other　people；　and　whenever　the　labourers　claim　larger　wages；　or
  combine　to　do　themselves　justice；　they　hear；　both　from　the
  legislature　and　the　Press；　little　or　nothing　about　the　necessity
  of　rewarding　labour；　but　much　about　the　necessity　of　protecting
  capital。　They　must　therefore　be　able　to　show　the　hollowness　of
  the　theory　on　which　the　claims　of　capital；　and　on　which　all　the
  oppressive　laws　made　for　its　protection　are　founded。　This　will；　I
  hope；　be　a　motive　with　them　for　endeavouring　to　comprehend　the
  following　observations；　as　it　is　my　excuse　for　directing　them；
  not　so　much　to　show　what　labour　ought；　as　to　what　capital　ought
  not　to　have。
  〃The　produce　of　the　earth；〃　says　Mr　Ricardo　　〃All　that　is
  derived　from　its　surface　by　the　united　application　of　labour；
  machinery　and　capital　is　divided　among　three　classes　of　the
  community；　namely；　the　proprietor　of　the　land；　the　owner　of　the
  stock　or　capital　necessary　for　its　cultivation；　and　the　labourers
  by　whose　industry　it　is　cultivated。〃　（Principles　of　Political
  Economy；　Preface；　p。　1；　2nd　Ed。）
  〃It　is　self…evident；〃　says　Mr　M'Culloch；　〃that　only　three
  classes；　the　labourers；　the　possessors　of　capital；　and　the
  proprietors　of　land；　are　ever　directly　concerned　in　the
  production　of　commodities。　It　is　to　them；　therefore；　that　all
  which　is　derived　from　the　surface　of　the　earth；　or　from　its
  bowels；　by　the　united　application　of　immediate　labour；　and　of
  capital；　or　accumulated　labour；　must　primarily　belong。　The　other
  classes　of　society　have　no　revenue　except　what　they　derive　either
  voluntarily　or　by　compulsion　from　these　three　classes。〃
  The　proportions　in　which　the　whole　produce　is　divided　among
  these　three　classes　is　said　to　be　as　follows：　　〃Land　is　of
  different　degrees　of　fertility。〃　〃When；　in　the　progress　of
  society；　land　of　the　second　quality　（or　an　inferior　degree　of
  fertility　to　land　before　cultivated）　is　taken　into　cultivation；
  rent　immediately　commences　on　that　of　the　first　quality；　and　the
  amount　of　that　rent　will　depend　on　the　difference　in　the　quality；
  and　the　amount　of　that　rent　will　depend　on　the　difference　in　the
  quality　of　these　two　portions　or　land。〃　＇Principles　of　Political
  Economy＇　Rent；　therefore；　or　that　quantity　of　the　whole　produce
  of　the　country　which　goes　to　the　landlords；　is；　in　every　stage　of
  society；　that　portion　of　this　produce　which　is　obtained　from
  every　district　belonging　to　a　politically　organized　nation；　more
  than　is　obtained　from　the　least　fertile　land　cultivated　by；　or
  belonging　to；　that　nation。　It　is　the　greater　produce　of　all　the
  land　which　is　more　fertile　than　the　least　fertile　land
  cultivated。　To　produce　this　surplus　would　not　break　the　back；　and
  to　give　it　up　would　not　break　the　heart　of　the　labourer。　The
  landlord's　share；　therefore；　does　not　keep　the　labourer　poor。
  The　labourer's　share　of　the　produce　of　a　country；　according
  to　this　theory；　is　the　〃necessaries　and　conveniences　required　for
  the　support　of　the　labourer　and　his　family；　or　that　quantity
  which　is　necessary　to　enable　the　labourers；　one　with　another；　to
  subsist　and　to　perpetuate　their　race；　without　either　increase　or
  diminution。〃　Whatever　may　be　the　truth　of　the　theory　in　other
  respects；　there　is　no　doubt　of　its　correctness　in　this
  particular。　The　labourers　do　only　receive；　and　ever　have　only
  received；　as　much　as　will　subsist　them；　the　landlords　receive　the
  surplus　produce　of　the　more　fertile　soils；　and　all　the　rest　of
  the　whole　produce　of　labour　in　this　and　in　every　country　goes　to
  the　capitalist　under　the　name　of　profit　for　the　use　of　his
  capital。
  Capital　which　thus　engrosses　the　whole　produce　of　a　country；
  except　the　bare　subsistence　of　the　labourer；　and　the　surplus
  produce　of　fertile　land；　is；　〃the　produce　of　labour；〃　〃is
  commodities；〃　〃is　the　food　the　labourer　eats；　and　the　machines　he
  uses〃：　so　that　we　are　obliged　to　give　that　enormous　portion　of
  the　whole　produce　of　the　country　which　remains；　after　we　have
  been　supplied　with　subsistence；　and　the　rent　of　the　landlord　has
  been　paid；　for　the　privilege　of　eating　the　food　we　have　ourselves
  produced；　and　of　using　our　own　skill　in　producing　more。　Capital；
  the　reader　will　suppose；　must　have　some　wonderful　properties；
  when　the　labourer　pays　so　exorbitantly　for　it。　In　fact；　its
  claims　are　founded　on　its　wonderful　properties；　and　to　them；
  therefore；　I　mean　especially　to　direct　his　attention。
  Several　good　and　great　men；　whom　we　must　all　respect　and
  esteem；　seeing　that　capital　did　obtain　all　the　large　share　I　have
  mentioned；　and　being　more　willing；　apparently；　to　defend　and　to
  explain　the　present　order　of　society　than　to　ascertain　whether　it
  could　be　improved；　have　endeavoured　to　point　out　the　method　in
  which　capital　aids　production。　From　their　writings　I　shall
  extract　some　passages　explanatory　of　its　effects。　I　must；
  however；　beg　not　to　be　understood　as　doing　this　invidiously。　The
  only　motive　I　have　for　selecting　these　authors；　as　the
  representatives　of　the　political　economists；　is；　that　they　are　by
  far　the　more　efficient　and　eloquent　supporters　of　the　doctrine　I
  do　not　assent　to。
  Mr　M'Culloch　says：　〃The　accumulation　and　employment　of　both
  fixed　and　circulating　capital　is　indispensably　necessary　to
  elevate　any　nation　in　the　scale　of　civilization。　And　it　is　only
  by　their　conjoined　and　powerful　operation　that　wealth　can　be
  largely　produced　and　universally　diffused。〃　＇Article　〃Political
  Economy〃　in　Supplement　to　Encyclopedia　Britannica。＇
  〃The　quantity　of　industry；〃　he　further　says；　〃therefore　not
  only　increases　in　every　country　with　the　increase　of　the　stock　or
  capital　which　sets　it　in　motion；　but；　in　consequence　of　this
  increase；　the　division　of　labour　becomes　extended；　new　and　more
  powerful　implements　and　machines　are　invented；　and　the　same
  quantity　of　labour　is　thus　made　to　produce　an　infinitely　greater
  quantity　of　commodities。
  〃Besides　its　effect　in　enabling　labour　to　be　divided；
  capital　contributes　to　facilitate　labour；　and　produce　wealth　in
  the　three　following　ways：
  〃First。　　It　enables　us　to　execute　work　that　could　not　be
  executed；　or　to　produce　commodities　that　could　not　be　produced
  without　it。
  〃Second。　　It　saves　labour　in　the　production　of　almost
  every　species　of　commodities。
  〃Third。　　It　enables　us　to　execute　work　better；　as　well　as
  more　expeditiously。〃
  Mr　Mill's　account　of　these　effects；　though　not　so　precise；
  is　still　more　astounding。　〃The　labourer；〃　he　says；　〃has　neither
  raw　materials　nor　tools。　These　are　provided　for　him　by　the
  capitalist。　For　making　this　provision　the　capitalist　of　course
  expects　a　reward。〃　According　to　this　statement；　the　capitalist
  provides　for　the　labourer　and　only；　therefore；　expects　a　profit。
  In　other　parts　of　his　book　it　is　not　the　capitalist　who　provides；
  but　the　capital　which　works。　He　speaks　of　capital　as　an
  instrument　of　production　co…operating　with　labour；　as　an　active
  agent　combining　with　labour　to　produce　commodities；　and　thus　he
  satisfies　himself；　and　endeavours　to　prove　to　the　reader　that
  capital　is　entitled　to　all　that　large　share　of　the　produce　it
  actually　receives。　He　also　attributes　to　capital　power　of
  accumulation。　This　power　or　tendency　to　accumulate；　he　adds；　is
  not　so　great　as　the　tendency　of　population　to　augment　　and　on
  the　difference　between　these　two　tendencies　he　and　other　authors
  have　erected　a　theory　of　society　which　places　poor　Mother　Nature
  in　no　favourable　light。
  Without　troubling　myself　to　quote　more　passages　from　these
  authors；　or　to　transcribe　the　opinion　of　other　writers；　I　shall
  proceed　to　examine　the　effects　of　capital；　and　I　shall　begin　with
  circulating　capital。　Mr　M'Culloch　says；　〃without　circulating
  capital；〃　meaning　the　food　the　labourer　consumes；　and　the
  clothing　he　wears；　〃the　labourer　never　could　engage　in　any
  undertaking　which　did　not　yield　an　almost　immediate　return。〃
  Afterwards　he　says；　〃that　division　of　labour　is　a　consequence　of
  previous　accumulation　of　capital；〃　and　quotes　the　following
  passage　from　Dr　Smith；　as　a　proper　expression　for　his　own
  opinions：
  〃Before　labour　can　be　divided；　'a　stock　of　goods　of
  different　kinds　must　be　stored　up　somewhere；　sufficient　to
  maintain　the　labourer；　and　to　supply　him　with　tools　for　carrying
  on　his　work。　A　weaver；　for　example；　could　not　apply　himself
  entirely　to　his　peculiar　business；　unless　there　was　beforehand
  stored　up　somewhere；　either　in　his　own　possession；　or　in　that　of
  some　other　person；　a　stock　sufficient　for　his　maintenance；　and
  for　supplying　him　with　the　materials　and　implements　required　to
  carry　on　his　work；　till　he　has　not　only　completed；　but　sold　his
  web。　This　accumulation　must　evidently　be　previous　to　his　applying
  himself　for　so　long　a　time　to　a　peculiar　business。'〃
  The　only　advantage　of　circulating　capital　is　that　by　it　the
  labourer　is　enabled；　he　being　assured　of　his　present　subsistence；
  to　direct　his　power　to　the　greatest　advantage。　He　has　time　to
  learn　an　art；　and　his　labour　is　rendered　more　productive　when
  directed　by　skill。　Being　assured　of　immediate　subsistence；　he　can
  ascertain　which；　with　his　peculiar　knowledge　and　acquirements；
  and　with　reference　to　the　wants　of　society；　is　the　best　method　of
  l