSHIPSInterest-bearingcapital，or，aswemaycallitinitsantiquatedform，usurer’scapital，belongstogetherwithitstwinbrother，merchant’scapital，totheantediluvianformsofcapital，whichlongprecedethecapitalistmodeofproductionandaretobefoundinthemostdiverseeconomicformationsofsociety。

　　Theexistenceofusurer’scapitalmerelyrequiresthatatleastaportionofproductsshouldbetransformedintocommodities，andthatmoneyshouldhavedevelopedinitsvariousfunctionsalongwithtradeincommodities。

　　Thedevelopmentofusurer’scapitalisboundupwiththedevelopmentofmerchant’scapitalandespeciallythatofmoney-dealingcapital。InancientRome，beginningwiththelastyearsoftheRepublic，whenmanufacturingstoodfarbelowitsaveragelevelofdevelopmentintheancientworld，merchant’scapital，money-dealingcapital，andusurer’scapitaldevelopedtotheirhighestpointwithintheancientform。

　　WehaveseenEnglishedition:Vol。I，pp。130-34——Ed。thathoardingnecessarilyappearsalongwithmoney。Buttheprofessionalhoarderdoesnotbecomeimportantuntilheistransformedintoausurer。

　　Themerchantborrowsmoneyinordertomakeaprofitwithit，inordertouseitascapital，thatis，toexpendit。Henceinearlierformsofsocietythemoney-lenderstandsinthesamerelationtohimastothemoderncapitalist。ThisspecificrelationwasalsoexperiencedbytheCatholicuniversities。”TheuniversitiesofAlcal&aacute；，Salamanca，Ingolstadt，FreiburginBreisgau，Mayence，Cologne，Tr&egrave；ves，oneafteranotherrecognizedthelegalityofinterestforcommercialloans。

　　ThefirstfiveoftheseapprobationsweredepositedinthearchivesoftheConsulateofthecityofLyonsandpublishedintheappendixtotheTrai&egrave；del’usureetdesint&eacute；r&ecirc；ts，byBruyset-Ponthus，Lyons。”M。Augier，LeCr&egrave；ditpublic，etc。，Paris，1842，p。206。

　　Inalltheformsillwhichslaveeconomynotthepatriarchalkind，butthatoflaterGrecianandRomantimesservesasameansofamassingwealth，wheremoneythereforeisameansofappropriatingthelabourofothersthroughthepurchaseofslaves，land，etc。，moneycanbeexpandedascapital，i。e。，bearinterest，fortheveryreasonthatitcanbesoinvested。

　　Thecharacteristicforms，however，inwhichusurer’scapitalexistsinperiodsantedatingcapitalistproductionareoftwokinds。Ipurposelysaycharacteristicforms。Thesameformsrepeatthemselvesonthebasisofcapitalistproduction，butasmeresubordinateforms。Theyarethennolongertheformswhichdeterminethecharacterofinterest-bearingcapital。

　　Thesetwoformsare:first，usurybylendingmoneytoextravagantmembersoftheupperclasses，particularlylandowners；secondly，usurybylendingmoneytosmallproducerswhopossesstheirownconditionsoflabour-thisincludestheartisan，butmainlythepeasant，sinceparticularlyunderpre-capitalistconditions，insofarastheypermitofsmallindependentindividualproducers，thepeasantclassnecessarilyconstitutestheoverwhelmingmajorityofthem。

　　Boththeruinofrichlandownersthroughusuryandtheimpoverishmentofthesmallproducersleadtotheformationandconcentrationoflargeamountsofmoney-capital。Buttowhatextentthisprocessdoesawaywiththeoldmodeofproduction，ashappenedinmodernEurope，andwhetheritputsthecapitalistmodeofproductioninitsstead，dependsentirelyuponthestageofhistoricaldevelopmentandtheattendantcircumstances。

　　Usurer’scapitalasthecharacteristicformofinterest-bearingcapitalcorrespondstothepredominanceofsmall-scaleproductionoftheself-employedpeasantandsmallmastercraftsman。Whenthelabourerisconfrontedbytheconditionsoflabourandbytheproductoflabourintheshapeofcapital，asunderthedevelopedcapitalistmodeofproduction，hehasnooccasiontoborrowanymoneyasaproducer。Whenhedoesanymoneyborrowing，hedoesso，forinstance，atthepawnshoptosecurepersonalnecessities。Butwhereverthelaboureristheowner，whetheractualornominal，ofhisconditionsoflabourandhisproduct，hestandsasaproducerinrelationtothemoney-lender’scapital，whichconfrontshimasusurer’scapital。Newmanexpressesthematterinsipidlywhenhesaysthebankerisrespected，whiletheusurerishatedanddespised，becausethebankerlendstotherich，whereastheusurerlendstothepoor。F。W。Newman，LecturesonPoliticalEconomy，London，1851，p。44。Heoverlooksthefactthatadifferencebetweentwomodesofsocialproductionandtheircorrespondingsocialordersliesattheheartofthematterandthatthesituationcannotbeexplainedbythedistinctionbetweenrichandpoor。

　　Moreover，theusurywhichsucksdrythesmallproducergoeshandinhandwiththeusurywhichsucksdrytherichownerofalargeestate。AssoonastheusuryoftheRomanpatricianshadcompletelyruinedtheRomanplebeians，thesmallpeasants，thisformofexploitationcametoanendandapureslaveeconomyreplacedthesmall-peasanteconomy。

　　Intheformofinterest，theentiresurplusabovethebarestmeansofsubsistencetheamountthatlaterbecomeswagesoftheproducerscanbeconsumedbyusurythislaterassumestheformofprofitandground-rent，andhenceitishighlyabsurdtocomparethelevelofthisinterest，whichassimilatesallthesurplus-valueexceptingtheshareclaimedbythestate，withthelevelofthemoderninterestrate，whereinterestconstitutesatleastnormallyonlyapartofthesurplus-value。Suchacomparisonoverlooksthatthewage-workerproducesandgivestothecapitalistwhoemployshim，profit，interestandground-rent，i。e。，theentiresurplus-value。Careymakesthisabsurdcomparisoninordertoshowhowadvantageousthedevelopmentofcapital，andthefallintheinterestratethataccompaniesit，areforthelabourer。Furthermore，whiletheusurer，notcontentwithsqueezingthesurplus-labouroutofhisvictim，graduallyacquirespossessionevenofhisveryconditionsoflabour，land，house，etc。，andiscontinuallyengagedinthusexpropriatinghim，itisagainforgottenthat，ontheotherhand，thiscompleteexpropriationofthelabourerfromhisconditionsoflabourisnotaresultwhichthecapitalistmodeofproductionseekstoachieve，butrathertheestablishedconditionforitspointofdeparture。

　　Thewage-slave，justliketherealslave，cannotbecomeacreditor’sslaveduetohisposition-atleastinhiscapacityasproducer；thewage-slave，itistrue，canbecomeacreditor’sslaveinhiscapacityasconsumer。

　　Usurer’scapitalintheformwherebyitindeedappropriatesallofthesurplus-labourofthedirectproducers，withoutalteringthemodeofproduction；

　　wherebytheownershiporpossessionbytheproducersoftheconditionsoflabourandsmall-scaleproductioncorrespondingtothis-isitsessentialprerequisite；whereby，inotherwords，capitaldoesnotdirectlysubordinatelabourtoitself，anddoesnot，therefore，confrontitasindustrialcapital-thisusurer’scapitalimpoverishesthemodeofproduction，paralysestheproductiveforcesinsteadofdevelopingthem，andatthesametimeperpetuatesthemiserableconditionsinwhichthesocialproductivityoflabourisnotdevelopedattheexpenseoflabouritself，asinthecapitalistmodeofproduction。

　　Usurythusexerts，ontheonehand，anundermininganddestructiveinfluenceonancientandfeudalwealthandancientandfeudalproperty。

　　Ontheotherhand，itunderminesandruinssmall-peasantandsmall-burgherproduction，inshort，allformsinwhichtheproducerstillappearsastheownerofhismeansofproduction。Underthedevelopedcapitalistmodeofproduction，thelabourerisnottheownerofthemeansofproduction，i。e。，thefieldwhichhecultivates，therawmaterialswhichheprocesses，etc。Butunderthissystemseparationoftheproducerfromthemeansofproductionreflectsanactualrevolutioninthemodeofproductionitself。

　　Theisolatedlabourersarebroughttogetherinlargeworkshopsforthepurposeofcarryingoutseparatebutinterconnectedactivities；thetoolbecomesamachine。Themodeofproductionitselfnolongerpermitsthedispersionoftheinstrumentsofproductionassociatedwithsmallproperty；

　　nordoesitpermittheisolationofthelabourerhimself。Underthecapitalistmodeofproductionusurycannolongerseparatetheproducerfromhismeansofproduction，fortheyhavealreadybeenseparated。

　　Usurycentralizesmoneywealthwherethemeansofproductionaredispersed。Itdoesnotalterthemodeofproduction，butattachesitselffirmlytoitlikeaparasiteandmakesitwretched。Itsucksoutitsblood，enervatesitandcompelsreproductiontoproceedunderevermorepitiableconditions。Hencethepopularhatredagainstusurers，whichwasmostpronouncedintheancientworldwhereownershipofmeansofproductionbytheproducerhimselfwasatthesametimethebasisforpoliticalstatus，theindependenceofthecitizen。

　　Totheextentthatslaveryprevails，orinsofarasthesurplusproductisconsumedbythefeudallordandhisretinue，whileeithertheslave-ownerorthefeudallordfallintotheclutchesoftheusurer，themodeofproductionstillremainsthesame；itonlybecomesharderonthelabourer。Theindebtedslaveholderorfeudallordbecomesmoreoppressivebecauseheishimselfmoreoppressed。Orhefinallymakeswayfortheusurer，whobecomesalandedproprietororaslave-holderhimself，liketheknightsinancientRome。Theplaceoftheoldexploiter，whoseexploitationwasmoreorlesspatriarchalbecauseitwaslargelyameansofpoliticalpower，istakenbyahard，moneymadparvenu。Butthemodeofproductionitselfisnotalteredthereby。

　　Usuryhasarevolutionaryeffectinallpre-capitalistmodesofproductiononlyinsofarasitdestroysanddissolvesthoseformsofpropertyonwhosesolidfoundationandcontinualreproductioninthesameformthepoliticalorganizationisbased。UnderAsianforms，usurycancontinuealongtime，withoutproducinganythingmorethaneconomicdecayandpoliticalcorruption。Onlywhereandwhentheotherprerequisitesofcapitalistproductionarepresentdoesusurybecomeoneofthemeansassistinginestablishmentofthenewmodeofproductionbyruiningthefeudallordandsmall-scaleproducer，ontheonehand，andcentralizingtheconditionsoflabourintocapital，ontheother。

　　IntheMiddleAgesnocountryhadageneralrateofinterest。

　　TheChurchforbade，fromtheoutset，alllendingatinterest。Lawsandcourtsofferedlittleprotectionforloans。Interestwassomuchthehigherinindividualcases。Thelimitedcirculationofmoney，theneedtomakemostpaymentsincash，compelledpeopletoborrowmoney，andallthemoresowhentheexchangebusinesshasstillundeveloped。Therewerelargedivergence’sbothininterestratesandtheconceptionsofusury。InthetimeofCharlemagneitwasconsideredusurioustocharge100%。InLindauonLakeConstance，somelocalburgherstook2162/3%in1348。InZurich，theCityCouncildecreedthat431/3%shouldbethelegalinterestrate。InItaly40%hadtobepaidsometimes，althoughtheusualratefromthe12thtothe14thcenturydidnotexceed20%。Veronaorderedthat121/2%bethelegalrate。

　　EmperorFriedrichIIfixedtherateat10%，butonlyforJews。HedidnotdeigntospeakforChristians。IntheGermanRhineprovinces，10%wastheruleasearlyasthe13thcentury。Hullmann，GeschichtedesStudtewesens，II，S。55-57。

　　Usurer’scapitalemploysthemethodofexploitationcharacteristicofcapitalyetwithoutthelatter’smodeofproduction。Thisconditionalsorepeatsitselfwithinbourgeoiseconomy，inbackwardbranchesofindustryorinthosebrancheswhichresistthetransitiontothemodernmodeofproduction。Forinstance，ifwewishtocomparetheEnglishinterestratewiththeIndian，weshouldnottaketheinterestrateoftheBankofEngland，butrather，e。g。，thatchargedbylendersofsmallmachinerytosmallproducersindomesticindustry。

　　Usury，incontradistinctiontoconsumingwealth，ishistoricallyimportant，inasmuchasitisinitselfaprocessgeneratingcapital。Usurer’scapitalandmerchant’swealthpromotetheformationofmoneyedwealthindependentoflandedproperty。Thelessproductsassumethecharacterofcommodities，andthelessintensivelyandextensivelyexchange-valuehastakenholdofproduction，themoredoesmoneyappearasactualwealthassuch，aswealthingeneral-incontrasttoitslimitedrepresentationinuse-values。

　　Thisisthebasisofhoarding。Asidefrommoneyasworld-moneyandashoard，itis，inparticular，theformofmeansofpaymentwherebyitappearsastheabsoluteformofcommodities。Anditisespeciallyitsfunctionasameansofpaymentwhichdevelopsinterestandtherebymoney-capital。Whatsquanderingandcorruptingwealthdesiresismoneyassuch，moneyasameansofbuyingeverythingalsoasameansofpayingdebts。Thesmallproducerneedsmoneyaboveallformakingpayments。Thetransformationofservicesandtaxesinkindtolandlordsandthestateintomoney-rentandmoney-taxesplaysagreatrolehere。Ineithercase，moneyisneededassuch。Ontheotherhand，itisinusurythathoardingfirstbecomesrealityandthatthehoarderfulfillshisdream。Whatissoughtfromtheownerofahoardisnotcapital，butmoneyassuch；butbymeansofinteresthetransformsthishoardofmoneyintocapital，thatis，intoameansofappropriatingsurpluslabourinpartorinitsentirety，andsimilarlysecuringaholdonapartofthemeansofproductionthemselves，eventhoughtheymaynominallyremainthepropertyofothers。Usurylivesintheporesofproduction，asitwere，justasthegodsofEpicuruslivedinthespacebetweenworlds。Moneyissomuchhardertoobtain，thelessthecommodity-formconstitutesthegeneralformofproducts。Hencetheusurerknowsnootherbarrierbutthecapacityofthosewhoneedmoneytopayortoresist。Insmall-peasantandsmall-burgherproductionmoneyservesasameansofpurchase，mainly，wheneverthemeansofproductionofthelabourerwhoisstillpredominantlytheirownerunderthesemodesofproductionarelosttohimeitherbyaccidentorthroughextraordinaryupheavals，oratleastarenotreplacedinthenormalcourseofreproduction。Meansofsubsistenceandrawmaterialsconstituteanessentialpartoftheserequirementsofproduction。Ifthesebecomemoreexpensive，itmaymakeitimpossibletoreplacethemoutofthereturnsfortheproduct，justasordinarycropfailuresmaypreventthepeasantfromreplacinghisseedinkind。ThesamewarsthroughwhichtheRomanpatriciansruinedtheplebejailsbycompellingthemtoserveassoldiersandwhichpreventedthemfromreproducingtheirconditionsoflabour，andthereforemadepaupersofthemandpauperization，thecripplingorlossoftheprerequisitesofreproductionisherethepredominantformthesesamewarsfilledthestore-roomsandcoffersofthepatricianswithlootedcopper，themoneyofthattime。Insteadofdirectlygivingplebeiansthenecessarycommodities，i。e。，grain，horses，andcattle，theyloanedthemthiscopperforwhichtheyhadnousethemselves，andtookadvantageofthissituationtoexactenormoususuriousinterest，therebyturningtheplebeiansintotheirdebtorslaves。DuringthereignofCharlemagne，theFrankishpeasantswerelikewiseruinedbywars，sothattheyfacednochoicebuttobecomeserfsinsteadofdebtors。IntheRomanEmpire，asisknown，extremehungerfrequentlyresultedinthesaleofchildrenandalsoinfreemensellingthemselvesasslavestotherich。Somuchforgeneralturning-points。Inindividualcasesthemaintenanceorlossofthemeansofproductiononthepartofsmallproducersdependsonathousandcontingencies，andeveryoneofthesecontingenciesorlossessignifiesimpoverishmentandbecomesacreviceintowhichaparasiticusurermaycreep。Themeredeathofhiscowmayrenderthesmallpeasantincapableofrenewinghisreproductiononitsformerscale。Hethenfallsintotheclutchesoftheusurer，andonceintheusurer’spowerhecanneverextricatehimself。

　　Thereallyimportantandcharacteristicdomainoftheusurer，however，isthefunctionofmoneyasameansofpayment。Everypaymentofmoney，ground-rent，tribute，tax，etc。，whichbecomesdueonacertaindate，carrieswithittheneedtosecuremoneyforsuchapurpose。HencefromthedaysofancientRometothoseofmoderntimes，wholesaleusuryreliesupontax-collectors，fermiersg&egrave；n&egrave；raux，receveursg&egrave；n&egrave；raux。Then，theredevelopswithcommerceandthegeneralizationofcommodity-productiontheseparation，intime，ofpurchaseandpayment。

　　Themoneyhastobepaidonadefinitedate。Howthiscanleadtocircumstancesinwhichthemoney-capitalistandusurer，evennowadays，mergeintooneisshownbymodernmoneycrises。Thissameusury，however，becomesoneoftheprincipalmeansoffurtherdevelopingthenecessityformoneyasameansofpayment-bydrivingtheproducerevermoredeeplyintodebtanddestroyinghisusualmeansofpayment，sincetheburdenofinterestalonemakeshisnormalreproductionimpossible。Atthispoint，usurysproutsupoutofmoneyasameansofpaymentandextendsthisfunctionofmoneyasitsveryowndomain。

　　Thecreditsystemdevelopsasareactionagainstusury。Butthisshouldnotbemisunderstood，norbyanymeansinterpretedinthemanneroftheancientwriters，thechurchfathers，Lutherortheearlysocialists。

　　Itsignifiesnomoreandnolessthanthesubordinationofinterest-bearingcapitaltotheconditionsandrequirementsofthecapitalistmodeofproduction。

　　Onthewhole，interest-bearingcapitalunderthemoderncreditsystemisadaptedtotheconditionsofthecapitalistmodeofproduction。

　　Usuryassuchdoesnotonlycontinuetoexist，butisevenfreed，amongnationswithadevelopedcapitalistproduction，fromthefettersimposeduponitbyallpreviouslegislation。Interest-bearingcapitalretainstheformofusurer’scapitalinrelationtopersonsorclasses，orincircumstanceswhereborrowingdoesnot，norcan，takeplaceinthesensecorrespondingtothecapitalistmodeofproduction；whereborrowingtakesplaceasaresultofindividualneed，asatthepawnshop；wheremoneyisborrowedbywealthyspendthriftsforthepurposeofsquandering；orwheretheproducerisanon-capitalistproducer，suchasasmallfarmerorcraftsman，whoisthusstill，astheimmediateproducer，theownerofhisownmeansofproduction；finallywherethecapitalistproducerhimselfoperatesonsuchasmallscalethatheresemblesthoseself-employedproducers。

　　Whatdistinguishesinterest-bearingcapital——insofarasitisanessentialelementofthecapitalistmodeofproduction——fromusurer’scapitalisbynomeansthenatureorcharacterofthiscapitalitself。

　　Itismerelythealteredconditionsunderwhichitoperates，andconsequentlyalsothetotallytransformedcharacteroftheborrowerwhoconfrontsthemoney-lender。Evenwhenamanwithoutfortunereceivescreditinhiscapacityofindustrialistormerchant，itoccurswiththeexpectationthathewillfunctionascapitalistandappropriateunpaidlabourwiththeborrowedcapital。Hereceivescreditinhiscapacityofpotentialcapitalist。Thecircumstancethatamanwithoutfortunebutpossessingenergy，solidity，abilityandbusinessacumenmaybecomeacapitalistinthismanner-andthecommercialvalueofeachindividualisprettyaccuratelyestimatedunderthecapitalistmodeofproduction-isgreatlyadmiredbyapologistsofthecapitalistsystem。Althoughthiscircumstancecontinuallybringsanunwelcomenumberofnewsoldiersoffortuneintothefieldandintocompetitionwiththealreadyexistingindividualcapitalists，italsoreinforcesthesupremacyofcapitalitself，expandsitsbaseandenablesittorecruitevernewforcesforitselfoutofthesubstratumofsociety。Inasimilarway，thecircumstancethattheCatholicChurchintheMiddleAgesformeditshierarchyoutofthebestbrainsintheland，regardlessoftheirestate，birthorfortune，wasoneoftheprincipalmeansofconsolidatingecclesiasticalruleandsuppressingthelaity。Themorearulingclassisabletoassimilatetheforemostmindsofaruledclass，themorestableanddangerousbecomesitsrule。

　　Theinitiatorsofthemoderncreditsystemtakeastheirpointofdeparturenotananathemaagainstinterest-bearingcapitalingeneral，butonthecontrary，itsexplicitrecognition。

　　Wearenotreferringheretosuchreactionsagainstusurywhichattemptedtoprotectthepooragainstit，liketheMonts-de-pi&egrave；t&egrave；1350inSarlinsinFranche-Comt&egrave；，laterinPerugiaandSavonainItaly，1400and1479。Thesearenoteworthymainlybecausetheyrevealtheironyofhistory，whichturnspiouswishesintotheirveryoppositeduringtheprocessofrealization。Accordingtoamoderateestimate，theEnglishworking-classpays100%tothepawnshops，themodernsuccessorsofMonts-de-pi&egrave；t&egrave；[21]WearealsonotreferringtothecreditfantasiesofsuchmenasDr。HughChamberleyneorJohnBriscoe，whoattemptedduringthelastdecadeofthe17thcenturytoemancipatetheEnglisharistocracyfromusurybymeansofafarmers’bankusingpapermoneybasedonrealestate。[22]

　　Thecreditassociationsestablishedinthe12thand14thcenturiesinVeniceandGenoaarosefromtheneedformarinecommerceandthewholesaletradeassociatedwithittoemancipatethemselvesfromthedominationofout-modedusuryandthemonopolizationofthemoneybusiness。Whiletheactualbanksfoundedinthosecity-republicsassumedsimultaneouslytheshapeofpubliccreditinstitutionsfromwhichthestatereceivedloansonfuturetaxrevenues，itshouldnotbeforgottenthatthemerchantsfoundingthoseassociationswerethemselvesprominentcitizensofthosestatesandasmuchinterestedinemancipatingtheirgovernmentastheywereinemancipatingthemselvesfromtheexactionsofusurers，[23]andatthesametimeingettingtighterandmoresecurecontroloverthestate。Hence，whentheBankofEnglandwastobeestablished，theToriesalsoprotested:”Banksarerepublicaninstitutions。FlourishingbanksexistedinVenice，Genoa，Amsterdam，andHamburg。ButwhoeverheardofaBankofFranceorSpain？”

　　TheBankofAmsterdam，in1609，wasnotepoch-makinginthedevelopmentofthemoderncreditsystemanymorethanthatofHamburgin1619。Itwaspurelyabankfordeposits。Thechecksissuedbythebankwereindeedmerelyreceiptsforthedepositedcoinedanduncoinedpreciousmetal，andcirculatedonlywiththeendorsementoftheacceptors。ButinHollandcommercialcreditanddealinginmoneydevelopedhandinhandwithcommerceandmanufacture，andinterest-bearingcapitalwassubordinatedtoindustrialandcommercialcapitalbythecourseofdevelopmentitself。Thiscouldalreadybeseeninthelowinterestrate。Holland，however，wasconsideredinthe17thcenturythemodelofeconomicdevelopment，asEnglandisnow。Themonopolyofold-styleusury，basedonpoverty，collapsedinthatcountryofitsownweight。

　　Duringtheentire18thcenturythereisthecry，withHollandreferredtoasanexample，foracompulsoryreductionoftherateofinterestandlegislationactsaccordingly，inordertosubordinateinterest-bearingcapitaltocommercialandindustrialcapital，insteadofthereverse。ThemainspokesmanforthismovementisSirJosiahChild，thefatherofordinaryEnglishprivatebanking。Hedeclaimsagainstthemonopolyofusurersinmuchthesamewayasthewholesaleclothingmanufacturers，Moses&amp；

　　Son，dowhenleadingthelightagainstthemonopolyof”privatetailors。”

　　ThissameJosiahChildissimultaneouslythefatherofEnglishstock-jobbing。

　　Thus，thisautocratoftheEastIndiaCompanydefendsitsmonopolyinthenameoffreetrade。VersusThomasManleyInterestofMoneyMistaken——ThomasManleywasnottheauthorofthisbook。ItwaspublishedanonymouslyinLondonin1668——Ed。hesays:”AsthechampionofthetimidandtremblingbandofusurersheerectshismainbatteriesatthatpointwhichIhavedeclaredtobetheweakesthedeniespoint-blankthatthelowrateofinterestisthecauseofwealthandvowsthatitismerelyitseffect。”

　　Trait&egrave；ssurleCommerce，etc。，1669，trad。AmsterdametBerlin，1754。”Ifitiscommercethatenrichesacountry，andifaloweringofinterestincreasescommerce，thenaloweringofinterestorarestrictionofusuryisdoubtlessafruitfulprimarycauseofthewealthofanation。

　　Itisnotatallabsurdtosaythatthesamethingmaybesimultaneouslyacauseundercertaincircumstances，andaneffectunderothers”l。c。，p。155。”Theeggisthecauseofthehen，andthehenisthecauseoftheegg。Theloweringofinterestmaycauseanincreaseofwealth，andtheincreaseofwealthmaycauseastillgreaterreductionofinterest”

　　l。c。，p。156。”Iamthedefenderofindustryandmyopponentdefendslazinessandsloth”p。179。

　　Thisviolentbattleagainstusury，thisdemandforthesubordinationofinterest-bearingcapitaltoindustrialcapital，isbuttheheraldoftheorganiccreationsthatestablishtheseprerequisitesofcapitalistproductioninthemodernbankingsystem，whichontheonehandrobsusurer’scapitalofitsmonopolybyconcentratingallidlemoneyreservesandthrowingthemonthemoneymarket，andontheotherhandlimitsthemonopolyofthepreciousmetalitselfbycreatingcredit-money。

　　Thesameoppositiontousury，thedemandfortheemancipationofcommerce，industryandthestatefromusury，whichareobservedhereinthecaseofChild，willbefoundinallwritingsonbankinginEnglandduringthelastthirdofthe17thandtheearly18thcenturies。Wealsofindcolossalillusionsaboutthemiraculouseffectsofcredit，abolitionofthemonopolyofpreciousmetal，itsdisplacementbypaper，etc。TheScotsmanWilliamPaterson，founderoftheBankofEnglandandtheBankofScotland，isbyalloddsLawtheFirst。

　　AgainsttheBankofEngland”allgoldsmithsandpawnbrokerssetupahowlofrage。”Macaulay，HistoryofEngland，IV，p。499。”DuringthefirsttenyearstheBankhadtostrugglewithgreatdifficulties；

　　greatforeignfeuds；itsnoteswereonlyacceptedfarbelowtheirnominalvalue……thegoldsmithsinwhosehandsthetradeinpreciousmetalsservedasabasisofaprimitivebankingbusinesswerejealousoftheBank，becausetheirbusinesswasdiminished，theirdiscountswerelowered，theirtransactionswiththegovernmenthadpassedtotheiropponents。”3。Francis，l。c。，p。73。

　　EvenbeforetheestablishmentoftheBankofEnglandaplanwasproposedin1683foraNationalBankofCredit，whichhadforitspurpose，amongothers，”thattradesmen，whentheyhaveaconsiderablequantityofgoods，may，bythehelpofthisbank，deposittheirgoods，byraisingacreditontheirowndeadstock，employtheirservants，andincreasetheirtrade，tilltheygetagoodmarketinsteadofsellingthemataloss”[J。Francis，l。c。，pp。39-40]。AftermanyendeavorsthisBankofCreditwasestablishedinDevonshireHouseonBisbopsgateStreet。Itmadeloanstoindustrialistsandmerchantsonthesecurityofdepositedgoodstotheamountofthree-quartersoftheirvalue，intheformofbillsofexchange。Inordertomakethesebillsofexchangecapableofcirculating，anumberofpeopleineachbranchofbusinesswereorganizedintoasociety，fromwhicheverypossessorofsuchbillswouldbeabletoobtaingoodswiththesamefacilityasifheweretoofferthemcashpayment。Thisbank’sbusinessdidnotflourish。

　　Itsmachinerywastoocomplicated，andtherisktoogreatincaseofacommoditydepreciation。

　　IfwegobytheactualcontentofthoserecordswhichaccompanyandtheoreticallypromotetheformationofthemoderncreditsysteminEngland，weshallnotfindanythinginthembut-asoneofitsconditions-thedemandforasubordinationofinterest-bearingcapitalandofloanablemeansofproductioningeneraltothecapitalistmodeofproduction。Ontheotherhand，ifwesimplyclingtothephraseology，weshallbefrequentlysurprisedbytheagreement-includingthemodeofexpressionwiththeillusionsofthefollowersofSaint-Simonaboutbankingandcredit。

　　Justasinthewritingsofthephysiocratsthecuitivateurdoesnotstandfortheactualtillerofthesoil，butforthebigfarmer，sothetravailleurwithSaint-Simon，andcontinuingonthroughhisdisciples，doesnotstandforthelabourer，butfortheindustrialandcommercialcapitalist。”Untravailleurabesoind’aides，deseconds，d’ouvriers；illeschercheintelligents，habiles，d&egrave；vou&egrave；s:illesmetal’oeuvre，etleurstravauxsontproductifs”[Enfantin]Atravailleurworkerneedshelpers，supporters，labourers；helooksforsuchasareintelligent，able，devoted；heputsthemtowork，andtheirlabourisproductive。”

　　Religionsaint-simonienne，~eonomiepolitiqueetPoittique，Paris，1831，p。104。。

　　Infact，oneshouldbearinmindthatonlyinhislastwork，LeNouveauChristianisme，Saint-Simonspeaksdirectlyfortheworking-classanddeclarestheiremancipationtobethegoalofhisefforts。Allhisformerwritingsare，indeed，mereencomiumsofmodernbourgeoissocietyincontrasttothefeudalorder，orofindustrialistsandbankersincontrasttomarshalsandjuristiclaw-manufacturersoftheNapoleonicera。WhatadifferencecomparedwiththecontemporaneouswritingsofOwen！[24]ForthefollowersofSaint-Simon，theindustrialcapitalistlikewiseremainsthetravailleurparexcellence，astheabove-quotedpassageindicates。

　　Afterreadingtheirwritingscritically，onewillnotbesurprisedthattheircreditandbankfantasiesmaterializedinthecreditmobilizer，foundedbyanex-followerofSaint-Simon，EmilePereire。Thisform，incidentally，couldbecomedominantonlyinacountrylikeFrance，whereneitherthecreditsystemnorlarge-scaleindustryhadreachedthemodernlevelofdevelopment。ThiswasnotatallpossibleinEnglandandAmerica。TheembryoofcreditmobilizerisalreadycontainedinthefollowingpassagesfromDoctrinedeSaint-Simon。Exposition。Premiereann&egrave；e，1828-29，3meed。，Paris，1831。Itisunderstandablethatbankerscanlendmoneymorecheaplythanthecapitalistsandprivateusurers。Thesebankersare，therefore，”abletosupplytoolstotheindustrialistsfarmorecheaply，thatis，atlowerinterest，thantherealestateownersandcapitalists，whomaybemoreeasilymistakenintheirchoiceofborrowers”p。202。Buttheauthorsthemselvesaddinafootnote:”Theadvantagethatwouldaccruefromthemediationofbankersbetweentheidlerichandthetravailleursisoftencounterbalanced，orevencanceled，bytheopportunitiesofferedinourdisorganizedsocietytoegoism，whichmaymanifestitselfinvariousformsoffraudandcharlatanism。Thebankersoftenwormtheirwaybetweenthetravailleursandidlerichforthepurposeofexploitingbothtothedetrimentofsociety。”Travailleurheremeanscapitalisteindustriel。

　　Incidentally，itiswrongtoregardthemeansatthecommandofthemodernbankingsystemmerelyasthemeansof~idlepeople。Inthefirstplace，itistheportionofcapitalwhichindustrialistsandmerchantstemporarilyholdintheformofidlemoney，asamoneyreserveorascapitaltobeinvested。Henceitisidlecapital，butnotcapitaloftheidle。Inthesecondplace，itistheportionofallrevenueandsavingsingeneralwhichistobetemporarilyorpermanentlyaccumulated。Bothareessentialtothenatureofthebankingsystem。

　　Butitshouldalwaysbeborneinmindthat，inthefirstplace，money-intheformofpreciousmetal-remainsthefoundationfromwhichthecreditsystem，byitsverynature，canneverdetachitself。Secondly，thatthecreditsystempresupposesthemonopolyofsocialmeansofproductionbyprivatepersonsintheformofcapitalandlandedproperty，thatitisitself，ontheonehand，animmanentformofthecapitalistmodeofproduction，andontheother，adrivingforceinitsdevelopmenttoitshighestandultimateform。

　　Thebankingsystem，sofarasitsformalorganizationandcentralizationisconcerned，isthemostartificialandmostdevelopedproductturnedoutbythecapitalistmodeofproduction，afactalreadyexpressedin1697

　　inSomeThoughtsoftheInterestsofEngland。ThisaccountsfortheimmensepowerofaninstitutionsuchastheBankofEnglandovercommerceandindustry，althoughtheiractualmovementsremaincompletelybeyonditsprovinceanditispassivetowardthem。Thebankingsystempossessesindeedtheformofuniversalbook-keepinganddistributionofmeansofproductiononasocialscale，butsolelytheform。Wehaveseenthattheaverageprofitoftheindividualcapitalist，orofeveryindividualcapital，isdeterminednotbythesurplus-labourappropriatedatfirsthandbyeachcapital，butbythequantityoftotalsurplus-labourappropriatedbythetotalcapital，fromwhicheachindividualcapitalreceivesitsdividendonlyproportionaltoitsaliquotpartofthetotalcapital。Thissocialcharacterofcapitalisfirstpromotedandwhollyrealizedthroughthefulldevelopmentofthecreditandbankingsystem。Ontheotherhandthisgoesfarther。Itplacesalltheavailableandevenpotentialcapitalofsocietythatisnotalreadyactivelyemployedatthedisposaloftheindustrialandcommercialcapitalistssothatneitherthelendersnorusersofthiscapitalareitsrealownersorproducers。Itthusdoesawaywiththeprivatecharacterofcapitalandthuscontainsinitself，butonlyinitself，theabolitionofcapitalitself。Bymeansofthebankingsystemthedistributionofcapitalasaspecialbusiness，asocialfunction，istakenoutofthehandsoftheprivatecapitalistsandusurers。Butatthesametime，bankingandcreditthusbecomethemostpotentmeansofdrivingcapitalistproductionbeyonditsownlimits，andoneofthemosteffectivevehiclesofcrisesandswindle。

　　Thebankingsystemshows，furthermore，bysubstitutingvariousformsofcirculatingcreditinplaceofmoney，thatmoneyisinrealitynothingbutaparticularexpressionofthesocialcharacteroflabouranditsproducts，which，however，asantitheticaltothebasisofprivateproduction，mustalwaysappearinthelastanalysisasathing，aspecialcommodity，alongsideothercommodities。

　　Finally，thereisnodoubtthatthecreditsystemwillserveasapowerfulleverduringthetransitionfromthecapitalistmodeofproductiontothemodeofproductionofassociatedlabour；butonlyasoneelementinconnectionwithothergreatorganicrevolutionsofthemodeofproductionitself。Ontheotherhand，theillusionsconcerningthemiraculouspowerofthecreditandbankingsystem，inthesocialistsense，arisefromacompletelackoffamiliaritywiththecapitalistmodeofproductionandthecreditsystemasoneofitsforms。Assoonasthemeansofproductionceasebeingtransformedintocapitalwhichalsoincludestheabolitionofprivatepropertyinland，creditassuchnolongerhasanymeaning。

　　This，incidentally，wasevenunderstoodbythefollowersofSaint-Simon。

　　Ontheotherhand，aslongasthecapitalistmodeofproductioncontinuestoexist，interest-bearingcapital，asoneofitsforms，alsocontinuestoexistandconstitutesinfactthebasisofitscreditsystem。Onlythatsensationalwriter，Proudhon，whowantedtoperpetuatecommodity-productionandabolishmoney，[25]wascapableofdreamingupthemonstrouscr&egrave；ditgratuit，theostensiblerealizationofthepiouswishofthepetty-bourgeoisestate。

　　InReligionsaint-simonienne，&egrave；conomiepolitiqueetPolitique，wereadonpage45:”Creditservesthepurpose，inasocietyinwhichsomeowntheinstrumentsofindustrywithouttheabilityorwilltoemploythem，andwhereotherindustriouspeoplehavenoinstrumentsoflabour，oftransferringtheseinstrumentsintheeasiestmannerpossiblefromthehandsoftheformer，theirowners，tothehandsoftheotherswhoknowhowtousethem。Notethatthisdefinitionregardscreditasaresultofthewayinwhichpropertyisconstituted。”Therefore，creditdisappearswiththisconstitutionofproperty。Weread，furthermore，onpage98，thatthepresentbanks”considerittheirbusinesstofollowthemovementinitiatedbytransactionstakingplaceoutsideoftheirdomain，butnotthemselvestoprovideanimpulsetothismovement；inotherwords，thebanksperformtheroleofcapitalistsinrelationtothetravailleurs，whomtheyloanmoney。”Thenotionthatthebanksthemselvesshouldtakeoverthemanagementanddistinguishthemselves”throughthenumberandusefulnessoftheirmanagedestablishmentsandofpromotedworks”p。101

　　containsthecreditmobilizerinembryo。Inthesameway，CharlesPecqueurdemandsthatthebankswhichthefollowersofSaint-SimoncallaSystemegeneraldesbanques”shouldruleproduction。”PecqueurisessentiallyafollowerofSaint-Simon，butmuchmoreradical。Hewants”thecreditinstitution……tocontroltheentiremovementofnationalproduction。”——”Trytocreateanationalcreditinstitution，whichshalladvancethewherewithaltoneedypeopleoftalentandmerit，without，however，forciblytyingtheseborrowerstogetherthroughclosesolidarityinproductionandconsumption，butonthecontraryenablingthemtodeterminetheirownexchangeandproduction。Inthisway，youwillonlyaccomplishwhattheprivatebanksalreadyaccomplishnow，thatis，anarchy，disproportionbetweenproductionandconsumption，thesuddenruinofoneperson，andthesuddenenrichmentofanother；sothatyourinstitutionwillnevergetanyfartherthanproducingacertainamountofbenefitsforoneperson，correspondingtoanequivalentamountofmisfortunetobeenduredbyanother……andyouwillhaveonlyprovidedthewage-labourersassistedbyyouwiththemeanstocompetewithoneanotherjustastheircapitalistmastersnowdo。”Ch。Pecqueur，Th&egrave；orieNouvelle&egrave；conomieSocialeetPolitique，Paris，1842，p。434。

　　Wehaveseenthatmerchant’scapitalandinterest-bearingcapitalaretheoldestformsofcapital。Butitisinthenatureofthingsthatinterest-bearingcapitalassumesinpopularconceptiontheformofcapitalparexcellence。Inmerchant’scapitaltheretakesplacetheworkofmiddleman，nomatterwhetherconsideredascheating，labour，oranythingelse。Butinthecaseofinterest-bearingcapitaltheself-reproducingcharacterofcapital，theself-expandingvalue，theproductionofsurplusvalue，appearspurelyasanoccultproperty。Thisaccountsforthefactthatevensomepoliticaleconomists，particularlyincountrieswhereindustrialcapitalisnotyetfullydeveloped，asinFrance，clingtointerest-bearingcapitalasthefundamentalformofcapitalandregardground-rent，forexample，merelyasamodifiedformofit，sincetheloan-formalsopredominateshere。Inthisway，theinternalorganisationofthecapitalistmodeofproductioniscompletelymisunderstood，andthefactisentirelyoverlookedthatland，likecapital，isloanedonlytocapitalists。Ofcourse，meansofproductioninkind，suchasmachinesandbusinessoffices，canalsobeloanedinsteadofmoney。Buttheythenrepresentadefinitesumofmoney，andthefactthatinadditiontointerestapartispaidforwearandtearisduetotheiruse-value，i。e。，thespecificnaturalformoftheseelementsofcapital。Thedecisivefactorhereisagainwhethertheyareloanedtodirectproducers，whichwouldpresupposethenon-existenceofthecapitalistmodeofproduction-atleastinthesphereinwhichthisoccurs-orwhethertheyareloanedtoindustrialcapitalists，whichispreciselytheassumptionbaseduponthecapitalistmodeofproduction。Itisstillmoreirrelevantandmeaninglesstodragthelendingofhouses，etc。，forindividualuseintothisdiscussion。Thattheworking-classisalsoswindledinthisform，andtoanenormousextent，isselfevident；butthisisalsodonebytheretaildealer，whosellsmeansofsubsistencetotheworker。Thisissecondaryexploitation，whichrunsparalleltotheprimaryexploitationtakingplaceintheproductionprocessitself。Thedistinctionbetweensellingandloaningisquiteimmaterialinthiscaseandmerelyformal，and，asalreadyindicated，Presentedition:pp。345-50——Ed。cannotappearasessentialtoanyone，unlesshebewhollyunfamiliarwiththeactualnatureoftheproblem。

　　Usury，likecommerce，exploitsagivenmodeofproduction。Itdoesnotcreateit，butisrelatedtoitoutwardly。Usurytriestomaintainitdirectly，soastoexploititeveranew；itisconservativeandmakesthismodeofproductiononlymorepitiable。Thelesselementsofproductionenterintotheproductionprocessascommodities，andemergefromitascommodities，themoredoestheiroriginationfrommoneyappearasaseparateact。Themoreinsignificanttheroleplayedbycirculationinthesocialreproduction，themoreusuryflourishes。

　　Thatmoneywealthdevelopsasaspecialkindofwealth，meansinrespecttousurer’scapitalthatitpossessesallitsclaimsintheformofmoneyclaims。Itdevelopsthatmuchmoreinagivencountry，themorethemainbodyofproductionislimitedtonaturalservices，etc。，thatis，touse-values。

　　Usuryisapowerfulleverindevelopingthepreconditionsforindustrialcapitalin50farasitplaysthefollowingdoublerole，first，buildingup，ingeneral，anindependentmoneywealthalongsidethatofthemerchant，and，secondly，appropriatingtheconditionsoflabour，thatis，ruiningtheownersoftheoldconditionsoflabour。

　　INTERESTINTHEMIDDLEAGES”IntheMiddleAgesthepopulationwaspurelyagricultural。Undersuchagovernmentaswasthefeudalsystemtherecanbebutlittletraffic，andhencebutlittleprofit。HencethelawsagainstusurywerejustifiedintheMiddleAges。Besides，inanagriculturalcountryapersonseldomwantstoborrowmoneyexcepthebereducedtopovertyordistress……InthereignofHenryVIII，interestwaslimitedto10percent。lamesIreduceditto8percent……CharlesIIreduceditto6percent；inthereignofQueenAnne，itwasreducedto5percent……Inthosetimes，thelenders……had，infact，thoughnotalegal，yetanactualmonopoly，andhenceitwasnecessarythatthey，likeothermonopolists，shouldbeplacedunderrestraint。Inourtimes，itistherateofprofitwhichregulatestherateofinterest。Inthosetimes，itwastherateofinterestwhichregulatedtherateofprofit。Ifthemoney-lenderchargedahighrateofinteresttothemerchant，themerchantmusthavechargedahigherrateofprofitonhisgoods。Hence，alargesumofmoneywouldbetakenfromthepocketsofthepurchaserstobeputintothepocketsofthemoney-lenders。”Gilbart，HistoryandPrinciplesofBanking，pp。163，164，165。”Ihavebeentoldthat10guldenarenowtakenannuallyateveryLeipzigFair，Theauthorhasinmindtheloanof100guldenwithinterestpayableinthreeinstallmentsattheLeipzigFair，heldthreetimesannyually:

　　EasterandSt。Michael’sDaythatis，30oneachhundred，someaddtheNeuenburgFair，thusmaking40perhundred；whetherthatisso，Idon’tknow。Forshame！Whatwillbetheinfernaloutcomeofthis？……Whoevernowhas100florinsatLeipzigtakes40annually，whichisthesameasdevouringonepeasantorburghereachyear。Ifonehas1，000florins，hetakes400annuallywhichmeansdevouringaknightorarichnoblemanperyear’Ifonehas10，000fiorins，hetakes4，000peryear，whichmeansdevouringarichcounteachyear。Ifonehas100，000florins，asthebigmerchantsmustpossess，thetakes40，000annually，whichmeansdevouringone1，000，000

　　fiorins，hetakes400，000annually，whichmeansdevouringonemightykingeveryyear。Andhedoesnotriskeitherhispersonorhiswares，doesnotwork，sitsnearhisfire-placeandroastsapples；somightalowlyrobbersitathomeanddevourawholeworldintenyears。”QuotedfromBuchervomKaufhandelundWuchervomJahre1524，Luther’sWerke，Wittenberg，1589，Teil6，S。312。”FifteenyearsagoItookpeninhandagainstusurywhenithadspreadsoalarminglythatIcouldscarcelyhope’foranyimprovement。Sincethenithasbecomesoarrogantthatitdeignsnottobeclassedasvice，sin，orshame，butachievespraiseaspurevirtueandhonour，asthoughitwereperformingagreatfavourandChristianserviceforthepeople。

　　Whatwillhelpdeliverusnowthatshamehasturnedintohonourandviceintovirtue？”MartinLuther，AndiePlarhermwiderdenWucherzupredigen，Wittenberg，1540。”Jews，Lombards，usurersandextortionerswereourfirstbankers，ourprimitivetraffickersinmoney，theircharacterlittleshortofinfamous……TheywerejoinedbyLondongoldsmiths。Asabody……ourprimitivebankers……wereaverybadset，theyweregrippingusurers，iron-heartedextortioners。”D。Hardcastle，BanksandBankers，2nded。，London，1843，pp。19，20。”TheexampleshownbyVeniceinestablishingabankwasthusquicklyimitated；allsea-coasttowns，andingeneralalltownswhichhadearnedfamethroughtheirindependenceandcommerce，foundedtheirfirstbanks。Thereturnvoyageoftheirships，whichoftenwasoflongduration，inevitablyledtothecustomoflendingoncredit。ThiswasfurtherintensifiedbythediscoveryofAmericaandtheensuingtradewiththatcontinent。”

　　Thisisthemainpoint。Thecharteringofshipsmadelargeloansnecessary-aprocedurealreadyobtaininginancientAthensandGreece。In1308，theHansetownofBrugespossessedaninsurancecompany。M。Augier，l。c。，pp。202，203。

　　Towhatextentthegrantingofloanstolandowners，andthustothepleasure-seekingwealthyingeneral，stillprevailedinthelastthirdofthe17thcentury，eveninEngland，beforethedevelopmentofmoderncredit，maybeseen，amongothers，intheworksofSirDudleyNorth。HewasnotonlyoneofthefirstEnglishmerchants，butalsooneofthemostprominenttheoreticaleconomistsofhistime:”Themoneysemployedatinterestinthisnation，arenotnearthetenthpart，disposedtotradingpeople，wherewithtomanagetheirtrades；butareforthemostpartlentforthesupplyingofluxury，andtosupporttheexpenseofpersons，whothoughgreatownersoflands，yetspendfasterthantheirlandsbringin；andbeingloathtosell，chooserathertomortgagetheirestates。”DiscoursesuponTrade，London，1691，pp。6-7。

　　Polandinthe18thcentury:”Warsawcarriedonalargebustlingbusinessinbillsofexchangewhich，however，hadasitsprincipalbasisandaimtheusuryofitsbankers。Inordertosecuremoney，whichtheycouldlendtospendthriftgentryat8%

　　andmore，theysoughtandobtainedabroadopenexchangecredit，thatis，creditthathadnocommoditytradeasitsbasis，butwhichtheforeigndraweecontinuedtoacceptaslongasthereturnsfromthesemanipulationsdidnotfailtocomein。However，theypaidheavilyforthisthroughbankruptciesofmenlikeTapperandotherhighlyrespectedWarsawbankers。”J。G。Bjisch，Theoretisch-praktischeDarstellungderHandlung，etc。，3rded。，Hamburg，1808，Vol。II，pp。232，233。

　　ADVANTAGESDERIVEDBYTHECHURCHFROMTHEPROHIBITIONOFINTEREST”TakinginteresthadbeeninterdictedbytheChurch。Butsellingpropertyforthepurposeoffindingsuccourindistresshadnotbeenforbidden。

　　Ithadnotevenbeenprohibitedtotransferpropertytothemoney-lenderassecurityforacertainterm，untiladebtorrepaidhisloan，leavingthemoney-lenderfreetoenjoytheusufructofthepropertyasarewardforhisabstinencefromhismoney……TheChurchitself，anditsassociatedcommunesandpiacorpora，derivedmuchprofitfromthispractice，particularlyduringthecrusades。Thisbroughtaverylargeportionofnationalwealthintopossessionoftheso-called’deadhand，’allthemoresobecausetheJewswerebarredfromengaginginsuchusury，thepossessionofsuchfixedliensnotbeingconcealable……Withoutthebanoninterestchurchesandcloisterswouldneverhavebecomesoaffluent”l。c。，p。55。

　　NOTES

　　21。”Itisbyfrequentfluctuationswithinthemonth，andbypawningonearticletorelieveanother，whereasmallsumisobtained，thatthepremiumformoneybecomessoexcessive。Thereareabout240licensedpawnbrokersinthemetropolis，andnearly1，450

　　inthecountry。Thecapitalemployedissupposedsomewhattoexceedamillionpoundssterling；andthiscapitalisturnedroundthriceinthecourseoftheyear，andyieldseachtimeabout331/2percentonanaverage；

　　accordingtowhichcalculation，theinferiorordersofsocietyinEnglandpayaboutonemillionayearfortheuseofatemporaryloan，exclusiveofwhattheylosebygoodsbeingforfeited。”J。D。Tuckett，AHistoryofthePastandPresentStateoftheLabouringPopulatton，London，1846，1，p。114。

　　22。Eveninthetitlesoftheirworkstheystateastheirprincipalnurpose”thegeneralgoodofthelandedmen，thegreatincreaseofthevalueofknd，theexemptionof”thenobility，gentry，etc。，fromtaxes，enlargingtheiryearlyestates，etc。”Onlytheusurerswouldstandtolose，thoseworstenemiesofthenationwhohaddonemoreinjurytothenobilityandyeomanrythananarmyofinvasionfromFrancecouldhavedone。

　　23。”Therichgoldsmiththeprecursorofthebanker，forexample，madeCharlesIIofEnglandpaytwentyandthirtypercentforaccommodation。Abusinesssoprofitable，inducedthegoldsmith’moreandmoretobecomelendertotheKing，toanticipatealltherevenue，totakeeverygrantofParliamentintopawnassoonasitwasgiven；alsotooutvieeachotherinbuyingandtakingtopawnbills，orders，andtallies，sothat，ineffect，alltherevenuepassedthroughtheirhands’。”JohnFrancis，HistoryoftheBankofEngland，London，1848，I，p。31。”Theerectionofabankhadbeensuggestedseveraltimesbeforethat。Itwasatlastanecessity”l。c。，p。38。”Thebankwasanecessityforthegovernmentitself，suckeddrybyusurers，inordertoobtainmoneyatareasonablerate，onthesecurityofparliamentarygrants”l。c。，pp。59，60。

　　24。Marxwouldsurelyhavemodifiedthispassageconsiderably，hadhereworkedhismanuscript。Itwasinspiredbytheroleoftheax-followersofSaint-SimonunderFrance’sSecondEmpirewherejustatthetimethatMarxwrotetheabove，theworldredeemingcreditfantasiesofthisschoolthroughtheironyofhistorywerebeingrealisadintheformofatramendousswindleonascaleneverseenbeforeLaterMarxspokeonlywithadmirationofthegeniusandencyclopaedicmindofSaintSimonWheninhisearlierworksthelatterignorestheantithesisbetweenthebourgeoisieandtheproletariatwhichwasjustthencomingintoexistenceinFrancewhenheincludesamongthetravailleursthatpartofthebourgeoisiewhichwasactiveinproduction，thiscorrespondstoFourier5conceptionofattemptingtoreconcilecapitalandlabourandisexplainedbytheeconomicandpoliticalsituationofFranceinthosedaysThefactthatOwenwasmorefarsightadinthisrespectisduetohisdifferentenvironment，forhelivedinaperiodofindustrialrevolutionandofacutelysharpeningclassantagonisms——F。E。

　　25。KarlMarx，Mis&egrave；redelaPhtlosophie，BruxellesetParis，1847——KarlMarx，ZurKritikderpolitischenOekonomie，8。64。

　　1894:CapitalIII——Chapter37KarlMarx’sCAPITAL

　　volumeIII

　　THEPROCESSOFCAPITALISTPRODUCTIONASAWHOLEpartVI

　　TRANSFORMATIONOFSURPLUS-PROFIT

　　INTOGROUND-RENTCHAPTERXXXVII

　　INTRODUCTIONTheanalysisoflandedpropertyinitsvarioushistoricalformsisbeyondthescopeofthiswork。Weshallheconcernedwithitonlyinsofarasaportionofthesurplus-valueproducedbycapitalfallstotheshareofthelandowner。Weassume，then，thatagricultureisdominatedbythecapitalistmodeofproductionjustasmanufactureis；

　　inotherwords，thatagricultureiscarriedonbycapitalistswhodifferfromothercapitalistsprimarilyinthemannerinwhichtheircapital，andthewage-laboursetinmotionbythiscapital，areinvested。Sofarasweareconcerned，thefarmerproduceswheat，etc。，inmuchthesamewayasthemanufacturerproducesyarnormachines。Theassumptionthatthecapitalistmodeofproductionhasencompassedagricultureimpliesthatitrulesoverallspheresofproductionandbourgeoissociety，i。e。，thatitsprerequisites，suchasfreecompetitionamongcapitals，thepossibilityoftransferringthelatterfromoneproductionspheretoanother，andauniformleveloftheaverageprofit，etc。，arefullymatured。Theformoflandedpropertywhichweshallconsiderhereisaspecificallyhistoricaloneaformtransformedthroughtheinfluenceofcapitalandofthecapitalistmodeofproduction，eitheroffeudallandownership，orofsmall-peasantagricultureasameansoflivelihood，inwhichthepossessionofthelandandthesoilconstitutesoneoftheprerequisitesofproductionforthedirectproducer，andinwhichhisownershipoflandappearsasthemostadvantageousconditionfortheprosperityofhismodeofproduction。Justasthecapitalistmodeofproductioningeneralisbasedontheexpropriationoftheconditionsoflabourfromthelabourers，sodoesitinagriculturepresupposetheexpropriationoftherurallabourersfromthelandandtheirsubordinationtoacapitalist，whocarriesonagricultureforthesakeofprofit。Thus，forthepurposeofouranalysis，theobjectionthatotherformsoflandedpropertyandofagriculturehaveexisted，orstillexist，isquiteirrelevant。Suchanobjectioncanonlyapplytothoseeconomistswhotreatthecapitalistmodeofproductioninagriculture，andtheformoflandedpropertycorrespondingtoit，notashistoricalbutratheraseternalcategories。

　　Forourpurposesitisnecessarytostudythemodernformoflandedproperty，becauseourtaskistoconsiderthespecificconditionsofproductionandcirculationwhicharisefromtheinvestmentofcapitalinagriculture。