wealbk02-第2章

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between　the　fixed　and　circulating　capitals　employed　in　them。

　　　　　The　capital　of　a　merchant；　for　example；　is　altogether　a

circulating　capital。　He　has　occasion　for　no　machines　or

instruments　of　trade；　unless　his　shop；　or　warehouse；　be

considered　as　such。

　　　　　Some　part　of　the　capital　of　every　master　artificer　or

manufacturer　must　be　fixed　in　the　instruments　of　his　trade。　This

part；　however；　is　very　small　in　some；　and　very　great　in　others。　A

master　tailor　requires　no　other　instruments　of　trade　but　a　parcel

of　needles。　Those　of　the　master　shoemaker　are　a　little；　though

but　a　very　little；　more　expensive。　Those　of　the　weaver　rise　a

good　deal　above　those　of　the　shoemaker。　The　far　greater　part　of

the　capital　of　all　such　master　artificers；　however；　is

circulated；　either　in　the　wages　of　their　workmen；　or　in　the　price

of　their　materials；　and　repaid　with　a　profit　by　the　price　of　the

work。

　　　　　In　other　works　a　much　greater　fixed　capital　is　required。　In

a　great　iron…work；　for　example；　the　furnace　for　melting　the　ore；

the　forge；　the　slitt…mill；　are　instruments　of　trade　which　cannot

be　erected　without　a　very　great　expense。　In　coal…works　and　mines

of　every　kind；　the　machinery　necessary　both　for　drawing　out　the

water　and　for　other　purposes　is　frequently　still　more　expensive。

　　　　　That　part　of　the　capital　of　the　farmer　which　is　employed　in

the　instruments　of　agriculture　is　a　fixed；　that　which　is　employed

in　the　wages　and　maintenance　of　his　labouring　servants；　is　a

circulating　capital。　He　makes　a　profit　of　the　one　by　keeping　it

in　his　own　possession；　and　of　the　other　by　parting　with　it。　The

price　or　value　of　his　labouring　cattle　is　a　fixed　capital　in　the

same　manner　as　that　of　the　instruments　of　husbandry。　Their

maintenance　is　a　circulating　capital　in　the　same　manner　as　that

of　the　labouring　servants。　The　farmer　makes　his　profit　by　keeping

the　labouring　cattle；　and　by　parting　with　their　maintenance。　Both

the　price　and　the　maintenance　of　the　cattle　which　are　brought　in

and　fattened；　not　for　labour；　but　for　sale；　are　a　circulating

capital。　The　farmer　makes　his　profit　by　parting　with　them。　A

flock　of　sheep　or　a　herd　of　cattle　that；　in　a　breeding　country；

is　bought　in；　neither　for　labour；　nor　for　sale；　but　in　order　to

make　a　profit　by　their　wool；　by　their　milk；　and　by　their

increase；　is　a　fixed　capital。　The　profit　is　made　by　keeping　them。

Their　maintenance　is　a　circulating　capital。　The　profit　is　made　by

parting　with　it；　and　it　comes　back　with　both　its　own　profit　and

the　profit　upon　the　whole　price　of　the　cattle；　in　the　price　of

the　wool；　the　milk；　and　the　increase。　The　whole　value　of　the

seed；　too；　is　properly　a　fixed　capital。　Though　it　goes　backwards

and　forwards　between　the　ground　and　the　granary；　it　never　changes

masters；　and　therefore　does　not　properly　circulate。　The　farmer

makes　his　profit；　not　by　its　sale；　but　by　its　increase。

　　　　　The　general　stock　of　any　country　or　society　is　the　same　with

that　of　all　its　inhabitants　or　members；　and　therefore　naturally

divides　itself　into　the　same　three　portions；　each　of　which　has　a

distinct　function　or　office。

　　　　　The　first　is　that　portion　which　is　reserved　for　immediate

consumption；　and　of　which　the　characteristic　is；　that　it　affords

no　revenue　or　profit。　It　consists　in　the　stock　of　food；　clothes；

household　furniture；　etc。；　which　have　been　purchased　by　their

proper　consumers；　but　which　are　not　yet　entirely　consumed。　The

whole　stock　of　mere　dwelling…houses　too；　subsisting　at　any　one

time　in　the　country；　make　a　part　of　this　first　portion。　The　stock

that　is　laid　out　in　a　house；　if　it　is　to　be　the　dwellinghouse　of

the　proprietor；　ceases　from　that　moment　to　serve　in　the　function

of　a　capital；　or　to　afford　any　revenue　to　its　owner。　A

dwellinghouse；　as　such；　contributes　nothing　to　the　revenue　of　its

inhabitant；　and　though　it　is；　no　doubt；　extremely　useful　to　him；

it　is　as　his　clothes　and　household　furniture　are　useful　to　him；

which；　however；　makes　a　part　of　his　expense；　and　not　of　his

revenue。　If　it　is　to　be　let　to　a　tenant　for　rent；　as　the　house

itself　can　produce　nothing；　the　tenant　must　always　pay　the　rent

out　of　some　other　revenue　which　he　derives　either　from　labour；　or

stock；　or　land。　Though　a　house；　therefore；　may　yield　a　revenue　to

its　proprietor；　and　thereby　serve　in　the　function　of　a　capital　to

him；　it　cannot　yield　any　to　the　public；　nor　serve　in　the　function

of　a　capital　to　it；　and　the　revenue　of　the　whole　body　of　the

people　can　never　be　in　the　smallest　degree　increased　by　it。

Clothes；　and　household　furniture；　in　the　same　manner；　sometimes

yield　a　revenue；　and　thereby　serve　in　the　function　of　a　capital

to　particular　persons。　In　countries　where　masquerades　are　common；

it　is　a　trade　to　let　out　masquerade　dresses　for　a　night。

Upholsterers　frequently　let　furniture　by　the　month　or　by　the

year。　Undertakers　let　the　furniture　of　funerals　by　the　day　and　by

the　week。　Many　people　let　furnished　houses；　and　get　a　rent；　not

only　for　the　use　of　the　house；　but　for　that　of　the　furniture。　The

revenue；　however；　which　is　derived　from　such　things　must　always

be　ultimately　drawn　from　some　other　source　of　revenue。　Of　all

parts　of　the　stock；　either　of　an　individual；　or　of　a　society；

reserved　for　immediate　consumption；　what　is　laid　out　in　houses　is

most　slowly　consumed。　A　stock　of　clothes　may　last　several　years：

a　stock　of　furniture　half　a　century　or　a　century：　but　a　stock　of

houses；　well　built　and　properly　taken　care　of；　may　last　many

centuries。　Though　the　period　of　their　total　consumption；　however；

is　more　distant；　they　are　still　as　really　a　stock　reserved　for

immediate　consumption　as　either　clothes　or　household　furniture。

　　　　　The　second　of　the　three　portions　into　which　the　general

stock　of　the　society　divides　itself；　is　the　fixed　capital；　of

which　the　characteristic　is；　that　it　affords　a　revenue　or　profit

without　circulating　or　changing　masters。　It　consists　chiefly　of

the　four　following　articles：

　　　　　First；　of　all　useful　machines　and　instruments　of　trade　which

facilitate　and　abridge　labour：

　　　　　Secondly；　of　all　those　profitable　buildings　which　are　the

means　of　procuring　a　revenue；　not　only　to　their　proprietor　who

lets　them　for　a　rent；　but　to　the　person　who　possesses　them　and

pays　that　rent　for　them；　such　as　shops；　warehouses；　workhouses；

farmhouses；　with　all　their　necessary　buildings；　stables；

granaries；　etc。　These　are　very　different　from　mere　dwelling

houses。　They　are　a　sort　of　instruments　of　trade；　and　may　be

considered　in　the　same　light：

　　　　　Thirdly；　of　the　improvements　of　land；　of　what　has　been

profitably　laid　out　in　clearing；　draining；　enclosing；　manuring；

and　reducing　it　into　the　condition　most　proper　for　tillage　and

culture。　An　improved　farm　may　very　justly　be　regarded　in　the　same

light　as　those　useful　machines　which　facilitate　and　abridge

labour；　and　by　means　of　which　an　equal　circulating　capital　can

afford　a　much　greater　revenue　to　its　employer。　An　improved　farm

is　equally　advantageous　and　more　durable　than　any　of　those

machines；　frequently　requiring　no　other　repairs　than　the　most

profitable　application　of　the　farmer's　capital　employed　in

cultivating　it：

　　　　　Fourthly；　of　the　acquired　and　useful　abilities　of　all　the

inhabitants　or　members　of　the　society。　The　acquisition　of　such

talents；　by　the　maintenance　of　the　acquirer　during　his　education；

study；　or　apprenticeship；　always　costs　a　real　expense；　which　is　a

capital　fixed　and　realized；　as　it　were；　in　his　person。　Those

talents；　as　they　make　a　part　of　his　fortune；　so　do　they　likewise

of　that　of　the　society　to　which　he　belongs。　The　improved

dexterity　of　a　workman　may　be　considered　in　the　same　light　as　a

machine　or　instrument　of　trade　which　facilitates　and　abridges

labour；　and　which；　though　it　costs　a　certain　expense；　repays　that

expense　with　a　profit。

　　　　　The　third　and　last　of　the　three　portions　into　which　the

general　stock　of　the　society　naturally　divides　itself；　is　the

circulating　capital；　of　which　the　characteristic　is；　that　it

affords　a　revenue　only　by　circulating　or　changing　masters。　It　is

composed　likewise