268 ADAM SMITH. 



mer, can lay claim to the quality of actually adding to the 

 stock already in existence: man never creates; he only 

 modifies the mass of matter previously in his possession. 

 But, next, the class alluded to does actually, like the class 

 termed unproductive, realize its labour in an additional value 

 conferred upon the stock formerly existing. The only 

 difference is, that instead of working upon detached por- 

 tions, this class operates upon the stock of the community 

 in general. Thus, the soldier renders every portion of the 

 stock more valuable by securing the whole from plunder ; 

 and the judge, by securing the whole from injury. Dr. 

 Smith would allow that man to be a productive labourer 

 who should manufacture bolts and bars for the defence of 

 property. Is not he also, then, a productive labourer, who 

 protects property in the mass, and adds to every portion of 

 it the quality of being secure ? In like manner, those who 

 increase the enjoyments of society, add a value to the stock 

 previously existing ; they furnish new equivalents for which 

 it may be exchanged ; they render the stock worth more, i.e., 

 exchangeable for more capable of commanding more enjoy- 

 ments than it formerly could command. The stock of the 

 community is either that part which is consumed by the 

 producer, or that part which he exchanges for some object 

 of desire. Were there nothing for which to exchange the 

 latter portion, it would soon cease to be produced. Hence 

 the labour that augments the sum of the enjoyments and 

 objects of desire for which this portion may be exchanged, 

 is indirectly beneficial to production. But if this portion 

 destined to be exchanged, is already in existence, the labour 

 which is supported by it, and which returns an equivalent 

 to the former owner by the new enjoyments that it yields 

 him, must be allowed to add a value directly to the ex- 

 changeable part of the stock. 



It appears peculiarly inconsistent in Dr. Smith to deny 

 that labour can add to value by its general operation on the 

 stock of the community, and on the fund of equivalents, 

 when we find him frequently reckoning things by other 

 than physical means, measuring them by other standards 

 than actual bulk and quantity nay, counting their price 

 in money when no money can be exchanged for them. He 

 approaches often nearer than any assignable distance to the 



