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  Transactions. 
  — 
  Miscellaneous 
  . 
  

  

  exchange 
  ■would 
  take 
  place, 
  the 
  velvet 
  consumer 
  would 
  have 
  manufactured 
  

   the 
  velvet 
  he 
  requu-ed, 
  and 
  the 
  velvet 
  manufacturer 
  would 
  have 
  made 
  the 
  

   commodities 
  for 
  workmen 
  which 
  he 
  required. 
  The 
  essential 
  part 
  of 
  invest- 
  

   ment 
  does 
  not 
  consist 
  in 
  what 
  is 
  actually 
  manufactured 
  by 
  any 
  capitalist, 
  

   but 
  in 
  what 
  he 
  icills 
  shall 
  be 
  manufactured 
  for 
  him, 
  his 
  will 
  being 
  equivalent 
  

   to 
  an 
  order 
  given 
  to 
  the 
  makers. 
  As 
  long, 
  however, 
  as 
  the 
  velvet 
  remains 
  

   in 
  the 
  hands 
  of 
  the 
  maker, 
  he 
  cannot 
  invest 
  it 
  ; 
  he 
  must 
  exchange 
  it 
  for 
  

   other 
  goods, 
  and, 
  when 
  exchanged, 
  it 
  comes 
  into 
  the 
  user's 
  hands, 
  when 
  it 
  

   is 
  of 
  just 
  as 
  httle 
  use 
  to 
  the 
  working 
  classes 
  as 
  the 
  past 
  services 
  of 
  the 
  same 
  

   user's 
  footman. 
  

  

  It 
  would 
  be 
  impossible 
  to 
  adjust 
  the 
  claims 
  of 
  the 
  various 
  capitaUsts 
  

   without 
  the 
  help 
  of 
  a 
  common 
  measure 
  of 
  value, 
  and 
  throughout 
  the 
  world 
  

   gold 
  and 
  silver 
  have 
  been 
  adopted 
  for 
  the 
  purpose. 
  

  

  The 
  capitalist 
  measures 
  his 
  wealth 
  in 
  money 
  ; 
  it 
  is 
  the 
  quantity 
  of 
  gold 
  

   he 
  has, 
  or 
  which 
  at 
  current 
  rates 
  he 
  could 
  get, 
  for 
  the 
  particular 
  thing 
  on 
  

   which 
  his 
  claim 
  to 
  a 
  share 
  of 
  future 
  wealth 
  is 
  founded. 
  The 
  only 
  capitalists 
  

   who 
  help, 
  directly, 
  in 
  producing 
  wealth 
  are 
  those 
  who 
  invest 
  either 
  in 
  wages 
  

   or 
  implements, 
  and 
  the 
  capital 
  of 
  each 
  individual 
  is 
  measured 
  by 
  the 
  

   current 
  price 
  of 
  his 
  implements 
  or 
  of 
  the 
  food 
  and 
  other 
  things 
  which 
  he 
  

   possesses. 
  The 
  money 
  owner, 
  indirectly, 
  facilitates 
  production, 
  and 
  his 
  

   capital 
  is 
  measured 
  by 
  the 
  gold 
  he 
  owns. 
  The 
  landlord 
  and 
  fund-holder 
  do 
  

   nothing 
  towards 
  production, 
  but 
  as 
  they 
  share 
  in 
  the 
  product, 
  their 
  pos- 
  

   sessions 
  have, 
  on 
  that 
  account, 
  exchangeable 
  value 
  and 
  therefore 
  a 
  market 
  

   price. 
  If 
  the 
  money 
  value 
  of 
  the 
  possessions 
  of 
  these 
  five 
  classes 
  of 
  

   capitalists 
  were 
  added 
  together, 
  it 
  would 
  form 
  what 
  might 
  be 
  called 
  the 
  

   capital 
  of 
  the 
  country, 
  if 
  the 
  term 
  were 
  not 
  so 
  likely 
  to 
  suggest 
  other 
  and 
  

   different 
  meanings. 
  The 
  share 
  of 
  the 
  interest 
  fund 
  which 
  any 
  caj)italist 
  

   could 
  apply 
  to 
  his 
  own 
  uses 
  without 
  lessening 
  his 
  future 
  share 
  bears 
  the 
  

   same 
  proportion 
  to 
  the 
  whole 
  that 
  his 
  capital 
  bears 
  to 
  the 
  total 
  capital 
  of 
  

   the 
  country. 
  

  

  The 
  expression 
  " 
  capital 
  of 
  the 
  country 
  " 
  is 
  often 
  used 
  to 
  represent 
  that 
  

   part 
  of 
  the 
  wealth 
  of 
  the 
  community 
  on 
  which 
  its 
  prosperity 
  and 
  well 
  being 
  

   are 
  supposed 
  peculiarly 
  to 
  depend, 
  but 
  as 
  in 
  all 
  other 
  cases 
  in 
  which 
  the 
  

   word 
  capital 
  is 
  used, 
  there 
  is 
  great 
  vagueness 
  as 
  to 
  the 
  meaning 
  which 
  is 
  

   intended 
  to 
  be 
  conveyed. 
  

  

  In 
  estimating 
  its 
  value, 
  the 
  price 
  of 
  land 
  and 
  of 
  the 
  national 
  debt 
  is 
  

   often 
  included, 
  but 
  the 
  interest 
  of 
  these 
  is 
  simply 
  a 
  tax 
  on 
  the 
  community 
  

   at 
  large, 
  and 
  cannot 
  in 
  any 
  sense 
  be 
  said 
  to 
  further 
  the 
  general 
  prosperity. 
  

  

  Money 
  also 
  should 
  not 
  be 
  included. 
  It 
  consists 
  largely, 
  and 
  might 
  

   consist 
  entirely 
  of 
  paper, 
  which 
  costs 
  nothing. 
  Our 
  just 
  distrust 
  of 
  the 
  

  

  