﻿Carrwthees. 
  — 
  On 
  some 
  of 
  the 
  Terms 
  itsed 
  in 
  Political 
  Economy, 
  29 
  

  

  honesty 
  of 
  governments 
  is 
  the 
  only 
  reason 
  why 
  gold 
  should 
  not 
  be 
  given 
  up 
  

   as 
  the 
  medium 
  of 
  exchange 
  and 
  bank 
  notes 
  substituted, 
  the 
  number 
  issued 
  

   to 
  be 
  limited 
  in 
  accordance 
  with 
  a 
  fixed 
  and 
  unvarying 
  rule. 
  The 
  whole 
  of 
  

   the 
  enormous 
  expense 
  of 
  gold-mining 
  would 
  be 
  saved 
  to 
  the 
  world 
  and 
  the 
  

   existing 
  stock 
  of 
  gold 
  made 
  available 
  for 
  use 
  in 
  the 
  arts. 
  In 
  any 
  case, 
  

   whether 
  it 
  consists 
  of 
  metal 
  or 
  paper, 
  money 
  has 
  no 
  intrinsic 
  worth, 
  being 
  

   a 
  mere 
  implement 
  to 
  assist 
  in 
  the 
  distribution 
  of 
  wealth. 
  

  

  Im]3lements 
  should 
  also 
  be 
  deducted 
  ; 
  their 
  costHness 
  is 
  not 
  an 
  element 
  

   of 
  prosperity 
  but 
  only 
  an 
  indication 
  of 
  past 
  j)i'ivations. 
  Their 
  efficiency 
  

   does 
  influence 
  production, 
  but 
  cannot 
  be 
  valued 
  in 
  money, 
  as 
  it 
  is 
  the 
  result 
  

   of 
  thought 
  and 
  knowledge, 
  as 
  well 
  as 
  of 
  labour. 
  The 
  engines 
  of 
  one 
  of 
  the 
  

   Cunard 
  steamers 
  of 
  the 
  present 
  day 
  cost 
  no 
  more 
  labour 
  to 
  produce 
  than 
  

   did 
  those 
  of 
  five-and-twenty 
  years 
  ago 
  ; 
  they 
  will, 
  however, 
  develope 
  the 
  

   same 
  horse-power 
  with 
  one-thii'd 
  of 
  the 
  cost 
  of 
  coal 
  and 
  repairs. 
  As 
  far 
  as 
  

   they 
  are 
  concerned 
  the 
  "capital 
  of 
  the 
  country" 
  has 
  trebled, 
  but 
  no 
  indica- 
  

   tion 
  of 
  the 
  increase 
  would 
  appear 
  in 
  a 
  return 
  of 
  the 
  machines 
  in 
  use 
  and 
  

   their 
  cost. 
  

  

  In 
  short, 
  there 
  is 
  no 
  means 
  of 
  comparing 
  the 
  prosperity 
  of 
  two 
  different 
  

   countries 
  or 
  the 
  same 
  country 
  at 
  different 
  times. 
  Present 
  prosperity 
  

   depends 
  on 
  the 
  stock 
  of 
  direct 
  wealth 
  in 
  actual 
  use 
  or 
  stored 
  ready 
  for 
  

   use, 
  and 
  on 
  the 
  number 
  of 
  men, 
  such 
  as 
  actors 
  and 
  singers, 
  employed 
  in 
  

   producing 
  for 
  the 
  immediate 
  gratification 
  of 
  the 
  community 
  enjoyments 
  not 
  

   capable 
  of 
  being 
  stored. 
  Future 
  prosperity 
  depends 
  on 
  the 
  number 
  of 
  men 
  

   who 
  are 
  employed 
  in 
  producing 
  a 
  further 
  stock, 
  and 
  in 
  the 
  efficiency 
  of 
  then' 
  

   labour. 
  The 
  only 
  further 
  requisites 
  are, 
  that 
  the 
  choice 
  of 
  things 
  to 
  be 
  

   produced 
  shall 
  be 
  judicious 
  and 
  their 
  distribution 
  moderately 
  equal. 
  

  

  A 
  large 
  part 
  of 
  capital 
  consists 
  of 
  what 
  is 
  generally 
  called 
  floating 
  

   capital. 
  Its 
  ownership 
  is 
  attested 
  by 
  bank 
  accounts, 
  promissory 
  notes, 
  and 
  

   other 
  acknowledgments 
  of 
  indebtedness. 
  At 
  first 
  sight 
  it 
  would 
  appear 
  that 
  

   this 
  was 
  not 
  included 
  in 
  any 
  of 
  the 
  forms 
  above 
  enumerated, 
  but 
  the 
  

   owners 
  of 
  floating 
  capital 
  really 
  own 
  a 
  share 
  of 
  the 
  Avealth 
  nominally 
  owned 
  

   by 
  those 
  who 
  are 
  indebted 
  to 
  them 
  ; 
  they 
  do 
  not, 
  as 
  is 
  generally 
  supposed, 
  

   own 
  money 
  of 
  which 
  the 
  supply 
  in 
  existence 
  is 
  comparatively 
  small. 
  

  

  It 
  has 
  been 
  assumed 
  tli'-oughout 
  that 
  the 
  owner 
  of 
  capital 
  applies 
  it 
  with 
  

   average 
  skill 
  and 
  energy, 
  in 
  such 
  way 
  as 
  shall 
  give 
  him 
  a 
  right 
  to 
  share 
  in 
  

   the 
  future 
  wealth 
  ; 
  the 
  implement-owner 
  must 
  take 
  care 
  that 
  his 
  machines 
  

   are 
  kept 
  fully 
  employed 
  ; 
  the 
  employer 
  of 
  labour 
  must 
  keep 
  his 
  men 
  to 
  their 
  

   work, 
  and 
  must 
  direct 
  their 
  labour 
  judiciously 
  ; 
  the 
  landlord 
  must 
  find 
  

   tenants 
  or 
  farm 
  the 
  land 
  himself 
  ; 
  the 
  fund-holder 
  has 
  nothing 
  to 
  do 
  but 
  

   to 
  draw 
  his 
  dividends 
  when 
  they 
  become 
  due 
  — 
  his 
  claim 
  is 
  the 
  reward 
  of 
  

  

  