the　produce　of　his　own　labour。　This　conviction　arises；　in　the
  first　instance；　without　any　reflection　from　habit。　As　we　expect
  that　the　sun　will　rise　tomorrow；　so　we　also　expect　that　men　in
  all　time　to　come　will　be　actuated　by　the　same　motives　as　they
  have　been　in　times　past。　If　we　push　our　inquiries　still　further；
  all　that　we　can　learn　is；　that　there　are　other　men　in　existence
  who　are　preparing　those　things　we　need；　while　we　are　preparing
  those　which　they　need。　The　conviction　may；　perhaps；　ultimately　be
  traced　them　to　our　knowledge　that　other　men　exist　and　labour；　but
  never　to　any　conviction　or　knowledge　that　there　is　a　stored…up
  stock　of　commodities。　It　is　labour　which　produces　all　things　as
  they　are　wanted；　and　the　only　thing　which　can　be　said　to　be
  stored　up　or　previously　prepared　is　the　skill　of　the　labourer。　If
  the　skill　of　the　baker；　butcher；　grazier；　tailor；　weaver；　etc。；
  was　not　previously　created　and　stored　up；　the　commodities　which
  each　of　them　purchases　could　not　be　obtained；　but　where　that
  skill　exists；　these　commodities　may　always　be　procured　when
  wanted。
  We　may　suppose　that　the　operation　of　cotton…spinning　is
  completed；　and　the　produce　brought　to　market；　so　as　to　be
  exchanged　or　sold　within　a　year；　but　there　are　many　operations
  which　are　not　completed　within　this　period；　and　if　it　be　true；　as
  I　have　endeavoured　to　show；　that　there　is　not　stock　of　food　and
  clothing　prepared；　even　for　those　labourers　whose　operations　are
  completed　within　the　period　of　two　successive　harvests；　how　much
  more　evident　must　this　truth　be　of　those　operations　which　are　not
  completed　within　a　year？　All　the　labourers　engaged　in　them　have
  to　rely　on　the　baker；　miller；　butcher；　etc。；　completing　their
  part　of　the　social　task；　and　they　must　rely　on　the　farmer；　and
  that　he　will　till　his　ground；　and　sow　it；　and　reap　the　harvest　of
  the　following　year。　Mr　Mill　says　and　says　justly；　〃what　is
  annually　produced　is　annually　consumed。〃　So　that；　in　fact；　to
  enable　men　to　carry　on　all　those　operations　which　extend　beyond　a
  year　there　cannot　be　any　stock　of　commodities　stored　up。　Those
  who　undertake　them　must　rely；　therefore；　not　on　any　commodities
  already　created；　but　that　other　men　will　labour　and　produce　what
  they　are　to　subsist　on　till　their　own　products　are　completed。
  Thus　should　the　labourer　admit　that　some　accumulation　of
  circulating　capital　is　necessary　for　operations　terminated　within
  the　year　　and　I　have　show　how　very　limited　that　admission　ought
  to　be；　if　made　at　all　　it　is　plain　that　in　all　operations　which
  extend　beyond　a　year　the　labourer　does　not；　and　he　cannot；　rely
  on　accumulated　capital。
  The　operations　not　terminated　within　the　year　are　neither
  few　nor　unimportant。　The　time　necessary　to　acquire　a　knowledge　of
  any　species　of　skilled　labour；　so　as　to　practise　it　to　advantage；
  which　includes　almost　every　art；　whether　it　create　wealth　or
  merely　contribute　to　amusement　　the　time　necessary　to　perform
  all　distant　voyages；　and　construct　most　of　the　canals；　roads；
  harbours；　docks；　large　steam…engines　and　ships；　all　of　which　are
  afterward　to　be　such　powerful　instruments　in　the　hands　of　the
  labourer；　is　considerably　more　than　a　year；　and　is；　in　many
  cases；　several　years。　All　those　who　set　about　such　undertakings
  have　a　practical　conviction；　though　it　is　seldom　expressed；　that
  while　they　are　teaching　the　rising　generation　skilled　labour；　and
  instructing　their　children　in　the　useful　arts；　while　they　are
  making　canals；　roads；　docks；　ships；　steam…engines；　etc。；　that　the
  farmer　will　continue　to　grow　corn　and　the　miller　to　grind　it；
  that　the　baker　will　make　it　into　bread；　the　grazier　will　fatten
  his　cattle　and　the　butcher　slaughter　them　as　they　are　needed；
  that　the　cotton　and　woollen　manufacturers　will　go　on　preparing
  cloth　and　the　tailor　be　always　ready　to　make　it　up　for　them　into
  clothes　whenever　it　is　ordered。　Beyond　this　conviction　they　have
  nothing；　they　possess　no　stock　of　circulating　capital　themselves；
  nor　do　the　persons　who　are　afterwards　to　supply　food　and　clothing
  during　the　whole　time　such　undertakings　are　in　progress　possess
  any　such　stock　at　the　moment　when　they　are　commenced。
  Of　all　the　important　operations　which　require　more　than　a
  year　to　complete　them　　and　that　they　all　are　important；　as　far
  as　the　production　of　wealth　is　concerned；　does　not　require　to　be
  asserted　　by　far　the　most　important　is　the　rearing　of　youth　and
  teaching　them　skilled　labour；　or　some　wealth…creating　art。　I　am
  particularly　desirous　of　directing　the　reader's　attention　to　this
  productive　operation；　because；　if　the　observations　I　have　already
  made　be　correct；　all　the　effects　usually　attributed　to
  accumulation　of　circulating　capital　are　derived　from　the
  accumulation　and　storing　up　of　skilled　labour；　and　because　this
  most　important　operation　is　performed；　as　far　as　the　great　mass
  of　the　labourers　is　concerned；　without　any　circulating　capital
  whatever。　The　labour　of　the　parents　produces　and　purchases；　with
  what　they　receive　as　wages；　all　the　food　and　the　clothing　which
  the　rising　generation　of　labourers　use　while　they　are　learning
  those　arts　by　means　of　which　they　will　hereafter　produce　all　the
  wealth　of　society。　For　the　rearing　and　educating　all　future
  labourers　（of　course　I　do　not　mean　book　education；　which　is　the
  smallest　and　least　useful　part　of　all　which　they　have　to　learn）
  their　parents　have　no　stock　stored　up　beyond　their　own　practical
  skill。　Under　the　strong　influence　of　natural　affection　and
  parental　love；　they　prepare　by　their　toils；　continued　day　after
  day；　and　year　after　year；　through　all　the　long　period　of　the
  infancy　and　childhood　of　their　offspring；　those　future　labourers
  who　are　to　succeed　to　their　toils　and　their　hard　fare；　but　who
  will　inherit　their　productive　power；　and　be　what　they　now　are；
  the　main　pillars　of　the　social　edifice。
  If　we　duly　consider　the　number　and　importance　of　those
  wealth…producing　operations　which　are　not　completed　within　the
  year；　and　the　numberless　products　of　daily　labour；　necessary　to
  subsistence；　which　are　consumed　as　soon　as　produced；　we　shall；　I
  think；　be　sensible　that　the　success　and　productive　power　of　every
  different　species　of　labour　is　at　all　times　more　dependent　on　the
  co…existing　productive　labour　of　other　men　than　on　any
  accumulation　of　circulating　capital。　The　labourer；　having　no
  stock　of　commodities；　undertakes　to　bring　up　his　children；　and
  teach　them　a　useful　art；　always　relying　on　his　own　labour；　and
  various　classes　of　persons　undertake　tasks　the　produce　of　which
  is　not　completed　for　a　long　period；　relying　on　the　labour　of
  other　men　to　procure　them；　in　the　meantime；　what　they　require　for
  subsistence。　All　classes　of　men　carry　on　their　daily　toils　in　the
  full　confidence　that　while　each　is　engaged　in　his　particular
  occupation　some　others　will　prepare　whatever　he　requires；　both
  for　his　immediate　and　future　consumption　and　use。　I　have　already
  explained　that　this　confidence　arises　from　that　law　of　our　nature
  by　which　we　securely　expect　the　sun　will　rise　tomorrow；　and　that
  our　fellow　men　will　labour　on　the　morrow　and　during　the　next　year
  as　they　have　laboured　during　the　year　and　the　day　which　have
  passed。　I　hope　I　have　also　satisfied　the　reader　that　there　is　no
  knowledge　of　any　produce　of　previous　labour　stored　up　for　use；
  that　the　effects　usually　attributed　to　a　stock　of　commodities　are
  caused　by　co…existing　labour；　and　that　it　is　by　the　command　the
  capitalist　possesses　over　the　labour　of　some　men；　not　by　his
  possessing　a　stock　of　commodities；　that　he　is　enabled　to　support
  and　consequently　employ　other　labourers。
  I　come　now　to　examine；　secondly；　the　nature　and　effects　of
  fixed　capital。　Fixed　capital　consists　of　the　tools　and
  instruments　the　labourer　works　with；　the　machinery　he　makes　and
  guides；　and　the　buildings　he　uses　either　to　facilitate　his
  exertions　or　to　protect　their　produce。　Unquestionably　by　using
  these　instruments　man　adds　wonderfully　to　his　power。　Without　a
  hand　saw；　a　portion　of　fixed　capital；　he　could　not　cut　a　tree
  into　planks；　with　such　an　instrument　he　could；　though　it　would
  cost　him　many　hours　or　days；　but　with　a　sawmill　he　could　do　it　in
  a　few　minutes。　Every　man　must　admit　that　by　means　of　instruments
  and　machines　the　labourer　can　execute　tasks　he　could　not　possibly
  perform　without　them；　that　he　can　perform　a　greater　quantity　of
  work　in　a　given　time；　and　that　he　can　perform　the　work　with
  greater　nicety　and　accuracy　than　he　could　possibly　do　had　he　no
  instruments　and　machines。　But　the　question　then　occurs；　what
  produces　instruments　and　machines；　and　in　what　degree　do　they　aid
  production　independent　of　the　labourer；　so　that　the　owners　of
  them　are　entitled　to　by　far　the　greater　part　of　the　whole　produce
  of　the　country？　Are　they；　or　are　they　not；　the　produce　of　labour？
  Do　they；　or　do　they　not；　constitute　an　efficient　means　of
  production；　separate　from　labour？　Are　they；　or　are　they　not；　so
  much　inert　decaying　and　dead　matter；　of　no　utility　whatever；
  possessing　no　productive　power　whatever；　but　as　they　are　guided；
  directed　and　applied　by　skilful　hands？　The　reader　will　be　able
  instantly　to　answer　these　questions；　and　I　only　add　my　answers
  because　they