218 ON THE CAUSES 
may, equally with the requisite quantity of la- 
bour, be a consideration which influences the 
mind in the interchange of useful or agreeable 
articles. We generally prefer a present pleasure 
or enjoyment to a distant one, not superior to it 
in other respects. We are willing, even at 
some sacrifice of property, to possess ourselves 
of what would otherwise require time to pro- 
cure it, without waiting during the operation ; 
as of what would require labour, without 
personally bestowing the labour. If any arti- 
cle were offered to us, not otherwise attainable, 
except after the expiration of a year, we should 
be willing to give something to enter upon pre- 
sent enjoyment. On the part of the capitalist, 
who produces and prepares these articles, the 
time required for the purpose is evidently a 
consideration which acts upon his mind. If the 
article is wine, he knows that the quality is im- 
proved by keeping; he is aware that the same 
excellence cannot be imparted to any wine, 
without the employment of capital for an equal 
period ; and that people will be found to give