CannuTHERS.—O some of the Terms used in Political Economy. 21 
his former determination to invest his wealth. The result of a sudden 
resolve, on the part of one capitalist, to squander, thus appears to be, to 
induce another capitalist to save; on the other hand, a sudden resolve to 
save would in the same way induce an equal expenditure on the part of 
some one else; in either case the working classes are not affected. 
A resolve, to have influence on the community at large, must have been 
made a year beforehand, when it could influence the future supply of 
commodities. 
The word year here means, not a solar, but what may be called a 
manufacturing year; that is, the time which must elapse before the resolve 
on the part of a capitalist to produce any commodity can bear fruit. In 
the case of grain, wool, cotton, and other important agricultural products 
which form the main wealth of the world, it is equal to a solar year; 
however much capitalists may wish to increase the total stock of these, 
they cannot do so before next harvest. For most other things the year is 
shorter ; if more iron or coal is wanted than has been produced, more men 
can be employed in producing it, and the stock thus increased pretty 
quickly. There are, however, many practical difficulties in the way of any 
great and sudden increase of the production of any particular commodity, 
and the manufacturing year is, perhaps, on the average not less than the 
solar. 
To return to our former illustration: When A resolves to employ 
retainers he can do so at once, because his past resolve, which influenced 
production, gave him the food and other necessaries which he could give to 
the labourers to induce them to wait upon him. B could not at once wear 
velvet, because his past resolve was not that velvet should be produced, but 
that commodities suitable for workmen should be. These were produced in 
obedience to his wish, and he can only turn them into velvet by giving them 
to weavers to induce them to produce the velvet for him. If he does pro- 
cure velvet at once, as Mill supposes, he can only do so by taking from 
some one else the share of it, which he had willed to be produced, and by 
giving him in exchange the commodities suitable for workmen, and these 
the workmen would in the end receive. 
In short, a capitalist expends his wealth whenever he gives it to workmen 
to produce any commodity which he will himself consume; it does not 
matter whether the commodity be capable of accumulation, like velvet, or 
incapable, like a song or the services of a footman. The expenditure begins 
when the workman begins to labour. 
He invests his wealth in wages when he gives it to workmen to support 
them while producing commodities which he neither intends to consume 
