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it can be fit for use and consumption； it either would never be
produced； because there could be no demand for it； or if it was
produced spontaneously； it would be of no value in exchange； and
could add nothing to the wealth of the society。
Unless a capital was employed in transporting either the
rude or manufactured produce from the places where it abounds to
those where it is wanted； no more of either could be produced
than was necessary for the consumption of the neighbourhood。 The
capital of the merchant exchanges the surplus produce of one
place for that of another； and thus encourages the industry and
increases the enjoyments of both。
Unless a capital was employed in breaking and dividing
certain portions either of the rude or manufactured produce into
such small parcels as suit the occasional demands of those who
want them； every man would be obliged to purchase a greater
quantity of the goods he wanted than his immediate occasions
required。 If there was no such trade as a butcher； for example；
every man would be obliged to purchase a whole ox or a whole
sheep at a time。 This would generally be inconvenient to the
rich； and much more so to the poor。 If a poor workman was obliged
to purchase a month's or six months' provisions at a time； a
great part of the stock which he employs as a capital in the
instruments of his trade； or in the furniture of his shop； and
which yields him a revenue。 he would be forced to place in that
part of his stock which is reserved for immediate consumption；
and which yields him no revenue。 Nothing can be more convenient
for such a person than to be able to purchase his subsistence
from day to day； or even from hour to hour； as he wants it。 He is
thereby enabled to employ almost his whole stock as a capital。 He
is thus enabled to furnish work to a greater value； and the
profit； which he makes by it in this way； much more than
compensates the additional price which the profit of the retailer
imposes upon the goods。 The prejudices of some political writers
against shopkeepers and tradesmen are altogether without
foundation。 So far is it from being necessary either to tax them
or to restrict their numbers that they can never be multiplied so
as to hurt the public； though they may so as to hurt one another。
The quantity of grocery goods； for example； which can be sold in
a particular town is limited by the demand of that town and its
neighbourhood。 The capital； therefore； which can be employed in
the grocery trade cannot exceed what is sufficient to purchase
that quantity。 If this capital is divided between two different
grocers； their competition will tend to make both of them sell
cheaper than if it were in the hands of one only； and if it were
divided among twenty； their competition would be just so much the
greater； and the chance of their combining together； in order to
raise the price； just so much the less。 Their competition might
perhaps ruin some of themselves； but to take care of this is the
business of the parties concerned； and it may safely be trusted
to their discretion。 It can never hurt either the consumer or the
producer； on the contrary； it must tend to make the retailers
both sell cheaper and buy dearer than if the whole trade was
monopolized by one or two persons。 Some of them； perhaps； may
sometimes decoy a weak customer to buy what he has no occasion
for。 This evil； however； is of too little importance to deserve
the public attention； nor would it necessarily be prevented by
restricting their numbers。 It is not the multitude of ale…houses；
to give the most suspicious example； that occasions a general
disposition to drunkenness among the common people； but that
disposition arising from other causes necessarily gives
employment to a multitude of ale…houses。
The persons whose capitals are employed in any of those four
ways are themselves productive labourers。 Their labour； when
properly directed； fixes and realizes itself in the subject or
vendible commodity upon which it is bestowed； and generally adds
to its price the value at least of their own maintenance and
consumption。 The profits of the farmer； of the manufacturer； of
the merchant； and retailer； are all drawn from the price of the
goods which the two first produce； and the two last buy and sell。
Equal capitals； however； employed in each of those four different
ways； will immediately put into motion very different quantities
of productive labour； and augment； too； in very different
proportions the value of the annual produce of the land and
labour of the society to which they belong。
The capital of the retailer replaces； together with its
profits； that of the merchant of whom he purchases goods； and
thereby enables him to continue his business。 The retailer
himself is the only productive labourer whom it immediately
employs。 In his profits consists the whole value which its
employment adds to the annual produce of the land and labour of
the society。
The capital of the wholesale merchant replaces； together
with their profits； the capitals of the farmers and manufacturers
of whom he purchases the rude and manufactured produce which he
deals in； and thereby enables them to continue their respective
trades。 It is by this service chiefly that he contributes
indirectly to support the productive labour of the society； and
to increase the value of its annual produce。 His capital employs；
too； the sailors and carriers who transport his goods from one
place to another； and it augments the price of those goods by the
value； not only of his profits； but of their wages。 This is all
the productive labour which it immediately puts into motion； and
all the value which it immediately adds to the annual produce。
Its operation in both these respects is a good deal superior to
that of the capital of the retailer。
Part of the capital of the master manufacturer is employed
as a fixed capital in the instruments of his trade； and replaces；
together with its profits； that of some other artificer of whom
he purchases them。 Part of his circulating capital is employed in
purchasing materials； and replaces； with their profits； the
capitals of the farmers and miners of whom he purchases them。 But
a great part of it is always； either annually； or in a much
shorter period； distributed among the different workmen whom he
employs。 It augments the value of those materials by their wages；
and by their matters' profits upon the whole stock of wages；
materials； and instruments of trade employed in the business。 It
puts immediately into motion； therefore； a much greater quantity
of productive labour； and adds a much greater value to the annual
produce of the land and labour of the society than an equal
capital in the hands of any wholesale merchant。
No equal capital puts into motion a greater quantity of
productive labour than that of the farmer。 Not only his labouring
servants； but his labouring cattle； are productive labourers。 In
agriculture； too； nature labours along with man； and though her
labour costs no expense； its produce has its value； as well as
that of the most expensive workmen。 The most important operations
of agriculture seem intended not so much to increase； though they
do that too； as to direct the fertility of nature towards the
production of the plants most profitable to man。 A field
overgrown with briars and brambles may frequently produce as
great a quantity of vegetables as the best cultivated vineyard or
corn field。 Planting and tillage frequently regulate more than
they animate the active fertility of nature； and after all their
labour； a great part of the work always remains to be done by
her。 The labourers and labouring cattle； therefore； employed in
agriculture； not only occasion； like the workmen in manufactures；
the reproduction of a value equal to their own consumption； or to
the capital which employs them； together with its owners'
profits； but of a much greater value。 Over and above the capital
of the farmer and all its profits； they regularly occasion the
reproduction of the rent of the landlord。 This rent may be
considered as the produce of those powers of nature； the use of
which the landlord lends to the farmer。 It is greater or smaller
according to the supposed extent of those powers； or in other
words； according to the supposed natural or improved fertility of
the land。 It is the work of nature which remains after deducting
or compensating everything which can be regarded as the work of
man。 It is seldom less than a fourth； and frequently more than a
third of the whole produce。 No equal quantity of productive
labour employed in manufactures can ever occasion so great a
reproduction。 In them nature does nothing； man does all； and the
reproduction must always be in proportion to the strength of the
agents that occasion it。 The capital employed in agriculture；
therefore； not only puts into motion a greater quantity of
productive labour than any equal capital employed in
manufactures； but in proportion； too； to the qua