﻿22 
  Transactions.— 
  Miscellaneous. 
  

  

  uor 
  to 
  exchange 
  for 
  others 
  which 
  ho 
  will 
  consume. 
  He 
  intends 
  that 
  the 
  

   work 
  produced 
  shall 
  he 
  consumed 
  by 
  the 
  workmen 
  themselves, 
  and 
  it 
  

   must 
  therefore 
  be 
  of 
  such 
  description 
  as 
  workmen 
  generally 
  use. 
  The 
  

   wealth 
  so 
  given 
  to 
  the 
  labourers 
  may 
  be 
  called 
  the 
  " 
  invested 
  fund." 
  

  

  He 
  " 
  invests 
  his 
  tcealth 
  in 
  imijlements'" 
  when 
  he 
  induces 
  labourers 
  to 
  make 
  

   them. 
  It 
  is 
  absolutely 
  necessary 
  that 
  implements 
  shall 
  be 
  made, 
  and 
  it 
  

   would 
  therefore 
  be 
  absurd 
  to 
  say 
  that 
  it 
  is 
  any 
  special 
  hardship 
  for 
  the 
  

   workmen 
  to 
  be 
  obliged 
  to 
  produce 
  them 
  ; 
  but 
  there 
  is 
  a 
  good 
  deal 
  of 
  analogy 
  

   between 
  wealth 
  expended, 
  and 
  wealth 
  invested 
  in 
  implements. 
  In 
  both 
  

   cases 
  the 
  capitalist 
  becomes 
  the 
  owner 
  of 
  the 
  product 
  of 
  the 
  labour, 
  and 
  

   the 
  workman 
  does 
  not, 
  as 
  in 
  the 
  case 
  of 
  invested 
  wealth, 
  get 
  any 
  direct 
  

   benefit 
  from 
  it. 
  

  

  He 
  exchanges 
  his 
  wealth 
  when 
  he 
  gives 
  a 
  commodity, 
  or 
  a 
  valid 
  certificate 
  

   of 
  a 
  right 
  to 
  a 
  share 
  of 
  the 
  common 
  wealth, 
  such 
  as 
  cash, 
  mortgage, 
  book 
  

   debt, 
  or 
  bank 
  credit, 
  in 
  exchange 
  for 
  another. 
  This 
  form 
  of 
  transaction 
  is 
  

   generally 
  looked 
  upon 
  as 
  most 
  important, 
  but 
  to 
  the 
  community 
  at 
  large 
  

   it 
  matters 
  very 
  little 
  whether 
  A 
  owns 
  a 
  ship 
  and 
  B 
  a 
  farm, 
  or 
  B 
  the 
  ship 
  

   and 
  A 
  the 
  farm. 
  

  

  Mill 
  (Book 
  I., 
  chap, 
  v., 
  sec. 
  9) 
  speaks 
  of 
  a 
  capitalist 
  "expending 
  his 
  

   income 
  in 
  buying 
  velvet 
  or 
  lace," 
  as 
  if 
  this 
  were 
  the 
  same 
  as 
  expending 
  his 
  

   income 
  in 
  producing 
  it. 
  The 
  confusion 
  between 
  the 
  two 
  expressions 
  has 
  

   grievously 
  misled 
  him. 
  The 
  mere 
  exchange 
  of 
  gold 
  for 
  velvet 
  is 
  of 
  not 
  the 
  

   slightest 
  importance 
  to 
  the 
  community. 
  A 
  owned 
  gold 
  and 
  B 
  velvet 
  ; 
  they 
  

   make 
  an 
  exchange, 
  and 
  B 
  then 
  owns 
  gold 
  and 
  A 
  velvet. 
  No 
  one 
  is 
  in 
  the 
  

   least 
  influenced 
  except 
  themselves. 
  If 
  A 
  j^roduces 
  gold, 
  or 
  B 
  velvet, 
  for 
  his 
  

   own 
  use, 
  he 
  applies 
  the 
  labour 
  of 
  the 
  community 
  to 
  his 
  personal 
  advantage 
  ; 
  

   if 
  he 
  is 
  a 
  mere 
  agent, 
  and 
  C 
  or 
  D 
  is 
  the 
  real 
  user, 
  then 
  C 
  or 
  D 
  gets 
  the 
  

   benefit, 
  and 
  expends 
  his 
  wealth 
  in 
  producing 
  the 
  velvet. 
  

  

  The 
  foregoing 
  examination 
  shov/s 
  that 
  Mill 
  does 
  not 
  use 
  the 
  word 
  

   capital 
  in 
  any 
  one 
  fixed 
  sense, 
  but 
  glides 
  almost 
  imperceptibly 
  from 
  one 
  

   meaning 
  to 
  another. 
  It 
  is 
  not, 
  when 
  used 
  with 
  any 
  meaning 
  he 
  gives 
  to 
  it, 
  

   a 
  requisite 
  of 
  the 
  production 
  of 
  wealth 
  ; 
  these 
  are 
  labourers 
  and 
  implements 
  

   only. 
  

  

  Its 
  common 
  meaning 
  is 
  that 
  in 
  which 
  I 
  have 
  used 
  it 
  — 
  the 
  share 
  of 
  the 
  

   direct 
  wealth 
  produced 
  by 
  the 
  labour 
  of 
  the 
  community, 
  to 
  which 
  any 
  

   capitalist 
  can 
  make 
  a 
  valid 
  claim. 
  The 
  owner 
  of 
  implements, 
  cash, 
  mort- 
  

   gages, 
  or 
  any 
  other 
  form 
  of 
  acknowledgment 
  of 
  indebtedness, 
  is 
  called 
  a 
  

   capitalist, 
  because 
  by 
  means 
  of 
  these 
  he 
  can 
  make 
  good 
  a 
  claim 
  on 
  the 
  

   common 
  stock 
  of 
  direct 
  wealth, 
  and 
  not 
  because 
  he 
  owns 
  the 
  things 
  them- 
  

   selves 
  which 
  are 
  not 
  directly 
  useful 
  to 
  him 
  or 
  to 
  anyone 
  else. 
  

  

  