with　fixed　capital。　But　equal　quantities　or　equal　values　of　both
  these　species　of　capital　bring　their　owner　precisely　the　same
  amount　of　profit。　We　may；　from　this　single　circumstance；　be　quite
  sure　that　the　share　claimed　by　the　capitalist　for　the　use　of
  fixed　capital　is　not　derived　from　the　instruments　increasing　the
  efficiency　of　labour；　or　from　the　utility　of　these　instruments；
  and　profit　is　derived　in　both　cases　from　the　power　which　the
  capitalist　has　over　the　labourer　who　consumes　the　circulating；
  and　who　uses　the　fixed；　capital。　How　he　obtained　this　power　I
  shall　not　now　inquire；　further　than　to　state　that　it　is　derived
  from　the　whole　surface　of　the　country；　having　been　at　one　period
  monopolised　by　a　few　persons；　and　the　consequent　state　of　slavery
  in　which　the　labourer　formerly　existed　in　this　country；　as　well
  as　throughout　Europe。　As　the　profits　of　the　capitalist　on　fixed
  capital　are　not　derived　from　the　utility　of　these　instruments；　it
  is　useless　to　inquire　what　share　ought　to　belong　to　the　owner　of
  the　wood　and　iron；　and　what　share　ought　to　belong　to　the　person
  who　uses　them。　He　who　makes　the　instruments　is　entitled；　in　the
  eye　of　justice；　and　in　proportion　to　the　labour　he　employs；　to　as
  great　a　reward　as　he　who　uses　them；　but　he　is　not　entitled　to　a
  greater；　and　he　who　neither　makes　nor　uses　them　has　no　just　claim
  to　any　portion　of　the　produce。
  Betwixt　him　who　produces　food　and　him　who　produces　clothing；
  betwixt　him　who　makes　instruments　and　him　who　uses　them；　in　steps
  the　capitalist；　who　neither　makes　nor　uses　them；　and　appropriates
  to　himself　the　produce　of　both。　With　as　niggard　a　hand　as
  possible　he　transfers　to　each　a　part　of　the　produce　of　the　other；
  keeping　to　himself　the　large　share。　Gradually　and　successively
  has　he　insinuated　himself　betwixt　them；　expanding　in　bulk　as　he
  has　been　nourished　by　their　increasingly　productive　labours；　and
  separating　them　so　widely　from　each　other　that　neither　can　see
  whence　that　supply　is　drawn　which　each　receives　through　the
  capitalist。　While　he　despoils　both；　so　completely　does　he　exclude
  one　from　the　view　of　the　other　that　both　believe　they　are
  indebted　him　for　subsistence。　He　is　the　middleman　of　all
  labourers；　and　when　we　compare　what　the　skilled　labour　of　England
  produces；　with　the　produce　of　the　untutored　labour　of　the　Irish
  peasantry；　the　middlemen　of　England　cannot　be　considered　as
  inferior　in　their　exactions　to　the　middlemen　of　Ireland。　They
  have　been　more　fortunate；　however；　and　while　the　latter　are
  stigmatised　as　oppressors；　the　former　are　honoured　as
  benefactors。　Not　only　do　they　appropriate　the　produce　of　the
  labourer；　but　they　have　succeeded　in　persuading　him　that　they　are
  his　benefactors　and　employers。　At　least　such　are　the　doctrines　of
  political　economy；　and　capitalist　may　well　be　pleased　with　a
  science　which　both　justifies　their　claims　and　holds　them　up　to
  our　admiration；　as　the　great　means　of　civilising　and　improving
  the　world。
  To　show　the　labourer　the　effects　which　bestowing　this
  abundant　reward　on　the　supposed　productive　powers　of　food；
  clothing　and　instruments　have　on　his　poverty　or　wealth；　I　must
  observe　that　all　political　economists　agree　in　saying　that　all
  savings　in　society　are　usually　made　by　capitalists。　The　labourer
  cannot　save；　the　landlord　is　not　disposed　to　save；　whatever　is
  saved　is　saved　from　profits　and　becomes　the　property　of　the
  capitalists。　Now　let　us　suppose　that　a　capitalist　possesses；　when
  profit　is　at　ten　per　cent　per　annum；　100　quarters　of　wheat　and
  100　steam　engines；　he　must　at　the　end　of　a　year　be　paid　for
  allowing　the　labourer　to　eat　this　wheat　and　use　these　steam
  engines　with　110　quarters　of　wheat　and　110　steam　engines；　all　in
  the　same　excellent　condition　as　the　100　steam　engines　were　at　the
  beginning。　It　being　an　admitted　principle　that；　after　a　portion
  of　fixed　capital　is　prepared；　it　must　be　paid　for　at　a　rate
  sufficient　to　pay　the　ordinary　rate　of　interest；　and　provide　for
  the　repairs　or　the　remaking　of　the　instrument。　Let　us　suppose
  that　5　quarters　of　wheat　and　5　steam　engines；　or　the　value　of
  this　quantity；　suffices　for　the　owner's　consumption；　and　that　the
  other　5　of　his　profit　being　added　to　this　capital　he　has　the　next
  year　105　quarters　of　wheat　and　105　steam　engines；　which　he　allows
  labourers　to　eat　or　use；　for　these　the　labourer　must　produce　for
  him；　the　following　year；　supposing　the　rate　of　profit　to　continue
  the　same；　a　sufficient　sum　to　replace　the　whole　of　this　capital；
  with　the　interest；　or　115　quarters　4　bushels　of　wheat　and　155　？
  steam　engines。　Supposing　that　the　value　of　the　5　quarters　and　of
  5　steam　engines　suffices　for　the　consumption　of　the　capitalist；
  he　will　have　the　next　year　110　quarters　4　bushels；　and　110　？
  steam　engines；　for　the　use　of　which　he　must　be　paid　at　the　same
  rate；　or　the　labourer　must　produce　and　give　him；　the　third　year；
  121　quarters　and　1/20th　of　a　quarter；　and　121　steam　engines　and
  1/20th　of　a　steam　engine。　It　is　of　no　use　calculating　all　these
  fractions；　or　carrying　the　series　further；　it　is　enough　to
  observe　that　every　atom　of　the　capitalist's　revenue；　which　he
  puts　out　to　use；　or；　as　it　is　called；　saves；　which　means　given　or
  lent　to　labourers；　goes　on　increasing　at　compound　interest。　Dr
  Price　has　calculated　that　the　sum　of　one　penny　put　out　to
  compound　interest　at　our　Saviour's　birth；　at　5　per　cent；　would　in
  the　year　1791　amount　to　a　sum　greater　than　could　be　contained　in
  three　hundred　millions　of　globes　like　this　earth；　all　solid　gold。
  Perhaps　I　can　make　the　evil　effects　of　capital　more　apparent
  by　another　sort　of　example。　The　　real　price　of　a　coat　or　a　pair
  of　shoes　or　a　loaf　of　bread；　all　which　nature　demands　from　man　in
  order　that　he　may　have　either　of　these　very　useful　articles；　is　a
  certain　quantity　of　labour；　how　much　it　is　almost　impossible　to
  say；　from　the　manufacture　of　a　coat；　a　pair　of　shoes　or　a　loaf　of
  bread　being　completed　by　many　persons。　But　for　the　labourer　to
  have　either　of　these　articles　he　must　give　over　and　above　the
  quantity　of　labour　nature　demands　from　him；　a　still　large
  quantity　to　the　capitalist。　Before　he　can　have　a　coat；　he　must
  pay　interest　for　the　farmer's　sheep；　interest　on　the　wool　after
  it　has　got　into　the　hands　of　the　wool　merchant；　interest　for　this
  same　wool　as　raw　material；　after　it　is　in　the　hands　of　the
  manufacturer；　interest　on　all　buildings　and　tools　he　uses；　and
  interest　on　all　the　wages　he　pays　his　men。　Moreover；　he　must　pay
  interest　or　profit　on　the　tailor's　stock；　both　fixed　and
  circulating；　and　this　rate　of　interest　is　increased　in　all　these
  instances　by　something　more　being　always　necessary　to　pay　the
  rent　of　all　these　different　capitalists。　In　the　same　manner
  before　a　labourer　can　have　a　loaf　of　bread　he　must　give　a
  quantity　of　labour　more　than　the　loaf　costs；　by　all　that　quantity
  which　pays　the　profit　of　the　farmer；　the　corn　dealer；　the　miller
  and　the　baker；　with　profit　on　all　the　buildings　they　use；　and　he
  must；　moreover；　pay　with　the　produce　of　his　labour　the　rent　of
  the　landlord。　How　much　more　labour　a　labourer　must　give　to　have　a
  loaf　of　bread　than　that　loaf　costs；　it　is　impossible　for　me　to
  say。　I　should　probably　underrate　it　were　I　to　state　it　at　six
  times；　or　were　I　to　say　that　the　real　cost　of　that　loaf；　for
  which　the　labourer　must　give　sixpence；　is　one　penny。　Of　this；
  however；　I　am　quite　certain；　that　the　Corn　Laws；　execrable　as
  they　are　in　principle；　and　mischievous　as　they　are　to　the　whole
  community；　do　not　impose　anything　like　so　heavy　a　tax　on　the
  labourer　as　capital。　Indeed；　however　injurious　they　may　be　to　the
  capitalist；　it　may　be　doubted　whether　they　are　so　to　the
  labourer。　They　diminish　the　rate　of　profit；　but　they　do　not　in
  the　end　lower　the　wages　of　labour。　Whether　there　are　Corn　Laws　or
  not；　the　capitalist　must　allow　the　labourer　to　subsist；　and　as
  long　as　his　claims　are　granted　and　acted　on　he　will　never　allow
  him　to　do　more。　In　other　words；　the　labourer　will　always　have　to
  give　much　about　the　same　quantity　of　labour　to　the　capitalist　for
  a　loaf；　whether　that　loaf　be　the　produce　of　one　hour's　or　one
  day's　labour。　Knowing　the　vast　influence　capitalists　have　in
  society；　one　is　not　surprised　at　the　anathemas　which　have　of　late
  been　hurled　against　the　Corn　Laws；　nor　at　the　silence　which　has
  been　preserved　with　respect　to　their　more　mighty　and；　to　the
  labourer；　more　mischievous　exactions。
  What　the　capitalist　really　puts　out　to　interest；　however；　is
  not　gold　or　money；　but　food；　clothing　and　instruments；　and　his
  demand　is　always　to　have　more　food；　clothing　and　instruments
  produced　than　he　puts　out。　No　productive　power　can　answer　this
  demand；　and　both　the　capitalists　and　political　economists　find
  fault　with　the　wisdom　of　Nature；　because　she　refuses　to　minister
  to　the　avarice　of　the　former；　and　does　not　exactly　square　in　her
  proceedings　with　the　wishes　of　the　latter。
  Of　course　the　ultimate　term　to　which　compound　interest　tends
  can　never　be　reached。　Its　progress　is　gradually　but　perpetually
  checked；　and　it　is　obliged　to　stop　far　short　of　the　desired　goal。
  Accordingly；　in　most　books　on　Political　Economy；　one　or　the　other
  of　two　causes　is　assigned　for　the　constant　falling　o