1831.] 
On the Source of Wealth . 
105 
of profits is suffering reduction, 59 in place of 60 measures being now my peculiar 
income, in return too, for the greater risk and trouble of superintending the 
employment of a capital greatly increased in amount. The rate of profits has now 
fallen to about 29 per cent : but it cannot for a moment be supposed, that I will 
persevere in sinking capital in production to an extent so great ; that I, a free 
agent, seeking only my own enrichment and ease, will voluntarily bring on 
myself the increased risk and trouble of superintending the employment of a 
greater capital, to be rendered poorer in the end by so doing : I must necessarily 
reduce my productive expenditure, and bring it to that point at which my gains are 
greatest in the aggregate. I may, perhaps, find, that when outlay was 160 measures, 
my aggregate gain was such, that I could not, by sinking more capital, increase 
it ; or, perhaps, that although an increase was obtainable, yet its amount, in pro- 
portion to the great additional outlay with which it was obtained, was so trifling, 
as not to compensate the greater risk and trouble of superintendence. In this case 
my profits will sink permanently, to somewhere about, or perhaps below, 38 
per cent. I say permanently, for I cannot, by withdrawing capital, raise their 
rate without impoverishing myself, any more than I can enrich myself, by increas- 
ing the quantity of capital employed, and thus bringing about a reduction in the 
rate of profit : so little indeed shall I be guided, in determining productive outlay, 
by the relative proportions of outlay and net profit, that, but for some accident, I 
may never give them a thought ; all on which I was bent, being an increasing ag- 
gregate income, for my own exclusive use. It is true, that by sinking 200 measures 
in production, the land would thereby be forced to yield the means of subsistence 
to greater numbers, than when a less outlay was effected ; that besides yielding 59 mea- 
sures for my use, it would give support for one-fifth of the year, to 95 labourers ; 
and that if this disposition continued to be made by me, and a similar disposition by 
all other agricultural capitalists, the country would support a much greater number of 
the labouring class than it could do, when capitalists studied only their own pecu- 
liar enrichment. It is also true, that still more labourers than the above might, if 
set to work, with an increasing expenditure of capital, realize sufficient for their 
subsistence, from that and every similar tract, similarly treated ; the falling rate, 
and reduced aggregate amount of profits being, for the time, disregarded. We 
know, however, that there is a point beyond which even labourers, if set to work 
with the aid of accumulations of capital, could not be benefitted, by increasing their 
numbers ; for ultimately, they could not wring from the soil sufficient to subsist 
the numbers employed. But as a previous advance of capital is a necessary condi- 
tion which must be fulfilled, before this effective employment of labour can be 
brought about ; whether, while-giving off increasing aggregate profits, in excess to 
wages, or while swallowing up the income of the capitalists besides, it is quite 
absurd to calculate on any such employment being given, or on any extent of em- 
ployment to capital, which does not only feed the labourers, but reimburse also the 
capitalist for his increasing risk and trouble, in making and disposing of the greater 
advances ; and as the capitalist, in making those advances, is guided, not by the 
wants of labourers, but by the study of his own enrichment, it is quite impossible 
that he should sink in employment, any portion of capital beyond what insures him 
the greatest aggregate gain. 
Although then the existence of capitalists, and the evolution of an income for 
their peculiar use, hinders what might, under certain improbable circumstances, be 
the greatest possible employment of labour on the land ; still it must be remem- 
bered, that it is entirely owing to the existence and employment ot their accumu- 
lations, that any thing beyond a subsistence for a very scanty population is obtain- 
able at all. Thus, in the hypothetical case, which now serves as an illustration. 
