But before we indorse either of these judgments as adequate, let us consider more minutely what in each case has been really done.
Let us start, then, with noting this.

Whether a man invests his capital in any productive machine and then lives on the interest, or else spends it as income on his own personal pleasures, he is doing in one respect precisely the same thing.

He is giving something to other men in order that they in return may make certain efforts for his benefit, of a kind which he himself prescribes.

This is obviously true when, spending his capital as income, what he pays for is personal service, such as that of a butler or footman who polishes his silver plate.

It is equally true when he pays for the plate itself.