Tools, materials, provisions—these, doubtless, Robinson will denominate his ‹Capital›; and he will readily discover that the more considerable his capital becomes, the greater command will he obtain over natural agents—that the more he makes such agents co-operate in his labour, the more will he augment his satisfactions in proportion to his efforts. Let us now vary the hypothesis, and place ourselves in the midst of the social order. Capital is still composed of instruments of labour, materials, and provisions, without which no enterprise of any magnitude can be undertaken, either in a state of isolation, or in a social state. Those who are possessed of capital have been put in possession of it only by their labour, or by their privations; and they would not have undergone that labour (which has no connexion with present wants), they would not have imposed on themselves those privations, but with the view of obtaining ulterior advantages—with the view, for example, of procuring in larger measure the future co-operation of natural agents. On their part, to give away this capital would be to deprive themselves of the special advantage they have in view; it would be to transfer this advantage to others; it would be to render others a ‹service›. We cannot, then, without abandoning the most simple principles of reason and justice, fail to see that the owners of capital have a perfect right to refuse to make this transfer unless in exchange for another ‹service›, freely bargained for and voluntarily agreed to. No man in the world, I believe, will dispute [p199] the equity of the ‹mutuality of services›, for mutuality of services is, in other words, equity. Will it be said that the transaction cannot be free and voluntary, because the man who is in possession of capital is in a position to lay down the law to the man who has none? But how is a bargain to be made? In what way are we to discover the ‹equivalence of services› if it be not in the case of an exchange voluntarily effected on both sides? Do you not perceive, moreover, that the man who borrows capital, being free either to borrow it or not, will refuse to do so unless he sees it to be for his advantage, and that the loan cannot make his situation worse? The question he asks himself is evidently this: Will the employment of this capital afford me advantages which are more than sufficient to make up for the conditions which are demanded of me? Or this: Is the effort which I am now obliged to make, in order to obtain a given satisfaction, greater or less than the sum of the efforts which the loan will entail upon me—first of all, in rendering the ‹services› which are demanded of me by the lender, and afterwards in procuring the special satisfaction I have in view with the aid of the capital borrowed? If, taking all things into account, there be no advantage to be got, he will not borrow, he will remain as he is, and what injury is done him? He may be mistaken, you will say.