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it。 The price of that labour may indeed make a part of it； as the
workmen so employed may place the whole value of their wages in
their stock reserved for immediate consumption。 But in other
sorts of labour； both the price and the produce go to this stock；
the price to that of the workmen； the produce to that of other
people； whose subsistence； conveniences； and amusements； are
augmented by the labour of those workmen。
The intention of the fixed capital is to increase the
productive powers of labour； or to enable the same number of
labourers to perform a much greater quantity of work。 In a farm
where all the necessary buildings； fences； drains；
communications； etc。； are in the most perfect good order； the
same number of labourers and labouring cattle will raise a much
greater produce than in one of equal extent and equally good
ground； but not furnished with equal conveniencies。 In
manufactures the same number of hands； assisted with the best
machinery； will work up a much greater quantity of goods than
with more imperfect instruments of trade。 The expense which is
properly laid out upon a fixed capital of any kind； is always
repaid with great profit； and increases the annual produce by a
much greater value than that of the support which such
improvements require。 This support； however； still requires a
certain portion of that produce。 A certain quantity of materials；
and the labour of a certain number of workmen； both of which
might have been immediately employed to augment the food；
clothing and lodging； the subsistence and conveniencies of the
society； are thus diverted to another employment； highly
advantageous indeed； but still different from this one。 It is
upon this account that all such improvements in mechanics； as
enable the same number of workmen to perform an equal quantity of
work； with cheaper and simpler machinery than had been usual
before； are always regarded as advantageous to every society。 A
certain quantity of materials； and the labour of a certain number
of workmen； which had before been employed in supporting a more
complex and expensive machinery； can afterwards be applied to
augment the quantity of work which that or any other machinery is
useful only for performing。 The undertaker of some great
manufactory who employs a thousand a year in the maintenance of
his machinery； if he can reduce this expense to five hundred will
naturally employ the other five hundred in purchasing an
additional quantity of materials to be wrought up by an
additional number of workmen。 The quantity of that work；
therefore； which his machinery was useful only for performing；
will naturally be augmented； and with it all the advantage and
conveniency which the society can derive from that work。
The expense of maintaining the fixed capital in a great
country may very properly be compared to that of repairs in a
private estate。 The expense of repairs may frequently be
necessary for supporting the produce of the estate； and
consequently both the gross and the net rent of the landlord。
When by a more proper direction； however； it can be diminished
without occasioning any diminution of produce； the gross rent
remains at least the same as before； and the net rent is
necessarily augmented。
But though the whole expense of maintaining the fixed
capital is thus necessarily excluded from the net revenue of the
society； it is not the same case with that of maintaining the
circulating capital。 Of the four parts of which this latter
capital is composed… money； provisions； materials； and finished
work… the three last； it has already been observed； are regularly
withdrawn from it； and placed either in the fixed capital of the
society； or in their stock reserved for immediate consumption。
Whatever portion of those consumable goods is employed in
maintaining the former； goes all to the latter； and makes a part
of the net revenue of the society。 The maintenance of those three
parts of the circulating capital； therefore； withdraws no portion
of the annual produce from the net revenue of the society；
besides what is necessary for maintaining the fixed capital。
The circulating capital of a society is in this respect
different from that of an individual。 That of an individual is
totally excluded from making any part of his net revenue； which
must consist altogether in his profits。 But though the
circulating capital of every individual makes a part of that of
the society to which he belongs； it is not upon that account
totally excluded from making a part likewise of their net
revenue。 Though the whole goods in a merchant's shop must by no
means be placed in his own stock reserved for immediate
consumption； they may in that of other people； who； from a
revenue derived from other funds； may regularly replace their
value to him； together with its profits； without occasioning any
diminution either of his capital or of theirs。
Money； therefore； is the only part of the circulating
capital of a society； of which the maintenance can occasion any
diminution in their net revenue。
The fixed capital； and that part of the circulating capital
which consists in money； so far as they affect the revenue of the
society； bear a very great resemblance to one another。
First； as those machines and instruments of trade； etc。；
require a certain expense； first to erect them； and afterwards to
support them； both which expenses； though they make a part of the
gross； are deductions from the net revenue of the society； so the
stock of money which circulates in any country must require a
certain expense； first to collect it； and afterwards to support
it； both which expenses； though they make a part of the gross；
are； in the same manner； deductions from the net revenue of the
society。 A certain quantity of very valuable materials； gold and
silver； and of very curious labour； instead of augmenting the
stock reserved for immediate consumption； the subsistence；
conveniencies； and amusements of individuals； is employed in
supporting that great but expensive instrument of commerce； by
means of which every individual in the society has his
subsistence； conveniencies； and amusements regularly distributed
to him in their proper proportions。
Secondly； as the machines and instruments of a trade； etc。；
which compose the fixed capital either of an individual or of a
society； make no part either of the gross or of the net revenue
of either； so money； by means of which the whole revenue of the
society is regularly distributed among all its different members；
makes itself no part of that revenue。 The great wheel of
circulation is altogether different from the goods which are
circulated by means of it。 The revenue of the society consists
altogether in those goods； and not in the wheel which circulates
them。 In computing either the gross or the net revenue of any
society； we must always； from their whole annual circulation of
money and goods； deduct the whole value of the money； of which
not a single farthing can ever make any part of either。
It is the ambiguity of language only which can make this
proposition appear either doubtful or paradoxical。 When properly
explained and understood； it is almost self…evident。
When we talk of any particular sum of money； we sometimes
mean nothing but the metal pieces of which it is composed； and
sometimes we include in our meaning some obscure reference to the
goods which can be had in exchange for it； or to the power of
purchasing which the possession of it conveys。 Thus when we say
that the circulating money of England has been computed at
eighteen millions； we mean only to express the amount of the
metal pieces； which some writers have computed； or rather have
supposed to circulate in that country。 But when we say that a man
is worth fifty or a hundred pounds a year； we mean commonly to
express not only the amount of the metal pieces which are
annually paid to him； but the value of the goods which he can
annually purchase or consume。 We mean commonly to ascertain what
is or ought to be his way of living； or the quantity and quality
of the necessaries and conveniencies of life in which he can with
propriety indulge himself。
When； by any particular sum of money； we mean not only to
express the amount of the metal pieces of which it is composed；
but to include in its signification some obscure reference to the
goods which can be had in exchange for them； the wealth or
revenue which it in this case denotes； is equal only to one of
the two values which are thus intimated somewhat ambiguously by
the same word； and to the latter more properly than to the
former； to the money's worth more properly than to the money。
Thus if a guinea be the weekly pension of a particular
person； he can in the course of the week purchase with it a
certain quantity of subsistence； conveniencies； and amusements。
In proportion as this quantity is great or small； so are his real
riches； his real weekly revenue。 His weekly revenue is certainly
not equa