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country； but upon the richness or poverty of the mines； which
happen at any particular time to supply the great market of the
commercial world with those metals。 It depends upon the
proportion between the quantity of labour which is necessary in
order to bring a certain quantity of gold and silver to market；
and that which is necessary in order to bring thither a certain
quantity of any other sort of goods。
If bankers are restrained from issuing any circulating bank
notes； or notes payable to the bearer； for less than a certain
sum； and if they are subjected to the obligation of an immediate
and unconditional payment of such bank notes as soon as
presented； their trade may； with safety to the public； be
rendered in all other respects perfectly free。 The late
multiplication of banking companies in both parts of the United
Kingdom； an event by which many people have been much alarmed；
instead of diminishing； increases the security of the public。 It
obliges all of them to be more circumspect in their conduct； and；
by not extending their currency beyond its due proportion to
their cash； to guard themselves against those malicious runs
which the rivalship of so many competitors is always ready to
bring upon them。 It restrains the circulation of each particular
company within a narrower circle； and reduces their circulating
notes to a smaller number。 By dividing the whole circulation into
a greater number of parts； the failure of any one company； an
accident which； in the course of things； must sometimes happen；
becomes of less consequence to the public。 This free competition；
too； obliges all bankers to be more liberal in their dealings
with their customers； lest their rivals should carry them away。
In general； if any branch of trade； or any division of labour； be
advantageous to the public； the freer and more general the
competition； it will always be the more so。
CHAPTER III
Of the Accumulation of Capital； or of Productive and Unproductive
Labour
THERE is one sort of labour which adds to the value of the
subject upon which it is bestowed： there is another which has no
such effect。 The former； as it produces a value； may be called
productive； the latter； unproductive labour。 Thus the labour of a
manufacturer adds； generally； to the value of the materials which
he works upon； that of his own maintenance； and of his master's
profit。 The labour of a menial servant； on the contrary； adds to
the value of nothing。 Though the manufacturer has his wages
advanced to him by his master； he； in reality； costs him no
expense； the value of those wages being generally restored；
together with a profit； in the improved value of the subject upon
which his labour is bestowed。 But the maintenance of a menial
servant never is restored。 A man grows rich by employing a
multitude of manufacturers： he grows poor by maintaining a
multitude of menial servants。 The labour of the latter； however；
has its value； and deserves its reward as well as that of the
former。 But the labour of the manufacturer fixes and realizes
itself in some particular subject or vendible commodity； which
lasts for some time at least after that labour is past。 It is； as
it were； a certain quantity of labour stocked and stored up to be
employed； if necessary； upon some other occasion。 That subject；
or what is the same thing； the price of that subject； can
afterwards； if necessary； put into motion a quantity of labour
equal to that which had originally produced it。 The labour of the
menial servant； on the contrary； does not fix or realize itself
in any particular subject or vendible commodity。 His services
generally perish in the very instant of their performance； and
seldom leave any trace or value behind them for which an equal
quantity of service could afterwards be procured。
The labour of some of the most respectable orders in the
society is； like that of menial servants； unproductive of any
value； and does not fix or realize itself in any permanent
subject； or vendible commodity； which endures after that labour
is past； and for which an equal quantity of labour could
afterwards be procured。 The sovereign； for example； with all the
officers both of justice and war who serve under him； the whole
army and navy； are unproductive labourers。 They are the servants
of the public； and are maintained by a part of the annual produce
of the industry of other people。 Their service； how honourable；
how useful； or how necessary soever； produces nothing for which
an equal quantity of service can afterwards be procured。 The
protection； security； and defence of the commonwealth； the effect
of their labour this year will not purchase its protection；
security； and defence for the year to come。 In the same class
must be ranked； some both of the gravest and most important； and
some of the most frivolous professions： churchmen； lawyers；
physicians； men of letters of all kinds； players； buffoons；
musicians； opera…singers； opera…dancers； etc。 The labour of the
meanest of these has a certain value； regulated by the very same
principles which regulate that of every other sort of labour； and
that of the n oblest and most useful； 50 produces nothing which
could afterwards purchase or procure an equal quantity of labour。
Like the declamation of the actor； the harangue of the orator； or
the tune of the musician； the work of all of them perishes in the
very instant of its production。
Both productive and unproductive labourers； and those who do
not labour at all； are all equally maintained by the annual
produce of the land and labour of the country。 This produce； how
great soever； can never be infinite； but must have certain
limits。 According； therefore； as a smaller or greater proportion
of it is in any one year employed in maintaining unproductive
hands； the more in the one case and the less in the other will
remain for the productive； and the next year's produce will be
greater or smaller accordingly； the whole annual produce； if we
except the spontaneous productions of the earth； being the effect
of productive labour。
Though the whole annual produce of the land and labour of
every country is； no doubt； ultimately destined for supplying the
consumption of its inhabitants； and for procuring a revenue to
them； yet when it first comes either from the ground； or from the
hands of the productive labourers； it naturally divides itself
into two parts。 One of them； and frequently the largest； is； in
the first place； destined for replacing a capital； or for
renewing the provisions； materials； and finished work； which had
been withdrawn from a capital； the other for constituting a
revenue either to the owner of this capital； as the profit of his
stock； or to some other person； as the rent of his land。 Thus； of
the produce of land； one part replaces the capital of the farmer；
the other pays his profit and the rent of the landlord； and thus
constitutes a revenue both to the owner of this capital； as the
profits of his stock； and to some other person； as the rent of
his land。 Of the produce of a great manufactory； in the same
manner； one part； and that always the largest； replaces the
capital of the undertaker of the work； the other pays his profit；
and thus constitutes a revenue to the owner of this capital。
That part of the annual produce of the land and labour of
any country which replaces a capital never is immediately
employed to maintain any but productive hands。 It pays the wages
of productive labour only。 That which is immediately destined for
constituting a revenue； either as profit or as rent； may maintain
indifferently either productive or unproductive hands。
Whatever part of his stock a man employs as a capital； he
always expects is to be replaced to him with a profit。 He employs
it； therefore； in maintaining productive bands only； and after
having served in the function of a capital to him； it constitutes
a revenue to them。 Whenever he employs any part of it in
maintaining unproductive hands of any kind； that part is； from
that moment； withdrawn from his capital； and placed in his stock
reserved for immediate consumption。
Unproductive labourers； and those who do not labour at all；
are all maintained by revenue； either； first； by that part of the
annual produce which is originally destined for constituting a
revenue to some particular persons； either as the rent of land or
as the profits of stock； or； secondly； by that part which； though
originally destined for replacing a capital and for maintaining
productive labourers only； yet when it comes into their hands
whatever part of it is over and above their necessary subsistence
may be employed in maintaining indifferently either productive or
unproductive hands。 Thus； not only the great landlord or the rich
merchant； but even the common workman； if his wages are
considerable； may maintain a menial servant； or he may sometimes
go to a play or a puppetshow； and so contribute his share towards
maintaining one set