﻿Carruthees. 
  — 
  On 
  some 
  of 
  the 
  Terms 
  used 
  in 
  Political 
  Economi/. 
  23 
  

  

  Capital 
  iu 
  this 
  meaning 
  is 
  of 
  so 
  much 
  importance 
  that 
  some 
  fm-ther 
  

   examination 
  of 
  it 
  is 
  required. 
  

  

  The 
  capitahsts, 
  who 
  are 
  the 
  owners 
  of 
  the 
  whole 
  of 
  the 
  wealth 
  of 
  the 
  

   community, 
  must 
  give 
  some 
  of 
  it 
  to 
  the 
  workmen 
  to 
  induce 
  in 
  them 
  an 
  

   effective 
  wish 
  to 
  produce 
  a 
  further 
  supply 
  ; 
  the 
  wealth 
  so 
  given 
  forms 
  what 
  

   may 
  he 
  called 
  the 
  wages 
  fund. 
  As 
  it 
  is 
  greater 
  or 
  less 
  compared 
  to 
  the 
  

   numbers 
  of 
  the 
  workmen, 
  wages 
  will 
  be 
  high 
  or 
  low. 
  

  

  The 
  wages 
  fund 
  embraces 
  all 
  wealth 
  which 
  is 
  being 
  "expended" 
  (as 
  

   before 
  defined), 
  that 
  is, 
  which 
  is 
  being 
  given 
  to 
  labourers, 
  who 
  are 
  employed 
  

   iu 
  producing 
  something 
  which 
  the 
  capitalist 
  will 
  himself 
  consume 
  ; 
  as 
  

   well 
  as 
  that 
  which 
  is 
  being 
  "invested." 
  The 
  ]pi"esent 
  prosperity 
  of 
  the 
  

   labourer 
  depends 
  on 
  it 
  alone 
  ; 
  but 
  that 
  prosperity 
  will 
  only 
  last 
  the 
  year, 
  

   unless 
  the 
  "invested 
  fund" 
  forms 
  a 
  large 
  proportion 
  of 
  the 
  total 
  wages 
  

   fund. 
  Next 
  year's 
  prosperity 
  depends 
  on 
  the 
  "invested 
  fund," 
  which 
  will 
  

   produce 
  the 
  wages 
  fund 
  of 
  next 
  year, 
  since 
  the 
  capitalists 
  have 
  placed 
  all 
  

   that 
  it 
  is 
  instrumental 
  in 
  producing 
  beyond 
  their 
  own 
  reach, 
  in 
  so 
  far 
  as 
  

   they 
  have 
  willed 
  that 
  it 
  shall 
  be 
  in 
  the 
  form 
  of 
  those 
  commodities 
  which 
  

   workmen 
  generally 
  use. 
  Future 
  prosperity 
  will 
  depend 
  on 
  the 
  future 
  actions 
  

   of 
  the 
  capitalists 
  ; 
  if 
  they 
  resolve 
  to 
  expend 
  their 
  wealth 
  for 
  theii- 
  own 
  

   gratification, 
  the 
  labouring 
  classes 
  will 
  not 
  suffer 
  during 
  the 
  following 
  

   year, 
  as 
  they 
  will 
  then 
  be 
  as 
  fully 
  paid 
  for 
  producing 
  commodities 
  for 
  the 
  

   capitalists' 
  use 
  as 
  they 
  had 
  been 
  before. 
  Then- 
  privations 
  will 
  not 
  begin 
  

   until 
  the 
  second 
  year, 
  when 
  the 
  capitalists 
  will 
  keep 
  for 
  themselves 
  all 
  the 
  

   wealth 
  produced 
  by 
  last 
  year's 
  labour. 
  

  

  If 
  an 
  individual 
  capitahst 
  is 
  content 
  not 
  to 
  consume 
  a 
  larger 
  proportion 
  

   of 
  his 
  share 
  of 
  the 
  common 
  wealth 
  than 
  the 
  average 
  of 
  his 
  fellows, 
  he 
  will 
  

   be 
  able 
  to 
  enjoy 
  that 
  proportion 
  every 
  year, 
  and 
  still 
  keep 
  good 
  his 
  claim 
  to 
  

   the 
  proportion 
  of 
  the 
  whole 
  year's 
  produce 
  to 
  which 
  he 
  was 
  originally 
  

   entitled. 
  The 
  part 
  he 
  consumes 
  is 
  often 
  called 
  the 
  interest 
  on 
  his 
  

   capital, 
  and 
  the 
  part 
  he 
  invests, 
  capital. 
  By 
  a 
  false 
  analogy, 
  it 
  is 
  generally 
  

   supposed 
  that 
  the 
  wealth 
  of 
  the 
  whole 
  community 
  is 
  also 
  divided 
  into 
  

   capital 
  and 
  interest, 
  and 
  that 
  if 
  the 
  community 
  consumes 
  more 
  than 
  its 
  

   interest 
  it 
  encroaches 
  on 
  its 
  capital, 
  and 
  is 
  on 
  the 
  downward 
  road 
  to 
  

   ruin. 
  An 
  article 
  lately 
  appeared 
  in 
  the 
  London 
  Times, 
  which 
  argued 
  from 
  

   some 
  manipulation 
  of 
  that 
  bugbear 
  of 
  pohtical 
  economists, 
  the 
  returns 
  of 
  

   exports 
  and 
  imports, 
  that 
  England 
  was 
  " 
  expending 
  its 
  capital," 
  and, 
  hke 
  a 
  

   spendthrift 
  squire, 
  would 
  soon 
  be 
  ruined 
  unless 
  she 
  retrenched. 
  Euin 
  to 
  

   the 
  squire 
  would 
  mean 
  that 
  in 
  future 
  the 
  poor 
  fellow 
  would 
  have 
  to 
  work 
  

   for 
  his 
  living, 
  and 
  it 
  would 
  be 
  hard 
  to 
  say 
  when 
  England 
  was 
  not 
  in 
  that 
  

   unhappy 
  state. 
  

  

  