wealbk02-第3章

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

composed　likewise　of　four　parts：

　　　　　First；　of　the　money　by　means　of　which　all　the　other　three

are　circulated　and　distributed　to　their　proper　consumers：

　　　　　Secondly；　of　the　stock　of　provisions　which　are　in　the

possession　of　the　butcher；　the　grazier；　the　farmer；　the

corn…merchant；　the　brewer；　etc。；　and　from　the　sale　of　which　they

expect　to　derive　a　profit：

　　　　　Thirdly；　of　the　materials；　whether　altogether　rude；　or　more

or　less　manufactured；　of　clothes；　furniture；　and　building；　which

are　not　yet　made　up　into　any　of　those　three　shapes；　but　which

remain　in　the　hands　of　the　growers；　the　manufacturers；　the

mercers　and　drapers；　the　timber　merchants；　the　carpenters　and

joiners；　the　brickmakers；　etc。

　　　　　Fourthly；　and　lastly；　of　the　work　which　is　made　up　and

completed；　but　which　is　still　in　the　hands　of　the　merchant　or

manufacturer；　and　not　yet　disposed　of　or　distributed　to　the

proper　consumers；　such　as　the　finished　work　which　we　frequently

find　ready…made　in　the　shops　of　the　smith；　the　cabinet…maker；　the

goldsmith；　the　jeweller；　the　china…merchant；　etc。　The　circulating

capital　consists　in　this　manner；　of　the　provisions；　materials；

and　finished　work　of　all　kinds　that　are　in　the　hands　of　their

respective　dealers；　and　of　the　money　that　is　necessary　for

circulating　and　distributing　them　to　those　who　are　finally　to　use

or　to　consume　them。

　　　　　Of　these　four　parts；　three…　provisions；　materials；　and

finished　work…　are；　either　annually；　or　in　a　longer　or　shorter

period；　regularly　withdrawn　from　it；　and　placed　either　in　the

fixed　capital　or　in　the　stock　reserved　for　immediate　consumption。

　　　　　Every　fixed　capital　is　both　originally　derived　from；　and

requires　to　be　continually　supported　by　a　circulating　capital。

All　useful　machines　and　instruments　of　trade　are　originally

derived　from　a　circulating　capital；　which　furnishes　the　materials

of　which　they　are　made；　and　the　maintenance　of　the　workmen　who

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