er, it could not be so transferred.

The recognition of the title _lucrum cessans_ as a ground for
remuneration clearly implies the recognition of the legitimacy of the
owner of money deriving a profit from its use; and the slowness of the
scholastics to admit this title was precisely because of the rarity of
opportunities for so employing money in the earlier Middle Ages. The
nature of capital was clearly understood; but the possibility of money
constituting capital arose only with the extension of commerce and
the growth of profitable investments. Those scholastics who strove to
abolish or to limit the recognition of _lucrum cessans_ as a ground
for remuneration did not deny the productivity of capital, but simply
thought the money had not at that time acquired the characteristics of
capital.[1]

[Footnote 1: See Ashley, _op. cit._, vol. i. pt. ii. pp. 434-9.]

If there were any doubt about the fact that the scholastics recognised
the legitimacy of unearned income, it would be dispelled by an
understanding of their teaching on rents and partnership, in the
former of which they distinctly acknowledged the right to draw an
unearned income from one's land, and in the latter of which they
acknowledged the same right in regard to one's money.[1]

[Footnote 1: On this discussion see Ashley, _Economic History_, vol.
i. pt. ii. pp. 427 _et seq._; Rambaud, _Histoire_, pp. 57 _et seq._;
Funk, _Zins und Wucher_; Arnold, _Zur Geschichte des Eigenthums_, pp.
92 _et seq._; Boehm-Bawerk, _Capital and Interest_ (Eng. trans.), pp.
1-39.]

Sec. 8. _Rent Charges_.

There was never any difficulty about admitting the justice of
receiving a rent from a tenant in occupation of one's lands, because
land was understood to be essentially a thing of which the use could
be sold apart from the ownership; and it was also recognised that the
recipient of such a rent might sell his right to a third party, who
could then demand the rent from the tenant. When this was admitted it
was but a small step to admit the right of the owner of land to create
a rent in favour of another person in consideration for some
payment. The distinctions between a _census reservativus_, or a rent
established when the possession of land was actually transferred to a
tenant, and a _census constitutivus_, or a rent created upon property
remaining in the possession of the payer, did not become the subject
of discussion or difficulty until the sixteenth century.[1] T