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than　for　supplying　the　consumption　of　that　city　is　probably　more

difficult　than　in　one　in　which　the　inferior　ranks　of　people　have

no　other　maintenance　but　what　they　derive　from　the　employment　of

such　a　capital。　The　idleness　of　the　greater　part　of　the　people

who　are　maintained　by　the　expense　of　revenue　corrupts；　it　is

probable；　the　industry　of　those　who　ought　to　be　maintained　by　the

employment　of　capital；　and　renders　it　less　advantageous　to　employ

a　capital　there　than　in　other　places。　There　was　little　trade　or

industry　in　Edinburgh　before　the　union。　When　the　Scotch

Parliament　was　no　longer　to　be　assembled　in　it；　when　it　ceased　to

be　the　necessary　residence　of　the　principal　nobility　and　gentry

of　Scotland；　it　became　a　city　of　some　trade　and　industry。　It

still　continues；　however；　to　be　the　residence　of　the　principal

courts　of　justice　in　Scotland；　of　the　Boards　of　Customs　and

Excise；　etc。　A　considerable　revenue；　therefore；　still　continues

to　be　spent　in　it。　In　trade　and　industry　it　is　much　inferior　to

Glasgow；　of　which　the　inhabitants　are　chiefly　maintained　by　the

employment　of　capital。　The　inhabitants　of　a　large　village；　it　has

sometimes　been　observed；　after　having　made　considerable　progress

in　manufactures；　have　become　idle　and　poor　in　consequence　of　a

great　lord　having　taken　up　his　residence　in　their　neighbourhood。

　　　　　The　proportion　between　capital　and　revenue；　therefore；　seems

everywhere　to　regulate　the　proportion　between　industry　and

idleness。　Wherever　capital　predominates；　industry　prevails：

wherever　revenue；　idleness。　Every　increase　or　diminution　of

capital；　therefore；　naturally　tends　to　increase　or　diminish　the

real　quantity　of　industry；　the　number　of　productive　hands；　and

consequently　the　exchangeable　value　of　the　annual　produce　of　the

land　and　labour　of　the　country；　the　real　wealth　and　revenue　of

all　its　inhabitants。

　　　　　Capitals　are　increased　by　parsimony；　and　diminished　by

prodigality　and　misconduct。

　　　　　Whatever　a　person　saves　from　his　revenue　he　adds　to　his

capital；　and　either　employs　it　himself　in　maintaining　an

additional　number　of　productive　hands；　or　enables　some　other

person　to　do　so；　by　lending　it　to　him　for　an　interest；　that　is；

for　a　share　of　the　profits。　As　the　capital　of　an　individual　can

be　increased　only　by　what　he　saves　from　his　annual　revenue　or　his

annual　gains；　so　the　capital　of　a　society；　which　is　the　same　with

that　of　all　the　individuals　who　compose　it；　can　be　increased　only

in　the　same　manner。

　　　　　Parsimony；　and　not　industry；　is　the　immediate　cause　of　the

increase　of　capital。　Industry；　indeed；　provides　the　subject　which

parsimony　accumulates。　But　whatever　industry　might　acquire；　if

parsimony　did　not　save　and　store　up；　the　capital　would　never　be

the　greater。

　　　　　Parsimony；　by　increasing　the　fund　which　is　destined　for　the

maintenance　of　productive　hands；　tends　to　increase　the　number　of

those　hands　whose　labour　adds　to　the　value　of　the　subject　upon

which　it　is　bestowed。　It　tends；　therefore；　to　increase　the

exchangeable　value　of　the　annual　produce　of　the　land　and　labour

of　the　country。　It　puts　into　motion　an　additional　quantity　of

industry；　which　gives　an　additional　value　to　the　annual　produce。

　　　　　What　is　annually　saved　is　as　regularly　consumed　as　what　is

annually　spent；　and　nearly　in　the　same　time　too；　but　it　is

consumed　by　a　different　set　of　people。　That　portion　of　his

revenue　which　a　rich　man　annually　spends　is　in　most　cases

consumed　by　idle　guests　and　menial　servants；　who　leave　nothing

behind　them　in　return　for　their　consumption。　That　portion　which

he　annually　saves；　as　for　the　sake　of　the　profit　it　is

immediately　employed　as　a　capital；　is　consumed　in　the　same

manner；　and　nearly　in　the　same　time　too；　but　by　a　different　set

of　people；　by　labourers；　manufacturers；　and　artificers；　who

reproduce　with　a　profit　the　value　of　their　annual　consumption。

His　revenue；　we　shall　suppose；　is　paid　him　in　money。　Had　he　spent

the　whole；　the　food；　clothing；　and　lodging；　which　the　whole　could

have　purchased；　would　have　been　distributed　among　the　former　set

of　people。　By　saving　a　part　of　it；　as　that　part　is　for　the　sake

of　the　profit　immediately　employed　as　a　capital　either　by　himself

or　by　some　other　person；　the　food；　clothing；　and　lodging；　which

may　be　purchased　with　it；　are　necessarily　reserved　for　the

latter。　The　consumption　is　the　same；　but　the　consumers　are

different。

　　　　　By　what　a　frugal　man　annually　saves；　he　not　only　affords

maintenance　to　an　additional　number　of　productive　hands；　for　that

or　the　ensuing　year；　but；　like　the　founder　of　a　public　workhouse；

he　establishes　as　it　were　a　perpetual　fund　for　the　maintenance　of

an　equal　number　in　all　times　to　come。　The　perpetual　allotment　and

destination　of　this　fund；　indeed；　is　not　always　guarded　by　any

positive　law；　by　any　trust…right　or　deed　of　mortmain。　It　is

always　guarded；　however；　by　a　very　powerful　principle；　the　plain

and　evident　interest　of　every　individual　to　whom　any　share　of　it

shall　ever　belong。　No　part　of　it　can　ever　afterwards　be　employed

to　maintain　any　but　productive　hands　without　an　evident　loss　to

the　person　who　thus　perverts　it　from　its　proper　destination。

　　　　　The　prodigal　perverts　it　in　this　manner。　By　not　confining

his　expense　within　his　income；　he　encroaches　upon　his　capital。

Like　him　who　perverts　the　revenues　of　some　pious　foundation　to

profane　purposes；　he　pays　the　wages　of　idleness　with　those　funds

which　the　frugality　of　his　forefathers　had；　as　it　were；

consecrated　to　the　maintenance　of　industry。　By　diminishing　the

funds　destined　for　the　employment　of　productive　labour；　he

necessarily　diminishes；　so　far　as　it　depends　upon　him；　the

quantity　of　that　labour　which　adds　a　value　to　the　subject　upon

which　it　is　bestowed；　and；　consequently；　the　value　of　the　annual

produce　of　the　land　and　labour　of　the　whole　country；　the　real

wealth　and　revenue　of　its　inhabitants。　If　the　prodigality　of　some

was　not　compensated　by　the　frugality　of　others；　the　conduct　of

every　prodigal；　by　feeding　the　idle　with　the　bread　of　the

industrious；　tends　not　only　to　beggar　himself；　but　to　impoverish

his　country。

　　　　　Though　the　expense　of　the　prodigal　should　be　altogether　in

home…made；　and　no　part　of　it　in　foreign　commodities；　its　effect

upon　the　productive　funds　of　the　society　would　still　be　the　same。

Every　year　there　would　still　be　a　certain　quantity　of　food　and

clothing；　which　ought　to　have　maintained　productive；　employed　in

maintaining　unproductive　hands。　Every　year；　therefore；　there

would　still　be　some　diminution　in　what　would　otherwise　have　been

the　value　of　the　annual　produce　of　the　land　and　labour　of　the

country。

　　　　　This　expense；　it　may　be　said　indeed；　not　being　in　foreign

goods；　and　not　occasioning　any　exportation　of　gold　and　silver；

the　same　quantity　of　money　would　remain　in　the　country　as　before。

But　if　the　quantity　of　food　and　clothing；　which　were　thus

consumed　by　unproductive；　had　been　distributed　among　productive

hands；　they　would　have　reproduced；　together　with　a　profit；　the

full　value　of　their　consumption。　The　same　quantity　of　money　would

in　this　case　equally　have　remained　in　the　country；　and　there

would　besides　have　been　a　reproduction　of　an　equal　value　of

consumable　goods。　There　would　have　been　two　values　instead　of

one。

　　　　　The　same　quantity　of　money；　besides；　cannot　long　remain　in

any　country　in　which　the　value　of　the　annual　produce　diminishes。

The　sole　use　of　money　is　to　circulate　consumable　goods。　By　means

of　it；　provisions；　materials；　and　finished　work；　are　bought　and

sold；　and　distributed　to　their　proper　consumers。　The　quantity　of

money；　therefore；　which　can　be　annually　employed　in　any　country

must　be　determined　by　the　value　of　the　consumable　goods　annually

circulated　within　it。　These　must　consist　either　in　the　immediate

produce　of　the　land　and　labour　of　the　country　itself；　or　in

something　which　had　been；　purchased　with　some　part　of　that

produce。　Their　value；　therefore；　must　diminish　as　the　value　of

that　produce　diminishes；　and　along　with　it　the　quantity　of　money

which　can　be　employed　in　circulating　them。　But　the　money　which　by

this　annual　diminution　of　produce　is　annually　thrown　out　of

domestic　circulation　will　not　be　allowed　to　lie　idle。　The

interest　of　whoever　possesses　it　requires　that　it　should　be

employed。　But　having　no　employment　at　home；　it　will；　in　spite　of

all　laws　and　prohibitions；　be　sent　abroad；　and　employed　in

purchasing　consumable　goods　which　may　be　of　some　use　at　home。　Its

annual　exportation　will　in　this　manner　continue　for　some　time　to

add　something　to　the　annual　consumption　of　the　country　beyond　the

value　of　its　own　annual　produce。　What　in　the　days　of　its

prosperity　had　been　saved　from　that　annual　produce；　and　employed

in　purchasing　gold　and　silver；　will　contribute　for　some　little

time　to　support　its　consumption　in　adversity。　The　exportation　of

gold　and　silver　is；　in　this　case；　not　the　cause；　but　the　effect

of　its　declension；　and　may　even；　for　some　little　time；　alleviate

the　misery　of　that　declension。

　　　　　The　quantity　of　money；　on　the　contrary