For the same reason that a third party may desire that we [p396] should transfer to him, for an onerous consideration, the enjoyment of a value saved, the original debtor may also desire to enter into the same bargain. In both cases this is called asking for credit. To give credit is to give time for the acquittance of a debt, of a value; it is to deprive oneself of the enjoyment of that value in favour of another, it is to render a service, it is to acquire a title to an equivalent service.
But to revert to the economic effects of saving, now that we are acquainted with all the details of the phenomenon, it is very evident that it does no injury to general activity or to labour. Even when the man who economizes realizes his economy, and, in exchange for services rendered, receives hard cash, and hoards it, he does no harm to society, seeing that he has not been able to withdraw that amount of value from society without restoring to it equivalent values. I must add, however, that such hoarding is improbable and exceptional, inasmuch as it is detrimental to the personal interests of the man who would practise it. Money in the hands of such a man may be supposed to say this: “He who possesses me has rendered services to society, and has not been paid for them. I have been put into his hands to serve him as a warrant; I am at once an acknowledgment, a promise, and a guarantee. The moment he wills it, he can, by exhibiting and restoring me, receive back from society the services for which he is a creditor.”
Now this man is in no hurry. Does it follow that he will continue to hoard his money? No; for we have seen that the lapse of time which separates two services exchanged becomes itself the subject of a commercial transaction. If the man who saves intends to remain ten years without drawing upon society for the services that are owing to him, his interest is to substitute a representative, in order to add to the value for which he is a creditor the value of this special service. Saving, then, implies in no shape actual hoarding.
Let moralists be no longer arrested by this consideration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [p397]
XVI.
POPULATION.
I have been longing to enter upon the subject of this chapter, were it for no other purpose than to have an opportunity of vindicating Malthus from the violent attacks which have been made upon him. It is scarcely credible that a set of writers of no reputation or ability, and whose ignorance is transparent in every page of their works, should, by echoing one another’s opinions, have succeeded in lowering in public estimation a grave, conscientious, and philanthropic author; representing as absurd a theory which at all events deserves to be studied with serious attention.
It may be that I do not myself adopt all the opinions of Malthus. Every question has two phases: and I believe that Malthus may have fixed his regards too exclusively upon the sombre side. In my own economical studies and inquiries, I have been so frequently led to the conclusion, that whatever is the work of Providence is good, that when logic has seemed to force me to a different conclusion, I have been inclined to distrust my logic. I am aware that this faith in final causes is not unattended with danger to the mind of an inquirer. But this will not prevent me from acknowledging that there is a vast amount of truth in the admirable work of this economist, or from rendering homage to that ardent love of mankind by which every line of it is inspired.
Malthus, whose knowledge of the social economy was profound, had a clear view of all the ingenious mechanism with which nature has provided the human race to assure its onward march on the road of progress. And yet he believed that human progress might find itself entirely paralyzed by one principle, namely, the principle of Population. In contemplating the world, he gave way to the melancholy reflection, that “God appears to have taken great care of the species, and very little of the individual. In fact, as regards a certain class of animated beings, we see them endowed with a [p398] fecundity so prolific, a power of multiplication so extraordinary, a profusion of germs so superabundant, that the destiny of the species would seem undoubtedly well assured, while that of the individuals of the species appears very precarious; for the whole of these germs cannot be brought to life and maturity. They must either fail to live, or must die prematurely.”