﻿Carkuthees. 
  — 
  Oil 
  some 
  of 
  the 
  Terms 
  used 
  in 
  Political 
  Economy. 
  5 
  

  

  Mill 
  frequently 
  uses 
  it 
  wlaere 
  it 
  can 
  have 
  no 
  other 
  meaning 
  than 
  this 
  

   notwithstanding 
  that 
  he 
  has 
  defined 
  it 
  to 
  he 
  " 
  a 
  stock 
  previously 
  accumu- 
  

   lated 
  of 
  the 
  product 
  of 
  former 
  lahour," 
  — 
  a 
  definition 
  which 
  scarcely 
  differs 
  

   from 
  that 
  given 
  of 
  wealth 
  ; 
  for, 
  except 
  land 
  and 
  its 
  natural 
  productions, 
  

   nothing 
  possesses 
  exchangeable 
  value 
  which 
  is 
  not 
  the 
  product 
  of 
  former 
  

   labour. 
  

  

  Fixed 
  and 
  Circulating 
  Capital, 
  

  

  Capital, 
  again, 
  is 
  subdivided 
  into 
  "fixed" 
  and 
  "circulating." 
  Mill's 
  

   explanation 
  of 
  these 
  terms, 
  given 
  in 
  Book 
  I., 
  chap, 
  vi., 
  is 
  too 
  long 
  for 
  

   quotation, 
  and 
  is 
  very 
  far 
  from 
  being 
  clear 
  or 
  exact. 
  His 
  summation 
  is, 
  

   however, 
  that 
  the 
  result 
  of 
  a 
  single 
  use 
  of 
  circulating 
  capital 
  must 
  be 
  a 
  

   reproduction 
  equal 
  to 
  the 
  whole 
  amount 
  of 
  the 
  cu'culating 
  capital 
  used, 
  

   and 
  a 
  profit 
  besides 
  ; 
  and 
  that 
  with 
  fixed 
  capital, 
  such 
  as 
  machinery, 
  

   this 
  is 
  not 
  necessary, 
  as 
  it 
  is 
  not 
  wholly 
  consumed 
  by 
  one 
  use. 
  

  

  If 
  capital 
  means 
  wealth 
  of 
  any 
  kind, 
  this 
  sentence 
  is 
  absolutely 
  without 
  

   meaning. 
  How 
  can, 
  for 
  instance, 
  the 
  result 
  of 
  a 
  single 
  use 
  of 
  a 
  sack 
  of 
  

   coals 
  in 
  a 
  locomotive 
  engine 
  be 
  a 
  reproduction 
  equal 
  to 
  a 
  sack 
  of 
  coals 
  and 
  

   a 
  profit 
  besides 
  ? 
  If, 
  however, 
  capital 
  has 
  the 
  meaning 
  above 
  given, 
  of 
  a 
  

   right 
  to 
  a 
  share 
  of 
  the 
  wealth 
  of 
  the 
  community, 
  the 
  sentence 
  becomes 
  

   intelligible. 
  The 
  use 
  of 
  the 
  coals 
  must 
  reproduce 
  to 
  the 
  owner 
  a 
  right 
  to 
  

   some 
  other 
  wealth 
  which 
  he 
  values 
  more 
  highly 
  ; 
  and 
  if 
  the 
  coals 
  and 
  the 
  

   other 
  wealth 
  be 
  both 
  compared 
  with 
  a 
  common 
  standard 
  of 
  value, 
  like 
  

   money, 
  the 
  use 
  of 
  the 
  coals 
  must 
  reproduce 
  to 
  the 
  owner 
  their 
  price 
  and 
  a 
  

   profit 
  besides. 
  Capital, 
  with 
  this 
  meaning, 
  can 
  have 
  nothing 
  to 
  do 
  with 
  

   the 
  production 
  of 
  wealth 
  except 
  indirectly, 
  and 
  its 
  subdivision 
  into 
  fixed 
  

   and 
  cu'culating 
  does 
  not 
  seem 
  to 
  serve 
  any 
  good 
  purpose 
  in 
  political 
  

   economy. 
  

  

  There 
  is, 
  however, 
  a 
  natural 
  division 
  which 
  cannot 
  be 
  disregarded. 
  

   Some 
  things, 
  such 
  as 
  bread, 
  wine, 
  dwelhng-houses, 
  clothes, 
  etc., 
  etc., 
  are 
  

   useful 
  for 
  their 
  own 
  sakes 
  ; 
  the 
  production 
  of 
  these 
  is 
  the 
  end 
  and 
  aim 
  of 
  all 
  

   labour 
  and 
  sacrifice, 
  or 
  at 
  least 
  of 
  aU 
  that 
  falls 
  within 
  the 
  province 
  of 
  political 
  

   economy 
  ; 
  they 
  may 
  be 
  called 
  direct 
  wealth. 
  Others 
  are 
  of 
  no 
  use 
  for 
  their 
  

   own 
  sakes 
  ; 
  they 
  are 
  useful 
  only 
  by 
  co-operating 
  with 
  human 
  labour 
  in 
  the 
  

   production 
  of 
  direct 
  wealth 
  ; 
  they 
  are 
  land, 
  steam-engines, 
  ploughs, 
  coal 
  

   when 
  used 
  to 
  drive 
  an 
  engine, 
  warehouses, 
  etc., 
  etc. 
  ; 
  these 
  may 
  be 
  called 
  

   implements. 
  Of 
  course, 
  neither 
  direct 
  wealth 
  nor 
  implements, 
  if 
  the 
  pro- 
  

   duct 
  of 
  human 
  labour, 
  are 
  made 
  complete 
  at 
  one 
  operation 
  ; 
  they 
  first 
  pass 
  

   through 
  the 
  stage 
  of 
  materials, 
  such 
  as 
  corn, 
  wool, 
  iron, 
  wood, 
  etc. 
  ; 
  but 
  

   it 
  is 
  not 
  necessary 
  to 
  place 
  materials 
  in 
  a 
  separate 
  class, 
  as 
  they 
  may 
  be 
  

   classed 
  with 
  the 
  final 
  products 
  of 
  which 
  they 
  eventually 
  form 
  a 
  part. 
  

  

  