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make　them。　They　require；　too；　a　capital　of　the　same　kind　to　keep

them　in　constant　repair。

　　　　　No　fixed　capital　can　yield　any　revenue　but　by　means　of　a

circulating　capital。　The　most　useful　machines　and　instruments　of

trade　will　produce　nothing　without　the　circulating　capital　which

affords　the　materials　they　are　employed　upon；　and　the　maintenance

of　the　workmen　who　employ　them。　Land；　however　improved；　will

yield　no　revenue　without　a　circulating　capital；　which　maintains

the　labourers　who　cultivate　and　collect　its　produce。

　　　　　To　maintain　and　augment　the　stock　which　may　be　reserved　for

immediate　consumption　is　the　sole　end　and　purpose　both　of　the

fixed　and　circulating　capitals。　It　is　this　stock　which　feeds；

clothes；　and　lodges　the　people。　Their　riches　or　poverty　depends

upon　the　abundant　or　sparing　supplies　which　those　two　capitals

can　afford　to　the　stock　reserved　for　immediate　consumption。

　　　　　So　great　a　part　of　the　circulating　capital　being　continually

withdrawn　from　it；　in　order　to　be　placed　in　the　other　two

branches　of　the　general　stock　of　the　society；　it　must　in　its　turn

require　continual　supplies；　without　which　it　would　soon　cease　to

exist。　These　supplies　are　principally　drawn　from　three　sources；

the　produce　of　land；　of　mines；　and　of　fisheries。　These　afford

continual　supplies　of　provisions　and　materials；　of　which　part　is

afterwards　wrought　up　into　finished　work；　and　by　which　are

replaced　the　provisions；　materials；　and　finished　work　continually

withdrawn　from　the　circulating　capital。　From　mines；　too；　is　drawn

what　is　necessary　for　maintaining　and　augmenting　that　part　of　it

which　consists　in　money。　For　though；　in　the　ordinary　course　of

business；　this　part　is　not；　like　the　other　three；　necessarily

withdrawn　from　it；　in　order　to　be　placed　in　the　other　two

branches　of　the　general　stock　of　the　society；　it　must；　however；

like　all　other　things；　be　wasted　and　worn　out　at　last；　and

sometimes；　too；　be　either　lost　or　sent　abroad；　and　must；

therefore；　require　continual；　though；　no　doubt；　much　smaller

supplies。

　　　　　Land；　mines；　and　fisheries；　require　all　both　a　fixed　and　a

circulating　capital　to　cultivate　them；　and　their　produce　replaces

with　a　profit；　not　only　those　capitals；　but　all　the　others　in　the

society。　Thus　the　farmer　annually　replaces　to　the　manufacturer

the　provisions　which　he　had　consumed　and　the　materials　which　be

had　wrought　up　the　year　before；　and　the　manufacturer　replaces　to

the　farmer　the　finished　work　which　he　had　wasted　and　worn　out　in

the　same　time。　This　is　the　real　exchange　that　is　annually　made

between　those　two　orders　of　people；　though　it　seldom　happens　that

the　rude　produce　of　the　one　and　the　manufactured　produce　of　the

other；　are　directly　bartered　for　one　another；　because　it　seldom

happens　that　the　farmer　sells　his　corn　and　his　cattle；　his　flax

and　his　wool；　to　the　very　same　person　of　whom　he　chooses　to

purchase　the　clothes；　furniture；　and　instruments　of　trade　which

he　wants。　He　sells；　therefore；　his　rude　produce　for　money；　with

which　he　can　purchase；　wherever　it　is　to　be　had；　the　manufactured

produce　he　has　occasion　for。　Land　even　replaces；　in　part　at

least；　the　capitals　with　which　fisheries　and　mines　are

cultivated。　It　is　the　produce　of　land　which　draws　the　fish　from

the　waters；　and　it　is　the　produce　of　the　surface　of　the　earth

which　extracts　the　minerals　from　its　bowels。

　　　　　The　produce　of　land；　mines；　and　fisheries；　when　their

natural　fertility　is　equal；　is　in　proportion　to　the　extent　and

proper　application　of　the　capitals　employed　about　them。　When　the

capitals　are　equal　and　equally　well　applied；　it　is　in　proportion

to　their　natural　fertility。

　　　　　In　all　countries　where　there　is　tolerable　security；　every

man　of　common　understanding　will　endeavour　to　employ　whatever

stock　he　can　command　in　procuring　either　present　enjoyment　or

future　profit。　If　it　is　employed　in　procuring　present　enjoyment；

it　is　a　stock　reserved　for　immediate　consumption。　If　it　is

employed　in　procuring　future　profit；　it　must　procure　this　profit

either　staying　with　him；　or　by　going　from　him。　In　the　one　case　it

is　fixed；　in　the　other　it　is　a　circulating　capital。　A　man　must　be

perfectly　crazy　who；　where　there　is　tolerable　security；　does　not

employ　all　the　stock　which　he　commands；　whether　be　his　own　or

borrowed　of　other　people；　in　some　one　or　other　of　those　three

ways。

　　　　　In　those　unfortunate　countries；　indeed；　where　men　are

continually　afraid　of　the　violence　of　their　superiors；　they

frequently　bury　and　conceal　a　great　part　of　their　stock；　in　order

to　have　it　always　at　hand　to　carry　with　them　to　some　place　of

safety；　in　case　of　their　being　threatened　with　any　of　those

disasters　to　which　they　consider　themselves　as　at　all　times

exposed。　This　is　said　to　be　a　common　practice　in　Turkey；　in

Indostan；　and；　I　believe；　in　most　other　governments　of　Asia。　It

seems　to　have　been　a　common　practice　among　our　ancestors　during

the　violence　of　the　feudal　government。　Treasure…trove　was　in

those　times　considered　as　no　contemptible　part　of　the　revenue　of

the　greatest　sovereigns　in　Europe。　It　consisted　in　such　treasure

as　was　found　concealed　in　the　earth；　and　to　which　no　particular

person　could　prove　any　right。　This　was　regarded　in　those　times　as

so　important　an　object；　that　it　was　always　considered　as

belonging　to　the　sovereign；　and　neither　to　the　finder　nor　to　the

proprietor　of　the　land；　unless　the　right　to　it　had　been　conveyed

to　the　latter　by　an　express　clause　in　his　charter。　It　was　put

upon　the　same　footing　with　gold　and　silver　mines；　which；　without

a　special　clause　in　the　charter；　were　never　supposed　to　be

comprehended　in　the　general　grant　of　the　lands；　though　mines　of

lead；　copper；　tin；　and　coal　were　as　things　of　smaller

consequence。　



　　　　　　　　　　　　　　　　　　　　　　　　　　　　　CHAPTER　II　



Of　Money　considered　as　a　particular　Branch　of　the　general　Stock

of　the　Society；　or　of　the　Expense　of　maintaining　the　National

Capital　



　　　　　IT　has　been　shown　in　the　first　book；　that　the　price　of　the

greater　part　of　commodities　resolves　itself　into　three　parts；　of

which　one　pays　the　wages　of　the　labour；　another　the　profits　of

the　stock；　and　a　third　the　rent　of　the　land　which　had　been

employed　in　producing　and　bringing　them　to　market：　that　there

are；　indeed；　some　commodities　of　which　the　price　is　made　up　of

two　of　those　parts　only；　the　wages　of　labour；　and　the　profits　of

stock：　and　a　very　few　in　which　it　consists　altogether　in　one；　the

wages　of　labour：　but　that　the　price　of　every　commodity

necessarily　resolves　itself　into　some　one；　or　other；　or　all　of

these　three　parts；　every　part　of　it　which　goes　neither　to　rent

nor　to　wages；　being　necessarily　profit　to　somebody。

　　　　　Since　this　is　the　case；　it　has　been　observed；　with　regard　to

every　particular　commodity；　taken　separately；　it　must　be　so　with

regard　to　all　the　commodities　which　compose　the　whole　annual

produce　of　the　land　and　labour　of　every　country；　taken　complexly。

The　whole　price　or　exchangeable　value　of　that　annual　produce　must

resolve　itself　into　the　same　three　parts；　and　be　parcelled　out

among　the　different　inhabitants　of　the　country；　either　as　the

wages　of　their　labour；　the　profits　of　their　stock；　or　the　rent　of

their　land。

　　　　　But　though　the　whole　value　of　the　annual　produce　of　the　land

and　labour　of　every　country　is　thus　divided　among　and　constitutes

a　revenue　to　its　different　inhabitants；　yet　as　in　the　rent　of　a

private　estate　we　distinguish　between　the　gross　rent　and　the　net

rent；　so　may　we　likewise　in　the　revenue　of　all　the　inhabitants　of

a　great　country。

　　　　　The　gross　rent　of　a　private　estate　comprehends　whatever　is

paid　by　the　farmer；　the　net　rent；　what　remains　free　to　the

landlord；　after　deducting　the　expense　of　management；　of　repairs；

and　all　other　necessary　charges；　or　what；　without　hurting　his

estate；　he　can　afford　to　place　in　his　stock　reserved　for

immediate　consumption；　or　to　spend　upon　his　table；　equipage；　the

ornaments　of　his　house　and　furniture；　his　private　enjoyments　and

amusements。　His　real　wealth　is　in　proportion；　not　to　his　gross；

but　to　his　net　rent。

　　　　　The　gross　revenue　of　all　the　inhabitants　of　a　great　country

comprehends　the　whole　annual　produce　of　their　land　and　labour；

the　net　revenue；　what　remains　free　to　them　after　deducting　the

expense　of　maintaining…　first；　their　fixed；　and；　secondly；　their

circulating　capital；　or　what；　without　encroaching　upon　their

capital；　they　can　place　in　their　stock　reserved　for　immediate

consumption；　or　spend　upon　their　subsistence；　conveniencies；　and

amusements。　Their　real　wealth；　too；　is　in　proportion；　not　to

their　gross；　but　to　their　net　revenue。

　　　　　The　whole　expense　of　maintaining　the　fixed　capital　must

evidently　be　excluded　from　the　net　revenue　of　the　society。

Neither　the　materials　necessary　for　supporting　their　useful

machines　and　instruments　of　trade；　their　profitable　buildings；

etc。；　nor　the　produce　of　the　labour　necessary　for　fashioning

those　materials　into　the　proper　form；　can　ever　make　any　part　of

it。　The　price　of　that　labour　may　indeed　make　a　part　of　it；　as　the

wo