﻿Caeeutheks. 
  — 
  0)1 
  some 
  of 
  the 
  Terms 
  used 
  in 
  Political 
  Economy. 
  7 
  

  

  absurdity 
  goes 
  even 
  one 
  step 
  further; 
  the 
  steam-engine 
  is 
  circulating 
  

   capital 
  when 
  it 
  is 
  still 
  in 
  the 
  hands 
  of 
  the 
  maker 
  — 
  at 
  least 
  I 
  think 
  Mill's 
  

   definition 
  would 
  so 
  classify 
  it. 
  When 
  it 
  is 
  in 
  the 
  hands 
  of 
  the 
  user 
  and 
  in 
  

   full 
  work 
  it 
  is 
  clearly 
  fixed 
  capital, 
  and 
  therefore 
  less 
  productive 
  than 
  before 
  

   it 
  came 
  into 
  use. 
  

  

  These 
  illustrations 
  show 
  how 
  needless, 
  or 
  even 
  mischievous, 
  is 
  the 
  usual 
  

   subdivision 
  of 
  wealth 
  into 
  fixed 
  and 
  cu'culating 
  capital. 
  The 
  division 
  I 
  

   have 
  indicated 
  of 
  direct 
  wealth 
  and 
  implements 
  is, 
  however, 
  natural 
  and 
  

   essential 
  to 
  an 
  intelhgent 
  study 
  of 
  the 
  laws 
  which 
  govern 
  the 
  production 
  of 
  

   wealth. 
  

  

  The 
  sacrifice 
  which 
  is 
  always 
  made 
  when 
  labour, 
  which 
  would 
  otherwise 
  

   have 
  been 
  applied 
  to 
  the 
  production 
  of 
  direct 
  wealth, 
  is 
  applied 
  to 
  the 
  pro- 
  

   duction 
  of 
  implements, 
  is 
  made 
  by 
  the 
  labouring 
  classes. 
  The 
  whole 
  wealth 
  

   of 
  the 
  community 
  belongs 
  to 
  part 
  only 
  of 
  the 
  individuals 
  composing 
  it. 
  

   They 
  apply 
  a 
  portion 
  of 
  their 
  wealth 
  to 
  their 
  own 
  use, 
  the 
  rest 
  they 
  give 
  to 
  

   labourers 
  to 
  induce 
  them 
  to 
  work 
  for 
  them. 
  The 
  reasons 
  which 
  induce 
  

   them 
  to 
  employ 
  part 
  of 
  their 
  wealth 
  in 
  this 
  manner, 
  are 
  not 
  influencsd 
  by 
  

   a 
  resolve 
  on 
  the 
  part 
  of 
  one 
  of 
  their 
  number 
  to 
  produce 
  new 
  implements. 
  

   "When, 
  therefore, 
  new 
  implements 
  are 
  made, 
  cajoitalists 
  do 
  not 
  take 
  men 
  

   away 
  from 
  the 
  production 
  of 
  those 
  commodities 
  which 
  they 
  intend 
  to 
  use 
  

   themselves 
  ; 
  in 
  other 
  words, 
  they 
  do 
  not 
  lessen 
  their 
  own 
  personal 
  expendi- 
  

   ture. 
  They 
  take 
  men 
  who 
  would 
  otherwise 
  be 
  engaged 
  in 
  producing 
  com- 
  

   modities 
  for 
  the 
  labourers, 
  and, 
  of 
  course, 
  less 
  of 
  those 
  commodities 
  are 
  

   produced. 
  This 
  less 
  quantity 
  becomes 
  the 
  total 
  fund 
  to 
  be 
  divided 
  between 
  

   the 
  labourers 
  as 
  wages. 
  The 
  owners 
  of 
  wealth 
  as 
  a 
  body, 
  without 
  any 
  

   personal 
  sacrifice, 
  become 
  the 
  owners 
  of 
  the 
  implement 
  ; 
  the 
  sacrifice 
  is 
  

   made 
  by 
  the 
  labourers 
  alone 
  and 
  at 
  once. 
  

  

  Generally, 
  and 
  perhaps 
  always, 
  except 
  in 
  the 
  case 
  of 
  countries, 
  which 
  

   invest 
  much 
  wealth 
  abroad, 
  like 
  England 
  and 
  Holland, 
  the 
  labourers 
  suffer 
  

   a 
  fm-ther 
  and 
  still 
  greater 
  loss 
  than 
  the 
  first 
  cost 
  of 
  the 
  new 
  implements. 
  

   The 
  wealth-owners 
  do 
  not 
  act 
  as 
  a 
  body, 
  but 
  each 
  individual 
  acts 
  indepen- 
  

   dently 
  of 
  the 
  others. 
  Each 
  man 
  gives, 
  of 
  his 
  own 
  share 
  of 
  the 
  general 
  wealth, 
  

   a 
  certain 
  portion 
  annually 
  to 
  the 
  labouring 
  classes. 
  When 
  the 
  implement 
  

   was 
  completed, 
  no 
  one 
  would 
  give 
  more 
  than 
  before, 
  while 
  the 
  man 
  for 
  whom 
  

   it 
  was 
  made 
  would 
  give 
  less 
  ; 
  his 
  gross 
  share 
  of 
  the 
  whole 
  would 
  be 
  less 
  than 
  

   before 
  by 
  the 
  whole 
  cost 
  of 
  the 
  implement, 
  and 
  he 
  would 
  give 
  less 
  by 
  

   exactly 
  that 
  amount, 
  as 
  he 
  would 
  not 
  reduce 
  his 
  own 
  personal 
  expenditure. 
  

   There 
  would 
  thus 
  be 
  a 
  general 
  rise 
  of 
  profits, 
  and 
  a 
  general 
  fall 
  of 
  wages 
  

   equal 
  to 
  the 
  total 
  cost 
  of 
  the 
  implement, 
  and 
  this 
  would 
  continue 
  for 
  some 
  

   years 
  until 
  the 
  causes 
  which 
  had 
  before 
  fixed 
  the 
  relative 
  proportions 
  of 
  

  

  