Capital (Volume 3): Critique of Political Economy by Karl Marx
Author:Karl Marx [Marx, Karl]
Language: eng
Format: epub, pdf
Tags: Biography & History, Politics & Social Sciences, Theory, Communism & Socialism, Economics, History & Theory, Business & Money, pol_guide, Political Science, Ideologies & Doctrines, Free Enterprise, Politics & Government
ISBN: 0140445706
Google: FRLCQwAACAAJ
Amazon: B002XHNN7K
Publisher: Penguin
Published: 1992-08-27T00:00:00+00:00
[This depends on the nature of the loan itself. Three cases must be distinguished.
First Case.—A receives from the bank the amounts loaned on his own personal credit, without giving any security for them. In this case he does not merely receive means of payment, but also without a doubt some new capital, which he may invest and employ as an additional capital in his business until the day of settlement.
Second Case.—A has given to the bank securities, national bonds, or stocks as collateral, and received for them, say, two-thirds of their value in the shape of a cash loan. In this case he has received means of payment needed by him, but no additional capital, for he entrusted to the bank a larger capital-value than he received from it. But this larger capital-value was, on the one hand, unavailable for the momentary needs of A, because it was invested as interest-bearing capital in a certain form and could not serve as means of payment; on the other hand, A had reasons of his own for not wanting to convert this capital-value directly into means of payment by selling it. His securities served, among other ends, as a reserve capital, and to that end he set them in motion. The transaction between A and the bank, therefore, consists in a mutual transfer of capital, but in such a way, that A does not receive any additional capital (on the contrary, less capital!) although he receives means of payment which he needs. For the bank, on the other hand, this transaction constitutes a temporary fixation of money-capital in the form of a loan, a conversion of money-capital from one form into another, and this conversion is precisely the essential function of the banking business.
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