Adam Smith：The Wealth of Nations, Book II, Chapter IV, Paragraph 863

Almost all loans at interest are made in money, either of paper, or of gold and silver; but what the borrower really wants, and what the lender readily supplies him with, is not the money, but the money’s worth, or the goods which it can purchase. If he wants it as a stock for immediate consumption, it is those goods only which he can place in that stock. If he wants it as a capital for employing industry, it is from those goods only that the industrious can be furnished with the tools, materials, and maintenance necessary for carrying on their work. By means of the loan, the lender, as it were, assigns to the borrower his right to a certain portion of the annual produce of the land and labour of the country, to be employed as the borrower pleases.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book II, Chapter IV, paragraph 863 · Verified：2026-10-19 · Verification：Exact match

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