with　so　much　dispatch　and　beautiful　effect。　Almost　every　species
  of　workman；　however；　from　having　acquired　a　certain　dexterity　in
  the　use　of　his　hands；　and　from　having　frequently　seen　the
  operations　of　other　workmen；　could　learn　the　art　of　another　man
  much　better　than　a　person　who　had　never　practised　any　kind　of
  manual　dexterity；　and　never　seen　it　practised。　But　if　a　skilled
  labourer　could　not　direct　any　kind　of　instruments　so　well　as　the
  man　who　has　been　constantly　accustomed　to　use　them；　it　is　plain
  that　the　whole　productive　power　of　such　instruments　must　depend
  altogether　on　the　peculiar　skill　of　the　artisan　and　mechanic；　who
  has　been　trained　to　practise　different　arts。　Fixed　capital；　of
  whatever　species；　then；　is　only　a　costly　production；　costly　to
  make；　and　costly　to　preserve；　without　that　particular　species　of
  skill　and　labour　which　guides　each　instrument；　and　which；　as　I
  have　before　shown；　is　nourished；　instructed　and　maintained　by
  wages　alone。　The　utility　of　the　instruments　the　labourer　uses　can
  in　no　wise　be　separated　from　his　skill。　Whoever　may　be　the　owner
  of　fixed　capital　　and　in　the　present　state　of　society　he　who
  makes　it　is　not；　and　he　who　uses　it　is　not　　it　is　the　hand　and
  knowledge　of　the　labourer　which　make　it；　preserve　it　from　decay；
  and　which　use　it　to　any　beneficial　end。
  For　a　nation　to　have　fixed　capital；　then；　and　to　make　a　good
  use　of　it；　three　things；　and　only　three　things；　seem　to　me　to　be
  requisite。　First；　knowledge　and　ingenuity　for　inventing　machines。
  No　labourer　would；　I　am　sure；　be　disposed　to　deny　to　these　their
  reward。　But　no　subject　of　complaint　is　more　general　or　more　just
  than　that　the　inventor　of　any　machine　does　not　reap　the　benefit
  of　it。　Of　all　the　immense　number　of　persons　who　have　acquired
  large　fortunes　by　the　modern　improvements　in　steam　engines　and
  cotton　mills；　Mr　Watt　and　Mr　Arkwright　are　the　only　two；　I
  believe；　who　have　been　distinguished　for　their　inventions；　they
  also　acquired　wealth　less　as　inventors　than　as　capitalists。　Mr
  Watt　found　a　capitalist　who　appreciated　his　genius；　and　Mr
  Arkwright　saved　and　borrowed　the　means　of　profiting　by　his　own
  inventions。　Thousands　of　capitalist　have　been　enriched　by
  inventions　and　discoveries　of　which　they　were　not　the　authors；
  and　capital；　by　robbing　the　inventor　of　his　just　reward；　is
  guilty　of　stifling　genius。　The　second　requisite　for　having　fixed
  capital　is　the　manual　skill　and　dexterity　for　carrying　these
  inventions　into　execution。　The　third　requisite　is　the　skill　and
  labour　to　use　these　instruments　after　they　are　made。　Without
  knowledge　they　could　not　be　invented；　without　manual　skill　and
  dexterity　they　could　not　be　made；　and　without　skill　and　labour
  they　could　not　be　productively　used。　But　there　is　nothing　more
  than　the　knowledge；　skill　and　labour　requisite　on　which　the
  capitalist　can　found　a　claim　to　any　share　of　the　produce。
  Naturally　and　individually　man　is　one　of　the　most　feeble　and
  destitute　of　all　created　animals。　His　intelligence；　however；
  compensates　for　his　physical　inferiority。　After　he　has　inherited
  the　knowledge　of　several　generations；　and　when　he　lives
  congregated　into　great　masses；　he　is　enabled　by　his　mental
  faculties　to　complete；　as　it　were；　the　work　of　nature；　and　add　to
  his　intelligence　the　physical　powers　of　the　lower　animals。　He
  directs　his　course　on　the　waters；　he　floats　in　the　air；　he　dives
  into　the　bowels　of　the　earth；　and　all　which　its　surface　bears　he
  makes　tributary　to　his　use。　The　gales　which　threaten　at　first　to
  blow　him　from　the　earth；　grind　his　corn；　and　waft　to　him　a　share
  in　the　treasures　of　the　whole　world。　He　creates　at　this　pleasure
  the　devouring　element　of　fire；　and　checks　its　progress；　so　that
  it　destroys　only　what　he　has　no　wish　to　preserve。　He　directs　the
  course　of　the　stream；　and　he　sets　bounds　to　the　ocean；　in　short；
  he　presses　all　the　elements　into　his　service；　and　makes　Nature
  herself　the　handmaid　to　his　will。　The　instruments　he　uses　to　do
  all　this；　which　have　been　invented　by　his　intelligence　to　aid　his
  feeble　powers；　and　which　are　employed　by　his　skill　and　his　hands；
  have　been　called　fixed　capital；　and　shutting　out　of　view　man
  himself；　in　order　to　justify　the　existing　order　of　society；　which
  is　founded　on　property　or　possessions；　and　the　existing
  oppression　of　the　labourer；　who　forms　unhappily　part　of　these
  possessions　　all　these　glorious　effects　have　been　attributed；
  with　a　more　extraordinary　perversion　of　thought；　perhaps；　than　is
  to　be　found　in　any　other　department　of　knowledge；　to　fixed　and
  circulating　capital。　The　skill　and　the　art　of　the　labourer　have
  been　overlooked；　and　he　has　been　vilified；　while　the　work　of　his
  hands　has　been　worshipped。　1
  ＇1。　In　all　errors　which　are　generally　adopted　there　is　a
  tolerable　substratum　of　truth。　In　the　present　case　the　substratum
  of　truth　is　this：　There　was　time　in　society　when　capital　and
  capitalists　were　of　the　most　essential　service　to　it。　On　the
  establishment　of　towns　in　Europe；　and　on　the　introduction　of
  manufactures　into　them；　they　became　the　refuge　of　all　the
  oppressed　and　enslaved　peasantry　who　could　escape　from　their
  feudal　tyrants。　The　capitalists　and　manufacturers　who　inhabited
  them　were　the　skilled　labourers；　and　really　gave　employment　and
  protection　to　the　peasantry。　They　taught　them　useful　arts；　and
  hence　became　invested　with　the　character　of　benefactors；　both　to
  the　poor　and　the　state。　They　were　infinitely　better　than　the
  feudal　barons　with　whom　they　were　compared；　and　the　character
  they　then　acquired　they　now　retain。　The　veneration　men　have　for
  capital　and　capitalists　is　founded　on　a　sort　of　superstitious　and
  transmitted　notion　of　their　utility　in　former　times。　But　they
  have　long　since　reduced　the　ancient　tyrant　of　the　soil　to
  comparative　insignificance；　while　they　have　inherited　his　power
  over　all　the　labouring　classes。　It　is；　therefore；　now　time　that
  the　reproaches　so　long　cast　on　the　feudal　aristocracy　should　be
  heaped　on　capital　and　capitalists；　or　on　that　still　more
  oppressive　aristocracy　which　is　founded　on　wealth；　and　which　is
  nourished　by　profit。＇
  I　have　now　show　the　reader　that　the　effects　attributed　to
  circulating　capital　result　from　co…existing　labour；　and　the
  assurance　common　to　each　labourer；　that　he　will　be　able　to
  procure　what　he　wants；　or　that　while　he　is　at　work　other　men　are
  also　at　work。　I　have　also　shown　that　fixed　capital　is　produce　by
  the　skill　of　the　labourer。　Circulating　capital；　consisting　of
  food　and　clothes；　is　created　only　for　consumption；　while　fixed
  capital；　consisting　of　instruments　and　tools；　is　made；　not　to　be
  consumed；　but　to　aid　the　labourer　in　producing　those　things　which
  are　to　be　consumed。　There　is　no　analogy　between　these　two
  descriptions　of　commodities；　except　that　both　are　the　produce　of
  labour；　and　both　give　the　owner　of　them　a　profit。
  There　is；　however；　a　striking　difference　between　them　which
  deserves　to　be　noticed。　It　is　usually　stated　that　〃the　productive
  industry　of　any　country　is　in　proportion　to　its　capital；　increase
  when　its　capital　increases；　and　declines　when　its　capital
  declines。〃　This　position　is　true　only　of　circulating　capital；　but
  not　of　fixed　capital。　The　number　of　productive　labourers　depends
  certainly　on　the　quantity　of　food；　clothing；　etc。；　produced　and
  appropriated　to　their　use；　it　is　not；　however；　the　quantity　but
  the　quality　of　the　fixed　capital　on　which　the　productive　industry
  of　a　country　depends。　Instruments　are　productive；　to　use　the
  improper　language　of　the　political　economists；　not　in　proportion
  as　they　multiplied；　but　as　they　are　efficient。　It　is　probable
  that　since　Mr　Watt's　improvements　on　the　steam　engine　one　man　can
  perform　as　much　work　with　these　instruments　as　ten　men　did
  before。　As　the　efficiency　of　the　fixed　capital　is　increased　by
  men　obtaining　greater　knowledge　and　greater　skill；　it　is　quite
  possible；　and　is　the　case；　that　a　greater　quantity　of
  commodities；　or　a　greater　means　of　nourishing　and　supporting　men；
  is　obtained　with　less　capital。　Although；　therefore；　the　number　of
  labourers　must　at　all　times　depend　on　the　quantity　of　circulating
  capital；　or；　as　I　should　say；　on　the　quantity　of　the　products　of
  co…existing　labour；　which　labourers　are　allowed　to　consume；　the
  quality　of　commodities　they　produce　will　depend　on　the　efficiency
  of　their　fixed　capital。　Circulating　capital　nourishes　and
  supports　men　as　its　quantity　is　increased；　fixed　capital　as　a
  means　of　nourishing　and　supporting　men　depends　for　its　efficiency
  altogether　on　the　skill　of　the　labourer；　and　consequently　the
  productive　industry　of　a　country；　as　far　as　fixed　capital　is
  concerned；　is　in　proportion　to　the　knowledge　and　skill　of　the
  people。
  The　warmest　admirers　of　circulating　capital　will　not　pretend
  that　it　adds　in　the　same　way　as　fixed　capital　to　the　productive
  power　of　the　labourer。　The　most　extraordinary　visionary　who　ever
  wrote　cannot　suppose　circulating　capital　adds　anything　to
  productive　power。　The　degree　and　nature　of　the　utility　of　both
  species　of　capital　is　perfectly　different　and　distinct。　The
  labourer　subsists　on　what　is　called　circulating　capital；　he　works
  with　fixed　capital。　But　equal　quantities　or　equal　values　of　both